Fri, Mar 27, 2015
A A A
Welcome kivanova2
RSS

Sovereign Wealth Funds Briefing - Category | Investment more

S.Korea’s KIC mulls taking up to $1.36 bln stake in 3 luxury hotels-Chosun Ilbo

Posted on 27 March 2015 by VRS  |  Email |Print

Korea Investment Corp (KIC), South Korea’s sovereign wealth fund, is considering investing around 1-1.5 trillion won ($906 million-$1.36 billion) in three five-star hotels owned by Saudi Arabia-based Kingdom Holding Co, a South Korean newspaper reported on Friday.
The hotels include The Savoy in London, and KIC is considering taking about a 50 percent stake, the Chosun Ilbo reported, citing unnamed KIC and investment banking sources. A KIC spokesman declined comment………………………………………..Full Article: Source

In Africa, SWFs Seek to Bridge Infrastructure Gap — And Make Money Too

Posted on 26 March 2015 by VRS  |  Email |Print

Across sub-Saharan Africa, sovereign wealth funds are stepping in to provide capital for big infrastructure projects. There are major risks — but the profits could be huge. The town of Bagamoyo, on Tanzania’s sun-drenched Indian Ocean coast, is a quiet seaport with a history of maritime trade. But it could be about to get a lot busier.
The Tanzanian government has signed an $11 billion deal to transform this historic harbor into Africa’s biggest port. Bagamoyo will become a “special economic zone,” shipping oil, gas and food products from East Africa to emerging economies in the Middle East, Asia and beyond. To secure funding for the project, the Tanzanian government brought in a pair of big foreign investors: Hong Kong-based infrastructure conglomerate China Merchants Holdings International Co. and a sovereign wealth fund, the $34.4 billion State General Reserve Fund of the Sultanate of Oman(SGRF)………………………………………..Full Article: Source

Paladin Energy raises additional $50m from CIC

Posted on 26 March 2015 by VRS  |  Email |Print

Paladin Energy has raised an additional $US50 million by issuing convertible bonds to a unit of sovereign wealth fund China Investment Corporation (CIC). The proceeds will provide the company with additional funding flexibility.
The uranium miner (PDN) previously agreed to issue convertible bonds worth $US100m to CIC, with the funds to be used for the repurchase of existing convertible bonds due in November. The CIC investment will bolster Paladin’s cash position and reduce the need for any additional funding in the medium term, chief executive John Borshoff said in a statement………………………………………..Full Article: Source

Hutch agrees to buy O2, talks to SWFs

Posted on 26 March 2015 by VRS  |  Email |Print

Li Ka-shing-controlled Hutchison Whampoa has agreed to pay up to £10.25 billion ($15.2 billion) for UK mobile phone firm O2. The deal announced on Wednesday with Spanish parent Telefonica will create the UK’s biggest mobile operator, once O2 is merged with Hutchison 3G UK, and marks Hutchison Whampoa’s largest acquisition ever, as Hong Kong’s richest man Li doubles down on investments in Europe.
Hutchison Whampoa has not revealed any details of who the potential investors might be but, according to a source familiar with the matter, the company is in discussions with investors including sovereign wealth funds and private equity firms. There are a series of discussions going on with investors and a preference for sovereign wealth and pension funds. According to reports, Singapore’s GIC, Canadian pension funds, and Qatar’s sovereign wealth fund are among those that are in talks with Hutchison Whampoa………………………………………..Full Article: Source

Hutchison to buy UK mobile network O2 for £10.25 billion, “in talks with GIC on investing in enlarged business”

Posted on 25 March 2015 by VRS  |  Email |Print

Billionaire Li Ka-shing’s Hutchison Whampoa Ltd. agreed to acquire Telefonica’s O2 unit in the U.K. for more than £10.25 billion (S$20.80 billion) to create the country’s biggest wireless provider by customers. The price includes an initial sum of £9.25 billion in cash, with the remainder to be paid when certain financial targets are met, Telefonica said Tuesday.
Hutchison is selling 30 per cent of the enlarged business, a stake it values at as much as £3 billion, people familiar with the matter said. Hutchison is in talks with investors including Singapore’s sovereign wealth fund GIC and Canada Pension Plan Investment Board, and has also held discussions with potential partners including Qatar’s sovereign-wealth fund, they said………………………………………..Full Article: Source

