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FSDEA Reaches Profitability, Assets Grow in 2016

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Fundo Soberano de Angola (FSDEA) released its audited financial for the latest fiscal year 2016. FSDEA revealed that total assets grew to US$ 4.99 billion from US$ 4.75 billion in 2015. In addition, FSDEA’s investment portfolio was heavily weighted at 58% toward sub-Saharan Africa. The fund generated US$ 44 million in income, reaching profitability for the first time since inception. FSDEA made gains on investments in areas such as infrastructure and agriculture.

In 2016, FSDEA backed Cabinda’s first deep-water port.

The prolonged low price of oil continues to affect African and Gulf sovereign funds. Out of many of its African peers, FSDEA has been able to grow and maintain assets. In 2016, no additional capital was paid to FSDEA by the Angolan government.

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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