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PIMCO Retains Bernanke as Senior Advisor

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Pacific Investment Management Co. (PIMCO) has hired former Federal Reserve Chairman Ben Bernanke as a senior adviser. Suffering from record redemptions, PIMCO is looking to retain assets and provide its clients with the ultimate insight – view’s from a former Fed top dog. In the past, PIMCO relied on its founder Bill Gross for expertise on bonds and the Federal Reserve. Gross left PIMCO for Janus Capital in September 2014.

Bernanke will assist PIMCO on guidance on investment process and Federal Reserve policy. Bernanke will also at times meet with PIMCO clients. To be fair, former Fed Chair Alan Greenspan joined PIMCO as a consultant after his tenure at the central bank.

In a Bloomberg telephone interview, Group Chief Investment Officer Daniel Ivascyn said, “Obviously his experience within central banking is important at the moment, given where we may be in terms of the U.S. economic cycle, but we’re looking for and excited about his ability to make broad-based contributions to our strategy.”

In a statement, Bernanke commented, “I am delighted to work together with Pimco’s strong team of investment professionals and contribute to its investment process in my role as an advisor to the firm.”

Earlier in April, Bernanke joined the Chicago-based hedge fund Citadel (managed by hedge fund billionaire Ken Griffin) as a senior advisor.

Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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