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Friday SWFI News Roundup, October 16, 2015

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Bye Pyramis, Fidelity Rebrands Institutional Business

Asset manager giant Fidelity Investments combined divisions: Pyramis Global Advisors, Fidelity Financial Advisor Solutions and its consultant relations team from Fidelity’s professional services group to form a new unit. Pyramis will cease as a brand. The new unit will be called Fidelity Institutional Asset Management and will manage a combined US$ 540 billion in assets under administration. Former President of Pyramis Jeffrey Lagarce will lead Fidelity Institutional Asset Management. Lagarce will report to Gerard McGraw, president of Fidelity Institutional. The equity team at Pyramis will be renamed FIAM equity and remain under the asset management division at Fidelity.

Mubadala and Trafigura Finalize Base Metals Joint Venture

Abu Dhabi-based Mubadala Development Company and commodities firm Trafigura Group Ptd Ltd formed a 50:50 joint venture company to invest in the base metals mining sector. Part of the deal included Mubadala buying a 50% share of Trafigura’s flagship mining operation Minas de Aguas Teñidas. Minas de Aguas Teñidas controls the Agua Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates.

Cleveland Clinic Foundation Hires CIO

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Norway SWF Votes Down Paris Climate Targets at Shell Shareholder Meeting

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Norges Bank Investment Management (NBIM), which oversees Norway Government Pension Fund Global, voted down a proposal put forward by some investors at Royal Dutch Shell’s annual general meeting calling on the company to set emissions targets in line with the Paris climate accords of 2015. The challenge was shot down by 94.5% of Shell shareholders at Tuesday’s proceedings. Its defeat was followed by a statement from the oil giant calling the resolution “unnecessary” in light of the firm’s plans revealed in November to halve its carbon footprint by 2050. Some investors believe Shell would be in a better position to set their own goals on addressing issues like climate change.

The US$ 1.1 trillion sovereign wealth fund – which is itself reliant on cash-streams from Norway’s hydrocarbon stores – announced last July it would be asking the banks in which it invests nearly a quarter of its equity assets to disclose how their lending contributes to greenhouse emissions, and is currently considering whether to drop its exposures in oil and gas companies constituting roughly 6% of its overall portfolio ahead of a parliamentary vote on the proposed policy change later this year.

The climate change motion was featured by 60 long-term institutional investors representing more than US$ 10 trillion in assets – including HSBC, BNP Paribas, Fidelity, Swedish buffer fund AP7, France’s ERAFP, and the United Kingdom’s National Employment Savings Trust (NEST) – in an open letter published during the week of May 16th by The Financial Times urging fossil fuel companies to “clarify how they see their future in a low-carbon world,” without going so far as to openly support its approval.

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PSP Investments Finished Deal on Equity Stakes in AEA and AELO in Portugal

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On May 11, 2018, ROADIS, which is owned by PSP Investments, finalized the purchase of equity interests in Portugal´s Auto Estradas do Atlantico (AEA) for 50% ownership and Auto Estradas do Litoral Oeste (AELO) for 60% ownership from MSF Group (Moniz da Maia, Serra & Fortunato, Empreiteiros) and Lena Group (known locally as Grupo Lena). This is ROADIS’ first investment into Portugal.

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USS Backs Rental Housing Platform Managed by PfP Capital

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The £60 billion Universities Superannuation Scheme (USS) is providing the majority of the funding toward a joint venture to invest in the U.K. private rented sector.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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