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Future Fund sees opportunity in merger arbitrage

Posted on 03 November 2016 by VRS  |  Email |Print

The Future Fund is using a combination of active managers and smart beta strategies to direct more capital into companies that have been identified as merger targets.
Future Fund manager of debt and alternatives John O’Keeffe told Investment Magazine that he had deployed a plan earlier this year to allocate more capital into investment strategies designed to capture “merger arbitrage”. The opportunity set had been particularly attractive in recent months because a number of large international merger deals had either failed to get over the line or suffered lengthy delays…………………………………….Full Article: Source

Saudi Wealth Fund May Be World’s Least Transparent

Posted on 02 November 2016 by VRS  |  Email |Print

Fund set to take ownership of Saudi Aramco names none of its investments, institute notes. A Saudi Arabian sovereign-wealth fund being prepared to take ownership of state-owned oil giant Saudi Arabian Oil Co. is less transparent than a fund belonging to Equatorial Guinea that currently ranks as the most opaque in the world, according to a new report.
The fund has a website with one page in Arabic and another in English that says it is “under development.” The fund didn’t respond to a request for comment……………………………………Full Article: Source

Vision for a merged Ipic and Mubadala takes shape

Posted on 02 November 2016 by VRS  |  Email |Print

The Minister of Energy, Suhail Al Mazrouei, said he sees big growth opportunities, especially for petrochemicals, in the merger of Mubadala Development Co and International Petroleum Investment Co (Ipic).
“The merger will create an opportunity for us to consolidate our efforts and to forge partnerships that would be capable of enhancing global competitiveness and opening new markets for us and our companies,” said Mr Al Mazrouei, who is also the managing director of Ipic and one of the triumvirate steering the merger through, with Mubadala Development’s chief executive, Khaldoon Al Mubarak, under chairman Sheikh Mansour bin Zayed Al Nahyan……………………………………Full Article: Source

China’s CIC and AEW Team Up to Buy Two French Malls From Grosvenor for $206M

Posted on 02 November 2016 by VRS  |  Email |Print

China Investment Corporation (CIC) decided a little retail therapy was in order after announcing it had recorded a loss on overseas investment in 2015 a few months back. For the sovereign wealth fund this shopping binge meant investing €188 million ($206 million) to buy two French malls — its second set of shopping centres in the country.
As with its previous Gallic retail acquisition, CIC has teamed up with private investment manager AEW to purchase and manage the newly acquired assets……………………………………Full Article: Source

Oman sovereign wealth fund buys into Spanish manufacturer Escribano

Posted on 01 November 2016 by VRS  |  Email |Print

Oman’s State General Reserve Fund (SGRF) agreed to buy 32.2 percent of Mecanizados Escribano, a family-owned Spanish company making precision mechanical components for the aerospace, defence and other sectors, the sovereign fund said on Monday.
The deal is part of a drive by Oman to use its sovereign fund assets to help diversify the economy beyond oil and gas exports; under the deal, Escribano will set up a local manufacturing entity in Oman, although details were not given………………………………………Full Article: Source

Melbourne makes the right moves in Pension Fund sector

Posted on 01 November 2016 by VRS  |  Email |Print

Melbourne’s banking and finance credentials are impressive. Its financial sector directly employs more than 100,000; the city is home to two of Australia’s four largest banks, the ANZ Banking Group and National Australia Bank;
Australia’s A$122.79 billion sovereign wealth fund, known as the Future Fund, operates out of Melbourne, as do the Australian arms of a range of global banks and fund managers; while Victoria is also a global leader in best-practice infrastructure procurements………………………………………Full Article: Source

Norway’s wealth fund removes Brexit uncertainty from UK property portfolio valuation

Posted on 31 October 2016 by VRS  |  Email |Print

Norway’s $870 billion sovereign wealth fund, the world’s largest, has removed the valuation risk premium it had placed on its British property portfolio following Britain’s vote to leave the EU, it said on Friday when publishing its full third-quarter results.
The fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and holding $11 billion in government bonds. It also co-owns Regent Street, one of London’s premier shopping streets. In August, the fund cut the value of its UK property portfolio by 5 percent, or 1.9 billion crowns ($230 million), prompted by external assessors reporting greater uncertainty in their valuation after the Brexit vote……………………………………..Full Article: Source

Why is Ireland’s sovereign wealth fund not putting money into our telecoms infrastructure?

