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VRS - who has written 14750 posts on Opalesque Sovereign Wealth Funds Briefing.


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Kuwait Investment Authority: Why we must invest in Morocco?

Posted on 02 September 2014

The Kuwait Investment Authority is a Kuwaiti sovereign fund manager surpluses Kuwaiti state, primarily related to oil exports. Established in 1953, it remains today one of the 10 largest sovereign wealth fund in the world. ‘All over the 6 countries of the Gulf Cooperation Council’ GCC ‘, there is an objective belief that Morocco is [...]

GIC’s US$104m music bet raises hopes for regional start-ups

Posted on 01 September 2014

Singapore sovereign wealth fund GIC’s US$104 million investment in Taiwan’s KKBOX has raised hopes about investor appetite for start-ups, and comes as the music streaming industry is becoming a force to be reckoned with. GIC said on Thursday that it had taken an equity investment in KKBOX, a Taiwan music streaming service that claims more [...]

Khazanah denies RM6 billion as bailout in MAS turnaround

Posted on 01 September 2014

The RM6 billion to be injected into troubled Malaysia Airlines (MAS) is not a bailout, said state national fund Khazanah Nasional Berhad, as it unveiled a massive revamp today to turn the national carrier around. Khazanah managing director Tan Sri Azman Mokhtar said the money can be recovered when the flag carrier is projected to [...]

New GPIF investment manager drawn to cheap Japan mid-caps

Posted on 01 September 2014

A new investment manager responsible for a small chunk of the $1.2 trillion portfolio held by Japan’s giant public pension fund says it expects to buy stocks in midsize companies that appear cheap relative to the broader market and have decades of steady profits.

Mumtalakat training push for executives

Posted on 01 September 2014

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of Bahrain, has launched the Mumtalakat-INSEAD International Directors Programme, in partnership with international business school INSEAD. It is a corporate governance training initiative for its nominee directors appointed to the boards of its portfolio companies.

Kazakhstan inks additional contracts with Russia for imports of fuel and lubricants

Posted on 01 September 2014

KazMunaiGas Onimderi (KMGO) is taking all necessary measures for a smooth selling of oil products at the filling stations of KazMunaiGas, and to saturate the retail market of fuel and lubricants.

World’s Biggest Wealth Fund Says U.S. Corporate Debt Boom Ending

Posted on 29 August 2014

The head of debt investment at Norway’s $880 billion sovereign wealth fund, the world’s largest, said a rally in U.S. corporate bonds may be coming to an end.

Singapore’s GIC reduces stake in Parkson

Posted on 29 August 2014

Parkson Holdings Bhd announced via Bursa that Singapore’s sovereign wealth fund, GIC Private Ltd, ceased to be a substantial shareholder in the company. GIC sold 5.74 million shares or 0.5% on the open market, leaving it with a 4.57% interest in Parkson. According to Bursa filings, GIC had been continually selling the company’s shares since [...]

GIC makes huge investment in KKBOX

Posted on 29 August 2014

The Government of Singapore Investment Corp (GIC) has invested US$104 million in the popular Taiwan-based music streaming service KKBOX Inc. The investment plans to boost KKBOX’s business across Asia, the two sides said.

Even at reduced levels, the oil dividend provides a significant fillip to Alaska’s income.

Posted on 29 August 2014

The Alaska Permanent Fund was founded in 1976 as a basin to hold “at least 25 percent of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the state.” Its beneficiaries, according to the state constitution, were to be “Alaska and all present and future generations of Alaskans.”

Direct Institutional Investors: Why Sovereign Wealth Funds and Pensions are Important

Posted on 29 August 2014

The Sovereign Wealth Fund Institute (SWFI) tracks direct public asset owner investment flows. Public asset owners are becoming bigger players in the capital markets. Increasingly, public asset owners are increasing assets, investing more directly, hiring more internal staff and acquiring more services. Public funds, particularly sovereign wealth funds, have grown enormously over the past [...]

GIC invests $130m in music streaming services provider KKBOX

Posted on 28 August 2014

GIC has invested US$104 million (S$130 million) in KKBOX, a provider of music streaming services in Asia, the two companies said in a joint statement on Wednesday. KKBOX, which was established in 2004 by a group of Taiwanese software programmers, will use the funds to expand overseas and improve its technology and service, said the [...]

