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SWFI First Read, September 14, 2018



Bezos Says HQ2 Decision to be Revealed at End of 2018

Jeff Bezos, the CEO of Inc., revealed that the company would inform the world of where they plan to build its second headquarters before the end of 2018.

Natixis Seeks to Offload Some Assets to Parent Company BPCE

French bank Natixis seeks to sell a number of its specialized finance businesses to its parent company called Groupe BPCE. The Natixis’ assets that are planned to be sold to BPCE include consumer financing, factoring, leasing, sureties and guarantees, and securities services businesses.

ECB Stays the Course to Curb Stimulus

The European Central Bank (ECB) decreased its economic forecasts for Europe’s economic growth this year and for 2019. ECB kept policy unchanged, remaining on track to cease bond purchases by the end of 2018.

Mubadala Looks to IPO Cepsa

Abu Dhabi-based Mubadala Investment Company is looking to pursue an initial public offering (IPO) for its holding Compañia Española de Petróleos (Cepsa), a Spanish oil company. This is after talks with The Carlyle Group did not come into fruition. Cepsa is a legacy asset when Mubadala ended up taking over IPIC.

Egyptian Gov. Seeks CEO for Misr Fund

The Egyptian government is looking to hire a chief executive officer for its new Misr Fund.

Khazanah Nasional Could Change its Investment Mandate

Armed with a new board, Malaysia’s Khazanah Nasional Berhad could be changing its investment mandate by year-end.

SWFI First Read, September 21, 2018



U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund



The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate



Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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