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Early Retirement for Wells Fargo CEO Stumpf

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After facing a barrage of criticism from the media and American public, Wells Fargo & Co. Chairman and Chief Executive Officer John Stumpf decided to step down. Stumpf served as the bank’s CEO since 2007.

Ratings firm Morningstar named Stumpf CEO of the Year in 2015.

Wells Fargo was pilloried in the public for its pressure-cooker sales tactics and scandal that resulted in governmental fines and layoffs of Wells Fargo employees over a 5-year period that were tied to it. Stumpf who spent around 34 years at Wells Fargo is being replaced by Timothy J. Sloan, the bank’s president and chief operating officer (COO). Stumpf will not receive a severance package and the Wells Fargo board agreed to relinquish some US$ 41 million in unvested Wells Fargo stock awards.

“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said in a statement on October 12, 2016. “While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the company that I step aside.”

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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