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VRS - who has written 16594 posts on Opalesque Sovereign Wealth Funds Briefing.


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Malaysia fund’s $4.5 bln rescue may weigh on Abu Dhabi’s IPIC

Posted on 26 June 2015

The $4.5 billion rescue of a struggling Malaysian state fund is good news for the government in Kuala Lumpur but will load Abu Dhabi’s International Petroleum Investment Co with extra debt that may worry investors in its bonds.

LPC-CVC and Temasek to back Alvogen buy with existing $700 million loan

Posted on 26 June 2015

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are seeking to keep an existing $700 million leveraged loan financing for Alvogen in place to back their acquisition of a controlling stake in the pharmaceutical firm, banking sources said on Thursday.

Super Fund kudos shows Govt folly

Posted on 26 June 2015

JPMorgan’s hat tip to the New Zealand Superannuation Fund was PR manna from heaven after all the hoo-haa a few months back over its ill-fated Portuguese excursion. Research by JPMorgan Asset Management found the Super Fund has been the world’s best-performing sovereign wealth fund over the past five years, with annual investment returns of 17 [...]

President Aliyev approves SOFAZ budget

Posted on 26 June 2015

President Ilham Aliyev has signed a decree on the budget of Azerbaijan’s state oil fund SOFAZ for 2014. According to the document signed on June 24, the president approved the implementation of the SOFAZ budget with its revenues at over 12.731 billion manats and expenditures at over 10.117 billion manats.

How Capitalists Can Do Well While Doing Good

Posted on 26 June 2015

Sovereign-wealth funds in Norway and New Zealand, as well as pension funds like the California Public Employees’ Retirement System and Denmark’s ATP, integrate ESG into their investment decisions.

Responsible investment: Vice versus nice

Posted on 26 June 2015

The movement to divest from fossil fuels has some powerful friends. Last month Norway’s sovereign wealth fund, the world’s biggest, announced that it would sell all its stock in coal companies, following an example set by several big university endowments, such as Stanford’s.

Fossil-fuel divestment: No smoking

Posted on 26 June 2015

The critics are right that it is hard to detect much impact from divestment campaigns on firms’ cost of capital. The first recruits to the fossil-fuel campaign were charities and universities with relatively small investments. Its biggest coup came earlier this year, when Norway’s vast sovereign-wealth fund resolved to sell its investments in coal and [...]

These are the world’s top 10 largest sovereign wealth funds

Posted on 26 June 2015

Number 1? Norway’s Government Pension Fund - Global with $882bn worth of assets. Be it China or Qatar, the world’s sovereign wealth funds are snapping up British assets every other day. But which are the world’s top 10 largest sovereign wealth funds? Take a look at this list by Sovereign Wealth Fund Institute.

Renzi plans shake-up at Italy’s EUR400bn sovereign wealth fund

Posted on 25 June 2015

Matteo Renzi, Italy’s prime minister, is planning to extend his reformist agenda into Italian business and finance as he seeks a more aggressive mandate for the country’s €400bn sovereign wealth fund in an effort to spur growth and create jobs.

Queen’s grant: Treasury still controls sovereign fund not Scots

Posted on 25 June 2015

Edinburgh’s takeover of Scottish Crown Estate assets may rile the royal household worried for its purse, but a misdirected fight could feed Scots’ republican instincts. The royal household is annoyed and appears to be picking a fight with Scotland’s government over the Queen’s share of the UK’s largest and most valuable property portfolio, the Crown [...]

African central bank governors to discuss sovereign wealth funds

Posted on 25 June 2015

Central bank governors drawn mainly from eastern and southern Africa will meet for a workshop to discuss the leveraging of sovereign wealth funds to establish economic stabilization on the continent. Reserve Bank of Zimbabwe John Mangudya will officially open the forum held in Switzerland on June 27, according to the forum’s organizer, the Macroeconomic and [...]

