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VRS - who has written 15806 posts on Opalesque Sovereign Wealth Funds Briefing.


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A citizen’s income and wealth fund for the UK: Lessons from Alaska

Posted on 11 February 2015

If the UK wants to establish a citizen’s, as opposed to a sovereign wealth fund, then the lesson is that citizens are more likely to monitor and care about the performance of that fund if they are individual, direct beneficiaries of its performance.

East Timor’s Gusmao makes way for younger generation

Posted on 11 February 2015

Oil and gas currently fund around 90 percent of the annual government revenue and also account for around 80 percent of GDP and 93 percent of exports. With the proceeds from gas extraction the government has established a sovereign wealth fund, hoping to ensure a more diversified economy and more widely distributed economic growth.

UAE aims for energy diversification, bets SWF

Posted on 11 February 2015

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces,said: “With the leadership of Khalifa, we established the Abu Dhabi Investment Authority (ADIA) in the ’70s, which today is considered the second-biggest sovereign investment fund in the world.

Temasek unit invests in local construction firm

Posted on 11 February 2015

A unit of Temasek Holdings has invested an undisclosed amount in local construction firm Deluge Fire Protection to allow it to expand further overseas, said the Straits Times, citing an executive of the firm.

LaSalle, CIC Buy Meguro Gajoen Complex in Tokyo for ¥140 Billion

Posted on 10 February 2015

U.S.-based LaSalle Investment Management Inc. and sovereign-wealth fund China Investment Corp. have teamed up to buy the Meguro Gajoen commercial property complex in Tokyo for around ¥140 billion ($1.2 billion), according to a person familiar with the transaction, the latest sign of renewed strength in the city’s property market.

Enough with the lies – how involved is Jho Low with 1MDB?

Posted on 10 February 2015

DAP National Publicity Secretary Tony Pua has accused 1Malaysia Development Berhad (1MDB) and Jho Low of hiding the truth from Malaysians regarding the latter’s apparent non-involvement in the government’s sovereign wealth fund. Quoting an expose by the New York Times and more shocking revelations by the Sarawak Report that showed otherwise, the MP for Petaling [...]

Temasek eyes Crompton Greaves’ fan biz

Posted on 10 February 2015

Singapore state fund Temasek Holdings is a frontrunner to buy a $200-million stake in the about to be demerged consumer products business of India-based Crompton Greaves, which is controlled by billionaire Gautam Thapar, a media report said, quoting ‘multiple sources directly familiar with the matter’.

Oil To Account For Only 5% Of UAE’s GDP By 2021- Deputy PM

Posted on 10 February 2015

The contribution of oil revenues to the UAE’s GDP is set to drop from around 30 per cent at present to only five per cent by 2021, the country’s deputy PM said on Monday. Speaking at the Government Summit in Dubai, Sheikh Saif bin Zayed, who is also the UAE’s Interior minister, said that the [...]

Qatar’s Hassad Food buys stake in Oman poultry project

Posted on 10 February 2015

Hassad Food Co, the agricultural investment arm of Qatar’s sovereign wealth fund, on Monday announced it has acquired a significant minority equity interest in Oman-based A’Saffa.

The State Oil Fund of Azerbaijan announced growth of its assets by 3.42% in 2014 in spite of AZN 1.612 bn loss

Posted on 10 February 2015

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) announced growth of its assets by 3.42% in 2014. According to the Fund, last year SOFAZ assets grew from $35.877 bn up to $37.104 bn. Budget revenues of SOFAZ for 2014 reached AZN 12.731 bn, while budget expenditures constituted AZN 10.117 bn. In other words, [...]

SOFAZ assets jump

Posted on 10 February 2015

Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country’s oil and gas revenues, announced about the increase in its assets. The fund reported that its assets increased by 3.42 percent as of January 1, 2015, compared to $35.877 billion in early 2014 and exceeded $37.104.

