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VRS - who has written 16582 posts on Opalesque Sovereign Wealth Funds Briefing.


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China securities firm chief dismissed over graft allegations

Posted on 18 June 2015

The chairman of China Investment Securities, a brokerage owned by China’s sovereign wealth fund China Investment Corporation, has been removed from his post following a corruption investigation, the communist party’s graft watchdog said on Wednesday.

Temasek invests $40m in healthcare venture Hello

Posted on 18 June 2015

Singapore state-fund Temasek Holdings has invested $40 million into healthcare startup Hello in a venture round, less than a year after the company, on Kickstarter, had raised $2.4 million for their Sense sleep monitor.

GIC & Temasek invest $590.1m in Citic Securities

Posted on 18 June 2015

Singapore state fund Temasek Holdings and the country’s sovereign wealth fund GIC, alongside other sovereign funds, will be investing an additional S$739 million ($590.1 million) into Citic Securities, a broking firm, which is raising $3.495 billion in capital via a placement of new shares to 10 institutional investors.

Oman Wealth Fund Looks Beyond Oil

Posted on 18 June 2015

Oman, the largest Arab oil producer that’s not an OPEC member, is considering taking equity stakes in logistics, shipping and tourism as its sovereign wealth fund seeks to diversify government income from crude. Oman Investment Fund, which has holdings in Italy to Vietnam and is a shareholder of the Dubai Mercantile Exchange, wants to invest [...]

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 18 June 2015

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times.

Abu Dhabi sovereign wealth fund sells ACT hotel

Posted on 18 June 2015

The Abu Dhabi Investment Authority has sold its CBD Canberra hotel for $77 million. The Novotel at 65 Northbourne Avenue was sold by the sovereign wealth fund owned by Emirate of Abu Dhabi.

The ADIA fund has 80 million euros for the building of Spring

Posted on 18 June 2015

The Abu Dhabi Investment Authority (ADIA), the largest sovereign fund in the world in terms of assets under management, seeks to complement its portfolio rue de la République, Lyon. According to the website of the real estate industry Business Immo, Abu Dhabi Investment Authority (ADIA) is seeking to complete its portfolio rue de la République, [...]

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 17 June 2015

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times. Jeremy, who met with the QIA, Qatari Diar, and other investors in Doha, said the meeting revolved around the [...]

Qatar’s sovereign wealth fund to restructure, say sources

Posted on 17 June 2015

Qatar Investment Authority, one of the world’s most aggressive sovereign wealth funds, will set asset allocation targets for the first time and restructure internal decision-making, sources say, in response to a drop in oil prices that has crimped available funds as competition for assets grows.

KEO reveals Kuwait Investment Authority HQ designs

Posted on 17 June 2015

The past prosperity of Kuwait – symbolised by the pearl diving dhows which sailed the Arabian Gulf – and its prospects for a bright future based on finances and investment come together in a design by KEO which is set to become a “beacon for the city”.

Posco sells off a $1.1bn stake to Riyadh public investment fund

Posted on 17 June 2015

South Korean steelmaker, Posco has agreed to sell $1.1bn (£710m) worth of shares in Posco E&C to Saudi Arabia’s Public Investment Fund (PIF). The deal gives Posco a 38 per cent stake, made up of 10.8m shares in Posco E&C, plus the issuance of 5.1m new shares, it said in a statement.

Temasek, GIC invest S$739 million in Citic Securities

Posted on 17 June 2015

Singapore investment company Temasek Holdings and sovereign wealth fund GIC will plough in another HK$4.3 billion (S$739 million) into Citic Securities, as the Chinese broking firm raises as much as HK$27.1 billion via a placement of new shares to ten institutional investors.

CITI: If governments stopped focusing on debt and ‘unlock the value’ of assets, it will solve the global debt problem

Posted on 17 June 2015

What many would refer to as a sovereign wealth fund and the authors call a national wealth fund (NWF). Free of political interference the NWF structure “maximizes economic value consistent with the principles of corporate governance,” Detter and Fölster say.

IMF allows that SOFAZ assets can increase

Posted on 17 June 2015

IMF allows that the assets of the State Oil Fund of Azerbaijan (SOFAZ) can increase.

