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SWFI – Movers and Shakers – January 29, 2015

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UC Investment Office Hires Scott Chan

The University of California’s Office of the Chief Investment Officer of the Regents, which manages the system’s endowment, retirement and operational assets, has hired Scott Chan. Chan has been named senior managing director of public equity. Chan is coming from the Sacramento County Employees’ Retirement System (SCERS), where he started in 2010 from a hedge fund. Chan will start on February 17, 2015.

Franklin Templeton Hires Murphy from BlackRock

Elizabeth Murphy was appointed senior vice president of institutional sales at Franklin Templeton Investments. She will report to Scott Lee, head of institutional, United States at Franklin Templeton. Murphy was a director at BlackRock, augmenting relationships with clients and investment consultants. Before BlackRock, Murphy was in a similar role at Deutsche Asset Management.

DCM Ventures Promotes Honda to General Partner

DCM Ventures recently promoted Osuke Honda to general partner. He joined the venture capital firm in 2007. Some of his investments include Daum Kakao Kosdaq: 035720, Happy Elements, Freee, Scigineer, Tab, RealScout and LASO. Osuke was a principal and operation committee member at Globis Capital Partners.

DCM Ventures was formed in 1996.

UBS Hires Koo from HSBC

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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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Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

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In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

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