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HKMA remains vigilant in ‘unstable’ environment

Posted on 17 April 2014 by VRS  |  Email |Print

Hong Kong and emerging markets will likely face continued capital outflows given tapering by the US Federal Reserve and the gradual normalisation of interest rates from a very low level, the top official of the Hong Kong Monetary Authority said.
“In the face of the expected unstable financial and investment environment in 2014, the HKMA will continue to closely monitor market developments to help safeguard monetary stability, and require banks to step up the management of interest rate, liquidity and credit risks,” HKMA chief executive Norman Chan tak-lam wrote in the annual report……………………………………….Full Article: Source

SOFAZ investment in Romania exceeds 50 mln euros

Posted on 17 April 2014 by VRS  |  Email |Print

Azerbaijan’s state energy company SOCAR has international experience in implementation of large-scale projects which can contribute to achieving common European targets in the energy field.
This remark was made by SOCAR Head Rovnag Abdullayev during his visit to Romania which took place on the invitation of Romanian Prime Minister Victor Ponta………………………………………..Full Article: Source

Yatra.com raises $23mln in a new round from IDG Ventures and Temasek’s VC arm

Posted on 17 April 2014 by VRS  |  Email |Print

Gurgaon-based Yatra Online Travel Pvt Ltd, the company behind the online travel portal Yatra.com, has raised Rs 140 crore ($23 million) led by IDG Ventures and Vertex Venture Management, the VC investment arm of Singapore’s sovereign wealth fund Temasek. Existing investors including seed investor Norwest Venture Partners (NVP) also participated in this round.
The fresh capital will be used to accelerate the company’s growth plans by enabling Yatra to further strengthen its position in the domestic hotels and holidays businesses, besides strategically investing in mobile technology, the firm said in a statement………………………………………..Full Article: Source

Abu Dhabi SWF and CVC in GBP1.5bln Spire race

Posted on 16 April 2014 by VRS  |  Email |Print

Abu Dhabi’s vast sovereign wealth fund has joined forces with the largest shareholder in Formula One motor racing in the race to buy Spire Healthcare, one of Britain’s biggest private hospital groups. Abu Dhabi Investment Authority (ADIA) is backing a takeover bid for Spire that is being assembled by CVC Capital Partners, the London-based private equity firm.
The pair are competing against other financial investors such as KKR and Onex, with rival hospital operators including HCA and Ramsay, an Australian company, also monitoring the situation. Spire, which employs nearly 8,000 people, has been owned by Cinven, another buyout firm, since it was formed from the purchase of Bupa’s hospitals business in 2007………………………………………..Full Article: Source

KIA’s Al-Ajial Fund invests 400 mln euro in Morocco

Posted on 16 April 2014 by VRS  |  Email |Print

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.
Al ajial investment fund general manager waleed al-fehaid told reporters in casablanca late tuesday that 780 million of the total investment would be channeled to the wessal casablanca-port project. king mohammed vi had earlier in the day inaugurated the project which is aimed to bolster this gulf-morocco partnership………………………………………..Full Article: Source

Temasek widens its Africa footprint

Posted on 15 April 2014 by VRS  |  Email |Print

Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing on Monday its first major deal in Nigeria.
The move by Temasek, one of the world’s most influential investors, comes amid burgeoning investments in Africa by Singaporean companies and could encourage other global investors, bankers and officials said………………………………………..Full Article: Source

Codelco could tap sovereign wealth fund for needed mine expansions

Posted on 15 April 2014 by VRS  |  Email |Print

Chile’s state-owned copper producer Codelco needs to invest roughly $30 billion in the next decade to counter dwindling ore grades in its massive mines and deposits, and has not ruled out turning to its sovereign wealth fund to finance such investment, CEO Thomas Keller told Minería Chilena (in Spanish).
The company, which produces about 10% of the world’s copper supply, said that Chile’s sovereign wealth fund reached about US$23 billion by the end of February and that it wouldn’t be the first time Codelco has to make use of those funds………………………………………..Full Article: Source

Qatar Investment Authority again reduces ABC H-shares

Posted on 15 April 2014 by VRS  |  Email |Print

Biggest sovereign wealth fund from Middle East Qatar Investment Authority once again reduced shares in Agricultural Bank Of China Limited.
Information from the Hong Kong bourse said that Qatar Investment Authority sold off 50 million H-shares in ABC through affiliated Qatar Holding for HKD 3.47 per share or HKD 173.5 million in total, diluting stake from 21.07% to 20.91%………………………………………..Full Article: Source

