SWFI First Read, April 20, 2018
Knut Kjær Named to Supervisory Board of APG
APG Asset Management, which oversees Stichting Pensioenfonds ABP, named Knut Kjær as a member of its supervisory board. Kjær is currently Chairman and Partner at FSN Capital Partners, a Nordic private equity firm. He was founding chief executive of Norges Bank Investment Management, which oversees Norway Government Pension Fund Global.
Norway SWF to Vote for More Disclosures on Two Canadian Companies
In a unique move, Norges Bank Investment Management, the manager of Norway Government Pension Fund Global, plans to support a vote in favor on a proposals for climate change reporting for TransCanada Corporation and support a vote in favor of Canada’s Imperial Oil Limited to disclose water-related risks.
Jo Holden Promoted at Mercer to UK CIO
Jo Holden has been named U.K. Chief Investment Officer at investment consulting firm Mercer. She is based in Liverpool and replaces Steven Blackie who exited to be Head of Global Product Strategy for Aviva Investors. Holden has been at Mercer since 2002.
Hyundai Investments Aggregates Korean Capital for 3i European Operational Projects Fund
Hyundai Investments Co. Ltd. raised €180 million from South Korean institutional investors, mostly insurance companies, to commit to 3i European Operational Projects Fund, a PPP fund managed by 3i Group.
Cityhold Office Partnership Grows By Forming a New Property Partnership with EDGE Olympic
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Mubadala Investment Company and Saudi Arabia Military Industries Company (SAMI), which is a defence company owned by Saudi Arabia’s Public Investment Fund (PIF), agreed to a deal to partner and co-invest in defense manufacturing. This partnership grows defence ties between Saudi Arabia and the United Arab Emirates.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Banking behemoth J.P. Morgan Chase disclosed its own digital currency called JPM Coin. The digital token will be used to settle payments between clients. JPM Coin will be backed by physical U.S. dollars and be based off Quorum. Quorum is J.P. Morgan’s private Ethereum-based chain. JPM Coin plans to compete with Ripple, which created XRP, another digital currency that is used for settlements. Ripple’s main target market is cross-border payments and remittances.
The Central Bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have unveiled their plans for Aber, an interbank digital currency. Both banks have indicated that Aber will be limited to financial settlements using distributed ledger technologies. It will be rolled out on a probational basis, and used by select banks within the two countries. A date for rollout has not yet been declared. A joint statement hinted at a broader application of the currency in the days ahead. If “no technical obstacles are encountered, economic and legal requirements for future uses will be considered.” Blockchains and Distributed Ledgers technologies will be employed. The plan is for ‘Proof-of-Concept’ testing, which involves studying and fully comprehending the ways modern technologies can achieve practical applications. The digital currency has the potential to become a reserve system for central payments.
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La Française and Canada Pension Plan Investment Board (CPPIB) formed a strategic partnership for the launch of a real estate investment and development vehicle: Société Foncière et Immobilière du Grand Paris. The joint venture between CPPIB (80%) and Caisse Fédérale du Crédit Mutuel Nord Europe (CMNE) (20%), La Française’s shareholder, will invest in major real estate projects linked to the Grand Paris infrastructure in the Greater Paris area. The parties will initially allocate €387.5 million in equity to the venture. The partnership will target regeneration and infrastructure-led investments.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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