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VRS - who has written 19285 posts on Opalesque Sovereign Wealth Funds Briefing.


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World’s largest sovereign-wealth fund may have hit its limit

Posted on 17 August 2016

After the Brexit, there has been evidence of large inflows of money into equity markets, and those inflows seem to discount valuation and growth concerns in favor of dividends that are higher than comparable interest attainable from near-term and midterm duration fixed income.

How and why is Turkey launching an SWF?

Posted on 17 August 2016

There are a great number of examples to tell how the July 15 coup attempt will lead to a major transformation in Turkey. I think, however, one of the most important examples is the Sovereign Wealth Fund (SWF), which would not have been launched had Turkey not experienced the July 15 process.

Libya’s U.N.-backed government appoints panel to run $67 billion wealth fund

Posted on 17 August 2016

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion (52.03 billion pounds) sovereign wealth fund. The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund’s rights and follow [...]

Libya’s Unity Government Appoints New Wealth Fund Leadership

Posted on 17 August 2016

Libya’s government appointed a steering committee to head the country’s $60 billion sovereign wealth fund, where rifts have hindered efforts to unite financial institutions in the fractured North African oil exporter.

Korea’s VIP draws more invest from Norway’s sovereign fund

Posted on 17 August 2016

South Korea’s VIP Research& Management Co. came under the spotlight by drawing successive investment from Norway’s sovereign wealth fund, the world’s largest with assets $847.6 billion under management.

Greenko takes advantage of its Singapore ownership

Posted on 17 August 2016

Indian renewable energy company Greenko has taken advantage of its Singapore ownership and surging demand for Indian credit to price $500 million of Single B rated bonds below 5%.

Singapore fund buys most of Denver manufactured-home communities firm

Posted on 17 August 2016

A Singapore sovereign wealth fund is buying most of a Denver company that owns manufactured-home communities. Yes! Communities said GIC, formerly known as Government of Singapore Investment Corporation, is buying 71 percent of the Denver company that owns and manages 178 manufactured-home communities in 17 states.

GIC among investors buying 71 percent of US property firm, likely valuing it above $2 billion

Posted on 17 August 2016

Singapore’s sovereign-wealth fund GIC is among two investors who have bought a 71 percent stake in Denver-based Yes Communities, an owner of manufactured housing estates in the United States, the U.S. firm said. YES is a portfolio company of real estate funds managed by Stockbridge Capital Group.

Temasek Said to Be in Talks With Singtel on Intouch Stake Sale

Posted on 17 August 2016

Temasek Holdings Pte is discussing with Singapore Telecommunications Ltd. about selling part of the state investment firm’s nearly $2.4 billion stake in Thailand’s Intouch Holdings Pcl, according to a person with knowledge of the matter.

Temasek Holdings buys shares in India’s ICICI Bank

Posted on 17 August 2016

Temasek Holdings bought shares in ICICI Bank, India’s largest private-sector lender by assets, as the nation’s central bank pushes lenders to clean up bad debts that have weighed on earnings.

India: Among FIIs, Norway fund has wider picks

Posted on 17 August 2016

Government Pension Fund Global (GPFG), Norway, one of the largest pension funds globally, has a strong presence across Indian companies. According to a study by Prime Database, based on the shareholding pattern as on June 30, 2016, the Norwegian fund owns stakes in excess of 1 per cent in 77 companies, totalling Rs14,599 crore.

Libya’s U.N.-backed government appoints panel to run $67 bln wealth fund

Posted on 16 August 2016

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion sovereign wealth fund. The Government of National Accord said in a statement that the committee should not dispose of Libyan Investment Authority assets and should protect the fund’s rights and follow all legal cases it is [...]

Turkey: Government making headway with Sovereign Wealth Fund

Posted on 16 August 2016

The Government is making headway in bringing the country`s first Sovereign Wealth fund into fruition. Cabinet on August 3, advised the Attorney General’s Chambers to commence the drafting of the Sovereign Wealth Fund Bill which will bring the fund into effect.

