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VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


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Quest for Arabian tech unicorn could end in mirage

Posted on 15 November 2016

Mohamed Alabbar’s dream of creating a Middle East rival to Amazon may turn out to be a mirage. The Dubai real estate mogul has teamed up with Saudi Arabia’s sovereign wealth fund to lead a $1 billion investment in a new online retailer called Noon.com. There are merits to backing e-commerce in a region where [...]

Abu Dhabi fund Mubadala may invest in Russian vegoil, rice firms

Posted on 15 November 2016

Abu Dhabi state investmentvehicle Mubadala Development Co may invest in avegetable oil producer and a rice producer in Russia, a Russianstate-backed fund said, in a rare Gulf investment into thecountry’s commodities sector.

McLaren chief Ron Dennis fighting ouster: Bernie Ecclestone

Posted on 15 November 2016

As per reports, Bahrain’s sovereign wealth fund and businessman Mansour Ojjeh, who hold 75 percent of shares, want to oust Ron Dennis. McLaren chief executive Ron Dennis is fighting a move by other shareholders to force him out, Formula One supremo Bernie Ecclestone said.

Canada courts sovereign wealth for infrastructure bank

Posted on 15 November 2016

Canada’s Liberal government is speaking to sovereign wealth funds and global private equity firms as well as domestic pension funds as it ramps up efforts to attract funding for its new infrastructure bank, according to two sources.

Alabbar, Saudi Sovereign Wealth Fund Launch E-Commerce Firm Noon

Posted on 14 November 2016

Emirati businessman Mohamed Alabbar on Sunday launched an e-commerce business with Saudi Arabia’s sovereign-wealth fund at an initial investment of $1 billion, as he seeks to tap the Middle East’s small but growing online sales market.

Auckland hosts $5tn room as sovereign funds mobilise

Posted on 14 November 2016

Despite his engaging introductory monologue, NZ Superannuation Fund chief, Adrian Orr, faced tough competition for the attention of the 250 plus International Forum of Sovereign Wealth Fund (IFSWF) delegates assembled at the Auckland Viaduct Centre last week.

Norwegian sovereign wealth fund buys into Australian billboards

Posted on 14 November 2016

In a surprising note from the stock market on Friday Norway’s Central Bank popped up with a significant stake in APN Outdoor Group. Norges Bank Investment Management informed the ASX it owns 8.4 million shares in APN Outdoor (APO) or 5 per cent, which is worth about $45.3 million at the current price. Shares in [...]

Singapore’s sovereign wealth fund GIC to pick 4.8% stake in Capital First

Posted on 14 November 2016

Capital First Ltd, a non-banking financial company (NBFC) majority owned by private equity firm Warburg Pincus, is raising Rs 340 crore ($51 million) from GIC, Singapore’s sovereign wealth fund, it said.

Malaysia again knocks back Swiss request for help in 1MDB graft investigation

Posted on 14 November 2016

Malaysia has again rebuffed Switzerland’s request for legal assistance in probing suspected corruption linked to scandal-hit state fund 1MDB, the Swiss attorney general’s office said on Friday.

Abu Dhabi fund Mubadala may invest in Russian vegoil, rice firms

Posted on 11 November 2016

Abu Dhabi state investment vehicle Mubadala Development Co may invest in a vegetable oil producer and a rice producer in Russia, a Russian state-backed fund said, in a rare Gulf investment into the country’s commodities sector.

Investcorp plans talks with Abu Dhabi’s ADIA

Posted on 11 November 2016

Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said.

Under financial strains, Turkey designs “parallel budget”

Posted on 11 November 2016

Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through [...]

Despite massive U.S. holdings, Norway’s sovereign wealth fund is not changing its strategy after Trump’s win

Posted on 11 November 2016

Norway’s sovereign wealth fund has said it will not change its U.S. investment strategy following Donald Trump’s election win. The sovereign wealth fund’s investment returns depend to a large extent on the U.S. economy’s fortunes. Earlier this year, the world’s biggest wealth fund grew its positions in the U.S.; and the country now represents [...]

