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Japan MoF Released League Table on JGB Specialists

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Japan’s Ministry (MoF) of Finance release a league table of Japanese Government Bond Market Special Participants, also known as primary dealers, for the period of October 2017 to March 2018.

Japan’s MoF named these 10 institutions that purchased the most JGBs, calculated by duration.

1. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
2. Nomura Securities Co., Ltd.
3. Daiwa Securities Co. Ltd.
4. Mizuho Securities Co., Ltd.
5. BNP Paribas Securities (Japan) Limited
6. Merrill Lynch Japan Securities Co., Ltd.
7. SMBC Nikko Securities Inc.
8. Deutsche Securities Inc.
9. Goldman Sachs Japan Co., Ltd.
10. Morgan Stanley MUFG Securities Co., Ltd

Source: Japan Ministry of Finance

LIA Files Lawsuit Against JPMorgan Chase

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The Libyan Investment Authority (LIA) has reportedly filed a lawsuit against JPMorgan in London, according to a spokeswoman for the country’s sovereign wealth fund. Like Libya itself, there are a number of competing factions within the LIA claiming to be the rightful custodians of the some US$ 60 billion that once resided within the fund’s accounts worldwide. With their ownership unclear, many of these accounts remain frozen under sanctions imposed by the United Nations since 2011, resulting in a number of legal battles taken up by Libyan authorities seeking to recoup and take control of the fund’s scattered assets.

The sovereign wealth fund still has its overseas assets frozen relevant to United Nations Security Council resolutions. However, the Libyan Foreign Investment Company, operating under the acronym
LAFICO, is a large sovereign wealth enterprise under LIA. It continues to run out of Tripoli Tower.

London Case

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Massive Demand is Expected as Saudi Arabia Opens Public Cinemas

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Saudi Arabia will be opening the country’s first public movie theatre in more than a generation on April 18, 2018 in collaboration with AMC Entertainment, according to an announcement from the Saudi Ministry of Culture and Information. Located in Riyadh’s King Abdullah Financial District (KAFD), the cinema complex’s debut marks the signing of a definitive agreement between the U.S.-based cinema operator and the Public Investment Fund’s (PIF) newly-incorporated Development and Investment Entertainment Company (DIEC). Marvel’s “Black Panther” will be the first movie shown publicly.

Saudi Arabia lifted a 35-year ban on public cinemas last December as part of the kingdom’s grand Vision 2030 initiative to diversify its economy away from hydrocarbon revenues and expand growth of a nascent entertainment industry, opening the doors for investment partnerships with foreign entertainment companies. In tandem with the lifting of the ban, the PIF signed a non-binding Memorandum of Understanding (MoU) with AMC – the largest cinema operator by screens in the U.S., Europe and the world – to explore a wide range of commercial opportunities.

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Why Did BlackRock Acquire Tennenbaum Capital Partners?

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Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. Formed in 1999, Los Angeles-based Tennenbaum Capital Partners is a firm that focuses on middle market performing credit and special situation credit opportunities. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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