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Credit Suisse Looks to Raise Capital

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After a disappointing fiscal quarter, Credit Suisse Group AG is looking to raise capital, while cutting costs in its investment banking unit. Tidjane Thiam took over the reins as Credit Suisse’s CEO in July, replacing Brady Dougan. To help handle the capital raise, the Swiss banking giant hired HSBC Holdings, Societe Generale and Citigroup to assist in the 6.05 billion CHF (US$ 6.3 billion) rights offer. Credit Suisse will take the lead on the offering with three other acting as joint bookrunners. Credit Suisse, Switzerland’s second biggest bank, looks to sell 1.35 billion CHF worth of stock to select shareholders and offer 4.7 billion CHF to existing investors in November.

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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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