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SWFI First Read, December 12, 2017

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BNP Paribas Securities Services Wins Global Custodial Mandate from Sara Assicurazioni

BNP Paribas Securities Services, a unit of BNP Paribas, won a global custodial mandate from Rome-based Sara Assicurazioni S.p.A., a life and general insurance company that is a subsidiary of ACI Automobile Club Italia. The entity has €1.3 billion worth of Italian and foreign assets.

Texas Municipal Retirement System Awards $300 Million Mandate to BlackRock Credit Fund

Texas Municipal Retirement System awarded US$ 300 million to the Global Credit Opportunities Fund which is managed by BlackRock. The fund will target private credit and credit-related assets in corporate special situations or capital structures.

PIF Could End Up Managing Relinquished Assets by Detainees via Saudi Corruption Purge

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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