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VRS - who has written 15976 posts on Opalesque Sovereign Wealth Funds Briefing.


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S.Korea’s KIC mulls taking up to $1.36 bln stake in 3 luxury hotels-Chosun Ilbo

Posted on 27 March 2015

Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, is considering investing around 1-1.5 trillion won ($906 million-$1.36 billion) in three five-star hotels owned by Saudi Arabia-based Kingdom Holding Co, a South Korean newspaper reported on Friday.

Goodman and Singaporean fund buy $86.2m Wynyard property

Posted on 27 March 2015

NZX-listed Goodman Property Trust will end up owning 51% of a new building on Auckland’s waterfront,with the balance held by Singapore’s sovereign wealth fund, GIC. The site of the $86.2 million building has been cleared for earthworks and completion is expected during 2017.

Singapore Govt in new Akl property deal

Posted on 27 March 2015

The Singaporean Government is expanding its New Zealand property holdings, taking a further stake in Auckland via a new office block yet to be built. Listed landlord Goodman Property Trust has just announced that Fletcher Building has struck a deal to sell a new Wynyard Quarter building, 80 per cent leased to Datacom, to the [...]

Why Alberta is Not Like Norway

Posted on 27 March 2015

Despite generating almost $190 billion in non-renewable resource revenues since 1980, the value of the Heritage Fund stood at $17.3 billion at the end of last year. And of the $33.4 billion in income that it’s thrown off, the Heritage Fund has retained just $4.6 billion.

Investment in Sovereign Legacy Fund: Maurice enters the big league

Posted on 27 March 2015

The state kills a major card in the management of its revenues. With the establishment of a Sovereign Legacy Fund, Maurice joined a league of nations where there are Norway, Saudi Arabia and Singapore. The sovereign funds of these countries is to grow the surplus from the marketing of petroleum products. This money is mainly [...]

At SWFs, 2015 Is Shaping Up to Be A High Turnover Year for Management

Posted on 27 March 2015

It’s been a busy year for sovereign wealth fund executives. We’ve seen a shake-up at the top of the China Investment Corp.(CIC), the launch of an entirely new fund in Mexico, and new hires at Australia’s Future Fund and Khazanah Nasional, among others. And a momentous change of leadership at Alberta Investment Management [...]

Norway’s oil fund, TIAA-CREF buy another Washington property

Posted on 26 March 2015

Norway’s sovereign wealth fund and U.S. financial services group TIAA-CREF have bought a Washington D.C. property in a deal valuing the site at $307 million, the fund said on Wednesday.

Will Norway divest from giant Indian firm because of the Amazon?

Posted on 26 March 2015

In 2010 the Council on Ethics for Norway’s “Government Pension Fund Global” (GPFG) recommended that the GPFG divest its holdings from giant Indian conglomerate Reliance Industries, which last year The Economist magazine described as “India’s biggest private firm (measured by profits).”

In Africa, SWFs Seek to Bridge Infrastructure Gap — And Make Money Too

Posted on 26 March 2015

Across sub-Saharan Africa, sovereign wealth funds are stepping in to provide capital for big infrastructure projects. There are major risks — but the profits could be huge. The town of Bagamoyo, on Tanzania’s sun-drenched Indian Ocean coast, is a quiet seaport with a history of maritime trade. But it could be about to get a [...]

GIC bids to cash in on hot sector with $900m sell-off

Posted on 26 March 2015

The Government of Singapore Investment Corporation is undertaking preparations to bring its $900 million Australian industrial and logistics property portfolio to market as it looks to capitalise on the surge in values in the sector. The group is poised to launch a portfolio offering in mid-2015 that could span about 25 properties across Australia, making [...]

Paladin Energy raises additional $50m from CIC

Posted on 26 March 2015

Paladin Energy has raised an additional $US50 million by issuing convertible bonds to a unit of sovereign wealth fund China Investment Corporation (CIC). The proceeds will provide the company with additional funding flexibility.

Hutch agrees to buy O2, talks to SWFs

Posted on 26 March 2015

Li Ka-shing-controlled Hutchison Whampoa has agreed to pay up to £10.25 billion ($15.2 billion) for UK mobile phone firm O2. The deal announced on Wednesday with Spanish parent Telefonica will create the UK’s biggest mobile operator, once O2 is merged with Hutchison 3G UK, and marks Hutchison Whampoa’s largest acquisition ever, as Hong Kong’s richest [...]