Sovereign Wealth Funds React to Trump Victory

Posted on 11 November 2016

A number of messages were telegraphed to media from asset owners globally following the conclusion of the U.S. presidential election. In the run up to the election, sovereign wealth funds, such as GIC Private Limited, Korea Investment Corporation (KIC) and Qatar Investment Authority (QIA), continued investing in a wide range of assets from infrastructure [...]

Singapore says Malaysian ‘Jho Low’ key figure in 1MDB-linked probe

Posted on 11 November 2016

Singapore’s white-collar crime unit for the first time on Thursday identified Malaysian businessman Low Taek Jho as a key figure in the money laundering investigation linked to scandal-tainted 1MDB fund. The revelation came from an investigator during the trial of a former wealth manager of Swiss private bank BSI in Singapore’s most high-profile money laundering [...]

‘I was just taking instructions’: Ex-BSI banker Yeo Jiawei on 1MDB dealings

Posted on 11 November 2016

After seven months in remand and eight days in the dock, former BSI wealth planner Yeo Jiawei had his day in court. Yeo, 33, took the witness stand Thursday (Nov 10) afternoon and immediately distanced himself from former colleagues and business associates also implicated in Singapore’s 1MDB probe.

Freshies, Kirkland star in GIC’s $2.7 bln real estate deal

Posted on 11 November 2016

Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer.

Trump’s win won’t change Norway wealth fund’s U.S. investments

Posted on 10 November 2016

Norway’s $869-billion sovereign wealth fund, the world’s biggest, will not change its U.S. investment strategy following the election of Donald Trump as president, the head of Norway’s central bank, which manages the fund, told Reuters on Wednesday.

Russia’s sovereign fund head says Trump win will ease geopolitical tensions

Posted on 10 November 2016

Kirill Dmitriev, the head of Russia’s sovereign wealth fund, said on Wednesday he believed Donald Trump’s presidential victory would reduce geopolitical confrontations. “A less confrontational U.S. foreign policy will unlock major opportunities for joint (Russia-U.S.) trade and investment,” Dmitriev, head of the Russian Direct Investment Fund, said in a statement.

Temasek’s Fullerton Fund CEO leaves firm

Posted on 10 November 2016

Fullerton Fund Management, the Singapore-based asset manager backed by Temasek Holdings, said chief executive officer Manraj Sekhon has left the firm.

HKMA expects market volatility to persist in near term after U.S. election

Posted on 10 November 2016

The Hong Kong Monetary Authority (HKMA) said on Wednesday that market volatility is expected to persist in the near term until there is more clarity about the policy stance of the new U.S. Administration.

KIC, Teachers’ Pension to invest in US warehouse fund

Posted on 10 November 2016

Korea Investment Corporation (KIC) and the Teachers’ Pension will invest in a U.S. warehouse portfolio fund for an undisclosed sum, in their first joint investment since the two South Korean funds reached a tentative agreement last year to seek overseas deals together.

How will Najib’s golfing buddy Trump treat Malaysia’s 1MDB probe?

Posted on 10 November 2016

Malaysian Prime Minister Najib Razak is apparently US president-elect Donald Trump’s golfing buddy and “favourite Prime Minister”. Given the ties between the two men, some observers expect the relationship between Muslim-majority Malaysia and the US to remain good despite Trump’s anti-Muslim rhetoric during his bitterly fought campaign.

Investcorp eyes big health and tech deals

Posted on 10 November 2016

Investcorp is considering a US$2.5 billion private equity deal and plans to launch two funds next year as the Bahrain-listed company seeks to boost its assets. The alternative investment company is also planning to cooperate with UAE partners such as Mubadala, said Mohammed Alardhi, Investcorp’s chairman.

Argentina, Qatar build infrastructure fund

Posted on 09 November 2016

The Qatar Investment Authority, the country’s sovereign wealth fund, will contribute $1bn to the fund, while Argentina’s state pension agency, ANSES, will put in $300m. Argentina and Qatar are setting up a $1.3bn fund focused on infrastructure projects in South America’s second-largest economy.

Norway’s pipeline stakes deepen

Posted on 09 November 2016

Not only are Norway’s huge sovereign wealth fund and its biggest bank involved in the controversial Dakota Access pipeline, its largest life insurance firm and pension fund for local government- and other employees also has stakes in it. So does Norway’s second-largest bank, Nordea.

