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VRS - who has written 19125 posts on Opalesque Sovereign Wealth Funds Briefing.


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New Mexico SIC sets aside $193m for non-core real estate

Posted on 29 July 2016

The New Mexico State Investment Council plans to invest $193m (€174.5m) in non-core real estate in 2017. The investor’s annual investment plan was approved at a board meeting this week.

Alaska’s $53 Billion Permanent Pool to Exit Funds of Hedge Funds

Posted on 29 July 2016

Alaska’s $53 billion wealth fund plans to exit all of its funds of hedge funds and will instead make investment decisions in-house. Alaska Permanent Fund Corp. plans to pull all of the $2 billion it has invested in liquid assets across Crestline Investors, Mariner Investment Group and Lazard Asset Management, according to Marcus Frampton, its [...]

HKMA warns of risks ahead after US Fed keeps interest rates unchanged

Posted on 29 July 2016

The Hong Kong Monetary Authority on Thursday warned the public to be aware of risks arising from market uncertainties after the US Federal Reserve decided not to raise interest rates in its meeting overnight.

Temasek Should Hang Up

Posted on 29 July 2016

A Qatari company just gave Singapore’s state investor a solid clue about what to do with its outsize holdings of the island’s telcos: sell, and run.Ooredoo QSC, the Doha-based phone carrier, is working with HSBC to find a buyer for its indirect stake of about 14 percent in Singapore’s StarHub, Bloomberg News reported this week.

GIC bids for stake in Indian commercial developer

Posted on 29 July 2016

The world’s biggest alternative investment manager, and Singapore’s sovereign wealth fund look at a $1 billion India real estate deal, while Wanda makes progress on its Hong Kong privatisation plan, while spending some pocket millions on a new web platform. Read on for all these stories and more.

Singaporean wealth fund warns of hard investment decade

Posted on 29 July 2016

Singapore’s multibillion-dollar sovereign wealth fund GIC yesterday reported a substantial dip in returns and warned of “difficult” global investment conditions over the next decade. The fund said in a statement its annualized rate of return, excluding global inflation, for the past 20 years fell to 4 percent in the year to March, from 4.9 percent [...]

GIC spots investment opportunities in emerging economies

Posted on 29 July 2016

Several nations have reigned in excessive credit growth. According to Bloomberg, in an environment of diminishing returns, emerging economies are offering better opportunities for investors compared with last year, Singapore’s sovereign wealth fund GIC Pte said.

1MDB: The inside story of the world’s biggest financial scandal

Posted on 29 July 2016

On 22 June 2015, Xavier Justo, a 48-year-old retired Swiss banker, walked towards the front door of his brand new boutique hotel on Koh Samui, a tropical Thai island. He had spent the past three years building the luxurious white-stone complex of chalets and apartments overlooking the shimmering sea and was almost ready to open [...]

US Lawsuit Against Malaysia’s 1MDB: Who is ‘Official 1′?

Posted on 29 July 2016

The United States Department of Justice has filed a lawsuit against some individuals accused of using an investment firm owned by the Malaysian government to steal more than $1 billion.

White-shoe US law firm linked to over $1bn embezzled from 1MDB

Posted on 29 July 2016

Shearman & Sterling LLP has become embroiled in the US Department of Justice’s largest asset forfeiture case yet connected to the 1Malaysia Development Berhad (1MDB) controversy.

Investcorp Sells 20% Stake to Abu Dhabi-Based Fund Mubadala

Posted on 29 July 2016

Mubadala will immediately acquire a 9.9% stake with a further 10.01% to follow after obtaining regulatory approvals. Bahraini investment manager Investcorp on Thursday said it had agreed to sell a 20% stake to Mubadala Development Co., a sovereign-wealth fund tasked with diversifying Abu Dhabi’s economy.

Singapore’s Sovereign-Wealth Fund Sees Lower Returns Ahead

Posted on 28 July 2016

Singapore’s over $300 billion sovereign-wealth fund sees no end in sight for the era of low returns as anemic interest rates and sluggish growth weighed on one of the world’s biggest state funds.

Singapore wealth fund’s performance falls to three-year low

Posted on 28 July 2016

Low interest rates, high asset valuation and political instability were expected to bring down returns for the foreseeable future, Singapore’s GIC said on Thursday as the sovereign wealth fund’s performance fell to a three-year low.

GIC Warns of Muted Market Returns as Fund Performance Declines

Posted on 28 July 2016

GIC Pte, which manages Singapore’s foreign reserves, said its key performance measure declined and warned that record-low interest rates will weigh on investment returns in the coming decade.

GIC ‘more defensive’ in investing stance

Posted on 28 July 2016

Sovereign wealth fund GIC said it had been more defensive in its investing stance in the past year, owing to more challenging investment conditions. The fund’s approach was reflected in its move to increase its holdings of bonds and cash, at the expense of developed market equities, which are seen as more risky.