CIC Makes Strategic Investment in Uranium Mining Company

Posted on 25 March 2015 by VRS  |  Email |Print

Currently, China has 27 nuclear reactors under construction. The Asian giant’s nuclear programme possessed 18 GW of nuclear energy capacity in 2014, determined to hit 58 GW by 2020. The demand from China, India and the Middle East are elevating uranium prices, catching up to pre-Fukushima levels.
Perth-based Paladin Energy Ltd, a Uranium explorer and mining company, has agreed to issue US$ 50 million in senior, unsecured convertible bonds to Leader Investment Corporation, a sovereign wealth enterprise (SWE) of the China Investment Corporation (CIC). These convertible bonds issued to the sovereign wealth fund are on the same terms and conditions from the last US$ 100 million convertible bonds that were issued to clients of JP Morgan………………………………………..Full Article: Source

Qatar has big investment plans for India

Posted on 25 March 2015 by VRS  |  Email |Print

The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, told TOI on the eve of his summit with Narendra Modi - the Prime Minister’s first with a leader of the Arab world - that his energy-rich country wanted to invest big in India. “I know that the new government is taking a number of initiatives, especially in business and investment, which is very interesting and encouraging from our point of view. We trust the Indian economy. So we will invest in India.”
Through the Qatar Investment Authority, he holds significant stakes in such blue-chip corporations as Harrods, Barclays and Sainsbury; he also owns the famed Paris Saint-Germaine Football Club, and controversially won the right to host the 2022 football World Cup………………………………………..Full Article: Source

Qatar’s QIA to join Swiss travel retailer Dufry in bid for WDF

Posted on 25 March 2015 by VRS  |  Email |Print

Qatar Investment Authority and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters on Monday. “QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter.
He declined to give details but said the tie-up was a sign of a more conservative investment style adopted by the Qatari sovereign wealth fund recently; in the past, it might well have bid by itself. A second source confirmed the joint bid and said the deadline was now expected to be March 31, after a delay due to rival bidders - South Korea’s Lotte Group and China’s Sunrise Duty Free - asking for more time………………………………………..Full Article: Source

GIC: Investors Should Unite Against Short Termism

Posted on 24 March 2015 by VRS  |  Email |Print

The CIO of one of the world’s largest asset pools has called on fellow institutional investors to help persuade asset managers of the benefit of extending their horizons. In a paper published last week, GIC CIO Lim Chow Kiat said one of the major issues hampering the multi-billion dollar fund was many asset managers’ focus on short-term liquidity and performance. This stance, he said, was not being challenged enough by many of the world’s largest investors.
“The minimum time horizon for performance measurement is five years,” said Lim. “In addition, we work hard to prepare expectations for potential return paths. This is to avoid surprises and allow our investors to act in a long-term manner.”……………………………………….Full Article: Source

QIA ‘in joint bid for travel retailer’

Posted on 24 March 2015 by VRS  |  Email |Print

Qatar Investment Authority (QIA) and Swiss travel retailer Dufry are teaming up to bid for Italian travel retailer World Duty Free (WDF), which belongs to the Benetton family, two sources familiar with the matter told Reuters yesterday.
“QIA and Dufry have a joint bid for WDF,” said a senior banker in Doha familiar with the matter. He declined to give details but said the tie-up was a sign of a more conservative investment style adopted by the Qatari sovereign wealth fund recently; in the past, it might well have bid by itself………………………………………..Full Article: Source

