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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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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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