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SWFI First Read, June 23, 2017



QHG Oil Ventures Representatives Nominated to Rosneft Board

On June 22, 2017, Rosneft held its annual shareholder meeting in Sochi. Two new board members were nominated to represent the interests of QHG Oil Ventures, the holding company owned by Glencore and the Qatar Investment Authority (QIA). One is Ivan Glasenberg Chief Executive Officer of Glencore International AG (Glencore plc). The other member nominated to Rosneft’s board is Faisal M. Alsuwaidi, President of Research and Development at Qatar Foundation.

AIIB Board Approves Madagascar, Argentina and Tonga

The Asian Infrastructure Investment Bank (AIIB) will have new members including the countries of Madagascar, Argentina and Tonga. AIIB’s board of directors had approved the applications of the mentioned countries. The countries will officially join the AIIB once a few processes are completed including a first installment of capital with the bank.

Alison Harding-Jones Joins Citigroup

Citigroup hired Alison Harding-Jones as head of Europe, Middle East and Africa (EMEA) M&A and vice chairman of EMEA corporate and investment banking. Harding-Jones will be based in London. Previously, she was Head of Asia Pacific M&A at UBS Group AG.

Former Barclays Executive John Varley Steps Down from BlackRock Board of Directors

John Varley, an independent director of BlackRock, has resigned from the company’s board of directors effective immediately. Varley had joined BlackRock’s board in 2009, after BlackRock acquired Barclays Global Investors (BGI). At the same time, John Varley had also resigned from the board of Rio Tinto.

Varley was charged by the UK Serious Fraud Office (SFO) over Barclays dealings with Qatar back in 2008. Varley could face a maximum prison sentence of 22 years.

SWFI First Read, September 21, 2018



U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund



The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate



Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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