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SWFI First Read, December 20, 2017

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The U.S. Senate and U.S. House of Representatives have approved a massive tax reform bill – the Tax Cuts and Jobs Act. The bill passed in the U.S. Senate with a 51-to-48 vote. The corporate tax rate is being lowered from 35% to 21%. It is the first major reform in the U.S. tax code in 31 years. U.S. President Trump tweeted, “I would like to congratulate @SenateMajLdr on having done a fantastic job both strategically & politically on the passing in the Senate of the MASSIVE TAX CUT & Reform Bill. I could have not asked for a better or more talented partner. Our team will go onto many more VICTORIES!”

On the personal income front, the law reforms a number of measures. For example, the bill roughly doubles the standard deduction to US$ 24,000 for married couples who file jointly. For singles, the deduction goes to US$ 12,000.

Ontario Teachers’ Acquires Avocado Farms in Western Australia

Ontario Teachers’ Pension Plan acquired Busselton, Australia-based Jasper Farms, an owner of avocado farms.

Temasek Participates in Series B in Orchard Therapeutics

London-based Orchard Therapeutics, a biotechnology company involved in gene therapies, raised US$ 110 million in a Series B round. The investment round was led by Baillie Gifford and ORI Capital. New investors in the company include Temasek Holdings and Cowen Healthcare Investments. Other investors in smaller allocations in the Series B round include Juda Capital, Pavilion Capital, RTW Investments, Agent Capital, 4BIO Capital and existing investors F-Prime Capital and UCL Technology Fund.

Investment Corporation of Dubai Refinances The Residences at the Mandarin Oriental

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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