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VRS - who has written 14649 posts on Opalesque Sovereign Wealth Funds Briefing.


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Malaysia’s Khazanah Sells $476 Million Ringgit Islamic Bonds

Posted on 20 August 2014

Malaysia’s state-owned investment fund, which is offering to take the national airline private, sold 1.5 billion ringgit ($476 million) of Islamic bonds today, said two people with knowledge of the deal.

Invest Corp of Dubai, Korea’s Kexim sign deal

Posted on 20 August 2014

Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Emirate of Dubai, and the Export-Import Bank of Korea (Kexim) have signed a Memorandum of Understanding (MoU) to form an alliance to explore international investment and export finance opportunities in Asia, the Middle East and Africa.

Nigeria: National revenue drops by N154.56b, says FAAC

Posted on 20 August 2014

The fortunes of the three tiers of government suffered a huge decline last month as the Federal Government said the country recorded a N154.56 billion decline in gross federally collected revenue from N784.88 billion received in June to N630.32 billion in July, this year.

Dubai and South Korea sign joint investments deal

Posted on 19 August 2014

Dubai and South Korea are teaming up to fund joint investments as the emirate cements its role as the business launch pad for the Middle East and Africa.

Dubai’s ICD Said to Seek $880 Million Atlantis Debt Refinancing

Posted on 19 August 2014

Investment Corporation of Dubai, the emirate state-owned holding company, is seeking to refinance an $880 million loan taken out by resort hotel Atlantis, The Palm, according to four people with knowledge of the matter.

Mubadala Trafigura’s Brazil iron ore terminal will start this year

Posted on 19 August 2014

Trading firm Trafigura and Abu Dhabi sovereign wealth fund Mubadala said that their Brazilian port for exporting iron ore will start this year, in response to a steelmaker with a contract to use the port that said the opening could be pushed back to 2015. Mr Eugenio Mamede chief operating officer for the port, said [...]

Arab investors to pump huge funds to Europe

Posted on 19 August 2014

Arab investors are increasingly looking to the UK and continental Europe’s commercial real estate markets to pump their huge funds. Europe is the preferred target of Arab investors with 80 percent of the expected $180bn Arab investment flowing in to UK and Europe over the next 10 years. In the UK, London is the preferred [...]

China faces buyer’s remorse in Canada’s oil patch

Posted on 19 August 2014

Chinese companies have shelled out more than $30-billion in Canada’s energy industry, but many of those investments have been hit with operational problems, delays and weak returns, leading to growing impatience in some quarters in China.

Bengal Finmin meets GIC top brass to attract investment

Posted on 19 August 2014

West Bengal Finance Minister Amit Mitra today met the top brass of Singapore-based global investment firm GIC to attract investments. A West Bengal government delegation headed by Chief Minister Mamata Banerjee is on a 5-day tour to Singapore to attract investment for the state. GIC is one of the world’s largest global investors.

Hopeful of Singapore’s GIC Group investing in Bengal: Mitra

Posted on 19 August 2014

After holding a “fruitful” meeting with Singapore’s leading investment fund - the GIC Group, West Bengal Finance Minister Amit Mitra on Monday exuded confidence of securing big ticket investment for the state. Led by Chief Minister Mamata Banerjee, a delegation of ministers, bureaucrats and entrepreneurs are camping in the city state scouting for investment.

Norway SWF Urged to Upgrade Oversight Before Diversifying

Posted on 19 August 2014

The Labor Party in Norway has called for the $880 billion Government Pension Fund—Global to up its governance game before moving into private equity and infrastructure. Norway’s biggest political party has challenged the country’s $880 billion sovereign wealth fund to improve its governance before hiking exposure to riskier assets.

Norway Fund Told to Forget Riskier Assets Until Oversight Fixed

Posted on 18 August 2014

Norway’s $880 billion sovereign wealth fund can’t be allowed to chase riskier assets until lawmakers fix the oversight gaps that emerged in connection with its purchase of Formula One shares, according to the biggest party in the nation’s parliament.

PE Has Lowest Return Among Alternative Assets For Korea Investment Corp.

