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VRS - who has written 16141 posts on Opalesque Sovereign Wealth Funds Briefing.


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GIC raises stake in Mumbai IT park Nirlon to 63.9% for $90M through open offer

Posted on 24 April 2015

Singapore’s sovereign wealth fund GIC has raised its holding in public listed Mumbai IT park firm Nirlon Ltd to 63.92 per cent by acquiring more shares in the open offer for Rs 568.32 crore ($90 million). This completes a rare control-style deal for a sovereign wealth fund in India. GIC had previously struck a deal [...]

Khazanah Nasional targets EU markets, new industries for investments

Posted on 24 April 2015

Sovereign investment firm Khazanah Nasional Bhd will look into European markets, as well as “newer industries” locally to invest this year on. A new region Khazanah Nasional is looking to venture into is the UK and Europe, which it will open up a London office for by the end of this year. The firm already [...]

Khazanah firm on its turnaround plan for MAS

Posted on 24 April 2015

Khazanah Nasional Bhd, the owner of Malaysia Airlines, is firm on its decision to reduce the number of the airline’s employees by 6,000 people, even as it gives more time to incoming chief executive officer (CEO) Christoph Mueller to choose his team. The plan to retrench more than 25% of MAS’ workers is being protested [...]

MAS job cuts needed to avoid yet another rescue, says Khazanah

Posted on 24 April 2015

The downsizing at Malaysia Airlines Bhd (MAB) cannot be avoided if the new national carrier is to be sustainable, controlling shareholder Khazanah Nasional Bhd said today amid complaints by staff unions.

Khazanah says ‘too early to tell’ if MAS revamp will be successful

Posted on 24 April 2015

Malaysian state-owned investment arm Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said it was still “too early to tell” if loss-making Malaysian Airline System (MAS) would be successfully turned around under its restructuring.

Malaysia to have world’s largest syariah pension fund

Posted on 24 April 2015

Malaysia’s state pension fund will offer a syariah-compliant investment option for its members by 2017, Prime Minister Datuk Seri Najib Razak said. This would create the largest syariah fund of its kind in the world, Najib said at the launch of an investment conference here. He did not specify how big he thought the syariah-compliant [...]

Dr M: 1MDB is not sovereign wealth but sovereign debt

Posted on 24 April 2015

Tun Dr Mahathir Mohamad pointed out today that Putrajaya will have to bear the losses incurred by 1 Malaysia Development Berhad (1MDB), noting it was the government that had invested in the troubled state-owned firm to begin with.

What China Share Rally? Best-Performing China Fund Expects More

Posted on 24 April 2015

China’s shares are at a seven-year high and Blackstone Group LP is warning of stock-market excess. The manager of the best-performing long-only fund investing in the nation’s equities disagrees and says there’s more to come.

Abu Dhabi’s IPIC announces major board revamp

Posted on 24 April 2015

The UAE energy minister has been appointed the new managing director of Abu Dhabi investment fund International Petroleum Investment Company (IPIC) in a reshuffle of the board.

Qatari’s take majority stake in luxury London hotel group

Posted on 24 April 2015

Qatar’s Constellation Hotels buys 64pc stake in the company which owns Claridges, The Berkeley and The Connaught. A Qatari investment vehicle has taken a majority stake in three of London’s most prestigious hotels in a landmark deal.

Samruk Kazyna Plans to Open Subsidiary in Silicon Valley

Posted on 24 April 2015

The Samruk Kazyna Sovereign Wealth Fund plans to establish a subsidiary in Silicon Valley, California. A working group consisting of the heads of a number of Samruk Kazyna companies, led by Chairman of the organisation Umirzak Shukeyev, visited companies of Silicon Valley on April 9-10, where they were acquainted with the work of Stanford University, [...]

What the BNY Mellon Forex Settlement Really Means for SWFs

Posted on 24 April 2015

Regulators and law enforcement extracted a hefty fine for fraud at one of America’s most respected financial institutions. Have sovereign wealth funds learned their lesson?

Take that campaign promise to the bank — in 2020

Posted on 24 April 2015

On Wednesday, Premier Paul Davis announced that in 2020 the government will start a “Generations Fund” — basically, a sovereign wealth fund, with a name that was probably tested in focus groups.

