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SWFI First Read, April 17, 2018

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Federal Reserve Notes Totaled $1.57 Trillion Year End for 2017

According to a recent report from the Federal Reserve Bank of New York, federal reserve notes (U.S. dollar paper currency), continued to be a key liability in 2017 – totaling US$ 1.57 trillion at 2017 end. These notes make up roughly one-third of the Federal Reserve’s balance sheet. This amount is far lower than the amount compared to years before 2008, when these liabilities stood above 90% of all liabilities on the Federal Reserve’s balance sheet.

CalPERS Icon Curtis Ishii is Retiring

Curtis Ishii is retiring. He is Head of Fixed Income at the California Public Employees’ Retirement System (CalPERS). His last day at CalPERS is May 8, 2018, but his retirement date will be effective in July. The interim Managing Investment Director for Fixed Income will be Arnie Phillips, as a search is being launched now for Ishii’s replacement. Ishii led CalPERS’ income department for 20 years – with 40 years at CalPERS.

SEC Investigates Guggenheim Partners Over CEO RE Transaction

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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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