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Florida SBA Votes to Prohibit Venezuelan Investments

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The Florida State Board of Administration (Florida SBA) unanimously approved a resolution to prohibit investments linked to Venezuela. The resolution was signed by the organization’s board members. Essentially, the new resolution modifies the current investment policy of Florida SBA.

Here are the changes:
1. Florida SBA is prohibited from investing in any securities issued by the Government of Venezuela.
2. Florida SBA is prohibited from investing in any company that is majority owned by the Government of Venezuela.
3. Florida SBA is completely prohibited from participating in any vote or resolution that advocates or supports the Nicolás Maduro regime.
4. Florida SBA is completely prohibited from doing business with any financial institution or U.S. company which directly, or through a subsidiary, and in violation of federal law, makes any loan, extends credit of any kind or character, advances funds in any manner, or purchases or trades any goods or services in or with the Government of Venezuela.

Florida Governor Rick Scott stated, “I am proud today to have the unanimous support of the Trustees of the Florida State Board of Administration in prohibiting Florida from doing business with those who support the evil dictatorship of Nicolas Maduro. I have heard firsthand from so many whose families have been hurt by the brutalities perpetrated by Maduro and his gang of thugs. As Maduro continues to totally disregard the will of the people and empower his dictatorship through his assembly, Florida stands firmly with the Venezuelan people in demanding absolute freedom and democracy now. Let me be clear, the policy we enacted today is a huge step in the right direction and ensures that SBA investments won’t benefit the Maduro regime.”

Florida SBA is determining its exposure to these Venezuelan-linked investments.

ADIA Takes a Bet on UK Pension Buyouts

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After months and months of speculation and rumors, the Abu Dhabi Investment Authority (ADIA) pulled the trigger to acquire up to 21.4% of the shares of the Pension Insurance Corporation Group from funds advised by J.C. Flowers & Co. Pension Insurance Group Corporation is the parent company of Pension Insurance Corporation (PIC), a specialist insurer and provider of bulk annuities to U.K. corporate pensions schemes. PIC has in excess of £25 billion in financial assets. Increasingly, U.K. companies are keen on reducing or removing financial and operational risks related to their defined benefit pension obligations.

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Matt Whineray Officially Named CEO of NZ Super Fund

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On June 19, 2018, the Board of the Guardians of New Zealand Superannuation (NZ Super Fund) officially appointed Matt Whineray as chief executive officer. He has been acting CEO of the sovereign wealth fund since March 2018. Whineray joined the organization in 2008 as general manager, private markets and in 2014 became chief investment officer. The appointment is effective July 1, 2018.

An executive search was conducted when Adrian Orr decided to take the governor job at New Zealand’s central bank.

Here is an interview SWFI conducted with Matt Whineray.

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SWFI First Read, June 19, 2018

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Tronc to Revert to Original Name – Tribune Publishing

Publishing company Tronc will go back to its current name Tribune Publishing. Tronc is the parent company of the New York Daily News and Chicago Tribune. Tronc stood for Tribune Online Content, but received vast ridicule from the U.S. media community.

Denholm to Lead as CIO of Solutions Unit at Aviva Investors

Al Denholm was named Chief Investment Officer for the new solutions unit at Aviva Investors. This is a new position and Denholm is based in London. He will report to Aviva Investors CEO Euan Munro. Denholm was Chief Executive Officer at Prudential Portfolio Management Group.

Hostetter Gets Fresh Start at Russell Investments

Robert Hostetter was named Global Head of Product at Russell Investments. He will report to Michelle Seitz, CEO and Chair of Russell Investments. Previously, Hostetter was Managing Director and Global Head of Product Strategy at AllianceBernstein.

President Trump Wants a Space Force Branch

U.S. President Donald Trump revealed plans at directing the Pentagon to form a new space force branch of the military.

Greenpeace Occupied AP3’s Offices Last Week

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