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SWFI First Read, June 12, 2016

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Hermes Investment Management Hires Former BlackRock Director

Hermes Investment Management hired Gareth Davies as head of client relationship management. Davies will report to Mark Miller, Hermes’ head of U.K. and MENA institutional. Before joining Hermes Investment Management, Davies was Managing Director at BlackRock for around 10 years. At BlackRock, Davies was in charge of overseeing U.K. pension schemes and liability-driven (LDI) investment strategies. Before BlackRock, Davies had jobs at Henderson Global Investors and J.P. Morgan Asset Management.

Iran Preps Contracting in Anticipation of Foreign Partners in Further Petro Development

Iran’s Oil Ministry has been planning a new contracting model with regard to foreign companies operating in the Iranian petroleum sector. European energy companies such as France’s Total and Italy’s Eni are eager to tap Iran’s oil sector. For example, the Iranian government and Total inked a non-disclosure agreement on the development of the South Azadegan oil field, which is shared by Iran and Iraq. As international sanctions begun to lift, the country has been preparing for a possible export bonanza. Iran also has plans to construct refineries and chemical plants in relation to the oil industry.

China Vanke Launches U.S. Real Estate Firm

Shenzhen-based China Vanke, a large residential real estate developer in mainland China, formed a U.S.-based real estate firm to target investments on a global basis. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

US Becomes the Largest Crude Oil Producer in the World

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With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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