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Infratil and New Zealand Superannuation Fund Set to Buy RetireAustralia

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superannuation

New Zealand Superannuation Fund (NZSF) and Infratil Limited, through a 50:50 jointly-owned consortium, are acquiring a 100% interest in Brisbane-based RetireAustralia, the largest privately-held pure-play operator of retirement living in Australia. NZSF and Infratil will each own 50% of RetireAustralia. The deal is expected to close December 31, 2014. The transaction value is A$ 640.2 million (US$ 520 million). Total cash equity to purchase RetireAustralia is A$ 429.5 million. The rest of the deal is being funded by existing bank debt on RetireAustralia’s balance sheet.

Great Deal for JP Morgan

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Belgium AG: Gaddafi’s Billions in Belgium Disappear

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Georges Gilkinet is the attorney general of Belgium and a Green member of Belgian parliament. In late October, the attorney general revealed the status of a widespread investigation into the disappearance of billions of Euros, some € 5 billion, from the accounts of Muammar Gaddafi in Belgian banks. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Now GE Really Needs Sovereign Wealth Money

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General Electric (GE) used to be a giant, being involved in media and having a massive financial arm called GE Capital. The new GE is small and timid and could possibly use a strategic financial partner to become great again. Can GE find a sovereign wealth fund partner? Will Mubadala Investment Company come back to the table? Gone are the days of Jack Welch. The current GE strategy is to sell, sell, and sell, while doing the tango with US$ 115 billion in debts. In other words, the blind is following the blind, as a possible death spiral could be in GE’s future.

With a quarterly dividend at a paltry one cent, GE, the company that brings good things to life has slipped to its lowest level since 2009. GE indicated that cutting its dividend to US$ 0.01 per share will save the company US$ 3.9 billion per year. Meanwhile, third quarter revenue missed Wall Street’s expectations. Revenue came in at US$ 29.57 million, which was less than the US$ 29.92 million analysts anticipated. Earnings per share also fell US$ 0.06 short of expectations.

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McDonnell Investment Management to Integrate into Loomis Sayles

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McDonnell Investment Management, LLC is being integrated into Loomis Sayles & Company, L.P. by the early part of 2019. Both asset managers are affiliates of Natixis Investment Managers. The cost saving measure will enable McDonnell clients opportunities to Loomis Sayles’ resources and operational capabilities. McDonnell Investment Management manages US$ 11.7 billion in assets at September 30, 2018. The municipal business assets under management is about US$ 6.9 billion.

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