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SWFI First Read, January 4, 2017

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Trump to Nominate Jay Clayton as SEC Chairman

U.S. President-elect Donald Trump is putting forward Jay Clayton, to head the U.S. Securities and Exchange Commission (SEC). Clayton is a partner at law firm giant Sullivan & Cromwell LLP. If confirmed by the U.S. Senate, he would replace Mary Jo White.

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” Trump said in a statement.

Mackenzie Financial Corporation Acquire Stake in China AMC

IGM Financial Inc. is keen on getting exposure to China’s growing asset management sector and diversify its business ex-Canada. On December 29, 2016, IGM Financial announced that its subsidiary, Mackenzie Financial Corporation, has entered into an agreement to acquire a 10% interest in China Asset Management Co., Ltd. for approximately 2.4 billion RMB (C$ 468 million). Mackenzie Investments has the opportunity to increase its equity position by an additional 3.9% in January 2017 through another purchase agreement. Both transactions involve separate non-strategic shareholders that are state-owned enterprises in China. In addition, Mackenzie Investments, which is part of Mackenzie Financial Corporation, has had a relationship with China Asset Management Co., Ltd. since 2011. BMO Capital Markets acted as financial advisor to IGM Financial on this transaction.

Vitol Inks Loan Deal with National Iranian Oil Co.

The lifting of Iranian sanctions has been a boon to energy companies in Europe. Rotterdam, Netherlands-based Vitol, the largest oil trader in the world, inked a deal with the National Iranian Oil Co. (NIOC). Vitol is loaning an equivalent of US$ 1 billion in euros guaranteed by future exports of refined products. The Vitol-NIOC pre-finance deal was initially signed back in October 2016.

New Mexico Public Employees’ Retirement Association Dumps Cliffwater for Two Consultants

The New Mexico Public Employees’ Retirement Association hired two investment consultants, replacing the incumbent consultant Cliffwater. TorreyCove Capital Partners will assist the pension in illiquid credit and credit-oriented hedge funds, while Albourne Partners will assist the pension in searches for real asset managers and hedge funds. The New Mexico Public Employees’ Retirement Association has a target 15% credit allocation and a target 20% allocation to real assets.

GTCR Combines LiquidPoint with Dash Financial

Private equity firm GTCR, based in Chicago, owns a controlling interest in brokerage firm Convergex. GTCR is contributing LiquidPoint, Convergex’s Options Trading and Technology business, to merge with Dash Financial, a trading, analytics and execution technology provider. These are two complementary businesses. The combined entity will operate as Dash Financial Technologies and be majority owned by GTCR. The independent company will be led by Peter Maragos as CEO and Ben Londergan as President. Dash Financial was advised on the transaction by Raymond James and Sidley Austin LLP served as Dash Financial’s legal counsel. Kirkland & Ellis LLP served as legal counsel for GTCR and Convergex.

ConvergEx Group, LLC acquired LiquidPoint in July 2007.

AP Pension Invests in Island RE Development

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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.

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