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Is Blockchain Stealing Heart from Asset Managers?

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Even as financial regulators try to get a grasp on digital currencies, financial institutions everywhere have been furiously debating whether to get in on the cryptocraze that has engulfed markets and headlines over the past few months.

While widespread adoption is still a long way out, some of the biggest names in asset management and financial policy – including BlackRock, Goldman Sachs, Wellington Management, and Fidelity Investments – have indicated recently that they’re getting serious about cryptocurrencies and the game-changing implications of the blockchain technology that undergirds them.

Goldman Responds to Client Requests for Crypto Clearing

Goldman Sachs & Co. may be poised to act as an intermediary on crypto transactions, after receiving requests from clients to facilitate clearing. In a call this past January addressing the company’s disappointing performance for the fourth quarter of 2017, chief financial officer Martin Chavez told shareholders that blockchain’s importance as a driver of innovation would only grow in the coming years.

“So, on the back of our clients asking us, will you offer clearing in these contracts, well, we’re in that business of client facilitation,” he said, adding,” And so we want to respond to those client requests, and we have. And we’re in also the business of being careful with our shareholders’ capital, and so we’re doing that with extreme prudence and caution as we learn.”

In February, payments company Circle, which has backing from Goldman Sachs and Baidu Inc., acquired Poloniex, a U.S. cryptocurrency exchange.

BlackRock’s Chief Strategist Sees “Disruptive Potential” in Blockchain

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SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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