SOFAZ, UN Working Group on business and human rights discuss cooperation

Posted on 28 August 2014

Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov met a delegation of the UN Working Group on business and human rights. During the meeting, Movsumov spoke about management of the fund`s resources, its investing activities and projects financed by SOFAZ.

Estimated at $1,930, Alaska PFD big but no record

Posted on 28 August 2014

The annual Permanent Fund dividend that will be distributed to qualifying Alaskans in a little more than a month is projected to be worth $1,930.49, give or take $100, according to an analysis by Alaska Dispatch News.

Khazanah okays MAS plan, awaits Cabinet approval

Posted on 28 August 2014

State asset manager Khazanah Nasional Bhd has approved the comprehensive restructuring plan for the loss-making Malaysia Airlines that will see up to 6,000 jobs disappear, say sources. The plan will be discussed by the Cabinet, a day after the Khazanah board had a meeting chaired by the sovereign wealth fund’s chairman Prime Minister Datuk Seri [...]

Khazanah prepares to swing axe?

Posted on 28 August 2014

Malaysia Airlines (MAS) is reported to be considering axing up to 5,000 staff as part of its restructuring under sovereign wealth fund, Khazanah Nasional. This would amount to around a quarter of the carrier’s staff. The carrier is widely considered to be overstaffed, and was struggling well before the twin tragedies of this year.

PNG Gas revenue flows

Posted on 28 August 2014

A total of 12 shipments of LNG gas have already left PNG shores, raking in almost US$600 million (K1.5 billion) in revenue for all the partners, including the government. Prime Minister Peter O’Neill told Parliament Wednesday,that the country has started the early export of LNG gas and to date 12 shipments have taken place with [...]

Singapore’s GIC sees tough investment climate in next decade

Posted on 27 August 2014

Singapore sovereign wealth fund GIC, which manages more than $100 billion of the city-state’s foreign reserves, warned in its annual report of a tough investment outlook over the next decade as global central banks withdraw ultra-easy monetary policies. According to GIC, prices of all major asset classes have been inflated by the massive stimulus measures, [...]

Khazanah okays MAS plan, awaits Cabinet approval

Posted on 27 August 2014

State asset manager Khazanah Nasional Bhd has approved the comprehensive restructuring plan for the loss-making Malaysia Airlines that will see up to 6,000 jobs disappear, say sources. The plan will be discussed by the Cabinet today, a day after the Khazanah board had a meeting chaired by the sovereign wealth fund’s chairman Prime Minister Datuk [...]

Norway prospers as wealth fund value soars

Posted on 27 August 2014

Public spending could get a boost in Norway after it was revealed the country’s sovereign wealth fund could reach six trillion kroner ($973 billion), the Norwegian government said on Monday. The Norwegian oil fortune by the end of 2014 is estimated to grow several hundred billion kroner larger than the government predicted in May this [...]

Norway’s soaring oil fund gives government more spending power for 2015

Posted on 27 August 2014

Norway’s sovereign wealth fund is growing far faster than expected, potentially leaving the government with more money to spend in next year’s budget, financial daily Dagens Naeringsliv reported on Tuesday.

Ho Iat Seng: Consider options ahead of Macau sovereign fund

Posted on 26 August 2014

The President of the Legislative Assembly says that before a fund is created other options should be considered, as the first may be too risky. The President of the Legislative Assembly, Ho Iat Seng, said that if the government of Macau decides to create a sovereign wealth fund it must act very carefully, as times [...]

Singapore’s GIC in final talks to buy Tokyo building for $2b: Sources

Posted on 26 August 2014

Singapore’s sovereign wealth fund is in talks to buy a Tokyo office tower for about 170 billion yen (S$2.04 billion), three people with knowledge of the deal said, in what would be Japan’s biggest property transaction since the financial crisis.

Corpbank majority owner working with Oman wealth fund on restructuring plan

Posted on 26 August 2014

The majority owner of Bulgaria’s troubled Corporate Commercial Bank (Corpbank) said yesterday it was working with Oman’s sovereign wealth fund and other interested investors to restructure the lender. Corpbank’s fate has been in limbo since June, when a run on deposits prompted the central bank to seize control of it and close its operations, sparking [...]

Tanzania Sets Up Special Unit to Scrutinise Gas Revenues and Wealth Fund

Posted on 26 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.