GIC chief laments investors’ short-term perspective

Posted on 23 March 2015 by VRS  |  Email |Print

Asset owners could work together to forge a greater focus on long-term investments, according to the CIO for the Government of Singapore Investment Corporation (GIC). In a new research paper, the sovereign wealth fund’s chief investment officer said he was keen for long-term partnerships with external managers.
However, he expressed concern that other investors’ time horizon did not match GIC’s. Lim Chow Kiat, group CIO for GIC, said that the sovereign investor was limited in the number of truly long-term investments it can make by other investors’ and external managers short-term horizons………………………………………..Full Article: Source

Ghana to use part of $600m sovereign wealth fund to manage shortfall in crude revenue

Posted on 19 March 2015 by VRS  |  Email |Print

The Minister of Finance, Seth Terkper says the country would use part of its sovereign wealth fund, which has accumulated $600 million to manage current economic challenges brought about by the shortfall in projected oil revenue. Speaking at the opening of the Financing the Future Conference in Accra, Ghana, March 17, 2015, he said the stabilisation fund has accumulated $600 million so far.
Mr. Terkper noted that since the country attained its middle income status, access to concessional financing has decreased significantly. “Inflows from our development partners are highly volatile showing a cyclical effect (especially in election year when DPs adopt a wait-and-see approach to aid delivery)………………………………………..Full Article: Source

Kazakhstan, Azerbaijan, Georgia and Turkey to set up joint transport company

Posted on 19 March 2015 by VRS  |  Email |Print

Kazakhstan, Azerbaijan, Georgia and Turkey intend to set up a joint transport company for rail transport as part of TRACECA program, Ambassador of Kazakhstan to Azerbaijan Amangeldy Zhumabayev said. “The countries are currently preparing an agreement on transit transportation,” he said. “It will introduce a single tariff for the transportation of goods and simplify the registration of contracts to suppliers.”
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) finances the project in accordance with the Azerbaijani president’s decree ‘On the implementation of the Baku-Tbilisi-Kars project activities’ dated February 21, 2007………………………………………..Full Article: Source

Formula 1 owner and Singapore fund weighs Center Parcs deal

Posted on 17 March 2015 by VRS  |  Email |Print

Formula One owner CVC Capital partners and Singapore’s sovereign wealth fund GIC have launched a joint bid of around £2.5bn for leisure group Center Parcs. The pair are one of several parties circling the group after its private equity owner Blackstone said it was considering an ownership overhaul yesterday, including “private or public equity or debt capital markets”.
Abu Dhabi Investment Authority is also said to be interested in joining the bid with CVC and GIC, while Carlyle, the co-owner of RAC, is also said to be considering an offer. Center Parcs is run by Martin Dalby, who has been its chief executive since 2000. Blackstone took over the company in 2006………………………………………..Full Article: Source

Wealth funds eye GBP2.5bn Center Parcs

Posted on 16 March 2015 by VRS  |  Email |Print

Singapore and Abu Dhabi’s sovereign wealth funds are thought to be among a group of institutions considering bidding for the holiday village operator Center Parcs. Blackstone, the American buyout group that has owned Center Parcs since 2006, has invited bids as it looks to offload the business.
The Abu Dhabi Investment Authority and GIC, the Singaporean sovereign wealth fund, are both reportedly interested in a bid for the company, which is valued at £2.5bn. Private equity groups including RAC owner Carlyle and Formula One owner CVC are also said to be looking………………………………………..Full Article: Source

Norway’s oil fund to sell European bonds, buy real estate in 2015

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s $860 billion sovereign wealth fund will continue to sell down its European government debt portfolio and may spend all of its new cash inflow in 2015 on real estate investments, Chief Executive Yngve Slyngstad said on Friday.
“We are not enthusiastic about investing in European government bonds,” Slyngstad told Reuters on the sidelines of a press conference. “This year it may we be that we are using more than the inflow in real estate investment, so as such, yes, we’ll be selling other assets… European government bonds.”……………………………………….Full Article: Source

