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SWFI First Read, September 9, 2018

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Leslie Moonves Exits CBS

EARLIER: Leslie (Les) Moonves, the CEO of CBS, is nearing a settlement that would cease litigation with its controlling shareholder called National Amusements. The Board of Directors of CBS are also investigating numerous allegations of sexual misconduct against Moonves.

UPDATE: Les Moonves tended his resignation on September 9, 2018 as CEO and Chairman. Joe Ianniello, the Chief Operating Officer of CBS, is expected to be interim CEO.

Temasek and Old Founders Could be Increasing Stake in Ola

Singapore’s Temasek Holdings, and Ola founders, Bhavish Aggarwal and Ankit Bhati, are weighing moves to increase their positions in ANI Technologies (the holding company of Ola). Ola is a ride-hailing app service in India. The acquisition of shares would most likely be less than 10% of the share capital of ANI Technologies and be held in a vehicle called Lazarus Holdings. Lazarus Holdings was formed by MacRitchie Investments, a sovereign wealth enterprise (SWE) of Temasek Holdings.

Copenhagen Infrastructure Partners Makes a Play for Pensionland

Copenhagen Infrastructure Partners P/S opened a New York City office and formed a Delaware corporation called Copenhagen Infrastructure Partners Inc. The company sees opportunity in the U.S. energy infrastructure market. The investment manager already allocated capital to wind and solar projects in the United States and Canada.

Mithril Capital Leads Investment in GreyOrange

Singapore-based GreyOrange, a robotic systems developer for fulfillment systems automation, raised US$ 140 million in a Series C round. That round was led by Mithril Capital Management and other investors include Binny Bansal and Blume Ventures. Mithril Capital is a global investment firm founded by Ajay Royan and Peter Thiel (a founder of PayPal).

Alibaba Invests in Huishoubao

Alibaba Group Holding Limited invest capital through a Series C1 round in Huishoubao, a Shenzhen-based mobile phone recycling firm formed in 2014. Huishoubao raised capital from entities such as CITIC Capital, SMC Capital, and Chengwei Capital.

Investcorp Acquires Larges Stake in Banque Pâris Bertrand Sturdza

On September 5, 2018, it was revealed that Investcorp acquired a 40% ownership stake in Banque Pâris Bertrand Sturdza (PBS), a Swiss private bank with around US$ 5.4 billion in assets.

GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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Wells Fargo Could be Slimming Down, Possible Retirement Unit Sale

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Wells Fargo (WFC) is looking to exit the retirement plan servicing market, for a potential sale price of US$ 1 billion. The unit is involved in record-keeping, custody, trust details and various other retirement plan services for corporations. It is housed under the Wealth and Investment Management unit. The retirement plan servicing market is not particularly compelling for the bank, especially in light of the U.S. Department of Labor’s newer regulations to force managers to disclose compensation arrangements and fees to plan fiduciaries. Wells Fargo has been lauded for its loyal consumer base and high revenue, and doesn’t require the business, though recent scandals have been a drag on the company’s profitability and public image. This news has pre-empted some advisors to jump ship. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Petroleum Signs Deal to Buy Interest in Nour North Sinai Offshore Area Concession

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Mubadala Petroleum, a division of Mubadala Investment Company, signed a deal to acquire a 20% percent participating interest in Egypt’s Nour North Sinai Offshore Area concession. The seller of the interest is a subsidiary of the Italian energy giant Eni. Eni holds an 85% stake in the partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Formed in 2004, Tharwa Petroleum Company is 100% owned by the Egyptian government through a variety of state-owned entities such as the Egyptian General Petroleum Corporation (EGPC) at 20% and Egyptian National Gas Holding Company (EGAS) at 20%.

The sales transaction is subject to conditions, such as approval from government authorities in Egypt.

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