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Friday SWFI News Roundup, May 20, 2016

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MOODY’S: U.S. Tech Giants Hold Massive Pools of Cash

Ratings agency Moody’s Investors Service put out a study showing that Apple, Microsoft, Alphabet (formerly called Google), Cisco Systems and Oracle are sitting on US$ 504 billion, or 30%, of the US$ 1.7 trillion in cash and cash equivalents held by U.S. non-financial companies in 2015. The cash concentration is higher in 2015 compared to 2014, in which the companies mentioned held 27% of cash and 25% of cash in 2013.

December 2015 – Financial Data – Cash in Billions

    Apple, AAPL, US$ 215.7
    Microsoft, MSFT, US$ 102.6
    Alphabet, GOOGL, US$ 73.1
    Cisco Systems, CSCO, US$ 60.4
    Oracle, ORCL, US$ 52.3

Source: Moody’s Investors Service

CPPIB Posts Lowest Return Since Great Recession

The Canada Pension Plan Investment Board (CPPIB) posted an annual return of 3.4%. This is its lowest rate of return since the Great Recession. CPPIB released its latest annual report.

Korean Investors Buy IZD Tower in Vienna

CBRE Global Investors acquired IZD Tower in Vienna, Austria for Korean separate account institutional clients. The office tower is located in the district of Donau City. The seller is a fund managed by Vienna-based Signa Real Estate Capital Partners.

QIA Interested in Asia Square Tower I

Another sovereign wealth fund is taking a crack at a large Singapore office property. The Qatar Investment Authority (QIA) has expressed interest in the Asia Square Tower 1 in Singapore. The seller is BlackRock.

Hermes Investment Management Buys Out Future Fund’s Stake in Southern Water

Hermes Investment Management, owned by the U.K.’s BT Pension Scheme, acquired a 17% stake in British utility Southern Water that was owned by Australia’s Future Fund. The Future Fund indicated it was looking to dispose of its position in Southern Water. Hermes Investment Management now owns 21% of Southern Water.

STT Buys Large Stake in Data Center from Tata

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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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