Posted on 31 October 2016 by VRS  |  Email |Print

Who would want to invest in an Irish utility right now? Well, Anchorage Capital, for one. Last week, Anchorage, an Australian hedge fund, took control of Eir. It already held 36 per cent of Eir’s shares and controlled as much as 49 per cent of its voting rights, but last week it was placed firmly in the driving seat when York Capital announced that it was selling off its 9.8 per cent holding.
That holding would be divided up between Anchorage, Singapore’s sovereign wealth fund GIC (which owns 16.3 per cent) and hedge fund Davidson Kempner (which owns 11.8 per cent). The deal means that Eir, formerly Eircom, formerly Telecom Eireann, has now had eight controlling shareholders in the past 18 years……………………………………..Full Article: Source

How the Future Fund faces a returns squeeze

Posted on 31 October 2016 by VRS  |  Email |Print

The Future Fund is being slugged by the low interest rate environment, and chairman Peter Costello says its investment strategy may have to change to meet its commitments over Commonwealth public service pensions.
The Fund, set up in 2006 to pay for the unfunded superannuation liabilities of Commonwealth public servants in now closed defined benefit schemes, returned 4.8 per cent in the year to June 30, 2016. That is well below its targeted return of at least 6 per cent in the current inflation environment……………………………………..Full Article: Source

Reinsurance allocation primed for growth at Future Fund

Posted on 31 October 2016 by VRS  |  Email |Print

In its 2015-2016 annual report, Australian sovereign wealth investment fund, the Future Fund, confirmed that it’s added a second manager to its reinsurance portfolio, which the fund says will facilitate potential expansion of this exposure in the future.
The Future Fund utilises reinsurance as part of its alternative risk premia strategy, and following its $100 million allocation to Elementum in 2015, the addition of insurance and reinsurance-linked investment manager Kiskadee was announced earlier this year……………………………………..Full Article: Source

Abu Dhabi’s sovereign wealth fund opens Hong Kong office

Posted on 28 October 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s richest sovereign wealth funds, said on Thursday it would open an office in Hong Kong to pursue more opportunities in China and other Asian markets. This is ADIA’s first international office after it shut down its London base last year, which at the time was the fund’s only overseas location.
“Our decision to open an office in Hong Kong is a symbol of our confidence in Asia’s continued growth and our long-term commitment to the region,” Sheikh Hamed bin Zayed al-Nahyan, managing director of ADIA, said in a statement……………………………………Full Article: Source

ADIA hires Asia-Pacific representative to lead research in new Hong Kong office

Posted on 28 October 2016 by VRS  |  Email |Print

Dong-Sinh Ngo joined the Abu Dhabi Investment Authority as chief representative, Asia-Pacific, based in the sovereign wealth fund’s new Hong Kong office, said a spokesman. The position is new.
ADIA Hong Kong is a platform for the fund to broaden and deepen its relationships and identify new opportunities in China and other key Asian markets. Professionals in the office will also assist in identifying new cooperation opportunities and growth in the region……………………………………Full Article: Source

HKMA welcomes Abu Dhabi Investment Authority to open Hong Kong Office

Posted on 28 October 2016 by VRS  |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) today welcomes the Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the world, to open office in Hong Kong.
The Chief Executive of the HKMA, Mr Norman Chan, said: “I am very pleased that ADIA has chosen Hong Kong to open its first office in Asia Pacific. Hong Kong is the ideal platform for ADIA and other major asset owners to set up and tap into the enormous investment potential in China and the rest of the region. The HKMA looks forward to further collaboration with ADIA.”…………………………………..Full Article: Source

