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VRS - who has written 14845 posts on Opalesque Sovereign Wealth Funds Briefing.


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1MDB’s IPO delayed due to LONGER-THAN-EXPECTED due diligence

Posted on 16 September 2014

Malaysian state investor 1Malaysia Development Bhd (1MDB) has delayed a more than US$3 billion IPO due to a longer-than-expected due-diligence process and negotiations around the restructuring of a RM5.5 billion (US$1.7 billion) loan, people familiar with the matter said.

Ahmad Jauhari to remain as Malaysia Airlines CEO for another year

Posted on 16 September 2014

The contract of Ahmad Jauhari Yahya as managing director/group chief executive officer (CEO) of Malaysia Airlines (MAS) has been extended for a year from Sep 20, 2014 to Sep 19, 2015. MAS announced this in a statement to Bursa Malaysia on Monday (Sep 15).

China’s global mining play is failing to pan out

Posted on 16 September 2014

China’s National Audit Office in June blamed mismanagement for losses on at least 10 foreign investments by China Investment Corp., the US$600 billion sovereign-wealth fund that bought tens of billions of dollars in resource-related holdings between 2009 and 2012. The office didn’t specify which deals.

Angola’s Sovereign Wealth Fund Is Underway

Posted on 16 September 2014

Announced in 2008, established in 2012, and receiving the final installment of its initial endowment in June of this year, Fundo Soberano de Angola (Angola’s sovereign wealth fund) finally has progressed to investing its $5 billion in assets. In a series of recent interviews, fund Chairman José Filomeno Dos Santos has been detailing how [...]

Brian Tipple joins ADIA

Posted on 16 September 2014

The Abu Dhabi Investment Authority (ADIA) has appointed Brian Tipple as its first global head of external equities. Tipple will manage the department’s team of investment professionals and will report to Obaid Al Suwaidi, executive director of external equities at ADIA.

Dubai To Build $1.4B Royal Atlantis Resort By 2018

Posted on 16 September 2014

Sovereign wealth fund Investment Corporation of Dubai announced on Monday plans for the $1.4 billion Royal Atlantis Resort and Residences on Palm Jumeirah island in Dubai, one of several new projects to be completed over the next three years.

Dubai’s ICD buys $300 million stake in Dangote Cement

Posted on 16 September 2014

Sovereign fund Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a Dangote spokesman said on September 08. Dangote Cement spokesman Carl Franklin confirmed the sale, but provided no further details.

Investment Corporation of Dubai and Kerzner International to Redefine Luxury in Dubai with The Royal Atlantis Resort and Residences on The Palm

Posted on 16 September 2014

Investment Corporation of Dubai (ICD) and Kerzner International Holdings Limited (Kerzner), a leading international developer and operator of destination resorts and luxury hotels, today unveiled plans to forever enhance the landscape of Dubai with The Royal Atlantis Resort and Residences. Located on the crescent of The Palm and next to the iconic Atlantis resort, this [...]

Bulgarian central bank says wants early talks on Corpbank rescue

Posted on 16 September 2014

Vienna-based advisory firm EPIC, acting for Corpbank’s main shareholders and potential investors, is seeking to start work with the central bank this week on a rescue plan for Bulgaria’s fourth largest lender, shut since June 20 after a run on deposits.

Calpers to Exit Hedge Funds

Posted on 16 September 2014

The largest U.S. public pension plan is getting out of hedge funds as part of an effort to simplify its assets and reduce costs, a retreat that could prompt other cities and states to consider similar moves. The California Public Employees’ Retirement System said Monday it would shed its entire $4 billion investment in hedge [...]

3 Trends Forcing Sovereign Funds to Rethink Tactical Asset Allocation

Posted on 16 September 2014

Paris-based Organization for Economic Cooperation and Development (OECD) chopped its economic growth forecast for the United States and other large developed countries. The OECD painted a picture of the Eurozone facing very low inflation rates, pushing back demand and heightening unemployment.

NZ: Cunliffe unveils sovereign wealth fund policy

Posted on 15 September 2014

A Labour Government would establish a sovereign wealth fund to invest in new businesses, including clean energy projects using dividend cash from the remaining stakes in mixed ownership model companies and higher oil and gas royalties, leader David Cunliffe says.

