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VRS - who has written 15976 posts on Opalesque Sovereign Wealth Funds Briefing.


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We do not pay foreigners for nothing: Samruk Kazyna CEO

Posted on 11 March 2015

The Chief Executive Officer of Samruk Kazyna National Welfare Fund Umirzak Shukeyev has spoken about the wages of the foreigners employed at the Fund, Tengrinews reports. Samruk-Kazyna National Wealth Fund is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, [...]

Sovereign wealth funds bask in Japan’s rising sun

Posted on 11 March 2015

Some of the world’s largest institutional investors and sovereign wealth funds are flocking to Japan. In the latest big deal, Chinese sovereign wealth fund China Investment Corporation (CIC) reportedly splashed out about ¥140bn ($1.18bn) on Tokyo’s Meguro Gajoen complex, bought from Mori Trust, in a joint venture with LaSalle Investment Management. Foreign capital pumped ¥1trn [...]

US property yields lures Aussie super funds

Posted on 11 March 2015

Sunny skies and hula dancers aren’t the only things attracting foreigners to Hawaii. Add this to the list: one of the United States’ most valuable shopping centres. Mall giant General Growth Properties Inc. last week announced it had sold a 25 per cent stake in Honolulu’s Ala Moana Centre, the world’s largest open-air mall, for [...]

Oman, Brunei sovereign funds partner in aircraft leasing

Posted on 10 March 2015

Sovereign wealth funds from Oman and Brunei are partnering to establish an aircraft leasing firm with capital of 200 million rials ($520 million), the Omani fund said on Monday. Oman’s State General Reserve Fund (SGRF) is setting up the firm with Oman Brunei Investment Co (OBIC), which is itself a 50-50 venture between SGRF and [...]

Russia’s Well for Corporate Bailouts Appears to Be Running Dry

Posted on 10 March 2015

With the economy flailing, the Russian government set up a corporate bailout program last year, tapping one of the country’s sovereign wealth funds. Almost immediately, companies started applying. The state-owned oil giant Rosneft has requested $21.3 billion. Gazprom, the dominant natural gas player, has asked for $3.2 billion for a subsidiary.

IMF assumes Ukraine to get $15.4 billion from creditor talks

Posted on 10 March 2015

The International Monetary Fund’s bailout programme for Ukraine assumes Kiev will be able to get $15.4 billion from talks with its creditors, according to four sources familiar with the IMF’s documents. The assumption is necessary to ensure Ukraine’s sovereign debt can fall to 70 percent of gross domestic product by 2020, a level the IMF [...]

Bain Said to Seek Up to $3 Billion for Asia Buyout Fund

Posted on 10 March 2015

Bain Capital, the firm co-founded by former U.S. presidential candidate Mitt Romney, plans to seek $2.5 billion to $3 billion for its third Asia fund after a surge in the volume of buyout deals in the region last year, three people with knowledge of the matter said. Global private equity firms have been raising billions [...]

International Review of Law publishes a special issue on Sovereign Wealth Funds

Posted on 10 March 2015

International Review of Law Journal (IRL), has published a special issue on Sovereign Wealth Funds dedicated to the exploration of emerging global legal sovereign wealth funds (SWFs). The IRL journal, published on the QScience.com online publishing platform of Bloomsbury Qatar Foundation Journals (BQFJ), is accessible to all with free to read articles.

The Rise of Asian Sovereign Wealth Funds

Posted on 09 March 2015

Spurred by the region’s rapid economic development, sovereign wealth funds in Asia have increased in both size and number over the past decade. These funds have become large and active participants in global financial markets and they frequently make high-profile foreign investments. Given their size and close links to governments, sovereign wealth fund investments often [...]

China Investment Corporation Restructured Direct Investment Strategy

Posted on 09 March 2015

For years, the China Investment Corporation (CIC) has accumulated a substantial pool of sovereign wealth capital, but encountered a series of hiccups on getting its direct investment program fully functioning. The Asian sovereign wealth fund placed significant bets in Canadian oil sands, infrastructure, utilities and U.S. financials.

Kadir backs calls for forensic audit of 1MDB

Posted on 09 March 2015

Former NSTP chief editor A Kadir Jasin has backed deputy prime minister Muhyiddin Yassin’s call for the Public Accounts Committee to investigate the financial affairs of the troubled 1Malaysia Development Bhd, saying a true forensic audit would reveal the true story behind the figures.

