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SWFI First Read, April 25, 2017

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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SWFI First Read, December 15, 2017

Gaw Capital Sells Cross Tower Shanghai Building

Hong Kong-based Gaw Capital Partners has agreed to sell the Cross Tower, a 24-storey commercial building in Shanghai, to World Union Investment Management, for 2.66 billion RMB (US$ 402 million). The tower is located in the Huangpu district.

RDIF Portfolio Company Geopharm Plans to Increase Insulin Production

Russia-based Geopharm is a portfolio company of the Russian Direct Investment Fund (RDIF). Geopharm signed a special investment agreement with the City of St. Petersburg, Russia. Geopharm plans to invest more than 3.3 billion rubles in building a complex to meet insulin production demands.

Norway’s KLP to Exclude Companies with Oil Sands Extraction via Revenue Threshold

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NZ Super Resumes Government Contributions

The New Zealand Superannuation Fund (NZ Super) has resumed receiving contributions from the New Zealand government in the face of rising obligations as an increasing proportion of the country’s population approaches retirement. According to a statement released by the fund’s managing Board of Guardians, the government plans on investing US$ 5.3 billion into NZ Super between now and June of 2022, with the first payment scheduled for December 15, 2017.

Policymakers believe the resumption of government contributions, which were halted in July of 2009, is expected to ease the burden on the country’s current taxpayers and future generations. Withdrawals from NZ Super are expected to peak in 2078, at which point the fund will be covering 12.8% of New Zealand’s pension obligations. The new wave of contributions will initially be invested in passive, low cost equity and bond investments, according to Catherine Savage, Chair of the Guardians.

Recent Performance & Leadership Change

NZ Super has enjoyed one of its best annual performances since its founding in 2001, with a reported return of 20.7% before tax for a 12-month trailing period ended June 30, 2017, up 5 billion NZD (US$ 3.6 billion) compared to 2016. NZ Super generated 21.85% annual return in its global equities, developed market portfolio, according to its 2017 annual report.

NZ Super faces a changing of leadership in the coming year with the exit of chief executive Adrian Orr, who will leave the Fund officially in March of 2018 to serve a five-year term as Governor of the Reserve Bank of New Zealand. Mr. Orr has earned a spot numerous times in the Sovereign Wealth Fund Institute’s Public Investor 100 annual ranking over the years, most recently in 2017 at #3.

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iZettle Raises US$ 47 Million in Series E, Prepares for 2018 Listing

Card transaction platform iZettle AB has raised another US$ 47 million in Series E funding, this time with new backing from Sweden’s AP4 and early-stage venture capital firm Dawn Capital. Previous investors in the Stockholm-based payments business include American Express, MasterCard, Intel, and Spain’s Santander Group. With US$ 235 million in equity to date, iZettle is quickly approaching an estimated valuation of US$ 1 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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