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VRS - who has written 16346 posts on Opalesque Sovereign Wealth Funds Briefing.


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Tunnel opens on BTK railway

Posted on 13 May 2015

A tunnel, located between the Georgian and Turkish border, has been opened on the Baku-Tbilisi-Kars railway, Azerbaijani Deputy Transport Minister Musa Panahov said on May 12. “This is an important step towards the realization of the project, because construction of the tunnel was the most difficult section,” said the deputy minister.

Sovereign Wealth Funds Venture into New Territory

Posted on 12 May 2015

Historically, government bonds have been an asset allocation staple of sovereign wealth funds. Central bank monetary policy is making a significant impact on sovereign debt markets. In the euro zone alone, 26 percent of European government bonds and 54 percent of German Bunds are trading on a negative yield. These unprecedented low yields have pushed [...]

Sovereign wealth funds increase appetite for longer term investments

Posted on 12 May 2015

Historically government fixed income has been an asset allocation staple of sovereign wealth funds (SWF). However, these unprecedented, low bond yields have pushed them to reassess their weightings and readjust their portfolios.Patrick Thomson, global head of Sovereigns, JP Morgan Asset Management, looks at the changing asset preferences of SWFs.

GIC adopts Omego Alert

Posted on 12 May 2015

Singapore’s sovereign wealth fund GIC Private Limited has adopted Omgeo Alert, the industry’s largest web-based global database for the maintenance and communication of account and standing settlement instructions (SSIs).

Bandhan raises funds from Singapore’s GIC

Posted on 12 May 2015

Bandhan Financial Services has raised Rs 1020 crore equity from International Finance Corporation, Singapore’s sovereign wealth fund GIC and Small Industries Development Bank of India, its chairman and managing director Chandra Shekhar Ghosh told ET Monday.

Bill introduced to include more of Temasek’s contributions in Govt revenue

Posted on 12 May 2015

A constitutional change was sought on Monday to make Temasek Holdings a bigger contributor to the Government’s coffers, as Singapore prepares for more social and infrastructure spending. The Constitution of the Republic of Singapore (Amendment) Bill, introduced in Parliament by Senior Minister of State for Finance Josephine Teo, will allow the Government to include Temasek [...]

GIC and CPPIB join deal for Hutchison UK units

Posted on 12 May 2015

Singapore’s sovereign wealth fund (SWF) GIC Private Limited (GIC) and the Canada Pension Plan Investment Board (CPPIB) led the way in a co-investment worth as much as £3.1 billion (US$4.8 billion) into the UK telecom business of Hutchison Whampoa, controlled by Hong Kong billionaire Li Ka-shing.

Raphael Arndt, CIO Future Fund on Talks About Diversification and Risk

Posted on 12 May 2015

Founded in 2006, Australia’s A$117 billion ($93.4 billion) Future Fund is designed both to bolster government finances and offset future public-sector superannuation liabilities beginning in 2020. The fund takes a so-called total portfolio approach, which encourages sector experts to share their investment ideas, which often derive from broad-based themes such as demographic shifts [...]

Dramatic power struggle at Libyan wealth fund deals setback to $1.2bn Goldman Sachs lawsuit

Posted on 11 May 2015

Ousted chairman of Libyan Investment Authority challenges London legal proceedings over disputed losses from Gaddafi era. Libya’s billion-dollar lawsuit against Goldman Sachs has been dealt a fresh setback as a power struggle at the top of its $67bn wealth fund sees two rival law firms pitted against each other in the London courts.

GIC set to invest $2.2b in British telcos

Posted on 11 May 2015

Singapore sovereign wealth fund GIC is set to invest £1.1 billion (S$2.2 billion) in British mobile phone giants O2 and Three. GIC is teaming up with four other institutional investors to acquire one-third of the two telcos - which are poised for a mega merger - in a deal worth £3.1 billion in total.

Singapore and Abu Dhabi wealth funds buy into O2 deal

Posted on 11 May 2015

Hutchison Whampoa, Asian billionaire Li Ka-shing’s acquisitive conglomerate, has revealed that Singapore and Abu Dhabi’s sovereign wealth funds are among investors paying up to £3.1 billion ($6bn) for a third of the Hong Kong company’s soon-to-be-enlarged British mobile operations.

Five Investors to Share in Hutchison’s Big Mobile Deal

Posted on 11 May 2015

Two sovereign-wealth funds, two pension funds and an investment bank will put up as much as $4.7 billion. Hutchison Whampoa, Asian billionaire Li Ka-shing’s acquisitive conglomerate, said Friday that Singapore and Abu Dhabi’s sovereign-wealth funds are among investors paying up to £3.1 billion ($4.7 billion) for a third of the Hong Kong company’s soon-to-be enlarged [...]

