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Friday SWFI News Roundup, November 11, 2016

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BNY Mellon Selects Singapore for its 8th Innovation Center

BNY Mellon has opened its eighth Innovation Center, selecting Singapore. The custodial giant named it the Singapore Innovation Center. “The opening of our eighth Innovation Center in Asia is a reflection of the region’s rapidly developing innovative technology and fintech landscape, as well as the increasing importance of Asia to BNY Mellon’s business. As our largest branch office in Asia Pacific, the Singapore Innovation Center reinforces BNY Mellon’s commitment to the region’s advancement in transformational technology in financial services and compliments the Monetary Authority of Singapore’s continuing ambition to establish a vibrant innovation ecosystem and to develop the city as a Smart Financial Center,” commented Stephen Lackey, Chairman of Asia Pacific for BNY Mellon, in a press release.

Lieve Mostrey Named New CEO of Euroclear

Tim Howell is stepping down as CEO of Euroclear. He has held the chief executive role for six years. Lieve Mostrey is being promoted to CEO of Euroclear, effective January 1, 2017. She joined Euroclear in October 2010. She has held a number of roles at Euroclear including executive director and chief technology & services officer.

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against The Allstate Corporation

Law firm Robbins Geller Rudman & Dowd LLP, on November 10th, announced that they filed a class action against The Allstate Corporation on behalf of an institutional investor. The lawsuit relates to Allstate common stock purchased between October 30, 2014 and August 3, 2015 and alleged misstatements. This action was filed in the Northern District of Illinois and is captioned City of St. Clair Shores Police and Fire Retirement System v. The Allstate Corporation, et al., No. 16-cv-10510.

Erik van de Brake Takes Infrastructure Reins at PGGM

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Why BlackRock Angled the EU Toward a Massive Supranational Pension Fund

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BlackRock is the world’s largest asset management firm and the company wields tremendous political power whether operating in the United States, Mexico, and parts of Europe. Before the populist wave that led to Brexit, BlackRock bet large in Europe by increasing headcount and lobbying efforts. By 2015, BlackRock CEO Larry Fink proposed the formation of a cross-border personal pension fund for Europe. Fink was keenly aware of the Capital Markets Union project that was revealed in July 2014 by European Union Commission President Jean-Claude Juncker. For BlackRock, why compete in each eurozone country when you can possibly win a mandate for the whole pie of Europe. The European pension fund market is hyper-competitive for asset management firms. Other asset managers like Vanguard have lobbied Brussels over issues like the cross-border distribution of funds, but data shows that BlackRock is far more active than its U.S. peers.

EU’s Definition of PEPP

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Malaysia’s Federal Land Development Authority Seeks to Restructure

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Malaysia’s Federal Land Development Authority (FELDA), a government agency, is looking to restructure its investment holdings in a bid to reduce debt. The restructuring on the real estate side started in the middle of 2017. The government agency wants to lower its debts of 8.03 billion MYR (US$ 1.94 billion) down to 6.5 billion MYR. The restructuring could take over two years.

FELDA is seeking to dispose of assets which includes real estate in London. FELDA is an investor in student housing in London through its main unit called Felda Investment Corporation (UK properties owned by FIC UK Properties Sdn Bhd). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Former Iran Central Bank Governor Banned from Leaving Country

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Iran remains in a very fragile financial state as more Iranian bank loans appear to delinquent, while the currency continues to lose value against the U.S. dollar. State-run Tasnim news agency reported that Valiollah Seif, the former Governor of the Central Bank of Iran, is banned from leaving Iran. Seif is under investigation by the Iranian government over possible corruption in the currency market. Some of the central bank’s deputies have been arrested. Abdolnaser Hemmati replaced Valiollah Seif as central bank governor in July 2018. Valiollah Seif was dismissed from his post as governor.

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