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SWFI – Movers and Shakers – November 30, 2016

Trump Intends to Nominate Mnuchin for U.S. Treasury Secretary

U.S. President-Elect Donald J. Trump intends to nominate Steven Mnuchin for the position as U.S. Secretary of the Treasury. Mnuchin held a number of roles including Chief Information Officer at Goldman Sachs, Founder and Co-CEO of Dune Capital Management (a hedge fund) and Founder of OneWest Bank Group LLC (restructured from housing lender IndyMac). In 2015, OneWest was sold to CIT Group. He also founded RatPac-Dune Entertainment which produced movies such as Avatar.

Trump Selects Wilbur L. Ross Jr. for U.S. Commerce Secretary

U.S. President-Elect Donald J. Trump intends to nominate Wilbur Louis Ross Jr. for the position as U.S. Secretary of the Commerce. Ross is the Founder, Chairman and Chief Strategy Officer of WL Ross and Co., a private equity firm. Ross is known as a company turnaround artist. Previously, Ross spent over two decades at Rothschild Inc.

Jerome Naqui Headed Over to Invest AD

In late October, Jerome Naqui was named Senior Vice President, Products and Business Development at Invest AD, which is owned by the Abu Dhabi Investment Council (ADIC). Before that, he was a Managing Partner at Markab Advisory. Naqui had a stint as an Equities Analyst at the Abu Dhabi Investment Authority (ADIA).

T. Rowe Price Hires SSgA’s Head of Global Product and Marketing

T. Rowe Price names Andrew Astley to be global head of product at the company. This is a new position. Previously, Astley was Head of Global Product and Marketing at State Street Global Advisors (SSgA).

RobecoSAM Names New CEO

Zurich-based RobecoSAM named Aris Prepoudis as chief executive officer. He will join effective January 1, 2017. Prepoudis is the former CEO of St. Gallen, Switzerland-based Vescore, a sustainable investment company. Prepoudis replaces Reto Schwager has served as interim CEO since the summer of 2016.

Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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