Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e


Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e
Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


Golden Gate Ventures and South Korea's Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia.

The firms are looking to raise around $200 million in funds and already have about $80 million worth of commitments from investors, according to a source familiar with the matter.

Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far.

In a press release, however, the companies said investments will focus on start-ups that are raising funds in the so-called Series B round — at that stage, start-ups have moved past the early development phase, achieved a few important initial milestones, and are looking for financing to grow their businesses to meet user demands.

Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an early-stage venture capital fund in the region.

“Just like there was a Seed-stage gap in 2013 that closed by 2015, then a Series A gap in 2015 that closed by 2017, now there’s a Series B gap that started in 2018,” Vinnie Lauria, a founding partner at Golden Gate Ventures, told CNBC by email.

Seed and Series A refer to early-stage fundraising efforts from new start-ups.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


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Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e


Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e
Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


Golden Gate Ventures and South Korea's Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia.

The firms are looking to raise around $200 million in funds and already have about $80 million worth of commitments from investors, according to a source familiar with the matter.

Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far.

In a press release, however, the companies said investments will focus on start-ups that are raising funds in the so-called Series B round — at that stage, start-ups have moved past the early development phase, achieved a few important initial milestones, and are looking for financing to grow their businesses to meet user demands.

Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an early-stage venture capital fund in the region.

“Just like there was a Seed-stage gap in 2013 that closed by 2015, then a Series A gap in 2015 that closed by 2017, now there’s a Series B gap that started in 2018,” Vinnie Lauria, a founding partner at Golden Gate Ventures, told CNBC by email.

Seed and Series A refer to early-stage fundraising efforts from new start-ups.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


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Large fund firms’ support for combating climate change is all talk

Climate change questions don’t get more fundamental than this one: How much time is left to act before it is too late? Before he died, Vanguard Group founder Jack Bogle said one of the biggest issues the index fund would face in the future is its societal influence. BlackRock, the world’s largest asset manager, and Vanguard Group, the creator of the index fund, manage more than $11 trillion combined. And their market influence continues to grow: Vanguard has attracted roughly $1 trillion in the


Climate change questions don’t get more fundamental than this one: How much time is left to act before it is too late? Before he died, Vanguard Group founder Jack Bogle said one of the biggest issues the index fund would face in the future is its societal influence. BlackRock, the world’s largest asset manager, and Vanguard Group, the creator of the index fund, manage more than $11 trillion combined. And their market influence continues to grow: Vanguard has attracted roughly $1 trillion in the
Large fund firms’ support for combating climate change is all talk Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: eric rosenbaum, getty images, pickstock, matthew davidson, eyeem, hero images, laflor, saul loeb, afp
Keywords: news, cnbc, companies, firms, companies, change, fund, vanguard, talk, funds, large, index, combating, trillion, shareholder, climate, sustainability, support, vote, showing


Large fund firms' support for combating climate change is all talk

Climate change questions don’t get more fundamental than this one: How much time is left to act before it is too late?

Right now the difficulty of answering that question is showing up in a place where many individuals are heavily invested in getting the answer right: The index funds responsible for meeting millions of Americans personal financial goals, from saving for a house, to a child’s education, and a secure retirement.

Before he died, Vanguard Group founder Jack Bogle said one of the biggest issues the index fund would face in the future is its societal influence. Specifically, he meant the need to vote proxies on complex issues such as sustainability at annual meetings held by every publicly traded company and on behalf of so many individual fund shareholders.

BlackRock, the world’s largest asset manager, and Vanguard Group, the creator of the index fund, manage more than $11 trillion combined. Just in ETFs, they manage roughly $2.5 trillion. And their market influence continues to grow: Vanguard has attracted roughly $1 trillion in the past three years alone.

“Larger mutual funds companies, like Vanguard, Fidelity, BlackRock and State Street Global Advisors, can move the market,” said Mindy Lubber, CEO and president of Ceres, a nonprofit organization that works with big investors and companies on sustainability. “They can take a shareholder resolution from 10 percent to 40 percent.”

In 2017 both companies voted to require ExxonMobil to produce a report on climate change, a watershed moment showing what can occur when index funds punch their weight in proxy voting.

