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Sovereign Funds Go Surgical on Healthcare Investing

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According to data from SWFI’s Sovereign Wealth Fund Transaction Database, sovereign investors directly invested US$ 6.61 billion into the healthcare sector in 2015 – a staggering amount compared to previous years. However, 2016 has been off to a tepid start. Preliminary data from the first two quarters of 2016 (data is still being tabulated until the end of June 2016), wealth funds, so far have directly invested US$ 285 million into the healthcare sector, compared to US$ 3.75 billion in the first two quarters of 2015. Again, to be accurate, not all the transaction data has been tabulated for the first half of 2016. The preliminary transaction data for 2016 does encapsulate the feeling that wealth funds are more cautious on healthcare companies and could be more selective for the remainder for 2016.

Cancer Killers and Cancer Detectors

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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

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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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