Norway’s Sovereign-Wealth Fund Reduces Exposure to Europe

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest, reduced its exposure to Europe to below 40% of its value last year, to balance risks and take advantage of growing markets elsewhere—adding that it has been allowed to invest more in China.
“The big picture is that we are where we want to be, strategically,” Yngve Slyngstad, chief executive of Norges Bank Investment Management, told The Wall Street Journal in an interview Friday. “We are less exposed to Europe in general, and what happens in Europe, and more exposed to the global economy.”……………………………………….Full Article: Source

Norway’s giant fund increases stake in oil and gas companies to £20bn

Posted on 16 March 2015 by VRS  |  Email |Print

The world’s richest sovereign wealth fund increased its stake in major oil and gas companies to £20bn in 2014, disappointing campaigners who argue it should continue to sell off its investments in the fossil fuels that drive climate change. Norway’s Government Pension Fund Global (GPFG), which rose to £531bn in total, revealed in February that it had shed 32 coal mining companies due to concerns that action on global warming would cut their value.
Analysis by the green NGO Future In Our Hands of official data released on Friday shows the fund holds financial stakes in 90 of the top 100 oil and gas companies, as ranked by the amount of carbon in their reserves………………………………………..Full Article: Source

Norway oil fund backs US board appointments push

Posted on 16 March 2015 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund has thrown its weight behind the push for shareholders in US companies to be allowed to propose their own candidates for boards of directors.
Norway’s $860bn oil fund on Friday published a position paper on so-called proxy access, which gives shareholders a formal right to propose their own director candidates alongside those named by the current board, writes Richard Milne, Nordic Correspondent. The fund said: A confident, well-functioning board will not fear the right of proxy access. We will not be supportive of directors who seek to undermine shareholder efforts to introduce proxy access rights………………………………………..Full Article: Source

Norway Wealth Fund Gains $67 Billion on Emerging Market Bet

Posted on 16 March 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund rose 544 billion kroner ($67 billion) last year as it broadened its holdings to capture more growth in emerging and frontier markets. The Government Pension Fund Global returned 7.6 percent in 2014, its smallest gain since 2011, the Oslo-based investor said on Friday. The $860 billion fund’s stocks rose 7.9 percent and its bonds advanced 6.9 percent. Real estate investments increased 10.4 percent.
The fund, the world’s biggest, has warned it expects diminished returns amid record low, and even negative, yields in key government bond markets combined with slow growth in developed markets. The fund boosted its holdings in emerging markets to 10.6 percent, adding countries such as Ghana and Mauritius. It also invested in Nigeria’s currency for the first time………………………………………..Full Article: Source

Russia seeing ’surge’ of investment from China

Posted on 16 March 2015 by VRS  |  Email |Print

A slew of Chinese companies are investing in Russia, according to the CEO of Russia’s sovereign wealth fund, who said it was helping to negate the void caused by international sanctions.
Speaking at the Egypt Economic Development Conference (EEDC) in the resort of Sharm El-Sheikh, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), underlined the importance of China’s relationship with Russia………………………………………..Full Article: Source

Timor considers buying Sunrise

Posted on 13 March 2015 by VRS  |  Email |Print

Timor-Leste Petroleum and Mineral Resources Minister Alfredo Pires said its national oil company, Timor Gap, could be used to buy out Woodside or other Sunrise joint venture partners such as Royal Dutch Shell or ConocoPhillips to end the development stalemate.
Pires also said Timor-Leste’s $18 billion sovereign wealth fund may be interested in funding the 150km pipeline from the Sunrise gas-condensate fields to an onshore LNG plant. Pires said updated studies commissioned by the government had found the cost of the pipeline would be just $800 million, compared with a $1.8 billion estimate for the 450km link to Darwin………………………………………..Full Article: Source

Abu Dhabi’s SWF said to eye stake in VW financing arm

Posted on 13 March 2015 by VRS  |  Email |Print

Volkswagen is in talks to sell a 50 percent stake in financing arm LeasePlan to a consortium including the Abu Dhabi Investment Authority, a source familiar with the plan said, as the carmaker cuts costs and refocuses its business.
The Wolfsburg-based carmaker owns VW Leasing GmbH, its own in-house leasing business, and is increasingly relying on its Volkswagen Financial Services arm, making it harder to justify holding a stake in a third-party leasing business………………………………………..Full Article: Source

