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Pension-Backed Study Says Canadian Public Plans Lessen Government Welfare

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sunsetIt seems that Doug Pearce, exiting CEO of the British Columbia Investment Management Corporation (bcIMC), has been vindicated for his belief in the economic benefit of defined benefit (DB) plans to the Canadian economy.

In a recently released report that was commissioned by a group of Canadian defined benefit pension plans and carried out by the Boston Consulting Group (BCG), suggests that pensioners receiving retirement benefits are less likely to rely on government assistance in old age than their defined contribution counterparts.

The report also shows that 80% of all income gains from the DB plans come from investments.

The report states that 10-15% of DB beneficiaries will make use of the government’s Guaranteed Income Supplement (GIS) compared to 40-45% of retirees that aren’t beneficiaries of a DB plan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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