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VRS - who has written 14863 posts on Opalesque Sovereign Wealth Funds Briefing.


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GIC in talks to buy Carlyle’s RAC for over S$4 bln: Report

Posted on 25 September 2014

Singapore’s sovereign wealth fund, GIC , is in talks to buy the British roadside rescue business RAC from US private equity firm Carlyle Group for more than 2 billion pounds (S$4.1 billion), Sky News reported, citing a person familiar with the talks.

Ireland’s new SWF will take ‘years’ to deploy capital fully, says NTMA head

Posted on 25 September 2014

The Ireland Strategic Investment Fund (ISIF) will take up to four years to re-deploy its €7bn in assets, according to the head of the National Treasury Management Agency (NTMA).

Biggest Wealth Fund CEO Sticks to Norway in Own Investments

Posted on 25 September 2014

As head of the world’s biggest sovereign wealth fund Yngve Slyngstad has invested in more than 80 countries. Yet when placing his own money, he sticks to his home country Norway.

Norway now second-largest buyer of US commercial real estate

Posted on 25 September 2014

Norway, surprisingly, now ranks second among foreign U.S. commercial real estate buyers, topped only by Canada. The sovereign fund that manages the country’s substantial oil wealth made a play for Blackstone Group’s 1095 Sixth Avenue just last week, in a deal that is expected to fetch up to $2.25 billion.

Norwegian oil fund plans gradual shift to reference portfolio

Posted on 25 September 2014

Norway’s Government Pension Fund Global (GPFG) is to replace its current strategic index with a new benchmark meant to offer greater flexibility. The new approach, which Yngve Slyngstad, chief executive of Norges Bank Investment Management (NBIM), said stemmed from a recent review of the fund’s approach to active management, would also encourage “gradual” growth of [...]

NMSIC Onboard: Sovereign Wealth Funds Adopting Smart Beta

Posted on 25 September 2014

The New Mexico State Investment Council (NMSIC) has embarked on a search for one or more smart beta managers to manage US$ 1 billion. The search is for two different types of smart beta managers: smart beta managers focusing on low volatility, and smart beta managers focusing on fundamental value strategies.

Norway’s opposition wants wealth fund to invest in infrastructure

Posted on 24 September 2014

Norway’s $870-billion sovereign wealth fund should be allowed to directly invest in infrastructure such as wind farms and solar plants, the country’s opposition Labour party will propose, a plan gaining the support of the majority of parties.

Norway Jumps to No. 2 Foreign Buyer of U.S. Real Estate

Posted on 24 September 2014

Norway has vaulted to the top ranks of foreign U.S. commercial real estate buyers as its $870 billion sovereign-wealth fund, the world’s largest, acquires buildings from New York to San Francisco.

SOFAZ to gain $200 bln in coming years

Posted on 24 September 2014

Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages the country’s oil and gas revenues, is expected to gain $200 billion in the coming years.The news was announced by Executive Director of SOFAZ Shahmar Movsumov on September 20.

RAC owners in sales talks with Singaporean fund

Posted on 24 September 2014

The private equity owner of RAC has decided to ditch a stock market float in favour of a £2bn-plus sale to Singapore’s sovereign wealth fund. Carlyle, which bought the breakdown business for £1bn from insurer Aviva three years ago, is locked in talks with Government Investment Corporation (GIC) of Singapore.

Singaporean Fund Revs Up GBP2bln RAC Takeover

Posted on 24 September 2014

A Singaporean state fund is in secret talks to lead a £2bn-plus takeover of the RAC, a move that would end the prospect of a stock market listing of the famous roadside recovery business. Sky News can reveal that the Government Investment Corporation of Singapore (GIC) is discussing with Carlyle, the RAC’s existing owner, a [...]

L Capital, Temasek near Birla Retail deal

Posted on 24 September 2014

Marquee international investors L Capital, Temasek Holdings and International Finance Corporation are in the final reckoning to buy minority shares in Aditya Birla Group’s retail holding company, people familiar with the matter said.

1MDB’s offering to push sukuk sales in Malaysia above RM50b

Posted on 24 September 2014

The world’s biggest Islamic debt offering this year from Malaysia’s sovereign wealth fund will push the nation’s sukuk sales beyond RM50 billion for only the second time in 16 years. 1Malaysia Development Bhd (1MDB) plans to sell as much as RM8.4 billion of the notes, adding to the RM46.9 billion sold so far that’s almost [...]

