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Some of Libya’s Sovereign Wealth Money Might have a New Master

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Hillary Rodham Clinton

Talks have been held on what to do with Gaddafi’s frozen assets. The Libyan rebels are in dire need of financing, while a number of participating countries are hesitant to lend their own money to aid them. In April, the leadership in Libya’s opposition sent a letter to U.S. Treasury Secretary Timothy Geithner. The letter had a simple mission. The opposition wants a creation of a trust fund that is composed up of frozen Gaddafi assets. The trust fund would be audited and co-managed by the opposition and participating foreign governments.

U.S. Secretary of State Hillary Rodham Clinton was in Rome today discussing Middle East political issues with Italian Foreign Minister Franco Frattini and other diplomats. The Obama administration is supporting the opposition in Libya and agrees to the trust fund idea. The frozen assets that could support the rebels could be around $4.5 billion.

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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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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