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SWFI First Read, October 6, 2016

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Credit: NASA Earth Science Office - Hurricane Matthew - Oct 6, 2016

Credit: NASA Earth Science Office – Hurricane Matthew – Oct 6, 2016

NRK Reports: 225 Billion NOK – Norwegian Government Spend from SWF in 2017

Public broadcaster NRK reported that the Norwegian government is looking to raise its spending from the nation’s wealth fund to 225 billion NOK (US$ 28.1 billion) in 2017.

IMF: US$ 152 Trillion and Growing

The Washington D.C.-based International Monetary Fund (IMF) has announced that the world debt level has skyrocketed to 225% of global gross domestic product (GDP). IMF has calculated that gross debt in the non-financial sector amounted to US$ 152 trillion in 2015 and its growing. The debt amount counts debt held by governments, non-financial firms and household. Most of that debt is private debt. In 2002, the amount of debt was 200% of global gross domestic product (GDP).

The IMF is concerned about a negative feedback loop.

Japan’s GPIF Forms New Stewardship & ESG Group

On October 1, 2016, Japan’s Government Pension Investment Fund (GPIF) formed a new division called Stewardship & ESG in its public markets investment department. This division was formerly known as the Stewardship Enhancement Group which was formed in March 2016. Hiroshi Komori is leading the Stewardship & ESG group. GPIF accepted Japan’s Stewardship Code in May 2014.

Tradeweb Experiences Growth in U.S. ETF Trading Volume

New York-based Tradeweb Markets LLC, which runs fixed income, derivatives and exchange-traded fund (ETF) marketplaces, continues to experience growth on its platform. Tradeweb announced that more than US$ 12 billion notional volume has traded year-to-date on its electronic request for quote (RFQ) platform for U.S. ETFs since launching in the first quarter of 2016. On another note, Deutsche Bank AG, UBS Group AG and Royal Bank of Scotland Group Plc are looking to possibly sell their minority ownership stakes in Tradeweb. Thomson Reuters Corporation is the majority owner of Tradeweb.

NIRP Consequences: Japanese Banks Look at U.S. Munis

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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