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Mubadala Surpasses $225 Billion in Assets, Post-ADIC Merger

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Abu Dhabi-based Mubadala Investment Company released its pro forma half-year 2018 financial and operational highlights. What’s interesting to note is that the financials now include the figures from the Abu Dhabi Investment Council (ADIC). ADIC merged into Mubadala a while back. Total assets of Mubadala, which now include ADIC, totaled 832 billion AED (US$ 226.484 billion), while total equity was at 583 billion AED for the period ended June 30, 2018. Profit for the half year period totaled 10.9 billion AED. Mubadala is in the midst of portfolio realignments. The state-owned entity took over International Petroleum Investment Company (IPIC) and then ADIC.

According to the release, Group Chief Executive Officer and Managing Director, Khaldoon Khalifa Al Mubarak, said, “In the first half of the year, we continued to deploy capital in new sectors and geographies, in line with our long-term strategy. We also monetized select assets at good valuations, to deliver financial returns. And, the decision to bring the Abu Dhabi Investment Council into the Mubadala Group has increased the scale and breadth of our portfolio.”

For Mubadala, some of these changes include investing more in technology and ramping up capital spending in the petrochemcial sector. During the first half of 2018, Mubadala revealed plans to form a US$ 400 million venture fund to invest in leading European technology companies. Mubadala also increased activity in Silicon Valley by backing startups and founder-led growth companies.

Law firm Squire Patton Boggs advised on the due diligence phase of the mergers between the sovereign wealth funds.

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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