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SWFI First Read, January 10, 2017



Marty Chavez Named CFO of Goldman Sachs

R. Martin “Marty” Chavez was named Chief Financial Officer at Goldman Sachs. Previously, Chavez was Chief Information Officer at Goldman Sachs. Chavez joined Goldman Sachs in 1993 in the J. Aron Currency and Commodities division. From 1997 to 2000, he was Global Head of Energy Derivatives at Credit Suisse Financial Products. In 2000, Chavez co-founded Kiodex, Inc. and was Chairman and Chief Executive Officer until 2004. In 2006, Chavez was named Partner at Goldman Sachs.

Elisha Wiesel Named Chief Information Officer of Goldman Sachs

Elisha Wiesel was named Chief Information Officer at Goldman Sachs. He is the son of Elie Wiesel, a Holocaust survivor and Nobel Peace Prize winner. Elisha Wiesel joined Goldman Sachs in 1994. He was most recently Chief Risk Officer of the Trading Division at Goldman Sachs. Wiesel replaces R. Martin Chavez.

CDP and EIF Form Technology Transfer Platform

Cassa depositi e prestiti (CDP) and the European Investment Fund (EIF) formed a platform called ITAtech to finance the transfer of technology to businesses. CDP is allocating €100 million to the platform, while the EIF is equally contributing €100 million as well.

British Business Bank Boosts £40 Million in Lending Using Funding Circle

British Business Bank Investments Ltd, the commercial arm of the government-owned British Business Bank, plans to lend an additional £40 million to small businesses in the United Kingdom. This is being conducted through London-based Funding Circle Limited, a direct lending platform company.

Industriens Pension Buys Aarhus Office Building

Industriens Pension, a Danish pension fund for industrial workers, acquired an office tower in Aarhus from Standard Life. The building is called Europahuset, located at Europaplads 2.

Korean Investor Money to Acquire European Parliament-Leased Building in Brussels

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Citing Improving Economy, Federal Reserve to Raise Rates



Jerome H. Powell made his debut by expressing optimism in the United States economy. The Federal Reserve agreed to increase interest rates by a quarter of a percentage point – benchmark interest rate from1.5% to 1.75%. This is the sixth time the Federal Reserve raised rates since the global financial crisis. The central bank also signaled a possible two more rate raises in 2018 and three rate increases in 2019.

At the press conference, Powell commented that the U.S. economy was healthier than it had been in 10 years.


Voting for the FOMC monetary policy action were Jerome H. Powell, Chairman; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Loretta J. Mester; Randal K. Quarles; and John C. Williams.

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Temasek Leads Series E in 17ZUOYE



17ZUOYE (also known as Homework Together) is an online education platform that is owned by Beijing-based Sunny Education Inc. 17ZUOYE was founded by Liu Chang and Xiao Dun in October 2011. The company raised US$ 250 million in a Series E round in funding led by Singapore’s Temasek Holdings. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Abu Dhabi Investment Council to Consolidate into Mubadala



UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a groundbreaking law that restructures the Abu Dhabi Investment Council (ADIC) to be under the Mubadala Investment Company group. Under the new law, the Mubadala Investment Company Board of Directors will now become the Board of Directors for the Abu Dhabi Investment Council. Furthermore, ADIC management will continue to run the council. Eissa Mohammed al Suwaidi will continue to lead ADIC as its Chief Executive Officer, and will report to Mubadala Group CEO and Managing Director Khaldoon Khalifa al Mubarak.

In a release, he commented, ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”

Earlier in 2017, Mubadala Development Company merged with International Petroleum Investment Company (IPIC). This is a trend in Abu Dhabi to create economies of scale within these large state-owned entities.

In 2007, ADIC started operations after it splintered off from the Abu Dhabi Investment Authority (ADIA). A significant portion of ADIC’s holdings include stakes in large financial institutions in the UAE.

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