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VRS - who has written 18687 posts on Opalesque Sovereign Wealth Funds Briefing.


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Kazakh sovereign fund seeks over $6 billion from privatisations

Posted on 27 May 2016

Kazakh sovereign wealth fund Samruk-Kazyna plans to raise more than $6 billion (4 billion pounds) from privatisations over the next five years, using the proceeds to help its companies repay debt, the fund’s managing director told Reuters on Thursday.

State Oil Fund sells $50M to Azerbaijani banks

Posted on 27 May 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $20 million to 11 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said May 26. Meanwhile, CBA itself acquired $30 million at the auction.

Saudi Wealth Fund Plans Would Make It the World’s Largest: Chart

Posted on 27 May 2016

Saudi Arabia is planning to create the world’s largest sovereign wealth fund by adding ownership of oil giant Saudi Aramco and other key assets to the Public Investment Fund. With a potential value of more than $2 trillion — mostly based on what Aramco is worth — the fund would be more than double the [...]

Key questions raised by the $2 trillion Saudi wealth fund plan

Posted on 27 May 2016

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.

Saudi wealth fund PIF said to mull $8bn bid for Riyadh hub

Posted on 27 May 2016

Saudi Arabia’s Public Investment Fund, the wealth fund headed by Deputy Crown Prince Mohammed bin Salman, is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.

Abu Dhabi sovereign fund may invest in Greenko

Posted on 27 May 2016

Abu Dhabi Investment Authority, the sovereign wealth fund of the emirate of Abu Dhabi, is in final talks with the Hyderabad-based Greenko Group to invest $170-$200 million for a minority stake. The transaction is expected to close at a $1 billion post-money valuation, The Economic Times reported citing sources.

China’s CIC Invests $700M in Brookfield’s 1 New York Plaza

Posted on 27 May 2016

Mainland sovereign wealth fund China Investment Corporation has made its first significant US real estate investment, acquiring a 49 percent interest in the 1 New York Plaza office tower from Brookfield Property Partners for $700 million, according to reports in the New York press.

1MDB Unit Bought by China Nuclear Firm Was Distressed, Auditor Says

Posted on 27 May 2016

An audit of a key energy group sold by troubled state investment fund 1Malaysia Development Bhd. to a Chinese state-owned nuclear-power company flagged deep uncertainty over the company’s viability.

FINMA links BSI Singapore, BSI Swiss to 1MDB

Posted on 27 May 2016

In a massive revelation, the Swiss financial market supervisory authority FINMA has conclusively linked troubled bank BSI AG and its Singapore branch, to the global scandal surrounding Malaysian sovereign wealth fund 1MDB. FINMA said through business relationships and transactions linked to the corruption scandals surrounding 1MDB, BSI AG committed serious breaches of money laundering regulations.

World’s largest sovereign fund means biz in Sri Lanka

Posted on 27 May 2016

The world’s largest sovereign wealth fund, Norway’s Pension Fund, with assets worth a staggering $ 800 billion, appears to be bullish on investing in Sri Lanka, having built a small yet growing portfolio of listed equities.

Norway to regulate $850 billion fund’s tax haven exposure-lawmakers

Posted on 27 May 2016

Norway will take a first step this week towards using its $850 billion sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday.

Alaska Permanent plans up to $3 billion for private investments next fiscal year

Posted on 27 May 2016

Alaska Permanent Fund Corp., Juneau, approved a private markets pacing plan for fiscal year 2017 starting July 1, said a news release from the $52.7 billion sovereign wealth fund. Under the pacing plan approved at this week’s board meeting, $900 million total would be committed to traditional private equity funds and co-investments in fiscal year [...]

Permanent Fund narrows losses in 3Q

Posted on 27 May 2016

The Alaska Permanent Fund’s investment returns rose in the third quarter of fiscal year 2016 ended March 31, though performance is still down year-to-date. Due in part to the U.S. dollar’s strength impacting international investments, the Alaska Permanent Fund came in relatively flat in the third quarter of fiscal year 2016 at 1.2 percent compared [...]

Key Questions Raised by the $2 Trillion Saudi Wealth Fund Plan

Posted on 26 May 2016

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.

Saudi wealth fund said to weigh US$8b bid for financial hub

Posted on 26 May 2016

Saudi Arabia’s Public Investment Fund is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.

Abu Dhabi Sovereign Fund ADIA eyes $200 million investment in Greenko

Posted on 26 May 2016

Six months after making its first bet on India’s fast growing renewable energy sector, sovereign wealth fund ( SWF) Abu Dhabi Investment Authority ( ADIA) is gearing up for a rerun.

Norway to regulate $850 billion fund’s tax haven exposure-lawmakers

Posted on 26 May 2016

Norway will take a first step this week towards using its $850 billion sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday.

Norway’s sovereign wealth fund says backed Shell CEO’s pay

Posted on 26 May 2016

Norway’s $850 billion (578.79 billion pounds) sovereign wealth fund, the world’s biggest, voted in favour of the 2015 remuneration package of Royal Dutch Shell Chief Executive Ben van Beurden at Tuesday’s annual meeting of shareholders, the fund said on its web site on Wednesday.

