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SWFI First Read, January 28, 2019

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$425 Billion Infrastructure Dream for Saudi Arabia

Saudi Crown Prince Mohammed bin Salman is preparing to disclose a massive plan to develop infrastructure and spur more industries in Saudi Arabia. Saudi Arabia is looking to reignite candles, seeking 1.6 trillion SAR (US$ 425 billion) of capital investment into airports, railways, and industrial projects by 2030.

Possible Cale Street Deal in Intu Derby

Gulf sovereign wealth funds continue to be opportunistic real estate investors across England. The Kuwait Investment Authority (KIA) is a key backer of London-based Cale Street Partners LLP. Cale Street Partners is in discussions to purchase a 50% ownership stake in Intu Derby, originally The Eagle Centre then Westfield Derby. This large indoor shopping center was acquired by Intu Properties Plc in March 2014 from the Westfield Group. Incorporated on July 30, 2014, Cale Street Holdco Limited holds Kuwait Investment Authority’s stake in Cale Street Partners.

Anbang Seeks to Offload U.S. HQ Building in Manhattan

Anbang Insurance Group Company, which is now in the custody of the Chinese government, issued plans to sell its U.S. headquarters based in Manhattan. The 26-storey building is located at 717 Fifth Avenue, New York. Anbang Insurance acquired the 717 Fifth Avenue building from the Blackstone Group in 2015.

CORESTATE Capital Launches Another Micro Living Platform

CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor. CORESTATE is growing its micro-living platform with the launch of JOYN, a new product line for serviced apartments. JOYN is, next to YOUNIQ and Linked Living, CORESTATE’s third own micro-living brand.

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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