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Doha Global Investment’s IPO Postponed Until Authority Approvals

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doha_buildingsDoha Global Investment Co., the investment company partially-backed by Qatar Holding LLC, has postponed their initial public offering on the Qatar Exchange to a new date. The investment company plans to manage $12 billion in assets, in which $3 billion of assets will be transferred from Qatar Holding into the new entity. The new vehicle will invest in assets such as equities, real estate and direct investment in companies. The government of Qatar is attempting to use Qatar Holding’s investment platform and create a similar entity, so the Qatari citizens can partake in international investments under the government umbrella.

Hussein Ali al-Abdullah, acting chairman of both Qatar Holding and the bourse, said in a statement that the IPO has been postponed “until all requirements and approvals from the concerned authorities are obtained.”

Only citizens, companies and institutions in Qatar can invest in the IPO. Credit Suisse is the advisor on the IPO for Doha Global Investment.

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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