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SWFI First Read, March 14, 2018

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Blackstone Vehicle Buys Stake in Rockpoint Group

The Blackstone Strategic Capital Holdings Fund is a permanent capital vehicle that acquires stakes in alternative managers. The fund vehicle is managed by Blackstone Alternative Asset Management, a unit of the Blackstone Group. The Blackstone Strategic Capital Holdings Fund purchased a minority equity stake in Rockpoint Group, a Boston-based global real estate investment management firm.

PSP Investments Invests in Learning Care Group

PSP Investments and American Securities LLC announced a significant equity investment in Novi, Michigan-based Learning Care Group (US) Inc. by PSP Investments. American Securities first partnered with Learning Care Group in 2014 and remains the controlling shareholder.

Arnold & Porter Kaye Scholer LLP acted as legal advisor, and Morgan Stanley and BMO acted as financial advisors to Learning Care Group.

The financial advisor for PSP Investments was Barclays and the legal advisor was Sidley Austin LLP.

Prudential PLC to Spin Off M&G Prudential

European insurers are trying to alleviate the higher costs of the new solvency regulations. London-based insurer Prudential PLC (not to be confused with Prudential Inc.), is cutting off its M&G Prudential business (which as £351 billion in assets under management). The M&G Prudential business targets the United Kingdom and Europe. As part of the deal, M&G Prudential will sell its £12 billion of shareholder annuity in Rothesay Life. Post-deal, shareholders will hold interests in both Prudential PLC and M&G Prudential.

Libya Africa Investment Portfolio Considers Investment in Morocco

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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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