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Sovereign Wealth Funds Briefing - Category | Market more

Norway’s sovereign wealth fund supports proposed spin-off in Svenska Cellulosa

Posted on 25 August 2016 by VRS  |  Email |Print

Based upon the terms and conditions in Svenska Cellulosa’s statement and our expectation of sound corporate governance practices in delivery of the proposed spin-off, it is our intention to support the proposal when put to shareholder vote at the next Annual General Meeting. Our final approval will be confirmed once we have reviewed all documentation available to shareholders prior to the next Annual General Meeting.
As at 22 August 2016, NBIM controls the exercise of all rights attaching to, including the ability to procure the vote and transfer of, 8,066,000 class A shares and 31,425,905 class B shares in the capital of Svenska Cellulosa AB, representing 8.7 pct total voting rights of Svenska Cellulosa AB………………………………………..Full Article: Source

Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

The fund has announced a U.S. investment push of $35 billion in five years. The owner of the Empire State Building has sold 9.9% of its company to a Qatari sovereign wealth fund. The Empire State Realty Trust announced Qatar Investment Authority’s $622 million acquisition on Tuesday afternoon.
The Qatar Investment Authority expanded to New York almost a year ago, announcing a U.S. investment push of $35 billion in five years, according to The Wall Street Journal. COO John Kessler in a statement on Tuesday called QIA “one of the most sophisticated and reliable real estate investors in the world.”……………………………………….Full Article: Source

Qatar fund invests $622 mln in owner of Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the Gulf state’s investment arm, has invested $622 million in the owner of the Empire State Building in New York. The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and the greater New York metropolitan area, ESRT said in a press statement published on their website on Tuesday.
“Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship,” Anthony E. Malkin, chairman and CEO of ESRT, was quoted as saying………………………………………..Full Article: Source

NY State Of Mind: Qatar Wealth Fund Buys Empire State Building Stake

Posted on 25 August 2016 by VRS  |  Email |Print

The sovereign wealth fund Qatar Investment Authority purchased a 9.9% stake in the Empire State Building’s owner, Empire State Realty Trust (ESRT). As Bloomberg’s David Levitt reports, the fund bought 29.6 million newly issued Class A common shares at $21 each, or a $622 million investment. The shares also come with voting interest.
From the report: The investment will help Empire State Realty “plan for the future, now with more capital and one of the most sophisticated and reliable real estate investors in the world as our partner,” John Kessler, the company’s president, said in the statement………………………………………..Full Article: Source

Preserving the UAE’s wealth requires the right balance

Posted on 23 August 2016 by VRS  |  Email |Print

The largest Abu Dhabi sovereign wealth fund, the Abu Dhabi Investment Authority (Adia), recently announced its results with the 20-year average return dropping to 6.5 per cent from 7.4 per cent and the 30-year average dropping to 7.5 per cent from 8.4 per cent the previous year.
The drop was attributed to historical returns dropping off the rolling average, financial speak for saying the 1995 and 1985 returns were outsized ones that had pulled the average up and were now no longer being counted………………………………………..Full Article: Source

Chinese takeover approach for Liverpool: Report

Posted on 23 August 2016 by VRS  |  Email |Print

Premier League giants Liverpool are the target of an £800-million (US$1 billion, €924 million) takeover bid backed by the Chinese government, British newspaper the Sunday Times reported. China Everbright, a state-backed financial firm, are leading the bid, backed by the country’s main sovereign wealth fund, the China Investment Corporation (CIC), the paper said.
Talks between the Chinese group and Liverpool’s American owners, the Fenway Sports Group (FSG), are ongoing, the Sunday Times said. But a senior Liverpool source told AFP that although the club was open to outside investment, FSG was not in talks and the club was not the subject of a bid………………………………………..Full Article: Source

