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Singapore’s GIC sees opportunities in China market turmoil

Posted on 30 July 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is finding fresh opportunities to invest in the volatile China market amid restrictions imposed by the regulator on investors who own large stakes in Chinese companies. “It did open up some opportunities for people like us which take a longer-term view and we don’t have such kinds of liquidity constraints. That is a clear positive,” Lim Chow Kiat, group chief investment officer, told Reuters as the fund unveiled its annual report.
Lim said that in view of the restrictions, some investors were selling shares in which they had minority stakes due to redemption pressure, allowing long-term investors to step in. China’s securities regulator earlier this month took the drastic step of banning shareholders with stakes of more than 5 percent from selling shares for the next six months in a bid to halt a plunge in stock prices………………………………………..Full Article: Source

CIC Launches Subsidiary to Invest in Overseas Projects

Posted on 30 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund has launched a subsidiary to handle investment in overseas infrastructure projects as part of government efforts to expand business abroad to shore up growth. China Investment Corp. held a ceremony to launch its new subsidiary, CIC Capital Corp., on July 27. The subsidiary will focus on infrastructure, agricultural, forestry and fishery projects abroad.
CIC Capital, which showed the government it had capital of US$ 5 billion to get a business license, is the result of expanding an old CIC unit that oversaw infrastructure investment abroad, the company said. A slowing economy has prompted the government to be aggressive in looking for business opportunities for state-backed businesses in foreign countries since 2013………………………………………..Full Article: Source

CIC Capital Officially Launched, Targets $100bln In Total Capacity

Posted on 30 July 2015 by VRS  |  Email |Print

An overseas direct investment fund launched by China Investment Corporation earlier this year has officially begun operation, and plans to reach US$100 billion in total investment capacity eventually, according to Chinese media reports.
The new investment platform, named CIC Capital Corporation, was registered in January with US$5 billion in capital. It will be responsible for making direct investments in markets outside of China in partnership with Chinese companies wishing to expand internationally………………………………………..Full Article: Source

LAP preparing ‘‘aggressive’’ rescue plan for LAP GreenN: to invest in new technology and growth

Posted on 30 July 2015 by VRS  |  Email |Print

The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP GreenN, Libya Herald has learnt. LAIP is a wholly-owned subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund entity.
Sources have informed this publication that the shareholders of LAP GreenN are working on a restructuring plan. The plan will find solutions for the company to ensure its continuity and its ability to deliver better service and value for money for businesses and individuals across the countries where LAP GreenN has investments in the African market………………………………………..Full Article: Source

Southern Gas Corridor’s capitalization increases by over 7 times

Posted on 30 July 2015 by VRS  |  Email |Print

The Southern Gas Corridor CJSC’s registered capital increased up to $725 million upon the decisions of the Supervisory Board and the Shareholders’ Meeting, the State Oil Fund of Azerbaijan (SOFAZ) said. The company’s initial capital amounted to $100 million. But its capital increased to $300 million in February 2015 as a result of changes in the nominal share of the company.
“SOFAZ transferred $318.75 million to the treasury account of the country’s Ministry of Economy and Industry in the first half of 2015,” the statement said. “As a result, the share of the fund’s capital of the company has reached $369.75 million (51 percent).”……………………………………….Full Article: Source

Sovereign wealth funds pick up in popularity

Posted on 30 July 2015 by VRS  |  Email |Print

In recent years, sovereign wealth funds have grown in popularity, and subsequently, so too have their investment credentials. First appearing around the midpoint of last century, sovereign wealth funds (SWFs) have long occupied a significant space in financial markets. However it’s only in recent years that these rainy-day funds have come into their own.
Speaking at the 68th CFA Institute Annual Conference in May, the former CIO of the Korea Investment Corporation (South Korea’s SWF) Scott Kalb offered up some choice statistics on what he called an “active and powerful” opportunity. First was that at the end of 2014 the world’s 74 highest ranking SWFs held a colossal $7.7trn in assets, $3.3tn greater than in 2010 and significantly more than the $500bn held in 1990, according to the IMF………………………………………..Full Article: Source

Will Goodman bear the cost of China’s $2.45bn Investa swoop?

