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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.

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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