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VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


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Oil-centric sovereign wealth funds

Posted on 30 November 2016

Among the largest sovereign wealth funds, oil- and gas-related revenues account for just less than 57% of total assets, including four of the top five funds largest by assets, derive their assets from their energy industry. Norway’s Government Pension Fund Global sits atop the list with $885 billion in assets.

Khazanah Nasional Berhad arm to sell stake in IDFC Bank

Posted on 30 November 2016

A unit of Malaysian sovereign wealth fund Khazanah Nasional is selling around USD80 million worth of shares in Indian private lender IDFC Bank, according to a term sheet seen by Reuters on Tuesday.

NZ Super Fund keeps ILS investments at $200mn

Posted on 30 November 2016

The New Zealand Super Fund’s reinsurance allocation remained stable at about $200mn in 2016. In its annual report, the sovereign wealth fund disclosed an NZ$75mn ($53mn) allocation to Elementum Advisors and a NZ$213mn investment with Leadenhall Capital Partners as at 30 June, around the same level it had invested with the funds at the same [...]

QIC and China’s Ping An sign MoU after ‘long courtship’

Posted on 30 November 2016

Queensland Investment Corporation has signed a memorandum of understanding for strategic co-operation with one of China’s biggest asset managers — Ping An Asset Management Company — to tap the rapid growth in Chinese investment capital.

GPT fund eyes One One One Eagle Street tower deal

Posted on 30 November 2016

GPT Group’s acquisitive wholesale office fund is in talks to boost its interest in Brisbane landmark One One One Eagle Street with a play that could leave it with a two-thirds stake in the near $900 million tower in train.

Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company

Posted on 30 November 2016

Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including [...]

Saudi fund to buy 50% stake in Adeptio

Posted on 30 November 2016

Saudi Arabia’s top sovereign wealth fund, the Public Investment Fund (PIF), plans to buy a major stake in Adeptio, the Gulf-based investment firm which controls Kuwait Food Co (Americana) , the PIF said on Monday.

Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company

Posted on 29 November 2016

Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including [...]

Qatar’s sovereign wealth fund sees Spain as a gateway to investing in Latin America

Posted on 29 November 2016

Officials in Qatar and Spain are reportedly mulling the creation of a $1 billion joint investment fund – and a meeting is being scheduled for next year to progress the plans. Spanish ambassador to Qatar, Ignacio Escobar, told Gulf Times in an interview that a bilateral visit by Spanish officials to the Gulf state is [...]

QIA is shaping Qatar’s economic future

Posted on 29 November 2016

Continuing our assessment of Qatar’s economic diversification in Gulf Times, the creation by the Qatari government of Qatar Investment Authority (QIA), a sovereign wealth fund, in 2005 is a reflection of Qatar’s strategic view of how to shape its economic future as well as its capacity to operate in the global financial markets.

Norway pension fund told to get out of Australian offshore detention business

Posted on 29 November 2016

Norway’s biggest pension fund is under pressure to sell its interest in the Spanish company holding the biggest contract to run Australia’s offshore detention centres on Manus Island and Nauru. The Australia Institute claims the pension fund’s investment in Ferrovial is at odds with its commitment to high ethical standards and is not widely known [...]

Singapore’s GIC hires big data expert in quant strategy push

Posted on 29 November 2016

GIC has hired a big data expert as it expands computer-driven investments through a quantitative group started earlier this year. The Singapore sovereign wealth fund appointed Mr Michael Recce in the newly created role of chief data scientist last month to work in the GIC Data and Analytics Department, according to a spokesman.

Taking charge in time of lower returns

Posted on 29 November 2016

That the announcement of various changes to the leadership team at GIC - including the elevation of Mr Lim Chow Kiat to chief executive - caused barely a stir speaks of the confidence the general public has in the sovereign wealth fund’s ability to continue managing Singapore’s foreign reserves ably.

GIC continues to tap into booming logistics sector with European deal

Posted on 29 November 2016

Singapore’s sovereign wealth fund, GIC, has completed the largest European property deal of the year so far with the acquisition of warehouse developer, P3 Logistics Parks for 2.4 billion euros (US$2.7 billion).

Sovereign funds line up to invest post demonetisation in India

Posted on 29 November 2016

Following the demonetisation exercise and clampdown on counterfeit notes and black money, ‘Invest India’ — the government’s investment promotion & facilitation agency — has been flooded with queries from foreign pension funds and Sovereign Wealth Funds (SWF) regarding locations and sectors to invest in the country.

KIC, LOFA to jointly invest $130 mn in 7 U.S. hotels

Posted on 29 November 2016

South Korea’s sovereign wealth fund Korea Investment Corporation (KIC) will invest 153 billion won ($130.8 million) in seven hotels in major cities in the United States with Local Finance Association (LOFA) on expectations for growth in the U.S. economy under the new U.S. administration in 2017.

Alaska Permanent Fund posts 3.86% return for quarter, above its benchmark

Posted on 29 November 2016

Alaska Permanent Fund Corp., Juneau, returned 3.86% for the quarter ended Sept. 30, ahead of its 3.51% performance benchmark, said a news release from the $54.8 billion sovereign wealth fund.

