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Why the Launch of Japan Post Investment Corp is Huge News?

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The complex game of asset owner direct investing just got even more interesting. Japan Post investment officials recognize that the implementation of the 2014 stewardship code, coupled with increased equity participation in listed Japanese equities by domestic pensions is forcing more efficiency within these companies. A number of Japanese businesses have stepped back from conglomerate-building to shed off non-core businesses such as institutional real estate to boost return on equity (ROE) measures.

Larger Japanese corporations are spinning off divisions to boost internal rates of return. In late 2016, KKR agreed to buy Calsonic Kansei, which was 41% owned by automaker Nissan Motor Company Ltd. The side effects of the stewardship code has encouraged these types of transactions. Major Japanese banks are also happy to provide these types of loans to finance such transactions.

Japan Post Bank Co. and Japan Post Insurance Co. combined internal resources to back an asset management platform that is going to partake in Japanese private equity investments. Japan Post Bank already invests in private equity funds as a limited partner, forming its private equity unit in December 2015. In addition, Japan Post Bank already deploys capital toward select co-investments and secondaries. This move to create a platform is a gamechanger, as Japan Post Holdings has a massive balance sheet.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Manager of China’s Foreign Reserves Could be CalPERS Next CIO

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Numerous financial media outlets, including the Wall Street Journal (WSJ), are reporting that Ben Meng is in key position to become Chief Investment Officer of CalPERS. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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