Nigerian Governors : Our problem with ECA, SWF

Posted on 25 June 2015

State governors yesterday said they were opposed to the continued existence of the Excess Crude Account and the Sovereign Wealth Fund (SWF) because both had been abused by the federal government. The chairman of the Nigeria Governors’ Forum and Zamfara State Governor Abdulazeez Yari, stated this while speaking with reporters after the governors met President [...]

Qatar in $8bn bid to buy Formula One motor racing

Posted on 25 June 2015

A Qatari investment vehicle is working together with an American company to buy a multi-billion dollar stake in Formula One (F1) racing, according to a report by the Financial Times. Qatar Sports Investments (QSI) and RSE Ventures have teamed up to purchase a 35.5 percent share of F1 from its holding company CVC Capital Partners [...]

How a US-Qatar takeover will take Formula 1 up a gear

Posted on 25 June 2015

Reports are emerging that America’s RSE Ventures, owner of the Miami Dolphins, and Qatar Sports Investments (QSI), a sovereign wealth fund, are seeking to acquire the 35.5% of F1 owned by CVC Capital Partners. It is being predicted that any such deal would be worth between $7 billion and $8 billion.

Government should restart contributions to NZ Super Fund

Posted on 25 June 2015

The New Zealand Superannuation Fund has been the world’s most successful sovereign wealth fund over the past five years. In that time, it has returned 17 per cent a year. Over the past three years, the going’s been even better, at 21 per cent. These are frankly extraordinary numbers – as fund chairman Gavin Walker [...]

Noble shares rise on buyback and China shareholder’s support

Posted on 25 June 2015

Shares of Noble Group rose after the company bought more stock and its second-largest shareholder, China’s sovereign wealth fund, voiced support for the company for the first time in the wake of criticism of its accounting practices.

The state pension fund as a sovereign wealth fund

Posted on 25 June 2015

Sovereign wealth funds have been very holistic in their approach to strategic asset allocation. These funds think about the true risks for their clients (citizens) which is associated with the consumption and revenue pattern of their country. They truly have to think about portfolios that can weather ‘bad times” or market downturns because they [...]

Current trends among GCC sovereign wealth funds

Posted on 24 June 2015

Swelled by oil revenues the region’s sovereign wealth funds remain among the biggest players in the asset management sector despite the recent drop off in oil prices. Mena Fund Manager looks at current trends among the state-owned funds. The sovereign wealth fund (SWF) sector has continued to grow in recent years. With coffers swelled by [...]

Things are not looking good for the mining industry

Posted on 24 June 2015

It is probably not news to most investors that the global mining industry is in trouble at this point. The Chinese, long one of the biggest buyers of mined commodities, are awash in steel, local debt, and ghost cities. Inevitably as sectors underperform, even the most stalwart investors will eventually get tired and jump ship. [...]

Saudi Public Investment Fund acquires stake in S.Korea’s Posco

Posted on 24 June 2015

Clifford Chance advised the Saudi Public Investment Fund ( PIF ), the investment arm of the Saudi Government, on the acquisition of a 38% stake consisting of new and existing shares in Posco Engineering & Construction Co Ltd (Posco E&C), a leading Korean engineering and construction company with operations in Asia, the Middle East, South [...]

1MDB: Price paid for energy assets based on ‘long-term view’

Posted on 24 June 2015

1Malaysia Development Berhad (1MDB) debunked allegations made recently in the Wall Street Journal (WSJ) on its 2012 purchase of a power asset from Genting Group, saying the allegedly inflated price paid had not been driven by political considerations.

How China’s race to reserve currency status will rock markets

Posted on 24 June 2015

The inclusion of the Chinese renminbi into the basket of IMF’s reserve currencies will radically transform global markets and developing countries’ central banks policies. That’s according to Ashmore’s head of research Jan Dehn, who shared his views during a press roundtable on Tuesday.

CVC and Temasek to buy Alvogen

Posted on 24 June 2015

A consortium of investors led by CVC Capital Partners, and including Singapore-based sovereign wealth fund Temasek and Vatera Healthcare Partners,acquired a controlling stake in Alvogen, the US pharmaceutical company.

