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Friday SWFI News Roundup, November 11, 2016

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BNY Mellon Selects Singapore for its 8th Innovation Center

BNY Mellon has opened its eighth Innovation Center, selecting Singapore. The custodial giant named it the Singapore Innovation Center. “The opening of our eighth Innovation Center in Asia is a reflection of the region’s rapidly developing innovative technology and fintech landscape, as well as the increasing importance of Asia to BNY Mellon’s business. As our largest branch office in Asia Pacific, the Singapore Innovation Center reinforces BNY Mellon’s commitment to the region’s advancement in transformational technology in financial services and compliments the Monetary Authority of Singapore’s continuing ambition to establish a vibrant innovation ecosystem and to develop the city as a Smart Financial Center,” commented Stephen Lackey, Chairman of Asia Pacific for BNY Mellon, in a press release.

Lieve Mostrey Named New CEO of Euroclear

Tim Howell is stepping down as CEO of Euroclear. He has held the chief executive role for six years. Lieve Mostrey is being promoted to CEO of Euroclear, effective January 1, 2017. She joined Euroclear in October 2010. She has held a number of roles at Euroclear including executive director and chief technology & services officer.

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against The Allstate Corporation

Law firm Robbins Geller Rudman & Dowd LLP, on November 10th, announced that they filed a class action against The Allstate Corporation on behalf of an institutional investor. The lawsuit relates to Allstate common stock purchased between October 30, 2014 and August 3, 2015 and alleged misstatements. This action was filed in the Northern District of Illinois and is captioned City of St. Clair Shores Police and Fire Retirement System v. The Allstate Corporation, et al., No. 16-cv-10510.

Erik van de Brake Takes Infrastructure Reins at PGGM

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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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