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SWFI First Read, June 5, 2016

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Trinidad & Tobago Experiences First Drawdown of Wealth Fund

The Trinidad & Tobago government has withdrawn 2.5 billion TTD (US$ 385 million) from the country’s Heritage & Stabilization Fund. This is the first time there has been a drawdown of the Heritage & Stabilization Fund. The fund will back-pay government workers.

India FinMin: NIIF and QIA Sign MoU on Infrastructure

India’s National Investment and Infrastructure Fund (NIIF) and Qatar Investment Authority signed an Memorandum of Understanding (MoU) with regard to infrastructure investments, according to India’s Ministry of Finance.

BlackRock CEO Predicts Consolidation in Asset Management Industry

BlackRock CEO Laurence Fink, at the Deutsche Bank Global Financial Services Conference 2016 in New York, commented that he expects consolidation to occur in the asset management industry. Two primary causes in his belief are asset managers struggling to outperform benchmarks and the second, a new U.S. Department of Labor (DOL) rule that favors passive investment strategies. BlackRock manages the largest roster of exchange-traded funds (ETF) in the world.

San Diego City Employees’ Retirement System to Remove REIT Allocation

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

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Indigo Ag Raises Series E Round

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Indigo Ag, Inc. raised US$ 250 million in a Series E funding round. The company is focused on creating innovative microbial products that increase crop yields in the face of environmental, disease, and pest stress. The investors in this round include Baillie Gifford, Investment Corporation of Dubai, the Alaska Permanent Fund Corporation, and the company’s founder, Flagship Pioneering. After the Series E, in total, Indigo has raised over US$ 650 million.

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