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VRS - who has written 18476 posts on Opalesque Sovereign Wealth Funds Briefing.


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“The Government Is Crushing The Piggy Bank” - Norway Boosts Withdrawals From Its Sovereign Wealth Fund

Posted on 26 April 2016

As it deals with the economic slowdown and a plunge in oil prices, Norway has turned to its massive sovereign wealth fund in order to cover 2016 budget deficits, in continuation of a trend noted here first last October. As Bloomberg reports, the country withdrew $898 million in March from the fund, putting the year-to-date [...]

SWFs ‘Not to Blame for Equity Crash’

Posted on 26 April 2016

Market commentators that have blamed sovereign wealth funds (SWFs) for driving the recent equity market sell-off may be wide of the mark, according to advisory firm GeoEconomica.

Saudi prince bets on $2 trillion wealth fund

Posted on 25 April 2016

An ambitious 31-year-old Saudi royal will set bankers’ hearts aflutter tomorrow by unveiling what is billed as the biggest economic reform programme in the kingdom’s 84-year history. Prince Mohammed bin Salman’s grand plan is expected to include the creation of a $2 trillion (£1.4 trillion) sovereign wealth fund and a partial float of the world’s [...]

Saudi’s $2 trillion megafund is a sign of changing times

Posted on 25 April 2016

In an interview with US news outlet at the end of last month, Deputy Crown Prince Mohammad bin Salman announced that Saudi Arabia is planning a $2 trillion sovereign wealth fund to wean the country off its dependency on oil. Currently around 80 percent of Saudi’s budget revenues come from the petroleum sector, and a [...]

Five Questions About The New Saudi Economic Plan

Posted on 25 April 2016

The Kingdom will introduce its plan for an economic and financial restructuring of its sovereign wealth fund. On the scale of $2 trillion, this new Public Investment Fund (PIF) would be the largest in the world and would include a compelling IPO of a small portion of Saudi Arabia’s national oil company, Saudi Aramco.

Tomorrow will be better than yesterday

Posted on 25 April 2016

Today is a historical day for Saudi Arabia. It is a day on which the country is laying the foundation of its long-term plans for the future — its vision of the days to come. It is an important day for us and for our future generations. For decades, we have been talking about and [...]

Dubai’s sovereign wealth fund puts Doncasters up for auction

Posted on 25 April 2016

One of Britain’s oldest engineering manufacturers, Doncasters, has been put up for auction for around £1.2bn by Dubai’s sovereign wealth fund after the business suffered a sharp downturn.

Qatar Investment Authority’s lack of transparency goes against standards for sovereign wealth funds

Posted on 25 April 2016

Questions about how sovereign wealth funds work practically and what happens when they are not handled in a transparent way loom large especially when it comes to the Qatar Investment Authority (QIA). Sovereign wealth funds act on behalf of the nations they serve to help with pursuing capital opportunities that are intended to lift [...]

Abu Dhabi says to fund wider 2016 deficit mainly via bond issues

Posted on 25 April 2016

Abu Dhabi expects to post a wider budget deficit of 36.9 billion dirhams ($10.1 billion) in 2016 because of low oil prices, and plans to cover the gap mainly with international bond issues, a prospectus for a bond sale by the emirate showed.

Australia’s Future Fund in $1bn blow

Posted on 25 April 2016

Australia’s sovereign wealth fund has swung into ­reverse, shedding $1 billion in three months as volatile market conditions exact a toll. The Federal Government’s Future Fund shrank 0.9 per cent in the March quarter, dragging the return so far this financial year to a anaemic 0.2 per cent.

Australian Sovereign Wealth Fund Lifts Cash Levels Close to 25%

Posted on 25 April 2016

Australia’s sovereign wealth fund increased the amount of cash it holds to almost one quarter of its A$117.4 billion ($91 billion) portfolio as it says global central banks have less firepower to respond to economic weakness.

Future Fund cash holdings rise again after first-quarter loss

Posted on 25 April 2016

The Future Fund has boosted its cash holdings by a further $2.4 billion to $26.8 billion as it posted its first negative quarterly return since June 2012. The Australian sovereign wealth fund returned a modest negative 0.9 per cent, as its assets declined to $117.39 billion from $118.4 billion from the start of the year [...]