Radical financial steps for the government: Setup a sovereign wealth fund

Posted on 26 March 2015

We may have already missed the windfall opportunity from the mining boom to collect a significant amount of wealth, but there’s no time like the present to set up a sovereign wealth fund to benefit future generations such as the one established by Norway. Using proceeds from off-shore oil over 25 years, the fund is [...]

Do Sovereign Fund Direct Private Investments Deliver Value?

Posted on 25 March 2015

As sovereign funds boost direct private equity and venture capital investment, new research suggests that they may be missing out on returns. In a recent long-term study, sovereign wealth funds’ and other institutions’ direct investments in venture capital.

Sovereign wealth funds: What does it take to succeed?

Posted on 25 March 2015

Norway’s sovereign wealth fund, the country’s collective bank account now valued at $1 trillion and built from off-shore oil reserves, is often held up as a prime example of how such funds can succeed. The usual rule: make prudent investments, stick to them, be transparent and watch the money grow exponentially.

Hutchison to buy UK mobile network O2 for £10.25 billion, “in talks with GIC on investing in enlarged business”

Posted on 25 March 2015

Billionaire Li Ka-shing’s Hutchison Whampoa Ltd. agreed to acquire Telefonica’s O2 unit in the U.K. for more than £10.25 billion (S$20.80 billion) to create the country’s biggest wireless provider by customers. The price includes an initial sum of £9.25 billion in cash, with the remainder to be paid when certain financial targets are met, Telefonica [...]

CIC Makes Strategic Investment in Uranium Mining Company

Posted on 25 March 2015

Currently, China has 27 nuclear reactors under construction. The Asian giant’s nuclear programme possessed 18 GW of nuclear energy capacity in 2014, determined to hit 58 GW by 2020. The demand from China, India and the Middle East are elevating uranium prices, catching up to pre-Fukushima levels.

Social security fund reports 139 bln yuan investment yields

Posted on 25 March 2015

China’s social security fund gained 139 billion yuan (22.7 billion U.S. dollars) from investment in 2014, with an 11.4 percent return on investment, the National Council for Social Security Fund said on Tuesday. The rate of return outperformed the 6.2-percent return rate in 2013.

NZ Superfund CIO Whineray on Change and Risk

Posted on 25 March 2015

New Zealand Superannuation Fund(NZ Super) was founded in 2001 as a means to help smooth the tax burden associated with rising universal pension costs among the island nation’s generations. Later, it helped pioneer an innovative portfolio management policy to “tilt” toward better prospects within its allocation strategy. With $21.5 [...]

Sack MAS, Khazanah bosses instead of staff, unions say

Posted on 25 March 2015

Six worker unions demanded that top officials of Malaysia Airlines (MAS) and owner Khazanah Nasional be removed in place of the 6,000 workers that will be made redundant in the flag carrier’s restructuring.

Qatar has big investment plans for India

Posted on 25 March 2015

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, told TOI on the eve of his summit with Narendra Modi - the Prime Minister’s first with a leader of the Arab world - that his energy-rich country wanted to invest big in India. “I know that the new government is taking a [...]

Qatar’s QIA to join Swiss travel retailer Dufry in bid for WDF

Posted on 25 March 2015

Qatar Investment Authority and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters on Monday. “QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the [...]

Norway’s Sovereign Wealth Fund Holds Lessons For Canada

Posted on 24 March 2015

In Stavanger, a quaint, seaside city on Norway’s coast, a local newspaper publishes a series called “The Oil Kids” that reports on the lifestyles of wealthy second-generation beneficiaries of Norway’s offshore oil riches. “If you compare to our parents or grandparents which built this country, I think we’re a little bit spoiled,” admits Bjorn Knudsen, [...]

Norway’s Government Pension Fund is on top of the world

Posted on 24 March 2015

A glance at the largest sovereign wealth fund – Norway’s Government Pension Fund Global. GPF assets have grown an annualized 20.3% in the 10 years ended Dec. 31. The fund increased its real estate allocation to 2.2% of assets in 2014 and officials say they “will continue to expand the portfolio in the years ahead.”

For SWFs, is “Doing Good” Bad for Stakeholders?

Posted on 24 March 2015

Sovereign wealth funds are increasingly screening their portfolios based on so-called social criteria. Does that hurt returns? Does it change corporate behavior? And does that matter? As sovereign wealth fund assets surge, more investments are being screened for so-called environmental, social and governance (ESG) criteria. Norges Bank Investment Management [...]