Ireland Strategic Investment Fund commits €30m to SME lender

Posted on 29 November 2016

The Ireland Strategic Investment Fund (ISIF) will invest €30m into the country’s largest non-bank lender, Finance Ireland. The €8bn sovereign wealth fund has “conditionally agreed” to take a 32% stake, according to a statement from Finance Ireland, and will nominate two directors for the lender’s board.

SOFAZ to obtain about $100bln in next 20 years

Posted on 25 November 2016

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the resource-rich country, is projected to get some $100 billion from the sale of oil and gas in the next 15-20 years.

Saudi fund hires HSBC for potential purchase of ACWA Power stake

Posted on 25 November 2016

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said.

Sovereign fund taking shape

Posted on 25 November 2016

The government is seeking to set up an investment holding company next year for government shareholdings, part of a wider effort to improve the performance of state enterprises. A law to boost the governance of such firms and enable the creation of the holding company may be enacted by March, according to Ekniti Nitithanprapas, the [...]

Thailand evokes Temasek as junta tries to revive state firms

Posted on 25 November 2016

Thailand is seeking to set up an investment holding company next year for government shareholdings, part of a wider effort to improve the performance of state-controlled enterprises.

Malaysians underestimate the damage caused by the 1MDB scandal

Posted on 25 November 2016

Forty thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the [...]

Moroccan Sovereign Fund Seeks Investors to Tackle Climate Change

Posted on 24 November 2016

As millions took to the streets throughout North Africa during the Arab Spring of 2011, the Kingdom of Morocco, untouched but not unshaken, devised a plan to revamp the country’s infrastructure and promote tourism.

Moody’s affirms Kuwait Investment Company’s Ba2 rating; stable outlook

Posted on 24 November 2016

The affirmation primarily reflects Moody’s views that 1) the fundamental credit profile of KIC continues to reflect the company’s profitable business model, access to low cost deposits and a low level of net debt to equity, strengths that are counterbalanced by its high exposure to market risk, high level of debt compared to earnings and [...]

Sue Brake leaves NZ Super to join Willis Towers Watson

Posted on 24 November 2016

New Zealand Super Fund senior investment strategist Sue Brake has left the NZ$31.6 (AU$29.5) billion sovereign wealth fund to join Willis Towers Watson as a senior investment consultant. Brake is bucking a trend that has seen consultants, such as Leigh Gavin and Robb Hogg, move to in-house roles with institutional investors over the past [...]

Investor Interview: GIC

Posted on 24 November 2016

The Government Investment Corporation of Singapore (GIC) has an estimated US$350bn (€321bn) of assets – although others with knowledge of the sovereign wealth fund (SWF) believe the figure to be substantially higher.

New CEO for Singapore’s GIC

Posted on 24 November 2016

Lim Chow Kiat has been appointed as the new chief executive officer (CEO) of Singaporean sovereign wealth fund (SWF) GIC Private Ltd (GIC), effective from January 1, 2017. Lim is currently the deputy group president and group chief investment officer (CIO) at the SWF. “As I take on this bigger role, I will continue [...]

Mahathir: Obama was talking about 1MDB

Posted on 24 November 2016

US President Barack Obama alluded to the 1MDB case during his speech at the Lima Convention Centre, in Peru, on Nov 20, former prime minister Dr Mahathir Mohamad said today. In talking about the need to improve and maintain the world order, Obama said everyone had to do their part as there were limits to [...]

Norway wealth fund’s Schanke to leave fund

Posted on 23 November 2016

The Norwegian wealth fund’s chief investment officer for asset strategies, Oeyvind Schanke, is to leave the fund to head Norwegian investment fund Skagen, Skagen said in a statement on Tuesday.

Norway sovereign fund exec heads to private sector

Posted on 23 November 2016

Norway’s sovereign wealth fund is set to lose one of its most senior investment executives, as Øyvind Schanke becomes the new chief executive at the country’s best-known active investment manager.

Political Risk Will Be Boon for Active Managers, Skagen CEO

Posted on 23 November 2016

Rising political risk exemplified by such events as the election of Donald Trump and the U.K. vote to leave the European Union will be boon to managers that make active choices when managing their bond and stock portfolio, said the incoming chief executive officer of Norway’s Skagen Funds.

Management Moves at Singapore Wealth Fund

Posted on 23 November 2016

Singapore sovereign wealth fund GIC has appointed a new Chief Executive Officer and calibrated its management structure both in Singapore and overseas. With effect from 1 January 2017, Lim Chow Kiat will take on the role of Chief Executive Officer (CEO). He is currently the Deputy Group President and the Group Chief Investment Officer.

Temasek exits Citic Resources with sale

Posted on 23 November 2016

Singapore sovereign wealth fund Temasek has sold its entire 10 percent stake in state backed CITIC Resources. The shares were sold to Singaporean private equity fund TIHT Investment at HK$1.235 each, CITIC Resources said in a filing to the local exchange with the acquisition cost is estimated at HK$971 million.