Russia Wealth Fund to Team With China for $25 Billion of Lending

Posted on 11 May 2015

Russia’s sovereign wealth fund will join China Construction Bank Corp. to deliver as much as $25 billion in loans as western sanctions push President Vladimir Putin to look to Asia for financing. China Construction Bank will provide 85 percent of loans each totaling as much as $1.5 billion, with the Russian Direct Investment Fund lending [...]

China, Russia Form $2 Billion Agricultural Investment Fund

Posted on 11 May 2015

China and Russia agreed to launch a $2 billion investment fund to develop agricultural projects in the two countries and set up a free-trade zone between their key farming belts, the state-backed Russian Direct Investment Fund said Friday.

Temasek among investors in Chinese travel website Tuniu’s $500m round

Posted on 11 May 2015

Chinese travel website Tuniu said it sold $500 million worth of new shares to a group of investors led by Nasdaq-listed JD.com, the country’s second largest e-commerce site. JD.com will invest $350 million – purchasing shares at $5.33 each – and the deal will see it become the largest shareholder in the travel website at [...]

SWFI Trend Report: A Tale of Two Europes

Posted on 11 May 2015

Sovereign wealth funds and large public institutional investors have chosen to invest a clear majority of their capital directly into the United Kingdom in the last twelve months from March 31, 2015. The UK takes the top position in Europe for inbound direct investment by public institutional investors, totaling US$ 28.4 billion in the Sovereign [...]

Sovereign wealth funds earmarking more funds for real estate

Posted on 11 May 2015

Sovereign wealth funds are set to become more influential real estate investors, according to research by Preqin. Research for the firm’s sovereign wealth fund review found that 84% of SWFs were below their target allocations to the asset class.

Sovereign wealth funds now big players in real estate

Posted on 08 May 2015

45% of sovereign wealth funds active in real estate currently invest less than 5% of their total assets in the asset class.However, all sovereign wealth funds globally have a target allocation of 5% or more to real estate. This suggests that there is potential for significant inflows into real estate as these sovereign wealth [...]

GIC to invest S$2.3 billion to acquire stake in Three and O2 UK

Posted on 08 May 2015

GIC is one of five institutional investors to take a 33 per cent stake in the combined business of Three and O2 UK for £3.1 billion from parent company Hutchison Whampoa, the Republic’s sovereign wealth fund said on Friday (May 8).

Singapore SWF buys into Century

Posted on 08 May 2015

Century Pacific Food Inc., the Philippines’ largest canned food company and maker of the Century Tuna brand, is taking in a new investor. In a disclosure to the Philippine Stock Exchange, Century Pacific said its parent firm Century Pacific Group Inc. has received an exchange option notice from Arran Investment Pte Ltd., an affiliate of [...]

Shardul Amarchand, JSA, Khaitan act on Temasek Avantha buy

Posted on 08 May 2015

J Sagar Associates (JSA) and Khaitan & Co advised Advent International Corporation and Temasek Holdings on their Rs 2,000 crore ($311m) buy of Crompton Greaves’ consumer electrical business from Avantha Holdings which was advised by Amarchand Mangaldas’ Delhi office.

Sembcorp Industries posts 23% drop in Q1 net profit

Posted on 08 May 2015

Sembcorp Industries, whose biggest shareholder is Temasek Holdings, reported a 23 per cent drop in first-quarter net profit and warned of challenges facing its Singapore energy and marine businesses.

Hong Kong Monetary Authority racks up HK$85.9 billion in forex losses over 15 months

Posted on 08 May 2015

The Hong Kong Monetary Authority needs to improve its foreign exchange trading strategies after racking up a grand total of HK$85.9 billion in forex losses over the past 15 months. Cutting exposure to the yen, euro and pound and using hedging tools are among the investment advice offered by currency traders.

Norway’s Sovereign Wealth Fund Is Falling (Video)

Posted on 08 May 2015

Deutsche Bank Securities Chief International Economist Torsten Slok and Bloomberg’s Saleha Mohsin discuss a fall in Norway’s Sovereign Wealth Fund and what that means for the country. They speak on Bloomberg Television’s “Bloomberg Surveillance.”.

Norway gambling-selective

Posted on 08 May 2015

The Sovereign Wealth Fund wagers money on betting while unlicensed gambling is frowned upon at home. A dependency organisation is critical to the move. Norway’s SWF has over NOK 3.48bn (some USD 473m/EUR 417.76m/GBP 311m at today’s ROE) invested in several real and virtual casinos, Vårt Land reports.

