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SWFI First Read, April 28, 2017

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Australia’s Future Fund Rides the Bullish Wave into March 2017

As of March 31, 2017, the Future Fund reached A$ 129.6 billion in assets. David Neal, Managing Director of the Future Fund, said in a press release, “The Future Fund’s overall risk level remains unchanged and towards the lower end of our normal expectations. This reflects our view that we should only take on additional risk where the expected returns are appropriate. We continue to work hard and in a disciplined way to identify areas of opportunity, taking up those with attractive risk-adjusted returns and ensuring the portfolio is flexible and efficient.”

SEI Investments Loses to BlackRock in Bpf Meubel’s Fiduciary Mandate

Pensioenfonds Meubel (Bpf Meubel), a Netherlands pension fund for the furniture industry, named BlackRock as its fiduciary manager. BlackRock replaces SEI Investments as the fund’s fiduciary manager. In addition, SEI Investments oversees some 80% of the fund’s assets as an asset manager. In 2016, the fund had an annual return of 0.94%, as 46% of its assets are in fixed income versus 29% held in equity. In 2016, SEI Investments earned €6.5 million in its fiduciary manager mandate from Bpf Meubel.

Invesco to Buy ETF Provider Source from Warburg Pincus

Invesco is buying a majority stake in Source, a London-based exchange-traded funds (ETF) provider, from an affiliate of Warburg Pincus. Source oversees US$ 18 billion in assets, while managing US$ 7 billion in subadvised assets. Other investors holding their position in Source include Morgan Stanley, Nomura, Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan. Warburg Pincus had bought into Source in 2014. The financial advisor for Source is JPMorgan, while the legal advisor was Freshfields Bruckhaus Deringer LLP.

1MDB and IPIC Ink Conditional Agreement

Ever since the U.S. Department of Justice (DOJ) put heat on the 1Malaysia Development Berhad (1MDB) debacle, government officials from around the world involved want a faster resolution to outstanding issues. The issue between Mubadala and 1MDB encircles agreements on two bond offerings in which IPIC did not receive payment, even though 1MDB maintained they did. On April 24, 2017, 1MDB and IPIC agreed to a conditional agreement in which 1MDB would pay US$ 1.2 billion in two installments. The agreement is conditional on the Arbitration Tribunal in London. The agreement is awaiting a consent award by May 31, 2017.

RDIF and JBIC Make Progress on Key Terms for Russia-Japan Investment Fund

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Progetto Iride Issues Inaugural Tender for Joint PE Investment

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Progetto Iride, translated in English to Project Iris, is an investor group of five Italian pension funds. Progetto Iride issued an RFP for a private equity manager for a joint portfolio worth around €216 million.

The funds under Progetto Iride have €6,122,872,593 in assets as of December 31, 2018.

The five constituents of Progetto Iride are Foncer (€28 million allocation), Fondenergia (€72 million allocation), Fondo Gomma Plastica (€46 million allocation), Pegaso (€30 million allocation), and Previmoda (€39 million allocation).

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Flexstone, Hostplus Initiate U.S. Private Equity Program

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Australia-based superannuation fund Hostplus appointed Flexstone Partners to run a U.S. private equity emerging managers program. Flexstone Partners is owned by Natixis Investment Managers. The emerging managers program will see Flexstone Partners invest over the next three years in the first, second or third funds of U.S. middle-market private equity managers on behalf of the industry superannuation fund.

Hostplus is the industry superannuation fund for those who live and love Australian hospitality, tourism, recreation, and sport.

Flexstone Partners was formed in 2005 and is the combined entity of Caspian Private Equity, Euro-Private Equity France, Euro-Private Equity Swiss, and Eagle Asia Partners.

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Trump to Nominate Stephen Moore to Federal Reserve Board

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U.S. President Trump plans to nominate Stephen Moore to the Federal Reserve board. Moore is currently a visiting fellow at the Heritage Foundation. He served as a Senior Economic Advisor to Trump’s 2016 presidential campaign. In 1987, Moore was Research Director of U.S. President Ronald Reagan’s Privatization Commission. Moore also served as a Fellow at the Cato Institute and was a Senior Economist under the U.S. Congress Joint Economic Committee under Chairman Dick Armey of Texas

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