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Sovereign Wealth Funds Briefing 02.Sep 2015

Posted on 02 September 2015 by VRS |  Email |Print

Australia’s sovereign wealth fund has warned of lower returns after a strong performance in the past year as the Future Fund reduces risk ahead of the transition to a tightened global monetary policy environment.
The Future Fund today said the total value of the fund rose to $117.2 billion over the 12 months to June 30, increasing $15.6bn in the period to give a return of 15.4 per cent. But managing director David Neal warned that “prospective returns will likely to be harder to achieve given the run up in asset prices and a somewhat mixed global economic and market outlook”………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Australia’s sovereign wealth fund boosted its cash holdings to a six-year high to curb risks and said returns may be lower going forward amid concerns about the global economic outlook.
The Future Fund said cash made up 19.5 percent of its A$117.2 billion ($82 billion) of assets under management as of June 30, up from 11.2 percent last year. It returned 15.4 percent in 2014-15 and warned that “prospective returns will likely be harder to achieve given the run up in asset prices and a somewhat mixed global economic and market outlook.”……………………………………….Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Future Fund chairman Peter Costello strongly backed fossil fuel miners and said the $117 billion sovereign wealth fund will not join the global fossil fuel divestment push. Announcing a 15.4 per cent return on the fund’s $100 billion-plus portfolio, Mr Costello said the fund would continue to be a big holder in mining giants BHP Billiton and Rio Tinto and the banks that fund them.
“Unless parliament passes a law so that we are in breach of statute, we’ll continue to invest in companies where there is an investment case, whether they are banks or fossil fuel companies or banks lending to fossil fuel companies,” Mr Costello said………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Australia’s sovereign wealth fund The Future Fund has shifted more of its assets into cash as it fears rising investment risks that won’t be matched by higher returns. In a portfolio update released on Wednesday, the fund showed it had moved an extra $5 billion into cash since its March update to make it more than 20 per cent of the total portfolio.
The cash balance has more than doubled since September last year, when the Future Fund held $10 billion. The Future Fund delivered a strong 15.4 per cent return for the financial year to June 30, or $15.6 billion. Investment returns are now at $56.7 billion, pushing its assets up to $117.2 billion………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

The Canada Pension Plan Investment Board (CPPIB), one of the world’s biggest pension funds, and Singapore’s sovereign wealth fund GIC are serious candidates to buy a significant minority stake in Tata Technologies, the automotive and aerospace engineering design services unit of the Tata Group.
US private equity giant Carlyle is also among the contenders for the stake purchase in the 21-year-old company with an asking valuation of more than $1 billion as the stake sale process run by Citigroup gathers momentum, people directly familiar with the matter said………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Kazakhstan and China have signed 25 agreements worth $23 billion, aiming to move cooperation dominated by raw materials to products with greater added value, the official site of the Kazakh president and the state-run wealth fund said on Tuesday.
Kazakhstan’s sovereign wealth fund Samruk-Kazyna issued a statement later, saying it had signed deals worth $5.1 billion with Chinese companies as part of the package of contracts agreed during Nazarbayev’s visit. The deals included transport and energy projects and also covered nuclear, metallurgical and chemical industries, said Samruk, which manages state-owned stakes in branches of the economy………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Dr Akinwumi Adesina, the newly installed President of the African Development Bank (AFDB) has said that African country would have to set up more Sovereign Wealth Funds to help withstand the next downturn as a result of plunging commodity prices, Bloomberg Reports.
According to Adesina, “will allow countries to have fiscal buffers and liquidity buffers to this kind of shock.” He added that the current crisis is not the only one that would be experienced as “there’s still going to be a lot of disquiet in the market going forward.”……………………………………….Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

Edo State Governor, Mr. Adams Oshiomhole, monday asked the former Minister of Works, Mr. Mike Onolemhemen, to explain how a whopping sum of $700 million meant for second Niger Bridge was expended. The governor also lamented the grave conditions of federal roads in Edo State, which he said, had become impassable due to what he attributed to the failure of the Jonathan administration to make critical interventions.
He expressed disappointment in a statement by his Chief Press Secretary, Mr. Peter Okhiria, over Onolemhemen’s reaction to alleged mismanagement of $700 million taken from the Sovereign Wealth Fund (SWF) for the Second Niger Bridge project………………………………………..Full Article: Source

Posted on 02 September 2015 by VRS |  Email |Print

The State General Reserve Fund (SGRF), Oman’s sovereign wealth fund and Oman Oil Company (OOC) , the government’s investment arm in the energy sector, have signed a strategic cooperation partnership pact. A press release stated that the pact comes in light of the commitment of both sides to contribute in developing the economy through diversifying the national income and enhancing in-country value (ICV).
The partnership between SGRF and OOC will focus on areas such as the development of human capital, supporting SMEs and knowledge transfer. “This partnership has been established because we at SGRF believe in the importance of cooperation and integration between various investment bodies in the sultanate, to serve the objectives of the fund in building national capacities, localising knowledge and expertise, and enhancing ICV………………………………………..Full Article: Source

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