China Sovereign Fund to Pursue Vale Iron Ore Streaming Deal

Posted on 22 August 2016 by VRS  |  Email |Print

China Investment Corp., the $814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale SA, people familiar with the matter said.
The consortium is negotiating the potential purchase of a portion of Vale’s future iron-ore output for as long as 30 years, two of the people said, asking not to be identified as the information is private. Vale could fetch about $9 billion upfront from the sale, one person said. No agreements have been reached, and the talks may not result in a transaction, according to the people………………………………………..Full Article: Source

CIC may buy Liverpool for $1bn

Posted on 22 August 2016 by VRS  |  Email |Print

Premier League giants Liverpool are the target of an 800 million pounds ($1 billion, 924 million euros) takeover bid backed by the Chinese government, British newspaper the Sunday Times reported. China Everbright, a state-backed financial firm, are leading the bid, backed by the country’s main sovereign wealth fund, the China Investment Corporation (CIC), the paper said.
Talks between the Chinese group and Liverpool’s American owners, the Fenway Sports Group (FSG), are ongoing, the Sunday Times said. But a senior Liverpool source told AFP that although the club was open to outside investment, FSG was not in talks and the club was not the subject of a bid………………………………………..Full Article: Source

Kazakhstan woos investors with stakes in national assets

Posted on 22 August 2016 by VRS  |  Email |Print

Kazakhstan is looking to attract Singaporean investors with stakes up for grabs in seven of its core state-owned enterprises. The country’s sovereign wealth fund, Samruk-Kazyna, is managing the privatisation of the companies. Except for Air Astana, where plans are under discussion, it intends to sell up to 25 per cent of each enterprise.
Ms Baljeet Kaur Grewal, managing director of Strategy and Portfolio Investments at Samruk-Kazyna, was in Singapore this week for the Stewardship Asia forum. She told The Straits Times that the fund has spoken to Singaporean institutional investors, including Temasek Holdings and GIC………………………………………..Full Article: Source

Oslo ruffles feathers as it taps Norway’s oil fund

Posted on 18 August 2016 by VRS  |  Email |Print

First withdrawal in decades stirs debate over fund’s future and how much level of risk it should take on. This year will prove to be a watershed for the world’s largest sovereign wealth fund as, for the first time in two decades, Norway’s $890bn oil fund will have money taken out by the government in Oslo.
The withdrawals so far have been small compared with the size of the fund, which has grown rapidly to become one of the largest investors in the world on the back of surpluses made by Norway’s petroleum industry………………………………………..Full Article: Source

Wave of restructuring in oil sector reduces risk of losses on Norway’s $24bln fund

Posted on 18 August 2016 by VRS  |  Email |Print

The worst could be over for investors in Norwegian oil service high yield bonds. After a wave of restructurings in an industry battered by falling crude prices, the risk for losses has now subsided, according to Lars Tronsgaard, who oversees bonds as deputy managing director at Norway’s 199 billion-krone ($24 billion) Folketrygdfondet.
“Short and medium term we believe that for our portfolio the major part of the losses are realized,” he said in an interview in Oslo on Tuesday. “Then we have to see how the oil price develops and how the restructurings, especially within supply, develop.”……………………………………….Full Article: Source

Singapore’s fiscal position to be unhurt from GIC’s, Temasek’s low returns

Posted on 18 August 2016 by VRS  |  Email |Print

Conservative spending rules will safeguard it. Despite the lower real returns of state-run investment entities GIC and Temasek Holdings due to exposure to equities, Singapore’s fiscal position is foreseen to endure only a limited impact over the near to medium term.
According to Moody’s Investors Service report, Singapore has on its arsenal buffers that would help it brave deficits at this time. “Over the near to medium term, conservative spending rules, a large stockpile of existing fiscal reserves, and features of Singapore’s fiscal framework that work to safeguard them will limit the negative credit impact on the sovereign,” Moody’s said………………………………………..Full Article: Source

