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VRS - who has written 13908 posts on Opalesque Sovereign Wealth Funds Briefing.


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Angola’s sovereign wealth fund appoints audit board

Posted on 09 April 2014

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), now has its first audit board that will guarantee the “highest level” of openness in its operations, it emerged on Tuesday.

1MDB yet to notify SSM of meeting date

Posted on 09 April 2014

Companies Commission of Malaysia (SSM) is monitoring 1Malaysia Development Bhd (1MDB) which is yet to notify and update the former on the status of its AGM to table its overdue accounts, as at press time.

Temasek private equity arm backs Southeast Asia cab booking app

Posted on 09 April 2014

A unit of Singapore state investor Temasek Holdings is putting its substantial clout behind an app that eases the pain of booking taxis in Singapore and Malaysia, aiming to expand the service in other busy Southeast Asian cities.

Norway hands SWF ethical investment responsibilities to central bank

Posted on 09 April 2014

The Norwegian finance ministry has adopted a report recommending changes to the way the country’s sovereign wealth fund – the Government Pension Fund Global (GPFG) – is run, including giving more power over its ethical investment policy to the fund managers at the Norwegian central bank.

Use Norway sovereign fund’s top holdings to your own advantage

Posted on 09 April 2014

Founded in 1990, Norges Bank Investment Management (a.k.a the Government Petroleum Fund), the fund has since grown to a size in excess of $80B. Over the past two decades, it has undergone dramatic changes in asset mix: up until 1997, the capital was fully invested in government securities, while as of the end of 2013 [...]

Kazakhstan’s international reserves figure announced

Posted on 09 April 2014

Kazakhstan’s international reserves, including gold and FX reserves of the National Bank and the assets of the National Oil Fund grew from $95.222 billion to $99.304 billion from January to March 2014, according to the country’s National Bank.

SOFAZ revenues from Shah Deniz, ACG projects made public

Posted on 08 April 2014

Azerbaijan’s state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ received some $115.6 million as part of the Shah Deniz project from January 1 to April 1, SOFAZ said.

Biggest wealth fund put on review for move to new asset classes

Posted on 08 April 2014

Norway will wait to see whether real estate investments by its $850 billion sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity.

Jensen defends oil fund changes

Posted on 08 April 2014

Norwegian Finance Minister Siv Jensen rejected criticisms the government’s planned changes to the management of the nation’s massive sovereign wealth fund didn’t go far enough to ensure greener, socially responsible investments, saying the “Oil Fund” is a return-oriented investment scheme, and not a environmental or foreign policy tool.

Norway fund RE reforms disappoint

Posted on 08 April 2014

Norway’s government has disappointed green groups by coming up with proposals for using the country’s $790bn oil fund that fall well short of expectations over increased renewables investments.

EGA incorporated under Mubadala, Investment Corporation of Dubai

Posted on 08 April 2014

Abu Dhabi-based Mubadala Development Company, and the Investment Corporation of Dubai announced on Monday the official incorporation of Emirates Global Aluminium (EGA), the jointly-owned aluminium company formed by integrating the two shareholders’ interests.

Virgin Galactic in talks with Mubadala

Posted on 08 April 2014

Mubadala Development Company could team up with Richard Branson’s commercial space flight company, Virgin Galactic, according to George T. Whitesides, CEO and president of Virgin Galactic. Whitesides confirmed to the media on Monday that the American space flight company has held discussions with Abu Dhabi’s Mubadala.

Dubai wealth fund buys out Sol Kerzner

Posted on 08 April 2014

Hotel and casino czar Sol Kerzner will retire as chairman of Kerzner International Holdings Limited (KIHL) following Investment Corporation of Dubai’s purchase of a stake in the company Kerzner founded in 1994.

Viable SMSF size underestimated

Posted on 08 April 2014

The size at which a self-managed superannuation fund (SMSF) becomes a viable alternative to regular funds may be considerably higher than the industry currently estimates due to the impact of scale on performance. The industry typically advises that a minimum balance of between $100,000 and $200,000 is the tipping point at which SMSFs costs match [...]

Norway wants to turn its huge oil fund greener

Posted on 07 April 2014

Oil-rich Norway moved Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.

Norway’s wealth fund to ramp up renewable energy investments

Posted on 07 April 2014

Norway’s $860-billion (U.S.) oil fund should scale up its investments in renewable energy and weigh the risk to future returns posed by climate change, the finance ministry said on Friday, a shift green groups said was insufficient.

Norway’s oil fund could dump shares in oil, coal

Posted on 07 April 2014

Norway is considering excluding foreign oil and coal companies from its $860 billion sovereign wealth fund, which manages profits from Norway’s own fossil fuel industry.

Norway eyes ‘green’ fund

Posted on 07 April 2014

Oil-rich Norway moved on Friday to target its huge sovereign wealth fund’s investments more closely at boosting green businesses, but environmentalists said the proposals were not strong enough.

