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Sovereign Wealth Funds Briefing - Category | Market more

Qatari sovereign wealth fund takes a slice of the Big Apple

Posted on 02 September 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the Middle Eastern country’s sovereign wealth fund, bought almost 10pc of Empire State Building owner Empire State Realty Trust as it boosts investments in North America and the Asia Pacific region.
The fund acquired 29.6 million newly issued Class A common shares at $21 each and will have a 9.9pc economic and voting interest in the real estate investment trust. The acquisition translates into a new $622m investment in Empire State Realty, the company said in a statement………………………………………..Full Article: Source

SOFAZ not interested in shares of Saudi Aramco

Posted on 01 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ is not planning to participate in the purchase of shares of Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, which is formally known as one of the largest oil producers, Trend reported.
The government of Saudi Arabia is planning to hold an IPO (Initial Public Offering) of Aramco’s shares in 2018 and attract some $100 billion by means of the sale of 5 percent of its shares. The Saudi government engaged JPMorgan and ex-banker of Citigroup Michael Klein for the implementation of IPO………………………………………..Full Article: Source

Same old same old, Salleh says of Muhyiddin’s 1MDB remarks

Posted on 01 September 2016 by VRS  |  Email |Print

Muhyiddin Yassin wants to create the perception that the RM2.6 billion controversy is still an outstanding issue to divert issues plaguing the Opposition, Salleh Said Keruak said.
In a blog post yesterday, Salleh who claimed the Opposition was in a mess and losing ground, wondered when the former deputy prime minister was going to accept the fact that the 1Malaysia Development Berhad (1MDB) saga and donation from the Middle East have been explained more than once and that the matter was now closed. “They insist that the Prime Minister replies to the allegations against him but then when he does, they ignore these responses and act as if nothing has been replied………………………………………..Full Article: Source

Tackle 1MDB affair urgently, Catholic bishops say

Posted on 01 September 2016 by VRS  |  Email |Print

Malaysia’s Catholic bishops believe that critical issues affecting the country, such as the 1Malaysia Development Bhd (1MDB) affair, need to be resolved urgently. In its National Day message, the Catholic Bishops Conference of Malaysia admitted that while the country has advanced in many sectors, there are also issues that need to be addressed.
“These include the controversial National Security Council (NSC) Act, which is perceived as being contrary to democratic norms, the volatile financial situation with a high cost of living aggravated by excessive levies, retrenchment of workers, corruption and wastages and, particularly, the 1MDB affair………………………………………..Full Article: Source

These are the stocks the world’s biggest sovereign wealth is putting its faith in

Posted on 01 September 2016 by VRS  |  Email |Print

The sovereign wealth fund of Norway, officially known as the Government Pension Fund of Norway, is the largest in the world, worth more than £657 billion ($861.9 billion).
The fund is split, like any well-managed portfolio, between equities, bonds, property, and numerous other asset classes, with stocks making up the biggest proportion of the fund - 59.6%. Earlier in August, the fund released its second quarter report detailing the performance of all its holdings and how it did overall………………………………………..Full Article: Source

Norway Readies for Election Budget Battle as Oil Cash Tempts

Posted on 31 August 2016 by VRS  |  Email |Print

As an election nears in Norway, let the oil money fight begin. The government of western Europe’s biggest oil producer is on Tuesday starting its final round of talks to set next year’s budget, which will be presented on Oct. 6.
Prime Minister Erna Solberg will need to navigate conflicting demands of keeping up support for an economy that has been hammered by the plunge in crude and calls for trimming the record use of the nation’s oil wealth that’s threatening to erode its sovereign wealth fund………………………………………Full Article: Source

Norway’s Sovereign Wealth Fund Hampered by Outflows (Video)

Posted on 31 August 2016 by VRS  |  Email |Print

Norway’s government is withdrawing funds from the nation’s $890 billion sovereign wealth fund as it faces lower prices on crude oil and low-to-negative interest rates. Bloomberg’s Jonas Bergman examines how this may hamper the fund’s ability to manage more risk. He speaks on “Bloomberg Markets.……………………………………..Full Article: Source

Malaysian newspapers suspended over 1MDB reports can claim damages, court rules

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s Home Minister and the ministry’s secretary-general have been ordered to pay damages to the publisher of two local publications that were suspended last year following its series of reports about the 1Malaysia Development Berhad (1MDB) scandal.
According to The Star, the Court of Appeal ruled that the publisher – The Edge Communications Sdn Bhd – is entitled to claim for damages, after upholding the previous decision of a lower court. “We have reached our unanimous decision. We think that the respondent (the publisher) has passed the threshold under the law to claim for damages,” Justice Mohd Zawawi Salleh, who was chairing a three-man panel, was quoted saying when dismissing the ministry’s case………………………………………Full Article: Source

Singapore Sovereign-Wealth Fund to Buy Stake in Top Vietnamese Bank

Posted on 30 August 2016 by VRS  |  Email |Print

Singapore sovereign-wealth fund GIC Pte. Ltd. will acquire a 7.73% stake in Vietcombank, Vietnam’s largest bank by market capitalization, the latest in a series of bids by foreign companies for a slice of one of Asia’s hottest frontier markets.
The deal is in part the result of Vietnam’s increasing openness to outside investment as it looks to liberalize a bloated state sector and streamline regulations. GIC will purchase 305.81 million shares in Vietcombank though a private placement. The joint statement didn’t provide financial details about the stake sale, but people familiar with the process said the deal value was likely to be around $400 million………………………………………..Full Article: Source

