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Qatar’s Buy and Build Approach

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The Qatar Investment Authority (QIA) makes large investments in a select universe of potentially strategic companies and assets through Qatar Holding. The Gulf sovereign wealth fund is opportunistic in nature; furthermore, it does not follow tightly controlled models or allocations. The QIA does not have an official geographic allocation or asset allocation, since the global financial crises has shifted long-term thinking and mindsets. The investments of the QIA include a concentrated portfolio of strategic assets.

Other sovereign wealth funds are trying to adopt a similar strategy. The Western norms of following modern portfolio theory is constantly being tested, some funds have thrown it out the window. Many sovereign wealth funds and even pension funds have become disillusioned with the Occidental philosophy of finance, risk and asset allocation.

In 2010, Qatar Holding purchased Harrods for around £1.5 billion from Mohamed Al Fayed. Many Gulf sovereign investors have been purchasing luxury-branded companies and assets around the world whether it comes to consumer goods or real estate properties. In fact, Qatar through its sovereign wealth fund and other investment vehicles is a major owner of commercial property in central London. Qatar Holding plans to transform Harrods into a global hotel brand, playing off its successful image of luxury and quality. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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