Australian sovereign fund joins Investa scrum

Posted on 23 April 2015

The more than $109 billion Future Fund has waded into the contest for the Investa Property Group platform. It is highly likely Australia’s sovereign fund will partner with the ASX-listed DEXUS Property Group, sources said. However, the large sovereign funds and institutions have been advised not to enter exclusivity with managers such as DEXUS until [...]

Temasek to buy Crompton’s consumer electric business

Posted on 23 April 2015

Advent and Temasek are close to announcing the deal to buy Crompton Consumer Electricals business for a total enterprise value of Rs 6,600 cr, sources with direct knowledge share. In the first leg of the transaction, Advent will lead the acquisition to buy 34.37 per cent stake from the Crompton Greaves promoters.

Norway’s SWF flexes its muscles

Posted on 23 April 2015

Norway’s $890bn fund is flexing its muscles in corporate governance matters by revealing it will vote against US power company AES over proxy access. It marks only the second time that the world’s largest sovereign wealth fund has revealed its voting intention ahead of a company’s annual meeting, a tactic that the Norwegian investor is [...]

Angola seeks $10bn for infrastructure despite oil price collapse

Posted on 23 April 2015

Angola, Africa’s second-largest oil producer, is seeking to raise up to $10bn from foreign creditors as it attempts to push ahead with key infrastructure projects in the face of severe headwinds triggered by the collapse in crude prices. The southern African nation has slashed its budget for the year by a quarter, or about $15bn, [...]

Qatar SWF eyes Vietnam skyscraper

Posted on 23 April 2015

Gulf sovereign wealth fund (SWF), the Qatar Investment Authority (QIA), is reportedly vying with Goldman Sachs to acquire the Keangnam Hanoi Landmark Tower, the tallest building in the Vietnamese capital, according to Korea Economic Daily.

World’s largest sovereign wealth fund takes stand against deforestation

Posted on 22 April 2015

Norway’s Government Pension Fund Global — the world’s largest sovereign wealth fund — is adopting standards to avoid investing in companies linked to tropical deforestation, sending a strong signal that forest destruction is not an acceptable practice for responsible businesses, reports Rainforest Foundation Norway.

Can Sovereign Wealth Funds Learn to Zig When Markets Zag?

Posted on 22 April 2015

Sovereign Wealth Center’s transaction database (which excludes NBIM’s open-market stock trades that are part of its indexed strategies) backs Meert up. Sovereign wealth funds could be far better at investing countercyclically. An analysis of our investment data from 2005 to the first quarter of 2015 shows that there is a strong [...]

SNP: a path to fiscal autonomy, but do the sums add up?

Posted on 22 April 2015

Scottish National Party (SNP) manifesto says that, once fiscally independent, the SNP would lock Scotland into a balanced current budget regime, running a surplus in order to accumulate a sovereign wealth fund, which would give it leeway in any future negotiations over independence.

Norway SWF is primed to become Africa’s biggest investor

Posted on 22 April 2015

World’s biggest Sovereign Wealth Fund (SWF), Norway’s Government Pension Fund Global (GPFG), last year added five African states to the number of countries it approves as marketplaces for trading in equities. It is keen to take advantage of the pace of economic growth across Africa to garner profitable returns on equity investments.

KIC faces state auditor’s inspection

Posted on 22 April 2015

The Korea Investment Corporation (KIC) is facing an inspection by the Board of Audit and Inspection over a planned investment in the Los Angeles Dodgers. The National Assembly Strategy and Finance Committee held a meeting, Tuesday, and approved a request for an audit of the KIC.

Sulekha.com raises Rs 175 crore from Singapore’s sovereign fund GIC

Posted on 22 April 2015

Local listings services provider Sulekha.com has raised Rs 175 crore funding from Singapore’s sovereign wealth fund GIC and venture capital Norwest Venture Partners (NVP). The company will use the series C funding to expand its presence in tier II cities to mainly focus on technology and branding.

China expands stake in Russian potash miner Uralkali

Posted on 22 April 2015

China is expanding its influence over the potash industry with Industrial Commercial Bank of China (ICBC) and China Construction Bank acting as lenders of a $530 million loan deal Russian potash miner Uralkali, the world’s biggest producer of the commodity, signed Monday.

Temasek Holdings to invest Rs. 945 crores in Glenmark Pharma

Posted on 22 April 2015

Glenmark Pharmaceuticals Ltd. today informed the stock exchanges that Temasek Holdings (Private) Limited, the investment arm of the Singapore government, is considering investing in the Company through its wholly owned subsidiary Aranda Investments (Mauritius) Pte Ltd, (Aranda) in equity shared to be issued by the Company on a preferential basis.