India, Britain may create joint sub-fund under NIIF: Jaitley

Posted on 30 August 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley here on Monday said that India and Britain are exploring the possibility of creating a joint sub-fund under the National Investment and Infrastructure Fund (NIIF).
“Officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella. We look forward to implementation of this task expeditiously and positively in near future,” Jaitley said during his meeting with visiting British Secretary of State for International Trade Liam Fox………………………………………..Full Article: Source

Norway’s $890 billion sovereign wealth fund outflows are affecting risk strategy

Posted on 30 August 2016 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund is acknowledging that rising withdrawals by the government could hamper its quest to manage more risk and generate greater returns as it takes on more and more negative yielding securities.
The net outflows are “relevant for how we think about the risk-bearing capacity of the fund,” Egil Matsen, the deputy governor at Norway’s central bank who’s in charge of oversight of the fund, said in an interview Friday while attending a central banking conference in Jackson Hole, Wyoming………………………………………..Full Article: Source

Turkey’s Sovereign Wealth Fund to ease financing for megaprojects

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s Sovereign Wealth Fund (SWF) will aim to eliminate financing issues for megaprojects, often the biggest obstacle a project can face. It is also expected to turn domestic firms into global players in the fields of defense, aviation and software.
Following the publication of the government’s decision to create a SWF in the official gazette, the Prime Ministry-led Turkish Wealth Sovereign Fund Management Inc. was established with an estimated capital of TL 50 million ($16.93 million)………………………………………..Full Article: Source

Region’s wealthy to continue diversification into overseas property

Posted on 29 August 2016 by VRS  |  Email |Print

The price of oil may have fallen but Middle Eastern property investors are set to continue to pump billions of dirhams into big-name properties overseas, despite slowing global growth. Analysts predict that although property prices locally are falling, the amount of money raised by sovereign wealth funds, private companies and high net worth individuals in the region to spend on bricks and mortar in Europe and North America is set to rise this year.
Qatar Investment Authority (QIA), which already owns stakes in Europe’s tallest building, The Shard, the Canary Wharf Estate, Harrods and the Olympic Park in London, said that it had bought a 9.9 per cent stake in Empire State Realty Trust, acquiring 29.6 million shares in the group at US$21 each………………………………………..Full Article: Source

SWFs pull $16.2 billion in H1

Posted on 29 August 2016 by VRS  |  Email |Print

Sovereign wealth funds (SWF), including the state-owned investment funds in the GCC region, pulled 16.2 billion from third-party asset managers in the second quarter, up from a revised 10.1 billion in the first quarter, according to the latest data from research firm eVestment.
The outflows, according to the data, were the second largest in five years, exceeded only by the 22 billion withdrawn by sovereign wealth funds in the third quarter of 2015, when oil prices tumbled around 25 per cent. Peter Laurelli, global head of esearch at eVestment, which collates data from 4,400 firms managing money on behalf of institutional investors, said SWF flows to external money managers appeared “highly correlated” to global commodity prices, particularly oil prices………………………………………..Full Article: Source

GIC keeping close tabs on cash-strapped Arrium

Posted on 26 August 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is closely monitoring its investment in cash-strapped Australian steel and iron ore supplier Arrium, it told The Straits Times yesterday. Arrium went into voluntary administration in April after lenders rejected its US$927 million (S$1.3 billion) recapitalisation plan.
GIC declined to comment on the size of its investment and the prospects of its recovery. The Straits Times understands that it holds around 8.21 per cent of the firm. Arrium is among a number of steel mills around the world that are struggling to compete with cheap exports from China, which accounts for about half of global output………………………………………..Full Article: Source

Temasek to meet Prayut on future of satellite

Posted on 26 August 2016 by VRS  |  Email |Print

Executives of Temasek Holding, a major shareholder of Thailand’s InTouch Holdings, plan to meet Prime Minister Gen Prayut Chan-o-cha on the future of the country’s satellite industry and the Thaicom case.
An executive at InTouch who asked not to be named told the Bangkok Post that Temasek leaders have made an appointment to meet the prime minister to introduce themselves as well as to talk about the Singapore investment company’s long-term investment plans in Thailand. The planned meeting follows the government’s scheme to formulate a new investment model for the satellite industry to replace the licensing regime. Four options are being considered………………………………………..Full Article: Source

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.
The troubles surrounding 1Malaysian Development Berhad (1MDB), a state investment fund created by the Malaysian government to promote economic development in the country, has garnered increased headlines in recent days after it was discovered that actor Leonardo DiCaprio’s foundation is linked to the foreign entity………………………………………..Full Article: Source

Iraqi sovereign fund to provide for the future

Posted on 26 August 2016 by VRS  |  Email |Print

Hashimi said economist: The Fund sovereign large economic and financial experience of Iraq needs to be fought by being considered the best way globally accredited to provide investment for future generations, especially as the circumstances require speed up thestudy of this experience and apply them in line with the reality , which is going through the country , especially and he has seen a rise in population by about 3 percent a year would require increased services and financial allocations over time.
he said academic economist , Dr. Essam Mahouelle that Iraq is in dire need to establish a sovereign wealth fund as soon as possible because such investment savings will be for future generations rather than the current generation………………………………………..Full Article: Source

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

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