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Russian Ministry of Finance to Transfer 900 Billion Rubles to Reserve Fund

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2012 has come to a close; Russia is preparing to fill up its reserve fund, the initial sovereign wealth fund of Russia. Created in 2004, the reserve fund assists in fiscal budget stabilization if global oil prices decrease at a certain price level. The reserve fund invests in conservative fixed income securities, typically low-yield and highly liquid.

The Russian Ministry of Finance plans to move 900 billion rubles (US$ 30 billion) of oil and gas surplus revenue into the reserve fund. Oil and gas surplus flows will continue to flow into the reserve fund until it reaches 7% of gross domestic product or there is a legal change.

Size of Reserve Fund in Billions USD – Click on graph to see full size


Source: Ministry of Finance – Russia

Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Manager of China’s Foreign Reserves Could be CalPERS Next CIO

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Numerous financial media outlets, including the Wall Street Journal (WSJ), are reporting that Ben Meng is in key position to become Chief Investment Officer of CalPERS. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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