Abu Dhabi Officials Linked to ‘Wolf of Wall Street’ Corruption Scandal Investigated in Switzerland

Posted on 16 August 2016

Khadem al-Qubaisi, whose investment vehicle owns the Hakkasan group, and Mohamed al-Husseiny, who was put forward by Red Granite as the financier of ‘The Wolf of Wall Street,’ are being investigated.

Quadrant poised to close latest buyout fund

Posted on 16 August 2016

Quadrant Private Equity is poised to close it latest buyout fund after investors swiftly backed the $980 million vehicle, highlighting the intense appetite for top performing private equity fund managers.

The former chairman of the Hakkasan restaurant group is allegedly being investigated in a global embezzling case

Posted on 16 August 2016

Khadem al-Qubaisi, the former head of Abu Dhabi’s state oil investment firm and the ex-chairman of the Hakkasan restaurant group, is allegedly being probed over suspected embezzling from Malaysia’s government wealth fund, 1MDB.

Temasek Bought Stake in India’s ICICI Bank, Filing Shows

Posted on 16 August 2016

Temasek Holdings Pte bought shares in ICICI Bank Ltd., India’s largest private sector lender by assets, in the second quarter as it expanded its foothold in Asia’s third-biggest economy.

Temasek Holdings raises share stake in Alibaba Group

Posted on 16 August 2016

Temasek Holdings raises share stake in Alibaba Group Holding Ltd By 13.7 pct to 54.08 mln shares - SEC filing. Temasek Holdings (Private) Ltd takes shares stake of 2.13 million shares in B/E Aerospace Inc.

One of two rival chairmen of Libya sovereign fund quits

Posted on 15 August 2016

One of two men claiming the chairmanship of Libya’s $67 billion sovereign wealth fund, Hassan Bouhadi, has tendered his resignation, his spokesman said on Friday. Libya’s political infighting made it too difficult to conduct business, Bouhadi said in his resignation letter, seen by Reuters.

Old Mutual, SWF to invest in Nigerian real estate, agriculture

Posted on 15 August 2016

Anglo-South African financial services firm Old Mutual and Nigeria’s sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa’s most populous nation. Old Mutual and Nigeria Sovereign Investment Authority (NSIA) said they would jointly raise a $500 million fund to invest in real estate [...]

Cabinet cannot be above the nation and the law

Posted on 15 August 2016

A draft law for amendments in certain governmental decrees consisting of 75 articles on the establishment of a Turkey Sovereign Wealth Fund was submitted to the Parliamentary Speaker’s Office on Aug. 1. Apart from the Sovereign Wealth Fund, there is an article in the draft, unheard of and unknown, that came to attention when the [...]

Swiss private bank linked to Malaysia scandal

Posted on 15 August 2016

A former unit of US insurance giant AIG is in the crosshairs of global regulators on an international hunt for billions of dollars — hot money misappropriated, they suspect, from the controversial Malaysian sovereign wealth fund 1MDB in a scandal that has rocked Goldman Sachs, The Post has learned.

1MDB scandal: Malaysian PM Najib Razak says no one can force him out of office

Posted on 15 August 2016

Malaysian Prime Minister Najib Razak has made it clear that he has no plans to either quit as the country’s premier or to go on leave, despite facing increasing pressure in the wake of the scandal surrounding sovereign fund, 1Malaysia Development Fund Berhad (1MDB).

Volume of Azerbaijan’s strategic currency reserves revealed

Posted on 15 August 2016

The strategic currency reserves of Azerbaijan have exceeded the external debt of the country by 4.4 times and amounted to more than $38.3 billion in the first half of 2016, the Central Bank of Azerbaijan (CBA) reported.

