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SWFI First Read, August 4, 2017

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U.S. Senate Confirms J. Christopher Giancarlo as CFTC Chairman

The U.S. Senate unanimously confirmed J. Christopher Giancarlo as Chairman of the Futures Trading Commission (CFTC). Giancarlo has been the interim CFTC chairman since January 2017. The last official CFTC chairman was Timothy Massad who had resigned. In addition, the U.S. Senate also confirmed Brian Quintenz and Rostin Behnam as CFTC commissioners. Brian Quintenz was Founder, Managing Principal and Chief Investment Officer of Saeculum Capital Management. Quintenz was originally nominated by then U.S. President Barack Obama in 2016. He was also nominated by U.S. President Donald Trump in May 2017. Behnam was Senior Counsel for the U.S. Senate Committee on Agriculture, Nutrition and Forestry.

Raine Group and Temasek Eye SoundCloud Investment

The Raine Group and Singapore’s Temasek Holdings are in talks regarding buying a stake in music streaming service SoundCloud Ltd. SoundCloud had closed offices in London and San Francisco.

Temasek Sells Aetos Holdings to Surbana Jurong

Temasek Holdings sold 100% ownership of Aetos Holdings, a licensed auxiliary police force company, to Surbana Jurong Private Limited, a Singaporean government-owned consultancy company focusing on infrastructure and urban development.

David Grim to Exit SEC

David W. Grim plans to exit the U.S. Securities and Exchange Commission (SEC) in September 2017. He is currently Director of the Investment Management (IM) division. Grim has been with the SEC since 1995, starting as a staff attorney. He was promoted to the director of the IM division in 2015.

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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