Future Fund adds Kiskadee to reinsurance roster

Posted on 28 July 2016

Australian sovereign wealth fund the Future Fund has added Kiskadee Investment Managers to its line-up of reinsurance managers, according to its website. The Hiscox subsidiary has posted quick growth in the past year, surpassing the $1bn mark for assets under management after launching in 2014.

Future Fund and Cbus see big opportunities in direct lending

Posted on 28 July 2016

The potential for super funds to be direct lenders is enormous, according to a panel that included the Future Fund, Cbus and AustralianSuper that are all lending directly. Rob Leck, manager debt and quantitative solutions at Cbus, which is about to enter the private debt market, said that not only do investors have to be [...]

HKMA adds to mortgage talk

Posted on 28 July 2016

Amid intensifying competition between banks for mortgage business and reports of the Hong Kong Monetary Authority informing banks verbally that they must restrict rebates on such loans immediately, the HKMA had come out to say it is not setting any new caps.

Saudi royal oil group at heart of 1MDB case

Posted on 28 July 2016

US justice department claims $1bn of Malaysian funds for PetroSaudi venture was siphoned off. It is the tale of a little-known but well-connected oil company that was co-founded by a Saudi prince and claims to be a “partner of choice” for multinationals.

Fund Lawyer Who Worked With Goldman Holds 1MDB Clues, U.S. Says

Posted on 28 July 2016

She was the general counsel for Malaysia’s 1MDB investment fund. She was also 1MDB’s liaison to Goldman Sachs Group Inc., the global bank that helped it raise $6 billion.

Deloitte becomes third auditor in a row to quit scandal-hit 1MDB

Posted on 28 July 2016

Deloitte has resigned as auditor of 1Malaysia Development Berhad, as the scandal surrounding the Malaysian state investment fund reverberates through the global financial system.

Investment funds increase interest in Europe’s offshore wind farms-study

Posted on 28 July 2016

Norway’s $863 billion sovereign wealth fund, the world’s biggest, for instance said in April it had sold shares in 52 coal-dependent companies as part of a policy to fight climate change.

Sovereign wealth funds to become largest private equity allocator

Posted on 27 July 2016

Sovereign wealth funds could overtake public pension funds as the most significant source of private equity capital in the next five years, David Rubenstein, co-founder and co-chief executive officer of Carlyle Group told attendees at the Private Equity Exclusive conference in Chicago on Monday.

Goldman Sachs’ 1MDB woes deepen on conflict of interest lawsuit

Posted on 27 July 2016

Former client EON Capital claims fraudulent misrepresentations over Malaysian bank takeover. Goldman Sachs’ troubles stemming from the 1MDB scandal deepened on Tuesday, as the bank was sued for more than $500m by a shareholder of a former client claiming fraudulent misrepresentations and breaches of fiduciary duties.

Goldman is sued in U.S. over merger linked to Malaysia’s 1MDB

Posted on 27 July 2016

Goldman Sachs Group Inc (GS) was sued on Tuesday by a major shareholder of a Malaysian bank it once advised, and which accused the Wall Street bank of fraudulently shortchanging it in a merger to curry favor with that country’s prime minister.

Goldman Accused of Betrayal to Curry Malaysian PM’s Favor

Posted on 27 July 2016

Goldman Sachs Group Inc. has another Malaysia problem. The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the billion-dollar state fund.

Goldman Sachs abused trust in dealings with Libyan LIA, fund’s lawyer tells trial

Posted on 27 July 2016

Goldman Sachs abused its position as a trusted adviser to Libya’s sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank’s dealings to a forensic degree of scrutiny.

Deloitte Resigns as 1MDB Auditor

Posted on 27 July 2016

The Malaysian government investment fund says Deloitte Touche Tohmatsu resigned in February. The departure of a second auditor for a Malaysian government investment fund is putting focus on another global company that apparently failed to raise questions about what investigators are calling a large-scale fraud.

Goldman Sachs abused trust in dealings with Libyan LIA, fund’s lawyer tells trial

Posted on 27 July 2016

Goldman Sachs abused its position as a trusted adviser to Libya’s sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank’s dealings to a forensic degree of scrutiny.
In a trial at London’s High Court, the Libyan Investment Authority (LIA) is attempting to claw back US$1.2 billion [...]

Australia’s AGL and state-owned funds establish renewables fund

Posted on 27 July 2016

Australia’s second-largest energy retailer AGL Energy Ltd said on Wednesday it had set up the nation’s largest renewable energy fund, worth A$2-3 billion, with Australia’s sovereign wealth fund and a Queensland government-owned fund.

Azeri banks buy $50M from State Oil Fund at auction

Posted on 27 July 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 27 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 26.

SCMP CEO Robin Hu to join Temasek Holdings in December

Posted on 26 July 2016

The South China Morning Post’s chief executive officer Robin Hu is stepping down from his post to join Singapore investment company Temasek Holdings. Mr Hu will join Temasek as the joint head of its sustainability and stewardship group - a new senior leadership role - with effect from Dec 1.

