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Not-for-Profit Giant Buys Nuveen Investments

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The not-for-profit TIAA–CREF has agreed to acquire Nuveen Investments for US$ 6.25 billion including debt from an investor group led by Chicago-based Madison Dearborn Partners. Madison Dearborn bought Nuveen for US$ 5.75 billion in 2007, taking it private. At the time, it was the largest leveraged buyout in the asset management industry. New York-based TIAA-CREF was keen on growing its mutual fund business and reached out to Madison Dearborn, the private equity owner of Nuveen Investments.

The deal would create another financial behemoth with around US$ 800 billion in assets under management, putting pressure against firms like BlackRock, Fidelity Investments, Putnam and Vanguard.

“For nearly a hundred years, we have been wise financial stewards for those who make a difference in the world in the academic and non-profit communities,” said Roger Ferguson Jr., president and chief executive officer, TIAA-CREF, in a press release. “The acquisition of Nuveen can generate greater returns that will benefit our customers. This transaction “reinforces our position as a leading diversified financial services organization with a broad mix of product offerings to serve clients today and those in retirement for decades to come.”

TIAA–CREF mostly operates on a not-for-profit basis. The integration of Nuveen will add a layer of operational complexity. TIAA-CREF has around US$ 570 billion in assets and they serve the academic and non-profit realms.

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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