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Institutional Investors Await Comcast-Time Warner Cable DOJ Outcome

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Institutional investors are carefully watching for a signal from regulators and antitrust officials regarding the possible merger block of cable giant Comcast Corporation and Timer Warner Cable Inc. The US$ 45 billion merger was announced in February 2014. In February 2014, Comcast Chief Financial Officer Michael Angelaki said “we are optimistic and feel comfortable” that the merger will close in early 2015. Bloomberg reported that U.S. Department of Justice (DOJ) staff attorneys in the department’s antitrust division were planning on recommending a block to the merger between Comcast and Time Warner Cable. Bloomberg’s sources are anonymous. Reportedly, DOJ attorneys working on the investigation are concerned the merger would create a “nationwide cable giant” that would hurt U.S. consumers. If the DOJ wants to block the merger, they will most likely file a federal lawsuit.

Streaming entertainment services like Netflix and Hulu have put enormous pressure on cable companies like Comcast.

Institutional Investors and Sovereign Wealth

Large institutional investors like Dodge & Cox, Wellington Management and Fidelity Investments are top ten holders of Comcast according to December 2014 filings. As of December 31, 2014, Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, possessed 36,280,000 shares of Comcast – 1.7% of shares outstanding. On April 17th, Comcast opened at US$ 59.10 per share. Assuming NBIM’s shares remained constant since December 31, 2014, the wealth fund has a US$ 2.14 billion exposure to Comcast.

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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