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SWFI First Read, April 4, 2017

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Cowen Makes Moves, Inks Deal to Buy Convergex Group

The Cowen Group agreed to a deal to purchase New York-based Convergex Group, an agency-focused global brokerage and trading related services provider, for US$ 116 million in cash and stock from a group of investors including BNY Mellon, private equity firm GTCR and other investors. In March 2017, Shanghai-based CEFC China Energy Company Limited agreed to buy a 19.9% stake in Cowen with US$ 100 million in equity and US$ 175 million toward debt refinancing. CEFC China Energy is owned by Shanghai Energy Fund Investment Ltd, which is run by Ye Jianming.

For the Convergex deal, Morgan Stanley was the financial advisor for Cowen, while the legal advisor was Willkie Farr & Gallagher LLP. Convergex Group was advised by Kirkland & Ellis LLP.

Juan Alcaraz to Solely Focus on Allfunds, Leaves CEO Role at Santander Asset Management

Juan Alcaraz, the Chief Executive Officer of Santander Asset Management, has exited this role to focus his efforts on Allfunds. Alcaraz will focus his sole attention on Allfunds, while Juan Manuel San Román will become CEO of Santander Asset Management. Recently, Singapore’s GIC Private Limited and private equity firm Hellman & Friedman acquired Allfunds.

Hiromichi Mizuno Reappointed as GPIF CIO

Hiromichi Mizuno, the Chief Investment Officer of Japan’s Government Pension Investment Fund (GPIF), has been reappointed. This reappointment is for a 6-month term, versus a typical 2-year term. Mizuno has been with GPIF since November 2014.

State Street Global Advisors Hires Former Barings Executive

State Street Global Advisors (SSgA) named Andrew Benton as head of U.K. institutional business, reporting to Michael Karpik, the firm’s executive vice president and head of Europe, Middle East and Africa. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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