WA future fund off limits despite budget woes

Posted on 22 April 2015

WA has two years of financial pain to ride out but there’s no way the state government will raid its future fund, Premier Colin Barnett says. After Cabinet finalised the state budget on Monday, Mr Barnett said “large” deficits over the next two years could not be avoided.

WA govt won’t axe future fund: Barnett

Posted on 22 April 2015

Western Australia has two years of financial pain to ride out but there’s no way the state government will raid its future fund, Premier Colin Barnett says. After Cabinet finalised the state budget on Monday, Mr Barnett said “large” deficits over the next two years could not be avoided.

Abu Dhabi pours GBP 150m into GIB’s offshore wind fund

Posted on 22 April 2015

The Abu Dhabi Investment Authority (ADIA) is investing some GBP 150 million (USD 223/EUR 208.9m) in the Green Investment Bank’s (GIB) UK offshore wind fund, the Daily Business said on Tuesday. At the very start of April, GIB announced it had raised GBP 463 million in capital for its offshore wind fund from UK-based pension [...]

Norway Strikes Biggest Property Deal Betting on U.S. Warehouses

Posted on 21 April 2015

Norway’s sovereign-wealth fund made its biggest real estate investment yet, teaming up with Prologis Inc. to buy warehouse properties in 17 U.S. states for $5.9 billion. The $890 billion fund will cover $2.3 billion of the purchase through the Prologis U.S. Logistics Venture, which is 45 percent owned by the Oslo-based investor. It’s the fund’s [...]

Norway Angers Investors in Pipeline Network

Posted on 21 April 2015

One risk the Canada Pension Plan Investment Board didn’t see coming was that the government of Norway, which prides itself on being one of the world’s safest corners for investors, would slash the rates the pipeline can charge for carrying natural gas.

KIC breaks rules in bid to invest in LA Dodgers: lawmaker

Posted on 21 April 2015

South Korea’s sovereign wealth fund has violated its own rules in its move to buy into the Los Angeles Dodgers, a lawmaker said Tuesday. The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, has reportedly been in talks to buy a 19 percent stake in the baseball club from U.S.-based [...]

Temasek succession plans under scrutiny as Ho takes leave

Posted on 21 April 2015

Temasek Holdings Pte Chief Executive Officer Ho Ching’s three-month sabbatical raises the question that’s been asked repeatedly in the past six years: who will steer Singapore’s investment mothership when she eventually leaves?

Oman Fund picks up stake in Italian auto firm

Posted on 21 April 2015

The state-owned Oman Investment Fund (OIF) has acquired a 40 per cent stake in prominent Italian auto parts maker Sigit SpA in what experts say is a precursor to the potential establishment of an auto manufacturing industry in the Sultanate. Sigit has built a reputation in the automotive industry as a supplier of customised thermoplastic [...]

IPIC Governance in the Spotlight

Posted on 21 April 2015

Sovereign Wealth Center View: It’s been a turbulent week for the International Petroleum Investment Corp. and its chief executive, Khadem al-Qubaisi. On a sunny afternoon in October 2014, the Real Madrid football team strode out onto the pristine turf of the Santiago Bernabéu stadium, its historic home ground. But this was a commercial occasion, not [...]

Sovereign Wealth Funds Have an Active First Quarter 2015

Posted on 21 April 2015

With recent noteworthy deals of sovereign wealth funds buying up massive real estate assets such as Norway’s SWF deal with Prologis on acquiring KTR Capital for US$ 5.9 billion or the Abu Dhabi Investment Council’s role in allocating to Spotify’s latest round, wealth funds continue to exhibit a greater role in direct investments.

CEO of biggest wealth fund turns to Africa for profit growth

Posted on 20 April 2015

Norway’s sovereign-wealth fund is pouring a bigger share of its cash into Africa in a bid to capture some of the fastest growth in the global economy. The $890 billion fund, which is already in South Africa, is spreading its investments to the north and west of the continent in search of opportunities, Yngve Slyngstad, [...]

GE Holds Talks With Sovereign Funds for Finance-Assets Sale

Posted on 20 April 2015

General Electric Co. has held talks with “a broad geographic spectrum” of sovereign wealth funds as part of the effort to sell the bulk of its lending business, Chief Financial Officer Jeff Bornstein said.

