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Early January Sovereign Wealth Fund and Public Pension Personnel Changes

Donald Raymond, the senior vice president and chief investment strategist of the Canada Pension Plan Investment Board (CPPIB), will resign effective March 31. He had a long career at the CPPIB, being the first employee of CPPIB’s public market investment department. In addition, Raymond was the chief architect of CPPIB’s Total Portfolio Approach concept. Raymond will become the managing partner and chief investment officer for Alignvest Management, a Toronto-based hedge fund and private markets firm. The CPPIB is conducting an executive search for his replacement.

Korea Investment Corporation
Dong-ik Lee, the chief investment officer of the Korea Investment Corporation (KIC), has stepped down. Keehong Rhee will serve as the interim chief investment officer. Rhee is senior managing director and head of investment strategy at the KIC. Don Lee was ranked #20 on the 2013 Public Investor 100 rankings. Don Lee succeeded former chief investment officer Scott Kalb.

CalSTRS
Chris Ailman, chief investment officer of the California State Teachers’ Retirement System (CalSTRS), has been chosen to join the association board of the United Nations’ Principles of Responsible Investing (UNPRI). Ailman will serve a three-year term. Ailman was ranked #31 on the 2013 Public Investor 100 rankings.

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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