Was Husni kept in the dark over 1MDB too? asks Tony Pua

Posted on 26 October 2016 by VRS  |  Email |Print

The fact that the former second finance minister had to ask parliament 1MDB-related questions suggests that only the prime minister has all the answers on the state investment firm. Commenting on Ahmad Husni Hanadzlah’s 1MDB-related queries in the Dewan Rakyat yesterday, DAP lawmaker Tony Pua said he found it strange that the former minister had to raise the matter in parliament.
“Wouldn’t he have known all the facts as he was the second finance minister during the time? Does this mean that he was never even briefed about 1MDB? “1MDB seems to be a top secret operation that only one person in the cabinet knows, the prime minister, who is also the finance minister,” the Petaling Jaya Utara member of parliament said…………………………………..Full Article: Source

State sits on rare funding source

Posted on 25 October 2016 by VRS  |  Email |Print

As New Mexico legislators grappled with budget deficits, they raided cash reserves from various accounts just to pay the bills, some of which were past due. But New Mexico also is one of a few states with a sovereign endowment from energy and mineral deposits that locks away money for future generations.
Severance tax funds in the United States hold a combined value of $70 billion, according to the Pew report. The 77 sovereign wealth funds outside the United States in countries such as Russia, Kuwait, China and France have $8.2 trillion in assets. A severance tax-based sovereign wealth fund is one tool policymakers could consider to answer the challenges posed from a high reliance on these taxes, as it can help transform this volatile, finite tax stream into more permanent, revenue-generating assets………………………………….Full Article: Source

Abu Dhabi sovereign fund managers keen in buying completed highway stretches

Posted on 25 October 2016 by VRS  |  Email |Print

Managers of sovereign wealth fund of Abu Dhabi are keen to invest in buying of completed highway projects for 30 years and operate them, highways minister Natin Gadkari said. Last week, India showcased its plan for monetising completed highway projects and undertaking development of inland waterways to attract investment from gulf countries.
“They wanted if we can adopt government-to-government route to get this investment. But we have told them that we will invite bids and if they offer best price, nothing like it,” Gadkari said…………………………………..Full Article: Source

Norwegian sovereign fund boosts exposure to CEE logistics

Posted on 25 October 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has further grown its logistics holdings after acquiring stakes in a €110m portfolio owned by Prologis. The Government Pension Fund Global bought a 50%, €55.3m stake in an eight-strong portfolio spread across three cities in Poland, the Czech Republic and Hungary from Pologis, while also selling three properties in France previously acquired through its joint venture with the real estate developer.
Norges Bank Real Estate Management, the property arm of the NOK7.1trn (€788bn) oil fund, said the acquisition of the eight Central and Eastern European properties did not include debt financing…………………………………..Full Article: Source

Singapore’s Temasek invests $350 mln in China health sector JV

Posted on 21 October 2016 by VRS  |  Email |Print

Singapore’s Temasek has said it is investing $347.2 million in the Chinese health care sector. The Singapore sovereign wealth fund will make the investment in the China operations of Columbia Pacific Management, Bloomberg reported.
The fund will partner with Columbia to form a 50-50 joint venture that taps into the growing health care sector in China. The JV will focus on providing health care services to China’s burgeoning middle-class population. The strategy will be to offer affordable services in China, Columbia said in a statement…………………………………….Full Article: Source

GIC, Mega Manunggal to Invest S$1 Billion in Warehouses

Posted on 21 October 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Pte and Indonesian warehouse provider PT Mega Manunggal Property Tbk are spending a total of S$1 billion ($720 million) over the next three years on warehouses in Southeast Asia’s biggest economy.
GIC, through its subsidiary Reco Indolog Pte, and Mega Manunggal formed Mega Khatulistiwa Properti, an investment company which already started construction of three warehouses with over 115,000 square meters of total net leasable area, Mega Manunggal said in a statement to the Jakarta stock exchange on Thursday. The three projects will be completed in 2017…………………………………….Full Article: Source

