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SWFI First Read, November 9, 2016

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Image Credit: ABC News

Image Credit: ABC News

Trump Wins 2016 U.S. Presidential Election

Republican candidate Donald Trump has officially won the U.S. presidential election defeating Democrat candidate Hillary Clinton.

PIMCO Hires Senior Sales Executive for Nordic Area

The Pacific Investment Management Co. (PIMCO) named Kristina Najjar-Wahlgren as senior vice president. She will focus on business development in the Nordic area. Before this, she was Head of Business Development for the Nordic area at Aberdeen Asset Management.

Sekhon Exits Fullerton Fund Management

Manraj Sekhon, the Chief Executive Officer of Singapore-based Fullerton Fund Management Co., has exited the firm. The decision was made on November 8, 2016. Sekhon also served as Chief Investment Officer of Fullerton Fund Management. Sekhon has been CEO of Fullerton Fund Management since October 2011. In the interim, Fullerton Chairman Ho Tian Yee will assume Sekhon’s responsibilities.

KLP Generates 4.4% Return on the First 9 Months of 2016

Norway’s Kommunal Landspensjonskasse (KLP) generated a 4.4% investment return on the first 9 months of 2016. KLP’s common fund had 447.9 billion NOK in assets at September 30, 2016. KLP’s common fund had 405.6 billion NOK in assets at September 30, 2015.

APG Combines CIO and Chief Client Officer Role

APG Asset Management has combined the role of chief client officer and chief investment officer for Ronald Wuijster. Paul Spijkers will become the President of APG U.S., the U.S. division of APG Asset Management.

TRS Kicks Out $350 Million to RE Funds

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APG, QIC, and Swiss Life Buys MIRA Stake in Brussels Airport

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APG Asset Management, QIC (Queensland Investment Corporation), and Zurich-based Swiss Life Group, spent about €2 billion for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport. APG and QIC will each have a stake of 16.8% in the airport asset with Swiss Life having a 2.4% ownership stake. QIC will hold its airport stake in its Global Infrastructure Fund, which has third-party investors. Since 2011, the Ontario Teachers Pension Plan (OTPP) still holds a 39% stake in the airport, while the Belgian government retains a 25% ownership stake.

APG Asset Management manages assets for a number of investors including Stichting Pensioenfonds ABP.

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CIC Seeks Allies for Belt and Road Cooperation Fund

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The China Investment Corporation (CIC), which indirectly controls China’s largest banks, is seeking allies to form a cross-border investment vehicle to support One-Belt, One-Road projects – also known as the Belt and Road Initiative (BRI). The CIC is calling it the Belt and Road Cooperation Fund. The fund’s size and specific investment methods are in the preliminary phase. The BRI has been underway for the last five years.

The multi-lateral fund will be another way to funnel capital into specific belt and road projects. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fidelity National Information Services to Acquire Worldpay

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Jacksonville, Florida-based Fidelity National Information Services, Inc., better known by the abbreviation FIS, agreed to acquire payments processor Worldpay, Inc. for approximately US$ 35 billion (not including debt) in cash and stock, or US$ 112.12 per share. Around 19 months ago, Cincinnati-based credit card processor Vantiv, Inc. acquired Worldpay for just under US$ 10 billion, while FIS agreed to acquire First Data for US$ 22 billion in January 2019.

The combined company will keep the name FIS and be headquartered in Jacksonville, Florida. The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.

Deal Terms

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