EU looking to Asia to spur investment fund

Posted on 08 May 2015

The European Union is seeking Asian capital for a multi-billion euro investment plan it hopes will create more than a million jobs and revive growth. Through the creation of the European Fund for Strategic Investment, presented in Hong Kong on Thursday during its first roadshow outside Europe, the EU seeks to inject 315 billion euros [...]

GIC said to seek up to $1.3 billion stake in one of Brazil’s biggest hospital operators

Posted on 07 May 2015

Singapore sovereign wealth fund GIC is in talks to buy a stake worth as much as 3 billion reals (S$1.3 billion) in one of Brazil’s biggest hospital operators Rede D’Or Sao Luiz SA, people with knowledge of the matter said.

Singaporean sovereign wealth fund takes ownerhip stake in Century Pacific

Posted on 07 May 2015

A unit of Singapore’s sovereign wealth fund has exercised its option to convert a loan to Century Pacific Group Inc into shares in its listed subsidiary. In a disclosure to the Philippine Stock Exchange, Century Pacific Food Inc said Arran Investment Private Limited, which is an affiliate of Singapore’s GIC Private Limited, has sent [...]

GIC adopts Omgeo ALERT to boost operational efficiency

Posted on 07 May 2015

Omgeo, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC) and the global standard for post-trade efficiency, announced that Singapore’s sovereign wealth fund GIC Private Limited (GIC) has adopted Omgeo ALERTSM, the industry’s largest and most compliant web-based global database for the maintenance and communication of account and Standing Settlement Instructions (SSIs). [...]

Temasek holds share in Crompton Greaves

Posted on 07 May 2015

Law firm Khaitan & Co., advised Temasek International Pte Ltd (Temasek) in relation to the acquisition of 34.37% of Crompton Greaves’ consumer products business from Avantha. Holdings by Advent International and Temasek for aggregate consideration of USD 310 million approximately.

Norway fund cuts pure-play coal stakeby 41% in Q1

Posted on 07 May 2015

Norway’s sovereign wealth fund has reduced its pure-play coalmining holdings again, cutting its stake to just $A83m of the $A1.12tn fund, The Wall Street Journal reports. According to the newspaper, the holdings are now just about one-fifth of its late 2013 pure-play coal holdings, but the fund still holds about $20bn in utilities shares [...]

Norway request for miners to dump coal shows climate fears are on the rise

Posted on 07 May 2015

The world biggest sovereign wealth fund’s decision to ask top mining companies about the possibility of spinning off coal assets underscores increasing pressure on producers of the fossil fuel to prepare for a low-carbon future.

SOFAZ and Italian Strategic Fund Plan to Sign MoU on LT Investments

Posted on 07 May 2015

State Oil Fund of Azerbaijan (SOFAZ) is near completing a Memorandum of Understanding with the Fondo Strategico Italiano (FSI), also known as the Italian Strategic Fund. The MoU will highlight a number of new long-term investment projects. Fondo Strategico Italiano is keen on partnering with sovereign wealth funds on investments.

Abu Dhabi-Backed Falcon Sees ‘Years of Gains’ for Europe Stocks

Posted on 07 May 2015

Falcon Private Bank, the wealth manager owned by an Abu Dhabi sovereign wealth fund, says European stocks have “years of gains” to come as the region rolls out its stimulus plan, while the U.S. bull run is almost over.

Goldman Sachs, Qatar Investment Authority bid for Hanoi’s tallest building

Posted on 07 May 2015

Keangnam Hanoi Landmark Tower, the highest building in Hanoi, Vietnam, valued at $1 billion, has been reportedly put on sale; interested international investors include, Goldman Sachs and the Qatar Investment Authority (QIA).

SWFs, Reshuffling Boards and Adding Overseas Offices

Posted on 07 May 2015

International Petroleum Investment Corp. (IPIC) acted swiftly to shake off concerns about its corporate governance. The government-backed vehicle reshuffled its board on April 22, with U.A.E. Minister of Energy Suhail Mohammed Faraj al-Mazrouei replacing Khadem al-Qubaisi as the fund’s chief executive. Sheikh Mansour bin Zayed al-Nahyan remains as chairman of IPIC. [...]

5 Risks Keeping Sovereign Wealth Funds Up at Night

Posted on 07 May 2015

Sustained low prices of oil are affecting the funding input levels of commodity-based sovereign wealth funds. These current fossil fuel prices are economically squeezing countries like Russia, Saudi Arabia, Venezuela and Iran in harmful ways. Economists, pundits, energy CEOs and policymakers are trying to get a grasp on the long-term price of oil. [...]

