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LACERS Terminates Boston Company Asset Mandate

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The Los Angeles City Employees’ Retirement System (LACERS) has terminated Boston Company Asset Management, LLC for an active equities mandate. According to LACERS July board minutes, the asset manager was dropped for lackluster performance reasons. Boston Company Asset Management, a subsidiary of BNY Mellon, had a US$ 190 million global emerging markets equities mandate. They were initially hired in January 2003.

Annualized Performance as of March 31, 2014 (Net-of-Fees)

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Northern Trust Names New Chairman

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Northern Trust Corporation named a new chairman after Frederick H. Waddell, age 65, announced his intentions to step down effective January 23, 2019. Waddell has been with Northern Trust for 43 years, serving nine years as chairman (since November 2009) of the custodial and asset management giant. Waddell ended his decade-long position as CEO on December 31, 2017. Waddell, who holds a bachelor’s degree from Dartmouth College and an MBA from Northwestern University, joined Northern Trust in 1975.

Michael O’Grady, currently Chief Executive Officer and President of Northern Trust, will assume the additional title of Chairman. O’Grady has served as Chief Executive Officer of Northern Trust Corporation since January 1, 2018, and as President since January 1, 2017. From 2014 to 2016, he served as President of the Corporate & Institutional Services business. Prior to that, O’Grady served as Executive Vice President and Chief Financial Officer of Northern Trust Corporation.

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Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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