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SWFI First Read, January 10, 2019



BlackRock Promotes Mark Wiedman

Mark Wiedman was promoted to be Head of International Corporate Strategy at BlackRock. Wiedman will report to Larry Fink, the CEO of BlackRock. This is a new position. Previously, Wiedman was Head of Global iShares and Index businesses at BlackRock. Salim Ramji, Senior Managing Director and Head of BlackRock’s U.S. wealth advisory business, will become the new Global iShares head.

Saudi Aramco Plans Bond Issuance in 2019

Saudi Arabia’s Minister of Energy Khalid al-Falih revealed Saudi Aramco plans to issue U.S. dollar-denominated bonds in the second quarter of 2019.

ADIA Seeks to Sell 330 Madison Avenue Building

The Abu Dhabi Investment Authority (ADIA) is looking to sell its interest in an office property in Manhattan located at 330 Madison Avenue. CBRE Inc. is marketing the building on behalf of ADIA. Vornado Realty Trust, the 25% minority owner in 330 Madison Avenue, plans to retain its stake in the 845,000-square-foot building.

Tradeweb to IPO

The former financial business of Thomson Reuters, which is now called Refinitiv, is confidentially filed for an initial public offering of its Tradeweb Markets LLC business. Tradeweb is a fixed income trading platform. Blackstone, CPPIB , and GIC Private Limited control a majority stake in Refinitiv.

360 Enterprise Security Group Keep Raising Money

360 Enterprise Security Group is a spin-off Qihoo 360. The spin-off raised 900 million RMB (US$ 131.2 million) in a Series B round led by existing investor AlphaX Partners. 360 Enterprise Security Group provides online security services to Chinese businesses and state-owned enterprises.

Benewake Raises Money

Benewake, a Chinese LiDAR manufacturer raised capital in a Series B2 round led by KeyWise Capital, Delta Capital, and Valeo LP of Cathay Capital. Existing investors Shunwei Capital and IDG Capital participated in the Series B2 round.

Biogen and Eisai Battered by Markets Over Alzheimer’s Trial Fail



Cambridge, Massachusetts-based Biogen Inc. (BIIB) took a tumble of 28% in the morning of March 21st after it announced that it would cease its Phase 3 trials of Aducanumab. The therapy was intended to slow cognitive decline in patients with early onset Alzheimer’s. Biogen continued falling on March 22, 2019. Biogen and its Japanese development partner Eisai Co., Ltd. (ESALY) shared that the decision was based on results from an analysis conducted by an independent committee. The analysis determined that the trials were not going to demonstrate that Aducanumab could slow cognitive impairment. Eisai also fell 28% on the day, though it staged a relatively modest recovery on March 22nd. Some large institutional holders of Biogen include APG Asset Management (manager of Stichting Pensioenfonds ABP), Norges Bank Investment Management (manager of Norway Government Pension Fund Global), and Swiss National Bank.

The last time a treatment for Alzheimer’s made it to market was in 2003. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Italy’s CDP Inks Deals with Silk Road Fund and Bank of China



China is building out its Belt Road Initiative (BRI) to continental Europe. On March 23, 2019, in Rome, Cassa depositi e prestiti Spa (CDP), Snam Spa (Snam) and Silk Road Fund Co., Ltd signed a Memorandum of Understanding (MoU) aiming at exploring and evaluating common business opportunities. Under the MoU, CDP and the Silk Road Fund will facilitate cooperation by focusing on the potential investment opportunities in the following sectors: financial services, agriculture, food, technology, manufacturing, infrastructure and transportation, energy and white economy (healthcare and personal care assistance).

Originally part of ENI, Snam S.p.A. is an Italian natural gas infrastructure company. The Silk Road Fund and Snam will analyze possible collaboration initiatives in the area of natural gas infrastructure (pipelines, storage facilities, LNG infrastructure and biomethane plants) in support of the growth of the natural gas and biomethane sectors in China from a decarbonisation perspective. In its capacity of a national promotion institutions, CDP will look at co-financing initiatives that are consistent with its mission also in the fields of energy and sustainability.

Bank of China

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Angolan Government Recovers Assets from Quantum Global Investment Management



The State Prosecutor’s Office of Angola said that the country has control of all financial and non-financial assets. The Angolan government claims it recovered US$ 3.35 billion of assets that were under the management of Swiss-based Quantum Global Investment Management AG. Quantum Global Investment Management was essentially the sole manager of assets for the Fundo Soberano de Angola (FSDEA).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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