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Doha Global Investment’s IPO Postponed Until Authority Approvals

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doha_buildingsDoha Global Investment Co., the investment company partially-backed by Qatar Holding LLC, has postponed their initial public offering on the Qatar Exchange to a new date. The investment company plans to manage $12 billion in assets, in which $3 billion of assets will be transferred from Qatar Holding into the new entity. The new vehicle will invest in assets such as equities, real estate and direct investment in companies. The government of Qatar is attempting to use Qatar Holding’s investment platform and create a similar entity, so the Qatari citizens can partake in international investments under the government umbrella.

Hussein Ali al-Abdullah, acting chairman of both Qatar Holding and the bourse, said in a statement that the IPO has been postponed “until all requirements and approvals from the concerned authorities are obtained.”

Only citizens, companies and institutions in Qatar can invest in the IPO. Credit Suisse is the advisor on the IPO for Doha Global Investment.

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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