Posted on 29 July 2015 by VRS  |  Email |Print

China Investment Corporation’s $2.45 billion outlay on Investa’s portfolio of Australian skyscrapers has revived expectations the ­sovereign wealth fund will shed its $1bn-plus exposure to listed warehouser Goodman Group. While the Chinese heavyweight is not short on capital — its total assets under management climbed by $US93bn ($127bn) to $US750bn last year — the fund dislikes stakes in publicly owned property managers.
In 2012, CIC offloaded a 6.9 per cent slice in Sydney-based Goodman Group, crystallising a profit on its initial and much larger investment, which was made in the midst of the global financial crisis. The sovereign wealth fund, which proved a white knight for Goodman Group, also helped prop up Morgan Stanley when the developed world’s financial system threatened to collapse………………………………………..Full Article: Source

Investa acquisition just another day at the office for CIC

Posted on 29 July 2015 by VRS  |  Email |Print

It may be the biggest direct real estate transaction in Australia ever but China Investment Corporation’s acquisition of the $2.45 billion Investa portfolio of office towers is just the latest purchase in a $7 billion global property spend by the Chinese sovereign fund this year alone.
The Australian Financial Review first reported on Monday night that the CIC International had won the Investa Property Group portfolio of office towers with a bid just shy of $2.5 billion. It is the biggest direct real estate transaction in Australia to date and represents an extremely sharp initial yield of 5 per cent. But CIC, which was set up in 2007 to manage China’s foreign exchange reserves, has been making headlines all year for its property acquisitions………………………………………..Full Article: Source

China’s CIC wins $2.45b Investa office portfolio

Posted on 28 July 2015 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corporation (CIC) has won Investa Property Group’s portfolio of nine office towers with a knockout bid of more than $2.45 billion, making it the biggest direct real estate transaction in Australia’s history.
As foreshadowed by The Australian Financial Review, CIC’s acquisition will show an extremely sharp initial yield of 5 per cent, which could trigger a re-rating of the office sector. An agreement was struck early Monday evening. The deal marks the finish of one part of the long-running sale of the $9 billion Investa Property Group. Handled by UBS and Morgan Stanley, it is the biggest sell-side property transaction globally so far in 2015………………………………………..Full Article: Source

No pressure on Temasek to offload NOL, Drewry says

Posted on 28 July 2015 by VRS  |  Email |Print

Singapore’s Temasek may be interested in offloading some of its underperforming companies such as NOL, but there is no pressing need for the immense state investor to do it on the cheap through a distressed sale, Drewry says.
The analyst noted in its Container Insight Weekly that NOL’s prolonged period of losses have not put a scratch on the Temasek juggernaut, which is under no pressure to enter into a fire sale. Temasek owns around 67 percent of NOL, the listed holding company of container carrier APL………………………………………..Full Article: Source

Saudis to Boost Investment in Russia

Posted on 27 July 2015 by VRS  |  Email |Print

On 7 July, Saudi Arabia’s Public Investment Fund (PIF),the sovereign wealth fund of the Kingdom of Saudi Arabia declared its intent to follow through in co-investing up to $10 billion in the Russian Direct Investment Fund (RDIF). This is following up on a 21 June 2015 signing of a memorandum of understanding between the institutional partners.The RDIF was formed in 2011 in order to drive investment in high-growth sectors of Russia.
It can be seen as a part of former President Dmitry Medvedev’s plan to diversify the economy of Russia. The concept is centered around driving inward foreign direct investment by providing co-investment with other countries’ Sovereign Wealth Funds………………………………………..Full Article: Source

Atlantia, CIC, Macquarie, Allianz bidding for Tank&Rast

Posted on 24 July 2015 by VRS  |  Email |Print

Italian motorway operator Atlantia, Chinese sovereign wealth fund CIC, Australian infrastructure investor Macquarie and a consortium led by insurer Allianz are vying for Germany’s Tank&Rast, according to several people familiar with the deal. The four different groups are expected to hand in final bids of up to 3.5 billion euros ($3.84 billion) for the motorway service station group by a deadline set for next week, the sources added.
Terra Firma, run by British financier Guy Hands, is selling Tank&Rast, which operates 350 petrol stations and 390 service stations, with the help of Deutsche Bank and JP Morgan……………………………………….Full Article: Source

