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VRS - who has written 16984 posts on Opalesque Sovereign Wealth Funds Briefing.


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SOFAZ has no plans to increase gold reserves

Posted on 01 September 2015

Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has no plans to increase its gold reserves. A source at SOFAZ told Trend on August 29 that as of today, the fund’s reserves portfolio includes 30,175 kilograms of gold, which is about 3.5 percent of its total assets.

Zomato eyes up to $80m in Temasek-led round

Posted on 01 September 2015

Online restaurant review and food ordering platform Zomato is in advanced stages of talks with Singapore’s Temasek Holdings for raising fresh funds to the tune of $60-80 million, sources told TOI. “The final details of the deal are being worked out,” a person close to the development said.

AustralianSuper hires property veteran from Future Fund

Posted on 01 September 2015

John Longo joined AustralianSuper as a senior investment manager, property, spokesman Stephen McMahon said. The position is new. Mr. Longo will report to Jack McGougan, head of property at the A$90 billion ($65.8 billion) Melbourne-based superannuation fund.

Investors shy away from greenfield infrastructure

Posted on 01 September 2015

When Australia pioneered infrastructure as an asset class in the 1990s, the first generation of projects produced internal rates of return (IRRs) of 30% to 35%. Those returns, combined with the low correlation to equities and bonds, have made infrastructure very popular among global institutions with long-term mandates, from Asian sovereign wealth funds to Middle [...]

Jonathan’s Minister of Works collected $700m for 2nd Niger Bridge, Oshiomhole insists

Posted on 01 September 2015

Governor Adams Oshiomhole of Edo State said he is standing by his earlier pronouncement that Onolemenmen collected the $700 million, which is about N140 billion from the Sovereign Wealth Funds. He said the figures were not figures manufactured by anybody but released by the managers of the SWF to a committee set up [...]

2nd Niger Bridge: Apologise to Nigerians now, not me, Oshimhole tells Onolememen

Posted on 01 September 2015

Governor Adams Oshiomhole of Edo State, has insisted that he will not back down on his claim that the Jonathan administration expended N140 billion on the yet to be completed 2nd Niger Bridge in Anambra State. Similarly, the governor has stood his ground that the sum of $700 million was surreptitiously moved from the Sovereign [...]

The Role of Sovereign Wealth Funds as Activist or Passive Fund Managers

Posted on 01 September 2015

Sovereign Wealth Funds (SWF) have attracted a lot media attention with recent investments in publicly listed companies. Repeatedly, concerns have been raised, such as the fear of industrial espionage or geopolitical threats. We analyze whether SWF managers acquire stakes in foreign publicly listed firms 1) to play an active role which would support concerns or [...]

Abu Dhabi fund interested in Woori

Posted on 31 August 2015

Abu Dhabi’s sovereign wealth fund has shown interest in buying a stake in Woori Bank, Korea’s second-largest lender by assets, the Financial Services Commission (FSC) said. The FSC controls Woori through the state-run Korea Deposit Insurance Corp., which holds a 51 percent stake in the bank.

DLF ends flat on possible stake sale to Singapore’s sovereign wealth fund GIC

Posted on 31 August 2015

Shares of DLF rallied over 3 per cent in trade today as India’s largest real estate developer is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The share ended the session at Rs 115.05, up 0.52 per [...]

Sultanate’s sovereign wealth fund, Oman Oil join hands

Posted on 31 August 2015

State General Reserve Fund (SGRF), Oman’s sovereign wealth fund, and Oman Oil Company (OOC), the government’s investment arm in the energy sector, have signed a cooperation agreement to build a strategic cooperation partnership.

Saudi Arabia can circumvent its challenges

Posted on 31 August 2015

The SWF (Sovereign Wealth Fund) Institute puts the value the of Saudi Arabia’s sovereign wealth fund at $677 billion, the fourth highest in the world. The June number represents some 9.4 per cent of total SWFs in the world and the second largest within the Gulf after the UAE.

Fitch Affirms Qatar at ‘AA’

Posted on 31 August 2015

Fitch Ratings-London-28 August 2015: Fitch Ratings has affirmed Qatar’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’ with a Stable Outlook. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F1+’.

The world’s biggest sovereign wealth fun is getting roughed up

Posted on 31 August 2015

Norway’s sovereign wealth fund, the biggest in the world, is getting chewed. In the past month, the $US840 billion fund lost more than 5% on its investments, the fund’s CEO Yngve Slyngstad said, according to Bloomberg’s Saleha Mohsin.

