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Sovereign Wealth Funds Briefing 05.May 2016

Posted on 05 May 2016 by VRS |  Email |Print

The Qatar Investment Authority is in advanced talks to buy the luxury St. Regis hotels in New York and San Francisco from Starwood Hotels & Resorts Worldwide Inc., according to people with knowledge of the discussions.
The properties may be worth as much as $1 billion, though they could sell for less, said the people, who asked not to be identified because the talks are private. The St. Regis New York, a Beaux Arts landmark on 55th Street off Fifth Avenue, has 238 rooms. The California property, across the street from the San Francisco Museum of Modern Art, has 260 rooms………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat Holding Co. is looking to invest in Saudi Arabia as the country prepares to privatize state-owned entities under the Saudi Vision 2030 plan, MEED reported, citing the fund’s chief executive Mahmood Hashim Alkooheji.
“I think yes. It is a very important market to us,” Alkooheji said during the Euromoney Saudi Arabia conference in Riyadh. “The region offers a lot of opportunities. We have made investments in the UAE, the US and we invested in Spain and hopefully, we will be able to invest with our bothers in the Saudi Arabia as well.”……………………………………….Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Russian and worldwide investors are impressed with the transformational plan proposed by Saudi Arabia to reduce its oil dependency, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told TASS.
“In this way, we will have a public investment fund with the size of more than a trillion, almost $3 trillion”. According to “Vision 2030″, the plan will create a $2 trillion sovereign wealth fund by selling a five percent stake in state-owned oil giant Aramco………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

The most representative case is without a doubt that of the Qatar Investment Authority, Qatar’s sovereign wealth fund, which manages assets worth $304bn. In 2008, the fund spent $1bn on acquiring an investment arm specialising in the agriculture and livestock sector: Hassad Food.
With an investment horizon of 50 to 100 years, the vehicle’s mandate is to make investments in the agrifood sector so as to secure the supply of the country’s halal food in the long term and to obtain juicy returns………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Falling inflows from oil revenue to Norway’s leviathan Government Pension Fund Global (GPFG) will not change the NOK7.1trn (€762bn) sovereign wealth fund’s investment strategy or its need for diversification, according to the fund’s second in command.
Trond Grande, deputy chief executive at Norges Bank Investment Management (NBIM), which manages the GPFG, said in an interview with IPE: “The fund and its investment strategy are basically the same, regardless of growing much more or when there are withdrawals from the fund.”……………………………………….Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Norges Bank Investment Management, which controls Norway’s $900 billion Sovereign Wealth Fund, holds almost 4.7 million shares in Charlotte-based Duke Energy, according to the most recent information available from Securities and Exchange Commission filings.
That is down about 1 million shares from the number of shares Norges held last year. But Norges remains the 18th-largest institutional holder in Duke. It is not yet clear if Norges will continue to hold on to those shares for the Norwegian government fund. The Norwegian parliament voted last year to have the fund consider divesting itself of companies that are overly dependent on coal………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Norway’s $870bn sovereign wealth fund, which owns on average 1.3 per cent of every listed company in the world, has told my colleague Richard Milne that it is launching a crackdown on executive pay.
As I have described before, the fund is already making demands on the companies in which it invests that go well beyond short-term and narrowly commercial considerations. And that is a good thing for the fund’s returns and society at large as the interests of both are more aligned than with the incentives of company management left to its own devices. Extending its interest to outsize executive pay comes not a moment too soon………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Over Jan-Apr 2016 the State Oil Fund of Azerbaijan (SOFAZ) received $1.538 million from the sale of profit oil from oilfield block of Azeri-Chirag-Gunashli (ACG) and gas from Shah Deniz field. SOFAZ reports that out of this amount, $1.493 bn accounted for export of profit oil from ACG and $45 million for sale of profit gas from Shah-Deniz.
“According to estimates, SOFAZ received totally $118.502 bn from the sale of profit oil of Azerbaijan from ACG from 2001 to 1 May 2016 and about $2.5 bn from export of gas from Shah Deniz field from 2007 and before 1 May 2016,” the Fund said………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Malaysia’s Finance Ministry has taken up the recommendations put forward by a parliamentary committee probe into troubled 1Malaysia Development Berhad (1MDB), including the removal of Prime Minister Najib Razak’s veto power over major decisions by the state investor.
The ministry, which wholly owns 1MDB, yesterday also accepted the resignation of 1MDB’s six-member board of directors who offered to quit en masse after the Public Accounts Committee (PAC) tabled its report in Parliament last month………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