World’s Biggest Wealth Fund Says Monetary Risks at Historic High

Posted on 20 April 2015

For Norway’s $890 billion sovereign-wealth fund, the investment risks stemming from monetary policy have never been greater. Like most global investors, the Oslo-based fund is trying to navigate uncharted terrain as central banks across the world push out stimulus to protect economic growth and spur inflation.

Norway manages its oil wealth better than Alberta

Posted on 20 April 2015

Alberta Premier Jim Prentice has stated the worst is yet to hit his province. He is warning that in two years their $16 billion Heritage Oil Fund, that was started around 1976, could be gone. With Alberta’s bubble burst, there is much to learn from the major petroleum producer Norway.

Prologis Agrees to Acquire KTR Portfolio for $5.9 Billion

Posted on 20 April 2015

Prologis Inc., the world’s largest owner of industrial real estate, agreed to acquire KTR Capital Partners for $5.9 billion to expand its presence in key U.S. markets. The purchase will be made by Prologis U.S. Logistics Venture, a joint venture with Norges Bank Investment Management, the San Francisco-based company said on Sunday in a statement.

ADIA sells 6.6% Deutsche Annington stake after stock climbs

Posted on 20 April 2015

Abu Dhabi Investment Authority (ADIA) sold its 6.6 per cent stake in Deutsche Annington Immobilien SE, according to an emailed statement. ADIA, the world’s second-biggest sovereign wealth fund, sold 23.5 million shares there were offered at €30.80 (Dh121.01, $32.91) to market price each, according to a term sheet obtained by Bloomberg.

ADIA offloads stake in German residential giant

Posted on 20 April 2015

Abu Dhabi Investment Authority (Adia) has sold a stake in German residential firm Deutsche Annington. The sovereign wealth fund reportedly took a €725m profit from the sale of a 6.6% stake.

Ritz locks farmers out, hands CWB keys to Bunge and Saudi king’s fund

Posted on 20 April 2015

Agriculture Minister Gerry Ritz announced that G3, a joint venture owned by two foreign corporations, Bunge and the Saudi investment company SALIC, is the beneficiary of CWB privatization. With this, the Conservative government has accomplished the biggest transfer of wealth away from farmers in the history of Canada,” said Jan Slomp, National Farmers Union (NFU) [...]

Temasek Allocates $150 Million in Indian Pharma Company

Posted on 20 April 2015

Temasek Holdings is investing 9.4 billion crore (US$ 151.4 million) in Mumbai-based Glenmark Pharmaceuticals Ltd. through its sovereign wealth enterprise Aranda Investments (Mauritius) Pte Ltd. Temasek is subscribing up to 10.8 million shares on a preferential basis for cash in the Indian drug manufacturer. Among sovereign wealth funds, Temasek is known for backing [...]

SWFs Selling Out

Posted on 20 April 2015

On Tuesday the China Investment Corp. (CIC) disclosed that it had sold more than 375.6 million shares in Shanghai-based Semiconductor Manufacturing International Corp. (SMIC) in a series of transactions over the first three months of 2015, lowering its stake to 10.5 percent of SMIC’s shareholder capital.

Norway’s oil fund backs more focus on climate change at BP, Shell

Posted on 16 April 2015

Norway’s oil fund, the world’s biggest sovereign wealth fund, said on Wednesday it would back a proposal from shareholders of BP and Royal Dutch Shell for further information from the companies on risks and opportunities associated with climate change.

CEO of World’s Biggest Wealth Fund Turns to Africa for Profits

Posted on 16 April 2015

Norway’s sovereign-wealth fund is pouring a bigger share of its cash into Africa in a bid to capture some of the fastest growth in the global economy. The $890 billion fund, which is already in South Africa, is spreading its investments to the north and west of the continent in search of opportunities, Yngve Slyngstad, [...]

Norway’s Sovereign Fund retains 2.6 % investment in Italy

Posted on 16 April 2015

Norway’s Sovereign Wealth Fund manager and Central Bank governor, Oystein Olsen, said he intended to keep investments in Italy unchanged. “At the moment we’re not planning to increase our investments in Europe, which will remain at 40 percent of our global investments”, Mr Olsen told reporters in Rome.

Norway oil fund to disclose voting

Posted on 16 April 2015

Norway’s $US880 billion oil fund will this week usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor.

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