1MDB: Ex-BS1 banker linked to Malaysian sovereign fund amassed wealth

Posted on 23 November 2016

Yeo Jiawei, a former BSI banker had amassed S$26m ($14.7m) in the 15 months after he left the Swiss private bank in Singapore, a court was told on Tuesday (22 November). Prior to that, Yeo’s net worth was only S$2m.

Ex-BSI banker trial: Yeo Jiawei amassed S$23.9m in just 15 months after leaving BSI, say prosecutors

Posted on 23 November 2016

The only way former BSI banker Yeo Jiawei could earn $23.9 million in less than 15 months was by taking “secret profits” linked to a money-laundering scam involving 1Malaysia Development Berhad (1MDB), prosecutors contended.

Singapore’s wealth fund chooses new boss to navigate weaker growth

Posted on 22 November 2016

One of the world’s largest sovereign wealth funds has chosen a new chief executive as it braces for a decade of lower earnings. GIC, the sovereign wealth fund of Singapore, has hired Lim Chow Kiat to be its new boss, overseeing $100bn in assets spanning 40 countries.

Singapore’s GIC Appoints Lim Chow Kiat CEO

Posted on 22 November 2016

Singapore’s sovereign wealth fund GIC Pte has appointed Lim Chow Kiat as chief executive officer as part of a leadership transition that includes new roles for several managers.

Tough challenges ahead for incoming GIC chief

Posted on 22 November 2016

The appointment of seasoned investor Lim Chow Kiat as the chief executive officer of GIC comes as the Singapore sovereign wealth fund is facing a slower rate of returns. And a range of challenges lies ahead for Mr Lim, given the increasing volatility across the world.

Brookfield Ties Up with CIC to Buy IFC Seoul

Posted on 22 November 2016

Canadian investment shop Brookfield Asset Management got one over on Stephen Schwarzman and his Blackstone Group beating out the US-based firm to acquire the International Finance Centre Seoul from AIG Global Real Estate. The bid, which is said to be backed by sovereign wealth fund China Investment Corporation, has been valued at $2.7 billion.

Temasek’s Mediacorp Weighs Sale of 1-Net Data Center Unit

Posted on 22 November 2016

Mediacorp Pte, the broadcaster owned by Singapore state investment firm Temasek Holdings Pte, is considering a sale of its data center unit 1-Net, people with knowledge of the matter said.

AG’s 1MDB report stays under OSA

Posted on 22 November 2016

The Auditor General’s (AG) report on troubled 1Malaysia Development Bhd (1MDB) will continue to be sealed under the Official Secrets Act (OSA), said Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said.

Russian fund chief hails ‘pragmatic’ Trump

Posted on 22 November 2016

Kirill Dmitriev hails likely business opportunities. The head of a leading Russian sovereign wealth fund has hailed Donald Trump’s election victory as a new opportunity for Moscow to do business with the US.

Russia empties Reserve Fund, makes priority to defense sector

Posted on 22 November 2016

Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports.

Oil Fund to cease to be main financial source for Azerbaijan’s budget since 2017

Posted on 22 November 2016

The State Oil Fund (SOFAZ) is unlikely to be the main financial source for the budget of Azerbaijan. Presenting State Budget 2017, the Ministry of Finance of Azerbaijan reported that the transfer to the budget from SOFAZ will reduce from AZN 7.615 bn to AZN 6.1 bn, and the Ministry of Taxes, revenues from which [...]

HSF falls to US$5.4b

Posted on 22 November 2016

Trinidad and Tobago’s sovereign wealth fund, the Heritage and Stabilisation Fund (HSF), fell 5.7 per cent on poor choices (negative security selection effects) and the US$377.5 million withdrawal by Finance Minister Colm Imbert in May, the latest report from the HSF showed on Friday.

Kingdom’s Sovereign Fund Fills Key Positions as It Prepares for Vision 2030

Posted on 21 November 2016

Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, announced on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income.

Turkey Sovereign Fund - Details Revealed

Posted on 21 November 2016

Turkey has established its Sovereign Wealth Fund (Türkiye Varlık Fonu) and the Turkish Sovereign Wealth Fund Management Incorporation (Türkiye Varlık Fonu Yönetimi Anonim Şirketi), its asset management company. On November 9, the Council of Ministers’ decree regarding the Asset Manager’s operating principles(Decree) was published in the Official Gazette.

Qatar to turn US Embassy in London into a hotel

Posted on 21 November 2016

Authorities in London have approved Qatari Diar’s plans to convert the erstwhile US embassy building in Mayfair’s Grosvenor Square into a luxury hotel. The firm, which is the property development arm of sovereign wealth fund Qatar Investment Authority, bought the listed building in 2009.

Middle East SWFs still interested in US

Posted on 21 November 2016

Analysts are predicting that Middle East sovereign wealth funds will continue to buy big chunks of real estate in America’s biggest cities despite Donald Trump’s election victory. Over the past year, the funds, which have traditionally invested in high-profile London buildings such as the Shard and the Berkeley Square estate, have moved much of their [...]

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