Russian to Greeks: Look to sovereign wealth funds

Posted on 16 June 2015

As the Greek debt negotiations lurch from one bruising round to the next, perhaps it’s time for Athens to broaden its search for funding. At least that’s the suggestion from Kirill Dmitriev, the head of Russia’s sovereign wealth fund.

Opportunity knocks for all if we can tap into our shared wealth

Posted on 16 June 2015

We need to think big when it comes to the West Midlands’ public and private assets. I hope it isn’t a side issue. It can actually be the real driving force for the whole region. I suspect we need to be much more ambitious than a ’single investment vehicle’. How about we aim for a [...]

Qatar’s sovereign fund to set asset allocation targets

Posted on 16 June 2015

Qatar Investment Authority, one of the world’s most aggressive sovereign wealth funds, will set asset allocation targets for the first time and restructure internal decision-making, sources say, in response to a drop in oil prices that has crimped available funds as competition for assets grows.

Egypt: Sovereign fund ready soon

Posted on 16 June 2015

The legal framework for a proposed 5 billion Egyptian pound (R8bn) sovereign investment fund would be complete within four months, Egypt’s state news agency quoted the planning minister as saying yesterday. The government on Thursday approved a proposal to set up the “Amlak” fund, which will act as the state’s investment arm and is intended [...]

Zim needs effective fiscal policy for SWF

Posted on 16 June 2015

Government needs to formulate sound fiscal policy and ensure effective public finance management when investing proceeds from finite natural resources to achieve sustainable economic, a paper from a local research unit noted. The paper details part of initial efforts to interrogate what the Government needs to do when setting up a Sovereign Wealth Fund (SWF) [...]

POSCO Sells Builder’s Stakes to Saudi Sovereign Fund

Posted on 16 June 2015

South Korea’s largest steelmaker POSCO said on June 16 that chairman Kwon Oh-joon signed a deal with the Gulf state’s Public Investment Fund (PIF) secretary-general Abdulrahman al Mofadhi, selling the 38 percent stake of POSCO Engineering and Construction (E&C) for 1.24 trillion won (US$1.12 billion).

Global Sovereign Wealth Funds Buy Into Chinese Brokers

Posted on 16 June 2015

Are brokers a good way to buy into China’s sizzling hot stock market? Last week, Citic Securities said the National Council for Social Security Fund agreed to buy 640 million shares of the broker’s Hong Kong-listed stocks at 18 Hong Kong dollars each, in a deal that totals HK$11.5 billion ($1.5 billion). On Monday [...]

China’s CIC Outbids Europeans for $1.2 Bil French Mall

Posted on 16 June 2015

China Investment Corporation (CIC) is close to making the first major Chinese investment in French real estate, after submitting a $1.2 billion bid for a portfolio of shopping malls belonging to CBRE Global Investors.

HDFC makes affordable housing play; launches $1-billion global fund

Posted on 16 June 2015

Some of the bulge-bracket global investors are betting on India’s affordable housing story with the country’s leading mortgage lender HDFC rolling out its $1-billion offshore fund to finance such projects.

Nations fail to extract value from public assets worth more than GDP

Posted on 16 June 2015

Citi chief economist Willem Buiter argues that one of the best ways to extract this value is through national wealth funds (NWF), ” a single institution, removed from direct government influence”. “This requires setting up an independent, ring-fenced body at arm’s length from daily political influence and enabling transparent, commercial governance,” he says.

Top sovereign wealth fund puts €1.2bn bet on corporate Ireland

Posted on 15 June 2015

The Government Pension Fund of Norway, the world’s biggest sovereign wealth fund, has built up a $1.34bn (€1.19bn) stake in Irish companies. The $916bn fund, which is financed by the sale of the country’s vast oil and gas reserves, has invested in 24 different Irish companies.

Duke Energy, Norwegian fund in talks that could salvage $420M investment

Posted on 15 June 2015

Duke Energy and some other U.S. power companies may qualify for some caveats allowed in Norway’s plan to divest its pension funds from companies that get at least 30 percent of their revenue from coal operations. Duke spokesman Dave Scanzoni says the Charlotte-based power giant has been in contact with representatives of Norges Bank, which [...]