Posted on 18 August 2014

Private equity has generated an 8.6% return during 2013 for Korea Investment Corp.the lowest among all alternative asset classes that the Korean sovereign wealth fund invests in, KIC’s most recent annual report shows. The $72-billion fund is the latest sovereign wealth fund to release annual reports this month, following its counterparts in China and Singapore. [...]

Singapore’s investment funds blaze ecommerce trail

Posted on 18 August 2014

Singapore’s two investment funds, GIC and Temasek, have emerged as the biggest state-backed investors in technology, telecoms and ecommerce in the past 12 months, ploughing a combined $3bn into the sectors. That dwarfs investment by their global peers, which have committed about $200m, says the Sovereign Wealth Center, which tracks sovereign wealth fund activity globally.

Temasek: Africa’s Emerging Economic Ally

Posted on 18 August 2014

The current exponential growth being witnessed across African economies has got investors worldwide seeking to take part in the continent’s emergence. As a result, the African economic landscape is dotted with more and more wealth funds and investment companies, one of which is Temasek Holdings, the Singaporean sovereign wealth fund.

Temasek diversifies China bets

Posted on 18 August 2014

Temasek Holdings has bought into two United States-listed Chinese technology firms, signalling its intent to continue its diversification away from bank holdings. Temasek, directly or through its units, bought 602,139 American Depositary Receipts (ADR) of China’s second-largest e-commerce site JD.com with a market value of US$17.2 million (S$21.4 million), showed a filing with the [...]

Singapore’s GIC ramps up Brazil assets

Posted on 18 August 2014

The Government of Singapore Investment Corporation (GIC) has acquired an 18.5% stake in Brazilian education company Abril Educacao for an undisclosed price, in its latest move to increase exposure to Latin American assets. Based on the closing share price of Abril, a leading player in the Brazilian primary and secondary education market, on August 14, [...]

SOFAZ to invest in China’s market

Posted on 18 August 2014

Azerbaijan’s state oil fund SOFAZ intends to invest in the Chinese market with the government debt securities, SOFAZ said. China as the second largest economy in the world remains an attractive market for the growing number of foreign investors. Prospects of the Chinese Yuan as an additional investment currency attract considerable interest of various categories [...]

Singapore’s GIC takes 18.5% stake in Brazil education firm

Posted on 15 August 2014

Singapore sovereign wealth fund GIC said on Friday it has acquired an 18.5 per cent stake in Brazilian education services company Abril Educacao. GIC did not say how much it paid for the stake in Abril, a leading player in Brazil’s primary and secondary education market.

Temasek acquires US-listed stocks in two Chinese firms

Posted on 15 August 2014

Singapore investment company Temasek Holdings has bought US-listed stocks in Chinese consumer and technology firm JD.com Inc and security software maker Cheetah Mobile in the second quarter, according to a Bloomberg report.

Temasek Adds China Holdings With JD.com, Cheetah Stakes

Posted on 15 August 2014

Temasek Holdings Pte, Singapore’s state-owned investment firm, purchased U.S.-listed stocks in Chinese technology and consumer firms backed by the country’s billionaires as it diversifies away from bank holdings.

Khazanah’s offer a good exit oppoturnity: Analyst

Posted on 15 August 2014

Khazanah Nasional Bhd’s bid to buy up shares in troubled national carrier Malaysian Airline System Bhd (MAS) it does not already own for 27 sen a piece represents a good exit opportunity for minority shareholders, analysts said.

Super Fund building in lockdown as Gaza protest escalates

Posted on 15 August 2014

Police are guarding the New Zealand Superannuation Fund building in downtown Auckland as pro-Palestinian protesters gather outside. ONE News reporter Helen Castles understands six activists are inside and have chained themselves to an office on level 12.

Balance of Timor-Leste Petroleum Fund at US$16.6 billion in June

Posted on 15 August 2014

The Timor-Leste Petroleum Fund had a balance of US$16.6 billion at the end of June, compared to US$15.7 billion at the end of last March, the Central Bank of Timor-Leste announced on Wednesday in Dili. A Central Bank press release concerning the second quarter of the year indicated that gross capital inflows rose to US$1.084 [...]

Tanzania sets up special unit to scrutinise gas revenues and wealth fund

Posted on 15 August 2014

Tanzania’s government is forming a special unit to monitor its natural resource revenues from major gas discoveries that promise to lift the country from poverty and free it from dependency on foreign aid in the coming decades.