Abu Dhabi hires advisers for sovereign fund merger

Posted on 17 August 2016 by VRS  |  Email |Print

Abu Dhabi’s government has hired Bain & Co and Landor Associates to advise on the merger of two of the oil-rich emirate’s biggest sovereign funds, a source familiar with the matter told Reuters.
In late June, Abu Dhabi announced it would merge Mubadala Development Co and International Petroleum Investment Co and had formed a committee led by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan to oversee the process. The combined fund would have assets worth around $135 billion, according to Reuters calculations based on both funds’ latest financial statements………………………………………..Full Article: Source

Greenko takes advantage of its Singapore ownership

Posted on 17 August 2016 by VRS  |  Email |Print

Indian renewable energy company Greenko has taken advantage of its Singapore ownership and surging demand for Indian credit to price $500 million of Single B rated bonds below 5%.
The aggressive outcome was mostly put down to expectations that the majority investment of Singapore sovereign wealth fund GIC would help lower the issuer’s high leverage and improve its financial risk profile. Greenko sold a majority stake to GIC last November and raised a further $230 million in June from GIC and the Abu Dhabi Investment Authority………………………………………..Full Article: Source

Temasek Said to Be in Talks With Singtel on Intouch Stake Sale

Posted on 17 August 2016 by VRS  |  Email |Print

Temasek Holdings Pte is discussing with Singapore Telecommunications Ltd. about selling part of the state investment firm’s nearly $2.4 billion stake in Thailand’s Intouch Holdings Pcl, according to a person with knowledge of the matter.
The parties see an opportunity to strike a deal now given recent evidence of increased political and economic stability in Thailand, the person said, asking not to be identified as the process is private. Singapore’s Temasek, which owns 51 percent of Singtel, held similar discussions with the city-state’s biggest phone company in 2014, though political tensions in Thailand at that time scuttled deal prospects, people with knowledge of the matter said previously………………………………………..Full Article: Source

Quadrant poised to close latest buyout fund

Posted on 16 August 2016 by VRS  |  Email |Print

Quadrant Private Equity is poised to close it latest buyout fund after investors swiftly backed the $980 million vehicle, highlighting the intense appetite for top performing private equity fund managers.
While the pace of its fund raising has lagged smaller firms it continues to receive the support of international heavyweights with Singapore’s sovereign wealth fund, GIC, numbering among a handful of investors, or Limited Partners that tipped between $500m and $600m in to the vehicle earlier this year. The commitments enabled Champ to call a first close and begin deploying capital while seeking other investors………………………………………..Full Article: Source

Temasek Bought Stake in India’s ICICI Bank, Filing Shows

Posted on 16 August 2016 by VRS  |  Email |Print

Temasek Holdings Pte bought shares in ICICI Bank Ltd., India’s largest private sector lender by assets, in the second quarter as it expanded its foothold in Asia’s third-biggest economy.
The Singapore state-owned investor bought 2.55 million American depositary receipts of ICICI, worth $18 million at the end of June, according to a Monday filing with the U.S. Securities and Exchange Commission. Temasek also acquired stakes in U.S. aircraft parts manufacturer B/E Aerospace Inc. and emerged as a shareholder in biotech firm Intellia Therapeutics Inc, which had its initial public offering in May………………………………………..Full Article: Source

Jackson Forum to Address Sovereign Wealth Fund Issues

Posted on 15 August 2016 by VRS  |  Email |Print

Challenges and obligations facing governments in managing sovereign wealth funds will be explored by international leaders during the Stroock Public Forum on Sovereign Wealth Wednesday, Aug. 24, from 6-8 p.m. in Jackson.Presented by the Stroock Forum, the University of Wyoming School of Energy Resources and the Wyoming State Treasurer’s Office, the event will feature international experts and sovereign wealth fund managers from around the globe.
Attendance is free and open to the public. The forum, at the Jackson Hole Center for the Arts, will precede the Federal Reserve Bank of Kansas City’s annual Jackson Hole Economic Policy Symposium. Sovereign wealth funds are government-owned funds invested in assets such as stocks, bonds, real estate and precious metals, or in alternative investments such as private equity funds or hedge funds. The Permanent Wyoming Mineral Trust Fund is an example of such a fund………………………………………..Full Article: Source

