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Sovereign Funds Weary of European Infrastructure Risk

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Owning European infrastructure can be a profitable venture for institutional investors like pensions and sovereign funds. However regulatory risk can hamper returns, leaving a sour taste in the mouths of sovereign wealth funds, pensions, and infrastructure funds. On January 10th, London’s Heathrow Airport, regulated by UK’s Civil Aviation Authority, was mandated to cap prices it can levy from airlines from April 2014. The British aviation regulator said prices must be 1.5% below the retail prices index – a far greater price cap than originally proposed. Heathrow officials contend the regulator’s assumptions and forecasts are aggressive. Airlines like Virgin Atlantic Airways praised the ruling, mentioning that there was a need to lessen the steep rise in customer prices in Heathrow.

Investors in Heathrow, through investment holding vehicles, include Spanish giant Ferrovial S.A., GIC Special Investments (a subsidiary of GIC Private Limited), Qatar Holding LLC and the China Investment Corporation perceive the levy caps as draconian.

Across to Norway

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PGGM Executed its Inaugural Cleared Securities Lending Trade

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Service providers are keen on getting more beneficial owners to participate in the cleared securities lending market. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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