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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. ]

Japan’s GPIF Awards Nissay Asset Management with ESG Disclosure Mandate

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Increasingly asset owners across the Asia-Pacific region are studying the impacts of environmental, social, and governance factors on listed companies. As more Japanese pensions augment asset allocation to listed equities, the importance of corporate non-financial disclosures and practices becomes clear. These disclosures can have a material impression on company stock prices. In addition, Japanʼs Stewardship Code and Corporate Governance Code in 2014 and 2015 were launched, respectively. These codes helped the (environmental, social, and governance) ESG concept gain momentum in Japan.

Japan’s Government Pension Investment Fund (GPIF), the largest public pension fund in the world, awarded a research mandate to Nissay Asset Management Corporation. The mandate entails studying ESG disclosures. The study will conduct a comparable analysis on ESG standards and practices, while taking into account input from both investors and companies. With around US$ 110.5 billion in assets under management, Nissay Asset Management is owned by Japanese life insurance giant Nippon Life Insurance Company.

As GPIF boosted its allocation to domestic equities, the asset owner took a deeper look into the impact of ESG on equity investing. GPIF is keen on improving efficiencies in Japan’s capital markets. GPIF is a universal owner of stocks, similar in some aspects to what Norway’s Government Pension Fund Global (GPFG) does.

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Norges Bank Real Estate Management Buys Central Paris Property

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Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (oversees Norway Global Pension Fund Global), has signed an agreement to acquire a 100 percent interest in an office property located on 54-56 rue la Boétie in central Paris.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Schlumberger Gets Closer to Eurasia Drilling Company

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Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and American oilfield services giant Schlumberger (SLB) have planned a deal to invest in Russia’s Eurasia Drilling Company Limited. RDIF CEO Kirill Dmitriev made the announcement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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