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SWFI First Read, November 9, 2018

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CalSTRS Approves Sacramento HQ Campus Extension

The California State Teachers’ Retirement System (CalSTRS) plans to invest up to US$ 300 million to grow its West Sacramento headquarters campus for future lease. CalSTRS currently occupies 409,000 square feet of space at the building. With work expected to be completed in the middle of 2021, the approved construction of another 275,000 square feet of office space will add more than 200,000 square feet of leasable office space. The building expansion is expected to be financed through lease revenue bonds, which could be green bonds.

Investcorp Bullish on U.S.

At the Investcorp Strategic Partners Conference in Paris, the company’s chairman Mohammed Bin Mahfoodh Alardhi made some statements including to invest more into the United States, due to a booming economy. Investcorp’s U.S. real estate spend is around US$ 1 billion per annum. Investcorp is also looking at senior secured corporate debt opportunities.

Hunter Lewis Liquidates Cambridge Associates’ Shares

Hunter Lewis is a Co-Founder of Cambridge Associates, an investment consulting firm. Lewis is in the process of selling his shares in a pursuit to fund his philanthropic endeavors. Earlier in 2018, Cambridge Associates sold a 20% stake to Brussels-based Sofina SA.

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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