State pension fund takes €10m hit as Chinese shares slump

Posted on 31 August 2015

The Irish Strategic Investment Fund, the new name for the National Pension Reserve fund, had €39m invested in Chinese stocks at the end of last year, with millions more invested in other emerging markets. These investments have taken a beating in the past two weeks, as Chinese stocks plummeted following the publication of worse-than- expected [...]

$7.1 Trillion In Global Sovereign Wealth Fund Assets

Posted on 31 August 2015

As Credit Suisse notes, “oil exporting countries hold about $1.7trn of official reserves but as much as $4.3trn in sovereign wealth fund assets.” And while the composition of the SWF asset pool is likely to be far more multifarious than the makeup of official FX reserves making it more difficult to assess i) how quickly [...]

Norway’s Wealth Fund Lost More Than 5% in Past Month, CEO Says

Posted on 28 August 2015

Norway’s sovereign wealth fund, the world’s biggest, lost more than 5 percent on its investments in the past month, the head of the $840 billion fund said. The revelation follows the biggest selloff in Chinese stocks in two decades. The most recent developments suggest China’s transition to a more consumer-driven economy is proving difficult, Chief [...]

Norway oil fund hit by China - CEO

Posted on 28 August 2015

Norway’s $830 billion sovereign wealth fund has shrunk by more than five percent in the past month in a global stock market rout led by uncertainty over the health of China’s economy, the fund’s chief executive said. He said 2015 so far had been “rather special” with currency swings and falls in commodity prices including [...]

Nordea Asset Management Hunts Global Sustainability in New Fund

Posted on 28 August 2015

Nordea Asset Management, which oversees about $320 billion, is creating a new fund to target ethical assets globally as appetite for sustainable investments rises. Nordea Asset Management, one of the biggest investors in the Nordic region, is by no means alone in carving out ethical return goals.

Russian train plans could be derailed as Kremlin withholds $1.8bn from operator

Posted on 28 August 2015

The Russian government has refused the state rail operator’s request for $1.83bn in funding next year, casting doubt on ambitious rail infrastructure plans. Russian Railways had asked for $1.83bn in 2016 from the federal budget and from Russia’s $75bn oil-revenue-fuelled sovereign wealth fund, the National Wealth Fund, to maintain its financial stability, saying it would [...]

Temasek said to be in bid for Tesco’s S Korean business

Posted on 28 August 2015

Temasek Holdings has teamed up with South Korean private equity firm MBK Partners to bid for the South Korean arm of British supermarket operator Tesco, two people familiar with the deal said. Asia-focused MBK has already entered the race for the business, valued at about US$6 billion (S$8.4 billion). It is vying against United States [...]

Temasek joins MBK in bid for Tesco’s South Korea business

Posted on 28 August 2015

Singapore state investor Temasek Holdings (Private) Ltd has partnered Asia-focused private equity firm MBK Partners to bid for the South Korea arm of British supermarket operator Tesco PLC, two people familiar with the matter told Reuters. MBK has already entered the race for the business, valued at $6 billion. It is vying against Carlyle Group [...]

Mitsubishi to buy at least 10 percent of Temasek-controlled Olam

Posted on 28 August 2015

Japanese trading house Mitsubishi will buy a stake of at least 10 percent in agri-trader Olam International in a deal worth $500 million or more, people familiar with the matter said. Reuters earlier reported that the Singapore-based firm was set to announce a strategic partnership with a Japanese peer, after Olam, majority-controlled by state investor [...]

Japan’s Mitsubishi buys 20% stake in Olam

Posted on 28 August 2015

Japan’s Mitsubishi Corporation has bought a 20 per cent stake in global-agri business Olam through two transactions as the companies launch a strategic partnership. Singapore’s sovereign wealth fund Temasek Holding retains a majority stakeholding of 51.4 per cent in Olam. While it has sold no shares, its position has been diluted from 58.4 per cent [...]

DLF plans to sell a majority stake in Delhi project to Singapore’s GIC

Posted on 28 August 2015

DLF, India’s largest real estate developer, is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore.

Norway sovereign wealth fund joins bidding for tower owned by Blackrock

Posted on 27 August 2015

Norway’s sovereign wealth fund is among bidders for BlackRock’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter.