Norway’s Pension Fund Discloses Divestment Practices

Posted on 10 February 2015

Norway’s Government Pension Fund Global revealed those companies it divested from in 2014, judging “there to be high levels of uncertainty about the sustainability” of these companies’ business models. Yngve Slyngstad, CEO of Norges Bank Investment Management, the Norwegian bank which manages the country’s Government Pension Fund Global, commented on its decisions in a press [...]

Gulf institutional funds favor Japan, Asia, shun Europe

Posted on 09 February 2015

Gulf institutional investors are putting their money into Asian equities, in particular Japanese stocks, but are shunning European shares after years of underperformance, the Middle East head of Pictet Asset Management said. Many of these Middle Eastern entities, including some of the world’s largest sovereign wealth funds, have traditionally been regarded as significant investors into [...]

Farvel coal, says Norway SWF

Posted on 09 February 2015

Thirty two coal mining companies were eliminated by the world’s richest sovereign wealth fund from its portfolio in 2014. The Government Pension Fund Global (GPFG) in its first report, revealed that 114 companies were taken off its portfolio. The fund which is worth $850 billion (£556 billion) and founded on the nation’s oil and gas [...]

Norwegian oil fund writes to companies over low-carbon transition

Posted on 09 February 2015

Norway’s sovereign wealth fund has written to energy companies, asking them to outline their plans to deal with the transition to a low-carbon economy. In a letter to the Ministry of Finance accompanying its inaugural responsible investment (RI) report, Norges Bank Investment Management (NBIM) noted a recent decision not to use the Government Pension Fund [...]

Libya fund tries to unmask ‘Person B’ in SocGen bribery case

Posted on 09 February 2015

Five people with links to an alleged bribery plot involving Societe Generale and Libya’s $60bn sovereign wealth fund were allowed to have their names kept secret in a London lawsuit. The Libyan Investment Authority is suing SocGen for at least $1.5bn, saying the French lender paid kickbacks to a family friend of then-Libyan ruler Muammar [...]

Singapore’s GIC buys over $1 billion stake in Nielsen

Posted on 09 February 2015

Singapore sovereign wealth fund GIC has bought a 5 per cent stake in Nielsen NV, a leading provider of TV audience ratings data, for an undisclosed amount, according to a regulatory filing.

Temasek tells S&P: S’pore is not debt-ridden Greece

Posted on 09 February 2015

A plan by ratings agency Standard & Poor’s to overhaul the way it rates investment holding companies has drawn a strongly worded response from Temasek Holdings.The Singapore investment firm noted that the “confusing” proposal lumps Singapore together with countries such as Jamaica and even Greece, which is battling a debt crisis.

GIC buys 5% stake in TV ratings firm Nielsen in S$1.1b deal

Posted on 06 February 2015

GIC has snapped up a 5 per cent stake in Nielsen, a leading provider of TV audience ratings data, the Singapore sovereign wealth fund said in a United States regulatory filing late on Wednesday, in a deal estimated at more than US$800 million (S$1.1 billion).

Singapore State Fund Eyes Misys Software Deal

Posted on 06 February 2015

A powerful Singaporean state fund is plotting a takeover bid for Misys, one of the UK’s biggest software companies. Sky News understands that Temasek Holdings is among a number of potential acquirers examining offers for Misys, which was a member of the FTSE-250 index before it was taken private in 2012.

Temasek says Singapore not Greece in S&P critique

Posted on 06 February 2015

Singapore’s Temasek Holdings has told Standard & Poor’s in 29 pages why it shouldn’t mess with the state-owned investor’s AAA rating. Temasek, which managed S$223 billion (US$165 billion) of assets as of last March, said the rating firm’s proposed new rules for grading investment holding companies lump Singapore with riskier nations such as Greece and [...]

Jain Housing Raises Funds From Singapore’s GIC

Posted on 06 February 2015

Chennai based Jain Housing and Construction has raised R220 Cr from Singapore government’s investment arm, GIC Private Limited. The investment was made by subscribing to NCD’s issued by the company carrying a coupon of 15.25% pa with a tenor of 48 months.

