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SWFI First Read, April 13, 2017

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CICC Finalizes China Investment Securities Transaction

China International Capital Corporation Limited (CICC) finalized its acquisition of Shenzhen-based China Investment Securities Co. from Central Huijin Investment Ltd. for 16.7 billion RMB (US$ 2.5 billion). CICC bought 100% of the shares. The deal was signed and publicly released on November 4, 2016.

Central Huijin Investment and related parties own 58.65% of CICC, while GIC Private Limited owns 6.85% of the bank, as of April 2017. Central Huijin Investment is a sovereign wealth enterprise (SWE) of the China Investment Corporation (CIC). GIC experienced dilution in its holdings in CICC due to the deal from having 11.84% ownership, down to 6.85% ownership.

OTPP Increases Bet on Death, Boosts Stake in OGF

The Ontario Teachers’ Pension Plan (OTPP) increased its ownership in French funeral services group OGF SA to 74%. London-based Pamplona Capital Management LLP retained a 20% stake in OGF, while OGF company management retained a 6% stake.

In 2015, OTPP acquired a 30% stake in OGF from Pamplona Capital Management.

Abu Dhabi Financial Group Forms Islamic UAE REIT

Abu Dhabi Financial Group formed a Shariah-compliant real estate investment trust (REIT) called Etihad REIT. Etihad REIT has been seeded with ten properties in the United Arab Emirates. Eshraq Properties committed some properties to the REIT. Abu Dhabi Financial Group will manage the REIT.

Grabel is the New CIO of the Los Angeles County Employees’ Retirement Association

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Manager of China’s Foreign Reserves Could be CalPERS Next CIO

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Numerous financial media outlets, including the Wall Street Journal (WSJ), are reporting that Ben Meng is in key position to become Chief Investment Officer of CalPERS. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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