Bahrain sovereign fund buys stake in water company

Posted on 12 August 2016 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the Bahraini government’s investment arm, has announced that it has acquired “a significant equity stake” in UK-based water treatment company, Envirogen Group.
The acquisition was completed alongside Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II. Envirogen specialises in environmental technology and process systems for the treatment of water, wastewater, vapour emissions, and material recovery………………………………………..Full Article: Source

Aramco Names Wealth Fund Secretary General to Board in IPO Push

Posted on 11 August 2016 by VRS  |  Email |Print

Saudi Arabian Oil Co. named to its board the secretary general of the kingdom’s sovereign wealth fund, which will become the majority owner of the state energy producer after Aramco’s planned share sale, a move also expected to turn it into the largest such fund in the world.
Yasir Al-Rumayyan, the secretary general of the Public Investments Fund and an adviser to the Saudi Royal Court, was appointed a member of the board of Saudi Aramco, according to the company’s website. The Saudi government plans to sell less than 5 percent of Aramco shares to the public by the end of 2018, a move that will make it the largest listed company in the world………………………………………..Full Article: Source

Russian sovereign wealth fund looks to invest in Turkey

Posted on 10 August 2016 by VRS  |  Email |Print

Russia’s multi-billion dollar sovereign wealth fund has announced it is ready to take part in a Turkish-Russian joint investment fund, just hours before presidents of the two countries meet in St. Petersburg. The state-run Russian Direct Investment Fund (RDIF), which has $10 billion of reserved capital under management, said in a statement on Tuesday it expects to sign a joint investment deal with a leading Turkish holding company during Turkish President Recep Tayyip Erdogan visit to Russia.
Erdoğan met his Russian counterpart Vladimir Putin, in the Russian city of St. Petersburg, for the first time since ties between the two countries deteriorated following the downing of a Russian jet near the Syrian border last November………………………………………..Full Article: Source

Joint Russia-Turkey Investment Projects Worth Billions of US Dollars

Posted on 10 August 2016 by VRS  |  Email |Print

The future Russia-Turkey joint investment fund will manage investments worth several billion US dollars, the head of the Russian Direct Investment Fund said Tuesday.
“We are talking about joint investments worth several billion US dollars,” Kirill Dmitriev said. According to Dmitriev, Russia will initially help Turkey to set up a sovereign investment fund, and will create mechanisms of joint investment in a wide range of projects, including in infrastructure development, agriculture and medicine, based on experience of similar cooperation with UAE and China………………………………………..Full Article: Source

The biggest Chinese investments in Britain

Posted on 10 August 2016 by VRS  |  Email |Print

China has cautioned Britain against closing the door to Chinese money and said relations were at a crucial juncture after Prime Minister Theresa May delayed signing off on a $24 billion nuclear power project.
China also has a 10 percent stake in London’s Heathrow Airport, Europe’s busiest flying hub, through its sovereign wealth fund, China Investment Corporation, which bought the stake in 2012. The sovereign wealth fund is also part of a consortium which owns Thames Water, Britain’s largest water supplier………………………………………..Full Article: Source

Norges wealth fund increases stake in Dialog, EPF reduces

Posted on 09 August 2016 by VRS  |  Email |Print

Norges Bank has increased its shareholding in Dialog Axiata PLC to 96.6 million shares as of end June, data filed with the Colombo Stock Exchange shows. Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, is now the fifth biggest shareholder in telecommunications company Dialog with a 1.19 percent stake.
The shareholding is up from 28.7 million shares as of end September, 2015. EPF has reduced its position from 193.8 million shares in March to 180.8 million shares by end June. EPF now has a 2.2 percent stake and is the second largest shareholder………………………………………..Full Article: Source