Singapore’s GIC nearly doubles stake in Merlin Entertainments

Posted on 09 March 2015

Britain’s Merlin Entertainments , the operator of Madame Tussauds waxworks and Legoland, said Singapore sovereign wealth fund GIC Private Ltd nearly doubled its stake in the company to about 5.2 percent.

Korean and Dubai SWFs pen landmark deal

Posted on 09 March 2015

The sovereign wealth funds (SWFs) of Korean and Dubai have signed an agreement that will see them jointly invest in opportunities around the world, in a rare case of two such institutions opting to directly team up. In a statement, the Investment Corporation of Dubai (ICD), which manages about US$70 billion, said it had signed [...]

Korea, Qatar to bolster economic partnership

Posted on 09 March 2015

Leaders of South Korea and Qatar agreed to expand cooperation in infrastructure, investment, energy and medical services during a summit on Sunday, an event expected to open business opportunities for Korean firms in the Gulf state, the host of the 2022 FIFA World Cup.

Nigeria: Where Are We?

Posted on 09 March 2015

UAE, Norway, Brazil among others have built up their Sovereign Wealth Funds to secure the economic future of their nations and have done so by ensuring very low corruption in their oil and gas sectors. The UAE has a sovereign wealth fund to the tune of $ 817bn; it exported its first cargo of crude [...]

AfDB approves $174.85m to boost agriculture

Posted on 09 March 2015

The African Develop­ment Bank (AfDB) has approved the sum of $174.85 million towards financing of the Agricultural Transforma­tion Support Programme (ATASP-1). AFDB said it would support the costs of infrastructure and value chain development and pro­gramme management for four Staple Crop Process­ing Zones (SCPZ) in Ada­ni-Omor, Bidda-Badeggi, Kano-Jigawa and Kebbi- Sokoto.

Priaro: Albertans must ‘look in the mirror,’

Posted on 09 March 2015

In 2014, the government reported the Heritage Savings Trust Fund was worth $17.5 billion on March 31, 2014 and had achieved a 10-year annual average return of 7.5 per cent. However, in 1987, the value of the fund was $12.7 billion. In the intervening 27 years of Progressive Conservative governments under Don Getty, Ralph Klein, [...]

SWFs Double Down on Hotels

Posted on 09 March 2015

Sovereign wealth funds’ investments in the hospitality sector have dominated the headlines this week. On Monday, the British press reported that the Abu Dhabi Investment Authority (ADIA) had offered an eye-watering GBP1.6 billion ($2.4 billion) for a trio of landmark London hotels — the Berkeley, Claridge’s and the Connaught — owned by [...]

Future Fund goes haute couture, investing in fashion website Moda Operandi

Posted on 06 March 2015

The Future Fund is flexing its muscles as one Australia’s largest venture capital investors, tipping funds into a high-end fashion website as it seeks to take more direct stakes in promising technology start-ups.

China CIC Sets Up Direct Investment Unit to Boost Efficiency

Posted on 06 March 2015

China Investment Corp., the nation’s $653 billion sovereign wealth fund, set up a company in January to focus on direct equity investments, a senior executive said.The new unit, which will integrate CIC’s existing direct investment operations, will seek to work with Chinese companies looking for overseas investment opportunities, Zhao Haiying, a member of executive committee [...]

Singapore’s GIC nearly doubles stake in Merlin Entertainments

Posted on 06 March 2015

Britain’s Merlin Entertainments, the operator of Madame Tussauds waxworks and Legoland, said Singapore sovereign wealth fund GIC Private Ltd GIC.L nearly doubled its stake in the company to about 5.2 percent.

Malaysia’s 1MDB to be dismantled under debt plan: sources

Posted on 06 March 2015

Malaysia’s indebted and controversy-ridden state investor 1MDB will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources with direct knowledge of the matter said.

POSCO to Accelerate Entry to Middle East Partnering with Saudi Arabia’s Sovereign Wealth Fund

Posted on 06 March 2015

POSCO is to forge a comprehensive partnership with Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, in many areas including the construction and automobile industries. POSCO Chairman Kwon Oh-joon, who has been a member of an economic mission accompanying President Park Geun-hye on her trip to the four Middle Eastern countries, met with PIF [...]

HKBN IPO priced at top of range as GIC, CVC, Carlyle raise nearly S$1b

Posted on 06 March 2015

US private equity firm CVC Capital Partners, Singapore’s sovereign wealth fund GIC and a unit of Carlyle Group raised a combined HK$5.5 billion (S$966 million) after Hong Kong’s second-largest broadband Internet provider HKBN priced its initial public offering at the top end of the marketed range, people familiar with the deal said today (March 5).

