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VRS - who has written 16629 posts on Opalesque Sovereign Wealth Funds Briefing.


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India invites Kazakh sovereign wealth fund to invest in manufacturing

Posted on 08 July 2015

Prime Minister Narendra Modi today invited resource-rich Kazakhstan’s sovereign wealth fund as well as businesses to invest in India’s renewable energy, manufacturing and smart city project. He said businessmen of both the countries can work together in space, cyber security, health and infrastructure, stressing that India-Kazakhstan partnership is a “win-win situation”.

CIC eyes direct investments in the US and Europe

Posted on 08 July 2015

China’s sovereign wealth fund is targeting infrastructure and real estate investments in the US and Europe as part of a long-term strategy being developed for its newly established subsidiary, says the fund’s chief executive.

China Investment Corporation favoured for Investa Property

Posted on 08 July 2015

China Investment Corporation, the world’s fourth-largest sovereign wealth fund, has moved into pole position for Morgan Stanley’s $8.9 billion-backed Investa Property Group, even as rival suitor Cromwell Property Group strengthens its consortium with the inclusion of the Future Fund.

Singapore’s Temasek Shrugs Off China Volatility

Posted on 08 July 2015

Singapore’s state investment firm Temasek Holdings Pte. Ltd. on Tuesday played down concerns about slowing economic growth and volatile equity markets in China, its second-largest investment destination, as it reported a sharp jump in net profit for its most recent fiscal year.

Singapore’s giant wealth fund still bullish on China

Posted on 08 July 2015

Singapore’s sovereign wealth fund Temasek is sticking with its bets on China, looking past recent volatility to gradually increase its exposure. “We remain confident in the long term prospects of the Chinese economy,” Wu Yibing, head of China investments at the 266 billion Singapore dollar ($196.09 billion) fund, said at the press conference announcing the [...]

Temasek portfolio value hits record high

Posted on 08 July 2015

The state investment firm’s net portfolio value rose S$43 billion to a record S$266 billion for the financial year ending Mar 31. Temasek Holdings on Tuesday (Jul 7) announced its performance for the financial year ending Mar 31, during which its net portfolio value rose S$43 billion to a record S$266 billion.

Temasek Assets Rise to Record as It Boosts Global Investments

Posted on 08 July 2015

Temasek Holdings Pte’s assets jumped to an all-time high as the Singapore state-investment firm increased investments in developed markets and broadened those in China as global equity markets gained.

Temasek reports 19.2% investment gain for fiscal year

Posted on 08 July 2015

Temasek Holdings Pte., a Singapore-based sovereign wealth fund, reported the Singapore dollar value of its investment portfolio rose 19.2% to S$266 billion ($193.3 billion) for its fiscal year ended March 31. In U.S. dollar terms, Temasek reported a smaller 9% gain, reflecting the U.S. currency’s appreciation from roughly S$1.26 to S$1.37 over the year.

Temasek pumps $30b into new investments

Posted on 08 July 2015

In its busiest year since the 2008 financial crisis, Temasek Holdings made $30 billion new investments and stepped up divestments to an all-time high of $19 billion. Temasek did this while global stock markets were still rallying to lock in gains for its financial year ended March 31.

Adia in the hunt for $6.7bn Australian property portfolio

Posted on 08 July 2015

The Abu Dhabi Investment Authority (Adia) is among the bidders for a US$6.7 billion Australian property portfolio. The sovereign wealth fund is understood to be bidding with Dexus Property Group for the real estate being sold by Morgan Stanley’s Investa Property Group. Adia declined to comment and Dexus was not immediately available.

We want partnerships with global financial institutions: Hassan Bouhadi LIA chairman

Posted on 08 July 2015

‘‘Our aim at the LIA is to stay above the political fray. Appointing a Receiver is the right and responsible thing to do’’, explained Hassan Bouhadi, the chairman of the Libya Investment Authority (LIA) in London speaking exclusively to Libya Herald. Bouhadi was in the LIA’s London office overseeing the High Court case last Thursday.

Sharing ECA dangerous - FRC

Posted on 08 July 2015

Acting chairman of the Fiscal Responsibility Commission (FRC) Raymond Omachi has warned that sharing the outstanding balance in the Excess Crude Account (ECA) is dangerous for the country. He disclosed this during an interactive session with journalists in Abuja at the weekend.

