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PSP Investments, Digital Bridge and TIAA Buyout Vantage Data Centers

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According to data from the Sovereign Wealth Fund Institute (SWFI), there has been a tremendous increase over the past three years in public institutional investors directly investing into data centers.

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On March 27, 2017, an investor group made up of Public Sector Pension Investment Board (PSP Investments), TIAA Investments (an affiliate entity of Nuveen), and Boca Raton-based Digital Bridge Holdings LLC acquired Santa Clara-based Vantage Data Centers, a company that owns and operates data centers from private equity firm Silver Lake Partners. TIAA Investments made the investment on behalf of TIAA’s general account. Silver Lake was hoping to fetch an excess of US$ 1 billion including debt for the deal, according to sources.

Digital Bridge Holdings was formed in 2013 by Marc C. Ganzi and Ben Jenkins, raising over US$ 6.5 billion in equity and debt capital to acquire and invest in data centers, towers and fiber/small cells. Ganzi was the Chief Executive Officer and sole Founder of Global Tower Partners. GTP was acquired by American Tower Corporation in October 2013. Ben Jenkins is a former Blackstone Group executive. This deal adds to its portfolio of current portfolio holdings such as Dallas-based DataBank, ExteNet Systems, Vertical Bridge, Andean Tower Partners, and Mexico Tower Partners.

Per deal terms, Mike Foust, Senior Advisor to Digital Bridge and former CEO of Digital Realty will join the Vantage board of directors as Chairman. Also joining the Vantage Data Centers’ board of directors is Raul Martynek of Digital Bridge.

A Former Intel Data Center

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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.

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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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