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SWFI – Movers and Shakers – November 16, 2016

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Mary Jo White to Exit as SEC Chair

Mary Jo White, the 31st Chair of the Securities and Exchange Commission (SEC) announced plans to step down. White as appointed by U.S. President Barack Obama to serve as the chair of the SEC. White is a former U.S. federal prosecutor. She will exit at the conclusion of Obama’s administration in January.

Adena Friedman Promoted to CEO of Nasdaq

Nasdaq Inc. promoted Adena Friedman as its next chief executive officer, replacing Bob Greifeld. Greifeld is becoming Chairman of Nasdaq, after nearly 14 years at the stock exchange operator’s helm. Borje Ekholm, the current Chairman of Nasdaq, is stepping down at the end of 2016, but will remain as a board member. Friedman joined Nasdaq in 1993, but left in 2011 to become the Chief Financial Officer of The Carlyle Group. In 2014, Friedman rejoined Nasdaq.

Pamela Peedin to Exit Dartmouth by June 2017

Pamela Peedin, Chief Investment Officer of Dartmouth College, plans to exit the endowment by June 2017. Dartmouth College his hired the executive search firm of David Barrett Partners to find a replacement.

Former Russell Investments Sales Executive Joins Metlife Investment Management

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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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Former Iran Central Bank Governor Banned from Leaving Country

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Iran remains in a very fragile financial state as more Iranian bank loans appear to delinquent, while the currency continues to lose value against the U.S. dollar. State-run Tasnim news agency reported that Valiollah Seif, the former Governor of the Central Bank of Iran, is banned from leaving Iran. Seif is under investigation by the Iranian government over possible corruption in the currency market. Some of the central bank’s deputies have been arrested. Abdolnaser Hemmati replaced Valiollah Seif as central bank governor in July 2018. Valiollah Seif was dismissed from his post as governor.

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