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HSBC Positions itself in Saudi Arabia, Forms Electronic Custody Link

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In 2015, Saudi Arabia carefully opened its door wider to large foreign banks, enabling HSBC to become one of the largest custodians in the kingdom. In June 2018, MSCI unveiled that Saudi Arabia would get emerging market status after making significant modifications to its capital markets. In congruence with the June MSCI announcement, Majed Najm, CEO and Board Member of HSBC Saudi Arabia at the time said, “We are extremely happy with this decision, which reflects the hard work of the Capital Market Authority and the Saudi Stock Exchange. We anticipate that this will have a positive effect on the market, which will encourage further foreign investment in the Kingdom of Saudi Arabia. As the leading investment company in the Kingdom, HSBC Saud Arabia has made significant investments in its execution, custody and research platforms over the last several years in order to be able to serve its growing client base.”

Electronic Custody Efficiencies

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Blackstone and Goldman Invest in Francisco Partners

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Larger alternative investment houses and banks are taking ownership stakes in specialist private equity firms. On July 13, 2018, Blackstone Group’s Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program acquired a minority stake in San Francisco-based Francisco Partners. Francisco Partners is a private equity firm focused on tech-related companies, competing against Thoma Bravo, BC Partners, Vista Equity Partners, Bain Capital and other specialists.

Dipanjan (DJ) Deb is the Co-Founder and CEO of Francisco Partners. Before forming the company in 1999, he was a Principal at Texas Pacific Group (TPG).

Advisors

Francisco Partners was advised by Evercore and Kirkland & Ellis LLP. Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

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