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SWFI First Read, January 30, 2018

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U.S. Treasury Reveals Big Quarterly Amount

The U.S. Treasury announced it plans to borrow US$ 441 billion in the current January-March quarter. This is the largest amount in eight years. From the period of October-December quarter 2017 the actual figure of borrowing was US$ 282 billion. The previous large amount of borrowing was US$ 483 billion in the January-March quarter of 2010.

Correction: ADIA Indian Office
We received information that disputes that Egon Zehnder was hired to find an executive for a Head of India for ADIA. With this information, we have removed it from the First Read briefing.

Aberdeen Standard Investments Hired David Mitchell for Asia Marketing

Aberdeen Standard Investments hired David Mitchell to oversee its marketing operations in Asia. He is based in Singapore. Previously, Mitchell was Head of Marketing in Southeast Asia and the Middle East for Fidelity International.

Mubadala Eyes Aerospace Opportunities in the U.S.

Mubadala Investment Company is eyeing the possibility of investing in aerospace manufacturing in the United Space and possibly Morocco – given its short distance to Europe. Strata is a subsidiary of Mubadala, which seeks to grow its composite aerostructures business.

Kuwait MinFin Reveals 2019 Fiscal Budget

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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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