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SWFI First Read, January 22, 2018

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Superbowl Match up – Patriots vs. Eagles

Tom Brady and the New England Patriots will get another opportunity for a 6th Super Bowl win. The Patriots face off with the Philadelphia Eagles, after beating the Jacksonville Jaguars.

UBS Plans 3-Year Stock Buy Back Program

UBS Group AG revealed plans to buy back a total of 2 billion CHF worth of stock over a 3-year period starting in March 2018. UBS is also taking a 2.87 billion CHF tax charge due to a change in U.S. tax law. Other banks such as Credit Suisse, Deutsche Bank and Citigroup, also revealed one-time tax charges as well. Additionally, UBS plans to commit 720 million CHF into its Swiss pension fund in three phases in years 2020, 2021 and 2022.

Pennsylvania Public School Employees’ Retirement System to Commit to Mega Blackstone Infrastructure Fund

Pennsylvania Public School Employees’ Retirement System is one of the investors in the massive Blackstone Infrastructure Partners, which touts Saudi Arabia’s Public Investment Fund (PIF) as a key fund limited partner.

Egypt Eurobond Offering Gets Closer

In late December, the Egyptian government selected five banks for its planned dollar-denominated Eurobond issuance worth some US$ 3 billion to US$ 4 billion. These banks arranging the financing are HSBC, JPMorgan, Citibank, Morgan Stanley and First Abu Dhabi Bank. Earlier in 2017, Egypt had sold US$ 7 billion in bonds. Egypt continues to be plagued by a lack of foreign liquidity mostly in U.S. dollars.

Sultan of Johor Invests in Sri Lankan Healthcare District

Sultan Ibrahim Ismail Ibni Sultan Iskandar is the Sultan of Johor. He and Malaysian entrepreneur Patrick Lim Soo Kit formed a company called Pharma Zone Limited to enter into a joint venture with the State Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC). SPMC and Pharma Zone are constructing the first-ever Pharmaceutical Manufacturing Zone of Sri Lanka in the Welipenna area of the Kalutara District as an investment that totals over US$ 10 million. This deal was revealed on January 9, 2018.

The Sultan of Johor is making the investment through his entity called Inti Kemuncak Sdn Berhad.

Vietnam SCIC Sells Down Stake in Vinamilk

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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