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Mumtalakat Holding Witnesses Asset Grow for 2017

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Bahrain’s Mumtalakat Holding Company released its 2017 consolidated financial statements. Consolidated assets grew to 5.8 billion BD (US$ 15.4 billion), a large increase of 46.4% compared to 2016 financial figures. The rise in assets was attributable to gains from Mumtalakat portfolio companies including the consolidation of McLaren Group Ltd. and Alba’s Line 6 project. Mumtalakat’s cash balances also increased. Alba is the country’s government-controlled aluminum producer.

Mumtalakat had committed 104 million BD (US$ 277 million) to new investments in 2017. 65% of Mumtalakat’s portfolio is in Bahrain and the Middle East, while 27% of its assets are in Europe and 8% are in the United States.

In a press release, Mahmood H. Alkooheji, Chief Executive Officer of Mumtalakat commented, “We reported net profits for the fifth consecutive year, reflecting the success of our investment model as we continue to invest in and for Bahrain while managing our portfolio with a commercial mindset.”

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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