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SWFI First Read, October 5, 2015

P2P Lender Prosper Crosses $5 Billion Goal Mark

San Francisco-based Prosper Marketplace, a peer-to-peer lending network, has surpassed US$ 5 billion in loans originated through their platform since inception. In 2014, Prosper moved across the US$ 2 billion threshold in loan origination, showing an increasingly higher usage of consumers choosing online platforms versus traditional banking.

Adrian Orr Made Chair of IFSWF

In conclusion of the IFSWF Milan meeting, NZ Super Fund Chief Executive Adrian Orr has been appointed Chair. The appointment, which is unpaid, is for a three-year term. Orr was previously IFSWF Deputy Chair. IFSWF aims to promote best practice governance and transparency in the management of sovereign wealth funds.

More Heads Leave Harvard Endowment

Harvard Management Co., the manager of Harvard University’s endowment, said two managers have exited – this is of course after the endowment has posted its annual return. Marco Barrozo, the endowment’s head of fixed income, is leaving. Barrozo joined in 2007 and was one of the highest paid managers, earning US$ 4.8 million in 2013. Satu Parikh, managing director and head of commodities at the endowment, has also left. Parikh was hired by the endowment in 2011.

World Bank Asks for More Money

The President of the World Bank pleaded with countries to increase the institution’s capital base. Jim Yong Kim believes the United Nations’ updated goals will require the bank to use more resources. The World Bank is facing competition from the East, with the rise of China-led Asian Infrastructure Investment Bank (AIIB).

KIC Chief Goes to National Assembly

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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