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CII Names Ken Bertsch as Executive Director

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The Board of Directors of the Council of Institutional Investors (CII), a nonprofit association comprised of institutional investors that is heavily involved in the sphere of corporate governance and shareowner rights, appointed Ken Bertsch as executive director of the organization. He will start on March 15, 2016. Bertsch replaces Ann Yerger who exited in July 2015. Bertsch is currently a partner at San Francisco-based CamberView Partners, LLC.

Previously, Bertsch was president and CEO of the Society of Corporate Secretaries & Governance Professionals. He also served as head of corporate governance/proxy voting at Morgan Stanley Investment Management and as a managing director for corporate governance analysis at Moody’s Investors Service. Before those positions, he was director of the governance engagement program at TIAA-CREF. Early in his career, he served for 14 years in various capacities at the Investor Responsibility Research Center (a predecessor company of ISS), including as Director of IRRC’s Corporate Governance Service and Director of its Social Issues Service.

Korn Ferry led the executive recruiting effort.

Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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