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Keppel Corporation to Acquire 50 Percent Stake in Watermark Retirement Communities

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Singapore-based Keppel Corporation, through its wholly-owned subsidiary, Keppel Capital Senior Living LLC, which is held through Keppel Capital Holdings Pte. Ltd. (Keppel Capital), purchased a 50% ownership stake in Tuscon, Arizona-based Watermark Retirement Communities. Watermark Retirement Communities is a major senior housing operator in the United States. The transaction price was approximately US$ 77.3 million. The transaction is being conducted in three tranches, with the first tranche aimed to take place by April 2019.

The transaction also includes 50% of the minority interests held by Watermark’s owners in certain retirement communities managed by Watermark. Watermark manages 52 senior housing communities across 21 states. Watermark’s predecessor company, The Fountains, was founded in 1987 with its original development, The Fountains at La Cholla, located in Tucson, Arizona, where Watermark is based.

In Asia, Watermark has formed Watermark Senior Living China Limited, targeting the Greater China region. Watermark is also engaged in a joint venture operating company with state-owned China Taiping Insurance Holdings Company Limited to manage its senior living projects across China.

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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