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SWFI First Read, March 16, 2016

London Stock Exchange Group and Deutsche Bourse Agreed to Merge

The London Stock Exchange Group and Deutsche Bourse publicly announced plan to combine in a merger of equals. The combined entity would be based in London. The deal is an all-share deal and form a holding company for both companies called UK TopCo. 54.4% of the holding company would be owned by Deutsche Bourse shareholders, while the remaining would go to London Stock Exchange Group shareholders. Carsten Kengeter, CEO of Deutsche Bourse, plans to be CEO of the combined group.

Fullerton Fund Management Hires Head of Multi-Asset Strategies

Fullerton Fund Management Co., a sovereign wealth enterprise (SWE) of Singapore’s Temasek Holdings that focuses on investment management, hired Pranay Gupta as head of multi-asset strategies. This is a new role. Previously, Gupta was chief investment officer for Asia at Swiss private bank Lombard Odier and at ING Investment Management. Fullerton Fund Management was formed in 2003 and as of December 31, 2015 had S$ 13 billion in assets under management.

Qube Partners with Competitor Bid to Acquire Asciano

In another move, the board of port and rail operator Asciano recommended a deal offered by Qube and its rival bidder Brookfield Infrastructure Partners to be acquired for A$ 9.15 billion (US$ 6.8 billion). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Tony Tan Named Director and Special Advisor of GIC

Singapore’s GIC Private Limited named Dr Tony Tan Keng Yam (Tony Tan) as director and special advisor to the wealth fund, effective January 1, 2018. Tan was the former Deputy Chairman and Executive Director of GIC from September 2005 to June 2011. In 2011, He went on to serve as the 7th President of Singapore until August 31, 2017.

In a press release, Lim Chow Kiat, Chief Executive Officer of GIC, said, “As Special Advisor, Dr Tan will provide much value in broadening and strengthening GIC’s network of senior statesmen and leaders of corporations and institutions who may be constructive in advancing the business and interests of GIC. We will also benefit from his extensive knowledge and perspectives on global matters.”

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Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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