Feeling Hungry, SWFs Ramp Up Food and Agriculture Purchases

Posted on 06 March 2015

Sovereign wealth funds’ appetite for agriculture and fertilizer companies is growing as concerns about stable food supplies rise. Last year, Ding Xuedong, chief executive officer of China Investment Corp.(CIC), the country’s $650 million sovereign wealth fund, put the the issue of food security squarely on the agenda for state-owned investors. In a June 2014 op-ed [...]

Qatar Investment Authority Acquires Full Interest in Milan City Core Development Project

Posted on 06 March 2015

Qatar Investment Authority recently completed the purchase of a major development in the Italian city of Milan. The company acquired 100 percent interest in the Porta Nuova project through its wholly owned subsidiary, Qatar Holding LLC. The company had acquired a 40 percent interest in the investment funds owning the asset back in May 2013.

Dubai and South Korean sovereign wealth funds in landmark cooperation deal

Posted on 05 March 2015

Investment Corporation of Dubai (ICD), the government investment group, has struck a landmark deal with the sovereign wealth fund of South Korea to cooperate on financial opportunities around the world. The deal – signed in Dubai – involves ICD and Korea Investment Corporation (KIC) developing a platform that “facilitates communication between the two organisations, while [...]

Exec reveals how Brookfield, Qatar conquered Canary Wharf

Posted on 05 March 2015

Brookfield Property Partners’ chief executive has lifted the lid on the three-month long battle for Canary Wharf, which culminated in the largest UK property deal for a decade. Canada’s Brookfield and the Qatar Investment Authority (QIA), the state’s sovereign wealth fund, first launched their £2.6bn bid for Songbird, the estate’s owner, in November.

ICD to develop $1bn office project in Dubai

Posted on 05 March 2015

Investment Corporation of Dubai (ICD), the state’s sovereign wealth fund, has partnered with Canadian property manager Brookfield to build a $1 billion development in the heart of the emirate’s financial district, said a report.

Saudi Arabia sovereign fund to invest in POSCO E&C

Posted on 05 March 2015

Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction. “The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday.

Polye Queries LNG Revenue Commitments Outside Of Sovereign Wealth Fund

Posted on 05 March 2015

Opposition Leader Don Polye is concerned about the government’s prior usage of the LNG revenues without the establishment of Sovereign Wealth Fund. “When the work on the set-up of SWF was still in progress, advance payments were made to purchase oil search shares and CUE Energy purchase.

JTC, Temasek to merge urban solutions units

Posted on 05 March 2015

JTC Corporation, the Singapore government agency responsible for the development of industrial infrastructure, and Singapore investment company Temasek have entered into an agreement to merge four of their operating subsidiaries into an integrated platform for sustainable urban development.

CVC, GIC, Carlyle raise $750 mln after HKBN prices IPO at top of range

Posted on 05 March 2015

Private equity firm CVC Capital Partners, a unit of Carlyle Group LP and Singapore’s sovereign wealth fund GIC raised a combined $750 million after Hong Kong’s second-largest broadband Internet provider, HKBN, priced its initial public offering at the top of expectations, IFR reported on Thursday citing people familiar with the deal.

Hong Kong’s new €25bn sovereign fund to target real estate

Posted on 05 March 2015

Hong Kong’s planned new €25bn sovereign wealth fund could invest 50% of its assets in alternative assets, including real estate and private equity, signaling the arrival of a sizeable and powerful new player on the international property scene.

SWC Talks to Panama’s SWF on New Equity Strategies

Posted on 05 March 2015

The Panama Canal is a renowned feat of engineering — but by the early 2000s its century-old infrastructure was creaky, and it was struggling to meet demand. In 2006, the Panamanian government started a project to renovate the canal and double capacity. Anticipating a big increase in revenue, Panama in 2012 created a new [...]

Norway Pushed to Review Oversight of World’s Biggest Wealth Fund

Posted on 04 March 2015

Norway’s $880 billion sovereign wealth fund is facing new calls for tighter oversight as the government prepares its annual strategy document. Labor, Norway’s largest political party, wants to use the process to reassess the supervision framework as the fund’s rapid growth and expanding investment universe may require “more comprehensive management,” said Torstein Tvedt Solberg, who [...]