Labour’s late call for a sovereign wealth fund

Posted on 15 September 2014

Its announcement of the NZ Inc fund, a sovereign wealth-type fund, would be seeded in the first instance by $100 million a year in dividend income from the government’s ongoing ownership of partially privatised electricity and airline assets, and from any other state-owned companies that happen to turn a profit.

1MDB pioneering a new sovereign investment model

Posted on 15 September 2014

Recent reports of state investment body 1Malaysia Development Bhd (1MDB) suggest the business model being pioneered by this outfit could mark a new direction that may be adopted by similar sovereign bodies worldwide.

GIC, others invest S$885m in XPO Logistics

Posted on 15 September 2014

Singapore’s sovereign wealth fund GIC and two other investors will invest US$700 million (S$885.57 million) in US-listed XPO Logistics to help the transport company grow at a faster pace. XPO Logistics facilitates more than 31,000 deliveries a day as one of the fastest growing providers of transportation logistics services in North America, according to the [...]

State funds give mixed views on managers

Posted on 15 September 2014

Appetite for alternative investments is only set to increase among institutional investors globally, with long-term contrarian external managers very hard to find. But while the evolution of institutional investment models falls into a similar pattern, starting with traditional public market exposures before expansion by geography and asset class, state funds’ views on the use of [...]

Kenya to establish sovereign wealth fund

Posted on 15 September 2014

Kenya is fast tracking the establishment of the National Sovereign Wealth Fund (NSWF) that will invest with revenues from the country’s natural resources, the presidency said in a statement on Friday.

Portfolios, investment funds performance still limited at KSE

Posted on 15 September 2014

Financial analysts said the performance of the financial portfolios and the investment funds at the Kuwait Stock Exchange (KSE) is still limited, though they lead trading, either up or down. A host of control rules have to a great extent restricted the performance of investment funds, and that of portfolios is limited regarding the opportunities [...]

Africa sovereign funds tread tricky path on investments

Posted on 12 September 2014

As the oil producers of sub-Saharan Africa rush to create sovereign wealth funds, competing pressures to boost living standards now while saving for the future can throw up as many problems as they solve.

‘Blurred lines’ on Angolan wealth fund

Posted on 12 September 2014

The launch of Angola’s $5-billion sovereign wealth fund was hailed as a major step in the country’s post-war economic development and asset managers from around the world licked their lips in anticipation of an opportunity to work with Africa’s second-biggest oil producer.

Singapore’s GIC invests US$700 million in XPO Logistics

Posted on 12 September 2014

Singapore’s sovereign fund GIC is joining PSP Investments and Ontario Teachers’ Pension Plan in together investing US$700 million (RM2.2 billion) in XPO Logistics Inc, the US company said, adding it plans to use proceeds for unspecified acquisitions.

No energy $$ deposited in Heritage Fund for 2014

Posted on 12 September 2014

No money from the energy sector was deposited in the Heritage and Stabilisation Fund during fiscal 2014 because oil revenues fell, Finance Minister Larry Howai has said. In 2013, $271 million was transferred to the Fund which was established as a “rainy day” financial relief mechanism if the country becomes economically constrained.

Kazakh fund Samruk-Kazyna puts 14 companies on sale

Posted on 12 September 2014

Samruk-Kazyna group of companies concludes assets presale preparation scheduled to be transferred in the private sector in September 2014, the deputy chairman of the Samruk-Kazyna National Welfare Fund Elena Bakhmutova told Trend Sept. 10. “The fund plans to auction 14 companies in September 2014. Assessment procedure on the current assets is being finalized,” Bakhmutova said, [...]

RKIF to invest in Children’s World

Posted on 12 September 2014

Russia-China Investment Fund (RKIF) has reached an agreement in principle to invest in the company, “Children’s World”, is a major player in the sector of specialized network of trade in goods for children in Russia. To date, 100% of the share capital of the company is controlled by AFK “System”. Created by the Russian Direct [...]

Oman SWF Working With Bulgaria To Solve Corpbank Problem

Posted on 12 September 2014

Corpbank, in which Oman’s SGRF is the second-biggest shareholder with a stake of about 30 per cent, was hit by a run on deposits in June. Oman’s biggest sovereign wealth fund, the State General Reserve Fund (SGRF), is working with the Bulgarian government to try to resolve problems at Corporate Commercial Bank (Corpbank), the SGRF’s [...]

