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Hagong Intelligent Robot Wins Bid for Nimak

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Jiangsu Hagong Intelligent Robot Co., Ltd., a listed Chinese company, won a bid to acquire 100% ownership of Germany-based Nimak GmbH, a producer of robotic welding guns. Hagong Intelligent Robot will acquire Nimak for 88 million EUR. The transaction requires approval from both Chinese and German regulatory authorities.

Nimak provides products for auto industry giants such as Volkswagen, BMW, Mercedes-Benz, and Ford Motor.

A Changing Company

Hagong Intelligent Robot was formed in 1980 as Chengdu Industrial Exhibition Trust Co., Ltd. In 1991, they changed their name into Chengdu ShuDu Building Co., Ltd. In May 2004, they changed their name into Sichuan Sofcra Special-typed Fiber Co., Ltd. In May 2009, the company was renamed as Sichuan Youli Investment Holding Co., Ltd. In October 2014, the company renamed as Jiangsu Youli Investment Holding Co., Ltd. On August 24, 2017, Jiangsu Youli Investment Holding Co., Ltd. renamed as Jiangsu Hagong Intelligent Robot Co., Ltd.

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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