Credit Suisse hired to sell RBS’s Saudi Hollandi Bank stake

Posted on 09 November 2016

Credit Suisse has been appointed to sell Royal Bank of Scotland’s 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion.

Goldman in Hot Water? Libyan Fund May Appeal Ruling

Posted on 09 November 2016

The Goldman Sachs Group, Inc. has been yet again accused by the Libyan Investment Authority (LIA) as the fund is intending to approach the UK Court of Appeal. The move comes after the Wall Street banking giant won the $1.2 billion suit last month over a series of derivatives transactions entered between LIA and Goldman [...]

Singapore wealth fund GIC inks Europe’s biggest real-estate deal of 2016

Posted on 09 November 2016

Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks for $2.7 billion in what’s being called Europe’s largest real-estate deal of 2016. GIC will buy P3 Logistics Parks for 2.4 billion euros ($2.7 billion), the Singaporean sovereign wealth fund said on Monday, in what it said was Europe’s largest real-estate deal of 2016.

Kirkland wins first mandate from Singapore’s GIC in biggest European real estate deal of the year

Posted on 09 November 2016

Kirkland & Ellis has advised opposite Freshfields Bruckhaus Deringer in the largest European real estate transaction of the year as Singaporean sovereign wealth fund GIC picked up P3 from TPG Real Estate for $2.7bn.

New Zealand Wealth Fund Focused on Climate Change Resilience

Posted on 09 November 2016

New Zealand’s sovereign wealth fund plans to protect its portfolio from climate change risks by cutting fossil fuel exposure and seeking greener investments, its chief executive said. The NZ$31 billion ($22.71 billion) fund, established to support New Zealand’s retirees, is hosting an annual meeting for some of the world’s biggest sovereign funds in Auckland on [...]

HKMA supports AIIB’s use of Hong Kong as financing centre

Posted on 09 November 2016

The following is issued on behalf of the Hong Kong Monetary Authority: The President of the Asian Infrastructure Investment Bank (AIIB), Mr Jin Liqun, spoke at a high-level business seminar in Hong Kong today (November 8). The seminar, organised by the Infrastructure Financing Facilitation Office (IFFO) of the Hong Kong Monetary Authority [...]

WSJ journalist ejected from 1MDB session in Sydney

Posted on 09 November 2016

A Wall Street Journal journalist was kicked out of a 1MDB information session in Sydney, believed to have been organised by Special Affairs Department (Jasa).

1MDB scandal: Ex-BSI banker bought $1.36m Mayweather-Pacquiao Las Vegas fight tickets

Posted on 09 November 2016

As the Singapore court case probing the 1Malaysia Development Berhad (1MDB) sovereign fund scandal unfolds, a former BSI banker has beeen accused of siphoning off millions from the state fund through bank accounts setup for several shell companies.

Singaporean fund GIC takes over P3 on the biggest real estate deal this year in Europe

Posted on 08 November 2016

The Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks, which has investments in Romania, following a deal worth 2.4 billion Euro, the biggest real estate deal in Europe this year. P3, one of the biggest owners, developers and administrators of logistics assets across Europe, will be acquired by GIC from TPG Real Estate [...]

Warehouses Are Hot Property—Thanks to Internet Shopping

Posted on 08 November 2016

Singapore’s sovereign-wealth fund has agreed to pay €2.4 billion ($2.7 billion) for a portfolio of European warehouses, a sector that is thriving as investors bet on internet shopping.

New Zealand wealth fund focused on climate change resilience

Posted on 08 November 2016

New Zealand’s sovereign wealth fund plans to protect its portfolio from climate change risks by cutting fossil fuel exposure and seeking greener investments, its chief executive said. The NZ$31 billion ($22.71 billion) fund, established to support New Zealand’s retirees, is hosting an annual meeting for some of the world’s biggest sovereign funds in Auckland on [...]

China Sovereign Wealth Fund to Start Research Institute

Posted on 08 November 2016

China Investment Corporation (CIC), the country’s sovereign wealth fund, will set up a research institute to promote international trade and investment. Starting on Saturday, CIC will hold four recruitment sessions for overseas Chinese talent in Chicago, New York, Boston and San Francisco.