1Malaysia Development Bhd., the state-owned investment company that defaulted on a $1.75 billion bond last week, is asking investors to hold off any request for early repayment on its Islamic debt, according to a person familiar with the matter.
1MDB has submitted a request to the trustee of 7.24 billion ringgit ($1.8 billion) of sukuk for a waiver on the “acceleration process” for the bonds, the person said, asking not to be identified because the information isn’t public. The investment firm needs the support of at least 25 percent of bondholders for the waiver, the person said………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Malaysia dissolved the advisory board of state investment fund 1MDB and is set to abolish a clause that gives the prime minister the final say over its investment decisions on Wednesday, as it moves to implement governance reforms recommended by a parliamentary inquiry.
The Malaysian parliament’s public accounts committee last month called for the fund’s advisory board — headed by premier Najib Razak — to be dismantled, following an investigation that found billions of dollars in transactions had not been accounted for………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Singapore state investment company Temasek Holdings Pte is throwing its weight behind a diamond exchange that began trading in the city-state on Thursday, backing the project through venture-capital unit Vertex Venture Holdings.
Investors can trade single stones as well as so-called baskets of investment-grade diamonds electronically for physical settlement, the Singapore Diamond Investment Exchange said in a statement. At first, the exchange aims to support spot trading, with plans for derivatives and exchange-traded products………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

A unit of Temasek Holdings has given a $62 million pool of investments to Argyle Street Management, in the second such allocation by the firm to the Hong Kong asset manager, according to people familiar with the matter.
Mainboard-listed TIH Ltd, the private equity firm owned by Argyle, will manage the investment, which includes stakes in Whiterock Medical, a locally based distributor of medical instruments, and Australian coal operations company Carbon Energy, the people said, requesting anonymity because the information is private………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

Securities regulators are learning how to manage the market, China Investment Corp.’s Larry Zhang, told a US audience on Tuesday. Zhang, who heads public equities at the nation’s sovereign wealth fund, said regulators managed to wipe out $5 trillion worth of market value through their incompetent and mistake-ridden handling of last summer’s market rout.
“It was a disaster how they managed public equity, it created turbulence,” Zhang said during a panel at the Milken Institute Global Conference in Beverly Hills, Calif., on Tuesday………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

China’s securities regulators mismanaged the country’s stock market crash and are learning how to better manage the market, the head of public equities at China’s sovereign wealth fund said on Tuesday, Bloomberg reported.
“It was a disaster how they managed public equity, it created turbulence,” Bloomberg quoted Larry Zhang of China Investment Corp. (CIC) saying at the Milken Institute Global Conference in California. China’s benchmark stock indexes fell over 40 percent from June to January, with regulators widely blamed for mishandling the crisis………………………………………..Full Article: Source

Posted on 05 May 2016 by VRS |  Email |Print

In the world of investing, there are the small players, big players and then the biggest players of all: sovereign-wealth funds, which are state-owned investment funds. The world’s SWFs manage trillions of dollars’ worth of investments on behalf of the governments that raised these funds through different forms of taxes, most frequently, by taxing natural-resource extraction.
The funds are usually set aside for when they are needed but in the meantime are allocated in a wide array of investments. The largest SWF is Norway’s, Norway Government Pension Fund Global, which as of last June controlled $873 billion, according to the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

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