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RDIF and Deutsche Bank Agree to Buy into Rostelecom

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Kirill Dmitriev

Kirill Dmitriev

The Russian Direct Investment Fund (RDIF) and Deutsche Bank have entered into a joint agreement to purchase 72,187,366 ordinary shares in Russian telecommunications operator Rostelecom from its subsidiary company Mobitel, the RDIF announced in a statement.

All the necessary approvals between the interested parties have been attained for the 7.674 billion rouble (US$ 237.5 million) transaction.

The transaction fulfills both mandates of the US$ 13 billion sovereign wealth fund: 1) Center on direct investments in Russia, 2) co-invest with a large global partner.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, sees the share purchases as a strategic investment in a booming sector. “Sustained growth in the Russian economy means demand among consumers and businesses for reliable and ultra-fast broadband will continue to increase,” he said. “It is therefore the right time to invest in the telecommunications sector.”

Sergey Kalugin, President of Rostelecom, is excited about the prominence of the two large firms and sees their participation as a catalyst for more high profile investors. “Attracting long-term partners is a key part of Rostelecom’s strategy to successfully achieve its ambitious goals and, I hope, will serve to attract other qualified investors,” he stated.

Rostelecom is traded on the MICEX.

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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