Art Dealer Claims Monet in 1MDB Scandal

Posted on 21 October 2016 by VRS  |  Email |Print

Justice Department alleges Jho Low bought painting using money stolen from government fund. Sometimes seizing an asset isn’t as easy as taking a painting off the wall, even for the Justice Department.
Since July, U.S. prosecutors have been seeking forfeiture of roughly $1 billion worth of assets—including four artworks by Vincent van Gogh and Claude Monet—allegedly owned by Malaysian financier Jho Low. Investigators say Mr. Low bought the art using money believed to be stolen from 1Malaysia Development Bhd., a government investment fund known as 1MDB, according to court filings. Civil forfeiture suits filed by the Justice Department are pending…………………………………….Full Article: Source

Gulf investors prepared to buy 25 percent Deutsche Bank stake

Posted on 21 October 2016 by VRS  |  Email |Print

Deutsche Bank’s shares jumped 4 percent on Thursday following a report by German business monthly Manager Magazin, which said sovereign wealth funds from Qatar and Abu Dhabi and a Chinese investor could buy a 25 percent stake in the lender.
The magazine, citing banking sources, said Qatar and Abu Dhabi’s sovereign wealth funds and an unnamed investor from China would be prepared to participate in any capital increase to improve the lender’s financial health. The Qatar Investment Authority and the Abu Dhabi Investment Authority sovereign funds both declined to comment…………………………………….Full Article: Source

Qatar’s SWF said to be mulling stake in $100bn technology fund

Posted on 21 October 2016 by VRS  |  Email |Print

Qatar Investment Authority could invest in fund set up by SoftBank and Saudi Arabia’s Public Investment Fund. Qatar is reportedly mulling an investment in the $100 billion technology fund set up by Japanese internet giant SoftBank and Saudi Arabia’s sovereign wealth fund.
SoftBank chairman Masayoshi Son has visited Doha and other parts of the Gulf and held discussions with prospective investors, including Qatar Investment Authority (QIA), Bloomberg reported, citing sources familiar with the matter…………………………………….Full Article: Source

RDIF Actively Pursuing Investment Cooperation with Indian Institutions: Kirill Dmitriev

Posted on 20 October 2016 by VRS  |  Email |Print

Russian Direct Investment Fund (RDIF) will focus on attractive investment opportunities in India, says Kirill Dmitriev, chief executive of the sovereign wealth fund which will invest $500 million to create Russia-India Investment Fund that the two countries have decided to set up, with an equal amount from India’s National Investment and Infrastructure Fund (NIIF).
India and Russia are eyeing energy, infrastructure, railways, agriculture and high technology sectors to strengthen bilateral trade……………………………………Full Article: Source

Singapore’s Temasek Targets China’s Health-Care Sector With Joint Venture

Posted on 20 October 2016 by VRS  |  Email |Print

Firm’s $250 million investment in venture with Seattle’s Columbia Pacific focuses on China as population ages. Singaporean state investment firm Temasek Holdings Pte. Ltd. is making a bet on China’s growing health-care market, investing $250 million in a joint venture focused on the country with a U.S. firm, according to people familiar with the situation.
Columbia Pacific Management, a Seattle-based health-care provider with operations in China, is set to unveil the joint venture with Temasek on Thursday, the people said……………………………………Full Article: Source

Qatar Said to Consider Joining $100 Billion SoftBank Tech Fund

Posted on 20 October 2016 by VRS  |  Email |Print

Qatar is considering investing in the $100 billion global technology fund formed by SoftBank Group Corp. and Saudi Arabia, according to people familiar with the matter. SoftBank Chairman Masayoshi Son has visited Doha and other parts of the Gulf region in recent months to discuss investments with global investors, one of the people said, asking not to be identified as the information is private.
The Qatar Investment Authority sovereign wealth fund is considering an investment of billions of dollars, which will help diversify its economy away from oil, the people said……………………………………Full Article: Source

