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VRS - who has written 14750 posts on Opalesque Sovereign Wealth Funds Briefing.


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Dubai’s Wealth Fund Invests $300 Million in Nigeria’s Dangote

Posted on 09 September 2014

Dubai’s sovereign-wealth fund said on Monday it is buying a minority stake in Nigeria’s Dangote Cement for $300 million as the Gulf emirate makes it first major investment in Africa’s largest economy.

Africa’s Richest Man Aliko Dangote To Sell Stake In Cement Firm To UAE Sovereign Wealth Fund

Posted on 09 September 2014

Africa’s richest man Aliko Dangote is selling a stake in his cement company to a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. According to a report by the Financial Times, the Investment Corporation of Dubai (ICD) will invest $300 million in Dangote Cement, West Africa’s largest company, for a minority [...]

The Nigeria Sovereign Investment Authority furthers country’s growth

Posted on 09 September 2014

The Nigeria Sovereign Investment Authority has accomplished a great deal in a short space of time, securing vital infrastructure investments and prestigious partnerships along the way. When President Goodluck Jonathan launched the Nigeria Sovereign Investment Authority (NSIA) in 2011 he told the world he was ushering in “a new era of financial responsibility”.

Oman sovereign fund, Shell co-lead $53m investment in GlassPoint Solar

Posted on 09 September 2014

GlassPoint Solar, the leader in solar enhanced oil recovery (EOR), has announced a $53 million equity investment from the State General Reserve Fund (SGRF), the largest sovereign wealth fund in Oman, Royal Dutch Shell (Shell) and GlassPoint’s existing investors. The funding will be used to accelerate the deployment of GlassPoint’s solar steam generators, which can [...]

China’s sovereign fund, Boyu, selling some Alibaba shares

Posted on 09 September 2014

Alibaba Group Holding Ltd’s initial public offering could raise more than $21 billion, valuing the Chinese e-commerce giant at up to $163 billion. Yahoo Inc, the company’s second-largest shareholder, had already disclosed it will sell part of its stake in the IPO, but several other companies and individuals were unveiled as sellers in Alibaba’s latest [...]

Close down MAS and overhaul Khazanah, says veteran newsman

Posted on 09 September 2014

A veteran journalist today suggested that Malaysia’s sovereign fund Khazanah Nasional Bhd should be restructured while Malaysia Airlines (MAS) should be closed down. In his latest blog posting, Datuk A. Kadir Jasin questioned Khazanah’s ability to manage Malaysia Airlines and revive the fortunes of the ailing national carrier.

Westports sees bright side of possible Khazanah sale

Posted on 09 September 2014

Westports Holdings Bhd is not surprised by the rumour that Khazanah Nasional Bhd may divest its entire 4.74% stake in the port operator, and is taking the news positively as an avenue to increase its free float, said chief executive officer Ruben Emir Gnanalingam.

Super fund governance overdue for overhaul

Posted on 09 September 2014

When the Coalition came to power a year ago it promised a big shake-up in the corporate governance standards of the country’s $1.6 trillion superannuation. Fast forward to today and the Abbott government has made haste to dilute the Future of Financial Advice (FOFA) reforms after some heavy lobbying by the big financial institutions.

Kazakhstan approves program of Samruk-Kazyna National Welfare Fund

Posted on 09 September 2014

The board of directors approved a program to transform the Samruk-Kazyna National Welfare Fund, the press service of the fund said Sept.8. The Board of Directors of Samruk-Kazyna JSC at a meeting under the chairmanship of the prime minister of Kazakhstan Karim Massimov in Astana endorsed the program of transformation.

Can Scotland Really Be as Rich as Norway?

Posted on 09 September 2014

Scotland’s pro-independence politicians are putting considerable faith in oil. Probably too much. One of the touchstones for the independence movement is that with control of its share of North Sea oil and gas revenue, Scotland could become rich in its own right, like Norway.

The Fed Is Looking Like a Sovereign Wealth Fund

Posted on 08 September 2014

The Federal Reserve recently made clear it is planning to maintain its enormous balance sheet—roughly $4.5 trillion in Treasurys and mortgage-backed securities—for many years, while keeping interest rates near zero at least into 2015. Far from being neutral or stimulative, these policies have caused huge distortions in financial markets, contributing to slow growth and falling [...]

