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SWFI First Read, March 9, 2018

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IMF Prods Thailand on Forming a Sovereign Wealth Fund

The International Monetary Fund (IMF) hinted that Thailand should make a sovereign wealth fund. This was revealed by Thai Deputy Prime Minister Somkid Jatusripitak. Thailand has accumulated a large pool of large foreign reserves. Thailand has already heavily studied the option of having a sovereign wealth fund.

Mubadala Could be Selling EMI Music Publishing

Mubadala Investment Company is seeking interested parties for its stake in EMI Music Publishing. Tokyo-based Sony Corporation is in talks with Mubadala on the potential deal. Sony already owns roughly 40% of EMI.

Dual Class Share Companies May Have to Disclose More to SEC

The Securities and Exchange Commission could mandate more disclosure from listed companies with dual-class shares. The SEC Investor Advisory Committee unanimously approved a recommendation to require more disclosure – requesting the commission’s corporate finance unit to “to respond to the increase in dual-class and other entrenching governance structures by continuing to scrutinize disclosure documents filed by companies with such structures.”

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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