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SWFI First Read, March 7, 2018

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Gary Cohn Leaves White House

On March 6, 2018, National Economic Council Director Gary Cohn, the top White House economic policy adviser, resigned. Financial news reports the resignation is over U.S. President Donald Trump’s position on tariff policy.

S&P Global Acquires Kensho

S&P Global acquired Kensho, a Cambridge, Massachusetts-based
provider of artificial intelligence (AI) analytics for a price tag of roughly around US$ 550 million in cash and stock. Goldman Sachs was an early backer and adopter of Kensho and its products. In 2017, S&P Global led a US$ 50 million investment into Kensho at a valuation of US$ 500 million.

Keith Fujii to Head LaSalle Investment Management in Japan

LaSalle Investment Management named Keith Fujii as CEO and president of Japan. Fujii will be based in Tokyo. Fujii will become representative director and president of LaSalle Investment Management K.K., and join the board of directors at LaSalle REIT Advisors K.K., asset manager to the company’s Japan logistics REIT, LaSalle Logiport REIT. Previously, he was CEO of Ishin Hotel Group.

Victory Capital Increases Position in Cerebellum Capital

Victory Capital Holdings increased its ownership position in Cerebellum Capital, a hedge fund. In December 2016, Victory Capital Holdings made its first investment in Cerebellum Capital. At the end of 2017, Cerebellum Capital managed US$ 391 million according to ADV filings.

Melina Barber to Exit Harvard Management Company

Melina Barber, a Managing Director at Harvard Management Company (HMC), plans to leave the entity at the end of the month. Barber works in private equity at HMC. Barber moving over to Pilot House Associates, which manages money for billionaire Amos Hostetter Jr. Hostetter Jr. is an American businessman, who was the founder, chairman, and CEO of Continental Cablevision.

Ivanhoé Cambridge Aligns Interest, Buys Stake in Peel Logistics Property

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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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