Australia looks to Gulf funds for A$700bln infrastructure investment

Posted on 14 April 2014 by VRS  |  Email |Print

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”……………………………………….Full Article: Source

Iraqi Farouk al-Kasim behind Norway oil fund that is envy of world

Posted on 14 April 2014 by VRS  |  Email |Print

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It is the envy of the world, funding initiatives ranging from infrastructure improvements and green energy projects to public pensions.
Meanwhile, the Alberta Heritage Fund, which is 14 years older, is worth about $17 billion. The Alaska Permanent Fund sits at $50 billion. Even combined, they represent a fraction of the wealth Norway has amassed, and which it will be able to draw on long after its oilfields run dry………………………………………..Full Article: Source

Angolan wealth fund buys fixed income but no project investments yet

Posted on 11 April 2014 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.
Africa’s biggest oil producing nation after Nigeria set up the FSDEA fund in 2012 to invest foreign exchange reserves and finance economic diversification and infrastructure but it has been criticised for making a slow start………………………………………..Full Article: Source

Angolan wealth fund buys fixed income but no project investments yet

Posted on 10 April 2014 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.
Africa’s biggest oil producing nation after Nigeria set up the FSDEA fund in 2012 to invest foreign exchange reserves and finance economic diversification and infrastructure but it has been criticized for making a slow start………………………………………..Full Article: Source

Use Norway sovereign fund’s top holdings to your own advantage

Posted on 09 April 2014 by VRS  |  Email |Print

Founded in 1990, Norges Bank Investment Management (a.k.a the Government Petroleum Fund), the fund has since grown to a size in excess of $80B. Over the past two decades, it has undergone dramatic changes in asset mix: up until 1997, the capital was fully invested in government securities, while as of the end of 2013 the fund consists of equities (approximately 60% of portfolio), real estate (not exceeding 5%), and bonds (all known classes, including securitized investment vehicles).
Two years ago, the government decided that the fund was to gradually reduce European equity holdings to 40%, with the decrease to be compensated with extra exposure to emerging markets………………………………………..Full Article: Source

Biggest wealth fund put on review for move to new asset classes

Posted on 08 April 2014 by VRS  |  Email |Print

Norway will wait to see whether real estate investments by its $850 billion sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity.
“Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said in an April 4 interview. “We will come back to it — it’s not off the table.”……………………………………….Full Article: Source

Dubai wealth fund buys out Sol Kerzner

Posted on 08 April 2014 by VRS  |  Email |Print

Hotel and casino czar Sol Kerzner will retire as chairman of Kerzner International Holdings Limited (KIHL) following Investment Corporation of Dubai’s purchase of a stake in the company Kerzner founded in 1994.
“This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well,” Kerzner said. The Dubai sovereign wealth fund announced last week that it had completed the purchase of a “significant equity interest” in KIHL, from the Kerzner family, and several other institutional investors………………………………………..Full Article: Source

KIA’s Al-Ajial Fund invests 400 mln Euro in Morocco

Posted on 07 April 2014 by VRS  |  Email |Print

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. Al Ajial Investment Fund General Manager Waleed Al-Fehaid said, that 780 million of the total investment would be channeled to the Wessal Casablanca-Port project.
King Mohammed VI had earlier in the day inaugurated the project, which is aimed to bolster this gulf-Morocco partnership………………………………………..Full Article: Source

Dubai sovereign wealth fund takes effective control of Kerzner International Hotels

Posted on 07 April 2014 by VRS  |  Email |Print

The Investment Corp. of Dubai (ICD), which is the Sovereign Wealth Fund of the Emirate of Dubai, today announced it has taken over leadership and control of luxury hotel chain Kerzner International Holdings Limited (KIHL).
Founded by South African entrepreneur Sol Kerzner the hotel group built resorts in the Bahamas, and also the famed luxury Atlantis palm island resort in Dubai itself………………………………………..Full Article: Source

