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Norway to Purchase NOK 350 Million Daily in Foreign Exchange for GPFG in March

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Money is flowing into the Norwegian Government’s coffers as energy prices rise. Norway is the eighth largest oil exporter on the globe and has generated wealth for its citizens through its mega sovereign fund. The sovereign wealth fund is the largest in Europe.

The Norwegian Ministry of Finance regulates the amount of the monthly allocations to the sovereign fund. Norges Bank will continue to purchase foreign exchange equivalent to 350 million Norwegian crowns (US$ 62.7 million) per day in March for Norway’s Government Pension Fund Global (GPFG). This is following its continued practice in February.

Daily purchases in millions of NOK

2010 2011 2012
January 0 0 350
February 0 0 350
March 0 0 350
April 0 0
May 0 300
June 0 400
July 0 400
August 135 400
September 470 500
October 600 550
November 800 1600
December 0 0

Source: Norges 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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