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SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for its A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Belgium AG: Gaddafi’s Billions in Belgium Disappear

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Georges Gilkinet is the attorney general of Belgium and a Green member of Belgian parliament. In late October, the attorney general revealed the status of a widespread investigation into the disappearance of billions of Euros, some € 5 billion, from the accounts of Muammar Gaddafi in Belgian banks. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Now GE Really Needs Sovereign Wealth Money

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General Electric (GE) used to be a giant, being involved in media and having a massive financial arm called GE Capital. The new GE is small and timid and could possibly use a strategic financial partner to become great again. Can GE find a sovereign wealth fund partner? Will Mubadala Investment Company come back to the table? Gone are the days of Jack Welch. The current GE strategy is to sell, sell, and sell, while doing the tango with US$ 115 billion in debts. In other words, the blind is following the blind, as a possible death spiral could be in GE’s future.

With a quarterly dividend at a paltry one cent, GE, the company that brings good things to life has slipped to its lowest level since 2009. GE indicated that cutting its dividend to US$ 0.01 per share will save the company US$ 3.9 billion per year. Meanwhile, third quarter revenue missed Wall Street’s expectations. Revenue came in at US$ 29.57 million, which was less than the US$ 29.92 million analysts anticipated. Earnings per share also fell US$ 0.06 short of expectations.

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McDonnell Investment Management to Integrate into Loomis Sayles

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McDonnell Investment Management, LLC is being integrated into Loomis Sayles & Company, L.P. by the early part of 2019. Both asset managers are affiliates of Natixis Investment Managers. The cost saving measure will enable McDonnell clients opportunities to Loomis Sayles’ resources and operational capabilities. McDonnell Investment Management manages US$ 11.7 billion in assets at September 30, 2018. The municipal business assets under management is about US$ 6.9 billion.

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