Seven Energy, Sovereign Wealth Fund Sign $100m Investment Deal

Posted on 24 September 2014

Seven Energy International Limited, an indigenous integrated oil and gas development, production and distribution company with interests in Nigeria, and the Sovereign Investment Authority (NSIA), Nigeria’s sovereign wealth fund, Tuesday announced a $100 million investment commitment.

2014 Looks to Beat 2013 in Sovereign Wealth Fund Transactions

Posted on 24 September 2014

Increasingly, sovereign wealth funds are investing directly. The larger sovereign funds are getting involved in more deals, whether in institutional real estate, partaking as a group member in a company acquisition or buying more shares on the open market.

World’s Biggest Wealth Fund to Shift Away From Standard Indexing

Posted on 23 September 2014

Norway’s $880 billion sovereign wealth fund, the world’s largest, said traditional global indexes are no longer an appropriate model on which to base its investments. “A new framework for the management of the fund may facilitate a development where we as the management take greater responsibility by defining a tailor-made reference portfolio,” Yngve Slyngstad, the [...]

Temasek takes on sustainability challenge

Posted on 23 September 2014

A long-term investor with a strong public service sensibility and a massive portfolio must inevitably confront the issue of sustainability. For Singapore government-owned investment company Temasek Holdings, that time has begun in earnest, chairman Lim Boon Heng hinted on Monday at a dinner to mark Temasek’s 40th anniversary.

Sustainability forms Temasek’s core, says chairman Lim Boon Heng

Posted on 23 September 2014

Long-term sustainability remains the core concern for Temasek Holdings after four decades of existence, its chairman Lim Boon Heng said Monday. Speaking at a dinner at the Istana to mark the Singapore government investment company’s 40th anniversary, he said: “This spirit of doing things today with tomorrow very clearly in our minds also describes [...]

“A trusted steward”: Temasek chairman Lim Boon Heng affirms the company’s ethos

Posted on 23 September 2014

As Temasek celebrates its 40th anniversary, its chairman Lim Boon Heng chose the occasion to reflect on how the investment company has grown and transformed along with a rapidly changing Singapore.

“A company like no other”: President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary

Posted on 23 September 2014

From humble beginnings, the value of assets held and grown by Temasek Holdings has contributed to the wealth of the nation, and supports present and future generations, said President Tony Tan Keng Yam. He spoke at the 40th-anniversary celebration dinner held for the investment firm at the Istana on Monday (Sep 22). The full text [...]

Temasek Holdings celebrates 40th anniversary with Istana dinner

Posted on 23 September 2014

An “experiment born out of necessity”, which turned into “a company like no other”, celebrated 40 years of growing alongside Singapore on Monday. Investment company Temasek Holdings is a Singapore institution which “epitomises (a) culture of constant hard work and ceaseless innovation to build for the future”, said President Tony Tan Keng Yam at the [...]

President Tony Tan lauds Temasek for its role

Posted on 23 September 2014

The creation of Temasek Holdings has allowed Singapore to separate government from the running of its commercial interests, forcing those companies to succeed in their own right, Singapore’s President Tony Tan said on Monday.

MPs laud Khazanah’s outplacement centre for axed MAS staff

Posted on 23 September 2014

Three members of parliament have lauded Khazanah Nasional’s plan to set up an “outplacement support” centre for some 6,000 Malaysia Airlines (MAS) staff to be axed as part of the airline’s restructuring programme.

Super fund to look at climate risks

Posted on 23 September 2014

The New Zealand Superannuation Fund is backing a global investment study to better assess the risks and and opportunities associated with climate change. The British-based, global investment consulting firm, Mercer, is analysing the investment risks and returns under various climate change scenarios, with the support of global fund managers, including the New Zealand fund.

PNG’s Sovereign Wealth Fund: still too many loose ends

Posted on 23 September 2014

If it’s going to proceed with it, the government would do well to announce specific plans for the Sovereign Wealth Fund before the year is out. Since August, government ministers have hinted that we might soon see an update on the state of Papua New Guinea’s Sovereign Wealth Fund (SWF). Despite the recent parliament sitting, [...]

