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Gulf Sovereign Funds Had Redeemed Some Big Passive Equity Mandates

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Gulf-based sovereign wealth funds and other monetary institutions, which are significantly impacted by the price of oil, continued redemptions in passive equity mandates. From March 2016 to June 2016, State Street Global Advisors witnessed US$ 35 billion of outflows by official institutions. The outflows reflected the current economic reality in the Gulf and need for liquidity. These were mostly oil-based sovereign funds that had passive listed equity mandates in separate accounts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Senior Personnel Shuffle at Khazanah Nasional

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Malaysia’s Khazanah Nasional Berhad has elevated a number of investment officers in its Senior Leadership Team as part of its regular renewal of its upper management. The changes – which went into effect on April 1, 2018 – are in line with its ongoing leadership succession initiative, and supplement Khazanah’s ongoing institutionalization efforts, according to a press release.

Amran Hafiz Affifudin, who has served as the sovereign wealth fund’s Director of Investments since 2013, has been promoted to Executive Director of Investments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BC Partners and OTPP Agree to Recap GFL Environmental

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Private equity firm BC Partners and the Ontario Teachers’ Pension Plan (OTPP) are leading an investor group to recapitalize Toronto-based GFL Environmental Inc. The transaction implies a total GFL enterprise value of approximately US$ 5.125 billion. GFL operates in the world of North American waste – or perhaps known as environmental solutions. GFL runs a network of more than 140 facilities across Canada and in Michigan. GFL was contemplating an initial public offering early in January, having hoped to raise US$ 800 million.

The deal is expected to close by June 30, 2018.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FSDEA Attempts to Get Control of Mauritius Frozen Assets

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With new leadership at the helm of the Fundo Soberano de Angola (FSDEA), new plans are being discussed on asset allocation. Mauritius government officials had froze assets of FSDEA’s main manager Quantum Global Group. A unit of Quantum Global Group managed seven investments funds on behalf of FSDEA.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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