Temasek, Carmignac said in talks for ICICI insurance stake

Posted on 12 March 2015 by VRS  |  Email |Print

ICICI Bank Ltd., India’s largest private-sector lender, is in talks to sell part of its stake in an insurance unit to Temasek Holdings Pte and Carmignac Gestion for about $300 million, people familiar with the matter said.
The Mumbai-based lender plans to complete an agreement to sell about 5% of ICICI Prudential Life Insurance Co. by the end of March, the people said, asking not to be identified as the matter is private. The venture, which is part-owned by Prudential Plc, is India’s biggest private-sector life insurer, according to insurance regulator data………………………………………..Full Article: Source

City will look at reserve fund investment

Posted on 12 March 2015 by VRS  |  Email |Print

City Hall is contemplating significant changes to how it invests up to $160 million in reserve funds related to utility infrastructure and energy exploration. On Tuesday the corporate services committee gave initial approval to negotiate a fund-management agreement with AIMCo, the Alberta government’s sovereign wealth fund that includes the Heritage Trust Fund and billions more in public sector pension funds.
The item will go to city council for debate and approval on March 16 after committee members endorsed the plan while admitting the change adds risk but also the possibility of higher returns. “We have to morph with the times, which we’ve done over the past 100 years,” said committee chair Robert Dumanowski. “It’s a huge move in the right direction.”……………………………………….Full Article: Source

Offshore investors spend record $7bn in office purchases

Posted on 12 March 2015 by VRS  |  Email |Print

Offshore investors spent a record $7 billion on Australian commercial office buildings last year, including Chinese companies buying more than $1bn of commercial property for the first time.
He said the fall in the Australian dollar had made real estate more attractive, as the report outlined an expectation of increased activity by Chinese investors, sovereign wealth funds and private equity firms. Chinese firms spent $6.7bn on offshore real estate last year, including $1bn of commercial office space in Australia………………………………………..Full Article: Source

SWFs’ Hedge Fund Portfolios Top Peers — With Room to Grow

Posted on 11 March 2015 by VRS  |  Email |Print

Sovereign wealth funds allocate just a sliver of their assets to hedge funds, according to a major new survey. That’s still enough make them big-time industry investors. State-owned investors are stingy when doling out money to hedge funds, allocating far less on a percentage basis than public or private pensions. Even so, given their vast scale, the amount they do invest is sufficient to make their hedge fund portfolios bigger than those of any of their institutional peers on an absolute basis.
That seeming curiosity is one finding from Deutsche Bank’s Thirteenth Annual Alternative Investment Survey. The bank in December canvassed 435 global hedge fund allocators who together manage or advise $28.2 trillion in assets and $1.8 trillion in hedge fund assets………………………………………..Full Article: Source

Sovereign wealth funds bask in Japan’s rising sun

Posted on 11 March 2015 by VRS  |  Email |Print

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 ($8.4bn) into Japan’s property market in 2014 – 29% up on the year and the highest level since 2008, according to Real Capital Analytics.
Tokyo has been the main focus of global capital targeting Japan. Buyers included Singapore sovereign wealth fund GIC, which paid $1.7bn for Pacific Century Place in the Marunouchi district of central Tokyo, and Blackstone, which bought a portfolio of apartments in Tokyo from GE Capital for $1.61bn………………………………………..Full Article: Source

China Investment Corporation Restructured Direct Investment Strategy

Posted on 09 March 2015 by VRS  |  Email |Print

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.
At the start of 2015, CIC formed a unit called CIC Capital whose focus is to go after direct equity investments. When some initial direct investments exhibited tepid performance, it fostered some level of disillusionment with a number of CIC’s government higher ups. The CIC did not give up on direct investing, allocating capital to companies such as Teck Resources, Bumi Resources, Thames Water and Visa………………………………………..Full Article: Source