Jackson Forum to Address Sovereign Wealth Fund Issues

Posted on 15 August 2016

Challenges and obligations facing governments in managing sovereign wealth funds will be explored by international leaders during the Stroock Public Forum on Sovereign Wealth Wednesday, Aug. 24, from 6-8 p.m. in Jackson.Presented by the Stroock Forum, the University of Wyoming School of Energy Resources and the Wyoming State Treasurer’s Office, the event will feature international [...]

Turkey Creates First Sovereign Fund for Strategic Projects

Posted on 12 August 2016

Turkish government commenced preparations to create the first sovereign fund in Turkey to support strategic and long term developmental projects. The fund will be directly oriented by the prime minister’s office. The cabinet submitted a draft law to the parliament, last week.

Bahrain sovereign fund buys stake in water company

Posted on 12 August 2016

Bahrain Mumtalakat Holding Company (Mumtalakat), the Bahraini government’s investment arm, has announced that it has acquired “a significant equity stake” in UK-based water treatment company, Envirogen Group.

Qatar fund may back RMZ scion’s co-working startup

Posted on 12 August 2016

A young scion at one of India’s largest commercial space developers is challenging WeWork, a heavily funded US startup focused on technology-enabled shared office spaces and which is finalizing its entry into the country.

Asian investors relocate to global real estate in search of sustainable returns

Posted on 12 August 2016

In its latest annual report, released in July, China Investment Corporation (CIC) highlights how important global real estate has become to the sovereign wealth fund’s investment strategy. “For long-term asset investment, we ramped up investments in assets that generate stable returns such as real estate and infrastructure,” notes CIC.

Cerberus’ new Europe property fund may attract over $370 mn from Korean investors

Posted on 12 August 2016

National Pension Service (NPS), Korea Investment Corporation (KIC) and a South Korean insurer are considering putting a combined $370 million into a real estate fund that Cerberus Capital Management is launching to buy distressed assets in Europe, and other domestic institutions are mulling participation in the fund, pension fund and investment banking sources said on [...]

Azer State Oil Fund sells $50mln to banks

Posted on 12 August 2016

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 11, SOFAZ said in a message. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state [...]

Saudi Aramco appoints chief of sovereign wealth fund to board

Posted on 11 August 2016

State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices.

Aramco Names Wealth Fund Secretary General to Board in IPO Push

Posted on 11 August 2016

Saudi Arabian Oil Co. named to its board the secretary general of the kingdom’s sovereign wealth fund, which will become the majority owner of the state energy producer after Aramco’s planned share sale, a move also expected to turn it into the largest such fund in the world.

Fund syndicate takes stake in Envirogen

Posted on 11 August 2016

Bahrain’s sovereign wealth fund Mumtalakat has acquired an equity stake in Envirogen Group, a specialised international provider of water treatment solutions, alongsideGecos Invest and Hermes GPE Environmental Innovation Fund LP via a joint investment syndicate led by Promethean UK Opportunities Fund II, LP (PUOFII). The investment by Mumtalakat is the fifth in recent months and [...]

Russian Sovereign Wealth Fund looks to invest in Turkey

Posted on 11 August 2016

Russia’s multi-billion dollar sovereign wealth fund has announced it is ready to take part in a Turkish-Russian joint investment fund, just hours before presidents of the two countries meet in St. Petersburg.

1MDB case: KL trying to settle

Posted on 11 August 2016

Malaysia is keen to reach a settlement with Abu Dhabi’s sovereign wealth fund over a US$6.5 billion (S$8.7 billion) dispute with 1Malaysia Development Berhad (1MDB), as the stand-off heads into arbitration next month.

Temasek, CPPIB in fray to pick up SBI, Central Bank stakes in IL&FS

Posted on 11 August 2016

Singapore investment firm Temasek Holdings Pte. Ltd and Canada Pension Plan Investment Board (CPPIB) are among five potential investors in talks with State Bank of India (SBI) and Central Bank of India to buy the Indian lenders’ stakes in Infrastructure Leasing and Financial Services Ltd (IL&FS), two people familiar with the development said.

