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China Investment Corp May Restructure North American Operations

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torontoskyAppointed in January 2011 as the chief representative of the China Investment Corporation’s (CIC) Toronto office, Felix P. Chee is leaving the Chinese sovereign fund at the end of December. When joining the CIC, Chee perceived the job opportunity as working for a US$ 200 billion startup, tactically to help deploy cash to investments and grow returns for the sovereign wealth fund. Before the CIC, he was an investment executive at Manulife Financial Corporation. Initially, the CIC opened up an office in Toronto to strategically take advantage of Canada’s booming energy and resource sectors – evening relocating Chee and Winston Wenyan Ma to Toronto. The CIC has experienced tremendous asset growth. It is nearing US$ 600 billion in assets (see sovereign fund rankings).

Another major development is Mexico passing legislation to begin the process of opening up their heavily guarded energy sector.

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Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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