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SWFI First Read, March 6, 2018

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University of Virginia Investment Management Co. Hires New CEO/CIO

The University of Virginia Investment Management Co. (UVIMCO) hired Robert Durden as its new chief executive officer and chief investment officer. UVIMCO oversees the University of Virginia’s endowment. He will start at UVIMCO effective April 2018. Robert Durden is leaving his role as CIO of the Texas Children’s Hospital in Houston, where he oversees $3 billion of investable assets. Before Durden being with Texas Children’s Hospital starting in 2013, he was Managing Director and Head of Private Assets for Morgan Creek Capital Management.

PIMCO and ISIF to Give Finance Ireland More Financial Firepower

The Pacific Investment Management Company (PIMCO) and Ireland Strategic Investment Fund (ISIF) agreed to commit more capital into Finance Ireland at €15 million each. In 2015, ISIF committed €30 million into Finance Ireland, while PIMCO kicked in €25 million.

BNY Mellon Hires Gerry Cosgrove

Gerald “Gerry” Cosgrove was named Head of Global Consultant Relations for BNY Mellon Asset Management North America. This is a new position. BNY Mellon Asset Management North America was formed by BNY Mellon Investment Management on February 1, 2018. Previously, Cosgrove was Managing Director and Head of Consultant Relations at RBC Global Asset Management – working in Boston.

Temasek Eyes Big Investment into India Taxi App Ola

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Senate Shoots Down $94 Trillion Green New Deal, 57 to 0

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The U.S. Senate voted down U.S. Representative Alexandria Ocasio-Cortez’s Green New Deal. The tally was 57 (No) to 0 (Yes). 0 Democrats voted for the deal. 43 senators voted present.

Democratic Senators Joe Manchin of West Virginia; Kyrsten Sinema of Arizona; and Doug Jones of Alabama all voted no as did Independent Senator Angus King.

Even Senator Ed Markey of Massachusetts, a co-sponsor of the original resolution, did not vote “Yes” on the bill.

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OppenheimerFunds to Lose 850 Jobs in Mile High City

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Invesco Management Company, upcoming owner of OppenheimerFunds, is reducing Oppenheimer’s Denver office by a jaw-dropping 850 employees. The employees losing their jobs represents 85% of the staff in the area. The Oppenheimer office, which resides in Centennial, employs 1,000 workers. Invesco’s US$ 5.4 billion purchase of the company closes in May 2019. As is typically the case in corporate acquisitions, redundancies in staff are being targeted to improve the overall economic performance of the new, combined organization. Invesco suspects that US$ 475 million in synergies can be reached through layoffs and other measures.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China and Alpha Investment Partners Acquire Majority Stake in Yi Fang Tower

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Alpha Asia Macro Trends Fund III, Keppel Land China Limited (part of the Keppel Corporation), and a number of investors purchased the Yi Fang Tower mixed-use complex for 4.6 billion RMB. The tower is located in Shanghai in the historic Bund area. Alpha Asia Macro Trends Fund III is taking 42.1% stake, while Keppel Land is taking a 29.8% stake in the asset. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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