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Friday SWFI News Roundup, July 11, 2014

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Illinois State Board of Investment Terminates William Blair for Bad Performance

The Illinois State Board of Investment terminated a US$ 580 million active U.S. midcap growth equities mandate being managed by Chicago-based William Blair & Co. William R. Atwood, executive director of the pension entity, stated it was due to performance reasons. The fund proceeds were migrated to a Russell midcap Growth index fund, managed by State Street Global Advisors – adding to a total of US$ 1.31 billion. Atwood will keep the assets with State Street Global Advisors and not underwrite another search for a replacement active manager.

Bumi Gives More Equity to the CIC

Bumi Resources, Indonesia’s biggest coal producer by volume, confirmed that it moved a 19% stake in Kaltim Prima Coal to the China Investment Corporation (CIC). This transfer is part of a debt-to-equity deal bartered on October 2013. Bumi owes the CIC US$ 1.99 billion in the form of a principal loan, deferred interest and make-whole costs. The transfer deal has reduced CIC’s exposure to US$ 1.04 billion.

Malaysia Airlines May go Private

The scandal-plagued Malaysia Airlines is facing a major restructure. The disappearance of flight MH370 has affected the airlines financials. Controlled by Khazanah Nasional, the airlines may delist from the exchange. The national carrier of Malaysia is working with CIMB Investment Bank on a restructuring plan.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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