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RDIF and Deutsche Bank Agree to Buy into Rostelecom

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Kirill Dmitriev

Kirill Dmitriev

The Russian Direct Investment Fund (RDIF) and Deutsche Bank have entered into a joint agreement to purchase 72,187,366 ordinary shares in Russian telecommunications operator Rostelecom from its subsidiary company Mobitel, the RDIF announced in a statement.

All the necessary approvals between the interested parties have been attained for the 7.674 billion rouble (US$ 237.5 million) transaction.

The transaction fulfills both mandates of the US$ 13 billion sovereign wealth fund: 1) Center on direct investments in Russia, 2) co-invest with a large global partner.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, sees the share purchases as a strategic investment in a booming sector. “Sustained growth in the Russian economy means demand among consumers and businesses for reliable and ultra-fast broadband will continue to increase,” he said. “It is therefore the right time to invest in the telecommunications sector.”

Sergey Kalugin, President of Rostelecom, is excited about the prominence of the two large firms and sees their participation as a catalyst for more high profile investors. “Attracting long-term partners is a key part of Rostelecom’s strategy to successfully achieve its ambitious goals and, I hope, will serve to attract other qualified investors,” he stated.

Rostelecom is traded on the MICEX.

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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