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Friday SWFI News Roundup, December 9, 2016

2022: BlackRock to Move HQ to 50 Hudson Yards

BlackRock is moving its headquarters from East 52nd Street (Midtown) to 50 Hudson Yards. Hudson Yards is partially backed by sovereign wealth money such as the Kuwait Investment Authority (KIA). The move is targeted for 2022.

Lucien Wong to Resign from Temasek Holdings’ Board

On November 25, 2016, the Singapore Prime Minister’s Office announced Lucien Wong will be appointed Attorney-General from January 14, 2017. As part of the transition to his new appointment, Wong will be appointed Deputy Attorney-General from December 19, 2016. Accordingly, Wong will be stepping down from Temasek Board with effect from December 15, 2016. Wong was appointed to the Temasek Board on March 1, 2013.

IFC to Help Vietnam SOEs on Corporate Governance

On December 7, 2016, the International Finance Corporation (IFC), part of the World Bank Group, signed a Memorandum of Understanding (MoU) with Vietnam’s State Capital Investment Corporation (SCIC). The MoU goes into the continued improvement of corporate governance practices in SCIC’s portfolio companies. In addition, IFC will assist SCIC in executing its complex divestment plan and explore co-financing opportunities in Vietnam’s agribusiness, services, and manufacturing sectors.

ECB Reduces Size of Monthly Asset Purchases

The European Central Bank (ECB) announced they would be slowing the pace of its asset purchase program, from €80 billion per month to €60 billion per month. The ECB has extended its quantitative easing (QE) program by nine months, having the total size be north of €2.2 trillion. The ECB has swiftly denied that they are ending its monetary stimulus program.

Allstate Names New Chief Investment Officer

Insurance giant Allstate named John Dugenske as executive vice president and chief investment officer of the company’s US$ 81 billion investment portfolio. Dugenske replaces Judy Greffin who exited in March 2016, ending a 25-year career with Allstate. Before this role, Dugenske was Group Managing Director and Global Head of Fixed Income at UBS Global Asset Management.

Aon Contemplates Putting its Outsourced Employee Benefits Business up for Sale

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Participates in Series D Round in Chinese Mafengwo Travel Platform

Image Source: Screenshot from Website – December 12, 2017

Chinese social travel platform Mafengwo has raised US$ 133 million in a Series D funding round with aid from new investors, including private equity investor General Atlantic, tourism-centric Ocean Link, the Yuantai Changqing venture capital fund, Hopu Investment Management, and Singapore’s Temasek Holdings. Existing investors Capital Today, Qiming Venture Partners, and Hillhouse Capital also participated in the latest funding round.

Founded in 2010 by chief executive Gang Chen and chief operations officer Gang Lv in 2010, Mafengwo is popular among the Chinese millennial demographic, who use the app to look up travel information and booking services for nearly 60,000 destinations around the world. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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