Leaked cables on the failed leadership transition of Temasek Holdings

Posted on 24 July 2015 by VRS  |  Email |Print

6 years ago, the intended leadership transition of the Temasek’s Chief Executive Officer between former BHP Billiton chief Charles ‘Chip’ Goodyear and Mdm Ho Ching came to an abrupt stop when the private investment company announced the departure of Goodyear due to differences between him and the board of directors regarding certain strategic issues that could not be resolved.
“Four months into the leadership transition, the Temasek Board and Mr Goodyear have concluded and accepted that there are differences regarding certain strategic issues that could not be resolved.”……………………………………….Full Article: Source

The Future Fund takes risk off the table

Posted on 23 July 2015 by VRS  |  Email |Print

The revelation that the Future Fund has ramped up its cash holdings amid what it sees as an overpriced asset environment should resonate with smaller investors. The Fund is one of the nation’s most sophisticated investors, using a blend of outsourced managers and in-house specialists to generate mandated returns of 4.5 per cent over CPI — easy enough in the bull market years when the Fund was established by then Treasurer Peter Costello, not so easy in a low-rate world.
The Fund’s executives, including now chairman Costello, have been warning for some time that it is taking risk off the table as global financial markets approach the first rate increase by the Federal Reserve in close to a decade. The managers have tried to make the fund’s $117 billion portfolio as robust as possible to the range of scenarios that might play out once the Fed starts raising interest rates, and other central banks eventually follow suit. Fed officials have lately recommitted to a September increase………………………………………..Full Article: Source

Future Fund bets on cash

Posted on 23 July 2015 by VRS  |  Email |Print

Australia’s sovereign wealth fund has dramatically ramped up its allocation to cash in the past quarter, as it struggles to find value in expensive asset markets. At the same time, the $117 billion Future Fund has trimmed the cash it holds on deposit with the country’s four major banks, because of concerns about overexposure to the banking sector.
James Waldron, a manager in the debt and alternatives team at the Future Fund, told a fixed income conference today the Fund’s holding of cash has risen to about 18 to 19 per cent, the highest it has been in at least five years. “We are pushing $20bn in cash, which is very significant,” he said………………………………………..Full Article: Source

Saudi Arabian sovereign wealth fund eyes big return on Russia investments

Posted on 23 July 2015 by VRS  |  Email |Print

The Saudi Arabian government’s sovereign wealth fund said it was investing $10 billion in Russia this year. The fund will work in partnership with the Russian Direct Investment Fund (RDIF). The Saudi Arabia Public Investment Fund is investing $10 billion in Russia, and will create a partnership with the Russian Direct Investment Fund (RDIF), a state-controlled investment fund supporting promising projects in Russia.
Vedomosti cited RDIF Chief Executive Kirill Dmitriev as saying the amount would be invested over a period of four to five years. According to Dmitriev, the partners have already approved seven projects, and they plan to increase this number to ten by the end of 2015. It is still unclear what these projects are. The partners say the funds will basically be directed towards infrastructure, agriculture, retail, medicine, and real estate………………………………………..Full Article: Source

Alaska Permanent Fund scouting for special opportunities portfolio manager

Posted on 23 July 2015 by VRS  |  Email |Print

Alaska Permanent Fund Corp., Juneau, is searching for a special opportunities portfolio manager, a new position, said spokeswoman Laura Achee in an e-mail. The $54 billion sovereign wealth fund’s special opportunities portfolio includes absolute return, real return and multiasset strategies that seek market inefficiencies.
The portfolio manager will report to David Fallace, director of investments, special opportunities. The deadline for applicants is Aug. 17. APFC also has recently posted a job listing for the position of executive director. Mike Burns, the previous executive director/CEO, retired in May because of health concerns. Valerie Mertz, chief financial officer, is the acting executive director/CEO. Applications received by 8 a.m. Alaska time on Aug. 10 will be put under the initial review………………………………………..Full Article: Source

Libyan investment chief: We need to manage frozen assets

Posted on 22 July 2015 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) is drafting a proposal to the United States and European Union seeking management of its assets despite challenges from its former chairman who says that the country is too unstable for such a move.
The LIA’s international assets, which constitute a third of the $67 billion (Dh245.9 billion) sovereign wealth fund, have been frozen since 2011 when the country overthrew dictator Muammar Gaddafi. The Libyan government had an option to unfreeze the assets a year later, however, it decided to stick with the status quo………………………………………..Full Article: Source

