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New Strategy Council for the Government Pension Fund Global

According to the press release, “In the National Budget 2011 the Ministry today announced the establishment of a new Strategy Council with four external members. The Strategy Council has been asked to write a report on the long term investment strategy of the Government Pension Fund Global and present this no later than 1 December 2010.

“Such independent and critical reviews will provide useful professional input while fostering greater transparency and discussion about important issues related to the long-term investment strategy of the Fund, “says Minister of Finance, Sigbjørn Johnsen.

In 2010, the Council will be chaired by Emeritus Professor of Finance Elroy Dimson (London Business School). The other members are Senior Portfolio Manager Antti Ilmanen (Brevan Howard), Senior Analyst Øystein Stephansen (DnB NOR Markets) and Professor in Finance and Rector Eva Liljeblom (Hanken School of Economics).

A further description of the Council’s members and the mandate is available on the Minstry’s web site.

While such reports will be produced regularly going forward, both the composition and mandate of the group may vary from time to time.”

Source: Norway Ministry of Finance – Press Release

Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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