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Temasek Invests in Yichang Hec Changjiang Pharmaceutical

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Singapore’s Temasek Holdings has invested in a Chinese pharmaceutical company that manufactures an anti-flu product, among other drugs. Through a series of subsidiaries, Bartley Investments Pte. Ltd., a sovereign wealth enterprise (SWE) of Temasek Holdings, purchased 15.1 million H shares in Yichang Hec Changjiang Pharmaceutical Company Limited. This transaction was recorded on April 27, 2017. The average price per share was HK$ 16.30.

Yichang Hec Changjiang Pharmaceutical was formed in August 2001. The company focuses on the development, manufacturing and sale of pharmaceutical products in the therapeutic areas of anti-virus, endocrine and metabolic diseases and cardiovascular diseases. According to the company, Kewei (oseltamivir phosphate) is the #1 selling influenza drug in China from 2013 to 2016.

TaiGen Deal

On March 27, 2017, Taiwan-based TaiGen Biopharmaceuticals Co. (Beijing), Ltd., a unit of TaiGen Biotechnology, sold its 9% equity stake in Dongguan HEC TaiGen Biopharmaceuticals Co., Ltd. to Yichang Hec Changjiang Pharmaceutical. Dongguan HEC TaiGen Biopharmaceuticals is a joint venture between Yichang Hec Changjiang Pharmaceutical and TaiGen Biopharmaceuticals Co. (Beijing), Ltd.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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