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SWFI First Read, February 14, 2017

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U.S. Senate Confirms Mnuchin for Treasury Secretary

In a 53 to 47 vote that was mostly along party lines, the U.S. Senate has confirmed Steven Mnuchin for U.S. Treasury Secretary. Mnuchin was CEO of OneWest Bank, the entity that acquired IndyMac.

Nordea Gets Political Over Dakota Access Pipeline

Nordea has decided to divest from bonds issued by Sunoco Logistics, Philips 66 and Energy Transfer Partners over protest of the Dakota Access Pipeline project in the United States. Nordea had asked for a dialogue with the three companies regarding the pipeline project. Nordea’s peer DNB is facing political stress from advocacy groups like Greenpeace Norge in Norway. DNB claims they are refinancing existing loans that are not linked directly to the pipeline project.

AIG Names Robert Scheinerman as President of Group Retirement

American International Group, Inc. (AIG) announced that Robert Scheinerman, currently President, Individual Retirement, will become President, Group Retirement. Scheinerman has been with AIG since 2003. In his new role, Scheinerman will spearhead the continued expansion of VALIC, AIG’s Group Retirement business. In addition, Todd Solash has joined AIG as President of Individual Retirement. Solash joins AIG from AXA Equitable, where he held key senior management positions, including Senior Executive Director, Head of Individual Annuity Business. Earlier in his career, Solash was a partner at Oliver Wyman Financial Services. Both Solash and Scheinerman will report directly to Jana W. Greer, President and CEO, Individual and Group Retirement, AIG.

Sinochem Corp Eyes Stake in Noble Group

Beijing-based Sinochem Corporation is in early discussions with commodity trader Noble Group on buying a potential equity stake in the firm. Noble Group touts the China Investment Corporation (CIC) as a key shareholder.

POBA Could Allocate to AMP Capital Infrastructure Fund

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Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Property Bureau Moves Assets to Thailand King Under 2017 Law

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In December 2016, Crown Prince Maha Vajiralongkorn became King of Thailand, succeeding his father King Bhumibol Adulyadej who passed away in October 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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