Goldman denies duping Gaddafi

Posted on 23 September 2014

Goldman Sachs responds to accusations that Libya’s sovereign wealth fund was cheated out of more than $1bn during the Gaddafi era. The Telegraph reports that Goldman Sachs has hit back at allegations that the Wall Street giant duped Libya’s $60bn sovereign wealth fund into trades that lost the country vast sums of money while making [...]

Goldman Sachs Files Counter Claim Against Libyan Investment Authority

Posted on 23 September 2014

Goldman Sachs Group Inc (GS) has defended itself against the allegations from the Libyan Investment Authority (LIA). Earlier this year, the Libyan Investment Authority filed a suit against Goldman Sachs, alleging that the bank had forced it to enter several equity derivative transactions worth more than $1 billion.

Brazil: Government draws US$ 1.7 bn from sovereign fund

Posted on 23 September 2014

The non-fulfilment of tax collection growth forecasts has driven the Brazilian government to draw R$ 3.5 billion (US$ 1.7 billion) from Fundo Soberano do Brasil (FSB – the Sovereign Fund of Brazil) to prevent a new cut in non-discretionary (non-mandatory) expenditures. The decision was made public in the Revenues and Expenses Assessment Report released every [...]

The World’s Largest Sovereign Wealth Funds Go Private

Posted on 23 September 2014

Khazanah’s private-equity-style deal with Malaysia Airlines is just the latest in a series of private investments by sovereign wealth funds. Billion-dollar real estate and infrastructure investments made by the rainy-day funds accounted for some of the largest and most valuable deals of 2013, as sovereign funds reached beyond their own borders to snap up private [...]

Sovereign Wealth Funds - Friend Or Foe?

Posted on 22 September 2014

A sovereign wealth fund (SWF) is an investment fund managed by a government agency on behalf of a nation or sovereign state. SWFs (or “sovereign funds”) generally have a mandate to invest globally in any asset class – stocks, bonds, commodities, currencies, real estate, etc.

Russia’s sovereign fund head struggles to stay above politics

Posted on 22 September 2014

Kirill Dmitriev, the 39-year-old, boyish-looking head of Russia’s sovereign wealth fund, was supposed to change the face of Russian capitalism. Mr Dmitriev was going to overcome western funds’ reluctance to invest in a country many viewed as corrupt, prone to state meddling and plagued by a law-of-the-jungle legal system. In return, Russia’s economy would become [...]

RDIF Builds Ties With Freight Village Ru

Posted on 22 September 2014

The Russian Direct Investment Fund (RDIF) has reached an agreement in principle regarding investment in the logistics holding company Freight Village Ru. Currently, RDIF is in negotiations with a number of leading foreign co-investors, who have expressed an interest in participating in the project. The final number of co-investors and their investment structure within the [...]

The Norwegian sovereign wealth fund could be a natural investor in India’s infrastructure

Posted on 22 September 2014

We have recently done work focusing on changing the investment strategy of the Norwegian sovereign wealth fund – with $910 billion on paper. It’s a true long-term investor – and would be the natural investor to make infrastructure investments in markets such as India.

Africa sovereign funds tread tricky path on investments

Posted on 22 September 2014

As the oil producers of Sub-Saharan Africa rush to create sovereign wealth funds, competing pressures to boost living standards now while saving for the future can throw up as many problems as they solve. Jose Filomeno dos Santos, chairman of Angola’s fledgling $5 billion fund, noted that while his country has one of Africa’s highest [...]

Nigeria’s SWF in an African context: a curate’s egg

Posted on 22 September 2014

The growth in the number of sovereign wealth funds (SWFs) in Africa calls for an attempt to put Nigeria’s own arrangements into context. If we take a broad definition of a fund, more than 15 countries in Africa have one either in operation or on the drawing board. Kenya’s is the latest creation, and [...]

Nigeria: Sovereign Wealth Fund: Between Legality and Desirability

Posted on 22 September 2014

Nigeria’s Supreme Court will be entertaining a suit filed by the 36 states of the federation against the federal government on the legality of the Nigeria’s Sovereign Wealth Fund (SWF). But the legality and desirability of the institution of a SWF in Nigeria are not one and the same thing.