HKMA: Individuals Act as HKMC Employees to Falsely Solicit Biz; Reported to Police

Posted on 11 August 2016

Hong Kong Monetary Authority (HKMA) announced that it has come to the notice of the Hong Kong Mortgage Corporation Limited (HKMC) that there have been cases of individuals posing as its employees to falsely solicit business opportunities.

Russian sovereign wealth fund looks to invest in Turkey

Posted on 10 August 2016

Russia’s multi-billion dollar sovereign wealth fund has announced it is ready to take part in a Turkish-Russian joint investment fund, just hours before presidents of the two countries meet in St. Petersburg. The state-run Russian Direct Investment Fund (RDIF), which has $10 billion of reserved capital under management, said in a statement on Tuesday it [...]

Joint Russia-Turkey Investment Projects Worth Billions of US Dollars

Posted on 10 August 2016

The future Russia-Turkey joint investment fund will manage investments worth several billion US dollars, the head of the Russian Direct Investment Fund said Tuesday.

Turkish Sovereign Wealth Fund expected to be among world top 20

Posted on 10 August 2016

While the establishment of the Turkish Sovereign Wealth Fund is still in progress, it is expected to be listed in the top 20 in the giants’ league, as it gets TL 200 billion ($67.124 billion) in capital, as announced by Economy Minister Nihat Zeybekci.

Kuwait posts budget deficit after 16 years of surplus

Posted on 10 August 2016

Lower oil prices have pushed Kuwait into a rare budget deficit, ending 16 straight years of surpluses for the energy-rich Gulf state, the finance minister said.

Banks, at last, bought entire currency offered by SOFAZ

Posted on 10 August 2016

The State Oil Fund (SOFAZ) and the Central Bank have reported that the domestic banks were able at last to purchase the whole currency suggested by the State Oil Fund. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.

Britons will decide how to spend $1.3 bln shale gas fund

Posted on 10 August 2016

Britons living near “fracking” developments will be able to decide how a 1 billion pound shale gas wealth fund should be spent, either by accepting direct personal payments or supporting projects such as railways or flood defences, the government said on Monday.

The biggest Chinese investments in Britain

Posted on 10 August 2016

China has cautioned Britain against closing the door to Chinese money and said relations were at a crucial juncture after Prime Minister Theresa May delayed signing off on a $24 billion nuclear power project.

Australia’s Future Fund leads $77 million raising in US big data startup MapR

Posted on 10 August 2016

Australia’s Future Fund has emerged as the surprise lead investor in a $US50 million ($77 million) capital raising by US technology startup MapR Technologies, which also included Google’s venture capital funds.

Sovereign Wealth Fund law to be submitted to Parliament as new driving force for mega projects

Posted on 09 August 2016

Finance Minister Naci Ağbal said the draft law on the establishment of the Turkish Sovereign Wealth Fund will be submitted to Parliament’s Planning and Budget Commission today. “While the fund helps to decrease fluctuations in the market, it will also serve as the driving force behind Turkey’s mega projects,” Ağbal said.

Norges wealth fund increases stake in Dialog, EPF reduces

Posted on 09 August 2016

Norges Bank has increased its shareholding in Dialog Axiata PLC to 96.6 million shares as of end June, data filed with the Colombo Stock Exchange shows. Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, is now the fifth biggest shareholder in telecommunications company Dialog with a 1.19 percent stake.

Korean Investment Corporation to take stake in Melbourne office complex

Posted on 09 August 2016

The South Korean sovereign wealth fund, the Korean Investment Corporation (KIC), is believed to be part of a group acquiring a half stake in a Melbourne office complex for AUD289m (€188m).

Temasek buyout target SMRT Q1 profit down 23%

Posted on 09 August 2016

Transport operator SMRT Corp reported on Monday (Aug a 22.9 per cent year-on-year decline in profit to S$15.5 million for its fiscal first quarter, its first decline in a year, as losses in the rail business deepened.

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