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SWFI First Read, September 21, 2015

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82% of Polled Economists Wrong on Fed Move

The Federal Reserve did not raise interest rates in September. Back in August, The Wall Street Journal surveyed economists over a 5-day span. 82% believe the Federal Reserve’s first rate increase would come in September. 13% believed the Federal Reserve would wait till December.

Kessler Topaz Meltzer & Check, LLP Pursues LifeLock Inc.

Pennsylvania-based Kessler Topaz Meltzer & Check, LLP, a law firm, has pursued a class action lawsuit against LifeLock, Inc. On July 21, 2015, shares of LifeLock fell more than 49% after the U.S. Federal Trade Commission (FTC) “asserted that LifeLock violated a 2010 settlement with the agency and 35 state attorneys general by continuing to make deceptive claims about its identity theft protection services, and by failing to take steps required to protect its users’ data.”

Mubadala Finalizes Ownership Over Piaggio Aerospace

Mubadala Development Co. is now the 100% owner of Piaggio Aerospace. Piero Ferrari sold his remaining 1.95% stake to Mubadala. Piaggio Aerospace manufactures the Avanti turboprop and the unmanned P1 HammerHead. These unmanned aerial vehicle (UAV) are also known as drones.

Possible Shortlist for GE Asset Management

General Electric (GE) has put GE Asset Management up for sale. Possible buyers include: Invesco, Franklin Templeton, Goldman Sachs, BlackRock and Ameriprise Financial Inc. A private equity firm like KKR or Carlyle Group could step in.

Ireland Strategic Investment Fund Considers Backing Alternative Ways to Finance

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SWFI First Read, December 10, 2018

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IMF Bentham Opens New London Office

IMF Bentham Limited opened a new London office called IMF Litigation Funding Services Limited. The division will provide litigation finance, investment capital and strategic services for disputes in the EMEA region, which includes the United Kingdom, Europe, Middle East, and Africa.

Falck Renewables Buys Portfolio of Windfarms in France

A subsidiary of Falck Renewables acquired a portfolio of five onshore windfarms in north-eastern and western France from a fund affiliated with Glennmont Partners for €37 million. The sale was due to the fund’s divestment plan. These windfarms are located in Bois Ballay, Les Coudrays, Mazeray, Eol Team, and Noyales.

Carlos Ghosn Charged by Japanese Prosecutors

Japan government prosecutors indicted Carlos Ghosn, the former chairman of Nissan Motor, and the auto company. The indictment accuses the parties of violating Japanese financial laws by underreporting his compensation. Nissan disclosed Ghosn’s misconduct which included underreporting his compensation and using corporate funds for personal expenses.

OIF Plans to Go Defensive on Public Equities

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First Inning on Augmented Reality a Strike for SWFs

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Augmented reality (AR), which is not the same as virtual reality, is an industry that sovereign wealth capital has slowly permeated. The impressive technology has not made inroads into mainstream U.S. culture – remember Google’s efforts with Google Glasses. However, these augmented reality glasses may have industrial purposes such as in car production or logistics.

Malaysia’s Khazanah Nasional Berhad backed London-based Blippar, an augmented reality studio company. Blippar appears to be on the brink of financial collapse, according to a number of media sources. There is a dispute between investors Khazanah and Nick Candy, in which the SWF had blocked emergency fundraising. This fundraising effort would have most likely lowered Khazanah’s equity stake. In June 2018, Blippar raised an extra £20 million from investors to keep things running. David Rubin & Partners LLP was hired by Blippar as insolvency practitioners.

Magic Leap

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PREVIEW COVER: January Issue of the Sovereign Wealth Quarterly

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Here is a mockup cover of the next issue of the Sovereign Wealth Quarterly, the top publication on sovereign funds, pensions, and other institutional investors.

For advertising opportunities: https://www.swfinstitute.org/advertise/

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