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VRS - who has written 17989 posts on Opalesque Sovereign Wealth Funds Briefing.


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Oman fund, Iran’s Khodro sign MoU for $200 mln auto venture

Posted on 28 January 2016

An Omani sovereign wealth fund has signed an understanding with Iran’s biggest auto maker, Iran Khodro Industrial Group, to study a proposal for a $200 million auto plant in Oman, a fund official said on Wednesday.

Oxford, Abu Dhabi Investment Authority face off on EB-5

Posted on 28 January 2016

Two of the largest foreign investors in New York City real estate are at odds over the value of EB-5 investment, a funding vehicle popular among developers that provides foreign investors a path to U.S. citizenship. Tom Arnold, head of real estate in the Americas for the Abu Dhabi Investment Authority, warned against falling into [...]

Bad News For Stocks As Sovereign Wealth Funds Feel Pinch Of Cheap Oil

Posted on 28 January 2016

Investors are facing stiff challenges in 2016, as the year opened with an explosion of selling, as if someone flipped a switch at the end of 2015 and released an onslaught of angry bears. While markets are often emotional, the fundamentals have not changed.

Australia’s Future Fund Returns 8.4% in 2015, Expands Cash Level

Posted on 28 January 2016

Australia’s sovereign wealth fund returned 8.4 percent last year to beat global and domestic benchmarks, as it increased cash holdings to pare risk. Future Fund, which manages A$118.4 billion ($83 billion), trimmed its global stock and private-equity investments, it said in an e-mailed statement Wednesday.

Future Fund on defensive with 20pc cash weighting

Posted on 28 January 2016

The managing director of the Future Fund has warned investors are not being adequately compensated for a rising number of risks in global markets, including energy prices, volatility in China, Europe’s refugee crisis and the US Federal Reserve’s actions.

Happy returns for the Future Fund, for now

Posted on 28 January 2016

As Australia’s $118 billion sovereign wealth fund prepares to celebrate its first decade in operation, it can look back with some satisfaction at a track record of beating its benchmark through years of volatile investment markets.

‘Much to worry about’, says Future Fund boss

Posted on 28 January 2016

Addressing media at a portfolio update to 31 December 2015, Future Fund chairman Peter Costello said returns are likely to be harder to come by in the immediate future. The Future Fund, which like all sovereign wealth funds around the world pays no tax, returned a healthy 8.4 per cent throughout 2015.

Are sovereign wealth funds big sellers in Indian stocks?

Posted on 28 January 2016

Are sovereign wealth funds (SWFs) big sellers in Indian stocks? The conventional answer to that question is a yes, but data points to another intriguing trend — the rising share of direct sovereign fund investments in India. Assets under management (AUM) of SWFs in Indian equities climbed 14% to Rs 1.74 lakh crore in December [...]

Norway’s oil wealth, an enviable nest egg in hard times

Posted on 28 January 2016

When times get tough, it never hurts to have 700 billion euros stashed away like Norway does in the world’s biggest sovereign wealth fund to cushion the blow of plunging oil prices. Oslo has prudently tucked away most of its oil money since the 1990s in order to be able to finance its generous welfare [...]

Norway’s oil fund backs Vonovia bid for Deutsche Wohnen

Posted on 28 January 2016

Norway’s $800 billion sovereign wealth fund, the world’s largest, has accepted Vonovia’s hostile takeover bid for rival Deutsche Wohnen , it said on Wednesday.

Boom, Bust, or Broke: What ‘Replumbing’ the Permanent Fund Would Look Like

Posted on 28 January 2016

“Re-plumbing” the Permanent Fund is the most significant piece of Walker’s plan to close the budget deficit, projected to be $3.5 billion in Fiscal Year 2017. Attorney General Craig Richards told State Affairs members Tuesday that SB 128 will transition Alaska from an oil-based budget to one based on financial assets.

Alaska still richest oil economy on earth, even with big budget deficit

Posted on 28 January 2016

Alaska may have a nearly $4 billion budget deficit looming over its head, but a Harvard researcher brought to testify before the Alaska Legislature said we’re still better off than most other places.

Aberdeen Sees Sovereign Assets Shrink $19 Billion in Two Years

Posted on 28 January 2016

Aberdeen Asset Management Plc has seen sovereign wealth-fund assets shrink by about 13 billion pounds ($19 billion) since a peak in 2013 as clients from oil-dependent countries cashed out and markets slumped.

