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Friday SWFI News Roundup, January 15, 2016

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State Street to Pay SEC Fine for Pay-to-Play

State Street was accused by the U.S. Securities and Exchange Commission (SEC) of engaging in pay-to-play tactics in exchange for Ohio pension fund contracts. State Street will pay US$ 12 million to settle charges. An SEC investigation revealed that Vincent DeBaggis, a senior vice president at State Street, funded “illicit cash payments and political campaign contributions” to Ohio’s former deputy treasurer, Amer Ahmad. In return, State Street won 3 contracts to watch over the state pension funds’ investment assets and also effect the settlement of their securities transactions.

Citi Adds New Tranche for Petco Buyout Loan

Due to an investor request, Citigroup added a new tranche to the US$ 2.5 billion term loan package that is backing the leveraged buyout of pet supplier Petco by CVC Capital Partners and Canada Pension Plan Investment Board (CPPIB). The new tranche will not have a LIBOR floor. LIBOR floors are used to guarantee minimum returns for loan investors; however, they impact the returns for the riskiest slices of the collaterized loan obligation (CLO).

CNP Assurances Eyes BTG Pactual Assets

French insurer CNP Assurances is in key talks with BTG Pactual on a deal to acquire 51% of its subsidiaries PAN Seguros and PAN Corretora. In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d’Epargne, as well as through its own network: Amétis. Brazil is CNP Assurances second biggest market. CNP Assurances partner in the Brazil is Caixa Econômica Federal. Major shareholders in CNP Assurances are Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State.

CalPERS Sells Two Northern California Vineyards

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Youtube is Crashing

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Youtube, a video service of Google, is crashing. Institutional investors are major investors in Alphabet, the parent company of Google.

At 6:41 PM on October 16, 2018, Team YouTube tweeted, “Thanks for your reports about YouTube, YouTube TV and YouTube Music access issues. We’re working on resolving this and will let you know once fixed. We apologize for any inconvenience this may cause and will keep you updated.”

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Investors Eye Tencent’s Next Moves

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Formed in Shenzhen in 1998, Chinese tech giant Tencent Holdings Limited is the largest gaming company in the world and the largest gaming market is in China. In August 2018, China’s Education Ministry disclosed its monitoring how many new games are coming online. Tencent needs approval from the Chinese government to publish games. In 2017, almost 9,000 games were approved in China compared to only 1,931 in 2018. Chinese President Xi Jinping is keen on combating shortsightedness in children from the overuse of video games.

Anime

Tencent will inject US$ $317.6 million into Chinese streaming site Bilibili in return for 12.3 % equity in the company. Bilibili is a video sharing site known for streaming anime, comics, and games. Tencent’s investment follows previous funding rounds from Tiger Global Management, Wells Fargo, JPMorgan Chase, BlackRock, and Alkeon Capital Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ireland Strategic Investment Fund Signs MoU with IFC

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The International Finance Corporation (IFC) and the Ireland Strategic Investment Fund (ISIF) inked a Memorandum of Understanding (MoU) that will initially focus on investment opportunities in the food and agriculture sector, given its strength and importance for the Irish economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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