Goldman defence lifts veil on LIA relationship

Posted on 22 September 2014

It is a fiercely contested $1bn lawsuit over disputed derivatives transactions and has pitted Libya’s Investment Authority against investment bank Goldman Sachs.

Goldman Sachs reveals ties to Gaddafi-era Libya fund

Posted on 22 September 2014

Goldman Sachs has admitted in court documents to having used small gifts, occasional travel and an internship to cement its ties with Libya’s sovereign wealth fund under Muammar Gaddafi, the Financial Times reported today.

SEC probing Goldman Sachs internship for brother of Libyan ex-official: WSJ

Posted on 22 September 2014

U.S. regulators are investigating a Goldman Sachs Group Inc (GS.N) internship for the brother of a former official at Libya’s sovereign wealth fund and perks allegedly offered by the bank to the fund, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Kuwait Investment Authority To Expand Germany Investments

Posted on 22 September 2014

The Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds and a long-term investor in German auto maker Daimler AG, wants to ramp up investments in Europe’s largest economy.

An SWF’s SWF

Posted on 22 September 2014

From a place quite opposite of the sun-dappled Polish terrace, the young staff of New Zealand’s first sovereign fund approach the US$22 billion portfolio innocent of institutional legacy and with clear-eyed discipline to its vision.

1MDB planning ‘biggest bond sale’, say sources

Posted on 22 September 2014

1Malaysia Development Bhd (1MDB) plans to sell as much as RM8.4 billion of Islamic bonds, the world’s biggest offering of sukuk in 2014, said two people familiar with the matter.

Sovereign wealth funds cheer FPI framework; double assets in 10 months

Posted on 22 September 2014

Recent regulatory changes introduced by the Securities and Exchange Board of India (Sebi) with regards to foreign investors seem to have gone down well with sovereign wealth funds (SWFs), who have more than doubled their equity assets in the last 10-12 months.

Each Alaskan to receive $1,900 from oil fund

Posted on 22 September 2014

It’s a highly anticipated day of the year in Alaska, when residents learn how much money they’ll receive from the state’s oil wealth savings account — a payout people receive just for living in The Last Frontier. This year’s share of nearly $1,900 is the sweetest since the Great Recession and the third-richest ever.

Kazakh Wealth Fund to Sell Ukrainian Assets as Risks Grow

Posted on 19 September 2014

Kazakhstan is speeding up the sale of its assets in Ukraine as growing “political risks” threaten outside investors, sovereign wealth fund Samruk-Kazyna said. “Given the current political and economic situation in Ukraine, the interests of non-residents will be considered last,” Samruk-Kazyna Deputy Chief executive Officer Yelena Bakhmutova said on the fund’s website.

Economists release new analysis of a ‘Scottish Oil Fund’

Posted on 19 September 2014

A new economic analysis of a potential Scottish Oil or Sovereign Wealth Fund has found that Scotland could earn the same from the fund as current revenues from North Sea oil and gas tax receipts. The new economic outlook found that Scotland could have amassed a fund worth between £73.64 billion and £147.28 billion [...]

Finance Minister: Russia’s Draft 2015 Budget Envisages No Sales Tax

Posted on 19 September 2014

The Russian government does not plan to make any cash injections into the country’s Reserve Fund next year. It is predicted that by the end of 2015, the Reserve Fund will amount to 3.543 trillion rubles ($92 billion), while the Russian National Wealth Fund (NWF), which is part of the Reserve Fund, is expected to [...]

Kuwait Investment Authority says to expand Germany investments

Posted on 19 September 2014

The Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds and a long-term investor in German auto maker Daimler AG , wants to ramp up investments in Europe’s largest economy.

Daimler and the Kuwait Investment Authority celebrate the anniversary of their 40-year partnership

Posted on 19 September 2014

The Kuwait Investment Authority has been a shareholder of Daimler for the past 40 years. Partnership underscored at a ceremony featuring around 100 guests. His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, the Prime Minister of the State of Kuwait: “Our celebration today reflects the concept of successful economic partnership, and clearly demonstrates the astuteness of [...]

Mubadala units drive revenue growth during first half

Posted on 19 September 2014

Mubadala Development, the strategic investment vehicle owned by the Abu Dhabi Government, said revenue and operating income rose in the first half of the year, mainly because of higher sales and income from its aerospace, energy and aluminium businesses.

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