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SWFI First Read, February 13, 2017



Endeavour Energy Gets Offers

The New South Wales government has received offers for a majority stake in Australian state-owned power grid Endeavour Energy. One investor group is led by Macquarie Group partnering with British Columbia Investment Management Corporation (bcIMC). Another investor group is led by Queensland Investment Corporation (QIC) that includes AMP Capital and Borealis Infrastructure, the infrastructure unit of OMERS. The third group is led by Hastings Funds Management which teamed up with Spark Infrastructure Group, Caisse de dépôt et placement du Québec (CDPQ), Kuwait Investment Authority (KIA) and Abu Dhabi Investment Authority (ADIA).

Arabtec Holding Seeks to Raise Money

Arabtec Holding PJSC, the largest listed construction company in the United Arab Emirates, seeks to raise 1.5 billion AED (US$ 408.3 million) in a rights issue. The biggest shareholder in Arabtec Holding is Aabar Investments which is owned by Mubadala.

Daniel K. Tarullo to Exit Federal Reserve in April 2017

Daniel K. Tarullo, a member of the U.S. Federal Reserve Board of Governors, is resigning, making his official exit in April. Tarullo joined the board back in January 2009. Before this role at the Federal Reserve, Tarullo taught law at Georgetown University Law Center. Tarullo served as Deputy Assistant to the President for Economic Policy and later as Assistant to the President for International Economic Policy under the Bill Clinton Administration.

James Peagam Gets a New Job at J.P. Morgan Asset Management

James Peagam was named head of North American Institutional Asset Management at J.P. Morgan Asset Management. Peagam will remain being in New York and report to George Gatch, CEO of Global Funds and Institutional, J.P. Morgan Asset Management. James Peagam was Head of Global Insurance Solutions at the firm. He joined the firm in 2014 from BlackRock.

James Peagam is replacing John Galateria who left J.P. Morgan Asset Management for a job at Invesco. John Galateria is Head of North American Institutional Sales, Service and Consultant Relations at Invesco.

CBRE Group Buys Business of Capstone Financial Solutions LLC

CBRE Group, Inc. announced that it has acquired the business of Capstone Financial Solutions LLC, a national boutique commercial real estate finance and consulting firm in the U.S. This acquisition enhances CBRE’s debt and structured finance service offering nationally while providing additional client service advantages in the Midwest. Capstone Financial is led by Jon Faulkenberg and Shawn Givens and has offices in Los Angeles, Indianapolis, Tampa, St. Louis, Dallas and Kansas City.

Ruling Party in Romania Contemplates Sovereign Fund

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White House Nominates Heath Tarbert for CFTC Chairman



The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business



The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy



Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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