Yet shareholder advocates say there have not been nearly enough of those ExxonMobil vote moments.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: eric rosenbaum, getty images, pickstock, matthew davidson, eyeem, hero images, laflor, saul loeb, afp
Keywords: news, cnbc, companies, firms, companies, change, fund, vanguard, talk, funds, large, index, combating, trillion, shareholder, climate, sustainability, support, vote, showing


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Private equity firm TPG says it fired executive charged in college bribery case, but he says he quit

The college admissions scandal that broke earlier this week has put the private equity firm TPG and one of its senior executives in a fight over whether he quit or was fired for cause. “After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG’s statement said. In an email to CNBC around the same time the firm sent its email, a spokesman for McGlashan said h


The college admissions scandal that broke earlier this week has put the private equity firm TPG and one of its senior executives in a fight over whether he quit or was fired for cause. “After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG’s statement said. In an email to CNBC around the same time the firm sent its email, a spokesman for McGlashan said h
Private equity firm TPG says it fired executive charged in college bribery case, but he says he quit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: liz moyer, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, equity, tpg, statement, private, case, executive, quit, fund, fired, standardized, college, test, rise, mcglashan, tpgs, firm, charged


Private equity firm TPG says it fired executive charged in college bribery case, but he says he quit

The college admissions scandal that broke earlier this week has put the private equity firm TPG and one of its senior executives in a fight over whether he quit or was fired for cause.

On Thursday evening, TPG emailed a statement to CNBC’s Leslie Picker that said William McGlashan, who had been the head of its growth buyout fund, had been “terminated for cause.” He had been on administrative leave since Tuesday, after he was charged in the nationwide scheme that involved parents bribing college coaches and arranging for falsified standardized test scores to gain admission for their children to several elite universities.

“After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG’s statement said.

Dozens of people have been charged in the ongoing case.

But McGlashan is disputing the terms of his departure, saying he resigned. In an email to CNBC around the same time the firm sent its email, a spokesman for McGlashan said he has resigned from TPG’s Rise Fund and TPG Thursday afternoon. “The progress we have made is too important for you to be distracted by the issues I am facing personally,” said the text of a message from McGlashan to TPG board members that was forwarded in the spokesman’s email.

TPG Growth has invested in startups like Airbnb and Uber. McGlashan, a Yale and Stanford Business School graduate, also started the Rise Fund, which is aimed at investments that promote social good. The Rise Fund first launched with the musician Bono and raised $2 billion in 2017. The second iteration of the fund recently had its first close of fundraising, which brought in another $1 billion, a person with knowledge of the matter said.

Given the McGlashan’s implication in the college bribery scandal, TPG has told investors that they will have the opportunity to “reaffirm” their commitments to the second Rise Fund, or pull their investment if they so choose, a person said.

Prosecutors allege McGlashan paid $50,000 to the charitable arm of a college admissions counseling firm, which was going to correct his son’s answers on a standardized test to boost the score. They also allege he arranged to fake an athletic profile of his son to help gain him admission to the University of Southern California.

CNBC’s Leslie Picker contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: liz moyer, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, equity, tpg, statement, private, case, executive, quit, fund, fired, standardized, college, test, rise, mcglashan, tpgs, firm, charged


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Don’t know much about ETFs? Here’s an intro

Everyone is always telling you to simplify this, simplify that. You probably already know more than you think you do. Take mutual funds. You probably also know what an index fund is: a variation of a mutual fund that holds a basket of stocks that tries to mirror or track the performance of an index. The best-known indexes are the S&P 500 and the Dow Jones Industrial Average.


Everyone is always telling you to simplify this, simplify that. You probably already know more than you think you do. Take mutual funds. You probably also know what an index fund is: a variation of a mutual fund that holds a basket of stocks that tries to mirror or track the performance of an index. The best-known indexes are the S&P 500 and the Dow Jones Industrial Average.
Don’t know much about ETFs? Here’s an intro Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: jill cornfield, petri oeschger, moment, getty images
Keywords: news, cnbc, companies, mutual, index, intro, dont, probably, etfs, simplify, stocks, know, funds, heres, workout, fund, variation


Don't know much about ETFs? Here's an intro

Everyone is always telling you to simplify this, simplify that. Your closet. Your workout routine. Your financial life.

