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SWFI First Read, February 7, 2019

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Tencent Could be an Investor in Reddit

Social news aggregating major Reddit could raise between US$ 150 million to US$ 300 million by Tencent Holdings Limited. Other investors could join in the investment round. Reddit is currently banned in China.

CDP and Angolan Ministry of Finance Spearhead FDI in Angola

On February 6, 2019, the Cassa Depositi e Prestiti (CDP) and the Ministry of Finance of the Republic of Angola signed an agreement which aims to support Italian companies to invest in Angola. Up to US$ 300 million will be allocated to such efforts. The Italian companies could invest in a wide range of Angolan industries such as tourism, agribusiness, infrastructure, renewable energy, and manufacturing.

Mitsui Leads Private Placement in Minh Phu

Japanese conglomerate Mitsui & Co. participated in a private placement of Vietnamese seafood processor Minh Phu Seafood Corporation. There were four other investors in the 75.72 million share private placement worth an estimated US$ 152.7 million in capital based on a recent stock price of the company. The other investors came from the United States, South Korea, and Japan. Mitsui committed US$ 100 million in the Minh Phu private placement. On November 14, 2013, Mitsui acquired 31% of Hau Giang Seafood Processing Company, an affiliate of Minh Phu, for 400 billion VND.

Cube Highways to Purchase Hybrid Annuity Model Project in Tamil Nadu, India

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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.

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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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