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ECB Cuts Benchmark Rate Down to 1.25%

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With Greece holding a bailout referendum, downside risk is growing among continental European nations. European leaders made it clear that Greece will give up all European aid if it votes against the agreed bailout package from last week.

The European Central Bank (ECB) is doing everything it can to prevent another recession. In addition, the ECB is also trying to contain an economic contagion that stems from the sovereign debt crisis. To combat this, under the command of new ECB President Mario Draghi, the ECB unexpectedly cut interest rates by 25 basis points to 1.25%. This was a reactionary move since Spanish and Italian borrowing costs climbed after the realization of a scenario of a Greek exodus of the European monetary union.

The ECB is under tremendous pressure to allocate more funds to purchase bonds of distressed European countries.

JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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Ireland Strategic Investment Fund Involved in Urbeo Platform

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Dublin-based Urbeo Residential was founded in 20217 by Bill Nowlan, the founder of Hibernia REIT. Starwood Capital Group is an investment firm headquartered in Greenwich, Connecticut. Starwood Capital formed a €1 billion Irish build-to-rent (BTR) platform with Urbeo Residential and the Ireland Strategic Investment Fund (ISIF). Starwood Capital is investing capital, through Starwood Global Opportunity Fund XI, into Urbeo – the name of the BTR platform. This platform will acquire rental units in Dublin and other major Irish cities.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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