SOFAZ to keep searching for real estate in Asia

Posted on 07 April 2014

Azerbaijan’s state oil fund SOFAZ is planning to continue searching for commercially attractive real estate in Asia. “It’s not yet certain whether SOFAZ will manage to complete the investment policy in East and South-East Asia by purchasing Pine Avenue Tower A worth $447 million in Seoul,” SOFAZ said. “It is difficult to reveal and examine [...]

KIA’s Al-Ajial Fund invests 400 mln Euro in Morocco

Posted on 07 April 2014

Al-Ajial Investment Fund of Kuwait Investment Authority (KIA) is investing 400 million euro in the Wessal Capital Gulf-Morocco venture, an equal share to that put in by the sovereign funds of Saudi Arabia, Qatar, the UAE, and Morocco. Al Ajial Investment Fund General Manager Waleed Al-Fehaid said, that 780 million of the total investment would [...]

Qatar-backed Tiffany & Co reports Q4 loss

Posted on 07 April 2014

Tiffany & Co., the US luxury jewellery retailer in which the Qatar Investment Authority owns an 8.7 percent stake, reported fourth quarter results that were up on an ongoing basis in spite of the economic environment, but were turned into a loss by an unfavourable arbitration ruling.

Dubai sovereign wealth fund takes effective control of Kerzner International Hotels

Posted on 07 April 2014

The Investment Corp. of Dubai (ICD), which is the Sovereign Wealth Fund of the Emirate of Dubai, today announced it has taken over leadership and control of luxury hotel chain Kerzner International Holdings Limited (KIHL).

Dubai buys stake in luxury hotel manager Kerzner

Posted on 04 April 2014

Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, has bought a stake in global hotel management firm Kerzner International KZL.UL from investors including the family of South African casino tycoon Sol Kerzner. The deal gives Dubai, which depends heavily on its booming tourism industry, control of a second major luxury hotel firm. The [...]

Dubai World hires Blackstone to look at debt options

Posted on 04 April 2014

Conglomerate Dubai World has hired New York-based investment and advisory firm Blackstone Group LP to take a fresh look at its debt and how to make repayments to creditors, sources aware of the matter told Reuters.

Kazakhstan’s state wealth fund plans sell-offs, debt issues

Posted on 04 April 2014

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020.

Bumi shareholders re-approve CIC debt-for-equity swap

Posted on 04 April 2014

Shareholders in Indonesia’s troubled PT Bumi Resources voted on Thursday in favour of new terms to settle the firm’s $1.3 billion debt with China’s sovereign wealth fund, CIC, after Indonesia’s financial services authority (OJK) rejected an earlier vote.

Kenya: Wealth fund established before mineral exploration

Posted on 04 April 2014

The country has begun plans to set up a sovereign wealth fund ahead of the major commercial production and export of oil and other minerals. This development puts Kenya among other peers in Africa such as Botswana, Nigeria and Ghana, which all have sovereign wealth funds in line with their established mineral and oil commercial [...]

Permanent fund donations continue growth

Posted on 04 April 2014

Alaskans pledged record donations from their permanent fund dividends once again this year, according to an announcement from the PFD fundraising campaign, Pick.Click.Give. The campaign released the pledge results from the PFD filing period between Jan. 1 and March 31 on Tuesday, noting more than $2.7 million in donations from 26,773 Alaskans.

Oil and gas account for $1.7 bln of state’s general fund

Posted on 04 April 2014

A detailed tax study in New Mexico shows that the oil and gas industry is responsible for more than $1.7 billion in general-fund revenues in fiscal year 2013.Earlier this year, the New Mexico Tax Research Institute released the Fiscal Impacts of Oil and Natural Gas Production in New Mexico, a 325-page study of the state’s [...]

A check list for getting hired into a sovereign wealth fund

Posted on 04 April 2014

Sovereign wealth funds are changing their recruitment strategies. Gone are the days of big recruitment sprees, with funds in the Middle East in particular blinded by brand names and experience in Western markets.

Sovereign funds wary of hidden emerging market exposure: Templeton

Posted on 03 April 2014

Sovereign wealth funds see emerging market turbulence as a long term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.

Kenya will create sovereign wealth fund before crude output

Posted on 03 April 2014

Kenya plans to set up a sovereign wealth fund to invest revenue from future output of oil that Tullow Oil Plc (TLW) and Africa Oil Corp. (AOI) expect to start pumping as soon as 2016, central bank Chairman Mbui Wagacha said.

Panama’s sovereign wealth fund to diversify into stocks - CIO

Posted on 03 April 2014

Panama’s sovereign wealth fund expects to begin the process of investing some of its assets into equities later this year, and would target developed economies, its chief investment officer said on Tuesday.

