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VRS - who has written 14496 posts on Opalesque Sovereign Wealth Funds Briefing.


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Russian Direct Investment Fund Not Affected by US, EU Sanctions

Posted on 01 August 2014

The Russian Direct Investment Fund, a sovereign wealth fund, said Thursday its investment activity will not be affected by recent sectoral sanctions imposed on Russia by the United States and the European Union as the entity does not directly attract equity or debt financing.

Norway c.bank will not make any FX transactions in Aug

Posted on 01 August 2014

Norway’s central bank will not sell any Norwegian crowns in August to buy foreign exchange for the country’s sovereign wealth fund, the bank said on Thursday, in line with its practice in recent months.

Azerbaijan’s oil funds turning into Chinese Yuan

Posted on 01 August 2014

Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country’s oil and gas revenues have taken some measures to include Yuan in its currency portfolio. SOFAZ Deputy Executive Director Israfil Mammadov said the fund has appealed to the People’s Bank of China to obtain quotes on indirect investment in the [...]

Sovereign wealth funds eye european real estate

Posted on 01 August 2014

According to a survey by international real estate advisor Savills, sovereign wealth funds in 2013 accounted for total investment volumes worth €5.5bn in key European markets (Belgium, France, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden and the United Kingdom). The total is a year on year increase of 30%.

Macau urged to create SWF to invest reserves

Posted on 01 August 2014

Macau’s government has been urged to create a sovereign wealth fund (SWF) to better manage its substantial fiscal reserves and buffer the territory against external shocks. Following a recent mission to the Chinese SAR, the International Monetary Fund (IMF) issued a report stating that the establishment of an SWF with a clear mandate would enable [...]

S Dhanabalan rejoins GIC as board director

Posted on 01 August 2014

Mr S Dhanabalan will rejoin the board of GIC as a director with effect from Friday, the investment company said on Friday morning. “We are very pleased to welcome Mr Dhanabalan to the GIC Board,” said GIC group president Lim Siong Guan in a statement.

Nigeria SWF to manage $350m for national electricity buyer

Posted on 01 August 2014

A Nigerian government agency charged with buying electricity in bulk from new power producers has engaged the country’s sovereign wealth fund manager to take custody of $350 million in liquid assets, as opposed to leaving it “sitting in the central bank” where it will “earn next to nothing”, according to the Nigerian finance minister.

Insecurity: Reps want Jonathan to draw from Excess Crude Account

Posted on 01 August 2014

Lawmaker in the House of Representatives, Rep Francis Haske Hannaniya (PDP, Adamawa) advised President Goodluck Jonathan not to wait for the National Assembly’s approval on his request to take loan of $1 billion. Instead, he said the president should withdraw from the excess crude account to fight Boko Haram.

Norway Says $890 Billion Fund Likely to Follow EU Sanctions

Posted on 31 July 2014

Norway’s government, which sets the strategy for the world’s biggest sovereign wealth fund, signaled it will probably abide by sanctions against Russia agreed by the European Union and the U.S. “In such a situation we have to react,” Foreign Minister Boerge Brende said in a statement today. The government of Norway, which isn’t an EU [...]

The State Oil Fund of Azerbaijan starts investing in renminbi

Posted on 31 July 2014

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has applied to the People’s Bank of China (PBoC) for indirect renminbi investment in China’s onshore market to diversify its current investment portfolio. According to Israfil Mammadov, deputy CEO of SOFAZ, the Fund applied for the PBoC quota not long ago.

Azerbaijan determines broker on placement of Southern Gas Corridor second issue of bonds

Posted on 31 July 2014

The new issue of Canub Qaz Dehlizi’s bonds (”Southern Gas Corridor”) to the amount of $1.2 billion was put for mass sale at the Baku Stock Exchange (BSE). “InvestAZ” company was chosen the broker of the acquirer, InvestAZ said on July 30. The total volume of the issue is $1,246,355. Its prospectus has been recently [...]