Future Fund shifts to cash as global investment risks rise

Posted on 27 January 2016

Australia’s sovereign wealth fund has warned that the unwinding of economic stimulus and record low interest rates is likely to create more instability on global financial markets. The Future Fund today reported growth of 8.4 per cent for the recently ended calendar year, taking its value to $118.4 billion, but chairman Peter Costello outlined a [...]

Australia’s Future Fund delivers 8.4 pct, lowest return since 2011

Posted on 27 January 2016

Australia’s sovereign wealth manager, the Future Fund, on Wednesday said it returned 8.4 percent in the year ending Dec. 31, its lowest annual return since 2011 as it boosts cash holdings amid greater global markets volatility.

Qube seeks passive CIC role

Posted on 27 January 2016

Chris Corrigan’s Qube Holdings has sought assurances from its partner Global Infrastructure Partners that Chinese sovereign wealth fund China Investment Corporation will play only a passive role in their joint bid for Asciano in the wake of the backlash against a Chinese company’s lease of the Port of Darwin.

Temasek said to discuss potential sale of Keppel stakes in M1, Keppel Reit

Posted on 27 January 2016

Temasek Holdings is discussing options for portfolio companies Keppel Corp and Sembcorp Industries, ranging from divesting their non-core assets to selling shares, as the two Singaporean rig builders grapple with the oil-price slump, people with knowledge of the matter said.

Temasek increases stake in US-based pharma firm

Posted on 27 January 2016

Temasek Holdings lifted its shareholding in Nasdaq-listed Portola Pharmaceuticals last year, according to a United States Securities and Exchange Commission filing. The sovereign wealth fund increased its holdings by 750,000 shares over the course of last year to 6.584 million, as at Dec 31.

Saudi royal family gave Najib $681M ‘personal donation’

Posted on 27 January 2016

Saudi Arabia’s royal family gave Malaysian Prime Minister Najib Razak a $681 million gift, Malaysia’s attorney general has revealed, ending months of speculation about the source of the huge personal donation.

World’s Biggest Wealth Fund Speaks Out on Liquidity Banks Miss

Posted on 27 January 2016

As some of the world’s best-known investment banks blame tougher capital rules for contributing to the lack of liquidity in financial markets, the world’s biggest sovereign wealth fund has a different take. The argument is “an excuse for something else,” Oeyvind Schanke, chief investment officer of asset strategies at Norway’s $790 billion fund, said in [...]

Kazakh sovereign fund prepares for weaker oil, tenge

Posted on 27 January 2016

Kazakh Samruk-Kazyna sovereign wealth fund expects the country’s tenge currency to weaken further this year along with oil prices, its chief financial officer told Reuters on Tuesday.

Azerbaijan’s anti-crisis defences larger than dwindling reserves imply

Posted on 27 January 2016

Azerbaijan’s $34 billion sovereign wealth fund means the energy-rich former Soviet republic has significantly stronger anti-crisis defences than its dwindling central bank reserves imply. But the impregnability of those defences could yet be tested as global oil prices show no sign of staging a lasting recovery from multi-year lows under $30 a barrel.

Lendlease-ADIA to include 429 apartments in Paya Lebar project

Posted on 27 January 2016

The consortium comprising Lendlease and Abu Dhabi Investment Authority (ADIA) that last year bagged a plum site in Paya Lebar Central, has obtained provisional permission from Singapore’s planning authority to build a project that will comprise offices, retail space as well as 429 apartments.

China Investment Corporation a new force in Asciano race

Posted on 26 January 2016

A new name has surfaced in the $9 billion race for Asciano, potentially leading to a formal offer from ASX-listed Qube in coming weeks. State-owned China Investment Corporation (CIC) revealed to the market last night that it had joined the Asciano register, tagging onto the near 20 per cent stake owned by Global Investment Partners [...]

Temasek increases stake in US-based pharma firm

Posted on 26 January 2016

Temasek Holdings lifted its shareholding in Nasdaq-listed Portola Pharmaceuticals last year, according to a United States Securities and Exchange Commission filing. The sovereign wealth fund increased its holdings by 750,000 shares over the course of last year to 6.584 million, as at Dec 31.