Malaysia’s Khazanah Is Spreading Its Reach Abroad

Posted on 06 May 2015

The $45 billion sovereign wealth fund, headed by Azman Mokhtar, is stepping up its portfolio investments in Asia and beyond, and helping Malaysia’s major companies go international. Being an Asian sovereign wealth fund with cash to spare has its benefits. Just ask Azman bin-Haji Mokhtar.

GIC in talks to buy stake in Brazil’s Rede D’Or for $980 million

Posted on 06 May 2015

GIC Pte, Singapore’s sovereign wealth fund, is in talks to buy a stake worth as much as 3 billion reais ($980 million) in Brazilian medical-care provider Rede D’Or Sao Luiz SA, people with knowledge of the matter said.

Temasek among bidders for China’s Postal Savings Bank’s pre-IPO stake

Posted on 06 May 2015

Singapore state fund Temasek Holdings is among the six bidders who have submitted bids to buy up to 10 per cent stake in China’s state-owned Postal Savings Bank of China (PSBC) for at least $3 billion, a recent report said. The other bidders include French bank BNP Paribas and UBS, international news wire Reuters said [...]

Raphael Arndt, CIO Future Fund on Coping with High Prices

Posted on 06 May 2015

Founded in 2006, Australia’s A$117 billion ($93.4 billion) Future Fund is designed both to bolster government finances by offsetting future public-sector superannuation liabilities from 2020. It was funded by budget surpluses and the proceeds from the privatization of Telstra, a formerly government-owned telecommunications company.

SOFAZ to sign MoU with Italian Strategic Fund

Posted on 06 May 2015

“Memorandum of Understanding between the State Oil Fund of Azerbaijan (SOFAZ) and Italian Strategic Fund is about to be completed”, Italian Minister of Economy and Finance Pier Carlo Padoan told APA-Economics.

Norway Wealth Fund Letter Shows Pressure on Miners to Dump Coal

Posted on 06 May 2015

The biggest sovereign wealth fund’s decision to ask top mining companies about the possibility of spinning off coal assets underscores increasing pressure on producers of the fossil fuel to prepare for a low-carbon future.

Norway’s Norges Bank Investment Management ditches coal

Posted on 06 May 2015

Norway’s sovereign-wealth fund, the world’s biggest, informed parliament yesterday it has exited most of its holdings in pure-play coalmining companies, as politicians of the Scandinavian nation debate whether to restrict or even ban it from investing in certain fossil-fuel industries.

Nordic Funds Cut U.S. Oil, Coal Investments on Climate Concern

Posted on 06 May 2015

Slumping commodity prices and growing public concern over climate change have pushed Nordic funds that control $1.3 trillion in investments to cut support for U.S. fossil-fuel companies led by the oil producer EOG Resources Inc. and the coal miner Peabody Energy Corp.

Members of three Danish pension funds vote to divest from fossil fuels

Posted on 06 May 2015

Academics, civil engineers and architects in Denmark have voted in favour of their pension funds selling off coal and high risk oil and gas investments, because of the role of fossil fuels in driving climate change. Together the six pension funds for Danish professionals cover 200,000 people, about 5% of all workers, and have €32bn [...]

Qatar’s SWF announces US push

Posted on 06 May 2015

Qatar’s sovereign wealth fund (SWF), which manages about US$256 billion in assets, has announced that it will establish an office in the US as it increasingly seeks investment deals in the country. The Doha-based Qatar Investment Authority (QIA) said it will open an office in New York City on the back of its growing US [...]

Ireland’s sovereign wealth fund relaunches with EUR1bln investment

Posted on 05 May 2015

Ireland’s sovereign wealth fund is set to re-emerge as a significant investor in the country’s recovering economy after the €64bn Irish banking collapse drained its resources during the crisis. The Ireland Strategic Investment Fund is the successor to the National Pension Reserve Fund, a rainy-day vehicle established in 2001 when the country was flush with [...]

Norway Oil Fund Sheds More Coal Assets

Posted on 05 May 2015

Norway’s sovereign-wealth fund, the world’s biggest, informed parliament on Monday it has exited most of its holdings in pure-play coal mining companies, as lawmakers of the Scandinavian nation debate whether to restrict or even ban it from investing in certain fossil-fuel industries.

Norway’s oil fund slashes coal investments after criticism

Posted on 05 May 2015

Norway’s $900 billion sovereign wealth fund, the world’s biggest, has reduced the value of its coal mining portfolio by almost 40 percent in the first quarter, its head told parliament on Monday. Environmental groups and some Norwegian politicians have accused the fund of having too large an exposure to coal and not making enough use [...]

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