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Norway’s Sovereign Fund Contemplates Infrastructure Allocation, Boosting Real Estate

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Leo de Bever

Leo de Bever, Former CEO of AIMCo

The Norwegian Ministry of Finance is moving forward on assessing whether the sovereign wealth fund should boost allocation over its 5% cap in real estate and begin to invest in unlisted infrastructure. Norway’s Government Pension Fund Global (GPFG) made headways investing in properties in cities such as London, New York and Boston. The sovereign fund, built from Norway’s oil and gas revenues, has invested in buildings such as Google’s DC headquarters and the historic Pollen Estate in London. In addition, the oil fund will typically partner with an outside investor like The Crown Estate, MetLife, TIAA-CREF or Prologis.

Norwegian Minister of Finance Siv Jensen said in a press release, “We are continuously looking at how changes to the investment strategy may improve the return on the Fund, given a moderate level of risk.”

One individual in the expert group is Leo de Bever, former CEO of Alberta Investment Management Corporation (AIMCo).

Asset Allocation

The massive sovereign wealth fund is currently, 60% allocated to stocks, 35% to fixed income and 5% to real estate – a vast difference compared to a decade ago. Norway’s GPFG has hesitated moving into unlisted infrastructure and private equity with two major impediments including fees and opportunities.

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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