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SWFI First Read, July 27, 2018

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Wells Fargo Looks for Buyers for Eastdil Secured

Wells Fargo is looking for buyers for its Eastdil Secured unit. Wells Fargo acquired Eastdil Secured in 1999.

ADIA and GIC Could End up Buying a Stake in Cellnex

The Benetton family, through its holding company Edizione, is in talks to dump a 29.9% ownership stake in Spanish telecoms mast group Cellnex. The buyers of the stake are rumored to be GIC Private Limited and the Abu Dhabi Investment Authority (ADIA) for a price of up to €600 million.

M&G Investments CEO to Head up Fidelity International

M&G Investments CEO Anne Richards is moving on. She will become Chief Executive Officer of Fidelity International in December 2018. Richards will report to Abigail P. Johnson, the Chairwoman of Fidelity International. Richards is replacing Brian Conroy who exited earlier in 2018.

Bank of Japan Bond Buying Program Pushed Bond Yields Back Below 0.1%

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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