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SNB head says no sovereign fund for gold if referendum passes: paper

Posted on 17 November 2014 by VRS  |  Email |Print

The chairman of the Swiss central bank ruled out creating a sovereign wealth fund to manage Switzerland’s gold reserves if a referendum on banning the bank from selling them passes, according to a newspaper interview published on Sunday.
The “Save our Swiss gold” proposal, spearheaded by the right-wing Swiss People’s Party (SVP), will be put to a plebiscite on Nov 30. It aims to ban the central bank from offloading the reserves and oblige it to hold at least 20 percent of its assets in gold………………………………….Full Article: Source

Sovereign wealth fund acquisitions surge as confidence returns

Posted on 17 November 2014 by VRS  |  Email |Print

Sovereign wealth funds are buying up assets this year at their fastest rate since the financial crisis as these state-run pools of assets regain the confidence lost when big punts on western banks turned sour, Thomson Reuters data shows.
Thomson Reuters data shows sovereign wealth funds, which invest windfall revenues from oil and other exports for future generations, were involved in deals worth $40 billion (25.55 billion pound) in the first nine months of 2014, the highest rate since 2007. The money was spent across 79 transactions - the highest number since 2008 - with real estate and infrastructure dominating the deal flow………………………………….Full Article: Source

Italian, Qatari Funds Make First Investment In Italian Food

Posted on 17 November 2014 by VRS  |  Email |Print

State-backed Italian and Qatari investors are to buy a 165 million euro ($205 million) stake in Inalca, expanding the Italian meat producer’s overseas markets in the first such deal by the two investment partners. Under the deal signed on Friday, the IQ Made in Italy joint venture will buy a 28.4 per cent stake in Inalca, currently wholly owned by Italian food producer and caterer Cremonini.
Italian state-backed private equity fund Fondo Strategico Italiano (FSI) and Qatar Holding, a fund created by the Qatar Investment Authority, set up the joint venture in March 2013 to invest in a range of Italian companies in the food, fashion and luxury, tourism and leisure sectors………………………………….Full Article: Source

Oman SWF-SBI JV to raise $250M to back ventures under ‘Make in India’ campaign

Posted on 17 November 2014 by VRS  |  Email |Print

The fund was formed in 2011 with equal equity contribution from SBI and SGRF, one of Oman’s sovereign wealth funds. A joint investment fund set up by SBI and Oman’s sovereign fund will raise its corpus by $250 million for a special purpose vehicle (SPV) to capitalise on the new government’s ‘Make in India’ initiative.
“The ministerial India-Oman Joint Commission, has accorded a political go-ahead for the second tranche with modalities to be worked out by State Bank of India (SBI) and State General Reserve Fund (SGRF) for its launch at the earliest,” Indian ambassador to Oman, J S Mukul said………………………………….Full Article: Source

CIC, Illinois Teachers eye cross-border deals

Posted on 14 November 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) and Illinois Teachers’s Retirement System have been talking up the benefits of private equity investors and managers collaborating on cross-border deals. China’s sovereign wealth fund said it was keen on facilitating European deals, while the $46 billion US state pension spoke about its recently agreed partnership with a PE fund-of-funds manager and the types of tie-ups it was seeing.
CIC’s head of private equity, He Linbo, said the sovereign wealth fund is willing to act as a bridge to connect both Chinese companies with overseas investors, and foreign companies with opportunities in the mainland…………………………………..Full Article: Source

Oil Fund set for shake-up for fairness

Posted on 13 November 2014 by VRS  |  Email |Print

Energy policymakers will reconsider the role of the state Oil Fund after its burden in subsidising liquefied petroleum gas (LPG) prices ends, says Energy Minister Narongchai Akrasanee.
“Once the fund turns to black, which should be achieved soon, its role will need to be reviewed. We won’t need to levy a lot of money, as we will not return to heavily subsidising the wrong type of fuel as past governments did,” he said Wednesday. The fund is gradually recovering from a loss of 1 billion baht caused by LPG price subsidies.Mr Narongchai said details of the Oil Fund’s future role and levies had not been finalised………………………………………..Full Article: Source

$2.7 billion out of National Oil Fund to finance infrastructure projects

Posted on 12 November 2014 by VRS  |  Email |Print

$2.7 billion out of the Kazakhstan’s National Oil Fund accumulating windfall oil revenues is going to be earmarked to finance infrastructure projects. “The time has come for us to rely on the funds to the benefit of the country’s people, protecting the nation from the imminent crisis”, President Nazarbayev said in his Address to the Nation voiced at the sitting of the Nur Otan Party Political Council.
“The money will help us overcome the tough period and stimulate further economic growth. These resources are for short-term measures only; they will be channeled to develop transport, industrial and social infrastructure, as well as to support small and middle-sized businesses”, he said………………………………………..Full Article: Source