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

Posted on 22 July 2015 by VRS  |  Email |Print

China International Capital Corp (CICC), the country’s top domestic investment bank, has filed for an initial public offering in Hong Kong that could be worth up to $1 billion, people with direct knowledge of the plans said. The filing sets the ball rolling for a flotation expected to take place as early as September, Thomson Reuters publication IFR reported.
A Beijing-based spokeswoman for CICC declined to comment. CICC itself and ABC International are leading the offering. The company has as its majority shareholder Central Huijin Investment Ltd, a unit of China’s $747 billion sovereign wealth fund………………………………………..Full Article: Source

Neptune: No Decision on Container Shipping Line Sale

Posted on 21 July 2015 by VRS  |  Email |Print

Container-ship operator Neptune Orient Lines Ltd. said it hasn’t yet made any decision regarding a potential sale and is focused on returning its core liner business to profitability. The Wall Street Journal had reported last week that Singapore state-investment company Temasek Holdings Pte. Ltd. had put the struggling $1.7 billion container-shipping company up for sale, citing people familiar with the situation.
“The company has a duty to consider its options to maximize shareholder value as part of its conduct of normal business,” Neptune said in a filing to Singapore Exchange late on Sunday………………………………………..Full Article: Source

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

Posted on 20 July 2015 by VRS  |  Email |Print

South Korea’s sovereign-wealth fund says it is no longer pursuing a stake in the Los Angeles Dodgers. The Wall Street Journal reported in April that Korea Investment Corp. was interested in purchasing a minority stake in the Major League Baseball team. The Dodgers’ owners also had held discussions with a number of other interested organizations, the Journal reported at the time.
KIC is no longer pursuing a deal after conducting due diligence, said people with knowledge of the matter. These people didn’t say why KIC, which manages about $85 billion in assets, walked away. Korean news reports earlier had cited some Korean law makers’ criticism of the involvement of KIC’s chairman and chief executive, Hongchul Ahn, in the deal………………………………………..Full Article: Source

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

Posted on 20 July 2015 by VRS  |  Email |Print

The fund is supposed to manage the nation’s oil wealth for the good of its war-torn people, but is itself driven by leadership rivalries. “Do you see any bruises on my face? I just came from Tripoli yesterday. There is no violence in Tripoli.” It is a bracing start to an interview about the usually reserved world of sovereign wealth funds. But AbdulMagid Breish is no ordinary fund manager, and his situation is unusually complicated.
In a country riven by civil war and rival governments, the Libyan Investment Authority is itself torn by competing factions. Mr Breish has an office in Tripoli where he says he is chairman of LIA, while another man, Hassan Bouhadi, runs another LIA head office from Malta, also claiming to be chairman………………………………………..Full Article: Source

Eating The Nigerian Nationalcake And Having It

Posted on 20 July 2015 by VRS  |  Email |Print

Governors are always eager to share the nationalcake as soon as possible. It would be recalled Amaechi led Nigeria Governors Forum(NGF) dragged Federal Government to court over Sovereign Wealth Fund and Excess Crude Account. NGF disagreed with federal government on plan to set aside fund in Sovereign Wealth Fund Account.
Governors always pressurized FG to share available resources without making provision for future. president Muhammadu Buhari recently ordered CBN to release over N600billion bailout fund for states to pay backlog of workers’ salaries. Many states were unable to pay salaries due to drop in oil revenue which led decline in their monthly allocation………………………………………..Full Article: Source

Banco do Brasil Falls on Sovereign Share Sale as Ibovespa Gains

Posted on 17 July 2015 by VRS  |  Email |Print

State-run Banco do Brasil SA fell the most in six weeks as the country’s sovereign-wealth fund sold some of its shares, paring gains on the Ibovespa. The lender was the biggest drag on the benchmark equity gauge. The sovereign wealth fund, which the government may tap to help meet its fiscal target, has started reducing its stake in the bank, said a person with direct knowledge of the matter, who asked not to be identified.
“That’s bad news for Banco do Brasil’s investors in the short term as flooding the market with shares will push the price lower,” Pedro Paulo Silveira, the chief economist at the brokerage TOV Corretora, said from Sao Paulo………………………………………..Full Article: Source

