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VRS - who has written 13926 posts on Opalesque Sovereign Wealth Funds Briefing.


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Panama’s sovereign wealth fund to diversify into stocks - CIO

Posted on 03 April 2014

Panama’s sovereign wealth fund expects to begin the process of investing some of its assets into equities later this year, and would target developed economies, its chief investment officer said on Tuesday.

Kazakhmys completes sale of power-unit stake for $1.25 bln

Posted on 03 April 2014

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper miner, has received $1.25 billion after completing the sale of its power unit to the nation’s sovereign wealth fund.

SOFAZ acquires office block in S.Korea for $447 mln

Posted on 03 April 2014

Azerbaijan’s state oil fund (SOFAZ) has acquired an office complex in the South Korean capital Seoul for $447 million, the fund said on Tuesday, as it further diversifies a broad portfolio of foreign assets.

Gulf SWFs to broaden range of target acquisition markets

Posted on 03 April 2014

Sovereign wealth funds in the Middle East, mostly owned by the GCC countries, are likely to broaden the range of target markets in 2014 after doubling their acquisitions to $18.8 billion in 2013 as the global commercial property transactions volumes are projected to jump, Knight Frank’s said on Monday.

KIA’s Ajial invests 400 mln euro in Wessal Capital

Posted on 03 April 2014

Al-Ajial Investment Fund of Kuwait Investment Authority (KIA) is investing 400 million euro in the Wessal Capital Gulf-Morocco venture, an equal share to that put in by the sovereign funds of Saudi Arabia, Qatar, the UAE, and Morocco.

Gulf states to invest over $730 mln in tourism infrastructure in Morocco

Posted on 03 April 2014

The Arab Gulf states fund Wessal Capital will invest 6 billion dirhams ($737 million) in tourism infrastructure in the port of Casablanca, the first in a series of other similar projects planned by the Gulf states, a statement from the royal cabinet said on Tuesday.

Gaddafi’s successors find fault with another of his banks

Posted on 03 April 2014

Libya’s sovereign wealth fund has filed a $1.5 billion (£901.87 million) lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of former Libyan leader Muammar Gaddafi.

Temasek Holdings backs Star Agriwarehousing with Rs 240 crore investment

Posted on 03 April 2014

Singapore state-owned investment company Temasek Holdings is investing Rs 240 crore for a significant minority stake in Star Agriwarehousing and Collateral Management Limited, one of the country’s fastest growing agri-solutions companies.

MH370 Tragedy: Khazanah Nasional ready to assist in SAR

Posted on 03 April 2014

Khazanah Nasional Berhad, the major share holder in Malaysia Airlines (MAS), have always cooperated with the government to do all it can to assist in the case of the missing MAS flight MH370.

Khazanah wants to up fund for CR initiatives

Posted on 03 April 2014

Khazanah Nasional Bhd said one of the key initiatives for the company this year is the continuous effort to build capacity of its Civil Society Partner Organisations (CSPO). The government investment arm is raising its investment for its corporate responsibility (CR) initiatives this year by 20 per cent to RM100 million, as part of its [...]

RBA questions super fund infra investment

Posted on 03 April 2014

The Reserve Bank of Australia (RBA) has questioned the role of superannuation funds boosting funding for infrastructure investment, saying that it is not appropriate to mandate funds to invest in assets to meet “broader national objectives.”

Singapore’s sovereign wealth fund opens office in Brazil

Posted on 02 April 2014

Singapore’s sovereign wealth fund GIC Private Ltd said on Tuesday it has opened an office in Brazil as it looks to increase its investments in Latin America. Based in Sao Paolo, the new office will focus on investments in real estate, healthcare, financial and business services, and natural resources and infrastructure, GIC said in a [...]

GIC joins IFM, Borealis for Qld Motorways bid

Posted on 02 April 2014

Singapore’s sovereign wealth fund GIC has joined IFM and Borealis to form a new consortium that will bid next month for Queensland Motorways, a 62-kilometre network of tolled roads, bridges and infrastructure around Brisbane that may be worth about $4 billion.

Temasek not the usual sovereign wealth fund

Posted on 02 April 2014

Whenever Temasek Holdings opens a new office outside of Singapore, it is “not indicative of some radical shift” in the investment company’s approach, said its chairman Lim Boon Heng.

Sovereign wealth funds top investors among global funds that bet on Indian equities

Posted on 02 April 2014

Sovereign wealth funds emerged as the top investors among global funds that bet on Indian equities last year, indicating strong faith in the long-term prospects of the Indian economy that’s currently in a slump and yet to show definitive signs of a recovery.

Libya in $1.5bln law suit over bribes to Gaddafi son

Posted on 02 April 2014

Libya’s sovereign wealth fund has filed a $1.5bn lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif Al Islam, the son of former Libyan leader Muammar Gaddafi.