Great advice, but how do you actually do that?

One thing to do is cut through the noise. And few things are more blaringly confusing than looking at a line-up of investments when you open an individual retirement account (IRA) or sign on to your company’s 401(k) plan.

So many funds, so many names, so many decisions. You probably already know more than you think you do.

Take mutual funds. This is a collection of securities: usually stocks, sometimes bonds. They’re professionally managed by a portfolio manager, so they come with fees. You probably also know what an index fund is: a variation of a mutual fund that holds a basket of stocks that tries to mirror or track the performance of an index. The best-known indexes are the S&P 500 and the Dow Jones Industrial Average.


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: jill cornfield, petri oeschger, moment, getty images
Keywords: news, cnbc, companies, mutual, index, intro, dont, probably, etfs, simplify, stocks, know, funds, heres, workout, fund, variation


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Grab is now valued at $14 billion after landing $1.46 billion from SoftBank’s Vision Fund

Southeast Asian ride-hailing giant Grab said Wednesday it has secured $1.46 billion in new funds from the SoftBank Vision Fund. In its current funding round, Grab has raised more than $4.5 billion with investments from car makers Toyota and Hyundai Motor, tech giant Microsoft, China’s Ping An Capital and U.S.-based asset management company OppenheimerFunds. Following the fresh financing from the Vision Fund, Grab’s valuation now stands at $14 billion, according to a source familiar with the matt


Southeast Asian ride-hailing giant Grab said Wednesday it has secured $1.46 billion in new funds from the SoftBank Vision Fund. In its current funding round, Grab has raised more than $4.5 billion with investments from car makers Toyota and Hyundai Motor, tech giant Microsoft, China’s Ping An Capital and U.S.-based asset management company OppenheimerFunds. Following the fresh financing from the Vision Fund, Grab’s valuation now stands at $14 billion, according to a source familiar with the matt
Grab is now valued at $14 billion after landing $1.46 billion from SoftBank’s Vision Fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: saheli roy choudhury, brent lewin, bloomberg, getty images, afif c kusuma, istock editorial
Keywords: news, cnbc, companies, valued, round, giant, 146, landing, 14, grab, softbanks, interest, vision, company, billion, fund, southeast, funding, current


Grab is now valued at $14 billion after landing $1.46 billion from SoftBank's Vision Fund

Southeast Asian ride-hailing giant Grab said Wednesday it has secured $1.46 billion in new funds from the SoftBank Vision Fund.

In its current funding round, Grab has raised more than $4.5 billion with investments from car makers Toyota and Hyundai Motor, tech giant Microsoft, China’s Ping An Capital and U.S.-based asset management company OppenheimerFunds.

Following the fresh financing from the Vision Fund, Grab’s valuation now stands at $14 billion, according to a source familiar with the matter.

Grab President Ming Maa said in a statement the company has seen “overwhelming shareholder support in our current fundraising round, with strong interest both in terms of capital invested and the quality of strategic partners.”

He added Grab continues to “receive new investor interest” and that it looks forward to “welcoming more global industry leaders as partners in 2019.”

The current funding round started after U.S. ride sharing giant Uber sold its Southeast Asia business to Grab and acquired a 27.5 percent stake in the business, according to Reuters.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: saheli roy choudhury, brent lewin, bloomberg, getty images, afif c kusuma, istock editorial
Keywords: news, cnbc, companies, valued, round, giant, 146, landing, 14, grab, softbanks, interest, vision, company, billion, fund, southeast, funding, current


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The British army is to invest $44 million in a fleet of tiny hand-sized drones

The British army will invest £31 million ($43.5 million) in a fleet of tiny drones in an effort to “outmanoeuvre enemies on the battlefield.” Funding for the mini-drones will come from a £160 million “Transformation Fund,” U.K. Defence Minister Gavin Williamson announced on Wednesday, adding that the fund would inject £66 million into army robotics. British newspaper The Times reported that the drones will be “smaller than a hand” and weigh less than 200 grams. The report added that the fleet wi


