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SWFI First Read, April 25, 2017

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Ex-BlackRock Joseph Linhares to Head EMEA at Russell Investments

Joseph Linhares was named Head of Europe, Middle East and Africa (EMEA) at Russell Investments. He will report to Len Brennan, CEO of Russell Investments. Previously, Linhares was Global Head of Platinum Accounts at BlackRock Inc. Linhares was an early employee of iShares, which was owned by Barclays Global Investors (BGI) before its sale to BlackRock. Linhares was succeeded by Sarah Melvin at BlackRock with regard to the platinum accounts role.

Korea GEPS Names New Chief Investment Officer

The Government Employees Pension Service (GEPS) of South Korea named Chang-hoon Lee as its new chief investment officer. Lee is the former Head of Prudential Financial’s investment unit, Prudential Asset Management Company, in South Korea. He was CEO and CIO at the Prudential Financial unit from 2005 to 2010. Before that, he was a Senior Equity Manager at Samsung Investment Trust Management (now Samsung Asset Management Co. Ltd.).

Lee succeeds Young-gwon Choi who served a three-year CIO term. Choi has moved onto being CEO of HI Asset Management Co. Ltd.

Potential SMRT Deal to Sell Cab Business to Grab

Temasek Holdings owns SMRT, after it was delisted in 2016. SMRT is in discussions to sell its taxi division to Grab. Part of the potential deal includes SMRT getting a stake in Grab. SMRT is currently the third biggest taxi cab company in Singapore, which has been in business for 27 years.

PSP Investments and Partners Group Finalize Cerba Healthcare Deal

On January 22, 2017, Partners Group, acting on behalf of clients, and PSP Investments, agreed to acquire Cerba Healthcare, a European medical laboratory services provider, from PAI Partners. On April 20, 2017, the deal was completed.

Man GLG Hires for Head of Machine Learning

Man GLG hired William Ferreira as head of machine learning. This is a new position. Previously, Ferreira was at Florin Court Capital.

Federated Investors to Make Push into the Asia-Pacific Region

Pennsylvania-based Federated Investors is seeking to expand its business in the Asia-Pacific region. The company appointed Bill Taki as its chief executive officer of Federated Investors Asia Pacific. Previously, Taki worked at Phoenix Global Capital Management. Federated Investors also named Bill Mukai as managing director and head of Asia-Pacific client relationships.

RDIF, Mubadala and Investors Invest in Two Logistic Facilities in Russia

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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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Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

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In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

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