GIC Reshuffles Leadership, Adds New CIOs

Posted on 25 April 2016

Singapore’s sovereign wealth fund GIC has announced a management reshuffle involving the appointment of five new CIOs to oversee each of its main asset classes. Group CIO Lim Chow Kiat has been named deputy group president in addition to retaining his current position. President of Public Markets Jeffrey Jaensubhakij becomes deputy group CIO.

Malaysia’s 1MDB and IPIC in dispute over coming bond payment

Posted on 25 April 2016

Troubled Malaysian government investment fund 1Malaysia ­Development Bhd must make a $US50 million ($64m) debt payment today as it faces the possibility of a default that could trigger defaults on billions more of its debt.

Australian Sovereign Wealth Fund Lifts Cash Levels Close to 25%

Posted on 22 April 2016

Australia’s sovereign wealth fund increased the amount of cash it holds to almost one quarter of its A$117.4 billion ($91 billion) portfolio as it says global central banks have less firepower to respond to economic weakness.

Future Fund posts first quarterly loss since 2012

Posted on 22 April 2016

Australia’s sovereign wealth fund, the Peter Costello-chaired Future Fund, has booked its first quarterly loss in years, which has whittled away the investment return over the financial year-to-date.

GIC Names Lim Chow Kiat Deputy President as It Adds New Leaders

Posted on 22 April 2016

Singapore’s sovereign wealth fund GIC Pte gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles.

New senior leadership appointments, chief investment officers at GIC

Posted on 22 April 2016

Sovereign wealth fund GIC has announced senior leadership appointments to strengthen its investment capacity, it said in a news release on Thursday (Apr 21).From Jun 1, Mr Lim Chow Kiat will have the additional appointment of Deputy Group President, while serving concurrently as Group Chief Investment Officer. Dr Jeffrey Jaensubhakij will be appointed Deputy Group [...]

GIC Rounds Off Portfolio With Biggest Stock Buy in Eight Years

Posted on 22 April 2016

GIC Pte’s biggest stock transaction in eight years helps it expand holdings in an industry that it has lagged behind in: Utilities. GIC on Wednesday said it agreed to pay $1.23 billion in cash to buy 19.9 percent of U.S. power line operator ITC Holdings Corp. from Canada’s largest utility owner Fortis Inc.

Singapore fund GIC to buy stake in US power group ITC for $1.23 bln

Posted on 22 April 2016

Singapore sovereign wealth fund GIC has struck a deal with Canadian utility Fortis Inc to buy a 19.9 percent stake in ITC Holdings Corp for $1.23 billion. In February, Fortis said it would buy U.S. power transmission company ITC for $6.9 billion – its biggest deal ever. It had said it would partly fund the [...]

Weak trading ‘unrelated’ to rescue fund exit

Posted on 22 April 2016

The finance minister on Thursday rejected criticism that the exit of the National Stabilization Fund put downward pressure on Taiwan shares earlier this week. Taiwan shares had closed down 119.24 points, or 1.38 percent, at 8,514.48 on Wednesday on turnover of NT$95.45 billion to extend a week of decline.

Saudi Arabia Mulls Dual Listing, Traded Fund for Aramco IPO

Posted on 22 April 2016

Saudi Arabia is considering a dual listing as a way to reach investors beyond the local stock market for the sale of shares in state-owned oil giant Aramco, which could be the world’s largest initial public offering, the kingdom’s deputy crown prince said.

Azerbaijani banks buy almost $3M from State Oil Fund

Posted on 22 April 2016

The State Oil Fund of Azerbaijan sold $2.9 million to eight banks through the auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said in a statement on April 21. SOFAZ offered $50 million for sale through the auction.

Norway’s oil fund says sold stake in Spanish properties

Posted on 22 April 2016

The Norwegian oil fund has sold its 50 percent stake in two logistics properties in Spain through its joint venture with Prologis, it said on Thursday. The fund bought the stake in 2013 for 20.6 million euros ($23.27 million) and has now sold it for 25.1 million euros, it added.

Singapore’s GIC Buys 19.9% of U.S.’s ITC for $1.23 Billion

Posted on 21 April 2016

Singapore’s sovereign wealth fund GIC Pte agreed to buy 19.9 percent of ITC Holdings Corp. from Fortis Inc. for $1.23 billion in cash in one of the biggest investments Asian companies have made in U.S. power lines operators.

