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CalPERS May Boost Hedge Fund Allocation

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Hedge funds have been a growing part of governmental investors’ investment portfolios, especially public pension funds. U.S. public pensions are under stress to reach targeted annual returns. Due to a low-yield environment in fixed income and other global economic factors, public pensions have had to take on more risk and increase illiquid investments to target these returns.

News today reveals that California Public Employees’ Retirement System (CalPERS) may increase or maintain current allocation to hedge fund investments next year. This was confirmed by CalPERS CIO Joseph Dear; however, the CalPERS Board will have final say which is due in late spring of 2012.

CalPERS has about a 2% allocation to hedge funds. Hedge funds have been reclassified and put under their absolute-return strategy program. Nearly 60% of its hedge fund investments are made directly through allocation to large hedge fund managers. The other portion is allocated to fund of funds for more geographically focused managers, smaller hedge funds, or emerging managers.

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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