New Zealand’s Super Fund – World’s Best-performing Sovereign Wealth Fund

Posted on 24 June 2015

The New Zealand Superannuation Fund has outperformed all of its counterparts with its generated returns of more than 17 per cent a year over the past five years according to analysis by JPMorgan. “Acting as a long-term investor has brought short-term rewards for New Zealand’s sovereign wealth fund”, write Sophia Grene and Steve Johnson for [...]

A beginner’s guide to fossil fuel divestment

Posted on 24 June 2015

A coalition of philanthropic foundations, including the heirs to the Rockefeller oil fortune, started to pull out their investments last year, while cities divesting include San Francisco, Seattle and Oslo. The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global (GPFG), recently revealed it had dropped 114 companies, including tar sands producers, on climate [...]

Norway Fund to Open Tokyo Office as It Prepares to Buy Property

Posted on 23 June 2015

Norway’s $890 billion sovereign wealth fund plans to open an office in Tokyo as it prepares to enter Asia’s real estate market. The investor is in the process of building a team there and will open an office some time this year, fund spokeswoman Marthe Skaar said in an e-mail. She declined to provide further [...]

Norway’s coal exit creates ripples

Posted on 23 June 2015

While this decision by the fund could inspire other large investors, the fossil fuel divestment movement has already been building up considerable steam. When the world’s largest sovereign wealth fund decides to exit investments in coal, the ripples of the decision can be felt the world over.

Credit Suisse Fund Wary of Norway Risk Amid $4.4 Billion Spat

Posted on 23 June 2015

A Credit Suisse Group AG-managed fund that is looking to invest in Norwegian wind farms said a recent $4.4 billion conflict over sudden changes to gas pipe regulations had made the Nordic country a riskier place to do business.

CVC and Temasek to buy US$2b generic drugs firm Alvogen

Posted on 23 June 2015

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen, its chairman and chief executive said.

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 23 June 2015

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said Sunday.

Bersih challenges PM to sue WSJ over claim that 1MDB helped fund BN campaign

Posted on 23 June 2015

Prime Minister Datuk Seri Najib Razak must disprove the Wall Street Journal’s claim that 1 Malaysia Development Bhd (1MDB) indirectly funded Barisan Nasional in Election 2013 and sue the publication over the article, Bersih 2.0 said today.

Rwanda plans to top up sovereign fund

Posted on 23 June 2015

The government will annually be contributing Rwf 5 billion (currently $6.7 million) from the national budget towards the sovereign wealth fund. The Agaciro Development Fund (AgDF), is a sovereign wealth fund launched in 2012 by President Paul Kagame. At the time he said, “Aid is never enough, we need to complement it with home-grown schemes. [...]

Rwanda: Airtel Staff Contribute Rwf40 Million to Agaciro Fund

Posted on 23 June 2015

Airtel rwanda staff have contributed Rwf40 million to the national sovereign wealth fund, Agaciro Development Fund (AgDF). While handing over the contribution on Thursday, Teddy Bhullar, Airtel managing director, said the contribution is part of the company’s commitment toward the development of Rwanda to ensure prosperity for future generations.

CFAs thrive in Abu Dhabi as sovereign wealth funds trump Wall Street banks

Posted on 23 June 2015

Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirates’ wealth is managed.

Abu Dhabi crown prince named Adic chairman

Posted on 23 June 2015

The board of the Abu Dhabi Investment Council (Adic), an investment arm of the Abu Dhabi government, has been revamped with the emirate’s crown prince named as its chairman, state news agency WAM reported on Sunday.

Trust fund approach to basic income aims to take edge off political culture war

Posted on 23 June 2015

Lawyer Joseph Chloupek has put forward a proposal for a US sovereign wealth fund that would provide a basic income of US$25,000 a year. The proposed approach aims to establish a political-economic modus vivendi between liberals and conservatives by giving each side something “they say they desire”.

Sovereign Wealth: Moving the market

Posted on 23 June 2015

Due to their size, sovereign wealth funds are ideally suited to infrastructure investment. And they have been making their mark. Sovereign wealth funds are making greater inroads into infrastructure investment. Data compiled by Preqin and released last month suggests infrastructure is the most popular of all alternative investment routes for SWFs, with 60% preferring [...]

