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Friday SWFI News Roundup, November 7, 2014

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Songbird Rejects QIA and Brookfield Takeover Offer

The Qatar Investment Authority (QIA) and Brookfield Property Partners have reached out to Songbird Estates, the 69.4% owner of Canary Wharf real estate development, in a bid for takeover. Songbird Estates is partially-owned by sovereign funds such as QIA and the China Investment Corporation. On Friday, Songbird Estates rejected the QIA-Brookfield proposal to pay £2.95 a share in cash – valuing the firm at £2.18 billion.

In the press release, Songbird Chairman David Pritchard stated, “This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets.”

HSBC Tower Deal Has Last Minute Offer

The Qatar Investment Authority (QIA) was moving in on its bid for HSBC Tower in Canary Wharf. Ping An, the Chinese life insurance company, made a last minute bid to outflank the QIA. However, the tower at 8 Canada Square will sell to whichever party is first to finalize the legal work on the purchase. Both the QIA and Ping An, beat out Norges Bank Investment Management (NBIM) and Gingko Tree, a unit of SAFE Investment Company. The deal is expected to close at the end of November. Korea’s National Pension Service (NPS) is looking to walk away with a handsome profit.

BNY Mellon Moves on LDI, Poaches Russell’s Raynor

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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