Brazil Bank Stock Sale Signals Rousseff May Tap Wealth Fund

Posted on 17 July 2015 by VRS  |  Email |Print

Brazil’s sovereign wealth fund has started reducing its stake in Banco do Brasil SA as the government may tap the fund to help meet its fiscal target, said a person with direct knowledge of the matter. The shares plunged the most in six weeks.
The sovereign fund sold 1 million shares of Banco do Brasil last month, data compiled by Bloomberg show. While the initial share dump is small — worth about 23 million reais ($7 million) — it marks the beginning of what could be a bigger reduction of the fund’s 2.66 billion-real stake in the bank, according to the person, who asked not to be identified because the government’s plans aren’t public………………………………………..Full Article: Source

Sovereign Wealth Funds Sticking With Listed Equities

Posted on 17 July 2015 by VRS  |  Email |Print

Despite Greece stimulating drama among its people and creditors, Iran and the U.S. striking a nuclear deal, and China’s volatile equity markets, public institutional investors have stuck with listed equities in developed markets. It is true that trends are showing wealth funds and large U.S. pensions socking more money toward alternative investments like real estate and infrastructure.
Sovereign wealth centers on having a long-term point of view. However, many of these mammoth-like investors such as the Abu Dhabi Investment Authority (ADIA) and Norway’s Government Pension Fund Global (GPFG) are on top of the food chain when it comes to finding real estate assets. Their investment philosophies tend to be more “patient” than other types of public funds………………………………………..Full Article: Source

Temasek seek buyers for shipper Neptune Orient Lines

Posted on 17 July 2015 by VRS  |  Email |Print

Singapore state investor Temasek Holdings has put shipping company Neptune Orient Lines Ltd , which has a market value of $1.7 billion, up for sale, people familiar with the matter told Reuters. Temasek has hired a bank to seek buyers for the business which made a net loss in five of the past six years, the sources said, as the fund with $197 billion under management seeks to boost its performance by shedding underperforming companies.
The sale of the business was widely expected, especially after Neptune, nearly 67 percent-owned by Temasek, sold its logistics business to Japanese freight carrier Kintetsu World Express Inc for $1.2 billion………………………………………..Full Article: Source

Temasek Holdings selling NOL

Posted on 17 July 2015 by VRS  |  Email |Print

Singapore investment firm Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, according to a Wall Street Journal (WSJ) report. The report, citing unnamed sources, said the liner company has been “shopped to prospective buyers” in recent months. NOL is about 67 per cent owned by Temasek, going by Bloomberg data.
The company had been in talks with a prospective buyer, but “the two sides couldn’t agree on price”, added the report. WSJ said such a deal would allow Temasek to exit from the container-shipping business, which has been suffering from overcapacity in recent years………………………………………..Full Article: Source

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

Posted on 16 July 2015 by VRS  |  Email |Print

The Libyan investment authority considered investing €1.5 billion in Bank of Ireland in late 2010, according to the former head of the National Treasury Management Agency (NTMA) John Corrigan.
Speaking to the Oireachtas Banking Inquiry on Wednesday, Mr Corrigan confirmed that the NTMA met with the Libyan sovereign wealth fund in Tripoli in December 2010 with a view to it investing in Bank of Ireland. This was a time when Libya’s disgraced former dictator Moammar Ghadaffi still led the country………………………………………..Full Article: Source

Singapore’s GIC exits Indian FMCG firm Marico

Posted on 16 July 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC has exited Indian FMCG company Marico completely and is estimated to have pocketed around Rs 600 crore ($95 million) by selling its remaining 2.47 per cent stake in the maker of Parachute coconut hair oil and edible oil brand Saffola, a report said.
GIC had earlier made a partial-exit from Marico. Last year, GIC part-exited Marico, through a secondary market transaction and had got about $32 million from the sale, and at that time, it was estimated to have doubled its investment………………………………………..Full Article: Source

China Investment Corporation and LaSalle tipped to take Investa

Posted on 15 July 2015 by VRS  |  Email |Print

China Investment Corporation, the world’s fourth-largest sovereign wealth fund, and LaSalle ­Investment Management may be edging close to winning preferred bidder status on Morgan Stanley’s $8.9 billion Investa Property Group.
While a decision is imminent and rival suitors, including Cromwell Property Group which has assembled a powerful consortium with the inclusion of the Future Fund, have made compelling bids, the Chinese fund has been buying up trophy assets globally and is making an aggressive grab for the Investa portfolio, which includes gems such as a stake in Sydney’s Deutsche Bank Place………………………………………..Full Article: Source