Libya fund accuses Société Générale of fraud

Posted on 02 April 2014

French bank Société Générale paid a middleman $58 million in alleged bribes to secure almost $2 billion in business from Libya’s main sovereign-wealth fund during the final years of dictator Moammar Gadhafi’s rule, according to a lawsuit filed by the fund, the Libyan Investment Authority.

Adia among leaders in record year for sovereign wealth funds

Posted on 02 April 2014

Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.

Nigeria: SWF Posts N505.6mln Income in 15 months

Posted on 02 April 2014

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.

Big economy, poor strategy

Posted on 02 April 2014

Nigeria, with its prodigious wealth of people and natural resources, may after all be recognised as the largest economy in Africa. However, this size does not reflect in the way she manages her economy, or her investment strategy. Notably, in the management of Nigeria’s huge and idle pension funds and that of her Sovereign Wealth [...]

Norway cbank won’t buy foreign currency for oil find in April

Posted on 02 April 2014

Norway’s central bank will not purchase any foreign currency for the country’s sovereign wealth fund in April, the bank said on Monday on its page, in line with its practice over the past several months.

Azerbaijani State Oil Fund purchases real estate in South Korea

Posted on 02 April 2014

The State Oil Fund of Azerbaijan (SOFAZ) has acquired prime office complex, Pine Avenue Tower A in Seoul, South Korea for USD 447 million, a message from the Fund said on April 1.

Trinidad and Tobago appoints new sovereign wealth fund chairman

Posted on 28 March 2014

Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment. Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago’s sovereign wealth fund), a release from the Ministry [...]

Planned sovereign wealth fund may well be only Zim entity able to pay for stakes in mines

Posted on 28 March 2014

The introduction of the Sovereign Wealth Fund (SWF) by the Zimbabwe government could not have been more timeous, according to experts, as it will be used for much-needed infrastructure development. This also comes amid investor dissatisfaction in the Zimbabwean mining industry, owing to the country’s Indigenisation and Economic Empowerment Act and mining royalties policies.

NEC demands details of spending on Excess Crude Account

Posted on 28 March 2014

The National Economic Council (NEC) Thursday requested the federal government to give the details of the spending on Excess Crude Account (ECA) to the states. Governor Godswill Akpabio of Akwa Ibom State made this known after the NEC meeting presided over by the Vice-President Namadi Sambo in Abuja.

Russia to aid banks, businesses in case of crisis – Finance Minister

Posted on 28 March 2014

Russia will support banks and businesses with large external debts in the event of a financial crisis by dipping into an $88 billion emergency sovereign wealth fund, Finance Minister Anton Siluanov told the Prime news agency Thursday.

RDIF taps Middle East and China investors to buy stake in Sodrugestvo

Posted on 28 March 2014

Russian Direct Investment Fund , the Kremlin-backed investment fund, is teaming up with Middle Eastern and Chinese investors to acquire a stake in Sodrugestvo Group SA, an oilseed processor and trader in Russia.

Sovereign funds wary of emerging market volatility

Posted on 27 March 2014

Sovereign wealth funds see emerging market turbulence as a long-term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.

Sovereign wealth funds make up more than 25pct of U.S. retirement assets

Posted on 27 March 2014

The Investment Company Institute published retirement data stating that December 31, 2013 retirement U.S. assets amounted to US$ 23 trillion. These assets increased 5% from 3 months ago. Employer-based defined contribution assets in the U.S. totaled US$ 5.9 trillion, in which US$ 4.2 trillion were in 401(k) plans.

China’s sovereign wealth fund to buy $40 mln stake in IKang

Posted on 27 March 2014

China’s sovereign wealth fund agreed to pay $40 million for a stake of about 4.6 percent in iKang Healthcare Group Inc., the Beijing-based provider of preventive care that filed earlier this month for an initial public offering in the U.S.

China growth unsatisfactory, but it’s early: CIC

Posted on 27 March 2014

A senior official in China’s sovereign-wealth fund said the country’s economic growth so far this year has been disappointing but it is too early to draw alarm. China’s “first-quarter growth is not satisfactory but it is like a trial run–it does not represent the entire year,” said Li Xiaopeng, head of China Investment Corp.’s supervisory [...]

CIC eyes agriculture, tips H2 China growth

Posted on 27 March 2014

China’s sovereign wealth fund has singled out global agricultural investments as a particular area of interest, with other favoured sectors including information technology, real estate and infrastructure.

China CIC sovereign wealth fund worried over US QE

Posted on 27 March 2014

Sovereign wealth fund (CIC) Chairman Li expressed concern that it is becoming more difficult to find investible long-term projects, also noting that while QE may weigh on emerging markets in the short term, those challenges would likely be temporary. Li also said Q1 GDP in China thus far appears to be unsatisfactory, but Q2 will [...]

Temasek diversifies from China Banks with Watson: Update

Posted on 27 March 2014

Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.

