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SWFI First Read, March 12, 2018

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Funding Circle Preps for IPO

Online lender Funding Circle Ltd., which is partly backed by sovereign wealth such as Temasek Holdings and venture capital firms such as Union Square Ventures, seeks to have an initial public offering (IPO). Funding Circle hired Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch and Numis Corporation to manage the IPO.

China’s National People’s Congress Will Vote on New Central Bank Governor

The People’s Bank of China (PBOC) will have a new central bank governor as Zhou Xiaochuan will be exiting. The National People’s Congress will vote on March 19, 2018 to appoint a new central bank governor.

PBOC Governor Notes Physical Cash Could be Obsolete

People’s Bank of China Governor Zhou Xiaochuan on March 9, 2018 at a press conference in Beijing made it known that the central bank is looking into digital currencies and that physical cash one day could be obsolete in China.

BIS Believes China, Canada and Hong Kong are Most at Risk for Next Banking Crisis

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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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