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Karnit Flug Named Bank of Israel Governor

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The Bank of Israel has a new central bank governor. Dr. Karnit Flug, 58, will become the new central bank governor. Flug was officially appointed by Israeli Prime Minister Netanyahu and Finance Minister Lapid after a lengthy search process. She already has been acting chief of the bank since Governor Stanley Fischer resigned in June after eight years at the post. Stanley Fischer recommended Karnit Flug to succeed him.

With Flug’s appointment, market participants and traders are expecting accommodative monetary policy to weaken the shekel’s appreciation against the U.S. dollar.

Before becoming acting chief, she was the deputy governor of the Bank of Israel. In 2001, Flug was director of the research department at the central bank. She has experience working for the IMF and Inter-American Development Bank.

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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