The British army will invest £31 million ($43.5 million) in a fleet of tiny drones in an effort to “outmanoeuvre enemies on the battlefield.” Funding for the mini-drones will come from a £160 million “Transformation Fund,” U.K. Defence Minister Gavin Williamson announced on Wednesday, adding that the fund would inject £66 million into army robotics. British newspaper The Times reported that the drones will be “smaller than a hand” and weigh less than 200 grams. The report added that the fleet wi
The British army is to invest $44 million in a fleet of tiny hand-sized drones Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chloe taylor, chesky_w, getty images
Keywords: news, cnbc, companies, fleet, military, tiny, million, technology, drones, handsized, 44, british, army, invest, soldiers, end, fund, exercise


The British army is to invest $44 million in a fleet of tiny hand-sized drones

The British army will invest £31 million ($43.5 million) in a fleet of tiny drones in an effort to “outmanoeuvre enemies on the battlefield.”

Funding for the mini-drones will come from a £160 million “Transformation Fund,” U.K. Defence Minister Gavin Williamson announced on Wednesday, adding that the fund would inject £66 million into army robotics.

The new technology will provide soldiers with an “eye-in-the-sky,” the Ministry of Defence said in a press release Tuesday.

British newspaper The Times reported that the drones will be “smaller than a hand” and weigh less than 200 grams. The report added that the fleet will be used to spy on terrorism suspects and monitor battlefields before soldiers arrive.

Williamson said at a military conference on Tuesday that the tech would be deployed to various locations including Estonia, Afghanistan and Iraq by the end of this year.

“Each of these new technologies will enhance our Army’s capabilities whilst reducing the risk to our personnel and I’m delighted we will be revolutionising frontline technology by the end of the year,” he said.

The army tested a range of products at the end of last year as part of the biggest military robot exercise in British history, “Exercise Autonomous Warrior.”


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chloe taylor, chesky_w, getty images
Keywords: news, cnbc, companies, fleet, military, tiny, million, technology, drones, handsized, 44, british, army, invest, soldiers, end, fund, exercise


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Former bond king Gross says chances of beating the market are ‘much less’ now

Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market. “I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross. Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janu


Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market. “I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross. Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janu
Former bond king Gross says chances of beating the market are ‘much less’ now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jeff cox, lucy nicholson
Keywords: news, cnbc, companies, products, beating, janus, chances, gross, bond, king, told, alpha, fund, henderson, pimco, managers, market


Former bond king Gross says chances of beating the market are 'much less' now

Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market.

A month after announcing his retirement, Gross looked back on his career and took a peek forward at a market that he said is stacked against managers trying to generate alpha.

“I think there are things to look at that still exist in the market that can generate alpha,” the Pimco co-founder and former Janus Henderson fund manager told Bloomberg. “The probabilities of generating historical alpha in the same way are much less than they were.”

Easy central bank monetary policy that is tamping down market volatility makes it difficult for active management. The Federal Reserve and its global counterparts responded to the financial crisis with massive runs of asset purchases while keeping interest rates anchored near zero.

The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross.

“The opportunities are diminished,” he told Bloomberg.

However, as central banks have begun to normalize policy active managers have fared a little better. In 2018, about 43 percent beat their benchmarks, according to Bank of America Merrill Lynch.

Gross, though, saw his unconstrained fund lag behind its competitors since he joined Janus Henderson following a 40-year run at Pimco. The fund has since been renamed the Janus Henderson Absolute Return Income Opportunities Fund and has seen its assets slump to $914.5 million.

One of the problems with finding alpha is the lack of new products, Gross said. He also cited high-speed trading and its use of algorithms. He figures the market probably has gone as far as it can in finding innovative new investment vehicles.

“Markets have gone about as far as they’re going to go from the standpoint of technological promise or new products, which is always dangerous,” he said. “One of the reasons Pimco did so well wasn’t necessarily from the genius of Bill Gross or the investment committee” but was “from our recognition of new products and our willingness to jump on board the train when we had the confidence new products were creditworthy.”

