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NZ Super Fund Posts 20.7% Return for June 2017-Year

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The New Zealand Superannuation Fund posted a 20.7% return (after costs, before New Zealand tax) for a 12-month trailing period ended June 30, 2017. A good portion of the return was carried on by a prolonged rally in global equity markets. When it came to surpassing the passive benchmark, NZ Super outperformed by utilizing its strategic tilting program. NZ Super increased weights toward its North Island forestry business Kaingaroa Timberlands and the Guardians’ internally-managed credit mandates – giving the fund a leg up.

According to the news release, “Since inception in 2003, active investments by the Guardians have generated an extra $6.2 billion (1.4% p.a.), over what an entirely passive strategy would have done.”

In the same news release, NZ Super Chair Catherine Savage, “The Fund is generating world class returns and creating significant wealth for New Zealanders on a sustained basis. It should not, however, be measured on its short-term returns. We are here to create long-term value for New Zealand taxpayers. The Fund has now returned 10.2% p.a., more than double the cost to the Government of contributing to it,* over a period of nearly 14 years.”

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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