Saudi Arabia puts big money in Russian economy

Posted on 08 July 2015

The Russian news agency Sputnik has reported on an agreement signed between the Russian Direct Investment Fund [RDIF] and the Public Investment Fund of Saudi Arabia “to create a partnership to invest $10 billion into projects implemented in Russia.”

Saudi sovereign fund to invest $10bn in Russia

Posted on 07 July 2015

Saudi Arabia’s sovereign wealth fund has agreed to invest $10bn in Russia, in a powerful sign of the rapprochement between Moscow and Riyadh. The Public Investment Fund signed a deal with the Russian Direct Investment Fund for the largest foreign direct investment yet in Russia, RDIF said late on Monday. “The first seven projects have [...]

SOFAZ revenues exceed expectations

Posted on 07 July 2015

The assets of Azerbaijan’s state oil fund SOFAZ exceeded 29.28 billion manat as of 2014 compared to about 28.31 billion manat in 2013, the SOFAZ report audited by PriceWaterhouseCoopers Audit Azerbaijan reads. some 25.62 billion manat of the total assets accounted for the current assets, but about 3.66 billion manat – long-term assets.

Oil Fund of Azerbaijan practically stopped to deposit its funds abroad with exception of 4 Turkish banks

Posted on 07 July 2015

The State Oil Fund of Azerbaijan (SOFAZ) has practically stopped to deposit its funds abroad with exception of four Turkish banks. According to the SOFAZ financial report for 2014 audited by PwC, last year SOFAZ’s deposits in foreign banks increased from AZN 841.559 million up to AZN 1.019 bn. At the same time, except a [...]

Singapore’s Temasek surfs worldwide rally as assets reach new high

Posted on 07 July 2015

Temasek Holdings Pte rode a rally in global equities with a focus on developed markets that probably helped the Singapore state-owned investor’s assets reach a record. Assets at the firm, which releases results this week, may have increased 16 per cent to 18 per cent to as much as S$263 billion (RM740 billion) in the [...]

Temasek Holdings raises portfolio value to S$195b via equities

Posted on 07 July 2015

Temasek Holdings has benefited from a surge in the value of global equities focused on developed markets, raising the value of its portfolio by an estimated 16-18 per cent, to a value of S$263 billion ($195 billion) as of 31 March 2015, according a Bloomberg report.

Manulife to delay $620m listing in Singapore

Posted on 07 July 2015

Manulife US Real Estate Management says it will delay a planned $US465 million ($620m) initial public offering in Singapore due to volatile market conditions, the latest firm to fall victim to weak investor sentiment.

China’s biggest ETF sees record trading after Beijing unveils rescue plan

Posted on 07 July 2015

China’s biggest exchange-traded fund (ETF) jumped more than 6 percent on Monday in record turnover, in the clearest sign yet that money from Chinese brokerages, mutual funds and sovereign wealth funds could be flowing into blue chips as part of a rescue package unveiled over the weekend.

How Xi Jinping’s aura of invincibility has been shaken by China’s stock market slide

Posted on 07 July 2015

For nearly three years, President Xi Jinping of China has crushed opposition by silencing and often locking up anyone who dares defy the government. But that aura of invincibility has been shaken by stock market speculators who have made a mockery of efforts to halt a steep slide in share prices. On Sunday, the [...]

1MDB and Greece: Double-whammy decks the ringgit

Posted on 07 July 2015

Malaysia’s ringgit plunged Monday to levels not seen since the late 1990s Asian Financial Crisis, taking a double whammy from the dual dramas of domestic corruption allegations and Greece. “There’s global uncertainty, global risk aversion hurting the currency already,” Jesper Bargmann, head of trading for Asia at Nordea Markets, told CNBC.

Former CB governor Moyana to chair Sovereign Wealth Fund board

Posted on 07 July 2015

Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund. President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure INVESTMENTS for future generations and support economic growth.

China’s CIC sovereign fund says ready to work with AIIB

Posted on 06 July 2015

China’s sovereign wealth fund China Investment Corp (CIC) is ready to work with the new Chinese-led Asian Infrastructure Investment Bank (AIIB) to invest in projects in the region, a senior official said on Friday.