SOFAZ revenues amount to $126 billion

Posted on 26 May 2016

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to $126.2 billion during the entire period of its activity. The remark was made by Ziya Kangarli, chief investment advisor at SOFAZ during the Forum on “Decrease in oil prices and economic reforms: Challenges and Opportunities” which was held at Khazar University on May 24.

Global sovereign wealth fund network picks State Street as research partner

Posted on 26 May 2016

The global network of sovereign wealth funds has selected State Street Corp. (STT) to be one of its official research partners, said a news release. As one of International Forum of Sovereign Wealth Funds’ official research partners, State Street will work with the IFSWF on research topics relevant to long-term investors, including asset allocation and [...]

Hong Kong Monetary Authority looks to improve banks’ cyber security

Posted on 26 May 2016

The banking regulator began a three-month consultation into the initiative on Tuesday, designed to ensure banks are ready to face online threats. The banking regulator is considering plans to require banks in the city to assess their resilience to cyber attacks and ways to train more qualified cybersecurity experts. From Tuesday, the Hong Kong Monetary [...]

Goldman Sachs’ Malaysian deals dry up in 1MDB fallout

Posted on 26 May 2016

When Malaysia’s largest sovereign wealth fund asked bankers to pitch for work arranging a US$750 million (S$1 billion) bond sale in December, one big name was conspicuous by its absence - Goldman Sachs Group.

1MDB assets transfer to be completed by mid-June

Posted on 26 May 2016

Malaysia Development Bhd’s (1MDB) assets transfer to Ministry of Finance Incorporated (MoF Inc) will likely be completed by mid-June, says Deputy Finance Minister Datuk Johari Abdul Ghani. The company, he said will then become a shell company to manage liabilities and bonds it has used.

No more bailouts for 1MDB

Posted on 26 May 2016

All parties must ensure that 1Malay­­­sia Development Berhad (1MDB) does not borrow from public funds to “rescue” the national investment body. “There is nothing to hide. On questions on using funds from (Govern­ment) institutions to save 1MDB, I think we are all responsible to ensure that 1MDB will no longer borrow from them,” said Deputy [...]

Najib: No misappropriation in 1MDB’s accounts

Posted on 26 May 2016

There was no misappropriation in 1MDB’s accounts and administration, only weaknesses in the administration of the company, the Dewan Rakyat was told today. Prime Minister Najib Razak said this in a written reply to Mahfuz Omar (PAS-Pokok Sena) who had asked the finance minister to specify the course of action taken against the 1MDB management [...]

Brazil shutting down wealth fund

Posted on 25 May 2016

Eight years after it was founded, Brazil’s sovereign wealth fund is poised to finally serve its country — by shutting down. Acting President Michel Temer said Tuesday that the government plans to withdraw about 2 billion reais ($560 million) in assets and use the proceeds to finance a ballooning budget deficit as his economic team [...]

Kazakh sovereign wealth fund expects stabilization of tenge rate

Posted on 25 May 2016

The Department of Research and Knowledge Management of Samruk-Kazyna Sovereign Wealth Fund of Kazakhstan forecasted stabilization of the national currency of the country in 2016, according to the department’s report May 24.

Kazakh sovereign fund raises forecast for 2016 average tenge rate

Posted on 25 May 2016

Kazakh sovereign wealth fund Samruk Kazyna has raised its forecast for the average tenge exchange rate this year to 355 per dollar, the fund said in a research note on Tuesday.

Azerbaijan’s Oil Fund sold $50 million through auction

Posted on 25 May 2016

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. SOFAZ reports that today it set for sale an offer for $50 million and sold them.

Swiss Bank Is Charged Over 1MDB Dealings

Posted on 25 May 2016

Authorities in Switzerland and Singapore took action against Swiss private bank BSI SA for allegedly failing to prevent suspected money laundering and bribery related to its dealings with a Malaysian development fund.

Confidence wanes in Malaysia govt-backed 1MDB bonds

Posted on 25 May 2016

The fortunes of bonds in Malaysia’s troubled investment fund 1MDB are diverging this month: Those guaranteed by Abu Dhabi’s sovereign wealth fund have rallied, while notes with support from Malaysia’s own government have dropped.

Korea Investment Corp buys $56.3 Million stake in Time Warner Inc

Posted on 25 May 2016

Time Warner Inc: Korea Investment Corp scooped up 209,000 additional shares in Time Warner Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 769,173 shares of Time Warner Inc which is valued [...]

Najib says he didn’t sign transfer of US$3.5b to Aabar BVI

Posted on 25 May 2016

Prime Minister Najib Abdul Razak has implied that he was not involved in the transfer of US$3.5 billion from 1MDB to a British Virgin Island entity it believed was a subsidiary of International Petroleum Investment Company (IPIC).

Goldman Sachs sees Malaysian deals evaporate amid 1MDB concerns

Posted on 25 May 2016

When Malaysia’s largest sovereign wealth fund asked bankers to pitch for work arranging a US$750 million bond sale in December, one big name was conspicuous by its absence: Goldman Sachs.