Temasek bets big on Indian e-commerce

Posted on 31 July 2014

Unlike several foreign equity investors who have been struggling to exit from India investments, Temasek Holdings Pvt. Ltd, the investment arm of the Singapore government, is focusing on new investments in the country’s e-commerce sector. In India, Temasek has investments in traditional firms such as Bharti Airtel Ltd, GMR Energy Ltd, Tata Teleservices Ltd and [...]

Temasek expects more deals in India

Posted on 31 July 2014

Singapore government-owned sovereign fund Temasek remains optimistic on India and it expects more deals in current financial year. The firm believes the change in the Indian government will drive more investments to the country as the hurdles in decision making are expected to be removed.

Temasek Holdings scouts for unlisted companies, may focus on consumer goods, healthcare sectors

Posted on 31 July 2014

Singapore government-owned investment firm Temasek Holdings is bullish on the India story and is scouting for unlisted companies, particularly in consumer goods and healthcare sectors, senior company officials said.

Doubts raised over Qatar interest in VTB bond issue

Posted on 31 July 2014

Sanctions imposed on the Russian bank VTB have thrown into doubt interest from one of the institution’s key shareholders in a planned bond issue. Qatar Holding, the direct investment arm of the gas-rich state’s sovereign wealth fund, had been a supportive shareholder of VTB since acquiring a 2.9 per cent stake during the Russian lender’s [...]

Size of 2014 PFD checks may double from 2013’s $900

Posted on 31 July 2014

The Alaska Permanent Fund Corp. predicts the size of the annual dividend check that qualifying Alaskans will receive this year will be considerably more than the $900 checks distributed in 2013, and may approach the all-time record. “I think the punchline is that the dividend is going to be right about doubling from last year,” [...]

Why Sovereign Wealth Centers on San Francisco Bay Area

Posted on 31 July 2014

A number of Asian sovereign wealth funds continue to build ties to Silicon Valley, the hotbed for technology innovation and the rest of the San Francisco Bay Area. In a trailblazing signal, Malaysia’s Khazanah Nasional chose to open its U.S. office in San Francisco, not in New York City. Singapore’s GIC Private Limited [...]

Institutions Shift to Exchange-Traded Funds as Futures Grow Costly

Posted on 31 July 2014

Institutional investors, like endowments and sovereign wealth funds, are trading some of their stock futures contracts for exchange-traded funds, an action they say saves them money and effort while providing comparable returns.

Macau: Sovereign wealth fund an option

Posted on 30 July 2014

The International Monetary Fund thinks it’s a good idea that Macau establish a sovereign wealth fund. Anselmo Teng Lin Seng of the Monetary Authority here is well aware of the option.

Flipkart Gets $1 Billion From Investors Led by Tiger

Posted on 30 July 2014

Flipkart.com, India’s biggest online retailer, raised $1 billion as investors, including Tiger Global Management LLC and South Africa’s Naspers Ltd. (NPN), increased their stakes.

GIC invests in India’s Flipkart

Posted on 30 July 2014

Singapore sovereign wealth fund GIC has invested in Flipkart, India’s largest e-commerce company. GIC joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management and Sofina in injecting a combined US$1 billion into Flipkart.

With a $1 billion funding round wrapped up, what next for Flipkart?

Posted on 30 July 2014

Shopping website Flipkart said it has received $1 billion in funding from Singapore’s sovereign wealth fund, GIC, and existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina. This is the biggest round of funding into any Indian startup. The investment was co-led by existing investors Tiger Global Management and Naspers.

Confirmed: Metlife and Norway SWF Acquire One Beacon Street Tower in Boston

Posted on 30 July 2014

This is confirmation that Metlife and Norway’s Government Pension Fund Global (GPFG) through Norges Bank Investment Management (NBIM) have bought the One Beacon Street office building in Boston for approximately $561 million. This is the second property investment in Boston and the fourth overall for the joint venture, which now has a real estate portfolio [...]

