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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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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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