Norway’s $880bn oil fund to invest more in global equities

Posted on 20 October 2016 by VRS  |  Email |Print

Norway’s $US880bn ($A1.15trn) oil fund is being urged to invest billions of dollars more in equities and take on more risk in what would be a big shift in its asset allocation away from bonds.
The world’s largest sovereign wealth fund should invest 70 per cent of its assets in shares, up from today’s 60 per cent, at the expense of bonds, according to a government-commissioned report……………………………………Full Article: Source

Norway wealth fund should shift more money to equities from bonds

Posted on 19 October 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund should raise the proportion of its investments in equities to 70 percent from 60 percent to the detriment of its bond holdings, the majority on a government-appointed commission said on Tuesday.
Its chairman dissented, saying equity holdings should be cut. If the increase was done today, it would mean the world’s largest sovereign wealth fund, currently valued at $875 billion, would move $87 billion into equities away from government bonds, whose low interest rates are dragging down the fund’s return…………………………………….Full Article: Source

Norway Sovereign Wealth Fund Urged to Add $87 Billion in Stocks

Posted on 19 October 2016 by VRS  |  Email |Print

Norway’s $874 billion wealth fund needs to add more stocks as record low interest rates and a weak global economy will otherwise lower returns to just above 2 percent a year over the next three decades, a government-appointed commission recommended.
The Finance Ministry should raise the fund’s stock mandate to 70 percent from 60 percent, the committee, comprised of academics, investors and two former finance ministers, urged on Tuesday…………………………………….Full Article: Source

NIIF and RDIF to establish a $1bn Russian Indian Investment Fund

Posted on 19 October 2016 by VRS  |  Email |Print

The state-backed Russian Direct Investment Fund (RDIF) will work with an Indian fund to invest $1 billion in Asia’s third-largest economy, the head of the fund said before a bilateral summit expected to yield several big business deals.
The RDIF and India’s National Investment and Infrastructure Fund (NIIF) will each invest up to $500 million in the joint fund, replicating partnerships the Russian entity has with countries like China. “We helped in the process of the NIIF being created,” RDIF CEO Kirill Dmitriev said in an interview with Reuters. “Now we will provide equity capital to joint Russian-Indian projects, mainly in India.”……………………………………Full Article: Source

1MDB has affected perception of Malaysia

Posted on 19 October 2016 by VRS  |  Email |Print

While the government-owned media and supporters of the incumbent administration have downplayed the numerous problems at 1Malaysia Development Bhd (1MDB) and said they have not adversely impacted the country, the results of the biennial Corporate Governance (CG) Watch 2016 paint a different picture.
Malaysia would have done “much better” had there been no 1MDB, Asian Corporate Governance Association (ACGA) secretary-general Jamie Allen tells The Edge Financial Daily in a phone interview…………………………………….Full Article: Source

Adia buys stake in British gas utility SGN

Posted on 18 October 2016 by VRS  |  Email |Print

The Abu Dhabi Investment Authority has bought a stake in SGN, a UK gas distribution ­company, as part of its strategy to invest some of its vast assets in infrastructure with steady earnings.
Adia paid £621 million (Dh2.77 billion) for a 16.7 per cent stake in SGN, formerly known as Scotia Gas Networks, from SSE, the second-largest energy supplier in the UK. SGN distributes natural gas to about 6 million homes and businesses in Scotland and the south of England, and operates one of the oldest biomethane fac­ilities in the country…………………………………..Full Article: Source

Saudi Arabia investing billions in global technology fund

Posted on 17 October 2016 by VRS  |  Email |Print

Public Investment Fund (PIF) has taken another strong step in its mission to support Saudi Vision 2030 with its move to set up a strategic partnership with SoftBank Group Corp. (SBG), according to top businessmen and analysts.
“This is a bold move by the PIF to explore global opportunities into tech ventures,” Basil Al-Ghalayini, CEO of BMG Financial Group, told Arab News. His comments came as the PIF joined forces with Japanese telecom firm SoftBank to form a tech investment fund worth as much as $100 billion, making it one of the largest on the planet……………………………………..Full Article: Source

Russian companies have been increasingly looking towards India: Kirill Dmitriev of RDIF

