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NDFI Meets with Norwegian Ambassador and Halkbank CEO

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norwayiranA news release issued by the National Development Fund of Iran (NDFI) on Sunday states that the president of the fund, Dr. Seyyed Safdar Hosseini, met with Norwegian Ambassador to Tehran Jens-Petter Kjemprud to discuss potential collaboration between Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), and the NDFI.

According to the release, Mr. Kjemprud was hopeful that sanctions in the future would be diminished and that Norway’s advanced technologies could assist Iran in oil extraction. They also discussed about future events in the sovereign wealth space. Dr Hosseini wants to play host for the International Forum for Sovereign Wealth Funds 2015 in Iran. The forum is voluntary member-based organization of sovereign funds that meet annually. The 2013 forum was hosted by Norway in Oslo.

In a separate release, Dr. Hosseini also met with Suleyman Aslan, CEO of Halkbank, a Turkey-based bank that has maintained close ties to Iran since the latest sanctions were imposed.

Dr. Hosseini was reported to have requested that Turkish investors augment their investments in Iran, “with the financing support of both parties and Halkbank being in charge of doing the feasibility study of the projects,” the release said.

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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