Jose Dos Santos: Angolan wealth fund chief and president’s son (Video)

Posted on 11 September 2014

Angola has announced that it has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of its $5bn (£3.1bn) sovereign wealth fund to start developing them. The fund was set up in 2012 to invest Angola’s oil wealth and ensure a steady income for future generations.

Oman fund says working with Bulgaria to solve Corpbank problems

Posted on 11 September 2014

Oman’s biggest sovereign wealth fund, the State General Reserve Fund (SGRF), is working with the Bulgarian government to try to resolve problems at Corporate Commercial Bank (Corpbank), the SGRF’s chairman said on Wednesday.

Ghana’s Sovereign Wealth Fund management hailed internationally

Posted on 11 September 2014

Alongside giants like Norway, arrangements put in place by the Government and People of Ghana, for the management of Oil and Gas Revenues has received international commendation at a public discussion event on Sovereign Wealth Funds organised by Chatham house (The Royal Institute of International Affairs) in London.

Nigeria SWF to buy stake in gas processing plant

Posted on 11 September 2014

The Nigeria Sovereign Investment Authority (NSIA) will in a couple of weeks announce a major investment in gas processing plants with the aim of solving the problem of gas in the power sector of the economy, says Uche Orji, chief executive, NSIA, managers of the nation’s sovereign wealth fund.

1MDB is national debt, not surplus, says Dr M

Posted on 11 September 2014

Former prime minister Mahathir Mohamad has disputed Salleh Said Keruak’s recent statement describing 1MDB as an education fund. In true Mahathir fashion, he quipped he wasn’t at all aware of any use of the funds from 1MDB for education.

Dr M raises eyebrow at 1MDB’s debt buildup

Posted on 11 September 2014

Tun Dr Mahathir Mohamad has expressed concern over the debt being amassed by sovereign wealth fund 1MDB, warning that this could overwhelm Putrajaya’s already strained finances. The former prime minister also questioned why Malaysia needed a state investment fund such as the 1MDB, pointing out that these were usually formed by countries with a surfeit [...]

MAS needs harder reset to get out of tailspin

Posted on 11 September 2014

The figures from what Khazanah Nasional called a “hard reset” of beleaguered flag carrier Malaysia Airlines (MAS) certainly sounded impressive - it would slash 6,000 jobs and pump in RM6 billion (S$2.4 billion). But the sovereign wealth fund’s rescue plan for an airline that has lost RM5 billion since 2011 is not quite as bold [...]

Temasek exchanges on GBP175mln City buy

Posted on 11 September 2014

Temasek Holdings, a sovereign wealth fund owned by the Government of Singapore, has exchanged contracts on its purchase of a 50% stake in MidCity Place, heralding its debut purchase outside of Asia. Temasek has paid Beacon Capital Partners, advised by Eastdil Secured, just over £175m for the half share in the 336,901 sq ft EC1 [...]

Kazakh fund Samruk-Kazyna puts 14 companies on sale

Posted on 11 September 2014

This month, the state holding “Samruk-Kazyna” intends to sell 14 companies, the press office of the Fund informs. “In September 2014 the fund plans to auction 14 companies”, the press-service of the state holding reported citing the deputy chairman of the Board of “Samruk-Kazyna” Elena Bakhmutova.

Sovereign wealth’s new investment tactics

Posted on 11 September 2014

Since mid-year statistics revealed that sovereign wealth funds (SWFs) are making direct investments at a rate never seen before , attention has turned to their new profile in the M&A landscape.An increasing number of state-owned funds are shunning their reputation as long-term, passive investors by acquiring private companies direct and even investing in exchange-traded funds.

CIC’s investment in Alibaba quadruples in two years

Posted on 10 September 2014

China Investment Corporation (CIC), which invested in e-commerce giant Alibaba two years ago, has quadrupled the value of its investment, reports our Chinese-language sister paper China Times.

Russia-China investment fund buys stake in retailer Detsky Mir

Posted on 10 September 2014

The Russia-China Investment Fund (RCIF) said on Tuesday it had agreed to buy a minority stake in Russian children’s goods retailer Detsky Mir, controlled by oil-to-telecoms conglomerate Sistema.

IMDB likely to delay power IPO to next year

Posted on 10 September 2014

1Malaysia Development Bhd (1MDB) will likely defer listing its power assets to the first quarter of 2015. According to the report, one of the reasons for the delay was that 1MDB was still negotiating the terms of a loan it is seeking from banks.