Dubai buys stake in luxury hotel manager Kerzner

Posted on 04 April 2014 by VRS  |  Email |Print

Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, has bought a stake in global hotel management firm Kerzner International KZL.UL from investors including the family of South African casino tycoon Sol Kerzner. The deal gives Dubai, which depends heavily on its booming tourism industry, control of a second major luxury hotel firm. The first firm, Jumeirah Group, is owned by Dubai’s ruler.
“This investment reaffirms ICD’s commitment to support the long-term growth of our domestic hospitality market, a key pillar of and growth sector for the Dubai economy,” ICD’s chief executive Mohammed al-Shaibani said in a statement on Thursday………………………………….Full Article: Source

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

Posted on 03 April 2014 by VRS  |  Email |Print

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.
The fund, set up in 2012 to safeguard the country against negative shocks, currently invests almost two thirds of its $1.3 billion of assets in fixed income and holds the rest in cash. The majority of its fixed income assets are in U.S. corporate bonds, mortgage-backed securities and Treasuries, as well as debt issued by multi-lateral lenders such as the Latin American development bank (CAF)…………………………….Full Article: Source

Gulf SWFs to broaden range of target acquisition markets

Posted on 03 April 2014 by VRS  |  Email |Print

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.
The latest Global Capital Markets report by the independent real estate consultancy said the global transaction volumes for commercial property (retail, offices, industrial and hotels) are set to see growth of at least 15 per cent in 2014, which will take the annual total to well in excess of $600 billion…………………………….Full Article: Source

KIA’s Ajial invests 400 mln euro in Wessal Capital

Posted on 03 April 2014 by VRS  |  Email |Print

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.
Al Ajial Investment Fund General Manager Waleed Al-Fehaid told reporters in Casablanca, late Tuesday, that 780 million of the total investment would be channeled to the Wessal Casablanca-Port project. King Mohammed VI had earlier in the day inaugurated the project, which is aimed to bolster this gulf-Morocco partnership…………………………….Full Article: Source

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

Posted on 03 April 2014 by VRS  |  Email |Print

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.
Wessal Capital is a joint venture focused on tourism development in Morocco, created by Qatari fund Qatar Holding, the Kuwait Investment Authority’s Al Ajial Investments, Abu Dhabi’s sovereign wealth fund Aabar , Saudi Investment Fund and Moroccan Fund for Tourism Development (FMDT)…………………………….Full Article: Source

Temasek Holdings backs Star Agriwarehousing with Rs 240 crore investment

Posted on 03 April 2014 by VRS  |  Email |Print

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.
Started by four former franchisees of rural lending products from Rajasthan in 2006 with deep family roots in commodity trading, StarAgri has emerged as one of the country’s largest post harvest agri-solutions provider offering modern and mechanised rural supply-chain infrastructure like farm procurement, logistics services, warehouses, labs and collateral finance…………………………….Full Article: Source

RBA questions super fund infra investment

Posted on 03 April 2014 by VRS  |  Email |Print

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.”
In its submission to the Financial System Inquiry (FSI), the central bank said that rather than superannuation funds being forced to invest in infrastructure assets, trustees should manage their investments with the member in mind. “The bank does not support suggestions that investment allocations could be imposed to meet funding targets for certain sectors and/or asset classes. Superannuation assets should be managed in the best interests of their members,” the submission said…………………………….Full Article: Source

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

Posted on 02 April 2014 by VRS  |  Email |Print

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.
Regulatory data showed the share of long-term funds such as sovereign wealth funds and pension funds in total foreign institutional investor, or FII, inflows into Indian equities topped 16% in December 2013 from 9% in May 2013. In absolute terms, it rose by $14 billion, according to data from the Securities and Exchange Board of India (Sebi)……………………………..Full Article: Source

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

Posted on 28 March 2014 by VRS  |  Email |Print

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.
Although a news release didn’t provide the names of the Middle Eastern and Chinese investors, the fund has teamed up with Abu Dhabi’s Mubadala Development and China’s sovereign wealth fund China Investment Corp . in recent years………………………………………Full Article: Source

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

Posted on 27 March 2014 by VRS  |  Email |Print

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.
sovereign wealth funds total US$ 6.357 trillion in assets surpassing 401(k) assets, U.S. government pensions and U.S. private defined-benefit plans. Increasingly, asset managers and private equity funds are courting sovereign wealth funds, mainly due to the massive growth of the investor class in the past decade………………………………..Full Article: Source