Kazakhstan To Use National Fund For Oil Price Damage Limitation

Posted on 12 November 2014 by VRS  |  Email |Print

For the second time in seven years, Kazakhstan will tap its National Fund as one way to help sustain its economy, which has become a victim of the global drop in oil prices. “One of the main tasks of the fund is to ensure the stability of our economy against external shocks, which include a fall in world prices for natural resources,” President Nursultan Nazarbayev said Nov. 11 in a televised address to the nation.
He said his government will use $3 billion a year from 2015 through 2017 “to develop transport, energy, industrial and social infrastructure,” but he also stressed that the expenditures will be accompanied by unspecified “structural reforms” to Kazakhstan’s economy………………………………………..Full Article: Source

Zimbabwe’s Sovereign Wealth Fund put into gear

Posted on 12 November 2014 by VRS  |  Email |Print

Zimbabwe’s Treasury will with immediate effect remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe yesterday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.
A sovereign wealth fund is a state-managed pool of money drawn from the country’s reserves, set aside for investment in strategic areas that benefit the economy and its citizens. Funding for sovereign wealth funds is typically accumulated from revenues generated from the export of a country’s natural resources, such as minerals………………………………………..Full Article: Source

Equities to stay dominant in SWF portfolios: Cerulli

Posted on 11 November 2014 by VRS  |  Email |Print

While Asia’s biggest institutions are increasingly investing in alternative assets, sovereign wealth funds’ allocations continue to be dominated by equities, and that situation is likely to continue, said research house Cerulli Associates.
But a shared penchant for equities has not resulted in uniform performance, the firm found in a new report, in which it focuses on Asia’s four largest SWFs: Singapore’s GIC and Temasek, Korea Investment Corporation (KIC), and CIC International, the unit of China Investment Corporation that invests offshore………………………………………..Full Article: Source

Are Sovereign Wealth Funds About to Take Over European Soccer?

Posted on 11 November 2014 by VRS  |  Email |Print

Fans of European, and especially English, soccer have become used to a particular type of face in the crowd over the last decade - the face of the foreign billionaire club owner.
A sheepish, slightly dismayed grin plastered permanently on his face, Roman Abramovich, the former owner of Russian oil company Sibneft (now Gazprom Neft), looks down on every home game at London’s Chelsea Football Club, which he acquired in 2003;further north, at the City of Manchester Stadium, the beatific,sharp-suited Sheikh Mansour, member of the ruling family of Abu Dhabi, follows the progress of Manchester City, the once-struggling but vastly popular club he bought in 2008; over in Paris, proceedings at the Parc des Princes are dominated by the helmet hair of Nasser Al-Khelaifi, who has been chairman of Paris Saint-Germain since 2011………………………………………..Full Article: Source

Qatar bid doesn’t hit the right note for Songbird

Posted on 11 November 2014 by VRS  |  Email |Print

Canary Wharf majority stake holder, Songbird, has rejected a £1.6bn joint take over bid from the Qatari Sovereign Wealth fund and American Property Firm, Brookfield Property Partners. News of a potential deal broke at around lunchtime last Thursday with Songbird chairman David Pritchard initially saying:
“The board of Songbird will consider this approach in light of what is in the best interests of the shareholders in the company as a whole and in the meantime Songbird shareholders are advised to take no action.” However Songbird, which owns 69% of Canary Wharf and surrounding buildings, announced on Friday that it had rejected the Qatari bid………………………………………..Full Article: Source

Khazanah open to proposals for MAS restructuring

Posted on 11 November 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd is open to receive proposals and ideas from various quarters for the restructuring of Malaysian Airline System Bhd (MAS). Khazanah deputy chairman Tan Sri Nor Mohamed Yakcop said the company was prepared to listen and weigh the ideas or proposals so that the restructuring process could proceed smoothly and successfully to enable MAS to get back to become the national airline that is the pride of the rakyat.
Besides being a symbol of national pride, he said Khazanah also wanted to turn around MAS to profitability as well as enabling it to provide huge benefits in the nation’s tourism and trade sectors………………………………………..Full Article: Source

Shale gas: George Osborne proposes north of England fund

Posted on 10 November 2014 by VRS  |  Email |Print

Shale gas extraction revenues could be held in a “sovereign wealth fund” for the north of England, the chancellor has said. George Osborne told BBC Radio 4’s Today programme the fund would be a way of “making sure money is not squandered on day-to-day spending”.
Friends of the Earth’s Helen Rimmer said it was “a desperate attempt to win over communities”. The idea will be discussed in the House of Lords on Monday. Possible sites for the extraction of shale gas have been identified across the north of England, with test drilling licences granted in Lancashire, Cheshire, Merseyside and Greater Manchester………………………………………..Full Article: Source

