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Hillary Clinton Remarks on State Capitalism and SWFs

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Hillary Rodham Clinton

On February 19, 2012, U.S. Secretary of State Hillary Rodham Clinton made some remarks about state capitalism and sovereign wealth funds at the G-20 Ministerial in Los Cabos, Mexico.

Hillary Clinton stated, “Second, I would like to talk candidly about the challenges countries face from the emergence of what has been called “state capitalism”—the rise of sovereign wealth and the growing presence and influence of state-owned and state-controlled enterprises that operate globally.

Of course, every nation will decide how involved its government should be in its economy. But for our interconnected global economy to grow together, and for all countries to keep faith in the system, we need to work together to ensure that all companies compete by the same set of rules. When favored state-owned or state-supported enterprises enjoy preferential access to government resources and special protection from competition in their markets, that harms foreign competitors and local entrepreneurs alike.

Several years ago, when sovereign wealth funds began to increase their presence around the world, governments and the private sector came together and developed the Santiago Principles, a code of conduct designed to reassure the world that sovereign wealth funds would act transparently and focus on growth rather than other purposes.

Today, we need to develop similar understandings to ensure that companies compete on a level playing field, whether their owners sit in corporate boardrooms or in government ministries. We call this common-sense principle “competitive neutrality.” It is a principle that G20 members should reaffirm.”

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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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