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

Posted on 27 March 2014 by VRS  |  Email |Print

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 Investment Corp., which had about $575 billion in assets as of January, will buy iKang shares at the IPO price, according to documents filed yesterday with the U.S. Securities and Exchange Commission…………………………………Full Article: Source

Mubadala, France’s CDC launch $414mln fund

Posted on 27 March 2014 by VRS  |  Email |Print

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.
The investments will mainly target equity stakes in private companies as well as other asset classes including real estate or infrastructure, a statement from Mubadala said. Both companies have agreed to commit 150 million euros each for joint investments to be managed by senior executives from the companies…………………………………Full Article: Source

Mubadala and France launch Dh1.5bln investment fund

Posted on 26 March 2014 by VRS  |  Email |Print

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.
The agreement between the two parties was signed in Paris on Tuesday, each agreeing an initial commitment of €150m. Mubadala said the as-yet unnamed platform “has been created to target attractive long term returns through investments across a diverse range of sectors, primarily in France”………………………………..Full Article: Source

GIC backs Intelligent Energy with £38mln

Posted on 26 March 2014 by VRS  |  Email |Print

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.
Intelligent Energy provides efficient and clean energy technology for the consumer electronics, automotive and stationary power markets. It develops fuel-cell technology powered by hydrogen, which is zero emission………………………………..Full Article: Source

Nordic giants offload Euro1.7mln stake in Providence Resources

Posted on 24 March 2014 by VRS  |  Email |Print

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.
The decision to pull out of Providence, which is currently drilling oil off the coast of Cork, could be linked to a recent debate in Norway, where the resources-rich country is considering whether its sovereign wealth fund should stop investing in carbon energies – oil, gas and coal companies………………………………………..Full Article: Source

Thames Water seeks international backers for ’super sewer’

Posted on 24 March 2014 by VRS  |  Email |Print

British utility Thames Water has begun a hunt for international investors to pay for the construction of a 15-mile (24-kilometre) “super-sewer” in London, a British newspaper reported, without citing sources.
Thames, owned by a group led by Australian investment bank Macquarie and including Chinese sovereign fund China Investment Corporation, is expected to get some of the project’s funding from its shareholders. The Independent said the project, called the Thames Tideway Tunnel, would cost 4 billion pounds ($6.60 billion)………………………………………..Full Article: Source

Temasek arm bets on rural lending in India

Posted on 24 March 2014 by VRS  |  Email |Print

Fullerton India Credit Co. Ltd, the non-banking financial arm of Singapore-based $168 billion sovereign wealth fund Temasek Holdings (Pvt.) Ltd, is betting on an increase in revenue from its rural lending business, encouraged by demand for loans to start small enterprises and buy goods such as two-wheelers and small commercial vehicles.
The firm expects 25% of its loan book to originate from rural areas by 2017, up from around 15% today. This revenue contribution of this business is likely to go up to 35% by 2017 compared with 20% today, managing director and chief executive officer (CEO) Shantanu Mitra said in an interview on Wednesday………………………………………..Full Article: Source

Temasek acquires 24.9pct in Li Ka-shing’s A S Watson Co for $5.7 bln

Posted on 24 March 2014 by VRS  |  Email |Print

Temasek Holdings, Singapore’s sovereign wealth fund, today agreed to buy a 24.9-per cent stake in billionaire Li Ka-shing’s health and beauty chain A S Watson Co, for $5.7 billion.
Temasek, which has a $170 billion investment portfolio, last week led a consortium to buy the remaining stake that it does not already own in commodities trader Olam International, in deal valuing the Singapore-based company at $4.3 billion………………………………………..Full Article: Source

Temasek diversifies from China Banks with Watson

Posted on 24 March 2014 by VRS  |  Email |Print

Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa Ltd. will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.
Singapore’s state-owned investment company agreed on March 21 to buy 25 percent of A.S. Watson & Co. for HK$44 billion ($5.7 billion), marking its biggest acquisition based on data compiled by Bloomberg. The health and beauty chain has stores in more than 20 Chinese cities including Shanghai and Beijing, according to its website………………………………………..Full Article: Source

