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Nigeria’s Sovereign Wealth Authority to Deploy Assets

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lagos_dtAfter some delay, the Nigerian Sovereign Investment Authority (NSIA) has begun to allocate the US$ 1 billion in seed capital to each of the sovereign funds. The Future Generation Fund and Nigeria Infrastructure Fund would each receive US$ 325 million or 32.5% of the total amount. The Stabilization Fund would receive US$ 200 million, with the remaining balance of US$ 150 million allocated to future investments.

The investment portfolio of the Stabilization Fund and Future Generation Fund would embark in early June 2013. The Stabilization Fund’s assets would be managed internally, while the Future Generation Fund would be open to external managers.

With regard to the Nigeria Infrastructure Fund which is to be managed in-house, different sectors are being discussed such as transportation, healthcare, power, water resources and housing. Infrastructure investments would be undertaken on a commercially viable basis.

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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