Malaysia 1MDB: A Major Heist, An Unfortunate Pattern

Posted on 09 August 2016 by VRS  |  Email |Print

For decades, American stocks, treasury bonds, real estate, and business investments have provided stable and attractive opportunities for foreign money to grow. The United States’ laws protecting an individual’s financial assets have incentivized foreign investors to trust U.S. markets, to the point where billions of dollars worth of foreign currency are entrusted to foreign wealth funds.
These wealth funds, in turn, act as investors in American real estate, stocks, bonds, and other financial portfolios, to grow their domestic finances with common citizens’ money. This system has been successful for the world economy as a whole, as foreign investors held $6.2 trillion in U.S. government bonds, $5.9 trillion of U.S. stocks, and equity holdings of roughly $6 trillion last year……………………………………….Full Article: Source

Gurus Worried, What Should Sovereign Funds Do?

Posted on 09 August 2016 by VRS  |  Email |Print

Several prominent investment gurus have recently made public comments regarding the state of the markets - playing a bearish tone of what is to come. Even investment banking mammoth Goldman Sachs gave a warning signal, as well as GOP U.S. Presidential candidate Donald J. Trump chiming in on August 2, 2016 on Fox Business, “I did invest, and I got out, and it was actually very good timing.”
More and more asset owners are anticipating a world where listed equities will no longer be substantial enough to carry returns for their expanding liabilities. While this monstrous shift in institutional investor asset allocation has lushly lined the pockets of alternative mangers, it does draw concern about the effectiveness of the major asset classes. This was clearly demonstrated in the latest fiscal year returns of CalPERS, Temasek Holdings, CalSTRS, China Investment Corporation, Abu Dhabi Investment Authority, etc………………………………………..Full Article: Source

Vietcombank to sell shares to Singaporean investment fund

Posted on 08 August 2016 by VRS  |  Email |Print

Singapore government’s investment fund GIC Private Limited (GIC) is negotiating to buy at least 7 percent of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). That would be the second largest investment that the Singaporean sovereign fund has made this year in Vietnam.
A successful deal would show investors’ high confidence in Vietnam’s banking sector, which has been badly affected by bad debts. Vietcombank has been planning to issue 360 million new shares, equivalent to 10 percent of the bank’s existing stocks to foreign investors in a private placement………………………………………..Full Article: Source

Singapore’s GIC acquires shares in China Telecom

Posted on 05 August 2016 by VRS  |  Email |Print

Singapore’s GIC Pte Ltd acquires 3.632 million shares in China Telecom at an average price of HK$3.91 a share.
Singapore’s GIC Pte Ltd owns 5.01 percent stake in China Telecom after transaction - HKEx filing……………………………………….Full Article: Source

Goldman Employees to Pull $350 Million From Och-Ziff Fund

Posted on 04 August 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc.’s retirement plan is pulling cash from one of the investment bank’s most famous alumni, liquidating a hedge fund run by Daniel Och’s Och-Ziff Capital Management Group. The U.S. has been investigating whether Och-Ziff paid bribes in exchange for an investment from Libya’s sovereign wealth fund and to participate in other deals in Africa.
Clients pulled $3.1 billion from Och-Ziff’s funds in the 12 months through June, and an additional $3 billion through Aug. 1, reducing assets to $39.1 billion………………………………………..Full Article: Source

Malaysia’s $3.5 billion scandal will not go away (Video)

Posted on 04 August 2016 by VRS  |  Email |Print

Malaysia is embroiled in a financial scandal where billions of dollars have gone missing from a sovereign wealth fund. CNN’s Andrew Stevens reports.……………………………………….Full Article: Source

Shareholders thwart Kazakh state oil group’s plan

Posted on 04 August 2016 by VRS  |  Email |Print

Kazakhstan’s state oil company has been defeated in its attempt to tighten control over its London-listed subsidiary after investors led by China’s sovereign wealth fund voted against the deal. The voting figures imply that China Investment Corporation, which is KMG EP’s largest minority shareholder with a stake of about 11 per cent, voted against the deal.
The role of the sovereign wealth fund, which rarely plays the role of activist investor, underscores Beijing’s growing sway in central Asia’s energy industry as it steps up investment in the region on the back of its One Belt One Road initiative. Chinese companies own close to a quarter of Kazakhstan’s oil production………………………………………..Full Article: Source

