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VRS - who has written 16821 posts on Opalesque Sovereign Wealth Funds Briefing.


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Rival Chairmen Hit Deadlock Over Libya’s $67bn Wealth Fund

Posted on 22 July 2015

In a country riven by civil war and rival governments, the Libyan Investment Authority (LIA) is itself torn by competing factions. Mr Breish has an office in Tripoli where he says he is chairman of LIA, while another man, Hassan Bouhadi, runs another LIA head office from Malta, also claiming to be chairman.

Saudi Arabia Investing Billions into Russia Agriculture

Posted on 22 July 2015

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has signed an agreement to invest up to $10 billion in Russia according to the Russian Direct Investment Fund. The majority of the investment will be committed to agricultural projects with the remaining balance spent on medicine, logistics, real estate, and the retail sector, reports Global [...]

World’s Cheapest Bank Is Still Too Pricey for Analysts Expecting Fire Sale

Posted on 22 July 2015

The state-run lender, Latin America’s biggest by assets, is tumbling after Brazil’s sovereign wealth fund sold 1 million shares last month, signaling the government may be preparing to tap the fund to finance its budget deficit. With 80 percent of the fund’s assets tied up in Banco do Brasil, withdrawing cash from the account would [...]

Temasek, UOB offer $685m in venture debt financing

Posted on 22 July 2015

Investment firm Temasek Holdings has tied up with lender UOB to offer up to US$500 million ($685 million) in venture debt loans over the next five years to Internet start-ups in China, India and South-east Asia.

Singapore freezes bank accounts linked to Malaysian 1MDB probe

Posted on 22 July 2015

Singapore police have frozen two bank accounts as part of an investigation linked to Malaysian sovereign wealth fund 1MDB, Reuters reported Wednesday. The fund is being probed by authorities in Malaysia for financial mismanagement and graft.

Chinese investment bank files for up to $1 bln HK flotation

Posted on 22 July 2015

China International Capital Corp (CICC), the country’s top domestic investment bank, has filed for an initial public offering in Hong Kong that could be worth up to $1 billion, people with direct knowledge of the plans said. The filing sets the ball rolling for a flotation expected to take place as early as September, Thomson [...]

GLP launches second China fund

Posted on 22 July 2015

Global Logistic Properties (GLP), which provides warehouses and the like in China, Japan, Brazil and the United States, has launched what it says is the largest China-focused logistics infrastructure fund. CLF Fund II already has US$3.7 billion (S$5 billion) in equity committed to it by GLP and its investors, with debt options allowing for an [...]

Taiwan: Ministry mulling ‘quasi’ sovereign wealth fund

Posted on 21 July 2015

The ministry is looking for ways to coordinate the actions of Taiwan’s four state funds, diversify their portfolios and boost their efficiency. The Ministry of Finance is to suggest that the Cabinet create a platform to marshal the operations of four state funds to boost their efficiency and profitability so they can better help strengthen [...]

China’s Total Gold Holdings Much Higher – Owns Gold In SAFE and CIC

Posted on 21 July 2015

China revises up its stated gold reserves in bid for IMF membership and reserve currency status. China announces a 604 tonne increase in gold reserves. First public disclosure re reserves in since 2009. China true gold holdings much higher as also owns gold in SAFE and CIC.

Singapore’s Temasek Holdings invests around $14 in Just Dial

Posted on 21 July 2015

Investment venture Temasek Holdings has bought around 1% in India’s Just Dial in the last couple of weeks for around $13-$14 million. This is not the first time for Temasek to invest in Just Dial Ltd but for the second time. Just Dial Ltd, “Which runs the India-specific local business listings site Justdial.com and is [...]

Neptune: No Decision on Container Shipping Line Sale

Posted on 21 July 2015

Container-ship operator Neptune Orient Lines Ltd. said it hasn’t yet made any decision regarding a potential sale and is focused on returning its core liner business to profitability. The Wall Street Journal had reported last week that Singapore state-investment company Temasek Holdings Pte. Ltd. had put the struggling $1.7 billion container-shipping company up for sale, [...]

Malaysian fund Khazanah exits India’s L&T, makes 15% gross return

Posted on 21 July 2015

Malaysian sovereign wealth fund Khazanah Nasional Bhd (Khazanah) has exited its four-year-old investment in India-based L&T Finance Holdings Ltd, the public-listed financial services unit of conglomerate Larsen and Toubro Ltd (L&T).

