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Weekend Giant Reading: October 18 – 19, 2014

It’s the weekend! Here are the top stories on pensions and sovereign wealth funds from the past week.

Welcome to the weekend, everybody. Here are the top stories from the past week:

- Government Ventures: The French government will fund Silicon Valley-based, French entrepreneurs.

- Recruitment:Australia’s Future Fund is looking to hire people with direct investment experience who can also think in terms of a broader portfolio. Good luck to ‘em.

- Lunch: APG CIO: “For a long period... diversification was the only ‘free lunch’ in the financial sector.” Not anymore apparently.

- Growth: Nigeria’s federal government is so happy with its new sovereign wealth fund, the Nigeria Sovereign Investment Authority (NSIA), that it’s trying to allocate another $5 billion to the fund: “...a solid building block for our economy...

- Layoffs: As part of its restructuring, Dutch pension PGGM will cut at least 200 jobs, or 15 percent of its workforce. I can’t tell you how rare it is to see layoffs like this among pension funds globally.

- Overseas Expansion:Korea’s giant National Pension Service will continue setting up overseas offices. After New York, it has plans for another Asian office. (And here’s some research I did last year on the geographic expansion of pensions and sovereign wealth funds.)

- Collaboration I: FSI, Italy’s sovereign development fund, and the China Investment Corp. agreed to co-invest €500 million (about $640 million) each in companies that promote economic cooperation between the two countries.

- Collaboration II: The Russian Direct Investment Fund and Russia-China Investment Fund are cofunding technology parks in Russia and China. (ed. note: here’s more on economic collaboration between Russia and China.)

Have a great weekend!

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