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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