Norway proves oil-rich nations can be both green and prosperous

Posted on 10 November 2014 by VRS  |  Email |Print

Conventional wisdom suggests a big fossil fuel-producer like Canada can’t be both green and prosperous. It’s one or the other. Norway’s experience suggests this is a false choice. Through a combination of steep carbon taxes, careful management of its oil wealth and strategic investments in innovation, oil-rich Norway has found a comfortable balance between the environment and growth.
The key elements of Norway’s resource strategy are steep taxes (up to 78 per cent of resource profits), plus the creation of a government-owned oil company (Statoil) and a sovereign wealth fund (the Government Pension Fund Global) to sock away royalties for post-fossil fuel generations. Norway’s sovereign wealth fund is now the world’s largest, with assets of roughly $1-trillion (Canadian). That’s the equivalent of $196,000 for each of the 5.1-million Norwegians……………………………………….Full Article: Source

Goodman Group and Singapore’s sovereign wealth fund, GIC invest in Auckland’s Viaduct Precinct

Posted on 10 November 2014 by VRS  |  Email |Print

Investment in New Zealand’s property market is on an upward trajectory with a number of Australian-based joint ventures, public floats and residential projects be readied for completion in the short to medium term.
While the “cross border” trans tasman cash flow is not new, for the past few years its been more west to east, than the reverse. The trigger has been the improving market conditions in the main centres of Auckland and Wellington and the weight of money in the investment world seeking out higher yields in a low interest rate environment………………………………………..Full Article: Source

ICD sets up Dubal Holding

Posted on 10 November 2014 by VRS  |  Email |Print

Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) has set up a new subsidiary – Dubal Holding – to manage its 50 per cent shareholding in Emirates Global Aluminium (EGA), said a press statement on Saturday.
ICD and Mubadala Development Company set up DGA by merging their subsidiaries Dubal and Emirates Aluminium (Emal). EGA’s combined annual production currently accounts for 50 per cent of the total primary aluminium produced within the Gulf Cooperation Council region………………………………………..Full Article: Source

Qatar and Brookfield’s bid for Canary Wharf rejected

Posted on 10 November 2014 by VRS  |  Email |Print

Songbird Estates, the owner of London’s Canary Wharf financial district, rejected an approach from Qatar Investment Authority and Brookfield Property because the proposed bid is too low.
The Qatar fund and Brookfield may offer 295 pence a share, Songbird said in a statement. The owner of about 6pc of Canary Wharf Group climbed 22pc to 320 pence in London trading yesterday after announcing the approach………………………………………..Full Article: Source

Khazanah promises transparency on MAS revamp

Posted on 07 November 2014 by VRS  |  Email |Print

State investment arm Khazanah Nasional Bhd promised to remain transparent on Malaysia Airlines (MAS) restructuring process even after the airline’s privatisation, Minority Shareholder Watchdog Group (MSWG) said.
General manager of corporate services Lya Rahman said long-time shareholders had voiced out their views and concern and Khazanah should take note of them. “Khazanah should be transparent all the way in whatever they do as this is national interest. Let Khazanah do their job and let’s pray that it is a successful attempt after the previous attempt failed,” she told reporters after MAS extraordinary general meeting at Kelana Jaya……………………………………….Full Article: Source

Qatar wealth fund makes joint bid for Canary Wharf-owner Songbird

Posted on 07 November 2014 by VRS  |  Email |Print

Songbird Estates, the majority owner of London’s Canary Wharf estate, said it had received a joint preliminary approach from Qatar Investment Authority and Brookfield Property Partners regarding a possible takeover.
“The board of Songbird will consider this approach in light of what is in the best interests of the shareholders in the company as a whole and in the meantime Songbird shareholders are advised to take no action,” the company said in a statement on Thursday………………………………………..Full Article: Source

KIC to Create $2 Bil. Fund with Qatari Sovereign Wealth Fund

Posted on 06 November 2014 by VRS  |  Email |Print

Korea Investment Corp., the nation’s sovereign wealth fund, will join hands with Qatar’s counterpart to make investment together. The Korean sovereign wealth fund based on foreign currency reserves said on November 5 that is signed a memorandum with the Qatar Investment Authority to form a joint investment fund.
The two sovereign wealth funds will chip in US$1 billion each to create a $2-billion fund while establishing a joint management committee to oversee it. Committee meetings will be held once a year either in Seoul or Doha………………………………………..Full Article: Source