China’s sovereign wealth fund boosts exposure to equities

Posted on 06 July 2015

China’s sovereign wealth fund, China Investment Corp, has shifted its exposure “moderately” from sovereign bonds to equities and is pursuing infrastructure investments in developed countries, according to its chairman. CIC released its 2014 annual report on Friday, revealing a 5.47 per cent return on its investments last year, down from 9.33 per cent in 2013. [...]

China Sovereign Fund Returns Drop on Dollar, Commodities

Posted on 06 July 2015

China Investment Corp., the nation’s $740 billion sovereign wealth fund, said returns on its overseas investments fell for a second year as a strong dollar and weak commodity prices eroded the value of its portfolio.

China’s CIC sovereign fund overseas investment return falls to 5.47 pct

Posted on 06 July 2015

China’s sovereign wealth fund China Investment Corp. (CIC) earned a lower return on its overseas investment last year at 5.47 percent, it said on Friday. At its annual earnings briefing, CIC said it posted a net profit of $89.1 billion last year, up 2.5 percent from the $86.9 billion earned in 2013. The fund recorded [...]

China sovereign wealth fund expands by $125 billion

Posted on 06 July 2015

Sovereign wealth fund China Investment Corp (CIC) saw its total assets soar by US$93 billion (S$125 billion) to nearly US$750 billion last year, it said Friday, although subdued global growth slowed returns on its overseas portfolio.

China sovereign wealth fund overseas returns fall, but assets swell by US$93b

Posted on 06 July 2015

Assets at sovereign wealth fund China Investment Corp grew by US$93 billion to nearly US$750 billion last year, it reported, although subdued global growth slowed returns on its overseas portfolio. CIC was created in 2007 with US$200 billion to make better use of foreign exchange reserves, which have grown to US$3.73 trillion as of March [...]

China sovereign fund net profit surges in 2014

Posted on 06 July 2015

China Investment Corporation (CIC), the sovereign wealth fund, reported a huge net profit increase in 2014 in the company’s annual report, released Friday. Net profits hit 89.1 billion U.S. dollars last year, 2 billion dollars more than the previous year.

Temasek Surfs Worldwide Equity Rally as Assets to Reach New High

Posted on 06 July 2015

Temasek Holdings Pte rode a rally in global equities with a focus on developed markets that probably helped the Singapore state-owned investor’s assets reach a record. Assets at the firm, which releases results this week, may have increased 16 percent to 18 percent to as much as S$263 billion ($195 billion) in the year to [...]

KIC doubles Alts allocation and shoots for $100bn AUM

Posted on 06 July 2015

Korea Investment Corporation’s total assets under management are expected to surpass $100 billion by the end of 2015, says the sovereign wealth fund’s president and CEO. The fund intends to increase the proportion of its investment in alternative assets from the current 8% to 15% by the end of this year, with the intention of [...]

Zimbabwe: exRBZ Govenor Kombo Moyana Appointed Sovereign Wealth Fund Boss

Posted on 06 July 2015

Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund. President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure investments for future generations and support economic growth.

Abu Dhabi Sovereign Wealth Fund Invests in US Electric Car Company Tesla Motors

Posted on 06 July 2015

The Tesla American electric car company has been given a tremendous amount of money to help fund its startup. Apparently, the move to electric cars makes a lot of sense because it helps us remove ourselves from the dependence on foreign oil. But maybe those nations that are in the Middle East are hedging their [...]

Call for Norway’s oil fund to pull its weight

Posted on 06 July 2015

Norway’s oil fund came under attack from several of Sweden’s largest investors over concerns that the world’s biggest sovereign wealth fund is not applying rigorous oversight to the companies it invests in.

Russian Minister Calls for Wealth-Fund Boost to Stem Ruble Gains

Posted on 03 July 2015

Russia should start replenishing its Reserve Fund with proceeds from higher oil prices to stem the ruble’s appreciation, according to Finance Minister Anton Siluanov. The Finance Ministry proposes buying foreign currency for one of its two sovereign wealth funds if oil prices rise higher than $70 per barrel, Siluanov told reporters Thursday.

Irish sovereign fund to invest up to EUR1 billion

Posted on 03 July 2015

Between €500 million to €1 billion is to be invested this year by the Ireland Strategic Investment Fund (ISIF), bringing the total committed to €2 billion to €2.5 billion, its director, Eugene O’Callaghan has said. He was speaking at the launch of a report that said that at the end of 2014 €1.4 billion had [...]

