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SWFI First Read, May 23, 2016

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Bayer Bids for Monsanto

Leverkusen-based Bayer AG put out an unsolicited US$ 62 billion all-cash offer to acquire St. Louis-based Monsanto Co.

Altico Capital Closes on 2 Indian Residential Deals

Altico Capital, a non-banking finance company backed by Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners, closed two real estate deals in India. Altico Capital closed a Rs 80 crore deal with Mumbai-based Shree Sai Group for a residential development called “The Nest” in Andheri West. The other residential project, Arena I, is a Rs 50 crore transaction with Noida-based Lotus Greens group located in Noida.

Claude Sirois Promoted to President of Ivanhoé Cambridge Retail

Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), named of Claude Sirois as President, Ivanhoé Cambridge Retail. He was Executive Vice President, Shopping Centres, North America, Ivanhoé Cambridge. The retail division is the biggest business unit in Ivanhoé Cambridge.

CIBC Mellon President to Retire End of Year

The President and CEO of CIBC Mellon, Thomas S. Monahan, plans to retire at the end of 2016. A transition plan is being formed as no successor has been named yet. CIBC Mellon, is a 50:50 joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon. It was originally formed in 1996 between CIBC and Mellon Financial Corporation.

Total and Oil Search to Split Up Assets in InterOil

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RDIF and Aggreko Reveal Strategic Partnership on Microgrids

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The Russian Direct Investment Fund (RDIF) and Glasgow-based Aggreko plc, a listed company that provides power, heating and cooling, signed a deal to cooperate on the development of microgrids. The parties plan to invest in the construction of facilities that will provide uninterrupted power supply and temperature control to industrial enterprises and utilities in the Russian regions. Aggreko operates one of its 6 global hubs in Tyumen, Western Siberia, through an entity called Aggreko Evraziya, OOO. In 2017, Aggreko plc acquired Younicos, a company specialized in the development of modular batteries and Microgrids control solutions.

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China and Russia Buy Up More Physical Gold

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The worst fears of the Federal Reserve may be coming true. The barbarous relic is once again offering some resistance to Fed policy as it maintains its uptrend from mid-November, and is being snapped up from central banks worldwide. Former Fed chairman Paul Volcker shared the central bank view that “Gold was the enemy.” If so, the enemy is gaining ground. China’s gold reserves quietly grew from December 2018 to February 2019. The People’s Bank of China disclosed in February 2019 that it increased its gold reserves by 10 tonnes that month, following purchases of 11.8 tonnes in January 2019, and 9.95 tonnes in December 2018. Goldman Sachs has listed central bank purchasing as the reason for the uptrend. Goldman Sachs expects to see gold at US$ 1,400 over the next six months, which would lift it well above its long-held resistance at US$ 1,350. China’s gold holdings are now US$ 79.5 billion. China, which is emphasizing diversification from the U.S. dollar, has been a fan of precious metals for years, and it has been encouraging its citizens to purchase gold and silver for a decade, when previous controls on precious metals were done away with. Now anyone in China can trade gold internationally with the swipe of a card.

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AP1 Selects Approved Managers for Emerging Market Equities Mandate

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Sweden’s AP1 chose 14 external fund managers for its 45.3 billion SEK allocation to emerging market equities. These are approved managers for AP1, but not all of them will manage money for this mandate.

The managers selected are:
Aberdeen Standard Investments
BlackRock
First State Investments
Fisher Asset Management (Fisher Investments)
GMO
GQG Partners
JP Morgan Asset Management
KBI Global Investors
Legal & General Investment Management
RBC Global Asset Management (part of Royal Bank of Canada)
Robeco
TOBAM
UBS Asset Management
Wellington Management

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