GBP16bln to spend - how hard can it be?

Posted on 15 June 2015

Meet the man who has billions of Norway’s oil cash to invest in central London property. January 13, 2011, started inauspiciously for Karsten Kallevig. The head of property at Norway’s sovereign wealth fund woke up at a hotel in London’s West End ready to sign a £450m deal to buy 25% of Regent Street from [...]

The end is in sight for the coal industry

Posted on 15 June 2015

A move by Norway to rid itself of coal investments in its sovereign wealth fund has big implications. Last week the Norwegian Parliament formally endorsed moves to divest the country’s $900 billion dollar sovereign wealth fund from coal interests. The policy will result in the fund removing $8 billion from the coal industry.

How Tony Blair built a business empire in China

Posted on 15 June 2015

Tony Blair has been courting influential Chinese leaders - and then introducing them to the Abu Dhabi sovereign wealth fund he works for. Tony Blair has privately begun acting as broker between Abu Dhabi and China, a Telegraph investigation reveals.

Gaddafi’s missing billions shows risk of sovereign wealth funds

Posted on 15 June 2015

Fight for control of Libyan Investment Authority highlights need for greater governance over giant sovereign wealth funds.Back in 1974, Fortune magazine described the oil boom in the Middle East as the biggest re-distribution of wealth in history. Across the Arab world, people who had spent centuries living in abject poverty were suddenly blessed with oil [...]

Risks of Sovereign Wealth Funds

Posted on 15 June 2015

Foreign currency earnings began to flow into the region and - to mop up this flood of capital - governments set up sovereign wealth funds, or SWFs. These funds were, in principle, intended to act as banks of last resort for oil producers in the region by investing petrodollars overseas during periods of high prices. [...]

Opposing Libya wealth fund factions seek common ground in bank lawsuits

Posted on 15 June 2015

Two opposing factions of the Libyan Investment Authority are to apply to the UK High Court for a receiver and a manager to handle two separate lawsuits- against Goldman Sachs and Société Générale.

Legal framework for Egypt investment fund to be ready soon -state news

Posted on 15 June 2015

The legal framework for a proposed 5 billion Egyptian pound ($655 million) sovereign investment fund for Egypt will be complete within four months, the state news agency cited the planning minister as saying on Sunday.

Egypt: Cabinet Approves SWF to Promote Egypt’s Wealth

Posted on 15 June 2015

The cabinet has approved a proposal to establish a Sovereign Wealth Fund (SWF) to develop Egypt’s wealth. The SWF, to be named as “Amlak” will be owned by the state through the National Investment Bank. The fund will cooperate with Arab and international investment funds in big national projects in Egypt.

UAE SWFs major players globally

Posted on 15 June 2015

According to the Sovereign Wealth Fund (SWF) Institute, GCC-based SWFs have a total of $2.6 trillion (Dh9.54 trillion) in assets — about 37 per cent of total SWF assets worldwide. Close to 80 per cent of SWF assets in GCC states are accounted for by three major players — the Abu Dhabi Investment Authority (Adia) [...]

Malaysia’s troubled state fund gets Middle East help

Posted on 15 June 2015

Heavily indebted 1Malaysia Development Bhd (1MDB), a strategic development company wholly-owned by the government of Malaysia and cooperating, among others, with Middle East investors such as Aabar Investments and Qatar Investment Authority (QIA), said on June 8 that it has repaid a $975mn loan to an international consortium of banks, a move that “proves its [...]

1MDB seeks investors for Bandar Malaysia project

Posted on 15 June 2015

1Malaysia Development Bhd (1MDB) is seeking equity investors for its 495-acre Bandar Malaysia project and will launch a request for proposal (RFP) in the next two weeks. 1MDB president and group executive director Arul Kanda Kandasamy said launch of the RFP for its subsidiary Bandar Malaysia Sdn Bhd comes on the heels of the rationalisation [...]

PM will solve 1MDB woes by year-end

Posted on 15 June 2015

Prime Minister Najib Abdul Razak promises Umno divisions today that he will resolved 1MDB’s problems before the year ends. This promise was made to about 1,500 Umno division information chiefs and NGO representatives, during a closed-door briefing at PWTC this afternoon.

