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SWFI First Read, March 1, 2018

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GIC Invests in DoorDash

San Francisco-based DoorDash Inc., which competes with Uber Technologies’ UberEATS program, raised US$ 535 million – giving the company a US$ 1.4 billion valuation. The investment round was led by Japan-based SoftBank Group. Other investors in the round include Sequoia Capital and GIC Private Limited. SoftBank Group is also an investor in Uber and holds two board seats at the company. DoorDash is a food deliver app and is led by its co-founder Tony Xu.

Mubadala Invests in CollectiveHealth

Mubadala Ventures, a unit of Mubadala Investment Company, participated in a US$ 110 million investment round in San Francisco-based CollectiveHealth, Inc. The other new investor was Sun Life Financial. These existing investors participated as well such as New Enterprise Associates (NEA), Founders Fund, GV, and Maverick Ventures.

BNY Mellon Plans to Allocate More Resources in Saudi Arabia

Bank of New York Mellon (BNY Mellon) revealed plans to apply for an asset services license from the Capital Market Authority in Saudi Arabia. BNY Mellon seeks to open an office in Riyadh. BNY Mellon already manages money from Saudi government-linked companies and entities.

GIC Takes a Gamble in Mexican Apartment Developments

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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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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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