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

Posted on 15 July 2015 by VRS  |  Email |Print

China’s largest state investment fund has bought 10 shopping centers in France and Belgium for about €1.3 billion ($1.44 billion), one of its biggest acquisitions in Europe. China Investment Corp., along with affiliate AEW Europe, bought the portfolio of malls from CBRE Global Investors, according to company statements.
Chinese investors have been scooping up international property in a push to diversify their holdings. In Europe, they have purchased $4.7 billion of real estate in the past 12 months, including this latest CIC deal, according to Real Capital Analytics data………………………………………..Full Article: Source

Temasek to meet investors next week

Posted on 15 July 2015 by VRS  |  Email |Print

Temasek Holdings is planning to meet investors starting next week. Singapore’s state investment holding company will be meeting investors for a luncheon in Singapore next Monday. DBS and OCBC are arranging the meetings.
Last week Temasek published its annual results, showing that its portfolio stood at S$266 billion ($195 billion) as of March 31, up 19 percent from a year ago. Temasek was last in the market in July 2012, when it issued a $1.2 billion 2.375 percent 10.5-year bond and a $500 million 3.375 percent 30-year note………………………………………..Full Article: Source

Temasek’s Indian unit InnoVen Capital to expand to Singapore

Posted on 15 July 2015 by VRS  |  Email |Print

InnoVen Capital, a Mumbai-based venture debt fund which recently got acquired by Singapore government-backed Temasek Holdings for INR 300 crore (under US$50 million), is planning to expand its operations to Singapore, says a report by The Economic Times, citing its Managing Director Vinod Murali.
InnoVen, which till date has backed around 40 companies that include Snapdeal, Practo, Myntra and FirstCry, is also looking at other Southeast Asian markets such as Indonesia and the Philippines to launch its operations………………………………………..Full Article: Source

Northern Trust and New Zealand Super Fund Extend Relationship

Posted on 15 July 2015 by VRS  |  Email |Print

The Guardians of New Zealand Superannuation (the Guardians), the manager of the NZ$29 billion New Zealand Superannuation Fund (the Fund) has appointed Northern Trust’s (Nasdaq: NTRS) international asset management arm, a leading provider of index, active and multi-manager solutions, to manage a Barclays Global Aggregate fixed income mandate, incorporating the Fund’s environmental, social and governance (ESG) exclusions.
The new mandate adds to the four passive global equity mandates awarded by the Guardians to Northern Trust in 2013. “We are pleased to grow our existing partnership with Northern Trust. The appointment is consistent with our desire to have fewer, deeper manager relationships, helping us manage the Fund’s portfolio as efficiently as possible,” said Matt Whineray, chief investment officer, New Zealand Superannuation Fund………………………………………..Full Article: Source

Abu Dhabi Investment Authority Unloads General Growth shares

Posted on 15 July 2015 by VRS  |  Email |Print

The General Growth Properties Inc’s insider Abu Dhabi Investment Authority unloaded – 110,000 shares of General Growth Properties Inc, based on the average price of stock which is $26.5 for each one share. This sale of shares currently has a value of approx. $2,915,770 U.S. Dollars.
The deal was revealed in a filing submitted with the U.S. Security & Exchange Commission on July 13, 2015, which is available for access here. And, It’s sure Abu Dhabi Investment Authority’s sell isn’t going to stay unnoticed as the insider right now is having ownership of 38.60 million shares……………………………………….Full Article: Source

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

Posted on 15 July 2015 by VRS  |  Email |Print

Norway, which has built the world’s biggest sovereign wealth fund from its oil riches, has also struggled to stop its commodity reliance from overheating the economy. It’s among the costliest places in the world to do business. Workers in its offshore industry were the best or second-best paid worldwide over the past five years, according to recruitment firm Hays Inc.
It costs more to drill a well off Norway than anywhere else, according to a government-commissioned report in 2012. “The most important focus for Norwegian producers now is to reduce costs to be competitive,” said Tommy Hansen, a spokesman for the Norwegian Oil and Gas Association, a lobby group representing companies from Statoil to Royal Dutch Shell Plc and ConocoPhillips………………………………………..Full Article: Source