Posted on 17 October 2016 by VRS  |  Email |Print

Notwithstanding decades old strong political and growing strategic partnership Indo-Russian trade and investment ties remain far below potential. But with now India seeking investments to boost infrastructure and boost economy, efforts are being made for a new India to engage with a new Russia with focus on energy, infrastructure, railways, agriculture and high technology sectors.
ET’s Dipanjan Roy Chaudhury spoke with Kirill Dmitriev, CEO the Russian Direct Investment Fund (RDIF), member of BRICS Business Council, at Benaulim Goa. RDIF is investing $ 500 million to create Russia-India Investment Fund with an equal amount from National Investment and Infrastructure Fund……………………………………..Full Article: Source

Biggest wealth fund recommends raising stock holdings to 62.5%

Posted on 17 October 2016 by VRS  |  Email |Print

Norway’s US$890 billion (S$1.23 trillion) sovereign wealth fund recommended raising its proportion of stocks to 62.5 per cent of its total holdings to keep the same risk levels as it prepares to separate out real estate from its main fund.
The fund assumes a market risk of 0.5 on its unlisted real estate, meaning that the return on these assets moves in the same direction, but not as much, as the broad equity market, it said in a letter to Finance Ministry……………………………………..Full Article: Source

Vietnam’s Biggest Investor Is Quietly Quitting The Market

Posted on 17 October 2016 by VRS  |  Email |Print

A sovereign wealth fund in Vietnam announced this year it would divest from holdings among 120 listed companies. That plan, part of the government’s longer-term scheme to pull out of listed firms, will let the free market take its course instead of taking cues from the Communist state and allow companies involved to operate more efficiently. But the process just might take a while.
Divestment by the State Capital Investment Corp. would free up shares for ever-eager foreign investors. Offshore funds see Vietnamese stocks as investments in the Southeast Asian country’s fast-growing, export-led economy and surging middle class……………………………………..Full Article: Source

Gulf investors eye Turkey as major economies like the US lose trust

Posted on 17 October 2016 by VRS  |  Email |Print

In late September, the U.S. Congress overrode U.S. President Barack Obama’s veto of legislation, known as JASTA, which gives families of 9/11 victims the right to sue Saudi Arabia for any alleged role it may have had in the 9/11 attacks. Fifteen of the 19 hijackers were Saudi citizens but no link to the Saudi government has been proven while the government denies any ties with the plotters.
Gulf investors’ interest in Turkey has increased as they lose trust in major economies like the U.S., according to Prime Minister Binali Yıldırım. Yıldırım held a private meeting with economy editors of national newspapers on Saturday where he discussed recent developments in the economy on a local and global scale, underlining the rising interest of Gulf investors. Touching upon the U.S.’s latest decision on Saudi Arabia, the prime minister noted that these kinds of decisions weaken trust in the U.S……………………………Full Article: Source

SOFAZ reveals economic indices

Posted on 14 October 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages the energy-rich country’s oil and gas revenues, has managed to derive profit and raise its revenues by benefiting from the currency exchange rate differences.
Year to date, the Fund gained some 2.5 billion manats ($ 1.56 billion) [non-budget gains], due to differences in the currency rates. Fund’s CEO Shahmar Movsumov, speaking at a press conference on October 12, said that SOFAZ assets increased by 6.7 percent compared to early 2016, and amounted to $35.82 billion, mentioning that profit and expenditures of the Fund stood at 6.62 billion manats ($ 4.13 billion) and 3.82 billion manats ($ 2.38 billion), respectively……………………………………Full Article: Source

Surbana Jurong buys auxiliary police Aetos from Temasek

Posted on 14 October 2016 by VRS  |  Email |Print

Urban development group Surbana Jurong has bought Aetos Holdings, one of three licensed auxiliary police organisations in Singapore, from investment firm Temasek Holdings, Surbana Jurong said in a press release on Thursday.
It said the acquisition of 100 per cent of Aetos would expand its “service offerings to include safety and security capabilities”. Surbana Jurong group chief executive Wong Heang Fine said in a statement: “We will also be able to utilise Aetos’ state-of-the-art unmanned aerial vehicles to enhance our surveillance security services as well as enhance our land survey capabilities.”…………………………………….Full Article: Source

