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SWFI First Read, February 2, 2017

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QIA Sells Some Shares in Agricultural Bank of China

According to Hong Kong filings, Qatar Investment Authority (QIA) sold 3.84 million H shares of Agricultural Bank of China Ltd. The shares were sold at an average price of HK$ 3.26 per share on January 27, 2017. Post-transaction, the QIA owns a 11.99% stake in the Agricultural Bank of China from its previous 12% ownership stake.

OFFICIAL: CalSTRS Lowers Assumed Annual Rate of Return from 7.5% to 7%

The California State Teachers’ Retirement System (CalSTRS) now has a lower assumed rate of return. The pension’s board approved to lower its assumed annual return from 7.5% to 7% over a two-year period. 7.25% would start on July 1, 2017 and 7% would start on July 1, 2018.

Hamilton Lane Files for IPO

Bala Cynwyd-based Hamilton Lane, an alternative investment management firm, filed documents to prepare for its initial public offering (IPO) of up to US$ 200 million. Hamilton Lane touts to have four of the ten largest sovereign funds as clients. Hamilton Lane plans to trade under the ticker “HLNE”. J.P. Morgan and Morgan Stanley will act as joint bookrunning managers for IPO. Goldman Sachs will act as lead co-manager and Keefe, Bruyette & Woods and Wells Fargo Securities will act as co-managers.

CPPIB Apparently Looking to Sell Arqiva

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White House Nominates Heath Tarbert for CFTC Chairman

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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

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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

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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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