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Sovereign Wealth Funds Briefing 01.Oct 2014

Posted on 01 October 2014 by VRS |  Email |Print

In an unusual move, Norway’s central bank said on Tuesday it would buy Norwegian kroner and sell foreign exchange in the market in October on behalf of the country’s sovereign-wealth fund, sending the krone higher against the euro.
Norges Bank said it would sell the equivalent of 250 million Norwegian kroner ($38.8 million) a day in October. The central bank announces on the last working day of each month how much foreign currency it will buy or sell in the following month but hasn’t bought or sold foreign currency in this way since October 2013, when it sold kroner………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February. “We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”
The $1.5 billion sovereign wealth fund, called the Nigeria Sovereign Investment Authority, was started in 2011, with the ruling People’s Democratic Party saying the country needed to save money for future generations. The Excess Crude Account, which stands at $4.11 billion, is used by the government to cover shortfalls in its budget and give foreign investors comfort the state can guard against a fall in the value of the currency………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

The legality and desirability of the institution of a Sovereign Wealth Fund (SWF) in Nigeria are not one and the same thing. While determination of the former is an exclusive preserve of the law court and at the moment sub judice, the latter which is not a subject of dispute before any adjudicating body is, however, the focus of this piece.
SWFs the world over are attaining a position of universal prominence since the 2008 global economic recession when they played critical stabilizing role, and their managers, now widely classified among the new “Movers and Shakers” of the post-crisis world economic order, though may share common prospects; they essentially are faced with divergent challenges across different climes – Nigeria’s experience is a case in point………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

China Investment Corp sold part of its stake in Noble Group, sending shares in the commodity trader tumbling and sparking fears the mainland sovereign wealth fund will eventually move to offload most of its holding. CIC, the second-biggest shareholder, sold shares equivalent to 4.5 per cent of the commodity trader.
The shares were sold at S$1.32 (HK$8.04), the bottom of an indicative range that topped out at S$1.35, raising S$396 million. It was not clear why CIC was selling the stake, but Nathan Gee, an analyst at Bank of America Merrill Lynch, said he did not expect any damage to Noble’s strategic relationships on the mainland………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

China Investment Corp will sell part of its stake in Noble Group Ltd at a 5 percent discount, sending shares in the commodity trader tumbling and sparking fears that CIC would eventually move to offload most of its holding.
The Chinese sovereign wealth fund, Noble’s second biggest shareholder, is selling shares equivalent to 4.5 percent of the commodity trader, a term sheet showed………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Korea Investment Corp ., South Korea’s $72 billion sovereign-wealth fund, plans to increase allocation to alternative assets to up to 40% from a current 10% in the next few years, according to Chairman and Chief Executive Hongchul Ahn.
The sovereign fund also has reorganized the funding structure for traditional and alternative assets, consolidating separate buckets of capital into a common pool……………………………………….Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Global asset manager, The Carlyle Group, has announced it has entered into an agreement with GIC, Singapore’s sovereign wealth fund, to become a co-shareholder in RAC. Following the transaction, Carlyle and GIC will jointly own a majority stake in the business with RAC management holding the remaining shares.
The investment is expected to be completed by the end of the year and the transaction completes the strategic review undertaken by Carlyle and as a result, RAC will not be pursuing an IPO at this time. RAC is the second-largest roadside assistance provider in the UK and has approximately eight million roadside members………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Parliament’s Public Accounts Committee (PAC) must begin an immediate inquiry into the troubled sovereign fund 1Malaysia Development Bhd (1MDB), an anti-corruption watch group said.
The Centre to Combat Corruption and Cronyism (C4) said today the PAC should call “all actors involved” for the inquiry into the fund’s massive debts, dubious land deals and secrecy over its transactions as 1MDB was a burden to the country’s national debt. It said Prime Minister Datuk Seri Najib Razak, who is chairman of 1MDB’s advisory board, should provide an answer to the fund’s troubled developments………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Khazanah Nasional Bhd has confirmed its intention to list its entertainment park operator Themed Attractions and Resorts Sdn Bhd on the Main Market of Bursa Malaysia. Khazanah MD Tan Sri Azman Mokhtar however said the listing will not take place this year, as more works has to be carried out prior to the listing, thus the remaining three months in 2014 is insufficient.
“I can confirm that because its almost October now, it (the listing) is not this year. The company is doing well. We have no hurry to actually list it, but we are going to list it when the company is ready. “It does not involve Khazanah alone, as the 100% shareholder, but also the board of directors. Financially the company is doing well, thus we would like the company to be listed. By being in the stock exchange, it will help the company to be more transparent and accountable,” he said………………………………………..Full Article: Source

Posted on 01 October 2014 by VRS |  Email |Print

Last week, Singaporean sovereign wealth fund GIC, one of the world’s biggest and oldest backers of private equity funds, agreed to buy nearly half of RAC from its owner, Carlyle, in a deal valuing the company at more than £2bn including debt. The bid, which derailed plans to list the UK roadside recovery specialist, followed approaches from Apax, CVC, Cinven, Blackstone and Charterhouse, people with knowledge of the situation said.
The move highlights how years of record low interest rates are pushing some of the largest pension plans and sovereign wealth funds to invest their cash directly – and save the expensive fees charged by buyout fund managers – to boost returns. The intensifying trend is yet another illustration of the competitive squeeze affecting private equity houses’ ability to put money to work………………………………………..Full Article: Source

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