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Adrian Orr Named Deputy Chair of International Forum of Sovereign Wealth Funds

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Adrian Orr, CEO of the New Zealand Superannuation Fund

Adrian Orr, CEO of the New Zealand Superannuation Fund

Adrian Orr, CEO of New Zealand’s Superannuation Fund, has recently been elected to serve as Deputy Chair of the International Forum of Sovereign Wealth Funds (IFSWF), according to a statement issued by the sovereign fund.

His term in the role will run for two years at which point he will advance to the role of Chairman of the 25 member group. Mr. Orr will perform his duties for the IFSWF in tandem with his duties at the Superannuation Fund.

Mr. Orr was also recently named the #22 public investor by the Sovereign Wealth Funds Institute’s Public Investor 100, a ranking of 100 of the most significant and impactful investors in public finance.

As Mr. Orr acknowledges, New Zealand has already played a significant role in the IFSWF particularly in, “assisting directly in the implementation of best practice guidelines for the operation of sovereign wealth funds,” he said.

The IFSWF is a voluntary group of sovereign wealth funds that meet to discuss issues of “common interest” and the Santiago principles, a set of rules adopted by the members that deal with operational issues including (but not limited to) governance, risk management, accountability and transparency.

Members of the IFSWF include the China Investment Corporation, the Abu Dhabi Investment Authority, the Australia Future Fund and the National Development Fund of Iran.

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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