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Chinese Set Sights on Emerging Oil Sands

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Since the 1960s, oil sands have been in development in Alberta. In recent years, the speed of development has accelerated especially in the Athabasca region, thus drawing institutional investor money. Asian public investors, like the Korea Investment Corporation (KIC) have parked cash into the oil sands sector in private firms like Osum Oil Sands Corp. In February 2010, Athabasca Oil Sands entered into a joint venture with Petrochina before Athabasca’s initial public offering providing nearly $2 billion in capital. Oil sands can be viewed as a hybrid of infrastructure and energy.

Oil sand projects require patient capital, as planning projects and hurdling through regulatory obstacles can be cumbersome and expensive. Larger and more complex projects risk delays and cost overruns. Investing in oil sand projects bear risks such as: environmental risk, financial risk, regulatory risk, execution risk, and oil price risk.

Oil sand projects are experiencing a boom in capital and projects are being executed.

New production methods have been invented and implemented, thus lowering extraction costs and increasing environmental efficiency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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