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Tory Peer Proposes Sovereign Wealth Fund Amendment to UK Infrastructure Bill

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Lord Hodgson of Astley Abbotts, a Tory peer, proposed an amendment to the UK infrastructure bill. In it, Hodgson entails the formation of a soverign wealth fund being funded by shale gas revenue. Hydraulic fracturing, also known as fracking, could provide the UK with a boom in energy revenue.

According to the Associated Press (AP), Lord Hodgson issued the following statement:
“You could argue this is akin to an everlasting pension fund for UK plc. Norway has an extremely successful sovereign wealth fund and as a result Norwegian government bonds are some of the most sought after and highly rated in the world. A British sovereign wealth fund might not just help the country in the long run, it might also improve our financial stability in the short run.”

Proposed Clause – UK Sovereign Wealth Fund

Insert the following new Clause
“Revenue from shale gas: sovereign wealth fund:

    1. The Secretary of State may, by regulation, establish a sovereign wealth fund to receive and deploy revenue from the extraction and sale of shale gas.
    2. The regulations shall provide—
    a. that the fund shall receive no less than 50% of any revenue received by the United Kingdom Government from any activity connected with the extraction and sale of shale gas;
    b. that the assets of the fund shall be deployed to serve long term public objectives other than those connected with monetary and exchange rate policy;
    c. that the assets of the fund may be deployed in the United Kingdom or overseas;
    d. that no more than 4% of the assets of the fund may be paid out in any one year; and
    e. for the governance, independent oversight and transparent reporting of the activities of the fund.”

Source: Lords Amendments – UK Parliament – October 2014

Changes at Temasek International

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Dilhan Pillay Sandrasegara, the Deputy CEO of Temasek International, will become CEO of Temasek International Pte Ltd, the wholly owned management and investment arm of its parent company Temasek Holdings Pte Ltd. He is succeeding Lee Theng Kiat. Lee Theng Kiat will become Chairman of Temasek International. In addition, Ho Ching will step down as Chair of Temasek International.

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NSIA Reappoints Stella Ojekwe-Onyejeli and Appoints Aminu Umar-Sadiq as Executive Directors

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On March 9, 2019, the Nigerian President confirmed the appointment of two Executive Directors to the NSIA Board (Nigeria Sovereign Investment Authority). Stella Ojekwe-Onyejeli has been reappointed as Executive Director for a second term. She is also the Chief Operating officer of NSIA. In addition, Aminu Umar-Sadiq, who is NSIA’s Deputy Head of Direct Investments, has been appointed, for the first time, as Executive Director.

In 2018, the NSIA Board established for the first time a Direct Investment Committee for review and oversight of investments in core domestic infrastructure sectors such as motorways, agriculture, healthcare, power, and education.

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HFF Finds a New Home in Jones Lang LaSalle

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Jones Lang LaSalle Incorporated (JLL) inked a deal to acquire Dallas-based HFF, Inc. JLL will acquire all the outstanding shares of HFF in a cash and stock transaction with an equity value of approximately US$ 2 billion. The transaction has been unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board. The transaction is expected to close in the third quarter of 2019, subject to HFF shareholder approval and customary closing conditions, including regulatory review.

Transaction Details

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