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CIC Making Progress on Managing More Assets

The China Investment Corporation has not received the proposed capital injection from the Chinese Government. It will take some considerable time and analysis.  Some members of the press and media reported the CIC already received the funding; however, the CIC is making progress on its goal of managing more funds for the Chinese Government. The CIC and other governmental stakeholders are working on a mechanism to allow the CIC to receive continued funding. Will the China Investment Corporation be the official manager of diversified governmental Chinese sovereign wealth?

Many sovereign wealth funds, especially the commodity-based sovereign funds have an orderly process of receiving fund injections in an ongoing basis. On the other hand, non-commodity-based funds often receive funds to manage through one-time transfers, not so much on a constant frequency.

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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