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SWFs Eye Investment in DB Asset Management Unit

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Deutsche Bank AG is gaining traction on the spin out of its asset management unit known now as DWS – seeking to list around 25% of the unit’s shares on the Frankfurt stock exchange. Among interest cornerstone investors for the asset management unit include Japanese insurer Nippon Life, BlackRock, George Soros, Temasek Holdings and Saudi Arabia’s Public Investment Fund (PIF). Some of the largest shareholders in Deutsche Bank include HNA Group and the Qatari royal family – which are not expected to invest in the IPO of the asset management unit or at least in a significant part.

Deutsche Bank is headed by John Michael Cryan who guided UBS through the financial crisis and joined Temasek Holdings in 2011 as President of Europe. He joined Deutsche Bank in June 2015.

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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