SOFAZ issue over $118 mln for youth education

Posted on 29 July 2014

Azerbaijan’s state oil fund SOFAZ has allocated more than $118 million for youth education abroad. SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, was established in 1999 with assets worth $271 million.

Norway’s Oil Fund Buys Into Boston Property

Posted on 29 July 2014

Norway’s sovereign-wealth fund said Monday it had acquired a 47.5% stake in an office property at One Beacon Street in Boston, in a joint venture with U.S. life insurer MetLife Inc. Norges Bank Investment Management, which manages Norway’s $891 billion fund, usually referred to as the “oil fund,” said it had paid $122.3 million for [...]

MetLife Joins Norway Fund in $561 Million Boston Deal

Posted on 29 July 2014

MetLife Inc. (MET), the largest U.S. life insurer, added another Boston office tower to its real estate partnership with Norway’s sovereign-wealth fund, expanding their joint venture to about $2.4 billion.

Kazakh central bank fund seeks advisers on managing $110bn reserves

Posted on 29 July 2014

Kazakhstan’s National Investment Corporation (NIC), a sovereign wealth fund managed by the country’s central bank, is looking to appoint consultants to help it pick external investment managers to manage around $110 billion of the country’s wealth.

Aberdeen’s assets drop as client withdraws £4bn

Posted on 29 July 2014

Aberdeen Asset Management’s assets dropped in the second quarter of 2014, following a substantial withdrawal by a major client. In the three months to the end of June, the Asian Sovereign Wealth Fund withdrew £4bn from Asia Pacific and global equities mandates.

Call to use Exchange Fund for social policies rejected

Posted on 29 July 2014

The Exchange Fund remains the last line of defense for financial stability and should not be used to support social policies or adopt a more aggressive investment strategy, the Hong Kong Monetary Authority chief said. “It is clearly not appropriate for the fund to adopt an overly aggressive investment approach, nor is it appropriate to [...]

Temasek Fully Exits From New China Life Insurance

Posted on 29 July 2014

Singapore’s sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports.

Abu Dhabi SWF says ‘ready’ to buy more hotel assets

Posted on 28 July 2014

The Abu Dhabi Investment Authority is ready to purchase more real estate hotel assets as the right opportunities appear, according to its head of hospitality.ADIA, one of the world’s largest sovereign wealth funds, continues to see the United States as a viable investment option, but is also looking elsewhere around the globe, said Mike Goodson.

SOFAZ allocates over $300 million for construction of new drilling rig in Azerbaijan

Posted on 28 July 2014

As of June 30, 2014, over 236.44 million AZN was allocated for the construction of new generation floating drilling rig from the State Oil Fund of Azerbaijan (SOFAZ), according to the official website of the fund.

Temasek exits New China Life with $276 mln share selldown

Posted on 28 July 2014

Singapore state investor Temasek Holdings said on Friday it had sold all of its remaining shares in New China Life Insurance (NCI), on the back of a 27 percent rally in the stock over the past year.

Singapore GIC invests almost $500 million in 2 Philippine companies

Posted on 28 July 2014

Singapore GIC, one of the ten largest sovereign wealth funds in the world, manages more than US$100 billion in assets and has decided to invest a part of those assets in the Philippine market.

Malaysia Airlines considers rebranding

Posted on 28 July 2014

A government-led review of Malaysia Airlines – the carrier reeling from the disappearance of one aircraft and the alleged shooting down of another – is examining the case for renaming the company.

Dubai builder Arabtec posts major cash deficit for second quarter

Posted on 28 July 2014

Arabtec is likely to need a capital injection or new debt financing after its second-quarter earnings figures showed a significant worsening of its cash position, analysts said.

New Zealand SWF to invest in catastrophe reinsurance

Posted on 25 July 2014

The New Zealand Super Fund (NZSF) is looking to invest in catastrophe risk insurance due to the sector’s cyclical nature and strong liquidity, according to Pablo Matias Sosa, senior investment strategist at the $22 billion sovereign wealth fund (SWF).