Singapore’s GIC nearly doubles stake in Merlin Entertainments

Posted on 09 March 2015 by VRS  |  Email |Print

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.
Merlin said on Thursday that GIC raised its holding to about 52.6 million shares from about 27.6 million. Private equity firms CVC and Blackstone launched a sale of about 156.5 million shares earlier this week………………………………………..Full Article: Source

Korean and Dubai SWFs pen landmark deal

Posted on 09 March 2015 by VRS  |  Email |Print

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 a memorandum of understanding (MoU) with the Korea Investment Corporation (KIC), which has about $85 billion in assets.
The ICD said that the MoU “facilitates communication between the two organisations, while empowering them to jointly explore investment opportunities in the United Arab Emirates (UAE), South Korea and other countries”………………………………………..Full Article: Source

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

Posted on 06 March 2015 by VRS  |  Email |Print

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.
The nation’s $109 billion sovereign wealth fund has been revealed as a late-stage investor in the website Moda Operandi in a deal that closed late last year. Moda Operandi was founded in 2010 in New York City and allows women to pre-order the latest high-end fashion trends straight off the runways of Paris, New York and Milan - and the red carpets of Los Angeles………………………………………..Full Article: Source

China CIC Sets Up Direct Investment Unit to Boost Efficiency

Posted on 06 March 2015 by VRS  |  Email |Print

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 of the Beijing-based fund, said in an interview.
The establishment of CIC Capital will help the fund improve the efficiency of its direct investments, Zhao said in Beijing. CIC’s returns on its overseas portfolio dropped last year amid “complicated” global economic conditions, she said, without being specific………………………………………..Full Article: Source

Singapore’s GIC nearly doubles stake in Merlin Entertainments

Posted on 06 March 2015 by VRS  |  Email |Print

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.
Merlin said on Thursday that GIC raised its holding to about 52.6 million shares from about 27.6 million. Private equity firms CVC and Blackstone launched a sale of about 156.5 million shares earlier this week………………………………………..Full Article: Source

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

Posted on 06 March 2015 by VRS  |  Email |Print

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.
QIA acquired the property from the initial investors that includes Hines European Development Fund, Unipol Sai, Italian funds MHREC and HICOF, as well as COIMA and Galotti. Development of Porta Nuova began back in 2005………………………………………..Full Article: Source

Exec reveals how Brookfield, Qatar conquered Canary Wharf

Posted on 05 March 2015 by VRS  |  Email |Print

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.
But, if it was be successful, the pair would need to get one of Songbird’s three major shareholders on board. This meant they needed China Investment Corporation, Morgan Stanley or New York billionaire Simon Glick. “Going into this, we knew China Investment Corporation and Morgan Stanley would be sellers. Simon Glick was a bit of an unknown,” Ric Clark, chief executive of Brookfield, told the Wall Street Journal………………………………………..Full Article: Source

Saudi Arabia sovereign fund to invest in POSCO E&C

Posted on 05 March 2015 by VRS  |  Email |Print

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.
Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Park Geun-hye’s visit to Saudi Arabia with leaders of South Korean businesses. The deal is valued at around 1.5 trillion won ($1.36 billion), as there is speculation that the steelmaker is seeking to sell a 40 percent stake in its construction arm to raise funds to improve its financial health, capital market watchers said………………………………………..Full Article: Source

Fund cuts US investment in Europe push

Posted on 04 March 2015 by VRS  |  Email |Print

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.
Osama Al Ayoub, speaking at a business conference in Abu Dhabi, also said the KIO was going overweight on Europe because of the European Central Bank’s (ECB) decision in January to use quantitative easing, a radical form of monetary stimulus. ‘With all this liquidity Mr Draghi (ECB president) is trying to introduce, assets will inflate,’ he said……………………………………….Full Article: Source

