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SWFI First Read, January 13, 2017

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Mubadala and IPIC Merger is on Track

It appears the merger between the Mubadala Development Company and International Petroleum Company (IPIC) is getting closer to fruition and could be completed by the end of the first quarter of 2017.

BlackRock Named Sarah Melvin as Head of the Institutional Business for North America

Asset management giant BlackRock promoted Sarah Melvin as head of the institutional client business for the U.S. and Canada. She will start in her new position effective March 2017. She replaces Edwin Conway who moved on to be Global Head of Institutional Business at BlackRock. Before this new role, Melvin was Managing Director and Head of the Strategic Partner team at BlackRock.

Tsay Feng-Ching Named Director General of Taiwan’s BLF

Tsay Feng-Ching was named Director General of Taiwan’s Bureau of Labor Funds (BLF), effective January 16, 2017. He is Vice Chairman of Taiwan’s Public Service Pension Fund. He held roles at Taiwan’s Financial Supervisory Commission and Taiwan’s Ministry of Finance.

Méka Brunel Named CEO of Gecina, Exits Ivanhoé Cambridge

Méka Brunel was named Chief Executive Officer of Gecina, a French residential, office, and healthcare focused real estate investment trust.. She replaces Philippe Depoux. Since 2009, Brunel was with Ivanhoé Cambridge as president of Europe. On April 23, 2014, Méka Brunel was appointed as a director with Gecina.

Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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