ICICI Venture raises $190 mn from Temasek, existing investors

Posted on 21 April 2016

ICICI Venture has raised $190 million (around Rs 1,250 crore) for its fourth private equity fund from Singaporean sovereign fund Temasek Holdings and existing investors to be invested in companies across sectors.

Chinese sovereign fund consortium eyeing Pizza Hut and KFC restaurants in China

Posted on 21 April 2016

A group of investors comprising sovereign wealth fund China Investment Corp (CIC), KKR & Co and Baring Private Equity Asia is in talks to buy controlling stake in Yum Brands Inc’s China unit, people familiar with the matter said.

Fortis to sell minority stake in ITC to Singapore’s sovereign wealth fund

Posted on 21 April 2016

Fortis Inc. has signed a deal to help finance its blockbuster US$11.3 billion acquisition of U.S. electric transmission company ITC. The utility company announced Wednesday it has an agreement that will see Singapore’s sovereign wealth fund take a minority stake in ITC Holdings Corp. for US$1.228 billion in cash.

Opaque fund faces default, uncertain future

Posted on 21 April 2016

Scandal-hit Malaysian government-owned fund 1Malaysia Development Berhad (1MDB) began as Terengganu Investment Authority (TIA) in 2008, a sovereign wealth fund aimed at ensuring economic development for the state of Terengganu. It was renamed 1Malaysia Development Berhad on January 2009 and made a federal sovereign fund in 2009.

1MDB bonds rally as fund row stokes volatility

Posted on 21 April 2016

1Malaysia Development Bhd’s bonds maturing in March 2023 rose, halting a three-day slide on concern the state investment company may default on its debt obligations after a spat with Abu Dhabi’s sovereign wealth fund.

1MDB ready to cooperate with any foreign authority regarding investigation

Posted on 21 April 2016

1Malaysia Development Bhd (1MDB) reaffirmed its readiness to cooperate with foreign authorities to assist with any investigation involving the company. However, at the moment, the company has not been contacted by any foreign authority regarding the investigations, said President and Group Executive Director Arul Kanda Kandasamy.

Oil-rich sovereign wealth funds love NYC real estate – but are they running out of cash?

Posted on 21 April 2016

Sovereign wealth funds’ growth slowed over the past year amid falling oil and commodity prices. The trend could impact New York’s commercial real estate market, where funds like Norges Bank and the Abu Dhabi Investment Authority are among the most active investors.

SOFAZ earns over 350M manats in 1Q2016 due to exchange rate difference

Posted on 21 April 2016

Azerbaijan’s State Oil Fund’s (SOFAZ) extra-budgetary revenues related to the revaluation of foreign exchange totaled 354.1 million Azerbaijani manats in 1Q2016, said SOFAZ’s message Apr. 20.

SOFAZ assets gets 2% rise

Posted on 21 April 2016

The revenues from managing assets for first quarter 2016 amounted to 148.8 mln. manat. Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2016 reached 2,023.1 million manat, while budget expenditures constituted 1,946.7 million manat, APA reports.

Commodities slump stalling sovereign wealth growth

Posted on 21 April 2016

Sovereign wealth funds in commodities economies are being forced to sell off assets to manage government deficits, slowing growth for the sector. The 2016 Preqin Sovereign Wealth Fund Review shows that while assets held in sovereign wealth funds collectively grew by $200 billion to hit $6.51 trillion in the year to March 2016, this growth [...]

Global sovereign wealth fund assets rise to $6.51 trillion

Posted on 20 April 2016

Sovereign wealth fund (SWF) assets increased by $200 billion in the year to March 2016 and now stand at $6.51 trillion despite recent market volatility and low oil prices, data from research provider Preqin showed on Tuesday.

Preqin: Sovereign wealth fund assets up 3.2% in year; oil-dependent funds drop

Posted on 20 April 2016

Assets held by sovereign wealth funds across the globe increased 3.2% to $6.51 trillion in the 12-month period through March, driven by growth in non-commodity funds, Preqin said. The research firm reported that funds that do not derive their assets from commodities added $290 billion in assets over the year, while funds reliant on hydrocarbon [...]

