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Abu Dhabi Investment Council Shuffles Board and Management

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The Abu Dhabi Investment Council (ADIC) was issued a royal decree which entails a slight restructuring of the fund’s board of directors. Sheikh Mohammed bin Zayed Al Nahyan was named chairman of the board of the ADIC. He is the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Mohammed bin Zayed Al Nahyan replaced Sheikh Khalifa bin Zayed Al Nahyan as the wealth fund’s chairman. According to the decree, other board members have been retained for another term.

Institutional Investor Profile of the Abu Dhabi Investment Council

New Managing Director

Isa Mohammed al-Suwaidi was named managing director of the ADIC, replacing Khalifa Mohammed Al Kindi

The ADIC is another investment arm of the Abu Dhabi government and was formed in 2007. The wealth fund also holds stakes in major Gulf banks like the National Bank of Abu Dhabi and Abu Dhabi Commercial Bank.

BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

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The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

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