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Mirae Exits, Amundi Picks up Taiwan Business

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Paris-based Amundi signed a deal to acquire the Taiwan fund business of Seoul-based Mirae Asset Global Investments. The deal was effective February 1, 2019. This move will enable Amundi to offer onshore funds in Taiwan. Mirae Asset Financial Group is the parent of Mirae Asset Global Investments.

Amundi is keen on increasing its presence in Asia, especially in the Taiwanese retirement and life insurance markets. At December 31, 2018, Amundi had US$ 5 billion in assets in Taiwan.

On January 28, 2011, Mirae Asset Global Investments inked a deal to acquire a 60% stake in TLG Asset Management Co., Ltd., a subsidiary of Taiwan Life Insurance Company Limited. TLG Asset Management in October 2010 had US$ 270 million in assets under management. That deal enabled Mirae Asset Global Investments to provide Taiwanese investors with both onshore and offshore fund products.

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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