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Colombia May Join Colleagues in Creating a Sovereign Wealth Fund

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Many South American countries are facing the stress of unwanted appreciation in their currencies. Colombia is joining the chorus with Brazil. The Colombian President Juan Manuel Santos is against added interest rate increases by the Banco de la República de Colombia (Central Bank). The Colombian peso is gaining tremendous ground on the US dollar. The pesos appreciation could spur a move to have government regulators limit the amount of foreign investment. Colombia wants to balance demand between its export market and demand of direct foreign investments.

Sovereign wealth funds are attracted to South America with its burgeoning middle class and lush natural resources. Such a reversal in foreign direct investment policy could hinder future investment opportunities and be harmful to local workers.

One way to help lower demand for the Columbian peso would be to create a sovereign fund to invest abroad. Colombia is another Latin American country fortunate to have significant amounts of oil and other precious metal deposits. Mr. Santos is fully aware of the issue of Dutch Disease and how it can affect a fragile country that is trying to diversify into a number of industries. To prevent rapid currency appreciation and the harming of other industries, Mr. Santos is seeking legislation to create a sovereign fund. The sovereign fund would save excess oil and mining revenue.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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