Malaysia’s 1MDB Tells Creditors No Plans to Wind Down

Posted on 25 May 2016

Malaysian state investment fund 1Malaysia Development Bhd. said on a call with creditors Monday that there are no plans to wind the troubled fund down.

BSI in serious breach of money laundering regulations: FINMA full statement

Posted on 25 May 2016

Through business relationships and transactions linked to the corruption scandals surrounding the Malaysian sovereign wealth fund 1MDB, BSI AG committed serious breaches of money laundering regulations and “fit and proper” requirements. This is the outcome of enforcement proceedings launched by the Swiss Financial Market Supervisory Authority FINMA.

Sovereign funds seek out yield in illiquid private debt funds

Posted on 25 May 2016

Demand from sovereign wealth funds seeking higher returns than those on mainstream bonds is helping drive a boom in specialist private debt vehicles that can provide loans for everything from aircraft leasing to lawsuit financing.

Bahrain Wealth Fund Plans to Invest Over $400 Million This Year

Posted on 24 May 2016

Bahrain’s sovereign wealth fund plans to invest more than $400 million this year on international deals as it seeks to further diversify away from domestic assets, according to Chief Executive Officer Mahmood Al Kooheji.

Bahrain’s Mumtalakat records $487m gross profit

Posted on 24 May 2016

Mumtalakat, the investment arm of Bahrain, announced a gross profit of $487.2m (BHD183.2) for the year ending 31 December, 2015. The figure is 1.1% higher than 2014 profits of $481.6m (BHD181.m).

Mumtalakat in US real estate partnership deal

Posted on 24 May 2016

Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, has joined hands with Regent Properties, a real estate development and investment firm based in Los Angeles, US, to acquire a major stake in its existing portfolio of commercial real estate assets worth $250 million across the country.

Angolan Sovereign Fund invests US$4.7 billion

Posted on 24 May 2016

The net value of the investment portfolio of the Angolan Sovereign Fund on 31 December, 2015 was US$4.7 billion, with venture capital funding accounting for 58 percent of the total, the fund said in a statement.

Hong Kong’s Exchange Fund reports investment gains of HK$24.1b in sharp turnaround

Posted on 24 May 2016

The Exchange Fund, Hong Kong’s reserve fund to defend its currency, reported an investment income of HK$24.1 billion for the first quarter of this year as strong gains in bonds and foreign exchange holdings offset losses in its stocks investment, according to the Hong Kong Monetary Authority (HKMA).

China Investment Corp. buys $700M stake in 1 NY Plaza

Posted on 24 May 2016

Chinese sovereign wealth fund China Investment Corp. picked up a 49 percent stake in Brookfield Property Partners’ office tower at 1 New York Plaza in the Financial District. In the latest instance of foreign investment driving the city’s commercial real estate market, CIC paid around $700 million for its minority interest in the 50-story, 2.6 [...]

CIC, KKR consortium aborts bid for Yum! Brands unit

Posted on 24 May 2016

A consortium backed by sovereign fund China Investment Corp (CIC) has withdrawn its bid for control of Yum! Brands Inc’s Chinese business after failing to agree on a price with the operator of KFC and Pizza Hut eateries in the nation, a person with knowledge of the matter said.

1MDB Bond Fates Diverge as Abu Dhabi Vow Trumps Najib Support

Posted on 24 May 2016

The fortunes of bonds in Malaysia’s troubled investment fund are diverging this month: those guaranteed by Abu Dhabi’s sovereign wealth fund have rallied, while notes with support from Malaysia’s own government have dropped.

Confidence wanes in Malaysia govt-backed 1MDB bonds

Posted on 24 May 2016

The fortunes of bonds in Malaysia’s troubled investment fund 1MDB are diverging this month: Those guaranteed by Abu Dhabi’s sovereign wealth fund have rallied, while notes with support from Malaysia’s own government have dropped.

1MDB holds update call for US dollar denominated bondholders

Posted on 24 May 2016

1Malaysia Development Bhd (1MDB) today held an update call for the holders of its US dollar denominated bond following the default on the US$1.75 billion (RM7.15 billion) 1MDB Energy (Langat) Ltd papers (Langat Notes).

Oil Fund wielded its clout over bank executives’ pay

Posted on 24 May 2016

Norway’s sovereign wealth fund known as the Oil Fund has followed through on its decision to start using its clout, as a shareholder in major companies around the world, to oppose huge executive pay packages. Newspaper Dagens Næringsliv (DN) reported that it was part of voting down bonus packages last week, for example, for the [...]

Pressure on Norway fund to divest from coal

Posted on 24 May 2016

Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels.

Russia, AIIB May Announce Joint Projects at Eastern Economic Forum

Posted on 24 May 2016

The Russian Direct Investment Fund (RDIF) and the Asian Infrastructure Investment Bank (AIIB) have negotiated a roadmap for cooperation and may announce joint projects at the upcoming Eastern Economic Forum (EEF), RDIF head Kirill Dmitriev said.

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