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What Will Blackstone Do With Aon’s Record-Keeping Business?

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Private equity firms are attracted to cash-flowing companies that help large enterprises cut costs. The Blackstone Group has agreed to buy insurance broker Aon’s benefits administration and human resources business process outsourcing (BPO) platform. This deal includes getting Aon’s U.S. defined contribution record-keeping business. The transaction includes a US$ 4.3 billion upfront payment, and upwards of US$ 500 million in possible earn-outs – thus giving a deal value of US$ 4.8 billion. Blackstone beat out rival New York-based Clayton Dubilier & Rice LLC, one of the oldest private equity investment firms in the world, in the deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

ADIA Takes a Bet on UK Pension Buyouts

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After months and months of speculation and rumors, the Abu Dhabi Investment Authority (ADIA) pulled the trigger to acquire up to 21.4% of the shares of the Pension Insurance Corporation Group from funds advised by J.C. Flowers & Co. Pension Insurance Group Corporation is the parent company of Pension Insurance Corporation (PIC), a specialist insurer and provider of bulk annuities to U.K. corporate pensions schemes. PIC has in excess of £25 billion in financial assets. Increasingly, U.K. companies are keen on reducing or removing financial and operational risks related to their defined benefit pension obligations.

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Matt Whineray Officially Named CEO of NZ Super Fund

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On June 19, 2018, the Board of the Guardians of New Zealand Superannuation (NZ Super Fund) officially appointed Matt Whineray as chief executive officer. He has been acting CEO of the sovereign wealth fund since March 2018. Whineray joined the organization in 2008 as general manager, private markets and in 2014 became chief investment officer. The appointment is effective July 1, 2018.

An executive search was conducted when Adrian Orr decided to take the governor job at New Zealand’s central bank.

Here is an interview SWFI conducted with Matt Whineray.

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SWFI First Read, June 19, 2018

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Tronc to Revert to Original Name – Tribune Publishing

Publishing company Tronc will go back to its current name Tribune Publishing. Tronc is the parent company of the New York Daily News and Chicago Tribune. Tronc stood for Tribune Online Content, but received vast ridicule from the U.S. media community.

Denholm to Lead as CIO of Solutions Unit at Aviva Investors

Al Denholm was named Chief Investment Officer for the new solutions unit at Aviva Investors. This is a new position and Denholm is based in London. He will report to Aviva Investors CEO Euan Munro. Denholm was Chief Executive Officer at Prudential Portfolio Management Group.

Hostetter Gets Fresh Start at Russell Investments

Robert Hostetter was named Global Head of Product at Russell Investments. He will report to Michelle Seitz, CEO and Chair of Russell Investments. Previously, Hostetter was Managing Director and Global Head of Product Strategy at AllianceBernstein.

President Trump Wants a Space Force Branch

U.S. President Donald Trump revealed plans at directing the Pentagon to form a new space force branch of the military.

Greenpeace Occupied AP3’s Offices Last Week

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