Libyan Investment Authority’s case against Goldman Sachs and SocGen is back on

Posted on 03 July 2015

Rival factions at the Libyan Investment Authority (LIA) have agreed to give their backing to accountancy firm BDO to manage their case against Goldman Sachs and Societe Generale, getting the lawsuit back on track after a three-month hiatus. The fund sued the two banks for a combined $3.5bn last year over losses it made during [...]

Libyan fund suing banks gets a break

Posted on 03 July 2015

A judge has ruled that an interim receiver can represent the Libyan Investment Authority in its £1 billion-plus lawsuit against Goldman Sachs and Societe Generale.

Malaysia fund’s $4.5 bln rescue may weigh on Abu Dhabi’s IPIC

Posted on 03 July 2015

The $4.5 billion rescue of a struggling Malaysian state fund is good news for the government in Kuala Lumpur but will load Abu Dhabi’s International Petroleum Investment Co with extra debt that may worry investors in its bonds.

Mint Asset Management to manage active NZ equities for NZ Super Fund

Posted on 03 July 2015

Mint Asset Management has been appointed to a $150m active New Zealand equities mandate for the New Zealand Superannuation Fund. The appointment was effective July 1st and transition of the mandate to Mint is now complete. Matt Whineray, NZ Super Fund chief investment officer, says the Fund was committed to using a combination of [...]

KIC’s chairman sets course for endowment-like asset allocation

Posted on 03 July 2015

Korea Investment Corp., the Seoul-based sovereign wealth fund, should follow the path blazed by U.S. university endowments in allocating 50% or more of its portfolio to alternative investments, Chairman Hongchul “Hank” Ahn said Wednesday.

SWFs in Latin America and Middle East consider their first hedge fund allocations

Posted on 03 July 2015

For any hedge fund manager, winning a mandate from a sovereign wealth fund (SWF) is the Holy Grail. These are the biggest institutional investors on the planet and also offer, potentially, the stickiest capital given their multi-year investment horizons.

Overseas investors demand new deal on fees to expand Heathrow

Posted on 03 July 2015

Chinese, Qatari, Canadian and Spanish infrastructure investors could be the big winners from the recommendation by Sir Howard Davies to build a new £18bn runway at Heathrow. A handful of the world’s biggest investors have been buying stakes in Heathrow Airport in recent years, in anticipation of permission being granted to expand the London [...]

Kuwait may issue bonds to finance deficit -finance minister

Posted on 03 July 2015

Kuwait is considering issuing bonds among various options to finance a budget deficit created by low oil prices, Finance Minister Anas al-Saleh said on Thursday.

Dubai sovereign wealth fund sees profits surge 62%

Posted on 03 July 2015

Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund has reported increased profits of $7.75 billion (AED28.5 billion) for 2014, up by 62 percent on the previous year. In a statement, ICD, which has stakes or holdings in companies such as Emaar, Emirates Airline, Emirates NBD and ENOC, said the positive results were driven [...]

Fitch affirms National Company KazMunayGas at ‘BBB’

Posted on 03 July 2015

Fitch Ratings has affirmed JSC National Company KazMunayGas’s (NC KMG or the group) Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB’ with a Stable Outlook. Fitch has also affirmed KazMunaiGaz Finance Sub B.V.’s foreign currency senior unsecured rating at ‘BBB’. Wholly state-owned NC KMG is a holding company for Kazakhstan’s (BBB+/Stable) interests in the [...]

KazMunaiGas seeks to sell 50 pct of Kashagan stake to SWF

Posted on 02 July 2015

Kazakh state oil company KazMunaiGas (KMG) said on Wednesday it plans to sell 50 percent of its stake in the Kashagan oilfield to the sovereign wealth fund Samruk-Kazyna and use the proceeds to reduce its debt.

Head of State Oil Fund of Azerbaijan remains in Supervisory Board of VTB Bank

Posted on 02 July 2015

The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013.

Norway Oil Fund Asked to Divest Coca-Cola Shares

Posted on 02 July 2015

Activists from India and Norway are calling on Norway’s Government Pension Fund Global – the world’s largest sovereign wealth fund – to exclude the Coca-Cola company from its investment portfolio because of the company’s irresponsible water management practices in India. The Government Pension Fund Global (the Fund), with a market value of 6,970 billion Norwegian [...]

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