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Friday SWFI News Roundup, August 7, 2015

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GIC Possible Assist in Worldpay Bid

Private equity giants Blackstone Group and Hellman & Friedman are teaming up to acquire U.K.-based Worldpay, a payments processing company that is trying to float £6 billion onto the London stock exchange. The private equity group may include Singapore’s GIC Private Limited to have additional financial firepower in the deal. Worldpay is currently owned by private equity firms Bain Capital and Advent who acquired the company from the Royal Bank of Scotland (RBS).

New York State Teachers’ Retirement System Awards Grosvenor RE Debt Mandate

The New York State Teachers’ Retirement System (NYSTRS) hired Grosvenor Capital Management to manage a US$ 100 million separate account. The allocation will target real estate debt, placing money with emerging real estate debt managers. The money will target a net IRR of around 9% to 10%.

Furthermore, NYSTRS extended its contract one year starting in September with Cohen & Steers Capital Management on a separate account REIT mandate. NYSTRS invested with Cohen & Steers back in 2007 with a US$ 100 million allocation. As of June 30, 2015, the market value of the account is US$ 165.6 million.

GIC Bets on East Germany Real Estate

In early August, Singapore’s GIC Private Limited acquired a more than 10% shareholding in Berlin-based TLG IMMOBILIEN, a real estate company that targets commercial property in east Germany.

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Oman Antimony JV Slightly Alters Capital Structure to Favor Debt

London-based Tri-Star Resources PLC, a mining company, basically agreed in principle to change the capital structure of its holding joint venture company which is building a 20,000 ton per year antimony processing facility in Oman. The development is part of the greater the Oman Antimony Roaster project. The joint venture company is called Strategic and Precious Metals Processing LLC and Tri-Star Resources owns a 40% stake in it. Other investors in the JV are the Oman Investment Fund and DNR Industries Ltd, which was formerly known as Castell Investments Ltd. Total funding for the project had not been modified from US$ 70 million. What is changing is the mix of funding, using more debt and less equity. Under the amended terms, US$ 15 million in equity is being provided by the JV partners versus the previous US$ 20 million. This is while a US$ 15 million mezzanine loan is being used over the previous US$ 10 million mezzanine loan.

Qatari Diar and JV Partner Unloads 2 London Buildings

The joint venture between Qatari Diar Real Estate Investment Co., a unit of the Qatar Investment Authority (QIA) and Canary Wharf Group (controlled now by QIA and Brookfield Property Partners LP), agreed to sell two London office buildings located in South Bank district to Almacantar SA for more than £550 million pounds. Almacantar is headed by Land Securities Plc executive Mike Hussey.

Origin Energy Lists Stake in Contact Energy for Sale

Macquarie Capital has been hired to sell Origin Energy’s NZ$ 1.81 billion stake in Contact Energy. Possible investors include Australia investors and Asian sovereign wealth funds.

Saudi Arabia’s Foreign Reserves Keep Falling

Saudi Arabia’s net foreign reserves dropped to 2.492 trillion riyals (US$ 664.5 billion) in June. This is down 1.2% from May 2015. Reserves are at their lowest levels since March 2013. In June, SAMA sold US$ 32.4 billion of securities, while boosting deposits to US$ 22.9 billion.

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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