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SWFI First Read, April 11, 2016

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Oil Revenue Percentage Decrease for Iran’s NDF

The amount of oil revenue flowing into Iran’s National Development Fund (NDF) will shrink from its current 30% to 20% in the current fiscal year.

New York City Retirement Systems Appoints New Senior Investment Office for Private Equity

New York City’s Bureau of Asset Management, which oversees the New York City Retirement Systems, named J. David Enriquez as senior investment officer, private equity. He will report to Alex Done. This is a new position. Before taking this role, Enriquez was a director in the M&A group at Rothschild.

Kimco Realty Corporation Buys Out Partner on South Florida Mall Deal

Kimco Realty Corporation acquired the remaining 45% ownership stake in two South Florida shopping centers for a gross purchase price of US$ 299.2 million, including the assumption of US$ 100 million in existing mortgage debt, from its joint venture partner Canada Pension Plan Investment Board (CPPIB).

Central Bank of the United Arab Emirates Freezes Assets of Former IPIC Executives

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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