Saudi Arabia, SoftBank plan $100 billion tech fund - one of the world’s biggest

Posted on 14 October 2016 by VRS  |  Email |Print

Saudi Arabia and Japan’s SoftBank Group said they will create a technology investment fund that could grow as large as $100 billion, aiming to create one of the world’s largest private equity funds.
The plan is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys huge financial reserves in an effort to move into non-oil industries. SoftBank’s founder and chairman Masayoshi Son, who has built his company into a $68 billion telecommunications and tech investment behemoth from a $50,000 start-up, has been seeking to expand in new areas……………………………………..Full Article: Source

Saudi Deputy Crown Prince Wants To Be One Of The World’s Biggest Tech Investors

Posted on 14 October 2016 by VRS  |  Email |Print

The public investment fund of Saudi Arabia, the Kingdom’s sovereign wealth fund, is considering investing as much as $45 billion over the next five years in the new SoftBank Vision Fund, according to an announcement made on Thursday. SoftBank itself plans on investing at least $25 billion over the next five years in the fund.
“The Public Investment Fund is focused on achieving attractive long-term financial returns from its investments at home and abroad, as well as supporting the Kingdom’s Vision 2030 strategy to develop a diversified economy,” Prince Mohammed said in a statement……………………………………..Full Article: Source

‘Big opportunities’ ahead for Russia, says head of foreign investment fund

Posted on 13 October 2016 by VRS  |  Email |Print

Russia’s economy is expected to return to growth as early as the end of the year and has a “big opportunity” to attract foreign investment, the chief executive of the Russian Direct Investment Fund (RDIF) said.
“The Russian economy really went through some difficult times but as of the beginning of the year it really reached a floor and is coming up and we expect growth to resume at the end of this year or early next year,” Kirill Dmitriev said………………………………….Full Article: Source

MAB doesn’t need additional funding from Khazanah

Posted on 13 October 2016 by VRS  |  Email |Print

Malaysia Airlines Bhd (MAB) does not need additional funding from Khazanah Nasional Bhd and it is confident of performing better in the immediate future on the back of solid bookings from November this year until March next year. Chief Executive Officer Peter Bellew said the airline was currently operating with a load factor of up to 73 per cent and it was targeting higher load factor of 80 per cent over the next 18 months.
“Bookings for November and December are looking very good. We expect a lot of inbound tourists for January to March next year. There are no plans to ask for more funding as agreed upon with Khazanah………………………………….Full Article: Source

India Value Fund competes with TPG-Temasek to take control of KIMS Hospital

Posted on 13 October 2016 by VRS  |  Email |Print

Home grown private equity investor India Value Fund and its limited partners — Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA) — are fighting against a consortium of heavyweights TPG Capital Management and Singapore sovereign fund Temasek Holdings to buy controlling stake in Kerala Institute of Medical Sciences (KIMS) in the final lap of the the race for Thiruvananthapuram-based hospital chain.
The proposed transaction will value KIMS Healthcare Management (KIMS) at Rs 1,300 crore, according to people familiar with the matter and would mark the second private equity transaction in the healthcare sector in South India in a span of three months………………………………….Full Article: Source

MAS shuts down Falcon bank over 1MDB fund flows

Posted on 12 October 2016 by VRS  |  Email |Print

In more tough action over the deepening Malaysian 1MDB state fund scandal, the Singapore authorities closed a second Swiss bank, and fined DBS and UBS, for anti-money laundering breaches. The million-dollar penalties for DBS and UBS were for breaches of money laundering rules and centred on lapses by specific bank officers, including executives.
The biggest sanction came with the Monetary Authority of Singapore (MAS) ruling that Falcon Private Bank’s Singapore branch must cease operations because of “serious failures” in anti-money laundering controls and “improper conduct” by senior management in Switzerland and Singapore. The breaches were in relation to 1Malaysia Development Berhad (1MDB) fund flows from March 2013 to May last year………………………………………Full Article: Source

