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SWFI First Read, August 11, 2016

Vanguard Hires Former iShares Executive for European ETF Distribution

Vanguard hired Andreas Zingg as head of exchange-traded fund (ETF) distribution management for continental Europe. From April 2014 to June 2016, Zingg was Head of iShares Middle East and Africa for BlackRock. He also spent a number of years as Head of Sales for iShares in Germany and Switzerland. Before BlackRock, Zingg worked at UBS Global Asset Management.

RBC Investor & Treasury Services Hires David Linds

RBC Investor & Treasury Services, a division of the Royal Bank of Canada (RBC), named David Linds as managing director and head of asset servicing Canada, Global Client Coverage. He will be based in Toronto and report to James Rausch, head of Canadian Client Coverage at RBC Investor & Treasury Services. Previously, Linds spent 19 years at CIBC Mellon where he was last a senior vice president of business development and relationship management there.

ICD Eyes Food Opportunity in Bosnia

The Investment Corporation of Dubai (ICD) is looking to possibly invest in the former food giant Agrokomerc, a food producer in Bosnia and Herzegovina. ICD could invest in food production within the country giving financial life to Agrokomerc. Agrokomerc is majority owned by the Government of Federation of Bosnia and Herzegovina.

OTPP Loses Appeal on Employee Wrongful Dismissal

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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