Sovereign funds’ European shareholdings up to four times bigger than thought

Posted on 03 August 2016 by VRS  |  Email |Print

Sovereign wealth funds’ combined shareholdings are likely to be far bigger than previously thought, running to an average of at least 6-7 percent for Europe’s largest listed companies, according to a study.
Some Gulf-based government funds are likely to own four times as many European shares as companies’ management believe, the study by Nasdaq Corporate Solutions also found. The study tracked share ownership in 20 major European companies from five countries and different sectors. The group provides analysis of shareholder and investor activity including on the $6.5 trillion sovereign wealth sector………………………………………..Full Article: Source

QIA snaps up 24.9% in St Petersburg airport shares

Posted on 03 August 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA) has scooped up shares in German group Fraport’s ailing St Petersburg airport. QIA has bought operator shares in St Petersburg airport, which is suffering from low traveller numbers on the back of the flailing Russian rouble and regional unrest.
Germany’s Fraport expects to gain between $34-45m in the deal. The group outlined on 31 July, that it anticipated the deal will help offset weakening revenues at travel hubs like Frankfurt and Antalya and will assist it to reach its 2016 earnings forecast………………………………………..Full Article: Source

1MDB Figure Bought Stake in Wall Street Firm Electrum Group

Posted on 03 August 2016 by VRS  |  Email |Print

Malaysian financier Jho Low’s Jynwel Capital made a $150 million investment in Electrum in 2012, purchasing a 7% piece of the firm. U.S. prosecutors have linked Malaysia’s prime minister to hundreds of millions of dollars allegedly siphoned from one of the country’s economic-development funds to buy hotels, luxury real estate, fine art and back the 2013 film “The Wolf of Wall Street.”
So far, investigators haven’t publicly identified money that may have flowed to Wall Street. But 3½ years ago, a New York investment firm run by Thomas Kaplan received $150 million from Malaysian financier Jho Low, a confidant of the prime minister, Najib Razak, according to the Justice Department’s complaint filed late last month………………………………………..Full Article: Source

Qatar Investment Authority buys stake in Russian airport

Posted on 02 August 2016 by VRS  |  Email |Print

Qatar now owns almost a quarter of St. Petersburg’s Pulkovo Airport, after closing a deal with airport operator Fraport to buy part of its stake in the Russian business.
According to Reuters, consortium partner Copelouzos Group has also sold shares to the Qatar Investment Authority (QIA), raising the wealth fund’s overall stake in the airport to 24.9 percent. Fraport – which will retain its role as airport operator after the deal – expects to make a profit of between €30-40 million from the sale………………………………………..Full Article: Source

Fraport in 10% Pulkovo sale to Qatar Investment

Posted on 02 August 2016 by VRS  |  Email |Print

Fraport AG Frankfurt Airport Services Worldwide (Fraport AG) has agreed to sell 10% of its current 35.5% shareholding in Pulkovo Airport, St Petersburg to the Qatar Investment Authority (QIA).
The international airports’ arm of Frankfurt Airport says it expects to complete the process of releasing the 10% share in the Thalita Trading Ltd holding company (which controls Pulkovo Airport) later this year. The transaction is expected to generate profit between €30m to €40m ($33.5m to $44.7m)………………………………………..Full Article: Source

Japan’s pension whale should test new waters

Posted on 02 August 2016 by VRS  |  Email |Print

Japan’s Government Pension Investment Fund needs to get out more. The world’s second-largest sovereign wealth fund recorded a 5.3 trillion yen ($51.6 billion) loss for the 12 months ended March, the steepest decline in seven years. The main culprit? Its decision to diversify away from now-negative-yielding government bonds into stocks.
The strategy backfire has prompted calls for both scrapping the riskier asset class, or giving up the fund’s index-based approach. Neither may yield better results. Stock picking isn’t too viable in a $1.3 trillion fund. With so much to invest, analysts will ultimately run out of good suggestions yet still have large amounts in bonds, which considering their huge rally are now in treacherous territory………………………………………..Full Article: Source