GIC Singapore scouts for more opportunities in West Bengal

Posted on 15 June 2015

GIC Singapore, the sovereign wealth fund of the island nation, is trying to scout for more opportunities in West Bengal. “After investing USD 32.5 million in Kolkata Riverside, a 262-acre township, the fund is looking for more opportunities here,” Bengal Finance Minister Amit Mitra told PTI.

Alaska Permanent Fund can fill the budget gap if only we’d recognize it’s time

Posted on 15 June 2015

On the heels of Gov. Bill Walker’s three-day “Building a Sustainable Future” shindig in Fairbanks to hash out details of Alaska’s fiscal problems and possible solutions, many of us are wondering when Alaskans will get around to connecting the dots.

State-owned assets: The neglected wealth of nations

Posted on 12 June 2015

Governments have trillions of dollars in assets, from companies to forests. These are typically poorly managed, and often not even recorded at all (Greece, for instance, still has no proper land registry). Dozens of countries have asset-management agencies, but these tend to be run by government departments, not external experts. Only 1.5% of public assets [...]

1MDB probe in A-G’s hands, police finished their part, says home minister

Posted on 12 June 2015

Police have completed their probe into debt-laden 1Malaysia Development Bhd (1MDB) last month and is now waiting for further instructions from Attorney-General (A-G), Home Minister Datuk Seri Ahmad Zahid Hamidi said.

Singapore’s GIC Investment Firm Moves to 280 Park Avenue

Posted on 12 June 2015

A Singapore-owned investment firm has inked a deal for 49,724 square feet at 280 Park Avenue, The New York Post reported. GIC, the financial firm owned by the Singapore government, will go on the ninth floor of the 28-story building between East 39th and East 40th Streets at the start of next year, according to [...]

GLP in talks to buy S$6b of US industrial property

Posted on 12 June 2015

Global Logistic Properties (GLP), partly owned by Singapore sovereign wealth fund GIC, is in talks to acquire more than 200 warehouses in the United States valued at about US$4.5 billion (S$6.06 billion) as part of its push to expand in the world’s largest economy, a person with knowledge of the discussions said.

Egypt sovereign investment fund plan approved

Posted on 12 June 2015

The Egyptian government said it had approved a proposal to set up a sovereign investment fund to support economic development through returns on the state’s assets and resources. The fund, called Amlak, will be state-owned through the National Investment Bank.

Qatar takes stake in Hong Kong energy trust

Posted on 12 June 2015

Qatar Investment Authority (QIA) has ramped up exposure to Hong Kong stocks through its wholly-owned investment subsidiary with the acquisition of a stake in HK Electric Investments and HK Electric Investments Limited (collectively known as HKEI), an investment trust listed in the territory.

Libyan factions reach pact to protect Goldman Sachs lawsuit

Posted on 12 June 2015

Two sides in power struggle for control of Libyan Investment Authority agree to appoint lawyers to take cases against Goldman and Societe Generale foward. Libya’s rival factions have put aside their differences to protect the country’s billion-dollar lawsuits against Goldman Sachs (NYSE: GS-PB - news) and Societe Generale.

Revealed: The true scale of Tony Blair’s global business empire

Posted on 12 June 2015

Abu Dhabi’s funding for the Palestinian Authority came from a “separate organisation” to Mubadala, the sovereign wealth fund that Tony Blair advises. Firerush Ventures Limited administers the funding for Mr Blair and his team’s work advising companies and sovereign wealth funds.

Winter Olympic Bid Cities Enter Home Stretch

Posted on 12 June 2015

Delegations from Almaty and Beijing are delivering key presentations to the IOC this week. Tuesday marked the second day of the so-called technical briefing for IOC members on the 2022 candidate cities. Around the Rings editor Ed Hula says that Almaty 2022 is facing obstacles where accommodations and finances are concerned.

Norway’s wealth fund brings climate issues to fore

Posted on 12 June 2015

Climate change concerns have been brought to the fore with increased funds allocated from Norway’s $900 billion sovereign wealth fund, said Steinar Holden, professor from the department of economics of Oslo University. Norway agreed last Friday to sell stocks in all companies which have more than 30 percent revenues from coal or coal-based power. With [...]

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