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SWFI First Read, April 30, 2017

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LIA Turns its Legal Sights on Société Générale via Derivative Trades

The Libyan Investment Authority (LIA) is going after its next target, Société Générale S.A. This is in relation to derivative trades made back in 2007 and 2009, a similar pursuit made by LIA to Goldman Sachs. The case is being taken up in London’s High Court.

WE’RE BACK: Citigroup Saudi Arabia Gets Investment Banking License in Saudi Arabia

On April 25, 2017, the Saudi Capital Market Authority had authorized Citigroup Saudi Arabia to get its investment banking license, enabling the firm to conduct dealings as underwriters arranging and advising on securities business activities. The current CEO of Citigroup Saudi Arabia is Carmen Haddad.

Citibank had its first office in Saudi Arabia in Jeddah in 1955. By 1980, through legislation by Saudi Arabia, Citibank transformed its Saudi banking unit into a joint venture with Saudi American Bank (Samba). By 2004, Citibank had sold its last remaining interest in Samba.

Purdue University to Buyout Kaplan University

On April 27, 2017, Purdue University made a big move to form a new public university after agreeing to buy an online university. Purdue University has agreed to buyout Kaplan University. Kaplan University is the for-profit higher education business of Kaplan Inc. Kaplan Inc is ultimately owned by Graham Holdings Co. This deal include the acquisition of its 15 campuses and learning centers.

According to the press release by Purdue University, “all existing Kaplan University students and faculty will transition to the new university, which will use the Purdue name in some fashion not yet identified.”

The release added, “the new university will formally begin operations upon approval from the U.S. Department of Education and the Higher Learning Commission. Purdue plans to take immediate steps to commence those approval processes. Both Purdue and Kaplan universities are accredited by the HLC.”

China Merchants Bank Makes Private Banking Push in Singapore

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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