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National Welfare Fund Transfers 100 Billion Rubles to VTB Bank

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Russian Prime Minister Dmitry Medvedev has authorized the transfer of 100 billion rubles (US$ 1.8 billion) from the National Welfare Fund (NWF) to boost the capital of VTB Bank. The first aid tranche NWF order was signed on December 27th. The funds have been placed into a subordinated deposit to fund Russian-backed infrastructure projects. VTB Bank is Russia’s second biggest lender by assets.

Institutional Investor Profile of the National Welfare Fund

In a statement by VTB Bank, “As a result, the bank’s capital adequacy ratio under Russian Accounting Standards will exceed 12%.”

By the end of the first quarter of 2015, VTB Bank is expected to receive a second tranche in the amount of 150 billion rubles (US$ 2.6 billion).

On December 5th, Two Capitals Highway, a VTB Capital subsidiary, and Vnesheconombank (VEB) penned a cooperation agreement to finance, build and operate two sections of the M-11 Moscow-St Petersburg toll motorway. The transportation project is being financed by VTB Bank. VTB Capital is acting as financial consultant.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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