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SWFI – Movers and Shakers – April 8, 2015

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SEC Exam Chief Bowden Leaves for Private Sector

Securities and Exchange Commission (SEC) Exam Chief Andrew Bowden is leaving the agency at the end of April to return to the private sector. Bowden was head of the SEC’s Office of Compliance Inspections and Examinations, becoming director in June 2013. He joined the SEC in November 2011. Before his work at the SEC, Bowden had a long stint at Legg Mason Capital Management.

Bowden made financial media headlines when he commented at a private equity event, “By far, the most common observation our examiners have made when examining private equity firms has to do with the adviser’s collection of fees and allocation of expenses. When we have examined how fees and expenses are handled by advisers to private equity funds, we have identified what we believe are violations of law or material weaknesses in controls over 50% of the time.”

CIFC Asset Management Hires Julian Weldon

New York-based CIFC Asset Management hired Julian Weldon as head of corporate strategy. In this new role, Weldon will work with CIFC Co-Presidents Steve Vaccaro and Oliver Wriedt and help expand the company’s non-CLO business. Weldon comes from Garrison Investment Group where he served as general counsel and chief compliance officer. Before 2008, Weldon was senior counsel in the banking department at law firm Allen & Overy.

Sovereign Wealth Fund GIC Hires More Junior Bankers

Singapore’s GIC Private Limited hired Charlie Wagner from UBS Investment Bank to be an associate in the infrastructure group in New York. Wagner spent a year at UBS working in investment banking in the global power and renewable energy group. Before that, Wagner was an investment banking analyst at RBS working in power and utilities.

Hanno Rejoins AlpInvest from Partners Group

Eric Hanno is rejoining AlpInvest, a unit of The Carlyle Group, as a principal. Hanno was Senior Vice President of Direct and Primary Investments at Partners Group AG. Hanno worked at AlpInvest as an associate from March 2010 to March 2011. Hanno is an advisory board member at the Colorado State University Institute for Entrepreneurship.

ABP Appoints Two New Supervisory Board Members

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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