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SWFI – Movers and Shakers – April 11, 2017

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INTERNAL: New Co-Heads of Global Capital Markets at BlackRock

Asset manager giant BlackRock moved Ed Cook and Ben Spielman to be co-heads of global capital markets. Ed Cook is based in London, while Spielman is based in the United States. Ed Cook is Managing Director, Head of EMEA Capital Markets at BlackRock. Spielman has experience working in equity capital markets.

Matthew Savino was Co-Head of Global Capital Markets at BlackRock, but moved on to work in the firm’s alternatives division.

PIMCO Hires Former Blackstone Executive for Private Strategies Role

In late March 2017, Pacific Investment Management Co. (PIMCO) hired Gregory Hall as managing director, head of private strategies. Hall will start his role effective May 1, 2017. Previously, Hall worked at the Blackstone Group LP, as a senior managing director within Blackstone Alternative Asset Management. At Blackstone, he was in charge of seeding hedge fund managers. He left Blackstone in 2016. Hall began his career as a Financial Analyst at Goldman Sachs and has 18 years of investment experience.

Tariq Ahmad Named CEO of Brandywine Global Investment Management (Asia)

Tariq Ahmad was promoted to Chief Executive Officer of Brandywine Global Investment Management (Asia), the Asian unit of the parent company, taking over the spot from John Tsao. Ahmad was Head of Business Development and Client Service for Brandywine Global Investment Management (Asia).

Russell Investments Hires a Chief Marketing Officer

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Facebook Facing Growing Legal Exposures over Privacy Breaches

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In short order, Facebook stock has lost over a quarter of its value from its US$ 217.50 stock price high in July. Multiple scandals have plagued the stock in 2018. The most glaring occurrence involved a data breach that was heavily criticized in the media. That criticism is also being met with action. IMF Bentham Ltd., a global litigation funder, and a partner law firm, have lodged a complaint with the Office of the Australian Information Commissioner (OAIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Why BlackRock Angled the EU Toward a Massive Supranational Pension Fund

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BlackRock is the world’s largest asset management firm and the company wields tremendous political power whether operating in the United States, Mexico, and parts of Europe. Before the populist wave that led to Brexit, BlackRock bet large in Europe by increasing headcount and lobbying efforts. By 2015, BlackRock CEO Larry Fink proposed the formation of a cross-border personal pension fund for Europe. Fink was keenly aware of the Capital Markets Union project that was revealed in July 2014 by European Union Commission President Jean-Claude Juncker. For BlackRock, why compete in each eurozone country when you can possibly win a mandate for the whole pie of Europe. The European pension fund market is hyper-competitive for asset management firms. Other asset managers like Vanguard have lobbied Brussels over issues like the cross-border distribution of funds, but data shows that BlackRock is far more active than its U.S. peers.

EU’s Definition of PEPP

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Malaysia’s Federal Land Development Authority Seeks to Restructure

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Malaysia’s Federal Land Development Authority (FELDA), a government agency, is looking to restructure its investment holdings in a bid to reduce debt. The restructuring on the real estate side started in the middle of 2017. The government agency wants to lower its debts of 8.03 billion MYR (US$ 1.94 billion) down to 6.5 billion MYR. The restructuring could take over two years.

FELDA is seeking to dispose of assets which includes real estate in London. FELDA is an investor in student housing in London through its main unit called Felda Investment Corporation (UK properties owned by FIC UK Properties Sdn Bhd). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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