Action taken on Ambank bankers over 1MDB case

Posted on 08 November 2016

Bank Negara Malaysia took action against Ambank staff Cheah Tek Kuang and Joanna Yu over a 1MDB-linked case, the Finance Ministry said. However, it did not specify what action was taken in the written parliamentary reply to Tony Pua (DAP-Petaling Jaya).

Qatar SWF mulls Monte dei Paschi’s $5.5bn cash call

Posted on 08 November 2016

Qatar’s sovereign wealth fund is considering an anchor investor role in the world’s oldest bank. Qatar’s sovereign wealth fund has expressed a preliminary interest in backing Monte dei Paschi di Siena’s 5 billion euro ($5.56 billion) emergency cash call, two sources familiar with the matter said, although the response from investors in general has been [...]

Libyan sovereign fund seeks to appeal judgment in Goldman case

Posted on 08 November 2016

Libya’s $67 billion sovereign wealth fund will turn to the UK Court of Appeal, a source said on Friday, after a high court judge denied it permission to appeal her judgment in a $1.2 billion case against Goldman Sachs.

Libya Accuses Goldman Sachs of Bribery in Bid to Appeal Lawsuit

Posted on 08 November 2016

The Libyan Investment Authority tried to resurrect its lawsuit against Goldman Sachs Group Inc. by adding new accusations of bribery, less than a month after a crushing courtroom defeat in London.

A sovereign wealth fund to make the UK’s economy the strongest in the G20

Posted on 08 November 2016

The decision to leave the European Union creates an opportunity to ask fundamental questions about our future for the first time in 40 years. In particular, we are historically worse at long-term planning than many other developed nations: we save less, invest less, and build less economically-vital growth-promoting infrastructure (roads, rail, ports etc) than they [...]

SOFAZ in Top 5 of most transparent sovereign wealth funds

Posted on 08 November 2016

Azerbaijan’s state oil fund SOFAZ has managed to enter the top five of the most transparent sovereign wealth funds of the world. The Fund ranked the fourth among 60 sovereign wealth funds with overall score of 92 out of 100 in the fourth edition of Sovereign Wealth Fund Transparency and Accountability scoreboard published in October [...]

Abu Dhabi’s Mubadala weighs Tabreed stake sale: sources

Posted on 04 November 2016

Abu Dhabi state investment vehicle Mubadala Development Co is considering the sale of a least part of its stake in Dubai’s National Central Cooling Co (Tabreed), three sources familiar with the matter told Reuters.

The LIA “steering committee” threatens to undermine the LIA’s multi-million dollar litigations

Posted on 04 November 2016

Libya is a nation plagued by internal conflict, as the recent attempted coup illustrated only too well. Many of the rifts that exist between the competing factions are deep and intractable. Others, however, are relatively simple to resolve, and the rewards for their resolution would be huge.

SOFAZ among top five most transparent sovereign wealth funds

Posted on 04 November 2016

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has ranked fourth among 60 sovereign wealth funds with overall score of 92 out of 100 in the 4th edition of the Sovereign Wealth Fund Transparency and Accountability scoreboard published in October 2016.

SOFAZ becomes 4th sovereign wealth fund

Posted on 04 November 2016

The State Oil Fund of Azerbaijan (SOFAZ) has got in world’s Top 5 on ranking Sovereign Wealth Fund Transparency & Accountability, made by PIIE (Peterson Institute for International Economics). SOFAZ reports that the PIIE survey covered 60 sovereign wealth funds with scale from zero to 100.

1MDB-related charges and bank closure in Singapore

Posted on 04 November 2016

Two senior private bankers of Swiss bank BSI Bank Ltd in Singapore were slapped with a total of 14 charges on Oct 10, 2016, for allegedly being involved in illegal transactions of large amounts of money that originated from 1Malaysia Development Bhd (1MDB).

Pak Lah backs Najib to fix 1MDB

Posted on 04 November 2016

Former Prime Minister Tun Abdullah Ahmad Badawi believes Datuk Seri Najib Razak should get the chance to resolve the 1Malaysia Development Berhad (1MDB) controversy and restore stability in the country. In Abdullah’s authorised biography Being Abdullah Ahmad Badawi, author Datuk Wong Sulong said that Abdullah had publicly endorsed Najib by agreeing to launch a book [...]

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