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SWFI First Read, August 14, 2016

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Euroclear Wins Mandate for ICBC ETF Listing

ICBC Credit Suisse Asset Management, the asset management joint venture between ICBC and Credit Suisse formed in 2005, picked Euroclear to clear and settle its first internationally listed China equity exchange-traded fund (ETF). The ETF called ICBC CS WisdomTree S&P China 500 UCITS ETF will be traded on the London Stock Exchange (LSE). Domiciled in Luxembourg, the ETF will be settled directly in the international central securities depository (ICSD). ICBC Credit Suisse Asset Management and related entities oversee RMB 960 billion in assets.

Dubai Financial Group Sold EFG-Hermes Stake to Natixis

Dubai Financial Group LLC has sold its 12% ownership stake in EFG-Hermes Holding SAE to French banking giant Natixis SA. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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