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Sub-Saharan Africa’s View on Libyan SWF Assets



The Libyan Investment Authority (LIA) had been one of the leading sovereign investors in companies in sub-Saharan Africa. Mr. Gaddafi invested large amounts of funds into various companies, hotel real estate, mining, and infrastructure.

Now that Gaddafi’s regime has been toppled, how are the recipient African countries dealing with the current situation?

Tanzania is currently refusing to recognize Libya’s National Transition Council (NTC).

Kenya is divided while Rwanda recognizes the NTC. With regards to Kenya, the Libyan Arab Foreign Investment Company (LAFICO), a subsidiary of the Libyan Investment Authority owns a number of companies in Kenya including Laico Regency Hotel and Oilibya. LAFICO owns 99% in Tropical Bank, 69% in Uganda Telcom Ltd, and a 49% stake in Uganda National Housing.

In fact, the Libyan Arab African Investment Company (LAAICO), which is another SWE of the LIA, invested in numerous African countries such as:
Gabon, Congo, Burkina Faso, Niger, Mali, Guinea, Chad, Uganda, Benin, Liberia, Ethiopia, Nigeria, Madagascar, Central Africa Republic, South Africa, Eritrea, Zimbabwe, Zambia, Rwanda, The Gambia, Ghana, Togo, Comoros, Democratic Republic of Congo.

In the past, there has been restructuring to put all the SWEs directly under the LIA.

Dated Material - LAAICO Website

Follow the Money – Episode 48



This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities


Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden



Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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Stephen Gilmore Named CIO of New Zealand Superannuation Fund



The Guardians of New Zealand Superannuation appointed Stephen Gilmore as chief investment officer. Previously, Gilmore was Chief Investment Strategist at Australia’s Future Fund – holding a series of positions between 2009 and 2018. In a press release, NZSF CEO Matt Whineray said, “We are delighted to have been able to attract a global investment leader of Stephen’s calibre to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable.”

Gilmore’s appointment is effective late February 2019.

Gilmore also had roles at Morgan Stanley, Banque AIG, the International Monetary Fund (IMF), and Chase Manhattan Bank.

Image photo is provided courtesy of the New Zealand Superannuation Fund.

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