Sovereign wealth fund CIC at risk with Bumi investment

Posted on 08 September 2014

Sovereign wealth fund China Investment Corp (CIC) risks sinking deeper into the quagmire of its investment in Bumi Resources, Indonesia’s biggest coal miner, which is beset by financial woes and allegations of environmental damage.

Temasek keeps foot on the accelerator

Posted on 08 September 2014

For a city whose growth as an Asian financial centre can be seen in the multiplying glass towers of its burgeoning business district, it comes as a surprise to find that the office of Singapore’s state investment company is tucked away in a shopping mall.

Khazanah may divest Westports stake

Posted on 08 September 2014

Khazanah Nasional is said to be looking to divest its stake in Westports Holdings Bhd, a move that resonates with its policy to reduce stakes in companies that are deemed as non-strategic in its portfolio of investments. Sources said the state investment arm was looking at placing out its entire 4.74% shareholding in Westports to [...]

Khazanah EB succeeds, but Europe bid weighs

Posted on 08 September 2014

Malaysian sovereign wealth fund Khazanah Nasional priced a US$500m exchangeable sukuk last week, three months after pulling its last deal, but European restrictions on sukuk sales meant demand there was restrained. The zero-coupon sukuk is exchangeable into shares of power producer Tenaga Nasional. It has a tenor of seven years and a put for investors [...]

$5.5 Tril. Global Investment Consultation Body “CROSAPF” to Set Sail

Posted on 08 September 2014

A government-led investment consultative group called the “Co-investment Roundtable of Sovereign and Pension Funds” (CROSAPF) that encompasses sovereign wealth funds, pension fund firms, and global public funds will be formed soon. Hosted by Korea Investment Corporation, a sovereign wealth fund, and sponsored by Korea EximBank, CROSAPF is Korea’s first global-level co-investment consultation body.

Inside Angola’s Sovereign Wealth Fund

Posted on 08 September 2014

Ready to invest. The fund received the last part of its $5 billion endowment in June, and has put the whole lot to work, albeit so far mainly in listed securities (chiefly cash and bonds, but some listed equities too). It is now beginning to invest in alternatives.

GIC gives private equity firms run for their money

Posted on 05 September 2014

Singapore’s GIC is taking the unusual step of investing directly in unlisted firms, a move bankers say will be mimicked by other sovereign wealth funds as low yields spur fund managers to adopt a more hands-on attitude in their search for higher returns. In the first half of this year, GIC agreed to pay up [...]

Temasek, JTC to merge 4 units into mega-entity

Posted on 05 September 2014

As urbanisation picks up pace across China, India and South-east Asia, investment giant Temasek Holdings and industrial developer JTC Corp are planning a merger of four of their operating subsidiaries into a single mega-entity, in an unprecedented move that will tap the opportunities resulting from this rapid development.

Temasek to invest Rs 400cr in KFC, Pizza Hut operator

Posted on 05 September 2014

Singapore state investor Temasek Holdings is likely to make an investment of about Rs 400 crore in KFC, Pizza Hut and Costa Coffee store operator Devyani International, upping its play in the country’s fast-growing consumer sector.

Khazanah issues RM1.59bil Islamic bonds exchangeable into TNB shares

Posted on 05 September 2014

Khazanah Nasional Bhd has issued a US$500mil (RM1.59bil) seven-year sukuk that is exchangeable into Tenaga Nasional Bhd (TNB) shares. This is the second issuance by the state investment arm in three weeks.

Khazanah Sells Islamic Bonds in Second Offer in Three Weeks

Posted on 05 September 2014

Malaysia’s sovereign wealth fund sold Islamic bonds for the second time in three weeks as it moved ahead with a buyout of the national airline. Khazanah Nasional Bhd. today issued $500 million of seven- year sukuk that are convertible into equities of state power company Tenaga Nasional Bhd., according to a company statement. The notes [...]

Future Super - The Fossil Fuel Free Super Fund

Posted on 05 September 2014

It may be a solar supporter’s and green investor’s dream come true - Australia’s first superannuation fund free of fossil-fuel investments. Ethical investing can be a minefield and given the complexity, it can be one many people understandably choose not try and navigate when it comes to their superannuation.

Angola’s SWF ready to invest

Posted on 05 September 2014

Six years after it was announced, Angola’s sovereign wealth fund is fully underway. It has received the final instalment of its $5bn initial endowment and has begun to take its funds out of cash and put them into longer-term investment.