Jaitley to launch India’s first sovereign wealth fund on Feb 4

Posted on 26 January 2016

The ‘ 40,000-crore National Investment and Infrastructure Fund (NIIF), India’s own sovereign wealth fund, will be launched on February 4 by finance minister Arun Jaitley, sources said. The launch, expected to be a grand event spread over two days, will showcase the specific infrastructure needs of different states.

South Korea’s new SWF chief sets sights on ‘top ten’

Posted on 26 January 2016

Former World Bank executive director takes office as CEO of the Korea Investment Corporation; sets out desire to grow assets under management beyond $200 billion The new chief executive officer of the Korea Investment Corporation has set his sights on making the sovereign wealth fund (SWF) one of the “top 10″ in the world, since [...]

Energy-rich sovereign wealth funds pull money from firms

Posted on 26 January 2016

Global money managers are losing some of their most reliable client assets as the stubbornly low oil price continues to take a toll on the world’s largest sovereign wealth funds. Sources with knowledge of sovereign wealth funds and their assets said the price of oil — which hovered around $30 a barrel as Pensions & [...]

Europe well placed to weather the turmoil

Posted on 26 January 2016

There are many reasons to be concerned about the economic outlook for Europe. Risks are arising from political instability in Spain and Portugal, a looming standoff between Greece and its creditors, a possible British decision to quit the EU and fallout from the potential unravelling of Europe’s Schengen passport-free travel zone.

Azerbaijan’s Reserves Rapidly Evaporating Amid Fiscal Storm

Posted on 26 January 2016

With oil prices now barely above $31 per barrel, Azerbaijan’s energy-export economy is taking on lots of water. And what is worse, Baku’s lifeboat, the State Oil Fund of Azerbaijan, appears to be in danger of foundering. The State Oil Fund of Azerbaijan (SOFAZ), a critical source of funding for Azerbaijan’s state budget, needs help, [...]

Kuwait Plans $100 Billion Sovereign Fund

Posted on 25 January 2016

Kuwait plans a new state-owned fund to manage as much as $100 billion in local assets with the goal of selling them to private investors in five to seven years, Al-Anba newspaper reported.

Sovereign wealth funds rise in private equity ranks

Posted on 25 January 2016

Sovereign wealth funds have overtaken private pension funds to become the second-largest group of investors in private equity after a sustained increase in allocation to the asset class in the past two years.

CIC joins Gooman in $500m UK deal

Posted on 25 January 2016

Australian industrial property powerhouse Goodman Group has struck a fresh tie-up with one its major shareholders, sovereign wealth fund China Investment Corporation, agreeing a £250 million ($509.32m) deal in Britain.

Temasek increases stake in Portola Pharmaceuticals

Posted on 25 January 2016

Temasek Holdings Ltd filed increased its stake in Portola Pharmaceuticals, with an SEC filing indicated that they now own 11.8 per cent (96,583,568 shares) of Portola Pharmaceuticals Inc, which is listed on the NASDAQ. Prior to this transaction, Temasek Holdingshel held 5833568 shares as of Q3 2015, for 2.36 per cent of its US stock [...]

The sovereign wealth ruling class

Posted on 25 January 2016

It’s always good to have deep pockets, but few institutional investors carry checkbooks backed by entire nations. Yet point to one of New York City’s recent big-ticket real estate deals and there’s a good chance a sovereign wealth fund was one of the buyers.

How Nigeria can survive economic downturn, by NLC, NES, others

Posted on 25 January 2016

The establishment of a Stabilisation Fund can help the country get out of its economic downturn, a report has said. The report, which was put together by a group, which includes the Nigeria Labour Congress (NLC) and the Nigeria Economic Society (NES), added that Nigeria is occupying the 55th position of 69 nations [...]

FSI Investmenti at cutting edge of Arab-Italian ventures

Posted on 25 January 2016

The Fondo Strategico Italiano (FSI) achieves its aims via direct investments and systemic joint ventures that together forge the fundamental strategy of the semi-official sovereign wealth fund. The FSI is creating close relationships with the Arab world, in particular with Kuwait and other emirates in the Gulf Cooperation Council.

