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Simpson Thacher Takes First for 1H 2017 PI Legal Advisor

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Simpson Thacher & Bartlett LLP (Simpson Thacher) took first place in the public institutional investor transaction database for the first half of 2017 for legal advisors. SWFI’s public investor database tracks direct deals and transactions made by institutional investors such as sovereign wealth funds and public pensions. Simpson Thacher was involved in numerous transactions with public institutional investors including the recapitalization of Pharmaceutical Product Development, LLC with sovereign wealth fund capital from Asia and the Middle East. The law firm was also engaged in the Ascend Learning, LLC transaction. Simpson Thacher pegged six deals, while Kirkland & Ellis LLP wasn’t far behind at 5. For example, Kirkland & Ellis advised the Alberta Investment Management Corporation’s investment in San Antonio-based Howard Midstream Energy Partners’ deal with Oklahoma-based WPX Energy to develop crude oil and natural gas gathering and processing infrastructure in the core of the Delaware Basin.

Tied for third was Skadden, Arps, Slate, Meagher & Flom LLP and Weil, Gotshal & Manges LLP.

Legal Advisor League Table – H1 2017

Position Firm Transactions
1 Simpson Thacher 6
2 Kirkland & Ellis 5
3 Skadden 4
3 Weil Gotshal 4
4 Clifford Chance 3
4 Latham & Watkins 3
4 Torys 3
4 Ropes & Gray 3
4 Sidley Austin 3
4 White & Case 3

Source: Sovereign Wealth Fund Transaction Database, Extracted: July 24, 2017
Data from the report is pulled at a certain time, there may be discrepancies between both sets.

First Half 2017 League Table Page

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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