Norway’s $870bn sovereign fund to invest in Asian real estate

Posted on 24 March 2015

Norway’s Government Pension Fund Global (GPFG), the world’s biggest sovereign wealth fund, now plans to add Asian properties to its global real estate portfolio. To begin with, the $870bn (£583.5bn, €799.6bn) wealth fund will target commercial real estate in Singapore and Tokyo, according to Karsten Kallevig, head of real estate investments at the Oslo-based fund.

Norway sovereign wealth fund eyeing real estate in Tokyo, Singapore

Posted on 24 March 2015

Norway’s wealth fund is making final preparations for its first Asian real estate investment as it builds a portfolio of properties in the world’s biggest cities. After scouring Asia for investment opportunities, the $870 billion fund, built from Norway’s oil revenue, has narrowed its search to Singapore and Tokyo, said Karsten Kallevig, head of real [...]

GIC, Exeter Property Group form European real estate partnership

Posted on 24 March 2015

Singapore sovereign wealth fund GIC formed a €300 million ($328 million) real estate partnership with Exeter Property Group, said a joint news release from the fund and real estate manager. Exeter will “acquire and actively manage the assets and implement value-add strategies including development and redevelopment to generate stable, long-term income returns,” the news release [...]

GIC: Investors Should Unite Against Short Termism

Posted on 24 March 2015

The CIO of one of the world’s largest asset pools has called on fellow institutional investors to help persuade asset managers of the benefit of extending their horizons. In a paper published last week, GIC CIO Lim Chow Kiat said one of the major issues hampering the multi-billion dollar fund was many asset managers’ focus [...]

Brigade, GIC Singapore acquire HUL’s property arm

Posted on 24 March 2015

Brigade Group has acquired Brooke Bond Real Estate Pvt Ltd, which has 11.39 hectares of land in Bengaluru, though Brigade Properties, its joint venture with GIC Singapore, for an undisclosed amount. Brooke Bond Real Estate is a subsidiary of consumer goods company Hindustan Unilever Ltd (HUL).

GIC-Brigade JV buys site in Bangalore to develop it into IT special economic zone

Posted on 24 March 2015

Singapore sovereign wealth fund GIC’s joint venture with Indian property developer Brigade Group has acquired a landmark site in Brookefields, Whitefield in Bangalore and plans to develop it into an IT special economic zone of more than three million square feet.

QIA ‘in joint bid for travel retailer’

Posted on 24 March 2015

Qatar Investment Authority (QIA) and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters yesterday.

Sovereign wealth funds start to leak oil

Posted on 23 March 2015

Norway’s $850bn oil fund has performed a remarkable impression of the proverbial 800-pound gorilla in the past decade. It snapped up 1.3 per cent of the world’s equity market capitalisation and 0.9 per cent of the fixed income market, as well as dabbling in property, as its assets surged sevenfold.

Biggest Wealth Fund Targets Tokyo for Next Real Estate Purchase

Posted on 23 March 2015

Norway’s sovereign wealth fund is looking at Tokyo or Singapore for its first real estate investment in Asia as the investor expands globally. “That’s where we think we’ll start,” Karsten Kallevig, the chief investment officer of real estate at the Oslo-based fund, said in an interview after a speech in the Norwegian capital. “If we’re [...]

No Risk Too Big as Bond Traders Plot Escape From Negative Yields

Posted on 23 March 2015

In the negative-yield vortex that is the European bond market, investors are discovering just what lengths they’re willing to go to generate returns. Norway’s $870 billion sovereign wealth fund said this month that it added Nigeria and lifted its share of lower-rated company debt to the highest since at least 2006. Allianz SE, Europe’s biggest [...]

GIC chief laments investors’ short-term perspective

Posted on 23 March 2015

Asset owners could work together to forge a greater focus on long-term investments, according to the CIO for the Government of Singapore Investment Corporation (GIC). In a new research paper, the sovereign wealth fund’s chief investment officer said he was keen for long-term partnerships with external managers.

1MDB: So where did the money go?

Posted on 23 March 2015

At its annual report launch last week, Bank Negara deputy governor gave a relatively healthy assessment of the country’s economy. So glowing was the report, however, that several members of the audience felt compelled to ask his opinion of 1MDB, the proverbial elephant in the room.

Future Fund Names Infrastructure Chief

Posted on 23 March 2015

Australia’s sovereign wealth fund has promoted an internal candidate to lead its growing infrastructure and timberland portfolio. Wendy Norris, who joined the Future Fund in 2010, has replaced Raphael Arndt at the helm of the $8 billion portfolio, the institution has announced. Arndt was promoted to CIO in September last year.