Angola’s Sovereign Wealth Fund Ready To Invest $5 Bln Across Africa

Posted on 05 September 2014

Angola’s fledgling sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the $5 billion it has been endowed by the government, its chairman said. Jose Filomeno dos Santos said the fund had set up a series of special purpose vehicles to identify opportunities [...]

Going direct: GIC gives private equity firms run for their money

Posted on 04 September 2014

Singapore’s GIC is taking the unusual step of investing directly in unlisted firms, a move bankers say will be mimicked by other sovereign wealth funds as low yields spur fund managers to adopt a more hands-on attitude in their search for higher returns.

Malaysia’s Khazanah Nasional Plans to Issue Convertible Bonds

Posted on 04 September 2014

Malaysian state investment fund Khazanah Nasional Bhd. is seeking to raise $500 million from the sale of bonds that can be converted into shares of power company Tenaga Nasional Bhd., people familiar with the deal said Wednesday. The bond sale comes as Khazanah is preparing to embark on a restructuring of embattled flagship carrier Malaysia [...]

Khazanah Eyes Investment Opportunities In Eastern Europe

Posted on 04 September 2014

Khazanah Nasional Bhd is considering broader investment opportunities in Eastern Europe, following the opening of its office in Istanbul, Turkey, last November. Executive Director and Chief Financial Officer Mohd Izani Ghani said the office was established to tap investment opportunities around Turkey, North Africa and Eastern Europe.

China’s No.1 in the stock market

Posted on 04 September 2014

Chinese money has been pouring into the domestic stock market, with investors net purchasing 1.9 trillion won ($1.86 billion) in shares this year to surpass the United States as the No. 1 foreign country investing in Korea. Capital inflow from China comes in three ways: its sovereign wealth fund, the social security fund and QDIIs.

China state investment fund Huijin eyes European banks investment

Posted on 04 September 2014

Central Huijin Investment Ltd., the state-owned holding company for China’s largest financial institutions, is seeking European bank investments to diversify its domestic holdings, vice-chairman Li Jiange said on Wednesday.

Abu Dhabi sovereign wealth fund names new head of external equities

Posted on 04 September 2014

Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has named Brian Tipple as its first global head of external equities.

Angola’s $5 billion sovereign fund nearing African, global private equity-style deals

Posted on 04 September 2014

Angola’s fledgling sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the $5 billion it has been endowed by the government, its chairman said. Jose Filomeno dos Santos said the fund had set up a series of special purpose vehicles to identify opportunities [...]

SOFAZ earns huge profit from ACG, Shah Deniz projects

Posted on 04 September 2014

Azerbaijan’s state oil fund SOFAZ has gained over $105.802 billion from 2001 to September 1, 2014 by implementing the project of developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.

Oil tax: Norway could teach Australia a thing or two about managing wealth

Posted on 04 September 2014

Thanks to natural resources, Norway is a country of five million trustifarians – with each person theoretically being a millionaire. In Australia, mining benefits a selected few. Norway’s government Pension Fund Global was created in 1990 to make the most of the windfall of striking oil in the North Sea. Companies looking to extract Norwegian [...]

Norway’s Oil Fund, Prologis Buy Property in Madrid, Barcelona

Posted on 03 September 2014

Norges Bank Investment Management, which manages the world’s biggest sovereign wealth fund, bought a portfolio of real estate in Madrid and Barcelona through a joint venture with Prologis Inc. (PLD). Prologis European Logistics Partners Sarl bought more than 1.6 million square feet of logistics facilities and development land in the two Spanish cities from SABA [...]

Norway’s oil fund buys logistics properties in Spain

Posted on 03 September 2014

Norway’s sovereign wealth fund has acquired a 50 percent stake in a series of Spanish logistics properties for 242 million euros ($317.6 mln) through its joint venture with Prologis, the fund said on Tuesday.

Russia Funnels More Billions Into its Sovereign Wealth Funds

Posted on 03 September 2014

Russia’s two oil revenue-funded sovereign wealth funds swelled by 353.3 billion rubles ($9.4 billion) last month to reach combined reserves of 6.54 trillion rubles ($177 billion), boosting the state’s financial firepower as the West applies the economic screws on Russia over the Ukraine crisis.

Russia Mulls Ring-Fencing SWF from Sanctions

Posted on 03 September 2014

The $10 billion Russian Direct Investment Fund (RDIF) could be transferred from state ownership to the country’s central bank to avoid economic sanctions that may be applied over the Ukraine conflict.

