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Temasek Prepares for European Opportunities

Singapore’s Temasek Holdings is following the path of other sovereign funds and Canadian pensions by establishing an entity in the United Kingdom. Keeping an ear to the ground allows public investors the possibility of greater access to the latest deals, gossip and emerging trends. Temasek International (Europe) Limited is a new unit that will be led by John Cryan, the former group chief financial officer of UBS AG. For now, John Cryan will be based out of Singapore. There are no immediate plans for a Temasek office in London, but creating an entity was a step in that direction.

Asian sovereign wealth funds are eager to invest directly in strategic deals across Europe. While passive-oriented investors are allocating even less to Europe, institutional investors following opportunistic direct strategies are feeding in. Temasek Holdings had some notable European transactions including Markit Group Limited, Evonik Industries AG and Repsol SA.

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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