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SWFI First Read, February 14, 2017

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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SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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