Norway defends how its wealth fund is run

Posted on 14 August 2014

Norway Finance Minister Siv Jensen has said that a probe into the world’s biggest sovereign wealth fund’s purchase of Formula One shares shouldn’t be used as an excuse to tighten oversight of the investor. “We do have control mechanisms to oversee that everything is done in a proper manner - the control board is doing [...]

CIC Set to be ‘Picky’ and ‘Stingy’ with Asset Managers, Says Consultant

Posted on 14 August 2014

Asset managers shouldn’t expect ‘easy money’ from China Investment Corp., even though the world’s fourth largest sovereign wealth fund last week reported a rise in net profit and a healthy increase in its top-line assets that grew to $652 billion in 2013 from $575 billion.

CIC Pays ‘Astonishingly Low’ Money Management Fees – Z-Ben

Posted on 14 August 2014

Money managers hoping to win a coveted contract to manage a slice of China’s sovereign wealth have their work cut out for them. China Investment Corp., one of the largest sovereign wealth funds in the world with about $600 billion under management, on Friday reported a 9.3% return on its overseas investments in 2013, compared [...]

IMF Urges SWF for China’s Casino City

Posted on 14 August 2014

Macau has been urged to create a sovereign wealth fund (SWF) and invest the billions in profits made from its engorged gambling industry. The International Monetary Fund (IMF) said the explosion of the betting tourism in the Special Administrative Region (SAR) since 2001 meant its government had received huge revenues over the last decade.

Minorities group backs Khazanah plan for MAS

Posted on 14 August 2014

The Minority Shareholder Watchdog Group (MSWG) has supported Malaysia Airlines’ (MAS) proposed privatisation by Khazanah Nasional Bhd, describing it as a reasonable option for minority shareholders to take their investment out of the ailing national carrier.

‘Khazanah Able To Rescue MAS’

Posted on 14 August 2014

Khazanah Nasional Bhd should be given the benefit of engineering the rescue of Malaysia Airlines (MAS), says MIDF Research head Zulkifli Hamzah. He said the delisting of MAS will accord Khazanah greater manoeuvrability to restructure the company and ensure its long-term viability.

Will Sovereign Wealth Funds Become Activist Shareholders?

Posted on 14 August 2014

There are some concerns as to whether Sovereign Wealth Funds (SWFs) will become activist shareholders because of an equivocation of the term “activist”, notes Harvard Law School Forum. June Rhee, Co-editor of HLS Forum on Corporate Governance and Financial Regulation in the recent post dated August 7, 2014 titled: “Sovereign Shareholder Activism: How SWFs Can [...]

Timor-Leste SWF hits 40% equities allocation

Posted on 13 August 2014

The Central Bank of Timor-Leste has released the Quarterly Report of the Petroleum Fund of Timor-Leste for the second quarter of 2014, during which period the fund hit its new target of investing 40% of its assets-under-management in equities. The portfolio return in the quarter was 2.66% compared with the benchmark return of 2.73% – [...]

CVC in talks with Singapore’s GIC over Holcim-Lafarge assets

Posted on 13 August 2014

Private equity firm CVC is in talks with Singapore’s Government Investment Corporation over possible joint bids for assets of cement firms Holcim and Lafarge, Sky News reported on Tuesday, without naming its sources.

CVC Looks To Cement Deal With Sovereign Funds

Posted on 13 August 2014

The private equity firm CVC Capital Partners is joining forces with some of the world’s biggest sovereign wealth funds to bid for £4bn of cement assets that would make it a major player in the building materials sector.

China’s sovereign wealth giant seeks overseas investments

Posted on 13 August 2014

China Investment Corporation (CIC), a sovereign wealth fund responsible for managing the country’s foreign exchange reserves, has vowed to diversify its portfolio. Interest in overseas investment has been on the rise in China, particularly since it became clear that the renminbi is no longer a one-way bet on appreciation.

Funds Switch View On China: HKMA

Posted on 13 August 2014

The unusually large flows have kept the HKMA busy as it has been forced to inject more than 75 billion Hong Kong dollars (US$9.7 billion) into the foreign exchange market in a bid to cool down the local currency, which has been hitting the strong side of the band that it’s allowed to trade in.