Temasek faces new normal as Singapore eyes funds

Posted on 04 March 2015 by VRS  |  Email |Print

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.
Singapore’s Government is “now ready” to include part of Temasek’s capital gains in its annual budget as the country spends more on its subway network, airport, education and social security to support an ageing population, Finance Minister Tharman Shanmugaratnam said in his Budget Statement on Feb 23……………………………………….Full Article: Source

Chinese Investors End Bid for New China Life Insurance Stake

Posted on 03 March 2015 by VRS  |  Email |Print

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.
The talks to buy the 31.3% stake held by China Investment Corp. were led by Chinese billionaire Shen Guojun, a co-founder of Yunfeng Capital and chairman of shopping mall operator Intime Retail (Group) Co. , according to people familiar with the situation………………………………………..Full Article: Source

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

Posted on 03 March 2015 by VRS  |  Email |Print

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 Budget announcement on Feb 23, with the boost to Government coffers needed to bolster increased spending on areas including “critical infrastructure” such as healthcare and public transport.
On Tuesday (Mar 3), in a letter to TODAY’s Voices section, Mr Jeffrey Fang, Associate Director of Strategic and Public Affairs at Temasek, said: “The Net Investment Returns (NIR) framework does not affect Temasek’s approach to investment.”……………………………………….Full Article: Source

No change to Temasek investment strategy despite capital-gains inclusion

Posted on 03 March 2015 by VRS  |  Email |Print

Temasek Holdings said it will not change its strategy of seeking sustainable long-term investment returns, amid suggestions that it should hold more liquid assets and settle for lower returns now that its capital gains are to be included in the Government’s coffers.
Such suggestions for Temasek to take a more conservative investment stance emerged following Finance Minister Tharman Shanmugaratnam’s Budget speech last Monday that the Government is “now ready” to include the company’s total expected returns — including realised and unrealised capital gains — into the Net Investment Returns (NIR) framework………………………………………..Full Article: Source

Angolan sovereign wealth fund eyes hotel investments

Posted on 03 March 2015 by VRS  |  Email |Print

The Angolan sovereign wealth fund, Fundo Soberano de Angola (FSDEA), was officially launched in October 2012 with US$5bn in initial capital, and reportedly receives a $3.5bn injection a year from Angolan oil proceeds.
By the end of 2014, two years after its launch, the fund announced two key investments: $1.1bn in an infrastructure fund (focused on investments in energy, transport and large industrial developments) and $500m into a ‘hospitality’ development fund. Both are focused towards investments across the continent, as well as in Angola………………………………………..Full Article: Source

Kuwait sovereign fund turning its focus from US to EU investments

Posted on 03 March 2015 by VRS  |  Email |Print

The Kuwait Investment Office (KIO), the London branch of Kuwait’s sovereign wealth fund, is gradually cutting its exposure to the United States in favour of Europe, its chief executive said. The KIO a unit of the Kuwait Investment Authority (KIA), is boosting its investments in Europe because of the bond-buying programme in euro zone countries known as quantitative easing (QE), which is expected to flood the 19-member currency union with liquidity and inflate asset prices.
The KIA manages US$548 billion in assets and is the world’s sixth largest sovereign wealth fund, according to the Sovereign Wealth Fund Institute. “This year we are starting to implement an overweight for the European markets and gradually decreasing our overweight to the US markets,” said Osama Al Ayoub………………………………………..Full Article: Source

Kuwait Buys European Stocks Versus U.S. on ECB Easing

Posted on 03 March 2015 by VRS  |  Email |Print

The Kuwait Investment Office, part of the Gulf state’s sovereign wealth fund, will increase its allocation to European equities as it shifts away from U.S. stocks. The KIO is reducing its overweight allocation to U.S. equities, that it has held for the past seven years, Osama Alayoub, chief executive officer of the fund, said.
It will increase its allocation to European equities in response to the European Central Bank’s bond buying program, he said. “After seven years of being overweight U.S. equities this year we started to implement a strategy of going overweight on European equities and decreasing the U.S. exposure,” he said. “There will be a chase in Europe for yielding assets and we think assets will inflate.”……………………………………….Full Article: Source

