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SWFI First Read, September 4, 2018

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Bank of England Governor Carney Offers to Stay on for “Smooth Brexit”

Bank of England Governor Mark Carney gave indications he is willing to stay in his position after his term expires in 2019. Carney informed the U.K. Treasury Committee that he was happy to do whatever he could “to promote a smooth Brexit and an effective transition at the Bank”.

Fidelity Zero Expense Funds Gain Traction

In early August, Fidelity Investments revealed its first no-fee index fund. The fund has a zero expense ratio to individual investors. As of August 31, 2018, since its inception that month, the fund attracted US$ 753.5 million in the Fidelity Zero Total Market Index Fund, while the international fund called Fidelity Zero International Index Fund raised US$ 234.2 million. Fidelity’s competitors such as Vanguard and Charles Schwab do not have zero expense funds. Charles Schwab’s Total Stock Market Index Fund has next expenses of 0.03%, while the Vanguard Total Stock Market Index Fund has a net expense of 0.14%.

CalSTRS Preps for Private Equity Overhaul

The California State Teachers’ Retirement System (CalSTRS) plans to have approval of an overhaul of its private equity program which is estimated at US$ 18.5 billion. CalSTRS could be opting for more co-investments and longer holding periods of investments.

Tikehau Capital Names Emmanuel Laillier as PE Head

Tikehau Capital named Emmanuel Laillier as head of private equity. This is a new position. Previously, she was a Managing Director and Board Member of Eurazeo PME.

SWFI First Read, September 21, 2018

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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

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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

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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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