Where to put money divested from fossil fuels

Posted on 27 August 2015

Three months ago, the Norwegian government committed to divesting 100 percent of its coal holdings from its sovereign wealth fund — the largest in the world with $900 billion in assets.

Swedish Funds Target €4B Real Estate Investment

Posted on 27 August 2015

Two of Sweden’s national pensions have collaborated with asset manager TIAA-CREF to create a €2.2 billion ($2.5 billion) real estate joint venture. AP1 and AP2—which between them run roughly €57 billion within Sweden’s national pension system—and TIAA-CREF aim to invest a further €2 billion into real estate through the arrangement in the next three [...]

Dr Mahathir still believes 1MDB funds went to Najib’s accounts, says report

Posted on 27 August 2015

Dr Mahathir Mohamad has suggested that the US$700 million (S$980.1 million) deposited in Prime Minister Najib Razak’s personal account in 2013 is linked to the state-owned investment firm 1Malaysia Development Berhad (1MDB).

Abu Dhabi firms to rethink deal to cut 1MDB debts, says report

Posted on 27 August 2015

Abu Dhabi’s International Petroleum Investment Co (Ipic) is considering pulling out of a plan to help restructure 1Malaysia Development Bhd’s debts, Singapore’s Business Times (BT) reported. Citing a source, the paper said Ipic and its subsidiary, Aabar Investment, which signed an agreement last May to help 1MDB cut its debts by RM16 billion, are now [...]

Norway Fund Said Among Bidders for BlackRock Singapore Tower

Posted on 26 August 2015

Norway’s sovereign wealth fund is among bidders for BlackRock Inc.’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter.

As deals dry up more Singapore bankers seek exit to sovereign wealth funds

Posted on 26 August 2015

As deals dry up in Southeast Asia, an increasing number of Singapore-based investment bankers are contacting recruiters about moving to GIC, the Singaporean sovereign wealth fund, or Temasek, the state investment company.

Najib’s defence of 1MDB, unspinned

Posted on 26 August 2015

As more countries launch investigations into alleged fraudulent and money-laundering activities involving 1MDB, and as more illegal assets are frozen, which investors in their right minds would want to have anything to do with 1MDB? PM Najib Razak is trying to mislead poorly-informed Malaysians and portray himself as a ‘saviour’ when the exact opposite is [...]

Sovereign wealth funds: cashing in?

Posted on 26 August 2015

Sovereign wealth funds offer countries with great natural resources the chance to capitalise on their reserves of wealth and establish diversity and stability in their economies. Global oil prices are making this harder than it used to be.

Oman, Bahrain most vulnerable to oil slump: S&P

Posted on 26 August 2015

Oman and Bahrain are the most vunerable Gulf countries due to a prolonged slump in the oil prices, according to Standard and Poor’s credit rating agency. The agency attributed this to the low fiscal reserves and lack of economic diversification. Moreover, Oman’s sovereign wealth fund (SWF) has assets of $13 billion, far smaller than other [...]

Decarbonize Norway’s sovereign wealth fund in this year’s Business for a Better World MBA case competition

Posted on 26 August 2015

Team registration is now open for the third-annual CK-Schulich Business for a Better World case competition, a partnership between Corporate Knights magazine and York University’s Schulich School of Business. Student teams will be asked this year to decarbonize the holdings of the Norway Government Pension Fund Global, the largest sovereign fund in the world with [...]

It’s Often a Curse to Be Blessed With Commodities

Posted on 26 August 2015

Nowadays the lessons of Indonesia and Norway are widely known. Lots of resource-rich countries and other jurisdictions put commodity earnings aside in sovereign wealth funds. But the temptation of a commodities boom is still hard to resist, especially when it’s the first time.

Norway Fund Could Suffer Heavy Loss From Stock-Market Rout

Posted on 25 August 2015

With stocks forming nearly two-thirds of its $836 billion portfolio, Norway’s sovereign wealth fund, the world’s biggest, could stand among the day’s biggest losers by the closing bell on the New York Stock Exchange on Monday. If the stock-market rout continues, the fund’s third-quarter results will be poor, said Nordea Markets analyst Erik Bruce. “The [...]

Norway’s ‘oil fund’: Is it making businesses behave better?

