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SWFI First Read, April 13, 2018

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Credit Suisse Asset Management Forms Direct and Co-Investments Group

Credit Suisse Asset Management formed a new unit, the directs and co-investments group, to oversee and manage institutional private direct investments. The new unit will be an extension of the unit’s private fund group and be led by Paul Van Hook. Credit Suisse Asset Management’s private fund group deals with primary and secondary private markets investments.

Ellen Tsang Heads Over to State Street Global Advisors for Marketing Role

State Street Global Advisors hired Ellen Tsang as head of marketing for Asia ex-Japan. She comes from Aberdeen Standard Investments, where she served as head of marketing for Asia ex-Japan.

Ontario Teachers’ to Acquire 40% Stake in European Camping Group

The Ontario Teachers’ Pension Plan is purchasing a 40% ownership stake in France-based European Camping Group, a luxury camping company from The Carlyle Group and Paris-based Montefiore. The transaction gives the deal an enterprise value of roughly €700 million. Carlyle Group and Montefiore combined will still hold majority control of the company.

Mubadala Petroleum Signs Production Sharing Contract with Indonesian Government Regarding Andaman I Area

Mubadala Petroleum, a unit of Mubadala Investment Company, signed a production sharing contract with the Indonesian government regarding the Andaman I area. The Andaman I area is located off the coast of North Sumatra. Mubadala has been analyzing these location off of Aceh since 2011. Mubadala has interests in Andaman I PSC and Andaman II PSC. Andaman II is operated by Premier Oil, while Mubadala is an operator on Andaman I.

PSP Investments Invests in BC Office and Industrial Portfolio

On April 9, 2018, PSP Investments partnered with Toronto-based Crestpoint Real Estate Investments Limited Partnership to buy a portfolio of 12 office and industrial buildings located in greater Vancouver and Burnaby. Some buildings include the Head office of Mountain Equipment Co Op located in the False Creek Flats neighborhood of Vancouver.

U.S. House Passes Bill on SIFI Designation Measures

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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