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SWFI First Read, May 12, 2016

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SSgA Merges Units, Forms Global Alternative Investment Strategies Group

State Street Global Advisors (SSgA) merged four of its alternative divisions to form a global alternative investment strategies group in which William Marr will lead. William Marr was senior managing director and former head of liquid alternative investments. Marr’s new job title is global head of alternative investment strategies. The new group combines the firm’s alternative exposures, global macro, liquid alternative investments division and its smart beta group.

Broadridge Buys Dojima

Broadridge Financial Solutions acquired Dojima LLC. Dojima’s main product is being rebranded Broadridge Derivatives Clearing.

Mitsubishi UFJ Financial Group Hires Moyer from Goldman

Mitsubishi UFJ Financial Group hired Grant Moyer as head of leveraged capital markets for the securities business in the Americas. Moyer was at Goldman Sachs, where he worked in the firm’s leveraged finance division. Moyer will report to Paul Young, international head of capital markets at Mitsubishi UFJ Securities. He will also report to Jeffrey Knowles, head of syndications at MUFG Union Bank.

CIC Managing Director Criticizes Hedge Fund Herd Mentality

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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