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CDPQ and CKD IM to Acquire Enel Renewable Energy Assets in Mexico

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Caisse de dépôt et placement du Québec (CDPQ) and CKD Infraestructura México S.A. de C.V. (CKD IM), an investment vehicle funded by some of Mexico’s largest pension investors, acquired an 80% stake in a portfolio of wind and solar assets owned by Enel Green Power México S.r.l. de C.V, the Mexican unit of Italian renewable energy company Enel Green Power (Enel), in a deal worth US$ 1.35 billion. This transaction blueprints the “Build, Sell and Operate” aka BSO model, which is being used by many in the renewable energy infrastructure space.

Milestone Deal in Mexican Renewable Infrastructure

The transaction will mark the investment platform’s first venture in the renewable energy sector since its creation in 2015, joining CDPQ and CKD IM’s portfolio of investments in Mexican road and telecommunication infrastructure. The Mexican government has set a goal of generating 40% of its power supply from renewable energy sources by 2035.

“This transaction broadens our exposure in renewable energy alongside a leading operator,” said Macky Tall, Executive Vice-President of Infrastructure at CDPQ in a press release. “By creating a platform with key Mexican partners in 2015, we wanted to be positioned to identify the best opportunities in Mexico, a priority market for CDPQ.” Mr. Tall was ranked eighth in SWFI’s fifth annual Public Investor 100 list, which includes some of the most significant and impactful public investor executives of 2017.

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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.

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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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