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Fondo Strategico Italiano Takes Stake in Valvitalia

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The Fondo Strategico Italiano (FSI) closed 2013 by taking a 49.5% stake in Valvitalia, a designer, producer and supplier of equipment and components for water, natural gas and petroleum companies for €151 (US$ 207.4 million).

The deal represents the fourth of the year and is included in €2.6 billion the strategic fund has invested since January 2012. The FSI has €4.4 billion in assets under management.

According to a statement, investment in 2014 “is expected to be intense.” The sovereign fund cites two major developments on the horizon. The first is the creation of the Italian tourism group, a hotel management company that will be open to institutional investors and will focus on hotels in the 3-5 star range.

According to the release, “This project will benefit from Group synergies, thanks to the Cassa Depositi e Prestiti program of acquisitions and re‐qualification of public real estate.”

The second development is €500 million earmarked for use in consolidating utility companies in Southern Italy. The utility sector is highly fragmented and, presumably, inefficient. The sovereign fund expects consolidation should lead to increased customer service.

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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