Aabar Investments says fully behind Falcon Private Bank after 1MDB sanctions

Posted on 12 October 2016 by VRS  |  Email |Print

Abu Dhabi investment firm Aabar Investments said on Tuesday it was fully behind its Falcon Private Bank unit after it was sanctioned in relation to the scandal-hit Malaysian state investment fund 1MDB.
“Aabar Investments PJS reconfirms its full commitment and support for the bank,” Aabar said in a statement. “Aabar views the bank as a strategic investment and has no current intention to sell.” Falcon was fully acquired by Aabar Investments in 2009………………………………………Full Article: Source

Norway’s oil fund warns on lack of stock market listings

Posted on 12 October 2016 by VRS  |  Email |Print

Chief of the world’s biggest sovereign wealth fund laments reluctance of companies to go public. The world’s biggest sovereign wealth fund has sounded the alarm about the lack of stock market listings, arguing that investors could end up owning companies belonging to the past rather than the future.
Norway’s $880bn oil fund is concerned about the reluctance of companies, particularly in the technology sector, to go public with the number of listed US companies having almost halved in the past 20 years………………………………………Full Article: Source

Pew report sees Alaska ahead of other states in its ‘sovereign wealth fund’

Posted on 12 October 2016 by VRS  |  Email |Print

The Pew Charitable Trusts focused on seven states that have funds from extraction revenue, which the report describes as “sovereign wealth funds.” According to Pew, Alaska is one of only two state funds whose purpose is well-defined by state law. And the report found that it’s one of three states that doesn’t allow withdrawals from the fund principal.
Brenna Erford helped write the report and manages Pew’s work on state budget policy. She praised the foresight Alaska officials and voters had when they established the fund in 1976………………………………………Full Article: Source

Spain’s Abertis agrees to sell 20 pct stake in Chile unit to ADIA

Posted on 11 October 2016 by VRS  |  Email |Print

Spain’s Abertis said on Monday it had agreed to sell a 20 percent minority stake in its Chilean unit to the Abu Dhabi Investment Authority (ADIA) for 495 million euros ($554 million). The sale values the unit, which runs 771 kilometers of highways through six concessions in the country, at a total of 3.7 billion euros including debt, Abertis said in a statement.
The Spanish company will continue to run the company and will hold the remaining 80 percent stake………………………………….Full Article: Source

BSI bankers charged with 1MDB offences

Posted on 11 October 2016 by VRS  |  Email |Print

The Singaporean authorities have charged two senior private bankers at the Singapore branch of Swiss-based BSI bank for alleged fraud and corruption in relation to the ongoing investigation into the 1MDB Malaysian wealth fund. Singapore’s Attorney General has also referred 11 other BSI staff, including senior management, to the public prosecutor to evaluate whether they have broken the country’s laws.
In a statement of Monday, the Attorney General’s office said Yak Yew Chee and Yvonne Seah Yew are each facing seven charges for failing to disclose suspicious transactions to the financial authorities. Another BSI banker, Yeo Jiawei already faces 11 charges in connection to the 1MDB scandal………………………………….Full Article: Source

Will Sovereign Wealth Capital Save Deutsche Bank?

Posted on 11 October 2016 by VRS  |  Email |Print

Under intense fire for its last-twelve-month stock underperformance, Deutsche Bank AG is endlessly trying to placate shareholder concerns. The German titan has been in discussions with its peers on a potential share sale - some estimates point to a €5 billion capital raise. The success and stability of Deutsche Bank are of tremendous concern for the financial health of Europe.
The German lender was named as “the most important net contributor to systemic risks,” according to an International Monetary Fund (IMF) report from June 2016. The global report implies that Deutsche Bank is a threat to the global financial system. Why? Deutsche Bank has a gigantic derivatives portfolio of a notional value of €41.94 trillion, according to Deutsche Bank’s 2015 annual report………………………………….Full Article: Source

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