Posted on 25 August 2015

Norway’s sovereign wealth fund has taken a proactive approach to encouraging businesses to improve their practices, and the scale of its holdings could give it a unique ability to influence investors and businesses. Norway, the small Scandinavian nation that boasts of glaciers and mountains and cavernous coastal fjords, says businesses and investors should take [...]

Norway has a secret weapon to deal with falling oil prices

Posted on 25 August 2015

The decade-long boom in oil and gas prices is over. Those falling oil prices continue to have major consequences for oil-dependent countries Venezuela and Nigeria. Norway’s sovereign wealth fund is the largest in the world — and its value keeps growing, by virtue of a government policy that limits the government’s usage of the fund [...]

Back to School: Norway SWF Offers Internships

Posted on 25 August 2015

Norges Bank Investment Management (NBIM), which is responsible for the day-to-day running of the Norway Government Pension Fund—Global, has thrown open its Investment Talent Programme 2016. The managers of the world’s largest sovereign wealth fund (SWF) have invited recent graduates to apply to spend two years honing their investment and banking skills. The programme will [...]

Temasek’s Fullerton sees opportunity in Asia market carnage

Posted on 25 August 2015

During the hour The Australian Financial Review spent with Manraj Sekhon on Monday morning in Sydney, Shanghai’s equity market plunged by 4 per cent, dragging other other Asian markets off a cliff in what would become a savage day of trading across the region. “There is a major growth scare going on,” said Mr Sekhon, [...]

Oman has run up 1.8b riyal deficit so far

Posted on 25 August 2015

Oman has run a 1.8 billion riyal (Dh17.09 billion) budget deficit so far this year, according data provided by the Ministry of Finance. The approved deficit for 2015 budget stands at 2.5 billion riyals — an increase of 38.9 per cent compared to last year, according to the budget statement.

Abu Dhabi SWF among anchors in Navkar IPO

Posted on 25 August 2015

Abu Dhabi Investment Authority, one of the sovereign wealth funds of UAE representing the emirate of Abu Dhabi, is among the anchor investors that have together invested Rs 173 crore in Raigad-based logistics company Navkar Corporation Ltd, as part of an initial public offer (IPO) of the company.

GIC-Backed Microlender Bandhan Starts India Banking Operations

Posted on 24 August 2015

Bandhan Financial Services Pvt., the first new commercial Indian lender in more than a decade, kicked off operations with 501 branches across the country, with plan for a 26 percent expansion by end-March.

Swiss Look Into Connection Between Banking Sector and 1MDB

Posted on 24 August 2015

Swiss authorities have opened a criminal probe into the relationship between “suspicious transactions” in the country’s banking sector and a troubled state investment fund tied to Malaysian Prime Minister Najib Razak.

Interest in 1MDB assets proves it has value: PM

Posted on 24 August 2015

Prime Minister Datuk Seri Najib Abdul Razak today said he had met with the Emir of Qatar who had expressed his interest to invest in 1MDB owned assets. “If 1MDB assets are worthless, there would be no interest from investors.

1MDB ‘partner’ SACKS its CEO ahead of global graft meet

Posted on 24 August 2015

Prime Minister Najib Razak can threaten all he likes, arrest as many critics he wishes, have his henchmen make the most outlandish statements but calls for his resignation won’t go away. There’s nothing he can do to repair his mauled reputation, nothing how many hundreds of million he continues to squanders on foreign publicists.

Kuwait’s fiscal prudence pays off with rating agencies

Posted on 24 August 2015

Kuwait’s strong fiscal and external accounts are behind the country’s eminently favourable credit ratings, with Standard & Poor’s recently conferring a long-term rating of AA. Understandably, rating agencies derive comfort from the country’s substantial sovereign wealth fund (SWF). Kuwait boasts a substantial reserve that provides the necessary cushion for stakeholders like creditors and exporters.

SWF To Team Up With OTPP, Hermes

Posted on 24 August 2015

One of the world’s biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at 2bn, says an article in the Telegraph. Wren House Infrastructure Management, which is an investment vehicle owned by the Kuwait Investment Authority; Canadian giant Ontario Teachers’ Pension Plan; [...]

Norwegian Fund Divestment Over Environmental Concerns

Posted on 24 August 2015

Norway’s sovereign wealth fund is removing four Asian companies from its investment portfolio for ethical reasons. The fund, officially known as the Government Pension Fund, is financed by profits, taxes and fees from Norway’s offshore oil and gas sector.

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