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CIC, Mongolia-focused Iron Mining International Ltd. Reach Deal

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According to the WSJ, “China Investment Corporation has reached a deal to invest up to $700 million in Mongolia-focused Iron Mining International Ltd., the latest move by the sovereign wealth fund to plow cash into commodities.

CIC is rapidly deploying its capital this year to try to catch the upside of a global economic recovery by buying into natural resources and property assets. On Wednesday, CIC Chairman Lou Jiwei told a forum that CIC has allocated $110 billion for overseas investments and deployed around half. Commodities have been a major focus of the fund’s investing strategy and asset allocation, he said.

Originally, CIC was expected to allocate only about a third of its initial $200 billion in capital, or just $67 billion, for overseas investments. Mr. Lou’s comments indicate that CIC has pumped around $40 billion of its cash hoard into other assets this year after having invested a total of $13.52 billion by the end of 2008, according to data from CIC’s annual report. The terms of CIC’s investment in Iron Mining International involve a $500 million convertible loan, with an option for the company to increase the loan to $700 million, according to people familiar with the situation. The company, formerly known as Hong Kong Lung Ming Investment Holdings Ltd., is planning to raise $1 billion through an initial public offering in Hong Kong during the second quarter of next year, one person said. CIC’s investment is structured so that the loan will become ordinary shares at the time of Iron Mining International’s IPO at a discount to the IPO price, the person said.”

read more: WSJ

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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