Australia’s Future Fund surges; aims to reduce risk

Posted on 06 February 2015

Australian sovereign wealth fund, the Future Fund, said a dramatic fall in the local currency helped it return 13 percent in calendar 2014, as it moves to de-risk its portfolio to offset volatile commodity and equity markets. The fund set up in 2006 to cover public servant pensions, grew by nearly A$13 billion ($10 billion) [...]

Future Fund assets swell to $109 billion

Posted on 06 February 2015

Australia’s Future Fund assets have swelled to $109 billion after investments in private equity and infrastructure and a shift into US dollars, and away from the Australian dollar, helped it generate a 13.2 per cent return in 2014. But as interest rates fall and central banks hit their limits the fund’s investment team is warning [...]

China operationalises USD 40 billion to Silk Road fund

Posted on 06 February 2015

China has appointed top officials to manage a USD 40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road - to build major infrastructure projects aimed to enhance its strategic influence and blunt the US’ big push into Asia-Pacific.

Norway Oil Fund Divests Risky Assets

Posted on 06 February 2015

Norway’s sovereign-wealth fund on Thursday said it divested itself from 49 risky assets in 2014 due to uncertainty about the sustainability of their business models. The world’s biggest fund, which has been built on the country’s oil and gas revenues, said it divested from companies that could be exposed to new climate and environmental regulations. [...]

Norway’s sovereign wealth fund steps up pressure for ethical behaviour

Posted on 06 February 2015

Norway’s $860 billion sovereign wealth fund, the world’s biggest, will put extra pressure on companies to behave more responsibly on social and environmental matters, its chief executive said on Thursday, targeting coal users in particular.

Norway oil fund reveals divestments and resolution rejections

Posted on 06 February 2015

Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings.

World’s biggest sovereign wealth fund dumps dozens of coal companies

Posted on 06 February 2015

The world’s richest sovereign wealth fund removed 40 coal mining companies from its portfolio in 2014, citing the risk they face from regulatory action on climate change. Norway’s Government Pension Fund Global (GPFG), worth $850bn (£556bn) and founded on the nation’s oil and gas wealth, revealed a total of 114 companies had been dumped on [...]

Russia’s ‘anti-crisis’ fund has little to spare

Posted on 06 February 2015

As Russia grapples with plunging oil prices and Western sanctions, attention is focusing on a $74 billion National Wealth Fund used to help the country weather crises. The NWF was used heavily in 2009 to fund emergency measures for banks and companies during the economic downturn, and it has been tapped in recent months to [...]

Abu Dhabi Considers Investment in Deutsche Bank Site

Posted on 06 February 2015

Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, may invest in a Frankfurt property development set to cost more than 1 billion euros ($1.1 billion).

Offer for Canary Wharf Owner Has Enough Support to Proceed

Posted on 06 February 2015

Qatar’s sovereign wealth fund and Brookfield Property Partners said on Thursday that they had received enough support from investors to move ahead with their $3.9 billion offer for the owner of the Canary Wharf office and retail development.

Australia’s $85 Billion Sovereign Fund Cuts Stocks to Add Cash

Posted on 05 February 2015

Australia’s Future Fund, the country’s sovereign wealth manager, moved more of its A$109.2 billion ($85 billion) into cash and pared equity holdings in anticipation of continued volatility in global markets.

1MDB’s debt burden sparks fears of fallout for Malaysian economy

Posted on 05 February 2015

When Ananda Krishnan, Malaysia’s second-richest man, sold a collection of power plants to a little-known fund called 1MDB in 2009, few outside Southeast Asia’s third-largest economy paid any attention. But reports that the 76-year-old tycoon, whose fortune is estimated by Forbes at $9.8bn, is close to getting his hands back on some of those assets [...]

GIC of Singapore invests in Jain Housing

Posted on 05 February 2015

Jain Housing and Constructions has raised Rs240 crore through debt from Singapore’s sovereign wealth fund GIC Pte Ltd. The company has issued 2,200 non-convertible debentures of Rs10 lakh each to GIC. The issue price was Rs9.89 lakh, at a coupon rate of 15.25 per cent a year. These debentures, redeemable within the next 48 months [...]

