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Friday SWFI News Roundup, July 10, 2015

Fairfax Financial Completes Insurer Brit Purchase

On July 8, 2015, Fairfax Financial Holdings Limited completed its cash tender offer to shareholders of Brit PLC, a global specialty insurer and reinsurer. Fairfax has sold 29.9% of the Brit shares to Ontario Municipal Employees’ Retirement System (OMERS). Fairfax currently owns 70.1% of Brit and has the ability to repurchase the shares owned by OMERS over time.

Kazakhstan President Says National Oil Fund Will No Longer Allocate Funds to Support National Economy

Kazakhstan President Nursultan Nazarbayev informed local press that the National Oil Fund will no longer allocate funds to support the national economy. He stated in a teleconference, “In difficult times, we cannot spend money from the National Fund. From now on, the National Fund will not allocate money to support the economy.”

National Bank of Austria to Close Offices to Save on Expenses

National Bank of Austria, the country’s central bank, is expecting to cut expenses by €96 million in the next five years. The central bank has enacted an optimization project to lower expenses. The bank’s New York, Graz and Linz offices will close by 2018.

AustralianSuper Returns 10.9% for Latest Fiscal Year

AustralianSuper’s default option plan posted a 10.9% return for the fiscal year ended June 30. This return is after fees and taxes. The Melbourne-based fund has A$ 90 billion in assets.

KIC Being Audited Over Botched LA Dodgers Potential Investment

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SWFI First Read, December 15, 2017

Gaw Capital Sells Cross Tower Shanghai Building

Hong Kong-based Gaw Capital Partners has agreed to sell the Cross Tower, a 24-storey commercial building in Shanghai, to World Union Investment Management, for 2.66 billion RMB (US$ 402 million). The tower is located in the Huangpu district.

RDIF Portfolio Company Geopharm Plans to Increase Insulin Production

Russia-based Geopharm is a portfolio company of the Russian Direct Investment Fund (RDIF). Geopharm signed a special investment agreement with the City of St. Petersburg, Russia. Geopharm plans to invest more than 3.3 billion rubles in building a complex to meet insulin production demands.

Norway’s KLP to Exclude Companies with Oil Sands Extraction via Revenue Threshold

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NZ Super Resumes Government Contributions

The New Zealand Superannuation Fund (NZ Super) has resumed receiving contributions from the New Zealand government in the face of rising obligations as an increasing proportion of the country’s population approaches retirement. According to a statement released by the fund’s managing Board of Guardians, the government plans on investing US$ 5.3 billion into NZ Super between now and June of 2022, with the first payment scheduled for December 15, 2017.

Policymakers believe the resumption of government contributions, which were halted in July of 2009, is expected to ease the burden on the country’s current taxpayers and future generations. Withdrawals from NZ Super are expected to peak in 2078, at which point the fund will be covering 12.8% of New Zealand’s pension obligations. The new wave of contributions will initially be invested in passive, low cost equity and bond investments, according to Catherine Savage, Chair of the Guardians.

Recent Performance & Leadership Change

NZ Super has enjoyed one of its best annual performances since its founding in 2001, with a reported return of 20.7% before tax for a 12-month trailing period ended June 30, 2017, up 5 billion NZD (US$ 3.6 billion) compared to 2016. NZ Super generated 21.85% annual return in its global equities, developed market portfolio, according to its 2017 annual report.

NZ Super faces a changing of leadership in the coming year with the exit of chief executive Adrian Orr, who will leave the Fund officially in March of 2018 to serve a five-year term as Governor of the Reserve Bank of New Zealand. Mr. Orr has earned a spot numerous times in the Sovereign Wealth Fund Institute’s Public Investor 100 annual ranking over the years, most recently in 2017 at #3.

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iZettle Raises US$ 47 Million in Series E, Prepares for 2018 Listing

Card transaction platform iZettle AB has raised another US$ 47 million in Series E funding, this time with new backing from Sweden’s AP4 and early-stage venture capital firm Dawn Capital. Previous investors in the Stockholm-based payments business include American Express, MasterCard, Intel, and Spain’s Santander Group. With US$ 235 million in equity to date, iZettle is quickly approaching an estimated valuation of US$ 1 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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