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NTMA and China’s CIC International Sign MoU to Explore Opportunities for CIC in Ireland

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According to the press release, “The National Treasury Management Agency and CIC International, a subsidiary of China Investment Corporation, China’s sovereign wealth fund, have today signed a memorandum of understanding to work together in exploring investment opportunities in Ireland.

The memorandum was signed in the Great Hall of the People in Beijing by Chairman Lou Jiwei on behalf of CIC International and by John Corrigan, Chief Executive, on behalf of the NTMA. Chinese Premier Wen Jiabao and Taoiseach Enda Kenny were present at the ceremony.

The memorandum builds on the existing dialogue between the NTMA and CIC International, and provides a framework for future co-operation in terms of exchanging information and identifying suitable investment or co-investment opportunities for CIC in Ireland.

Speaking today, NTMA Chief Executive John Corrigan said: “This memorandum represents a major initiative for enhanced co-operation and engagement in areas of common interest and we very much look forward to working with CIC International.”

CIC Chairman Lou Jiwei said: “CIC International is a financial investor and seeks stable and sound financial returns over the long run. The memorandum signed today reflects our strong working relationship and shared commitment. It will be of valuable assistance for us in identifying and assessing potential opportunities in Ireland.”

Read more: Press Release

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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