The DoJ 1MDB complaint analysed: how the named banks fare

Posted on 26 July 2016

The US Department of Justice’s complaint seeking the recovery of assets related to the Malaysian sovereign wealth fund, 1MDB, is compelling reading. In a 136-page filing, a remarkable web of money transfers and illicit purchases is exposed.

Singapore Vows Tougher Stance After 1MDB Dents Reputation

Posted on 26 July 2016

Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.

Singapore to further boost money laundering controls amid 1MDB-linked probe

Posted on 26 July 2016

Singapore’s central bank said it will enhance controls against money laundering and take swift action against banks following damaging findings that financial institutions in the city-state handled money flows linked to Malaysian state fund 1MDB.

Shearman & Sterling bank account linked to stolen Malaysian $1bn

Posted on 26 July 2016

Shearman & Sterling has become unwittingly caught up in the middle of the largest ever asset seizure by the US Department of Justice’s anti-corruption unit. Funds transferred to the law firm’s bank account are alleged to have financed the “luxurious lifestyles” of several businessmen associated with the 1Malaysia Development Berhad (1MDB) sovereign wealth fund.

Is 1MDB Malaysia’s defining moment?

Posted on 26 July 2016

The US government has accused Malaysian Prime Minister Najib Abdul Razak of having received hundreds of millions of US dollars into his personal banking accounts from money stolen from 1MDB. Najib has not refuted the allegation.

Pua: 1MDB ’social welfare’ paid with taxpayers debt

Posted on 26 July 2016

Prime Minister Najib Abdul Razak’s claim that 1MDB had contributed immensely to social welfare is a “farce” as it is funded by debt that is borne by taxpayers, Petaling Jaya Utara MP Tony Pua says. Najib yesterday praised 1MDB Foundation for donating RM10.4 million to sponsor 1,100 pilgrims to perform the Haj this year.

CIC’s 2015 returns upset by volatile market environment

Posted on 26 July 2016

The China Investment Corporation (CIC) saw its returns plunging into the red last year amid the dismal global economic environment. In 2015, the net annual return of its overseas investments succumbed to a loss of 2.96%, against a net gain of 5.47% in 2014.

QIA Makes Good on US Investment Promise—Again

Posted on 26 July 2016

In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. [...]

China’s top sovereign wealth fund quadruples in total assets in 8 years

Posted on 25 July 2016

A report says China’s investment fund industry will continue expanding. The total assets of the top sovereign wealth fund in China have quadrupled in eight years since its founding, according to the 2015 annual report released by the China Investment Corporation.

Fund return hit by commodities, strong dollar

Posted on 25 July 2016

China Investment Corporation announced on Friday that its overseas investments generated a net return of negative 2.96 percent in dollar terms in 2015, falling from a positive 5.47 percent return for 2014, due to volatilities in international financial markets and foreign exchange losses triggered by an appreciating dollar.

China’s sovereign wealth fund books negative return

Posted on 25 July 2016

China’s sovereign-wealth fund reported a nearly 3 per cent drop in returns for 2015, citing the sluggish global recovery and volatile financial markets as reasons that led to a challenging year.

China sovereign wealth fund CIC profit drops 17%

Posted on 25 July 2016

China’s sovereign wealth fund China Investment Corp (CIC) reported a 17 per cent decline in net profit last year, its lowest profit since 2011, hit by negative returns on overseas investments and huge foreign exchange losses, it said on Friday.

China Sovereign Fund Has Loss on Commodities, Negative Rates

Posted on 25 July 2016

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.

China sovereign fund CIC records first loss on overseas investments in 4 years

Posted on 25 July 2016

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.

1MDB’s German Connection

Posted on 25 July 2016

Two German banks are named by the U.S. Justice Department in connection to Malaysian sovereign wealth fund 1MDB, and Volkswagen halts sales of most of its models in South Korea as it is investigated for falsifying emissions and noise data.

Who are 1MDB Officers 1, 2, 3 and the others in US list?

Posted on 25 July 2016

KiniGuide In the US Department of Justice’s recent filings related to the 1MDB scandal, among the relevant individuals named in the suit are ‘1MDB Officer 1’, ‘1MDB Officer 2’, and ‘1MDB Officer 3’. Like the much-reported ‘Malaysian Official 1’ in the document, the names of these other 1MDB officers are also concealed throughout the document.

Swiss seize Monet, van Gogh works amid U.S. probe of Malaysian fund

Posted on 25 July 2016

Malaysian Prime Minister Najib Razak said on Thursday judgment should be withheld until all the facts are known after the U.S. government filed lawsuits seeking to seize $1-billion (U.S.) in assets bought with money stolen from a state fund he oversaw.

Abu Dhabi Investment Authority’s real rate of return stays steady

Posted on 25 July 2016

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.

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