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Princeton University Endowment Returns 11.7%

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David Lee

David Lee

The US$ 18 billion Princeton endowment recently boasted an 11.7% return in the fiscal year ending June 30, 2013. The 10-year annualized return ending on that date was 10.2%.

Princeton University Provost David Lee noted that the large endowment would help benefit students through financial aid and scholarship funding. According to Lee, Princeton’s “scholarship budget has grown to $121.4 million this year.” That’s about US$ 6 million more than the university spent on scholarships last year, according to tax filings made by Ivy League institution.

According to the university’s website and tax filings, during the 2012/2013 school year, roughly 4,400 undergraduate students received tuition scholarships totaling US$ 110 million, or US$ 25,000 per recipient. Tuition for Princeton runs US$ 40,000 per annum.

The endowment aims to spend between 4% to 5.75% of the endowment per year. The report noted that Princeton’s spending was well within those parameters.

Princeton doesn’t disclose specific holdings in its fund, but an announcement over the summer confirmed that the endowment didn’t hold any “direct” interests in weapon manufacturers. The announcement was made in response to a petition filed by university professors calling for a divestment of stock in such companies.

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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