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Alabama’s Protective Life Acquires Part of Great-West Life for $1.2 Billion

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In a major deal, Great-West Life & Annuity Insurance Company (GWL&A), a unit of Winnipeg-based Great-West Lifeco U.S. LLC, agreed to sell the majority of its individual life insurance and annuity business to Protective Life Insurance Company for an estimated US$ 1.2 billion, through a reinsurance transaction. The transaction is expected to close in the first half of 2019. Protective Life Insurance will assume the liabilities and administration of insurance policies under the Great-West Financial brand. The deal includes business written by GWL&A, Great-West Life & Annuity Insurance Company of New York and the U.S. branches of GWL&A’s affiliates, The Canada Life Assurance Company and The Great-West Life Assurance Company. The entities not affected by the transaction are GWL&A’s retirement and investment management divisions, Empower Retirement, and Great-West Investments.

Furthermore, Great-West will retain a small block of life insurance policies, which will be administered by Protective Life Insurance, according to the buyer.

Power Financial Corporation, which is a unit of the Power Corporation of Canada is the owner of Great-West Lifeco U.S. LLC, among other companies like retirement-plan record keeper Empower Retirement, Putnam Investments, and Great-West Investments. Protective Life Corporation is a financial service holding company in Birmingham, Alabama. Protective Life Corporation was acquired by The Dai-ichi Life Insurance Company Limited on February 15, 2015.

Advisors

Protective Life’s financial advisor in the deal is Morgan Stanley & Co. LLC, while the company’s legal counsel is Willkie Farr & Gallagher LLP.

China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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