SWFs evolving into competitors from clients

Posted on 14 July 2015 by VRS  |  Email |Print

Sovereign wealth funds continue to expand in-house management capabilities, a trend that could see them morphing — in the eyes of private markets money management firms — into competitors or collaborators from clients.
“Sovereign wealth funds are becoming scale direct investors,” a trend that’s seen them moving away from the fund and co-investment vehicles they focused on for past investments, said Suvir Varma, a Singapore-based partner with Bain & Co. SE Asia Inc.,……………………………………….Full Article: Source

S. Korea’s sovereign wealth fund buys into U.S. pet supplies retailer

Posted on 13 July 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund said Monday that it has invested US$100 million into a U.S.-based pet supplies and services retailer chain as part of efforts to diversify its portfolio. The move, undertaken in cooperation with U.S. private equity fund BC Partners and GIC Private Ltd., Singapore’s state investment corporation, allows the partners to take over PetSmart Inc., Korea Investment Corp. (KIC) said.
KIC’s share in the company headquartered in Arizona stands at 5 percent, with the duration of the investment to be at least five years, the fund said. KIC said that PetSmart not only handles selling pet products, but also provides other various services to pet owners. The company controls some 41 percent of the North American market, making it the largest on the continent………………………………………..Full Article: Source

India best for investment, says Temasek

Posted on 13 July 2015 by VRS  |  Email |Print

Temasek Holdings Pvt ltd which is one of the best firms for investment in Singapore government said today that India has a bright future for investment. India over the past one year has been an active player in the world of investments with the best potential for long-term return as well.
They also spoke about Prime Minister Narendra Modi government who was focusing on reviving investor-led growth, as per Ravi Lambah, co-head of India, Africa and the Middle East region at Temasek. They hope that investing in India would definitely give them long-term returns. India currently accounts for about four per cent of the Singapore investor’s portfolio………………………………………..Full Article: Source

KIC warns of pulling investment from Elliott

Posted on 10 July 2015 by VRS  |  Email |Print

Korea Investment Corp. (KIC), the country’s sovereign-wealth fund, said it will withdraw investment in Elliott Associates if the fund acts in such a way as to hurt the national interest. “If Elliott acts only for short-term investment gains and hurts the national interest, KIC will consider pulling its investment from the hedge fund,” a KIC executive said, Thursday.
He said KIC, which has about $85 billion in assets, has invested in the hedge fund since 2010. KIC has invested $2.6 billion in 20 different hedge funds, KIC said. It has so far invested about $50 million in the U.S. hedge fund with the profit margin reaching 40 percent………………………………………..Full Article: Source

Temasek participates in $2b Didi Kauidi funding round

Posted on 10 July 2015 by VRS  |  Email |Print

Temasek Holdings has participated in a $2 billion funding round in mainland Chinese Uber competitor Didi Kuaidi, which is present in more than 300 cities. This round of funding includes prior investors Alibaba Group and Tencent Holdings, as well as domestic funds Ping An Ventures and Capital International Equity fund.
The other international fund investing alongside Temasek Holdings is New York-based Coatue Management. Both firms are also investors in Singapore-based taxi booking service Grabtaxi. According to the official statements, capital from this round will be invested in research & development of their product, as well as financing subsidy incentives for drivers………………………………………..Full Article: Source

South Korean Sovereign Fund Is Invested in Samsung Opponent

Posted on 09 July 2015 by VRS  |  Email |Print

Korea Investment Corp., which has $85 billion in assets, invested money with Elliott Associates LP in October 2010, according to one of these people. The backing of South Korea’s state investment fund complicates the picture given by some in South Korea of Elliott as an outsider working against the national interest.
KIC’s investment means that it would stand to gain if Elliott profits from its recent investments in at least three Samsung Group companies, including construction-and-trading company Samsung C&T Corp., in which it has a 7.1% stake………………………………………..Full Article: Source

Should Temasek Be Worried About China Exposure?