Russian Fund Under Scrutiny for Loan to Company Linked to Kremlin

Posted on 25 January 2016

The Russian Direct Investment Fund defends the Sibur deal, saying it follows the fund’s investment guidelines. The chief executive, Kirill Dmitriev, in a written statement, characterized the loan as commercially motivated and issued “in line with our established practices.”

SOFAZ discloses revenues from largest gas project

Posted on 25 January 2016

The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for developing the Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea totaled $2.44 billion from 2007 to Jan.1, 2016, SOFAZ told Trend Jan.19.

HSBC hires former BoE FX chief for central bank, sovereign wealth fund push

Posted on 25 January 2016

Michael Cross, who resigned as the Bank of England’s former head of foreign exchange and reserves management in 2015, has joined HSBC Global Asset Management in a new role that aims to win business from central banks and sovereign wealth funds.

Norway wealth fund to sit out selloff

Posted on 22 January 2016

The world’s biggest wealth fund won’t be joining its counterparts in a selloff that’s hurting already depressed markets. In fact, officials who supervise the $780 billion fund haven’t even discussed the possibility of shifting strategy, according to Egil Matsen, who this week started as the new deputy central bank governor in charge of oversight of [...]

What will sovereign wealth funds do with stocks?

Posted on 22 January 2016

Norway owns the world’s largest sovereign wealth fund with $780 billion of the country’s oil wealth invested in global markets. In fact, officials who supervise the $780 billion fund haven’t even discussed the possibility of shifting strategy, according to Egil Matsen, who this week started as the new deputy central bank governor in charge of [...]

‘Dubai will weather the storm,’ says CEO of $183bn sovereign wealth fund

Posted on 22 January 2016

Global economic uncertainty and low oil prices will have little lasting impact on Dubai, according to the CEO of the emirate’s $183 billion sovereign wealth fund. Mohammed Al Shaibani, executive director and CEO of the Investment Corporation of Dubai (ICD), sought to reassure the public that “Dubai will weather the storm”.

DP World to Invest as Much as $2 Billion in Russian Ports

Posted on 22 January 2016

Dubai-based ports operator DP World agreed to invest as much as $2 billion in Russia after forming a joint venture with the state-owned Russian Direct Investment Fund.

Sovereign Fund of Angola supports social projects in seven provinces

Posted on 22 January 2016

The Angola Sovereign Fund for Development (FSDEA) is financing 10 projects in health, education, water supply and entrepreneurship in the provinces of Cabinda, Bengo, Huambo, Bié, Cunene, Benguela and Kwanza Norte valued at US$12 million.

Permanent Fund value takes a $2.5 billion hit as stock markets dive

Posted on 22 January 2016

The value of the Alaska Permanent Fund portfolio decreased by billions of dollars in the first two weeks of this year, as U.S. and global stock markets plummeted. While the fund was worth an estimated $51.8 billion on New Year’s Day, according to the fund spokeswoman Laura Achee, that value dropped by $2.5 billion drop [...]

Hong Kong Monetary Authority takes Barangaroo slice

Posted on 22 January 2016

Hong Kong’s central banking institution, the Hong Kong Monetary Authority, has emerged as the mystery investor in the $2 billion landmark Barangaroo skyscraper being developed by Lend Lease. The developer sold down a quarter of its biggest Barangaroo office tower at Christmas to an unnamed Asian institutional investor for $350 million.

GIC invests undisclosed sum in deal discovery application Little

Posted on 22 January 2016

Singapore’s sovereign wealth fund GIC has invested an undisclosed amount in deals discovery application Little, which had raised a $50-million round in July 2015 from Paytm along with investment firms Tiger Global Management and SAIF Partners.

Malaysian SWF’s new London ventures

Posted on 22 January 2016

Khazanah’s investments to focus on technology-enabled sector in Europe. Khazanah Nasional, Malaysia’s sovereign wealth fund (SWF), has created a European entity and opened an office in London as it plans to increase its exposure to developed markets.

Oil price collapse heightens concern over sovereign wealth funds

Posted on 21 January 2016

One reason tumbling oil prices have hit global market sentiment so badly is because investors are worried about the fiscal damage being wrought upon energy-producing nations. They need to raise money, the reasoning goes. And so, as Capital Economics notes: “The collapse in oil prices has prompted concerns that many sovereign wealth funds will be [...]

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