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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. ]

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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