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SWFI First Read, October 6, 2015

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Norway SWF Could Face Withdrawals

As reported by SWFI months ago, Norway’s sovereign wealth fund is at risk of experiencing withdrawals from its government. Oil tax revenue is down 42% from 2014, and analysts forecast budget spending to exceed government income.

Harvard Endowment Shifts Investment Model After Losing Against Peers

Harvard Management Company is using a new approach called flexible indeterminate factor-based asset allocation (FIFAA) to manage its endowment. This is a shift away from the traditional endowment model pioneered by Yale University. FIFFA seeks to incorporate elements from modern portfolio theory (MPT), factor-based investing (smart beta), the reference portfolio approach and best-ideas investing. FIFFA has a 4-step process, essentially: selecting appropriate factors; measuring asset class exposure to selected factors; choosing desired factor exposures; and determining asset class targets and ranges to match desired factor exposures.

Kessler Topaz Meltzer & Check Goes After ITG

Kessler Topaz Meltzer & Check, LLP, a law firm, in late September filed a class action lawsuit against Investment Technology Group, Inc. (ITG) on behalf of purchasers of the Company’s securities between February 28, 2011 and August 3, 2015. The plaintiffs contend ITG and some of its executives issued a series of materially false and misleading statements to investors.

OMERS European Office Set for New Digs

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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