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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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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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