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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.

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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