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SWFI – Movers and Shakers – July 14, 2017

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Jerry Albright Takes CIO Helm at TRS

Jerry Albright, the Deputy CIO of the Teacher’s Retirement System of Texas (TRS), was promoted to CIO following the departure of Britt Harris to UTIMCO.

Fidelity Investments to Layoff Hundreds, Rejigs

Fidelity Investments boasts more than 44,000 employees. The money manager is laying off hundreds of employees (news broke on July 11, 2017), which is less than 1% of its total workforce. The number was fewer than 435 employees, according to various media sources in Massachusetts.

Howard Margolis Joins Clarion Partners

Howard Margolis was named Head of Product Development for Clarion Partners. This is a new position Previously, he was a Principal at BIP Investments.

Vanguard Names CIO as CEO Successor

Vanguard Group has chosen a successor to run the organization. Vanguard Group selected Tim Buckley to succeed Bill McNabb as CEO, effective January 1, 2018. He will be Vanguard’s fourth CEO since its formation in 1975. Buckley will also be President and a Director at Vanguard. Buckley is currently Chief Investment Officer at Vanguard. Taking Buckley’s spot as CIO is Greg Davis, the money manager’s global head of fixed income. McNabb will remain as Chairman of Vanguard.

Artisan Partners Hires Marc Peterzens

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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