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SWFI First Read, January 14, 2018

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MSCI Decision Tabled for June 2018 on EM Inclusion

MSCI issued a status update on the possible reclassification of the MSCI Saudi Arabia Index to emerging market status. A decision is expected to be released in June 2018, which is part of the company’s MSCI 2018 Market Classification Review. MSCI believes the size of the Saudi Arabian listed equity market will increase with the Saudi Aramco initial public offering.

Saudi PIF Keeps Leverage Options Open

Saudi Arabia’s Public Investment Fund (PIF) is analyzing options on whether to use leverage in its activities by possibly raising US$ 5 billion in 2018 from banks.

Swiss National Bank Expects Large Profit for 2017

The Swiss National Bank (SNB) is expecting a profit of 54 billion CHF (US$ 55 billion) for the 2017 calendar year. SNB has stepped up its investment in listed equities in recent years. However, most of SNB’s profit is due to currency movements – which amounted to 49 billion CHF in 2017. The central bank holds nearly all of its assets in foreign currencies.

PineBridge Investments Hires Former SSgA EMEA Executive

PineBridge Investments scooped up Michael Karpik to be the firm’s chief operating officer. He replaces Julian Sluyters who exited PineBridge Investments.

Karpik was CEO of EMEA at State Street Global Advisors (SSgA). Additionally, Karpik served in Chairman and CEO roles across their UK, France, and Ireland entities and has significant investment, fund product, and governance experience. He also held roles in Europe as Head of Investments; Chief Operating Officer; Head of UK, Ireland, and Middle East; Global Head of Cash Investments; and EMEA Head of Cash Investments. Before his role at State Street, Karpik worked at Sallie Mae as a senior funding manager in Washington, DC.

He will report to PineBridge CEO Gregory Ehret and be based in New York.

Bank Indonesia Issues Warnings on Cryptocurrencies

Bank Indonesia issued another warning about cryptocurrencies viewing them as high risk, not a legal medium of exchange in Indonesia and prone to speculation. Many central banks have issued concerns that cryptocurrencies could be used to facilitate money laundering and fund terrorism. Others argue that physical cash already does facilitate money laundering and fund terrorism.

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

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

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