‘Good time’ for QIA to up Sainsbury’s stake

Posted on 24 March 2014 by VRS  |  Email |Print

If “the QIA is still committed to owning Sainsbury’s then it wouldn’t be ridiculous for them to be saying to their team: ‘Should we increase our position or should we take Sainsbury’s over and run it as a private business?’”
This was the view expressed this week by Clive Black, head of research and stock broking analyst in food retailing at Shore Capital. Qatar Holding, a wholly owned subsidiary of the Qatar Investment Authority (QIA), is a major shareholder in Sainsbury’s with a 26% stake………………………………………..Full Article: Source

Dubai Investments to lift foreign ownership cap to 35 pct

Posted on 24 March 2014 by VRS  |  Email |Print

Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35 percent of its total capital, the company said on Sunday.
Foreign investors now hold 13.7 percent of Dubai Investments’ shares out of the total 20 percent allowed, bourse data shows. The firm’s shareholders, including sovereign fund Investment Corp of Dubai which has an 11.5 percent stake, will vote on the proposal at a meeting on April 15, the company said………………………………………..Full Article: Source

Kazakhstan’s President approves of a new airport near Almaty

Posted on 20 March 2014 by VRS  |  Email |Print

Kazakhstan’s President has approved of the draft project to construct a new airport in the vicinities of Almaty, Kazakhstan’s ex capital city, Tengrinews.kz reports, citing the country’s PM Serik Akhmetov’s official letter to a Majilis (lower chamber) member.
“The draft project has been approved of by the Head of State; the country’s Sovereign Wealth Fund Samruk Kazyna has been designated as the investor on the Kazakh side. The respective public bodies are looking into financial, technical and administrative support to the project”, the letter reads………………………………………..Full Article: Source

Norway to shift oil wealth to escape hard landing, Solberg says

Posted on 20 March 2014 by VRS  |  Email |Print

Norway needs an immediate shift in how it allocates its oil wealth to avoid an economic slump as a fading oil industry and high costs threaten growth, Prime Minister Erna Solberg said. “We need to take steps today to avoid a hard landing,” she said today in the text of a speech at the University of Oslo. “The government will prioritize the use of oil wealth as was the original intention: investments that strengthen the growth potential of the Norwegian economy.”
Scandinavia’s richest nation has used its oil and gas income, which it has funneled into an $850 billion sovereign wealth fund, to protect against Europe’s economic slump. Still, the reliance on petroleum, both for income and investments, has weakened other areas of the economy and hurt competitiveness………………………………………..Full Article: Source

Singaporean GIC enters Vietnam

Posted on 19 March 2014 by VRS  |  Email |Print

Singaporean GIC - one of the world’s leading sovereign wealth funds which oversees USD100 billion forex reserve of the country, has entered Vietnam through pouring capital into a company in Vietnam, NDHMoney’s source says.
GIC was the brainchild of Dr Goh Keng Swee, then Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS). He saw the need for an entity dedicated to the task of investing Singapore’’s growing reserves for better long-term returns, Dr Goh created what in retrospect, was the prototype sovereign wealth fund………………………………………..Full Article: Source

Russia’s National Welfare Fund may be used to build Kerch Strait bridge

Posted on 19 March 2014 by VRS  |  Email |Print

Russian Regional Development Minister Igor Slyunyayev has not ruled out that money from the Russian National Welfare Fund may be used to build a bridge the Kerch Strait bridge. “The proposal on the construction of a 4.2-kilometer long bridge had earlier been considered with the Ukrainian side, the agreement was signed last December,” the minister said.
“The design estimate documentation for the construction of a bridge across the Strait of Kerch, according to the decision of the Russian government, should be finalized by the state-run company Rosavtodor by November 1, 2014.” “The construction period is two years. I do not rule out that money from the National Welfare Fund may be used for the implementation of this strategic and undoubtedly paying project,” said Slyunyayev, without specifying the amount of the funds………………………………………..Full Article: Source

Regional sovereign wealth funds rack up $5.6bln worth of deals

Posted on 18 March 2014 by VRS  |  Email |Print

Middle East sovereign wealth funds completed seven major direct property deals worth a total of US$5.6 billion last year – and more big ticket purchases are expected over the coming months. The deals involved commercial, retail and hotel properties.
According to the property broker JLL, the Kuwait Investment Authority sealed the largest middle Eastern sovereign wealth fund deal last year when St Martins, the property division of the Kuwait government, agreed to buy the 13-acre More London office and restaurant complex near London Bridge in London for $2.7bn………………………………………..Full Article: Source