‘Priority investors’ sell Royal Mail shares

Posted on 03 September 2014

Many of the “priority investors” in Royal Mail, brought in supposedly to remain long term, stable holders of the privatised service, quietly sold millions of their shares over the summer. The Independent’s analysis of share trading data shows priority firms JPMorgan, Schroders and Abu Dhabi’s sovereign wealth fund also slashed their holdings in recent months. [...]

Focus on Ghana’s handling oil revenue

Posted on 03 September 2014

Ghana’s Petroleum Revenue Management Act was passed more than a year after the first oil was pumped from the country’s Jubilee Field. The law outlines clear mechanisms for collecting and distributing petroleum revenue. It specifies what percentage should help fund the annual budget, what should be set aside for future generations and what should be [...]

Khazanah’s restructuring hits at right target for MAS

Posted on 03 September 2014

Khazanah Nasional’s recovery plan for Malaysia Airlines (MAS) may be the start of the new beginning for the airline, says RHB Research. It said on Tuesday the plan raised key concerns which had always weighed on MAS’ performance while showing the commitment of the related parties to revive the airline.

Russia Said to Prepare Transfer of $10 Billion Fund Out of Sanctions’ Reach

Posted on 02 September 2014

Russia is preparing to transfer the ownership of a $10 billion sovereign wealth fund to the central bank from a sanctioned state-development lender, according to two people with knowledge of the plan.

Putin says spending from Russia’s sovereign fund can’t be raised

Posted on 02 September 2014

Russia cannot spend more of the $83 billion parked in its National Wealth Fund (NWF), President Vladimir Putin said on Monday, after the government recently raised the cap on how much of the fund can be used for domestic investments. Spending pressure on the government has increased as a result of the Ukraine crisis, which [...]

Future Fund names CIO, mulls staff additions

Posted on 02 September 2014

Australia’s $94 billion sovereign wealth fund has promoted internally to fill the role of chief investment officer vacated by David Neal when he became managing director on August 4. The Future Fund is also likely to add two investment posts to its 40-strong team in the next few months.

Brigade, Singapore’s GIC to invest $248 mln in Indian property sector

Posted on 02 September 2014

Indian developer Brigade Enterprises and Singapore’s sovereign wealth fund GIC Pte Ltd have agreed to jointly invest 15 billion rupees ($248 million) in residential real estate projects in south India, the companies said. Brigade and GIC will invest in acquiring land and building homes and for mixed-use projects, the companies said in a statement on [...]

GIC joins 2 lead investors to fund North Sea oil firm

Posted on 02 September 2014

The Republic’s sovereign wealth fund, GIC, is investing in a new North Sea oil-and-gas exploration and production company, Siccar Point Energy Limited. Affiliates of heavyweights - Blue Water Energy and Blackstone Energy Partners - are pumping in an initial investment of up to US$500 million in the new firm, making it one of the largest [...]

GIC invests in Siccar Point Energy

Posted on 02 September 2014

GIC, the Singapore sovereign wealth fund, is investing in Siccar Point Energy, a new North Sea-focused oil company based in Aberdeen, Scotland. Private equity funds Blue Water Energy and Blackstone Energy Partners are leading the investment of up to US$500 million (S$624 million). Siccar Point plans to participate across the full value chain, from exploration [...]

Superman, Yoda, change crusader: GIC’s Lim Siong Guan

Posted on 02 September 2014

He may be the group president of Singapore sovereign wealth fund GIC, but Mr Lim Siong Guan rides the MRT to work. He alights at Raffles Place, then walks about 20 minutes to GIC’s office in Robinson Road for the exercise. If he needs a postage stamp or has any errand of a personal nature, [...]

Khazanah unveils Malaysia Airlines’ 12-point restructuring plan

Posted on 02 September 2014

Malaysia Airlines majority shareholder, Khazanah Nasional Berhad, has outlined its proposed 12-point restructuring plan aimed at developing a new, profitable, market-driven airline by 2017. The announcement came just a day after Malaysia Airlines posted a second-quarter net loss of MYR305.7million (USD95.1million) exacerbated by the MH17 and MH370 tragedies.

Asian titans move outside for specialist investments

Posted on 02 September 2014

Growing allocations to alternatives and multiasset strategies have left the sovereign wealth funds and national pension plans that dominate Asia’s institutional investor landscape relying more on external money managers to manage their portfolios.

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