China sovereign fund seeks control of Yum China

Posted on 20 April 2016

A consortium backed by sovereign fund China Investment Corp has expressed interest in buying a majority stake in Yum Brands Inc’s China business, which runs more than 7,100 KFC and Pizza Hut eateries across the country, Bloomberg reported on Tuesday.

1MDB and Abu Dhabi sovereign fund accuse each other of defaulting on payments

Posted on 20 April 2016

The relationship between one-time allies, Malaysia and United Arab Emirates seem to be coming under great strain. Malaysia’s state fund 1Malaysia Development Berhad and Abu Dhabi’s sovereign wealth fund, International Petroleum Investment Company have again crossed swords. This time they have both accused each other of failing to make payments on their obligations.

Malaysia’s 1MDB bonds rally as fund row stokes volatility

Posted on 20 April 2016

1Malaysia Development Bhd’s bonds maturing in March 2023 rose, halting a three-day slide on concern the state investment company may default on its debt obligations after a spat with Abu Dhabi’s sovereign wealth fund.

Graft Denials Come Under Strain in Malaysia Fund Scandal

Posted on 20 April 2016

Malaysia’s prime minister and the company he founded, 1MDB, have weathered a year-long barrage of corruption allegations with nothing-to-see-here assurances, but a string of recent revelations is placing those denials under growing strain.

Saudi Arabia said to hire bankers for planned US$2t sovereign wealth fund

Posted on 20 April 2016

Saudi Arabia’s Public Investment Fund (PIF) is seeking to recruit senior bankers to help the kingdom run what may become the world’s largest sovereign wealth fund, according to people with knowledge of the matter.

Sultanate of Oman sovereign wealth fund signs with Nasdaq BWise

Posted on 20 April 2016

Nasdaq BWise, a global leader in enterprise Governance, Risk Management and Compliance (GRC), announced that it has been selected by State General Reserve Fund (SGRF), the largest sovereign wealth fund in the Sultanate of Oman, to support their enterprise risk management (ERM) processes based on the principles of the COSO ERM methodology.

NSIA to fund infrastructure with $250m additional capital

Posted on 20 April 2016

Nigeria Sovereign Investment Authority, NSIA, managers of Nigeria sovereign wealth fund, has said that 40 per cent of the additional $250 million (an equivalent of N49.3 billion) allocated to it by the Federal Government February this year would be deployed to fund on-going infrastructure projects on behalf of the government.

Azerbaijani banks buy almost $20M from State Oil Fund

Posted on 20 April 2016

The State Oil Fund of Azerbaijan sold $19.9 million to eight banks through the auction held by the Central Bank of Azerbaijan (CBA), SOFAZ’s message said Apr. 19. SOFAZ offered $50 million for sale through the auction, according to the message.

China sovereign fund to seek majority control of Yum unit

Posted on 19 April 2016

China Investment Corp, China’s state-owned sovereign wealth fund, is backing a group of investors who have expressed interest in buying a majority stake in Yum Brands Inc’s China unit, Bloomberg reported, citing people with knowledge of the matter.

Abu Dhabi Fund Calls 1MDB in Default After Missed Payment

Posted on 19 April 2016

International Petroleum Investment Company says debt deal with Malaysian fund has been terminated. A key Middle Eastern business partner of 1Malaysia Development Bhd. said the Malaysian state development fund has failed to make a $1.1 billion payment as part of a debt-restructuring agreement and that as a result a debt deal between the two entities [...]

1MDB risks US$50m default as IPIC refuses to step in

Posted on 19 April 2016

1MDB is facing the risk of default as Abu Dhabi-owned sovereign wealth fund International Petroleum Investment Company (IPIC) is no longer willing to service bond interest for the Malaysian fund, according to The Straits Times of Singapore.

Malaysia’s 1MDB at Risk of Default as Partner Ends Bond Support

Posted on 19 April 2016

Malaysia’s state investment company, already a target of global investigations into allegations of money laundering and embezzlement, has another major problem: It now faces the risk of sinking into default.

GIC, S. Korean retail giant team up to build mall

Posted on 19 April 2016

Sovereign wealth fund GIC and South Korean retail giant Shinsegae have joined hands to develop a prime retail mall in the Incheon Free Economic Zone. Affiliates of the two firms have entered into a US$197 million (S$267 million) sale and purchase agreement for a nearly 60,000 sq m site, centrally located in the international business [...]

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