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Friday SWFI News Roundup, June 19, 2015

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RISK: Norway’s Sovereign Fund CEO Questions China Sell-Off

Recent volatility in mainland Chinese equity markets are posing signals to large institutional investors about potential fundamental issues occurring in Asia’s giant. NBIM CEO Yngve Slyngstad in a Bloomberg interview, after giving a speech in Oslo, commented, “You have to spend time thinking about both the valuation issues but also the wider ramifications of this price move.”

He added, “Whether it’s a symptom of something more fundamental going on.”

Norway’s sovereign fund has a quota of US$ 2.5 billion for Chinese A shares. Slyngstad travels annually to China – a market that many elephantine asset owners perceive as important.

Euroclear Launches SetClaim, New Payments Claims Processing Service

Increasingly, governments in Europe and North America have imposed tougher regulations, especially in the areas of transparency, toward the financial sector. Earlier this month, Euroclear released its new product SetClaim, a capital markets payments claims processing service. Euroclear built the product to address firms’ operating and funding costs, while improving capital market efficiency. SetClaim uses proprietary matching system developed in collaboration with Merit Software.

Temasek Invests in Oberoi Realty

Mumbai-based Oberoi Realty issued 1.1 crore shares to Singapore’s Temasek Holdings at Rs 295 per share. Temasek plucked down US$ 51 million in funding through its sovereign wealth enterprise Aranda Investments. Oberoi Realty was backed by Morgan Stanley, through Morgan Stanley Real Estate, in 2007 and had its initial public offering in 2010.

CPPIB Backs TORC Oil & Gas Acquisitions

TORC Oil & Gas Ltd. completed a private placement with its cornerstone institutional investor, the Canada Pension Plan Investment Board (CPPIB), for C$ 150 million of subscription receipts. The company finished a C$ 288 million bought deal prospectus offering of subscription receipts. All subscription receipts issued pursuant to the CPPIB Investment and the prospectus offering have been converted to TORC common shares effective as of June 16th. The CPPIB deal allows TORC Oil & Gas to acquire complementary light oil producing assets in southeast Saskatchewan. In addition, part of the acquire assets include ownership of freehold mineral title on more than 80 net sections of land in southeast Saskatchewan.

ADIA Eyes More French Real Estate

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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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