MAS gets Khazanah board rep

Posted on 10 September 2014

Malaysian Airline System Bhd (MAS) has received a letter from Khazanah Nasional Bhd, nominating the appointment of Mohd Izani Ashari to the board as a non-independent non-executive director.

Nigeria SWF to buy stake in gas processing plant

Posted on 10 September 2014

The Nigeria Sovereign Investment Authority (NSIA) will in a couple of weeks announce a major investment in gas processing plants with the aim of solving the problem of gas in the power sector of the economy, says Uche Orji, chief executive, NSIA, managers of the nation’s sovereign wealth fund.

Tanzania: Angola’s growth set to rally after dip in oil output - IMF staff report

Posted on 10 September 2014

Lower oil production is set to cut Angola’s economic growth in 2014, before a rebound in the oil industry boosts growth next year, the International Monetary Fund (IMF) said Tuesday in its latest assessment of the southern African nation’s economy.

Dubai Investment Fund Pays $300m For Stake in Dangote Cement

Posted on 10 September 2014

Sovereign fund Investment Corporation of Dubai (ICD) has bought a 1.4 percent stake in Africa’s leading manufacturer Dangote Cement for $300 million, the cement company’s spokesman Carl Franklin disclosed on Monday.

Malpass: Fed Risks Turning Its Balance Sheet Into Sovereign Wealth Fund

Posted on 10 September 2014

David Malpass, president of Encima Global Research firm, isn’t too impressed with the Federal Reserve’s decision to maintain a huge balance sheet for years and to refrain from an interest-rate hike until at least next year.

2014 Permanent Fund Dividend To Be Announced Sept. 17

Posted on 10 September 2014

One of Alaska’s most anticipated announcements of the year, the amount of the 2014 Permanent Fund Dividend, will be revealed next week. Gov. Sean Parnell’s office says he will announce the amount of this year’s dividend at 10:30 a.m. Sept. 17, at the Atwood Building in Downtown Anchorage.

Tsunami of sovereign funds threatens world markets, say investors

Posted on 09 September 2014

With returns on government bonds at rock-bottom prices, sovereign wealth funds are muscling into stock markets and other higher-yielding assets like real estate at a rate that private investors warn could destabilise the world economy.

Dubai’s Wealth Fund Invests $300 Million in Nigeria’s Dangote

Posted on 09 September 2014

Dubai’s sovereign-wealth fund said on Monday it is buying a minority stake in Nigeria’s Dangote Cement for $300 million as the Gulf emirate makes it first major investment in Africa’s largest economy.

Africa’s Richest Man Aliko Dangote To Sell Stake In Cement Firm To UAE Sovereign Wealth Fund

Posted on 09 September 2014

Africa’s richest man Aliko Dangote is selling a stake in his cement company to a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. According to a report by the Financial Times, the Investment Corporation of Dubai (ICD) will invest $300 million in Dangote Cement, West Africa’s largest company, for a minority [...]

The Nigeria Sovereign Investment Authority furthers country’s growth

Posted on 09 September 2014

The Nigeria Sovereign Investment Authority has accomplished a great deal in a short space of time, securing vital infrastructure investments and prestigious partnerships along the way. When President Goodluck Jonathan launched the Nigeria Sovereign Investment Authority (NSIA) in 2011 he told the world he was ushering in “a new era of financial responsibility”.

Oman sovereign fund, Shell co-lead $53m investment in GlassPoint Solar

Posted on 09 September 2014

GlassPoint Solar, the leader in solar enhanced oil recovery (EOR), has announced a $53 million equity investment from the State General Reserve Fund (SGRF), the largest sovereign wealth fund in Oman, Royal Dutch Shell (Shell) and GlassPoint’s existing investors. The funding will be used to accelerate the deployment of GlassPoint’s solar steam generators, which can [...]

China’s sovereign fund, Boyu, selling some Alibaba shares

Posted on 09 September 2014

Alibaba Group Holding Ltd’s initial public offering could raise more than $21 billion, valuing the Chinese e-commerce giant at up to $163 billion. Yahoo Inc, the company’s second-largest shareholder, had already disclosed it will sell part of its stake in the IPO, but several other companies and individuals were unveiled as sellers in Alibaba’s latest [...]

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