How Norway has avoided the ‘curse of oil’

Posted on 26 August 2014

For while other countries have struck oil and then binged on the revenues, by contrast Norway is continuing to invest its oil and gas money in a giant sovereign wealth fund. The fund, worth about $800bn (£483bn), owns 1% of the entire world’s stocks, and is big enough to make every citizen a millionaire in [...]

Norway Buys Yen Bonds as Local Pension Fund Cuts: Japan Credit

Posted on 25 August 2014

Norway’s wealth fund, the world’s biggest, is diving into Japanese sovereign bonds, even as Japan’s government retirement fund prepares to cut holdings. The Oslo-based Government Pension Fund Global increased Japanese sovereign allocations 15 percent to 160.8 billion kroner ($26 billion) in June from the end of 2013, its biggest debt holding after U.S. Treasuries, the [...]

China fund buys stake in FieldAware

Posted on 25 August 2014

Irish technology start-up FieldAware has secured a multi-million cash injection from the Chinese government. The China Investment Corporation, a sovereign wealth fund with $200bn in reserves, has snapped up a large stake in the Trinity College spin-off.

Ho Iat Seng: Consider options ahead of Macau sovereign fund

Posted on 25 August 2014

The President of the Legislative Assembly says that before a fund is created other options should be considered, as the first may be too risky.The President of the Legislative Assembly, Ho Iat Seng, said that if the government of Macau decides to create a sovereign wealth fund it must act very carefully, as times are [...]

India: Set up sovereign wealth fund to manage investments in PSUs

Posted on 25 August 2014

Apex public sector enterprises body SCOPE today suggested setting up a sovereign wealth fund to manage investments in state-owned units. “Globally, many countries have created sovereign wealth fund or sovereign holding structure for their state-owned enterprises for improving governance and deliverability.

MAS Urged With Khazanah For Smooth Takeover

Posted on 25 August 2014

A Member of Parliament (MP) today appeals to Malaysia Airlines’ (MAS) workers especially its employees unions to give their full cooperation to Khazanah Nasional Bhd to ensure the takeover of MAS by Khazanah can proceed smoothly. Anuar Manap, MP of Sekijang, said it was critical for all interested parties in an effort to revive MAS [...]

Societe Generale’s Libya case to run to court

Posted on 25 August 2014

French bank has opted against getting $1.5bn bribery case stemming from Gaddafi days thrown out. Societe Generale has opted to allow a bribery case brought by Libya’s sovereign wealth fund to go to court, having previously indicated that it would attempt to have the case thrown out.

Libyan sovereign wealth fund set to sue SocGen in alleged bribery case

Posted on 25 August 2014

Société Générale has decided against filing a summary judgment application in the UK High Court over its earlier plea to have a bribery-linked lawsuit filed against it by Libya’s sovereign wealth fund to be dismissed.

Kuwait’s oil revenues masks inherent weakness

Posted on 25 August 2014

The credit rating agency Standard and Poor’s has made the right move in retaining Kuwait’s ratings, namely AA for the long-term and A-1 for short-term with a stable outlook. The assumptions were made on some significant data available with S&P.

ORTEL: Create an American sovereign wealth fund

Posted on 22 August 2014

In America, the cradle of capitalism, we need to have a sovereign wealth fund. Capitalized with at least $1 trillion in the beginning, our fund should be the largest, most forward-looking and most successful one in the world. If run independently (without partisan influence) by credentialed managers who might contribute their service gratis, America’s [...]

Norway’s gargantuan sovereign wealth fund, by the numbers

Posted on 22 August 2014

Only 5 million people live in Norway, but thanks to the country’s careful management of its oil wealth, the country runs the largest sovereign wealth fund in the world. Everything about the fund is big. Very big. Reported assets, for example, totaled $890 billion at the end of June—that’s $178,000 for every Norwegian. And the [...]

World’s biggest wealth fund takes focus off emerging markets

Posted on 22 August 2014

Norway’s €663bn sovereign wealth fund, the world’s largest, is slowing its expansion into emerging markets as it scales back a two-year mission to tap into the fastest growing markets. “We are gradually picking up some new markets but at a less rapid pace than we did at the beginning of the year,” Yngve Slyngstad, the [...]