GLP Establishes US$7 Billion CLF II

Posted on 21 July 2015

Mainboard-listed Global Logistic Properties Ltd (GLP) said on Tuesday it plans to set up its second and largest China-focused logistics infrastructure fund, with seven investors, with the aim to pump in up to US$7 billion (S$9.6 billion) in the sector in the next four years.

The world’s biggest sovereign wealth funds

Posted on 20 July 2015

When it comes to sovereign wealth funds—state-owned investment vehicles—those countries that can afford to squirrel away surplus revenues do. As of March 2015, sovereign wealth funds around the world had amassed $7.1 trillion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), up from $3.4 trillion at the start of 2008.

New wave of support for UK sovereign wealth fund

Posted on 20 July 2015

A new wave of support has emerged for the creation of a UK sovereign wealth fund, which proponents believe would pump much-needed money into large infrastructure projects. Countries with sovereign wealth funds tend to run fiscal surpluses, something the UK government is a long way from achieving.

Skepticism About A U.S. Sovereign Wealth Fund

Posted on 20 July 2015

The U.S. government right now can borrow very cheaply, which has spurred many to argue the U.S. should create a sovereign wealth fund (SWF). This would basically be a fund that the government invests with to try and make a profit. I think the biggest problem with this idea is it assumes into existence an [...]

Korean Sovereign Fund Drops Bid to Buy L.A. Dodgers Stake

Posted on 20 July 2015

South Korea’s sovereign-wealth fund says it is no longer pursuing a stake in the Los Angeles Dodgers. The Wall Street Journal reported in April that Korea Investment Corp. was interested in purchasing a minority stake in the Major League Baseball team. The Dodgers’ owners also had held discussions with a number of other interested organizations, [...]

GIC in Brazil shopping mall move

Posted on 20 July 2015

Singapore’s Government of Singapore Investment Corporation (GIC), the eighth largest sovereign wealth fund (SWF) with total AUM of US$345 billion, has purchased a 35% stake in a Brazilian shopping mall, Via Parque Shopping. GIC said in a statement that the fund has entered into an agreement with the country’s second largest listed mall developer, Aliansce [...]

USPL gets Temasek boost

Posted on 20 July 2015

In an attempt to power its aggressive expansion plans, Sachin Tendulkar-backed celebrity fashion lines company Universal Sportsbiz Private Limited (USPL) has raised Rs 8 crore from InnoVen Capital India (formerly known as SVB India Finance) in debt. Innoven Capital India is a start-up focused subsidiary of Singapore-based investment major Temasek Holdings.

The leadership battle at the top of Libya’s sovereign wealth fund

Posted on 20 July 2015

The fund is supposed to manage the nation’s oil wealth for the good of its war-torn people, but is itself driven by leadership rivalries. “Do you see any bruises on my face? I just came from Tripoli yesterday. There is no violence in Tripoli.” It is a bracing start to an interview about the usually [...]

Libya’s $67 billion frozen funds must remain on ice says would-be investment chief

Posted on 20 July 2015

A would-be leader of Libya’s $67 billion sovereign wealth fund warned on Friday that conditions were not right to start unfreezing and managing the funds assets, speaking out against a rival’s plan. The fund has yet to be fully untangled after the ouster of Muammar Gaddafi four years ago. It is at the centre of [...]

Libya: Freeze Libyan sovereign fund till unification, Breish

Posted on 20 July 2015

Abdul Magid Breish, once the undisputed leader of the Libyan Investment Authority (LIA), has warned that the country’s $67 billion sovereign wealth fund should continue to be frozen “until we have total stability.”

Eating The Nigerian Nationalcake And Having It

Posted on 20 July 2015

Governors are always eager to share the nationalcake as soon as possible. It would be recalled Amaechi led Nigeria Governors Forum(NGF) dragged Federal Government to court over Sovereign Wealth Fund and Excess Crude Account. NGF disagreed with federal government on plan to set aside fund in Sovereign Wealth Fund Account.

Banco do Brasil Falls on Sovereign Share Sale as Ibovespa Gains

Posted on 17 July 2015

State-run Banco do Brasil SA fell the most in six weeks as the country’s sovereign-wealth fund sold some of its shares, paring gains on the Ibovespa. The lender was the biggest drag on the benchmark equity gauge. The sovereign wealth fund, which the government may tap to help meet its fiscal target, has started reducing [...]

