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Future Fund Appoints Korn Ferry for Executive Search

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On September 25, 2013, Australia’s Future Fund announced that it would appoint executive search firm Korn Ferry to assist in the search for a president and managing director for the sovereign fund. The Future Fund is looking both externally and internally for a qualified candidate.

The announcement comes directly on the heels of the Fund’s announcement weeks earlier signaling the departure of former Future Fund President Mark Burgess. Burgess had only been with the Fund two years, but made intimations that he preferred working with struggling organizations and not simply managing well established ones.

Indeed, the asset management team seems to have a firm grasp of the markets. In the past three years ending June 30th, 2013, the A$ 88.9 billion wealth fund has posted returns of 10% (15.4% in 2012/2013), well exceeding its baseline of a 6.8% long-term return per annum, according to a statement.

Burgess will stay with the fund until a predecessor can be found – saying in an interview that he would then return to the private sector.

Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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