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SWFI First Read, April 25, 2017

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Ex-BlackRock Joseph Linhares to Head EMEA at Russell Investments

Joseph Linhares was named Head of Europe, Middle East and Africa (EMEA) at Russell Investments. He will report to Len Brennan, CEO of Russell Investments. Previously, Linhares was Global Head of Platinum Accounts at BlackRock Inc. Linhares was an early employee of iShares, which was owned by Barclays Global Investors (BGI) before its sale to BlackRock. Linhares was succeeded by Sarah Melvin at BlackRock with regard to the platinum accounts role.

Korea GEPS Names New Chief Investment Officer

The Government Employees Pension Service (GEPS) of South Korea named Chang-hoon Lee as its new chief investment officer. Lee is the former Head of Prudential Financial’s investment unit, Prudential Asset Management Company, in South Korea. He was CEO and CIO at the Prudential Financial unit from 2005 to 2010. Before that, he was a Senior Equity Manager at Samsung Investment Trust Management (now Samsung Asset Management Co. Ltd.).

Lee succeeds Young-gwon Choi who served a three-year CIO term. Choi has moved onto being CEO of HI Asset Management Co. Ltd.

Potential SMRT Deal to Sell Cab Business to Grab

Temasek Holdings owns SMRT, after it was delisted in 2016. SMRT is in discussions to sell its taxi division to Grab. Part of the potential deal includes SMRT getting a stake in Grab. SMRT is currently the third biggest taxi cab company in Singapore, which has been in business for 27 years.

PSP Investments and Partners Group Finalize Cerba Healthcare Deal

On January 22, 2017, Partners Group, acting on behalf of clients, and PSP Investments, agreed to acquire Cerba Healthcare, a European medical laboratory services provider, from PAI Partners. On April 20, 2017, the deal was completed.

Man GLG Hires for Head of Machine Learning

Man GLG hired William Ferreira as head of machine learning. This is a new position. Previously, Ferreira was at Florin Court Capital.

Federated Investors to Make Push into the Asia-Pacific Region

Pennsylvania-based Federated Investors is seeking to expand its business in the Asia-Pacific region. The company appointed Bill Taki as its chief executive officer of Federated Investors Asia Pacific. Previously, Taki worked at Phoenix Global Capital Management. Federated Investors also named Bill Mukai as managing director and head of Asia-Pacific client relationships.

RDIF, Mubadala and Investors Invest in Two Logistic Facilities in Russia

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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

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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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