Temasek divests New China Life stake in block

Posted on 25 July 2014

Singapore’s Temasek Holdings sold its stake in New China Life, China’s third largest insurer, on Thursday after launching a 78 million share block trade after the market close.

Khazanah denies MAS-AAX merger

Posted on 25 July 2014

Speculation of Malaysian Airline System Bhd (MAS) being merged with a budget long haul carrier has been dismissed by Khazanah Nasional Bhd, which has a 69.4% stake in the ailing national carrier.

Qatari Investment Authority weighs up Sainsbury swoop seven years after walking away from GBP10.6bn bid

Posted on 25 July 2014

It’s almost seven years since the Qatari Investment Authority walked away from its £10.6bn or £6 a share indicative bid for J Sainsbury, blaming its retreat on credit markets which made raising funding more expensive. It retained a 26 per cent stake and has remained a loyal shareholder. Until now.

Abu Dhabi Investment Authority Likely to Acquire State Tower Namsan

Posted on 25 July 2014

The Abu Dhabi Investment Authority (ADIA), one of the three largest sovereign funds in the world, is emerging as a promising candidate for the acquisition of the State Tower Namsan located in Seoul.

Goldman, ADIA Said to Weigh Joining Gavea in Snagged Fleury Deal

Posted on 25 July 2014

Goldman Sachs Group Inc’s private-equity arm and Abu Dhabi Investment Authority are considering joining Gavea Investimentos Ltda. in a bid for Brazilian medical-services company Fleury SA, people with knowledge of the matter said.

Fitch Affirms Mubadala Development Company PJSC at ‘AA’; Outlook Stable

Posted on 25 July 2014

Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default Rating (IDR), senior unsecured rating at ‘AA’ and Short-term IDR at ‘F1+’. The Outlook on the Long-term IDR is Stable.

Norway Fund’s Top Russia Holding Include VTB, GAZ Auto

Posted on 25 July 2014

Norway’s $890 billion sovereign wealth fund, the world’s biggest, has said it’s reassessing its investments in Russia as the European Union considers expanding sanctions against the country.

Norway’s State-Run Investment Fund May Sell $8B Of Russian Assets

Posted on 25 July 2014

Norway, whose government-managed investment fund is worth more than $900 billion, is considering selling its Russian-based investments, totaling as much as $8 billion, as the European Union mulls new sanctions against Russia following the downing of Malaysia Airlines Flight MH17 last week.

Western Threats Mean Little to Putin

Posted on 25 July 2014

Russia has become deeply unpopular, even toxic. Europe and the U.S. are working non-stop on new economic sanctions, the world’s biggest sovereign wealth fund is thinking of cutting its $8 billion Russia investment, and in Holland some people are calling for the deportation of Russian President Vladimir Putin’s daughter.

World’s Biggest Wealth Fund Among Reach Energy Investors

Posted on 24 July 2014

Malaysia’s Reach Energy Bhd. has attracted investors including Norway’s $890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields. orges Bank Investment Management, the world’s largest sovereign wealth fund, is among cornerstone buyers in the 750 million-ringgit ($237 million) IPO of Reach Energy, Managing Director Shahul [...]

Norway sovereign fund buys into Reach Energy IPO

Posted on 24 July 2014

Malaysia’s Reach Energy Bhd has attracted investors including Norway’s US$890 billion (RM2.82 trillion) sovereign wealth fund in an initial public offering (IPO) to fund its acquisitions of oil and gas fields.

World’s biggest wealth fund reviews US$8 billion Russian holdings

Posted on 24 July 2014

Norway’s US$890 billion (RM2.82 trillion) sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country. Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the US says was probably supplied by the Russian military, sentiment toward assets based [...]

Goldman, Khazanah among investors nearing Huarong deal

Posted on 24 July 2014

Goldman Sachs and private equity firm Warburg Pincus are among the investors nearing a deal to buy an up to 20% stake in China Huarong Asset Management Ltd for about US$2bil (RM6.25bil), seeking a share in the profitable business of bad loan management in China.

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