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Friday SWFI News Roundup, November 4, 2016

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CICC Appears to be Near Buying China Investment Securities

After months of talks and negotiations, Beijing-based China International Capital Corporation (CICC) looks to be closer to buying Shenzhen-based China Investment Securities. China Investment Securities has around 200 retail branches throughout China. China Investment Securities is 100% owned by Central Huijin, a sovereign wealth enterprise (SWE) of the China Investment Corporation (CIC).

Xiaozhu.com Raises $65 Million in Series D

Chinese room booking web portal Xiaozhu.com raised US$ 65 million in a Series D round from Joy Capital, Capital Today and Bertelsmann Asia Investment Fund. Another investor in the round was Heyu Capitaland Morningside Venture Capital.

State Street Global Advisors Hires Peter Brackett

State Street Global Advisors (SSgA) named Peter Brackett as head of U.K. consultant relations. Brackett was the Head of Global Consultant Relations at Amundi. Before Amundi, he working in a U.K. institutional business role for American Century Investments. Bracket also held roles at Morgan Stanley Investment Management, Aon Investments and Towers Watson.

CenturyLink Sells Data Centers to Investor Group Led by BC Partners and Medina Capital

Telecommunications company CenturyLink reached a deal to sell 57 data centers and colocation business to an investor group led by BC Partners and Florida-based Medina Capital (led by Manny Medina) for US$ $2.15 billion in cash and a minority stake to be valued at US$ 150 million in the consortium’s newly-formed global secure infrastructure company. Longview Asset Management is part of the investor group. The sales proceeds are partially funding CenturyLink’s acquisition of Level 3 Communications announced on October 31, 2016. Even though CenturyLink will not own the data centers, the telecoms giant plans to continue to offer colocation services as part of its product portfolio. The data center portfolio includes approximately 195 megawatts of power across 2.6 million square feet of raised floor capacity.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are acting as CenturyLink’s financial advisors and Jones Walker is acting as CenturyLink’s legal advisor. LionTree Advisors acted as financial advisor to BC Partners and its consortium investors. Latham & Watkins LLP is serving as legal advisor and PricewaterhouseCoopers is serving as accounting advisor. Citigroup, JP Morgan, Barclays, Credit Suisse, Jefferies, HSBC, Macquarie and Citizens have underwritten the debt package to finance the acquisition. Greenberg Traurig served as legal advisor to Medina Capital. Vedder Price served as legal advisor to Longview Asset Management.

Principal Real Estate Investors Launches Inaugural UCITS-Compliant Real Estate Debt Fund

Principal Real Estate Investors, part of Principal Global Investors, formally launched its inaugural UCITS-compliant real estate debt fund. [ 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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