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SWFI First Read, March 7, 2018

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Gary Cohn Leaves White House

On March 6, 2018, National Economic Council Director Gary Cohn, the top White House economic policy adviser, resigned. Financial news reports the resignation is over U.S. President Donald Trump’s position on tariff policy.

S&P Global Acquires Kensho

S&P Global acquired Kensho, a Cambridge, Massachusetts-based
provider of artificial intelligence (AI) analytics for a price tag of roughly around US$ 550 million in cash and stock. Goldman Sachs was an early backer and adopter of Kensho and its products. In 2017, S&P Global led a US$ 50 million investment into Kensho at a valuation of US$ 500 million.

Keith Fujii to Head LaSalle Investment Management in Japan

LaSalle Investment Management named Keith Fujii as CEO and president of Japan. Fujii will be based in Tokyo. Fujii will become representative director and president of LaSalle Investment Management K.K., and join the board of directors at LaSalle REIT Advisors K.K., asset manager to the company’s Japan logistics REIT, LaSalle Logiport REIT. Previously, he was CEO of Ishin Hotel Group.

Victory Capital Increases Position in Cerebellum Capital

Victory Capital Holdings increased its ownership position in Cerebellum Capital, a hedge fund. In December 2016, Victory Capital Holdings made its first investment in Cerebellum Capital. At the end of 2017, Cerebellum Capital managed US$ 391 million according to ADV filings.

Melina Barber to Exit Harvard Management Company

Melina Barber, a Managing Director at Harvard Management Company (HMC), plans to leave the entity at the end of the month. Barber works in private equity at HMC. Barber moving over to Pilot House Associates, which manages money for billionaire Amos Hostetter Jr. Hostetter Jr. is an American businessman, who was the founder, chairman, and CEO of Continental Cablevision.

Ivanhoé Cambridge Aligns Interest, Buys Stake in Peel Logistics Property

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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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