Stichting Pensioenfonds ABP Ends 2018 in the Negative

Published

2 weeks ago

February 6, 2019

The Netherlands’ pension investor giant, Stichting Pensioenfonds ABP, lost three quarters worth of returns in the raucous markets of late 2018. The US$ 455 billion pension fund lowered its coverage ratio to 97%, down from 104.4% in 2017. The fund lost 4.6% in the last quarter of 2018 and ended the year down 2.3%. ABP Chairman Corien Wortmann-Kool wrote, “In the first three quarters of 2018, the financial position improved step by step. But the stock markets, which turned deep red in the fourth quarter, threw a spanner in the food of investors.” Spanner is a European term for wrench. APG Asset Management oversees the assets of Stichting Pensioenfonds ABP.

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China’s Central Bank Creates Macro-Prudential Management Bureau

Published

41 mins ago

February 17, 2019

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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. ]

Like its U.S. Peers, Legg Mason Seeks to Trim Costs

Published

13 hours ago

February 17, 2019

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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

Published

13 hours ago

February 17, 2019

Site Director

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.