Read the full Bloomberg report here.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: jeff cox, lucy nicholson
Keywords: news, cnbc, companies, products, beating, janus, chances, gross, bond, king, told, alpha, fund, henderson, pimco, managers, market


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Hedge fund BlueMountain nominates Jeff Ubben and 12 others to PG&E board

BlueMountain Capital, a hedge fund with a significant stake in embattled California utility PG&E, announced Friday that it has nominated 13 candidates for election to the company’s board. PG&E shareholders will vote for directors at the company’s annual meeting on May 21, 2019. PG&E “must work collaboratively with the public sector, and make safety, risk management, governance, accountability, and transparency its top priorities,” BlueMountain said. PG&E expects to continue discussions with shar


BlueMountain Capital, a hedge fund with a significant stake in embattled California utility PG&E, announced Friday that it has nominated 13 candidates for election to the company’s board. PG&E shareholders will vote for directors at the company’s annual meeting on May 21, 2019. PG&E “must work collaboratively with the public sector, and make safety, risk management, governance, accountability, and transparency its top priorities,” BlueMountain said. PG&E expects to continue discussions with shar
Hedge fund BlueMountain nominates Jeff Ubben and 12 others to PG&E board Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: thomas franck, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, 12, utility, fund, directors, billion, california, board, camp, bluemountain, ubben, shareholders, jeff, hedge, company, nominates, 2018, pge


Hedge fund BlueMountain nominates Jeff Ubben and 12 others to PG&E board

BlueMountain Capital, a hedge fund with a significant stake in embattled California utility PG&E, announced Friday that it has nominated 13 candidates for election to the company’s board.

The long list of nominees included several longtime executives of the utility and energy industries that the hedge fund hopes will bring to the company “the skills, experience, and commitment that [it] needs.” The list also included Jeffrey Ubben, the founder and CEO of activist firm ValueAct.

Some activists, like Carl Icahn and Bill Ackman, like to take their cases to the media to agitate for change, but ValueAct bills itself as a friendly advisor. PG&E shareholders will vote for directors at the company’s annual meeting on May 21, 2019. Last year, they elected 11 directors to the board.

PG&E “must work collaboratively with the public sector, and make safety, risk management, governance, accountability, and transparency its top priorities,” BlueMountain said. “We believe the company also needs experienced utility executives who will lead the development of a new strategic vision and ensure disciplined execution.

PG&E stock rallied more than 3.5 percent Friday following BlueMountain’s announcement. Shares remain down more than 60 percent over the last six months. BlueMountain owned about 8 million (about 1.55 percent) of PG&E shares at the end of 2018, up from their 0.8 percent stake at the end of September.

“PG&E appreciates the constructive dialogue that it has had with shareholders and other stakeholders throughout this process,” PG&E said in a press release. PG&E expects to continue discussions with shareholders, including BlueMountain, and other stakeholders regarding the appropriate composition of the Board.”

The nomination of 13 new directors comes as the state’s largest utility faces mounting financial turmoil for its role in a number of destructive wildfires over the past two years. Though a final determination hasn’t been made yet, PG&E said Thursday that it believes it’s “probable” that the utility’s equipment will be found to be the source of the 2018 Camp Fire, the deadliest in California’s history.

That fire resulted in 86 civilian deaths and the destruction of 13,972 residences, according to California’s government.

Based on the early findings of the California Public Utilities Commission, or CPUC, the company said it is including a $10.5 billion pretax charge related to third-party claims in connection with the 2018 Camp Fire in its full-year and fourth-quarter 2018 financial results.

“The company is facing extraordinary challenges relating to the 2018 Camp Fire and 2017 Northern California wildfires,” the company said in a release. “Management has concluded that these circumstances raise substantial doubt about PG&E Corporation’s and the Utility’s ability to continue as going concerns.”

The power provider filed for bankruptcy in January and asked the court to approve a $5.5 billion debtor-in-possession financing, it said in a statement. Expected costs for the company tally up to as much as $30 billion, beyond what the company says it’s able to manage.


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: thomas franck, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, 12, utility, fund, directors, billion, california, board, camp, bluemountain, ubben, shareholders, jeff, hedge, company, nominates, 2018, pge


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