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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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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road

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The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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Follow the Money – Episode 48

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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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CONTENTS
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

EPISODE 48

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

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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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