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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

Andrew Claerhout Leaves OTPP

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Andrew J. Claerhout exited the Ontario Teachers’ Pension Plan (OTPP). He was Senior Managing Director of Infrastructure and Natural Resources. His responsibilities included overseeing a swath of infrastructure acquisitions and asset management globally, along with investments in oil and gas, agriculture (avocados for example), timberlands and other resource sectors. Clearehout joined OTPP back in 2005.

Taking his spot in the interim is Dale Burgess, Managing Director, Latin America, at OTPP.

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PwC Sells US Public Sector Practice to Veritas Capital

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PricewaterhouseCoopers (PwC) inked a deal to sell its U.S. public sector business unit to Veritas Capital Fund Management, L.L.C., a private equity firm. Post-deal, the business unit will be renamed and run as a separate company. PwC’s public sector business services U.S. federal government clients such as the Department of Defense, Homeland Security, Veterans Affairs, Health and Human Services and the State Department. The business unit also services local and state U.S. governments.

For the moment, Veritas Capital seeks to keep the current management in place.

Advisors

PwC was advised by Morgan Stanley. Davis Polk & Wardwell advised PwC. Veritas Capital was advised by law firm Schulte Roth & Zabel LLP.

Veritas Capital’s Activities

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HNA Sells 1.2% Stake in Hedged Investment in Deutsche Bank

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Chinese conglomerate HNA Group Co. sold off roughly a 1.2% stake in Deutsche Bank AG for around €300 million (US$ 374 million), reducing ownership down to 8.8%. HNA Group held the bank shareholding through Vienna-based asset manager C-Quadrat Investments AG, in which, HNA is a majority owner in. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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