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SWFI First Read, November 16, 2016

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Calamos Loses Major Mandate from Nomura

Calamos Investments is losing money from a major account, which could bring its assets under management down by 5%. Approximately, US$ 1.1 billion in assets is being pulled from Calamos by Nomura Holdings. Nomura is moving the money to American Century Investments. In December 2015, Nomura acquired a 41% ownership stake in American Century Investments.

CIC May Open London Office

The China Investment Corporation (CIC) may be opening up a London office. In addition, China Life, a massive Chinese insurer, is also considering having a London office. The Shanghai Clearing House China Foreign Exchange Trade System plans to open a representative office in London.

BTG Pactual Finalizes Sale in Ariel Re

Brazil-based BTG Pactual finalized its disposition of reinsurer Ariel Re. BTG Pactual sold its 50% stake in Ariel Re for US$ 235 million to Bermuda-based Argo Group International Holdings. The Abu Dhabi Investment Council (ADIC) retained its 50% ownership stake in Ariel Re.

National Highways Authority of India Looks to Sweeten Offer for Foreign Institutional Investors on Roads

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Why BlackRock Angled the EU Toward a Massive Supranational Pension Fund

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BlackRock is the world’s largest asset management firm and the company wields tremendous political power whether operating in the United States, Mexico, and parts of Europe. Before the populist wave that led to Brexit, BlackRock bet large in Europe by increasing headcount and lobbying efforts. By 2015, BlackRock CEO Larry Fink proposed the formation of a cross-border personal pension fund for Europe. Fink was keenly aware of the Capital Markets Union project that was revealed in July 2014 by European Union Commission President Jean-Claude Juncker. For BlackRock, why compete in each eurozone country when you can possibly win a mandate for the whole pie of Europe. The European pension fund market is hyper-competitive for asset management firms. Other asset managers like Vanguard have lobbied Brussels over issues like the cross-border distribution of funds, but data shows that BlackRock is far more active than its U.S. peers.

EU’s Definition of PEPP

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Malaysia’s Federal Land Development Authority Seeks to Restructure

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Malaysia’s Federal Land Development Authority (FELDA), a government agency, is looking to restructure its investment holdings in a bid to reduce debt. The restructuring on the real estate side started in the middle of 2017. The government agency wants to lower its debts of 8.03 billion MYR (US$ 1.94 billion) down to 6.5 billion MYR. The restructuring could take over two years.

FELDA is seeking to dispose of assets which includes real estate in London. FELDA is an investor in student housing in London through its main unit called Felda Investment Corporation (UK properties owned by FIC UK Properties Sdn Bhd). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Former Iran Central Bank Governor Banned from Leaving Country

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Iran remains in a very fragile financial state as more Iranian bank loans appear to delinquent, while the currency continues to lose value against the U.S. dollar. State-run Tasnim news agency reported that Valiollah Seif, the former Governor of the Central Bank of Iran, is banned from leaving Iran. Seif is under investigation by the Iranian government over possible corruption in the currency market. Some of the central bank’s deputies have been arrested. Abdolnaser Hemmati replaced Valiollah Seif as central bank governor in July 2018. Valiollah Seif was dismissed from his post as governor.

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