Connect with us

SWFI First Read, January 9, 2017

Published

on

Former Iranian President Ayatollah Ali Akbar Hashemi Rafsanjani Passes at Age of 82

Former Iranian President Ayatollah Ali Akbar Hashemi Rafsanjani, born to a family of pistachio farmers and one of the founders of Iran’s Islamic republic, has passed away at the age of 82 on January 8, 2016. Before this passing, Rafsanjani was Chairman of the Expediency Council, a consultative body that is mandated to resolve issues between Iran’s parliament and the Guardian Council.

Turkey’s Sovereign Wealth Fund Appears to Be Getting Additional Funding Sources

Turkey’s Sovereign Wealth Fund is apparently getting a slew of additional funding sources to help it get off the ground. Proceeds from lottery games and betting, such as horse races and Turkey’s national lottery, will be funneled into the sovereign fund for 49 years, starting from January 1, 2018. The license for the lottery games include games such as Instant-Win, Numerical Lotto, Chance Ball, Ten Number and Super Lotto.

Northern Trust Names Craig Blackbourn as Head of Transition Management for EMEA

Craig Blackbourn was hired by Northern Trust to be head of transition management for Europe, Middle East and Africa (EMEA). Blackbourn joins Northern Trust from Nomura International, where he was head of transition management, EMEA. During his career, Blackbourn has also worked at Lehman Brothers, BNP Paribas Securities Services, Aberdeen Asset Management and both the custody and asset management businesses of Deutsche Bank. He will report to Ben Jenkins, Global Head of Transition Management at Northern Trust.

Lone Star Appears to be Winning Bidder to Acquire Novo Banco

After extensive negotiations, Lone Star, a U.S. private equity firm, is the leading bidder and reached some agreement with Banco de Portugal, the country’s central bank to buy Novo Banco. Novo Banco is the new bank entity cut out of the fallen lender Banco Espirito Santo (BES). BES went bankrupt in 2014. Other suitors for the Novo Banco include New York-based Centerbridge Partners, China-based Minsheng Financial Holding and Apollo Global Management.

State of Wisconsin Investment Board Allocates More to Separate Account in Heitman

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

DENIED: Bank of England Refuses to Release Venezuelan Gold

Published

on

“Whoever has the gold makes the rules,” the King famously said in 1964’s comic strip, The Wizard of Id. England is proving the old truism to be accurate. Keynes’ “barbarous relic” is showing tremendous staying power in a world awash in cryptocurrencies and virtual wealth.

Austria, Germany, and the Netherlands have all repatriated gold reserves in recent years, and they can now count Venezuela among the countries attempting to do the same. Venezuela’s government made the decision to repatriate 14 tons of gold bars on the heels of U.S. sanctions. The custodian, the Bank of England, has refused to release the gold, worth a total sum of US$ 550 million, to Caracas. The British are citing anti-money laundering regulations. The specific concern is that Nicolas Maduro may personally seize the gold and use it for personal gain. Washington’s new rules for Venezuela target the country’s gold exports, based on reports of Maduro spending the country’s current precious metals illegally. Venezuela’s economy collapsed when oil revenue plunged. Supplies of food, medicine, and consumer staples were affected. Shortages and hyperinflation have resulted.

National Security Advisor to the United States, John Bolton, labeled Venezuela a member of a “troika of tyranny,” along with Cuba and Nicaragua. Bolton railed against the “triangle of terror stretching from Havana to Caracas to Managua.” He called it “the cause of immense human suffering, the impetus of enormous regional instability, and the genesis of a sordid cradle of communism in the Western Hemisphere,” Cuba has been accused of assisting the Maduro government. “The Cuban military and intelligence agencies must not disproportionately profit from the United States, its people, its travelers, or its businesses,” Bolton declared. For its part, Nicaragua is in hot water due to a violent crisis that sprung up when President Daniel Ortega announced that there would be changes coming to Nicaragua’s social security system. The U.S. is pushing for free elections.

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

Continue Reading

RDIF and Makara Capital form Technology Company Investment Joint Venture

Published

on

The Russian Direct Investment Fund (RDIF) and Singapore-based Makara Capital, a specialist in transaction financing and asset management, signed a deal to form a US$ 200 million joint investment platform to finance breakthrough innovative projects in Russia and Asia. Ali Ijaz Ahmad, the CEO of Makara Capital, is a board director of the Intellectual Property Office of Singapore (IPOS). Ali Ijaz Ahmad served as an adviser to Morgan Stanley and The Carlyle Group. He also had stints at the World bank and Goldman Sachs. Makara Capital was founded in 2005 as a joint venture with Credit Suisse AG and made independent by its founding partners in 2008.

Continue Reading

SVB Financial Group to Acquire Leerink Holdings

Published

on

Linking Boston to the San Francisco Bay Area in the world of pharmaceuticals, SVB Financial Group (SVB) announced that it has entered into a merger agreement to acquire Leerink Holdings LLC, the Boston-based parent company of Leerink Partners LLC, an investment bank focused on the healthcare and life science industries. Jeffrey A. Leerink formed Leerink in 1995. Santa Clara, California-based SVB Financial Group is the parent company of Silicon Valley Bank. SVB is big into life sciences and provides services to many healthcare companies and startups.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.