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Korea’s SWF Posts 11.83% Return for 2012

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The Korea Investment Corporation (KIC) posted an 11.83% return on investment for 2012. The KIC topped the benchmark yield of 11.17%. The KIC posted a net asset value of $56.6 billion for 2012.

The negative effects of deleveraging in developed economies have lowered return expectations for sovereign funds and some public investors.

Sovereign funds have generally low expectations for fixed income and some equity markets for the next couple of years, which show the move towards alternative asset classes like real estate and private equity.

Exposure in private markets for the KIC is targeted toward 20 to 25%. In July 2009, the KIC launched their indirect private market program, which allowed investments in private equity, real estate, infrastructure, and hedge funds. Almost a year later in June 2010, the direct investment program was pushed forward, allowing the KIC to pursue direct energy and natural resource cross border deals. Some overseas deals in 2012 include purchasing landmark real estate in Europe.

In 2005, the Korea Investment Corporation was established to manage a portion of Korea’s foreign reserves and to contribute to the development of Korea’s domestic finance industry. The KIC is prohibited by law from investing in Korean assets.

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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