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Why NBIM’s F1 Investment Might Only Be a Pit Stop

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Yngve Slyngstad, CEO of NBIM

Yngve Slyngstad, CEO of NBIM

The Norwegian Government Pension Fund Global (GPFG) is under scrutiny for its US$ 300 million stake in Formula One, an investment which Yngve Slyngstad, CEO of Norges Bank Investment Management, told Norwegian newspaper Dagens Naeringsliv was an unfortunate mistake. His buyer’s remorse follows investigations into the allegedly corrupt practices of Formula One CEO Bernie Ecclestone.

The F1 investment makes up 0.036% of the sovereign wealth fund’s total portfolio.

“We have zero tolerance for corruption,” Slyngstad told Dagens Naeringsliv on Tuesday. “We have full confidence that the board is dealing with this. It is clear that if this case is not handled properly, then we would not want to be an owner. In this case, we would not sit on these shares.”

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Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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