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SWFI – Movers and Shakers – January 21, 2017

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BREXIT EXPERT HIRE #1: BlackRock Names Former UK Chancellor Osborne as Senior Adviser

George Osborne, the former U.K. Chancellor of the Exchequer, is joining the BlackRock Investment Institute as a part-time senior adviser in February 2017. As of December 31, 2016, BlackRock manages US$ 5.1 trillion in assets. In a statement, BlackRock CEO Larry Fink stated, “George has a unique and invaluable perspective on the issues that are shaping our world today.”

BREXIT EXPERT HIRE #2: Lord Hague to Become a Senior Adviser at Citigroup

On January 17th, William Hague (Lord Hague of Richmond), a former U.K. Foreign Secretary and former leader of the U.K. Conservative Party, was named a Senior Adviser to Citigroup. Lord Hague quit being an MP in the U.K. in 2015. Hague had also done work at consulting firm Teneo as a Senior Adviser. Sir Mervyn King, the former Governor of the Bank of England, in 2016 was hired as an Adviser by Citigroup.

Sohail Lalani to Bring ADIA Experience to PSP Investments

Mark Giuliani is leaving PSP Investments. He is being replaced by Sohail Lalani, who had a long 10-year stint at the Abu Dhabi Investment Authority (ADIA). Lalani has taken on the role as Senior Direct, Private Equity – Americas, at PSP Investments.

Brian Chase Now at BlackRock Alternative Investors

Brian Chase had left his role as a Partner at Campbell Lutyens & Co., a placement agent firm, to join BlackRock Alternative Investors, a unit at BlackRock that focuses on alternative strategies, as a managing director. Chase spent more than 6 years at Campbell Lutyens, starting there in 2010. At BlackRock Alternative Investors, Chase will report to Nugi Jakobishvili, Managing Director, Global Head of Alternative Solutions.

Jackson Lee Appointed Head of China for Fidelity International

Bermuda-based Fidelity International named Jackson Lee as country head of China. Lee will be based in Shanghai and report to Daisy Ho, Managing Director, Asia ex-Japan of Fidelity International. Before this promotion, Lee was Chief Representative of Beijing for Fidelity International and a Director of Business Strategy & Planning. Jackson Lee joined Fidelity International in 2010. Before joining Fidelity, Lee had roles at Prudential Corporation Asia and AIG Investments. Fidelity International spun out from Fidelity Investment & Research in 1980. Fidelity International is owned by its employees and the Johnson family.

NMSIC’s Greg Kulka Retires After 15 Years

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Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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