Kazakhmys completes sale of power-unit stake for $1.25 bln

Posted on 03 April 2014

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper miner, has received $1.25 billion after completing the sale of its power unit to the nation’s sovereign wealth fund.

SOFAZ acquires office block in S.Korea for $447 mln

Posted on 03 April 2014

Azerbaijan’s state oil fund (SOFAZ) has acquired an office complex in the South Korean capital Seoul for $447 million, the fund said on Tuesday, as it further diversifies a broad portfolio of foreign assets.

Gulf SWFs to broaden range of target acquisition markets

Posted on 03 April 2014

Sovereign wealth funds in the Middle East, mostly owned by the GCC countries, are likely to broaden the range of target markets in 2014 after doubling their acquisitions to $18.8 billion in 2013 as the global commercial property transactions volumes are projected to jump, Knight Frank’s said on Monday.

KIA’s Ajial invests 400 mln euro in Wessal Capital

Posted on 03 April 2014

Al-Ajial Investment Fund of Kuwait Investment Authority (KIA) is investing 400 million euro in the Wessal Capital Gulf-Morocco venture, an equal share to that put in by the sovereign funds of Saudi Arabia, Qatar, the UAE, and Morocco.

Gulf states to invest over $730 mln in tourism infrastructure in Morocco

Posted on 03 April 2014

The Arab Gulf states fund Wessal Capital will invest 6 billion dirhams ($737 million) in tourism infrastructure in the port of Casablanca, the first in a series of other similar projects planned by the Gulf states, a statement from the royal cabinet said on Tuesday.

Gaddafi’s successors find fault with another of his banks

Posted on 03 April 2014

Libya’s sovereign wealth fund has filed a $1.5 billion (£901.87 million) lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of former Libyan leader Muammar Gaddafi.

Temasek Holdings backs Star Agriwarehousing with Rs 240 crore investment

Posted on 03 April 2014

Singapore state-owned investment company Temasek Holdings is investing Rs 240 crore for a significant minority stake in Star Agriwarehousing and Collateral Management Limited, one of the country’s fastest growing agri-solutions companies.

MH370 Tragedy: Khazanah Nasional ready to assist in SAR

Posted on 03 April 2014

Khazanah Nasional Berhad, the major share holder in Malaysia Airlines (MAS), have always cooperated with the government to do all it can to assist in the case of the missing MAS flight MH370.

Khazanah wants to up fund for CR initiatives

Posted on 03 April 2014

Khazanah Nasional Bhd said one of the key initiatives for the company this year is the continuous effort to build capacity of its Civil Society Partner Organisations (CSPO). The government investment arm is raising its investment for its corporate responsibility (CR) initiatives this year by 20 per cent to RM100 million, as part of its [...]

RBA questions super fund infra investment

Posted on 03 April 2014

The Reserve Bank of Australia (RBA) has questioned the role of superannuation funds boosting funding for infrastructure investment, saying that it is not appropriate to mandate funds to invest in assets to meet “broader national objectives.”

Singapore’s sovereign wealth fund opens office in Brazil

Posted on 02 April 2014

Singapore’s sovereign wealth fund GIC Private Ltd said on Tuesday it has opened an office in Brazil as it looks to increase its investments in Latin America. Based in Sao Paolo, the new office will focus on investments in real estate, healthcare, financial and business services, and natural resources and infrastructure, GIC said in a [...]

GIC joins IFM, Borealis for Qld Motorways bid

Posted on 02 April 2014

Singapore’s sovereign wealth fund GIC has joined IFM and Borealis to form a new consortium that will bid next month for Queensland Motorways, a 62-kilometre network of tolled roads, bridges and infrastructure around Brisbane that may be worth about $4 billion.

Temasek not the usual sovereign wealth fund

Posted on 02 April 2014

Whenever Temasek Holdings opens a new office outside of Singapore, it is “not indicative of some radical shift” in the investment company’s approach, said its chairman Lim Boon Heng.

Sovereign wealth funds top investors among global funds that bet on Indian equities

Posted on 02 April 2014

Sovereign wealth funds emerged as the top investors among global funds that bet on Indian equities last year, indicating strong faith in the long-term prospects of the Indian economy that’s currently in a slump and yet to show definitive signs of a recovery.

Libya in $1.5bln law suit over bribes to Gaddafi son

Posted on 02 April 2014

Libya’s sovereign wealth fund has filed a $1.5bn lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif Al Islam, the son of former Libyan leader Muammar Gaddafi.

Libya fund accuses Société Générale of fraud

Posted on 02 April 2014

French bank Société Générale paid a middleman $58 million in alleged bribes to secure almost $2 billion in business from Libya’s main sovereign-wealth fund during the final years of dictator Moammar Gadhafi’s rule, according to a lawsuit filed by the fund, the Libyan Investment Authority.

Adia among leaders in record year for sovereign wealth funds

Posted on 02 April 2014

Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.

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