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SWFI First Read, November 19, 2015

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Mumtalakat Forms JV with Synergies Castings Limited

Bahrain’s Mumtalakat Holding agreed to form a joint venture with India-based Synergies Castings Limited, a company that focuses on aluminium casters and manufacturers of alloy wheels, to build an aluminium casting and specialty alloy wheel manufacturing facility in Bahrain. The development will be at the new molten metal park, adjacent to Aluminium Bahrain (Alba), which is a combined initiative between Mumtalakat and the Bahrain Economic Development Board (EDB). Mumtalakat will hold a 49% stake in the joint venture.

Raising Cash: Kazakhstan Seeks to IPO 43 State-Owned Companies in 2016-2017

Samruk-Kazyna announced the Kazakhstan government plans to sell stakes of at least 25% ownership in 43 large state-owned companies in 2016 and 2017. The method of selling the stakes would most likely be initial public offerings (IPO). Samruk-Kazyna manages the government’s shares of state-owned businesses. Some state-owned businesses that would go public include: company KazMunaiGas, uranium company Kazatomprom, railway company Kazakhstan Temir Zholy and mining firm Tau-ken Samruk. Kazakhstan President Nursultan Nazarbayev told the public he would like Kazakh businessmen and companies to take part in the privatizations.

TutorGroup Raises Series C Round

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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