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Friday SWFI News Roundup, July 17, 2015

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China Widens Access in its Interbank Bond Market to Foreign Central Banks and Sovereign Funds

The People’s Bank of China issued new rules that permit foreign central banks, sovereign wealth funds and global financial organizations the ability to no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements. These institutions would be required to fill a one-page registration form and decide how much they can invest. This rule enables large institutional investors access to China’s US$ 5.7 trillion interbank bond market. This central bank act would further push the yuan on becoming a reserve currency, attempting to make it into the special drawing rights (SDR) basket.

New Regime Dismisses Majority of Stanford’s Endowment Investment Staff

In March, Robert Wallace became the new CEO of Stanford Management Company (SMC). Over the past three years, SMC ranked below many of its ivy peers such as Princeton and Yale in performance. Wallace has dismissed the majority of SMC’s investment staff. Josh Richter, the endowment’s public equity head, and Karen Horn Welch, the endowment’s director of portfolio strategy were included in the dismissal.

European Investment Bank Opens Office in Addis Ababa

The European Investment Bank (EIB) has opened an office in Addis Ababa, Ethiopia. Ethiopia is the capital of the African Union headquarters. The EIB sees the Ethiopian economy to expand by 10% in 2015.

Potential Government Tapping: Fundo Soberano do Brasil Sells Shares in Banco do Brasil

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RDIF and Makara Capital form Technology Company Investment Joint Venture

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The Russian Direct Investment Fund (RDIF) and Singapore-based Makara Capital, a specialist in transaction financing and asset management, signed a deal to form a US$ 200 million joint investment platform to finance breakthrough innovative projects in Russia and Asia. Ali Ijaz Ahmad, the CEO of Makara Capital, is a board director of the Intellectual Property Office of Singapore (IPOS). Ali Ijaz Ahmad served as an adviser to Morgan Stanley and The Carlyle Group. He also had stints at the World bank and Goldman Sachs. Makara Capital was founded in 2005 as a joint venture with Credit Suisse AG and made independent by its founding partners in 2008.

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SVB Financial Group to Acquire Leerink Holdings

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Linking Boston to the San Francisco Bay Area in the world of pharmaceuticals, SVB Financial Group (SVB) announced that it has entered into a merger agreement to acquire Leerink Holdings LLC, the Boston-based parent company of Leerink Partners LLC, an investment bank focused on the healthcare and life science industries. Jeffrey A. Leerink formed Leerink in 1995. Santa Clara, California-based SVB Financial Group is the parent company of Silicon Valley Bank. SVB is big into life sciences and provides services to many healthcare companies and startups.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Digital Currencies Gaining Steam Among Central Banks

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At the Singapore Fintech Festival, International Monetary Fund head Christine Lagarde noted that central banks should consider issuing digital currency, as non-cash payments increased over the years – especially in developed markets. Digital currencies, also known as cryptocurrencies, such as bitcoin have lost tremendous value in recent months. Lagarde is referring to having the central bank issue digital currencies. Lagarde argued that a digital currency would be the liability of the state and not a private company. Saudi Arabia, China, Canada, Sweden, and even Uruguay have tinkered with possibly having digital currencies or some form. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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