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BlackRock Reaches $5.42 Trillion AUM

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BlackRock reported net income of US$ 862 million, while reaching US$ 5.42 trillion in assets under management at March 31, 2017. iShares continue to be a key driver of net inflows for BlackRock, US$ 64.5 billion of the US$ 80 billion in net inflows were from this segment. Of those iShares ETFs, there were equity net inflows of US$ 44.6 billion, a sign of the bull-run up after the U.S. Presidential election.

BlackRock competes heavily with Vanguard Group Inc. in the exchange-traded fund (ETF) market, with some analysts and financial pundits calling out a price war on ETFs. In February 2017, decreased expense ratios for 68 ETFs and mutual funds. Low-cost emerging market index funds, coupled with smart beta products, have enabled institutional investors access to strategies at a far lower cost than ever before.

BlackRock did experience around equity and fixed income net outflows of US$ 4.7 billion and US$ 1.3 billion, respectively during the period.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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