AmEx will spin off business travel in $900 mln deal

Posted on 18 March 2014 by VRS  |  Email |Print

American Express Co. (AXP) agreed to sell a 50 percent stake in its business-travel division for $900 million to partners that include Qatar’s sovereign-wealth fund.
AmEx will create a joint venture with an investor group led by Certares International Bank LLC and Qatar Holding LLC, AmEx and the Qatari fund said today in separate statements. The business will use the American Express brand and be headed by Bill Glenn, the New York-based firm’s president of global commercial services, AmEx said. The consumer travel operation isn’t part of the deal………………………………………..Full Article: Source

Qataris climb aboard with Amex travel unit

Posted on 18 March 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has stepped up its hunt for US assets by investing alongside BlackRock, Macquarie Capital and Certares in American Express’ global business travel unit.
The investors led by Certares – a New York-based boutique founded by Greg O’Hara, the former chief investment officer of JPMorgan’s Special Investors Group – spent $900m for a 50 per cent stake in the joint venture which will continue to operate under the Amex brand, the company said on Monday………………………………………..Full Article: Source

Temasek unit offers to buy Olam in $4.2 bln cash deal

Posted on 18 March 2014 by VRS  |  Email |Print

A unit of Singapore’s state-owned investment company offered to take over Olam International Ltd. in a deal that values one of the world’s top three coffee and rice traders at S$5.3 billion ($4.2 billion), reports Bloomberg.
The bid by Temasek Holdings Pte’s unit reflects growing interest in agricultural assets as rising global populations and emerging middle classes boost food demand. Breedens Investments Pte is offering S$2.23 cash per share, a 12 percent premium to Olam’s closing price of S$1.995 before the bid………………………………………..Full Article: Source

Temasek shows it’s more committed than peers with Olam offer

Posted on 18 March 2014 by VRS  |  Email |Print

Temasek Holdings Pte unit’s offer to take over Olam International Ltd. (OLAM) shows Singapore’s investment firm is more active compared with other state-owned investors, according to the Sovereign Investment Lab.
Breedens Investments Pte on March 14 said it proposed to purchase Olam in a deal that values one of the world’s top three coffee and rice traders at S$5.3 billion ($4.2 billion). Breedens is offering S$2.23 cash per share, a 12 percent premium to Olam’s closing price of S$1.995 before the bid………………………………………..Full Article: Source

Temasek unit’s offer for Olam is credit negative: Moody’s

Posted on 18 March 2014 by VRS  |  Email |Print

The offer by Temasek Holdings’s unit to take over Olam International is credit negative for the Singapore investment firm, Bloomberg news agency reported Moody’s Investors Service as saying.
The acquisition, which values one of the world’s top three coffee and rice traders at S$5.3 billion, will put pressure on Temasek’s “portfolio liquidity”, said Moody’s, which rates the investment firm at Aaa. Olam’s 2 per cent dividend yield in 2013 is also lower than Temasek’s return of about 3 per cent, it said………………………………………..Full Article: Source

GIC outlines investment principles

Posted on 17 March 2014 by VRS  |  Email |Print

GIC has offered insights into the five guiding principles it uses to ensure its investments achieve the best long-term returns for Singapore. The sovereign wealth fund also said it uses a “heat map” of the globe monitoring the way various markets are performing by using different colours on the map.
The insights were offered by GIC’s chief investment officer, Mr Lim Chow Kiat, when he spoke on Thursday at the Investment Management Association of Singapore annual conference at Raffles City Convention Centre. Even though there may be “short-term temptations”, GIC’s mission to safeguard and enhance the nation’s reserves for the long haul is never forgotten, he noted……………………………………….Full Article: Source

Temasek-led group offers $2.1 bln for remaining Olam shares

Posted on 17 March 2014 by VRS  |  Email |Print

A Temasek-led shareholders group has offered to pay $2.1 billion in cash for shares in Olam International Ltd (OLAM.SI) they don’t already own, putting the heft of the Singapore state investor behind the commodity trading firm’s weak balance sheet.
The proposal comes after a tumultuous stretch for Olam, one of the world’s leading traders in rice, coffee and cocoa, that saw it come under attack from short-seller Muddy Waters in late 2012 for its accounting practices………………………………………..Full Article: Source

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