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Gonski Leaves Future Fund Chair for ANZ Chair

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David Gonski

David Gonski

David Gonski, the chairman of Australia’s largest sovereign wealth fund, will be stepping down as he plans to take on a new chair role. Gonski will be replacing John Morschel as chairman of Australia & New Zealand Banking Group Ltd (ANZ Bank) in May 2014. Gonski took over the role as chairman of the Future Fund in April 2012. As being the sovereign fund’s second chairman, his term at the Future Fund was due for expiration in April 2017. The decision to step down was to avoid any conflict of interest.

Peter Costello will take over as acting chairman of the Future Fund on January 11, 2014. Costello is the former treasurer of Australia and had been a board member of the sovereign fund since December 2009.

According the ANZ’s press release, ANZ Chairman John Morschel said: “David is one of Australia’s most respected business leaders and company directors. He knows ANZ well having previously served as a director from 2002 to 2007, and it is particularly pleasing to have someone of his calibre join the Board and to succeed me.”

David Gonski is ranked #19 on the Public Investor 100.

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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