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SWFI – Movers and Shakers – January 11, 2015

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Obama to Nominate Community Banker to Fed’s Board of Governors

The White House is looking to nominate Allan Landon, a former community banker, to the Federal Reserve’s Board of Governors. Landon was chairman and chief executive of Bank of Hawaii Corporation, serving as CEO from 2004 to 2010. Landon also has experience at First American Corporation and Ernst & Young. In a statement, U.S. President Obama said, “Allan Landon has the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy.”

President Obama added, “He brings decades of leadership and expertise from various roles, particularly as a community banker.”

Rojas Steps Down as Paraguay FinMin

The Finance Minister of Paraguay German Rojas resigned from his post on December 24, 2014. Rojas is lauded for Paraguay’s sovereign debt issue of US$ 1 billion, 30-year bonds in August 2014. Rojas’ successor is rumored to be Santiago Pena who works at Banco Central del Paraguay and is a U.S.-trained economist. Pena spent a few years at the International Monetary Fund (IMF).

Sylvia Pozezanac to Lead Prudential Financial’s Strategic Solutions Group

Prudential Financial Inc. has named Sylvia Pozezanac as senior managing director and head of the strategic solutions group (SSG). She joined the strategic solutions group as global head of consultant relations in October 2013. She spent 26 years at consulting firm Towers Watson and its predecessor. She replaced Kevin Myers who made the decision to retire in July. Pozezanac will report to Stephen Pelletier, the chief operating officer of Prudential Financial’s U.S. business.

BlueBay Snatches Strategic Investments Group Salesperson

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Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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