China Huiyuan to issue $150 mln bonds to Temasek

Posted on 27 March 2014

China Huiyuan Juice Group Ltd will issue $150 million worth of convertible bonds to a unit of Singapore state investor Temasek Holdings (Pvt) Ltd, as China’s top pure fruit juice producer aims to expand its investor base.

Mubadala, France’s CDC launch $414mln fund

Posted on 27 March 2014

Abu Dhabi state-owned investment fund Mubadala Development Company and France’s CDC International Capital on Tuesday launched a 300 million euro ($414 million) investment vehicle to invest in a wide range of sectors in France.

Suit: Dutch firm laundered money for Libyan regime

Posted on 27 March 2014

Palladyne International Asset Management BV was a “kickback and money laundering operation” for the former Libyan dictator Moammar Gadhafi’s regime, a former executive alleged in a lawsuit filed this week.

UK spent its oil legacy: Norway couldn’t

Posted on 27 March 2014

Norway thus created what is now the world’s largest sovereign wealth fund at $840bn. It’s almost three times the size of the Kuwait Investment Office and that oil-rich state started building its nest egg 60 years ago.

Sovereign funds wary of hidden emerging market exposure: Templeton

Posted on 26 March 2014

Sovereign wealth funds see emerging market turbulence as a long term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.

Mubadala and France launch Dh1.5bln investment fund

Posted on 26 March 2014

Abu Dhabi’s Mubadala Development has announced the creation of a €300 million (Dh1.51 billion) investment platform in conjunction with CDC International Capital (CDC I Capital), the investment arm of France’s sovereign wealth fund Caisse des Dépôts.

ZANU PF ploughs ahead with the sovereign wealth fund

Posted on 26 March 2014

As Zimbabwe forges ahead towards creating a Sovereign Wealth Fund, observers fear the ZANU PF government is not ready for such an undertaking given its history of economic mismanagement.

Nigeria: SWF- FG, states’ out-of-court settlement collapses

Posted on 26 March 2014

The federal government yesterday informed the Supreme Court that the out-of-court settlement with the 36 states of the federation over dispute arising from the maintenance of the Excess Crude Account and the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF) has collapsed.

Nigeria court adjourns sovereign wealth fund suit

Posted on 26 March 2014

The Supreme Court in Nigeria has been told that the out-of-court settlement between the Federal Government and the 36 states of the federation over the dispute arising from the maintenance of the Excess Crude Account and the transfer of one billion dollars from the account to the Sovereign Wealth Fund (SWF) has collapsed for the [...]

FG briefs Supreme Court on inability to settlement dispute over Excess Crude Account, Sovereign Wealth Fund with states

Posted on 26 March 2014

The Federal Government on Monday briefed the Supreme Court about its inability to reach an amicable settlement with governors of the 36 states in the dispute over the maintenance of the Excess Crude Account and its plan to move $1 billion from the account for the establishment of the Sovereign Wealth Fund (SWF).

GIC backs Intelligent Energy with £38mln

Posted on 26 March 2014

Singapore’s sovereign wealth fund GIC has sunk $63m (£38m) into Loughborough-headquartered Intelligent Energy Holdings, the company’s second major fundraising in the past six months.

Asian investors want $1bn farm deals but sector not ready

Posted on 26 March 2014

International companies, pension funds and sovereign wealth funds are ready and willing to invest in the Australian farm sector, but many parts of the industry are still not investment-ready and lack the depth in management to facilitate deals.

Saskatchewan Premier Brad Wall says there’s no decision on when to launch Futures Fund

Posted on 24 March 2014

Premier Brad Wall says he hasn’t decided whether his administration will begin directing resources to a new sovereign wealth fund before the provincial government has paid off its sizable debt. “You’re going to see legislation from this government very soon to establish that futures fund,” Wall told reporters at the legislature on Thursday.

Broten, Wall battle over futures fund

Posted on 24 March 2014

Opposition Leader Cam Broten says he wanted to see a stronger commitment to a sovereign-wealth fund in the provincial budget. “Right now, the premier’s sort of trying to have it both ways,” Broten told reporters in Regina after the issue was raised in question period Wednesday. “It’s a rather ambiguous position.”

Nordic giants offload Euro1.7mln stake in Providence Resources

Posted on 24 March 2014

The world’s largest sovereign wealth fund has sold off its stake in Providence Resources – one of the more active companies working in the Irish oil industry. Norway’s €602.5bn Government Pension Fund, which is managed by Norges Bank, sold off its €1.7m stake in Providence Resources last year.

Kazakhstan Government increases reserve fund by $250 mln after tenge devaluation

Posted on 24 March 2014

Amid adjustments of microeconomic indicators for the year 2014 the Kazakhstan Government has revised its budget. “We advise to increase the government reserve by $250 million to ensure timely response to emergency situations arising from fluctuations of the economy,” the Minister of Economy and Budget Planning Yerbolat Dosayev suggested at the meeting of the Cabinet.

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