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EXCEPTIONALLY HIGH RETURN: NBIM CEO Presents Before Norway’s Standing Committee

Yngve Slyngstad

Yngve Slyngstad, the CEO of Norges Bank Investment Management (NBIM), gave a speech to Norway’s Standing Committee on Finance and Economic Affairs of the Storting. He started off by mentioning the country’s sovereign wealth fund had its value surpass 8 trillion NOK. First quarter returns for Norway’s Government Pension Fund Global (GPFG) stood at 3.8%, the third best quarter for the fund since its inception.

Norway’s GPFG pivoted and increased its long-term target equity share from 60% to 62.5%. In addition, the total real estate allocation for the fund has a 7% limit.

Slyngstad stated, “We have seen exceptionally high return over the past five years. Looking ahead, we must be prepared for periods of substantial declines in value.”

Here is the speech.

Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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