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SWFI First Read, May 3, 2017

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BVK Buys a Retail Center in Atlanta Suburb

On behalf of Bayerische Versorgungskammer (BVK), CBRE Global Investors and Universal-Investment, have acquired the North Point MarketCenter in Alpharetta. Alpharetta is a suburb of Atlanta, Georgia, for roughly US$ 109 million. CBRE Global Investors plans to make improvements to the property. The seller was PGIM Real Estate. The property is located at 6200 N. Point Parkway.

Norway’s Sovereign Wealth Fund Challenged in Singapore and Japanese Real Estate

Norges Bank Investment Management’s CEO Yngve Slyngstad told Norway’s Finance Committee that he does “not see attractive property projects in Singapore and Tokyo today.”

Aberdeen Asset Management Hires New COO for APAC Region

Aberdeen Asset Management named Vance Duigan as chief operating officer of the Asia-Pacific region. Duigan replaces Andrew Narracott. Vance Duigan is a former executive at Goldman Sachs.

Turkey Wealth Fund Looks to Partner with IDB on Islamic Mortgages

The Turkey Wealth Fund inked a deal with the Islamic Development Bank (IDB) to explore the formation of Islamic mortgages and different types of opportunities.

Sullivan & Cromwell Partner Jay Clayton to Head SEC

The U.S. Senate has confirmed Jay Clayton to lead the U.S. Securities and Exchange Commission (SEC). Clayton won approval from the Senate in a 61 to 37 vote. Clayton is a Partner at law firm Sullivan & Cromwell LLP.

Korea’s NPS Seeks to Unload Sony Center in Berlin

South Korea’s National Pension Service (NPS) is looking to sell its ownership stake in the Sony Center in Berlin. NPS hired Eastdil Secured and BNP Paribas Real Estate to find buyers. NPS invested in the property in 2010 which is located in Potsdamer Platz.

South Korea’s Construction Workers Mutual Aid Association Select Goldman Sachs and Park Square Capital for Mandates

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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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