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Friday SWFI News Roundup, January 2, 2015

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WCAS Closes on 12th Flagship Fund

New York-based Welsh, Carson, Anderson & Stowe (WCAS) raised US$ 1.7 billion on December 29th for its first close on Welsh, Carson, Anderson & Stowe XII. This is the private equity firm’s 12th flagship fund. The fund plans for additional closes in 2015. WCAS Co-Founder Welsh worked at Citicorp for 8 years in the bank’s venture capital group before forming the private equity firm in 1979.

Masdar Begins PV Projects in the Pacific

Masdar, also known as the Abu Dhabi Future Energy Company and owned by Mubadala Development Co., initiated its US$ 50 million worth of photovoltaic (PV) projects in Kiribati, Fiji, Tuvalu and Vanuatu. These four solar PV plants plan to deliver 1.8 MW of renewable energy to the island countries. The PV developments are being financed from the Abu Dhabi Fund for Development’s US$ 50 million UAE-Pacific Partnership Fund. In November 2013, Masdar completed the La’a Lahi “Big Sun” solar plant in Tonga.

Temasek Weighs Options on Standard Chartered

Temasek Holdings controls an 18% equity interest in Standard Chartered. The bank has struggled in the markets. Industrial and Commercial Bank of China (ICBC) and Bank of China have approached Temasek about acquiring the sovereign wealth fund’s share in the bank. Another option is Standard Chartered merging with Singapore-based DBS Bank Ltd.

CalPERS Hires Two Lobbyists in DC

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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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