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Invesco Losing Ground with Sovereign Funds

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A number of prominent Western asset managers have lost ground with Gulf sovereign funds, partly over performance and partly due to the prolonged “low” price of oil. Sovereign funds in the Gulf have been sensitive about potential allocations due to future cash withdrawals. In addition, large cash-rich Gulf sovereign funds are looking for external fund managers which can offer niche strategies and styles. For example, the Abu Dhabi Investment Authority (ADIA) manages a wide number of listed equity strategies internally such as U.S. value and U.S. growth, or have attempted to replicate these styles through passive indices.

A clear sign of some asset managers giving up on sovereign funds is either removing sovereign fund sales positions or moving people to other roles. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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