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Mubadala Exits Out of Exova

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Abu Dhabi-based Mubadala was part of a group of investors that owned a large stake in Edinburgh-based Exova Group plc, a lab testing company with heavy reliance on the oil sector. Element Materials Technology Group Limited (Element Materials), which is majority-controlled by private equity firm Bridgepoint, agreed to acquire Exova in a £620.3 million deal, taking the company private. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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President Trump Asks SEC to Review Semi-Annual Corporate Reporting

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U.S. President Donald Trump is giving a possible gift to long-term institutional pension funds and sovereign funds that clamor for “long-termism” when it comes to publicly-traded companies. Many large Canadian pension funds, like CPPIB, have decried that listed companies operate in short-termism earnings philosophy, trying to focus on a quarter by quarter basis. BlackRock’s CEO Larry Fink has publicly heavily opined on short-term corporate think on quarterly earnings. Listed company CEOs are heavily incentivized to produce strong quarterly earnings, which is often linked to corporate compensation.

President Trump requested the U.S. Securities and Exchange Commission (SEC) to study the impact of allowing companies to file reports in a six month time framer versus the traditional quarterly time frame.

On Twitter, President Trump tweeted, “In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. ‘Stop quarterly reporting & go to a six month system,’ said one. That would allow greater flexibility & save money. I have asked the SEC to study!”

Listed companies in the U.S. are required to file earnings reports every quarter. This move could reduce filings to two times per year. The investor community is divided as long-term institutional investors typically want companies to report less, while other investors favor more disclosure – keeping corporate executives accountable to generating returns for shareholders.

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