Posted on 09 July 2015 by VRS  |  Email |Print

Temasek, Singapore’s state investment company, unveiled a stellar result earlier today: a 19.2% one-year return to the shareholder (there is, of course, only one shareholder), with a S$266 billion portfolio that was worth S$43 billion more on March 31 than it was a year earlier.
In the sometimes staid world of sovereign wealth funds, where targets are normally just a touch above inflation over the long term and rarely venture far above 5 or 6%, this reflects a great year. But is there a problem ahead?……………………………………….Full Article: Source

Saudis to invest $10 billion in Russian Federation despite Western sanctions

Posted on 09 July 2015 by VRS  |  Email |Print

Saudi Arabia plans to invest up to $10 billion in Russian Federation over the next five years in the latest bid by the kingdom to endear itself to a traditional energy rival. Saudi Arabia’s Public Investment Fund (PIF) signed a deal on Monday with the Russian Direct Investment Fund (RDIF) to invest $10bn in the country, in a possible sign of rapprochement.
The prince visited St. Petersburg with a large delegation during the economic forum and took part in President Vladimir Putin’s meeting with global investment fund heads. Seven projects have already received preliminary approval, with a total of 10 likely to be green-lighted by the end of the year, Dmitriyev said. PIF expressed interest in investing in agriculture, medicine, retail, logistics and real estate, says Dmitriev………………………………………..Full Article: Source

India invites Kazakh sovereign wealth fund to invest in manufacturing

Posted on 08 July 2015 by VRS  |  Email |Print

Prime Minister Narendra Modi today invited resource-rich Kazakhstan’s sovereign wealth fund as well as businesses to invest in India’s renewable energy, manufacturing and smart city project. He said businessmen of both the countries can work together in space, cyber security, health and infrastructure, stressing that India-Kazakhstan partnership is a “win-win situation”.
Modi, who is on a visit to Central Asia and Russia, made these comments while addressing a round-table interaction with CEOs and business leaders of Kazakhstan and India. “I believe the sovereign wealth fund and your companies can invest in these sector. They have scope for manufacturing sector which is a big requirement for India,” he said. ……………………………………….Full Article: Source

CIC eyes direct investments in the US and Europe

Posted on 08 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund is targeting infrastructure and real estate investments in the US and Europe as part of a long-term strategy being developed for its newly established subsidiary, says the fund’s chief executive.
China Investment Corporation (CIC) grew its total assets 14.3% last year to $746.7 billion, a rise of $93 billion from the $653.2 billion total in 2013. The fund’s investment return for the year was a rather modest 5.47%, down from 2013’s 9.33% and 2012’s 10.6%. The annualised return since inception in September 2007 is 5.66%, according to CIC’s annual report released on July……………………………………….Full Article: Source

Singapore’s Temasek Shrugs Off China Volatility

Posted on 08 July 2015 by VRS  |  Email |Print

Singapore’s state investment firm Temasek Holdings Pte. Ltd. on Tuesday played down concerns about slowing economic growth and volatile equity markets in China, its second-largest investment destination, as it reported a sharp jump in net profit for its most recent fiscal year.
Temasek said net profit rose to 14.5 billion Singapore dollars (US$11 billion) in the year ended March, up 32% from the year before, largely thanks to strong performance from its holdings in a range of domestic companies and Chinese banks. Its portfolio value grew 19% to a record S$266 billion, in the most active year for the company since the global financial crisis, when it bought stakes in high-profile Western banks such as Barclays PLC and Merrill Lynch………………………………………..Full Article: Source

Singapore’s giant wealth fund still bullish on China

Posted on 08 July 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek is sticking with its bets on China, looking past recent volatility to gradually increase its exposure. “We remain confident in the long term prospects of the Chinese economy,” Wu Yibing, head of China investments at the 266 billion Singapore dollar ($196.09 billion) fund, said at the press conference announcing the fiscal year results.
“The Chinese government is determined to foster the Chinese capital market into one of the most important capital markets in the world and we believe in that, as well that the Chinese economy would become one of the most important economies in the world.”……………………………………….Full Article: Source

Temasek portfolio value hits record high

Posted on 08 July 2015 by VRS  |  Email |Print

The state investment firm’s net portfolio value rose S$43 billion to a record S$266 billion for the financial year ending Mar 31. Temasek Holdings on Tuesday (Jul 7) announced its performance for the financial year ending Mar 31, during which its net portfolio value rose S$43 billion to a record S$266 billion.
The amount is more than double the firm’s portfolio value of S$103 billion a decade ago. Total shareholder return, which also measures the compounded annual returns to the Singapore Government, was 19.2 per cent – the highest in five years – on the back of strong performance in its Singapore and China portfolios. The firm’s net profit for the year ending Mar 31 was S$14.5 billion, up from S$11 billion the year before………………………………………..Full Article: Source

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