Abu Dhabi’s Invest AD Shifts Funds to Egypt as Stability Returns

Posted on 23 March 2015

Abu Dhabi asset manager Invest AD, part of Abu Dhabi Investment Council, said it’s boosting investments in Egypt on expectation that the country’s renewed political stability and economic reform will help drive growth. The North African country now accounts for 35 percent of Invest AD’s $50 million Africa equity fund, up from 10 to 15 [...]

LIA Board of directors convene first 2015 meeting regarding Libyan investments around the world

Posted on 20 March 2015

The Board of Directors of the Libyan Investment Authority (LIA) convened their first 2015 meeting in Malta early this week to discuss Libyan investments around the world. The Libyan Investment Authority was established in August 2006 after the Libyan government decided to consolidate six extra-budgetary funds financed by its oil revenues under one sovereign wealth [...]

Minerals-Backed SWFs Show Their Mettle as Coal, Copper Prices Plummet

Posted on 20 March 2015

State-owned investors funded by mineral and metals mining revenue are suffering as prices fall. Fiscal prudence may see them through. As petroleum prices tumble, the world’s attention is focused on those sovereign wealth funds associated with hydrocarbons.

NZ Super underlines long-term views amid criticism

Posted on 20 March 2015

The chief executive of the New Zealand Superannuation Fund, Adrian Orr, has reiterated his ‘unshakeable belief’ in taking a long-term view for investment. It comes after - although not in response to - media criticism of losses the fund suffered in a loan investment to a Portuguese bank.

Singapore fund declares big Dollar General stake

Posted on 20 March 2015

A major global investment firm doesn’t appear too worried about the prospects for Dollar General following its failed bid for rival Family Dollar and the pending retirement of Chairman and CEO Rick Dreiling and CFO David Tehle. GIC Private, the former Government of Singapore Investment Corp., this week declared a 5.0 percent stake in Goodlettsville-based [...]

Ghana to use part of $600m sovereign wealth fund to manage shortfall in crude revenue

Posted on 19 March 2015

The Minister of Finance, Seth Terkper says the country would use part of its sovereign wealth fund, which has accumulated $600 million to manage current economic challenges brought about by the shortfall in projected oil revenue. Speaking at the opening of the Financing the Future Conference in Accra, Ghana, March 17, 2015, he said the [...]

Imagining the world of Tony Blair, Middle East peace envoy

Posted on 19 March 2015

The Arab street was in uproar at the shock news of the departure of its favourite peace envoy. Young men and women, holding pictures of Tony Blair, marched through Arab capitals demanding his return. A #bringbackTony Twitter campaign rapidly gathered momentum.

Orji: SWF Has ‘Good Year’ Tapping Dollar Investments

Posted on 19 March 2015

Nigeria’s $1.55 billion sovereign wealth fund (SWF) had a “good year” after weighting its investments toward dollar assets, according to Chief Executive Officer, Mr. Uche Orji. “Our currency position was great as we were very long the dollar,” Bloomberg quoted Orji, a former Goldman Sachs Incorporated banker and head of the Nigerian Sovereign Investment Authority [...]

An alternative home for super

Posted on 19 March 2015

Saving for retirement is all about saving for the long term, so it is continually surprising to see the extent to which individual investors and advisers favour short-term, highly liquid assets in their portfolios. Large allocations to equities and cash are typical of self-managed funds and much higher than across the managed funds industry in [...]

An answer to Fund-Bank domination

Posted on 19 March 2015

The Asian Infrastructure Bank is gaining support with European countries signing up. Not surprisingly, US is sulking. Is the tide turning on the Asian Infrastructure Investment Bank, the new development bank being pushed by China to help plug Asia’s multi-trillion-dollar infrastructure financing deficit?

Norway SWF owns shares in sanctioned Russian banks

Posted on 19 March 2015

The Government’s Pension Fund Global, currently worth over 7.000 billion Norwegian kroner (€796 billion), have invested 32.095 million kroner in Russia, mainly in oil- and gas and the banking sector. That is also the two sectors, in addition to the military industrial complex, that are highlighted in the EU and US sanctions regime against Moscow.

More than 10,000 people call on Dutch pension fund to divest from fossil fuels

Posted on 19 March 2015

More than 10,000 people have called on the fifth largest pension fund in the world to divest from oil, coal and gas. Members of the Dutch pension fund ABP handed over a petition to the fund’s managers on Tuesday asking them to remove fossil fuel company holdings from its $360bn (£250bn) portfolio.

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