Russian state’s rainy day fund drops as finances squeezed

Posted on 04 March 2015

The Russian government’s rainy-day fund has shrunk by almost 10 percent in dollar terms in February after the state sought to fill a hole in its budget, where revenues have suffered due to low oil prices. The Reserve Fund is used to support Russian public finances in time of low oil and gas prices and [...]

Russian Wealth Fund Falls Most Since 2010 as Deficit Widens

Posted on 04 March 2015

Russia’s Reserve Fund dropped the most in more than four years last month as the government unsealed one of the country’s two sovereign wealth funds to cover a widening budget deficit.

UK Pensions Told to Copy Canada, SWFs

Posted on 04 March 2015

UK pensions should be able to compete on the international stage, and can draw inspiration from major overseas investors, London’s pensions body believes. The UK’s public sector pensions should be competing for infrastructure assets alongside sovereign wealth funds and other major international investors, the deputy chairman of the London Pension Fund Authority (LPFA) has said.

Dubai to build $1bn financial zone development

Posted on 04 March 2015

Dubai’s sovereign wealth fund is to build a $1bn development in the heart of the emirate’s financial district, the first new construction project there since the real estate crash of 2008. The development, next to the core cluster of Dubai International Financial Centre buildings, is also the first project by a joint venture between Investment [...]

Oil Price Slump: NSIA Rules Out Withdrawal from SWF

Posted on 04 March 2015

The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to make withdrawals worthwhile, the organisation’s Managing Director/Chief Executive, Mr. Uche Orji, said in an interview with Bloomberg Television [...]

Fund cuts US investment in Europe push

Posted on 04 March 2015

The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that position for seven years, its chief executive said.

Middle East and Africa private wealth set to hit $7.2t by 2018

Posted on 04 March 2015

With private wealth in the Middle East and Africa projected to reach $7.2 trillion by 2018, Dubai International Financial Centre is well positioned with its laws and regulations modified specifically to help firms tap this opportunity and bring world-class wealth management competence into the region, Abdul Aziz Al Ghurair, vice-chairman of the Dubai International Financial [...]

Transparency International joins calls for probe of Malaysia fund 1MDB

Posted on 04 March 2015

Anti-graft watchdog Transparency International on Tuesday (Mar 3) joined mounting calls for Malaysia’s prime minister to launch an investigation into a sovereign wealth fund hit by reports of murky deals and missing millions. The state-backed fund, 1Malaysia Development Bhd (1MDB), has quickly emerged as a major liability for premier Najib Razak, who championed its launch [...]

MAS turnaround takes off with Khazanah’s $603m boost

Posted on 04 March 2015

Sovereign wealth fund Khazanah Nasional said yesterday it will kick-start the immensely challenging task of turning around flag carrier Malaysia Airlines (MAS) with a RM1.6 billion (S$603 million) injection and cost savings through contract reviews.

How Temasek Has Driven Singapore’s Development

Posted on 04 March 2015

Last year marked the 40th anniversary of Temasek, one of Singapore’s two sovereign investment funds (SIFs), along with the Government Investment Corporation (GIC). Set up in 1974 as part of the newly independent city-state’s nation- building effort, Temasek has evolved from a sleepy holding company shepherding an initial portfolio of 35 inherited government-linked companies (GLCs) [...]

Temasek faces new normal as Singapore eyes funds

Posted on 04 March 2015

Temasek Holdings’s long-term investing strategy will have to include more short-term and liquid assets after the Government opened up the option to draw more funds from the state-owned investment company.

Future Fund seeks global tax consultant

Posted on 03 March 2015

The $110 billion Future Fund is in the market for a global tax consultant to help the sovereign wealth fund put its tax affairs in order following the Lux Leaks scandal that erupted last year. The tender for the Future Fund’s new Melbourne tax service comes just months after the group was revealed to have [...]

Chinese Investors End Bid for New China Life Insurance Stake

Posted on 03 March 2015

A consortium of Chinese investors including Yunfeng Capital ended talks to acquire a $5.7 billion stake in New China Life Insurance Co. from China’s sovereign-wealth fund due to difficulty in agreeing on a price and other terms after a sharp run-up in the insurer’s shares.

Temasek: Inclusion in NIR framework will not affect strategy or dividend policy

Posted on 03 March 2015

The move to include the projected earnings of Temasek Holdings in the Net Investment Returns (NIR) framework will not impact the investment holding company’s strategy or dividend policy, a spokesperson for Temasek said. Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced the inclusion of Temasek’s total expected returns into the NIR framework in his [...]

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