Abu Dhabi fund kicks off bidding war for London luxury hotels

Posted on 03 March 2015 by VRS  |  Email |Print

The Abu Dhabi Investment Authority has made a £1.6bn takeover offer for a trio of London’s luxury hotels, in a move that could resolve an acrimonious ownership dispute.The bid from the Middle Eastern sovereign wealth fund for London landmark Claridge’s, along with The Connaught and The Berkeley, values the hotels at £3m per key — one of the highest sums ever for a hotel, according to a source familiar with the situation.
Shareholders in the hotels have subsequently received two other approaches from asset-rich investors in two other Middle Eastern countries, according to sources familiar with the situation. The hotels are owned by Irish property entrepreneurs Derek Quinlan and Paddy McKillen through the Maybourne Hotel Group………………………………………..Full Article: Source

Singapore investors complete $8.1 billion IndCor acquisition

Posted on 02 March 2015 by VRS  |  Email |Print

Global Logistic Properties and Singapore’s sovereign wealth fund completed their acquisition of IndCor Properties, the Chicago-based industrial landlord valued at $8.1 billion. Singapore-based Global Logistic said it acquired 55 percent of the IndCor portfolio and plans hold a 10 percent stake after syndicating the investment, while GIC, the sovereign wealth fund, owns 45 percent.
They bought the 117 million square-foot portfolio from New York-based private-equity fund Blackstone Group, which had considered selling shares of IndCor in an initial public offering. The portfolio, which spans 26 U.S. markets, including Chicago, is 91 percent leased, according to Global Logistic………………………………………..Full Article: Source

Abu Dhabi fund in $2.5bn bid for Claridge’s hotel owner

Posted on 02 March 2015 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund has launched a $2.5 billion takeover bid for Maybourne Hotel Group, owner of luxury London hotels Claridge’s, the Berkeley and the Connaught. According to a report in the Sunday Times, Abu Dhabi Investment Authority (ADIA) has sent a letter declaring interest in Maybourne’s holding company Coroin.
If the bid is successful, it would put an end to a four-year dispute over ownership of the five-star hotel portfolio. In 2011, the billionaire Barclay brothers made an attempt to wrestle control of Maybourne from Irish property investor Paddy McKillen by unsuccessfully attempting to acquire around 64 percent of Coroin through a complex investment strategy that involved buying the holding companies that owned the shares in the business rather than the shares themselves………………………………………..Full Article: Source

Qatar sovereign fund buys full control of €2bn Milan Porta Nuova

Posted on 02 March 2015 by VRS  |  Email |Print

Nearly two year after it bought an initial minority stake, sovereign wealth fund Qatar Investment Authority is taking full control of the giant €2bn-plus Porta Nuova development in the heart of Milan from a consortium of investors led by Hines Italia.
Hines Italia CEO Manfredi Catella gave no price details in a news conference Friday in Milan, but reports have put the value of the massive mixed-use development at over €2bn. QIA made the acquisition through its wholly-owned real estate unit Qatar Holding………………………………………..Full Article: Source

Angolan sovereign wealth fund seeks mine, timber investments

Posted on 02 March 2015 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund, Fundo Soberano de Angola, is seeking investments in mining, timber, health and agriculture in order to diversify its asset base and increase returns. “A large portion of the portfolio is invested in international securities,” Jose Filomeno dos Santos, the fund’s chairman, said in an interview with Bloomberg Television on Thursday.
“We are looking at several opportunities. We wouldn’t want to give away these opportunities by disclosing what they are before they are completely settled.” The fund, which is managed by Quantum Global Investment Management, was established to invest surplus state funds and promote development in the country. It has allocated $1.1 billion toward investing in toll roads, ports and other infrastructure projects and $500 million toward hotels. It also plans to spend about $250 million on agriculture projects………………………………………..Full Article: Source

banner
banner
March 2015
M T W T F S S
« Feb    
 1
2345678
9101112131415
16171819202122
23242526272829
3031