Dr M: Full Khazanah ownership will not revive MAS

Posted on 13 August 2014

Former Malaysian prime minister Mahathir Mohamad yesterday criticised the takeover of Malaysia Airlines by Khazanah Nasional, the country’s sovereign wealth fund, saying full ownership of the beleaguered carrier was not likely to make a difference.

Former PM criticises de-listing of Malaysia Airlines by sovereign wealth fund

Posted on 13 August 2014

Influential former prime minister Mahathir Mohamad on Tuesday criticised the takeover of crisis-hit Malaysia Airlines by the country’s sovereign wealth fund as a recipe for more losses by the carrier. Sovereign fund Khazanah Nasional, which has controlled the airline for years via a 70 percent ownership stake, said last Friday it plans to buy all [...]

NZ Superannuation fund linked to fighting in Gaza

Posted on 13 August 2014

There are calls for the NZ Superannuation Fund to drop its shareholding in an Israeli chemical company that produces a lethal chemical allegedly used in fighting in Gaza. Labour’s foreign affairs and energy spokesman David Shearer and the Peace Foundation are calling for the NZ Superannuation Fund to immediately drop its shareholding in Israel Chemicals [...]

SOFAZ invests over $2 bln in Southern Gas Corridor CJSC

Posted on 13 August 2014

Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has invested $2.164 billion in Southern Gas Corridor Closed Joint Stock Company in the long term, SOFAZ said.

Norway oil fund boosts active ownership

Posted on 13 August 2014

Norway’s huge sovereign wealth fund that’s fueled by oil revenues has taken another step towards what it calls its “active ownership” in publicly traded companies. Its latest step also addresses critics looking for more openness by fund managers.

Norwegian Sovereign Wealth Fund Keeps Diversifying Portfolio

Posted on 13 August 2014

The Norwegian sovereign wealth fund invested in real estate in London, buying a 343 million-pound asset in the Mayfair district. According to Norges Bank Investment Management, the fund bought a 57.8% share in estate between Regent Street and Bond Street from the Church Commissioners for England.

NP’s Nordic model dream just a fantasy

Posted on 13 August 2014

It is true that Norway is a bit more like the socialist paradise that the Scottish Nationalists imagine. But only a bit. Norway has donned its own version of a golden straitjacket by ensuring that it puts its oil wealth in a gigantic sovereign wealth fund (valued at about £508 billion) rather than spending it [...]

Nigeria’s Sovereign Wealth Releases Fund For $726m Niger Bridge

Posted on 13 August 2014

Nigeria Sovereign Investment Authority (NSIA), managers of the nation’s sovereign fund, told BusinessDay that it will release the fund for the construction of the second River Niger Bridge. This fund serves as part of NSIA equity stake in the construction of the bridge.

China’s sovereign fund CIC in talks to buy aircraft lessor Avolon - sources

Posted on 12 August 2014

China’s $653 billion (£388.94 billion) sovereign wealth fund, China Investment Corp (CIC), is in talks to buy Dublin-based aircraft leasing firm Avolon for $4 billion to $5 billion including debt, according to people familiar with the matter.

With Sovereign Wealth Fund, It’s Necessary to Take Long View

Posted on 12 August 2014

China Investment Corp. (CIC), the country’s sovereign wealth fund, reported a 9.33 percent return on its overseas investments in 2013. The figure, reported on August 8, is slightly lower than the previous year’s 10.6 percent.

Controversial 1MDB’s IPO delay

Posted on 12 August 2014

1MALAYSIA Development Bhd’s (1MDB) plans to float its energy unit, 1MDB Power, in the second half of this year may be postponed to early 2015 as the sovereign wealth fund has to make adjustments to its financial books, analysts said.

Angola SWF joins London-based international forum

Posted on 12 August 2014

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), has become a member of the International Forum of Sovereign Wealth Funds (IFSWF), the international body for sovereign investors, which relocated from Washington, DC, to London last month.

Norway’s Wealth Fund Buys $576 Million of Mayfair Area

Posted on 12 August 2014

Norway’s sovereign wealth fund, the world’s largest, bought a stake in an estate in London’s Mayfair district for 343 million pounds ($576 million), expanding its property holdings in the U.K. capital.

September 2014
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