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SWFI First Read, May 10, 2017

CDPQ to Finance Solar Rooftops

On May 1, 2017, Caisse de dépôt et placement du Québec (CDPQ) announced that it will provide C$ 107 million of debt financing to Toronto-based Potentia Renewables Inc. Potentia Renewables is the largest independent rooftop solar power producer in Canada and is 100% owned by Power Energy Corporation, a wholly-owned subsidiary of Power Corporation of Canada. Potentia Renewables’ solar arrays are diversely located on the rooftops of schools and commercial and industrial locations.

Standard Life and Aberdeen Asset Management Merger Details, Cost Savings and Layoffs

The merger of Standard Life and Aberdeen Asset Management will have around £200 million in annual cost savings, according to a recent shareholder prospectus. The merged company plans to get rid of approximately 800 positions.

CalPERS Base External Manager Fees Fell in FY 2015-2016

Base external manager fees for the California Public Employees’ Retirement System (CalPERS) fell to US$ 500 million in fiscal year 2015-2016, compared to US$ 750 million in the previous year, according to board documents. However, total portfolio management expenses and profit sharing was at US$ 1.473 billion for FY 2015-2016, versus US$ 1.484 billion in the previous year.

Hudson’s Bay Taps Evercore to Explore Options on Neiman Marcus

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UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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