Temasek Leads Series D Round In Data Analytics Company Manthan System; IDG Ventures, DFJ Exit

Posted on 05 February 2015

Singapores’s sovereign wealth fund, Teamsek has led an investment round worth R370 Cr in big data analytics firm, Manthan Systems, buying out existing investors IDG Ventures and DFJ eVentures. Other existing investor Norwest Ventures also participated in this fourth round.

Gulf countries to invest in Egypt sovereign fund

Posted on 05 February 2015

Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo. Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in [...]

FG denies operating excess crude account, dare States to provide proof

Posted on 05 February 2015

The Federal Government on Tuesday at the Supreme Court denied operating Excess Crude Account (ECA). It therefore challenged the 36 states challenging the legality of the alleged account to prove otherwise. The case came up on Tuesday after several failed attempts for an out-of-court settlement between the warring parties. Federating states are also challenging the [...]

SWF: State govs accuse FG of frustrating moves to settle out of court

Posted on 05 February 2015

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court [...]

Norway asked to divest from company linked to Malaysian official

Posted on 05 February 2015

Activists have petitioned the world’s largest sovereign wealth fund to drop its investment in a company they say is linked to large-scale corruption in the Malaysian state of Sarawak.

Samruk Kazyna’s Campaign to Celebrate 70th Anniversary of World War II Victory

Posted on 05 February 2015

The national Samruk Kazyna Sovereign Wealth Fund has allocated about 600 million tenge (US$3.3 million) to implement an action plan and campaign to celebrate the 70th anniversary of the victory in World War II. The programme includes creation of a unified information online platform containing the history of the war, contribution of the Kazakh people [...]

Why are SWF’s shy of African investments?

Posted on 04 February 2015

Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?

SWF: State govs accuse FG of frustrating moves to settle out of court

Posted on 04 February 2015

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court [...]

SWF: Supreme Court Fixes March 19 For Hearing Suit

Posted on 04 February 2015

The Supreme Court of Nigeria has fixed March ‎19 for hearing of the Sovereign Wealth Fund suit before it to enable the parties – the Federal Government and the 36 State Governors – file all relevant documents.

Qatar Airways Acquires $1.7bn Stake In British Airways

Posted on 04 February 2015

Owned by the country’s sovereign wealth fund, Qatar Airways has bought a stake worth about £1.15 billion ($1.7 billion) in the owner of British Airways and Iberia, International Consolidated Airlines Group (IAG), aiming to forge closer links to a group with two major European hubs and strong transatlantic networks.

India courts sovereign funds to finance infra

Posted on 04 February 2015

The government on Tuesday made a strong bid before 20-odd sovereign wealth funds and pension funds to finance large infrastructure projects, given that they are looking to deploy large amounts of long-term capital and seek high returns in emerging market economies like India.

Temasek leads investment round of Rs 370 crore in Manthan Systems, buys out IDG stake

Posted on 04 February 2015

Singapore’s Temasek Holdings has led an investment round of Rs 370 crore in data mining company Manthan Systems, buying out the stake of IDG Ventures, one of the early venture funds to back the Bengaluru company. Norwest Venture Partners, an existing investor also participated in this round.

Raub MP: 1MDB has lied to Malaysians

Posted on 04 February 2015

Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it [...]

Resurgent banking market sees Irish SWF shift to junior debt, equity funding

Posted on 04 February 2015

A resurgent banking sector has seen the Ireland Strategic Investment Fund (ISIF) reassess its role as debtor to Irish companies, with rising competition from lenders leading the sovereign wealth fund to consider other roles.

Russia to spend $7.9 bln from wealth fund on infrastructure projects-minister

Posted on 04 February 2015

Russia’s economy minister said on Tuesday the government planned to spend 525 billion roubles ($7.9 billion) from the state’s National Wealth Fund to support infrastructure projects including one to produce liquefied natural gas, Yamal LNG.

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