Global investors likely to be cautious on NIIF investments

Posted on 01 August 2016 by VRS  |  Email |Print

Even as India is “aggressively” trying to attract funds for the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF), global investors are likely to adopt a “cautious” approach over investing in it, a report by BMI Research has said.
The company, part of the Fitch Group, said infrastructure sector in the country continues to face challenges, which is discouraging international investments. “Indian government is aggressively trying to attract foreign investments into its infrastructure sector, seeking USD 1 trillion in investments, however, we expect that international investors will continue to remain cautious over investing in the fund which seeks to fill the funding gap in India,” the company said in its latest report………………………………………..Full Article: Source

Alabbar poised to create the Alibaba of the Middle East

Posted on 01 August 2016 by VRS  |  Email |Print

If Alabbar was hoping to attract interest from the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, he couldn’t have picked a better place to make his case. The Abu Dhabi Crown Prince is credited with having a real vision for a digital future, and certain to have been impressed by what he heard.
However, Alabbar’s track record on deal making reveals he likes more than one egg in the same basket. Another interesting taker could be Saudi Arabia. There was talk of the Saudis looking at the second sovereign wealth fund Public Investment Fund soon to be worth $2 trillion to invest in non-traditional projects………………………………………..Full Article: Source

New Mexico SIC sets aside $193m for non-core real estate

Posted on 29 July 2016 by VRS  |  Email |Print

The New Mexico State Investment Council plans to invest $193m (€174.5m) in non-core real estate in 2017. The investor’s annual investment plan was approved at a board meeting this week.
New Mexico State said it had already committed sufficient capital to core open-ended funds and was looking to round out its portfolio with value-added funds. The sovereign wealth fund is looking to invest the capital on a global basis………………………………………..Full Article: Source

HKMA warns of risks ahead after US Fed keeps interest rates unchanged

Posted on 29 July 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority on Thursday warned the public to be aware of risks arising from market uncertainties after the US Federal Reserve decided not to raise interest rates in its meeting overnight.
“The US Federal Reserve did not give any indication on when it would increase the interest rate again. We believe this is because the US economy and international financial markets remain full of uncertainties,” the local central bank spokesman said in a statement……………………………………….Full Article: Source

Temasek Should Hang Up

Posted on 29 July 2016 by VRS  |  Email |Print

A Qatari company just gave Singapore’s state investor a solid clue about what to do with its outsize holdings of the island’s telcos: sell, and run.Ooredoo QSC, the Doha-based phone carrier, is working with HSBC to find a buyer for its indirect stake of about 14 percent in Singapore’s StarHub, Bloomberg News reported this week.
The reason why Ooredoo may want out — to focus on the Middle East and other fast-growing markets — has a message for Singapore’s Temasek, which for the fiscal year ended March 31 saw its assets shrink for the first time in seven years………………………………………..Full Article: Source

GIC spots investment opportunities in emerging economies

Posted on 29 July 2016 by VRS  |  Email |Print

Several nations have reigned in excessive credit growth. According to Bloomberg, in an environment of diminishing returns, emerging economies are offering better opportunities for investors compared with last year, Singapore’s sovereign wealth fund GIC Pte said.
Several emerging nations have reigned in excessive credit growth, Lim Chow Kiat, GIC’s group chief investment officer and deputy group president, said in an interview. They are also seeing adjustments to their exchange rates and lower asset prices as foreign investors have withdrawn capital, he said, adding that he’s positive on India while more reforms are needed in China………………………………………..Full Article: Source

