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Friday SWFI News Roundup, March 20, 2015



Libya Sovereign Wealth Fund Convenes Board Meeting in Malta

The Board of Directors of the Libyan Investment Authority (LIA) had its first 2015 meeting in Malta this week. The meeting was held to discuss LIA’s global investments, as well as pending litigation against Goldman Sachs and other banks regarding derivative transactions. The LIA opened up a Malta office due to the current conflict and violence occurring in Libya.

Singaporean Sovereign Wealth Fund Contemplates Investment in Capillary Technologies

Singapore’s Temasek Holdings is looking to invest in an US$ 80 million round in Bangalore-based Capillary Technologies Pvt Ltd, a cloud-based CRM solutions provider. In July 2014, the company raised US$ 14 million in Series B led by existing investor Sequoia Capital and Norwest Venture Partners. Capillary Technologies was founded by Aneesh Reddy, Krishna Mehra and Ajay Modani.

RBC Investor & Treasury Hires JP Morgan’s EMEA Investor Services Executive

Francis Jackson is joining RBC Investor & Treasury Services, replacing Antony (Tony) Jackson, who went to RBC Wealth Management. Jackson will be in a senior sales role. He was head of Europe, the Middle East and Africa sales, investor services, at J.P. Morgan Chase.

Mubadala Petroleum to Explore Moroccan Offshore

Mubadala Petroleum, a sovereign wealth enterprise (SWE) of Mubadala Development Co., has reached a deal with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) to perform a punctilious geological survey of the Mediterranee Ouest offshore area.

Commenting on the agreement from the press release, Musabbeh Al Kaabi, Chief Executive Officer, Mubadala Petroleum, said, “We are pleased to be able to build on the strong relationship between the U.A.E. and Morocco in this tangible way. We very much hope this agreement will pave the way for further co-operation with ONHYM both on the more detailed exploration of the Mediterranee Ouest area and in other projects.”

Ghana Looks to Spend SWF Money to Cover Budget Shortfall

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How ESG Considerations Can Drive Voting at the Board Level



The Council of Institutional Investor’s spring conference for 2018 – held this week in Washington D.C. at the Omni Shoreham Hotel – was packed with member-hosted panels, where nearly 400 of the top investment professional, regulators, and corporate governance experts gathered together to share their insights and engage in forward-looking discussions on how to drive a multi-stakeholder approach to responsible investment over the long-term.

Sovereign Wealth Fund Institute (SWFI) had the opportunity to attend several breakout sessions, including one presented by Maryland-based Institutional Shareholder Services that sought to address one of the most pressing challenges facing institutional investors today: How can environmental, social, and governance (ESG) criteria help drive voting at the board level? Moderated by Georgina Marshall, Head of Global Research at ISS, panelists provided a diverse array of perspectives on how to harness ESG considerations as an effective decision-making tool.

Player-Coach Model

For Bonnie Saynay, Global Head of Responsible Investments at Invesco, fostering an environment conducive to communication with investment teams using a “player-coach” model is critical. Moreover, Saynay warned investors of thinking too broadly on ESG considerations, and to instead focus in on the criteria that is most important to them as an organization, and to then tailor their stewardship practices to match those priorities: “If everything is important, nothing is important,” she said.

Clare Payne, head of corporate governance for North America at Legal & General Investment Management, highlighted the importance of procuring the latest ranking data from a number of different providers, as well as how to develop one’s own internal system for scoring so as to cut through the clutter and provide a contextualized framework for making investment decisions on your own terms.

Remuneration is the name of the game for Robbie Miles, Vice President and ESG analyst at Allianz Global Investors. Amid the ever broadening scope of influence that responsible investment commands, Miles urged attendees to work with their managers on mandates that link compensation to the long-term performance of the fund, as well as long-term holding periods.

Wrapping up the panel was Stu Dalheim, Vice President of Shareholder Advocacy at Calvert Research Management, advocated for diversity at the board level across a number of different metrics – including ethnicity, gender, and professional backgrounds – in order to reflect the reality of their client base, as well as provide an apparatus for robust debate and adaptation in an ever-changing business environment.

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Macquarie to Buy ValueInvest Asset Management from Fynske Bank



On March 12, 2018, Macquarie Investment Management, the investment management unit of Macquarie Group, revealed a deal that they acquired Luxembourg-based ValueInvest Asset Management S.A. from Denmark-based Fynske Bank A/S. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Federal Reserve Orders ICBC to Tighten AML Policies



On March 12, 2018, the U.S. Federal Reserve issued an enforcement action that the Industrial and Commercial Bank of China Limited (ICBC) is not doing enough regarding anti-money laundering (AML) protections and ordered the Chinese bank to toughen its checks on illicit funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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