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SWFI First Read, January 11, 2018

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South Korea Preps Ban for Cryptocurrency Trading, Still Needs Majority Vote

South Korea Justice Minister Park Sang-ki revealed the government was forming a bill to ban cryptocurrency trading. The country’s police and tax officials raided local exchanges over charges of alleged tax evasion. The bill requires a majority vote in Korea’s National Assembly.

Segall Bryant & Hamill Acquires Denver Investments

Chicago-based Segall Bryant & Hamill, LLC signed a deal to buy Denver Investments, an employee-owned investment firm founded in 1958. Denver Investments is the advisor for the Westcore Funds. RBC Capital Markets served as exclusive financial advisor to Denver Investments. Goodwin Proctor is acting as legal counsel to Segall Bryant & Hamill. Morgan Lewis is acting as legal counsel to Denver Investments.

Bank of Japan Cuts Back on Long-Date JGB Purchases

The Bank of Japan (BOJ) revealed its decision to cut back on its long-dated government bond purchases. On January 9, 2018, BOJ announced it would lower its buying of Japan government bonds (JGB) with maturities of 10–25 years to 190 billion JPY. BOJ is essentially cutting its purchases of JGBs within 10-25 years and those maturing in 25-40 years by 10 billion JPY each.

HSBC Nabs Nabi for Blockchain Expertise

Jason J. Nabi was hired by HSBC Securities Services as head of innovation. Nabi is an expert in blockchain technology. He is a member of the Post-Trade Distributed Ledger Working Group. Before this role at HSBC, he was Global Head of Business Development and Head of EMEA at Paxos, a financial technology company developing blockchain solutions for companies.

BVK Acquires Portfolio of Micro Housing Projects in Europe

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Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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