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Huarong Attracts Goldman Sachs and Khazanah Nasional

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China Huarong Asset Management Co. is finalizing on a deal to sell an approximate a 20% stake to a group of investors which include Goldman Sachs and Malaysia’s Khazanah Nasional for US$ 2 billion. Huarong, one of China’s four asset management firms created in 1999, is looking forward to a future initial public offering and is locking up some long-term institutional investors. China’s Cinda Asset Management, another one of China’s impaired loan buying firms, raised US$ 2.8 billion in December 2013 from investors like Norges Bank Investment Management and New York-based Och-Ziff Capital Management Group LLC. Citigroup is the advisor for the deal.

Only July 10, Huarong raised US$ 1.5 billion in a bond offering. The U.S. dollar bonds were 850% oversubscribed and offered in line with Reg-S rules.

Currently, Huarong is 98.06% owned by China’s Ministry of Finance and 1.94% owned by China Life Insurance Group Co. China’s Ministry of Finance has approved a new issue of shares to investors.

The investor group is made up of:

  • Goldman Sachs
  • Khazanah Nasional Berhad
  • Warburg Pincus LLC
  • Citic Private Equity
  • China International Capital Corporation
  • Fosun International Ltd.
  • COFCO Limited

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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