Brazil Bank Stock Sale Signals Rousseff May Tap Wealth Fund

Posted on 17 July 2015

Brazil’s sovereign wealth fund has started reducing its stake in Banco do Brasil SA as the government may tap the fund to help meet its fiscal target, said a person with direct knowledge of the matter. The shares plunged the most in six weeks.

Puerto Rico economics chief advocates ’sovereign fund’ for island

Posted on 17 July 2015

Puerto Rico’s top economic official on Thursday said the island should form an investment fund to help attract business as it struggles under $73 billion of debt. Alberto Baco, the island’s economic development minister, said in an interview he will advocate for the creation of a “sovereign fund” to promote development, which he said should [...]

Sovereign Wealth Funds Sticking With Listed Equities

Posted on 17 July 2015

Despite Greece stimulating drama among its people and creditors, Iran and the U.S. striking a nuclear deal, and China’s volatile equity markets, public institutional investors have stuck with listed equities in developed markets. It is true that trends are showing wealth funds and large U.S. pensions socking more money toward alternative investments like real [...]

After decades of prudence, Singapore is well prepared for most eventualities

Posted on 17 July 2015

The full extent of the country’s reserves is a closely guarded secret. They are managed by the Monetary Authority of Singapore (MAS, the central bank) and two sovereign-wealth funds, the Government of Singapore Investment Corporation (GIC) and Temasek Holdings.

Temasek seek buyers for shipper Neptune Orient Lines

Posted on 17 July 2015

Singapore state investor Temasek Holdings has put shipping company Neptune Orient Lines Ltd , which has a market value of $1.7 billion, up for sale, people familiar with the matter told Reuters. Temasek has hired a bank to seek buyers for the business which made a net loss in five of the past six years, [...]

Temasek Holdings selling NOL

Posted on 17 July 2015

Singapore investment firm Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, according to a Wall Street Journal (WSJ) report. The report, citing unnamed sources, said the liner company has been “shopped to prospective buyers” in recent months. NOL is about 67 per cent owned by Temasek, going by Bloomberg data.

CIC Teams with AEW to Close on $1.44B European Mall Portfolio

Posted on 17 July 2015

China Investment Corporation (CIC) has joined with investment manager AEW Europe to acquire a fleet of 10 malls in France and Belgium from CBRE Global Investors for €1.3 billion ($1.44 billion). The retail acquisition is believed to be the largest yet for CIC, which is China’s biggest sovereign wealth fund and is part of a [...]

Arabian Gulf sovereign wealth funds pick new plays

Posted on 16 July 2015

Arabian Gulf sovereign wealth funds (SWFs) may have to increase their transaction volume to generate more returns to make up for the loss of income from lower oil prices and sales, analysts say. The oil price scenario remains unclear and will continue to impact the investments of Gulf funds, which corner nearly 40 per cent [...]

Qatar fund’s ex-head sticks with EU assets

Posted on 16 July 2015

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the Qatar Investment Authority (QIA).

Libya SWF considered investing EUR1.5bn in Bank of Ireland

Posted on 16 July 2015

The Libyan investment authority considered investing €1.5 billion in Bank of Ireland in late 2010, according to the former head of the National Treasury Management Agency (NTMA) John Corrigan.

China Investment Corporation and LaSalle tipped to take Investa

Posted on 16 July 2015

China Investment Corporation, the world’s fourth-largest sovereign wealth fund, and LaSalle ­Investment Management may be edging close to winning preferred bidder status on Morgan Stanley’s $8.9 billion Investa Property Group.

GIC pays US$42m for minority stake in Aliansce’s Brazilian mall

Posted on 16 July 2015

GIC Pte Ltd, Singapore’s sovereign wealth fund, agreed on Monday to pay 132.4 million reais (S$57 million) for a minority stake in a shopping mall controlled by Brazil’s Aliansce Shopping Centers SA, the latest step in the fund’s push into Latin America’s largest economy.

Singapore’s GIC exits Indian FMCG firm Marico

Posted on 16 July 2015

Singapore’s sovereign wealth fund GIC has exited Indian FMCG company Marico completely and is estimated to have pocketed around Rs 600 crore ($95 million) by selling its remaining 2.47 per cent stake in the maker of Parachute coconut hair oil and edible oil brand Saffola, a report said.

Sovereign wealth fund “Samruk-Kazyna” says agency Standard & Poor’s affirmed credit ratings of company at level “BBB/А-2″; outlook “Stable”

Posted on 16 July 2015

Sovereign wealth fund “Samruk-Kazyna” JSC, whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has by an official letter informed KASE of the following: … on July 10, 2015 rating agency Standard&Poor’s affirmed the long-term and short-term credit ratings of the Fund on liabilities in foreign and local currencies at level “ВВВ/А-2″. Outlook [...]

