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SWFI First Read, July 28, 2017

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BREXIT WHAT? Walkie Talkie Building Sold to Hong Kong LKK Health Products Group

Infinitus Property Investment, a subsidiary of Hong Kong-based LKK Health Products Group, has acquired the 37-storey Walkie Talkie building in London for approximately £1.3 billion. The property is located at 20 Fenchurch Street. The sellers were Canary Wharf Group and Land Securities. Cushman & Wakefield advised on the deal. Infinitus Property Investment oversees properties in markets such as Hong Kong, Guangzhou and Shanghai.

BCPP Nominates RPMI Rail Chief Exec as Chairman

Chris Hitchen was appointed as Non-Executive Chair of Border to Coast Pensions Partnership (BCPP). BCPP is one of many public pension pools in the United Kingdom. Hitchen is Chief Executive at RPMI Railpen, who is set to be leaving in the future. BCPP is poised to combine the assets of 12 local government pension schemes across England, with estimates at approximately £43 billion. Members of BCPP include the Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, Northumberland, North Yorkshire, Surrey, South Yorkshire, Teesside, Tyne and Wear and Warwickshire LGPS funds.

SSgA EMEA Operations Karpik to Leave, Replaced by Cuan Coulter

Mike Karpik is leaving State Street Global Advisors (SSgA). Karpik is Head of SSgA’s operations in the Europe, the Middle East, and Africa (EMEA) region. Taking his spot is Cuan Coulter. Currently, Coulter is Chief Compliance Officer of State Street Corporation.

CPPIB Invests in £250 Million in a Subordinated Facility for intu properties plc

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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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