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Future Legislation May Allow Sovereign Wealth Funds to Invest in Canadian Financial Institutions

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In 2007, Canadian banks were better capitalized than their southern neighbors and in Canada subject to tighter regulation and supervision. Canadian banks did not need taxpayer bailout capital, like the United States or England. There has been a major push especially from the Canadian life insurance sector to allow sovereign wealth funds both foreign and domestic to be shareholders of their companies. The government of Canada plans to introduce legislation to allow foreign and domestic sovereign wealth funds to invest in Canadian financial institutions.

This legislation could be introduced as early as the 2012-2013 fiscal year. This would provide Canadian banks and insurance companies additional avenues to raise capital amid the new Basel banking rules. This would be a major game changer for non-Canadian sovereign wealth funds, since many want exposure to the financial sector in stable Occidental nations with large natural resources.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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