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Sovereign Wealth Fund for the Falklands

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The Falkland Islands, known to the Argentinians as Islas Malvinas is an island chain located in the Southern Atlantic Ocean. The Falklands comprise of two key islands and more than 700 minor ones. It lies 290 miles from the coast of mainland South America. The islands are currently under the rule of the United Kingdom. There is a possibility of a major oil windfall off the Falklands. For 2012, oil explorers are aiming for 8.3 billion barrels of oil around the Falklands. As major drilling successes come to light, it is increasing political tension between Argentina and the United Kingdom. In fact, the Argentine government is asserting political dominance through various blockade-like threats and measures.

The Falklands have a 200-mile territorial zone that belongs to them. The local government has sold exploration licensing to several companies. In return, the government will levy a 9% royalty fee on the value of all oil & gas that is produced. In addition, the government will also charge a 26% tax on corporate profits derived in this area. The surplus cash may be used to create a sovereign wealth fund to invest income for future generations.

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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