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Friday SWFI News Roundup, October 10, 2014

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New Zealand Superannuation Fund Has Total Return of 19.36% for 2013-14

The New Zealand Superannuation Fund (NZSF) returned 19.36% versus the reference portfolio of 19.47% for 2013-2014. Led by NZSF CEO Adrian Orr, in the 2012-2013 period, the NZSF posted 25.83% in total return. NZSF Chairman Gavin Walker cautioned that returns over the last 5 years should not be considered normal returns.

In a press release Walker stated, “Fund returns over the last few years have been exceptional and are unlikely to continue at this level.”

SNB Not in Favor of Proposed “Save our Swiss Gold” Initiative

The “Save our Swiss Gold” proposal produced by the populist Swiss People’s Party demands that the Swiss National Bank hold at least 20% of assets in gold. Currently, 7.5% of the bank’s assets are in gold. Furthermore, the Swiss central bank has 1,040 tons of gold, 70% is stored in the country. Other measures of the initiative would make sure that all of the bank’s precious metal holdings must be stored in Switzerland. Lastly, the Swiss National Bank would be prohibited from selling any gold in the future. The central bank’s Vice President Jean-Pierre Danthine commented that the proposed policy would severely limit the bank’s ability to conduct monetary policy. Swiss elections for the proposed initiative are set for November 30, 2014.

Bank of Lithuania Invests in Chinese Short-Term Government Bonds

Earlier this week, the Bank of Lithuania announced its first investment in China’s capital market. A small portion of the bank’s foreign reserve assets were allocated to Chinese securities. The central bank received a US$ 100 million quota from the Chinese regulator and approval to invest in China’s interbank bond market. The bank already used the whole quota, investing in Chinese short-term government bonds, a bit more than 1% of official international reserves of Bank of Lithuania.

Singapore’s GIC Participates in Series E Round for Square

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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