China Investment Corporation and LaSalle tipped to take Investa

Posted on 15 July 2015

China Investment Corporation, the world’s fourth-largest sovereign wealth fund, and LaSalle ­Investment Management may be edging close to winning preferred bidder status on Morgan Stanley’s $8.9 billion Investa Property Group.

CIC completes $1.4 billion acquisition of Belgian, French shopping centers

Posted on 15 July 2015

China’s largest state investment fund has bought 10 shopping centers in France and Belgium for about €1.3 billion ($1.44 billion), one of its biggest acquisitions in Europe. China Investment Corp., along with affiliate AEW Europe, bought the portfolio of malls from CBRE Global Investors, according to company statements.

DLF to raise funds via PE, in talks with GIC

Posted on 15 July 2015

Realty major DLF is likely to raise Rs 2,500-3,000 crore by next month via private equity and is in talks with Singapore government’s investment arm GIC to sell stake in a new housing project in New Delhi. According to sources, it is in advanced stage of talks with sovereign wealth fund GIC to sell up [...]

Temasek to meet investors next week

Posted on 15 July 2015

Temasek Holdings is planning to meet investors starting next week. Singapore’s state investment holding company will be meeting investors for a luncheon in Singapore next Monday. DBS and OCBC are arranging the meetings.

Temasek’s Indian unit InnoVen Capital to expand to Singapore

Posted on 15 July 2015

InnoVen Capital, a Mumbai-based venture debt fund which recently got acquired by Singapore government-backed Temasek Holdings for INR 300 crore (under US$50 million), is planning to expand its operations to Singapore, says a report by The Economic Times, citing its Managing Director Vinod Murali.

1MDB looms large over politics as fund is wound down

Posted on 15 July 2015

Long after its demise, Malaysia’s state investment company may loom large over the country’s politics and the future of Prime Minister Datuk Seri Najib Razak. The brainchild of Najib, debt-ridden 1Malaysia Development Bhd’s six-year existence has been dogged by controversy, culminating in a decision to wind it down even before multiple investigations were started [...]

Northern Trust and New Zealand Super Fund Extend Relationship

Posted on 15 July 2015

The Guardians of New Zealand Superannuation (the Guardians), the manager of the NZ$29 billion New Zealand Superannuation Fund (the Fund) has appointed Northern Trust’s (Nasdaq: NTRS) international asset management arm, a leading provider of index, active and multi-manager solutions, to manage a Barclays Global Aggregate fixed income mandate, incorporating the Fund’s environmental, social and governance [...]

Adia accelerates in-sourcing push

Posted on 15 July 2015

Abu Dhabi Investment Authority’s move to bring more of its asset management in-house is gathering pace. Adia is estimated to have assets under management of between $600 billion and $800 billion and, up until three years ago, external managers ran 80% of that. Its 2014 report, released in June, shows that figure has fallen to [...]

Abu Dhabi Investment Authority Unloads General Growth shares

Posted on 15 July 2015

The General Growth Properties Inc’s insider Abu Dhabi Investment Authority unloaded – 110,000 shares of General Growth Properties Inc, based on the average price of stock which is $26.5 for each one share. This sale of shares currently has a value of approx. $2,915,770 U.S. Dollars.

The Ascott, QIA setting up serviced residence global fund

Posted on 15 July 2015

CapitaLand’s serviced residence arm ,The Ascott, has teamed up with the Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, to set up a US$600 million (S$811 million) serviced residence fund. The real estate group said the move was part of an ambitious plan to launch six new funds with up to $10 billion [...]

Qatar’s Sheikh Hamad Buys $1.1B stake in Spain’s El Corte Ingles

Posted on 15 July 2015

Former Qatari Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al Thani will take a 10 per cent stake in Spanish department store El Corte Ingles for 1 billion euros ($1.1 billion) as he builds his portfolio as a solo investor.

Iran Deal Exacerbates Norway’s Oil Risks as Supply Set to Swell

Posted on 15 July 2015

Norway, which has built the world’s biggest sovereign wealth fund from its oil riches, has also struggled to stop its commodity reliance from overheating the economy. It’s among the costliest places in the world to do business. Workers in its offshore industry were the best or second-best paid worldwide over the past five years, according [...]

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