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S&P Dow Jones Indices Launches Brazil Smart Beta Indices with BM&FBOVESPA

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S&P Dow Jones Indices LLC, a provider of indices, announced a strategic agreement with BM&FBOVESPA S.A., the biggest equity and futures exchange in Latin America, on creating co-branded Brazilian indices. Index investing is a popular route for many institutional investors including pensions and sovereign wealth funds like the Alaska Permanent Fund Corporation (APFC). In April, Brazilian listed equities were generally bullish, banking on possibilities of spending cuts for Brazil’s government and accommodative monetary policy sprouting from China. A number of Gulf sovereign fund investors like the Kuwait Investment Authority (KIA) take a long-term approach to seeking value in Brazil. However, short-term investors remain concerned about a corruption scandal at Petrobras and a mounting current account deficit hitting Brazil.

According to a press release, Edemir Pinto, CEO of BM&FBOVESPA: “The agreement between BM&FBOVESPA and S&P DJI is a very important step toward increasing index based opportunities for investors and further educating them on the merits of the Brazilian capital markets. The association of our brand to S&P DJI’s on new co-branded indices will reinforce BM&FBOVESPA’s position overseas through S&P DJI’s global index distribution.”

In addition, both companies agreed to launch the S&P/BOVESPA family of smart beta indices. The five smart beta indices formed are: S&P/BOVESPA Low Volatility Index, S&P/BOVESPA Inverse Risk Weighted Index, S&P/BOVESPA Quality Index, S&P/BOVESPA Momentum Index, and S&P/BOVESPA Enhanced Value Index.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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