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China Southern Power Grid to Acquire Stake in Luxembourg Utility Giant

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In a deal valued at US$ 468 million, Ardian announced the sale of its 25.48% stake in European utility giant Encevo S.A. Encevo is now partially in the hands of state-owned China Southern Power Grid Company Limited (CSG), as of July 31, 2018. Ardian is a private investment house with assets of US$ 71 billion managed or advised in Europe, the Americas, and Asia. Ardian invests on behalf of sovereign wealth funds and other third-parties. Guangzhou-based CSG invests in and constructs power networks in several Chinese provinces, as well as Chile, Malaysia, Vietnam, and Laos.

The sale includes Encevo’s two subsidiaries, Creos and Enovos Luxembourg. Creos is responsible for managing electricity and gas grids. Enovos Luxembourg sells energy in Luxembourg and Germany. CSG is currently focusing on promoting green energy, which will have little adverse impact on the environment. Encevo was also investing in renewable energy. As a result, Encevo was especially attractive to CSG.

28% of Encevo is owned by the Luxembourg state, 15.61% of the entity is owned by the City of Luxembourg, while 14.2% is owned by Société Nationale de Crédit et d’Investissement (SNCI). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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Mubadala and SAMI Forge Ties to Explore Areas of Collaboration

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Mubadala Investment Company and Saudi Arabia Military Industries Company (SAMI), which is a defence company owned by Saudi Arabia’s Public Investment Fund (PIF), agreed to a deal to partner and co-invest in defense manufacturing. This partnership grows defence ties between Saudi Arabia and the United Arab Emirates.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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