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Friday SWFI News Roundup, December 9, 2016

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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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QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

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