Norway sovereign fund up 3.3% in Q2

Posted on 22 August 2014

Norway’s sovereign wealth fund, the world’s largest, returned 192 billion kroner (S$38.79 billion) in the second quarter as energy stocks and emerging markets led a rally amid turmoil in Iraq and Ukraine. The Government Pension Fund Global gained 3.3 per cent in the quarter, the Oslo-based investor said yesterday. The US$880 billion fund’s stock holdings [...]

SOFAZ to invest in China’s market

Posted on 22 August 2014

Azerbaijan s state oil fund SOFAZ intends to invest in the Chinese market with the government debt securities, SOFAZ told Trend Agency on August 14. 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 [...]

Russia Tensions May Hurt Norway Oil Fund Earnings

Posted on 21 August 2014

The effect on European equities of tensions between Russia and the West could pose a challenge to Norway’s $890 billion sovereign-wealth fund, its chief executive said Wednesday. Yngve Slyngstad also told The Wall Street Journal that the fund has retained its holdings in Russian banks and oil companies despite the tensions, and U.S. and European [...]

Norway’s Wealth Fund Gains $31 Billion on Global Stock Surge

Posted on 21 August 2014

Norway’s sovereign wealth fund, the world’s largest, returned 192 billion kroner ($31 billion) in the second quarter as energy stocks and emerging markets led a rally amid turmoil in Iraq and Ukraine. The Government Pension Fund Global gained 3.3 percent in the quarter, the Oslo-based investor said today. The $880 billion fund’s stock holdings returned [...]

Norway to keep $8.2bn Russian assets – for now

Posted on 21 August 2014

Norway’s massive sovereign wealth fund yesterday announced that it was likely to hang on to its $8.2bn (£4.93bn) worth of Russian assets des­pite Western sanctions on Moscow. However, the $885bn fund – one of te world’s biggest investors said it did not plan further purchases because of political risk.

Norway oil fund to double number of top executives

Posted on 21 August 2014

Norway’s $885bn oil fund is doubling the number of its senior executives in the latest sign it is restructuring itself to tackle its ever-increasing size and its shifting responsibilities as an investor. Norges Bank Investment Management, the arm of the Norwegian central bank that manages the fund, is creating a number of new positions to [...]

Giant Norway Oil Fund Plans Bigger Push into Real Estate

Posted on 21 August 2014

Norway’s sovereign wealth fund is shaking up its leadership, doubling the number of top executives to 12 and hiring more staff as it prepares a significant boost to its investments in high-end office and retail properties in cities such as London, Paris, and New York.

World’s largest wealth fund slows investment into new markets

Posted on 21 August 2014

Norway’s US$880 billion (RM2.7 trillion) sovereign wealth fund, the world’s largest, is slowing its expansion into emerging markets as it scales back a two-year mission to tap into the fastest growing markets.“We are gradually picking up some new markets but at a less rapid pace than we did at the beginning of the year,” Yngve [...]

Angola SWF to send students to Switzerland as it ‘invests in investing’

Posted on 21 August 2014

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), has launched a scholarship scheme for young Angolans to study business management, banking and finance in Switzerland with a view to improving the country’s capacity to invest its oil revenues wisely.

Libyan sovereign wealth fund expected to hire new chief

Posted on 21 August 2014

The Libyan Investment Authority, the violence-hit North African nation’s $60bn sovereign wealth fund, is likely to name senior World Bank executive Ahmed Ali Attiga as its new chairman by the end of the year, The Daily Telegraph gathers. Attiga, who is currently representing the World Bank’s International Finance Corporation unit in Jordan, hails from [...]

ETF providers take on pension and sovereign wealth challenge

Posted on 21 August 2014

Pension and sovereign wealth funds are not traditionally big investors in ETFs because of concerns over cost, flexibility and restrictions on buying listed securities. But that may be about to change as providers look to woo big institutional investors.

JP Morgan targets hedge funds and SWFs in new sales push

Posted on 21 August 2014

JP Morgan has set up a dedicated equities salesforce in London to serve its hedge fund clients and sovereign wealth funds, as part of the bank’s push to become a top three cash equities house globally.

Goldman withdraws attempt to stop $1bn Libya fund dispute

Posted on 20 August 2014

Goldman Sachs has withdrawn an application to have a $1bn lawsuit filed by the Libyan Investment Authority, a former client, thrown out of an English court ahead of trial. The US investment bank has withdrawn its request for a summary judgment in the dispute lodged at the High Court, it confirmed on Tuesday.

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