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 22 June 2015

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said. The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, had [...]

Has WSJ exposed 1MDB as BN’s political ATM?

Posted on 22 June 2015

1Malaysia Development Bhd (1MDB) was founded by Prime Minister Najib Razak to be a “a strategic enabler for new ideas and sources of growth” and was given the mission “to drive sustainable economic development by forging strategic global partnerships and promoting FDI”.

Guardians of New Zealand’s sovereign wealth lead it to the top

Posted on 22 June 2015

Acting as a long-term investor has brought short-term rewards for New Zealand’s sovereign wealth fund. It generated returns of more than 17 per cent a year over the past five years, outstripping all other sovereign funds that publish their figures. In the year to April, the NZ$29.7bn ($20.5bn) NZ Super Fund returned 18.4 per cent, [...]

Bye Bye SIDF?

Posted on 22 June 2015

If the St. Government heeds the advice of the IMF it could do away with channeling revenues from the sale of citizenships from the controversial SIDF into another type of fund. The IMF has recommended managing CBI revenue savings through an alternative investment vehicle such as a Sovereign Wealth Fund, which would have parliamentary oversight.

Abu Dhabi’s crown prince is new chairman of ADIC in board revamp - WAM

Posted on 22 June 2015

The board of the Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi government, has been revamped with the emirate’s crown prince named as its chairman, state news agency WAM reported on Sunday.

CFAs thrive in Abu Dhabi as sovereign wealth funds trump Wall Street banks

Posted on 22 June 2015

Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirates’ wealth is managed.

UK trains sights on Abu Dhabi sovereign funds for HS2 high-speed rail project

Posted on 22 June 2015

The UK government has approached Abu Dhabi sovereign wealth funds seeking investment in major infrastructure projects. Dominic Jermey, the chief executive of UK Trade and Investment and former UK ambassador to the UAE, last week met executives from Mubadala and the Abu Dhabi Investment Authority (Adia) to try to drum up investment in projects including [...]

Bahrain Sovereign Fund plans more investments in 2015

Posted on 22 June 2015

Bahrain Sovereign Fund plans to close a few more investments before the end of the year, and is looking to invest in GCC, Europe and the US, after making significant investments last year in its quest for diversification, its chief executive officer told Gulf News. Even as crude oil prices stabilise, Mumtalakat, which has a [...]

Qatar’s USD256bn sovereign wealth fund to further invest in Asia

Posted on 22 June 2015

The Qatar Investment Authority (QIA), the country’s USD256bn sovereign wealth fund, has announced new strategy that will see it allocate more money in Asia and the US. The move is part of QIA’s efforts to diversify its asset base to complement its strong based in Europe.

Qatar vast gas reserves ‘to last 138 years’: report

Posted on 22 June 2015

Qatar’s gas reserves are so vast it can maintain production at current rates for another 138 years, according to an official report published on Sunday. An “Economic Commentary” from the Qatar National Bank (QNB) said the vast reserves of the tiny Gulf country will ensure it maintains its prominent position in the hydrocarbon sector “for [...]

Norwegian government to slow drawdown of sovereign fund

Posted on 22 June 2015

The Norwegian government is to be more cautious in drawing down the Government Pension Fund Global (GPFG) over concerns the sovereign wealth fund’s size will be hit by market uncertainty.

The investment elephant in the room

Posted on 22 June 2015

Central banks and sovereign wealth funds are one of the most significant investor groups in global financial markets today — rivaling institutional investors like pension funds and sovereign wealth funds as to their size. Central banks alone (excluding sovereign wealth funds) manage around US$12 trillion of assets — a decent amount of money by anyone’s [...]

Norway Fund Likes Short Bonds as Volatility Grows

Posted on 19 June 2015

Norway’s $890 billion sovereign wealth fund, the world’s biggest, is sticking to short bond maturities as markets are increasingly gripped by volatility. The decision is designed to guard against sudden price swings that are migrating from currency markets back to bond markets, Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which runs the [...]

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