Future Fund adds Kiskadee to reinsurance roster

Posted on 28 July 2016 by VRS  |  Email |Print

Australian sovereign wealth fund the Future Fund has added Kiskadee Investment Managers to its line-up of reinsurance managers, according to its website. The Hiscox subsidiary has posted quick growth in the past year, surpassing the $1bn mark for assets under management after launching in 2014.
The Kiskadee mandate is the Future Fund’s second insurance-linked investment, following an initial allocation to Elementum Advisors in 2015 across both cat bonds and collateralised reinsurance………………………………………..Full Article: Source

HKMA adds to mortgage talk

Posted on 28 July 2016 by VRS  |  Email |Print

Amid intensifying competition between banks for mortgage business and reports of the Hong Kong Monetary Authority informing banks verbally that they must restrict rebates on such loans immediately, the HKMA had come out to say it is not setting any new caps.
A spokesperson from the authority said it is already a requirement that if a bank offers a cash rebate or cash- equivalent incentive that exceeds 1 percent of the amount of the mortgage loan then the bank should treat the sum as part of the mortgage loan when calculating the loan-to-value ratio………………………………………..Full Article: Source

Sovereign wealth funds to become largest private equity allocator

Posted on 27 July 2016 by VRS  |  Email |Print

Sovereign wealth funds could overtake public pension funds as the most significant source of private equity capital in the next five years, David Rubenstein, co-founder and co-chief executive officer of Carlyle Group told attendees at the Private Equity Exclusive conference in Chicago on Monday.
U.S. public pension funds have historically been the biggest source of capital for private equity firms and today account for 30% to 35% of capital, Mr. Rubenstein. However, sovereign wealth fund assets are growing rapidly, expected to increase to $9 trillion by 2020 from $1 trillion in 2004, Mr. Rubenstein said, citing PricewaterhouseCoopers report on asset management in 2020………………………………………..Full Article: Source

Goldman Sachs’ 1MDB woes deepen on conflict of interest lawsuit

Posted on 27 July 2016 by VRS  |  Email |Print

Former client EON Capital claims fraudulent misrepresentations over Malaysian bank takeover. Goldman Sachs’ troubles stemming from the 1MDB scandal deepened on Tuesday, as the bank was sued for more than $500m by a shareholder of a former client claiming fraudulent misrepresentations and breaches of fiduciary duties.
The lawsuit, which was filed in New York State court, concerns advice that Goldman gave to a Malaysian bank, EON Capital, which was subject to a December 2009 bid by a domestic rival, Hong Leong Bank, to create the country’s fourth-biggest lender by assets………………………………………..Full Article: Source

Goldman Accused of Betrayal to Curry Malaysian PM’s Favor

Posted on 27 July 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc. has another Malaysia problem. The New York-based bank, already under scrutiny by regulators over its fundraising for the embattled 1Malaysia Development Bhd, is now accused in a lawsuit of selling out a client to curry favor with Prime Minister Najib Razak, who controlled the billion-dollar state fund.
Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. for $1.7 billion in May 2011. Goldman used EON’s confidential information to help the bank buy EON on the cheap knowing that Najib’s brother served as a board member and another brother chaired the investment firm advising the bank, Primus Pacific Partners 1 LP said in the complaint………………………………………..Full Article: Source

Deloitte Resigns as 1MDB Auditor

Posted on 27 July 2016 by VRS  |  Email |Print

The Malaysian government investment fund says Deloitte Touche Tohmatsu resigned in February. The departure of a second auditor for a Malaysian government investment fund is putting focus on another global company that apparently failed to raise questions about what investigators are calling a large-scale fraud.
The fund, 1Malaysia Development Bhd. or 1MDB, said Tuesday that its auditor, Deloitte Touche Tohmatsu Ltd., resigned in February. An earlier dispute over the fund’s accounts in 2013 led to the firing of 1MDB’s previous auditor, KPMG, according to a Malaysian auditor general’s report last year………………………………………..Full Article: Source

Singapore Vows Tougher Stance After 1MDB Dents Reputation

Posted on 26 July 2016 by VRS  |  Email |Print

Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.
The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday………………………………………..Full Article: Source

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