Sunway shares down on stake sale by GIC

Posted on 06 November 2014 by VRS  |  Email |Print

Sunway Bhd shares worth RM482mil that were owned by GIC Pte Ltd have been traded in an off-market deal. According to stock market data, a total of 150.6 million Sunway shares changed hands yesterday at RM3.20 each.
Sunway share price closed at RM3.23, a 12 sen or 3.6% drop, with 1.67 million shares traded. Reuters reported that GIC, Singapore’s sovereign wealth fund, which owns a 8.7% block in Sunway, had hired CIMB and JP Morgan as the joint bookrunners for the sale of Sunway shares………………………………………..Full Article: Source

Khazanah yet to setttle staff compensation in MAS retrenchment plan - Najib

Posted on 06 November 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd is still evaluating the form of compensation it will hand out to the 6,000 staff of Malaysia Airlines (MAS) who will be laid off in an ambitious restructuring exercise to bring the ailing national carrier back to profitability, said Prime Minister Datuk Seri Najib Razak.
He said the national investment firm is still waiting for the results of a talent evaluation programme that is being conducted by MAS before it can make a decision on the matter. “Apart from a retrenchment scheme, Khazanah is currently evaluating other schemes that can be considered to make sure the best talents are given incentives and remain in ‘MAS Baru’,” he said in a written parliamentary reply to PKR’s Kelana Jaya MP Wong Chen………………………………………..Full Article: Source

Ireland is open for business — €6.8bn strategic investment fund

Posted on 06 November 2014 by VRS  |  Email |Print

The establishment of a new €6.8bn (£5.3bn) Irish strategic investment fund is expected to be of interest to national and international investors and fund managers and also Irish companies and operators in a range of sectors.
Once established, this new Irish government fund will make investments that fulfil the dual objectives of achieving a commercial return and supporting economic growth and employment in Ireland. It also seeks to attract private sector co-investment………………………………………..Full Article: Source

Qatar’s Sovereign-Wealth Fund to Invest at Least $15 Billion in Asia

Posted on 05 November 2014 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund is gearing up to invest $15 billion or more across Asia, and plans to team up with China’s Citic Group as it pursues infrastructure and other investment.
The chief executive of Qatar Investment Authority, Ahmad Mohamed Al-Sayed, told reporters in Beijing on Tuesday that the sovereign-wealth fund aimed to spend $15 billion to $20 billion across the region in the next five years, in industries including health care, infrastructure and real estate………………………………………..Full Article: Source

Qatar’s wealth fund says likes China’s property, among others

Posted on 05 November 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund and one of the world’s most aggressive investors, Qatar Investment Authority, is keen to invest in China’s property, infrastructure and healthcare sectors, Chief Executive Ahmed Al-Sayed said on Tuesday.
The fund, which is estimated to have around $170 billion, also plans to invest between $15 billion and $20 billion in Asia in the next five years, Al-Sayed said………………………………………..Full Article: Source

The wealth funds clinching the most deals are …

Posted on 05 November 2014 by VRS  |  Email |Print

Singapore’s Temasek and GIC were the most active sovereign wealth funds last year, chasing investments even as deal-making by their peers, especially China, dropped sharply, according to a new report.
GIC and Temasek made 40 and 38 direct investments respectively, for a combined total of $14.3 billion, accounting for around 34 percent of the total allocations by sovereign funds, the Sovereign Wealth Center (SWC) said in a report………………………………………..Full Article: Source

Norway sovereign wealth fund to increase A-share exposure

Posted on 05 November 2014 by VRS  |  Email |Print

Sovereign wealth fund chief says he plans to increase A-share exposure, reports Bloomberg.Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week.
Though assets from the country make up only about 1.5 percent of the $860 billion Norwegian wealth fund’s portfolio, Yngve Slyngstad, its chief executive officer, said almost all investment decisions are affected by what happens in China………………………………………..Full Article: Source

Azerbaijan, Hungary enjoy great capacity for expanding relations

Posted on 05 November 2014 by VRS  |  Email |Print

Hungarian delegation visits SOFAZ. The Hungarian delegation also met with Executive Director of the Azerbaijani State Oil Fund (SOFAZ) Shahmar Movsumov.
The sides discussed the current state and prospects of economic cooperation between Azerbaijan and Hungary. They also exchanged views on opportunities for SOFAZ’s making investment in Hungary………………………………………..Full Article: Source

Norway sovereign fund chief sets sights on China

Posted on 04 November 2014 by VRS  |  Email |Print

Slyngstad hopes to broaden the sovereign fund’s asset mix to include infrastructure and private equity amid plunging interest rates. Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week.
Though assets from that country only make up about 1.5 per cent of the US$860 billion Norwegian wealth fund’s portfolio, Yngve Slyngstad, its chief executive, says almost all investment decisions are affected by what happens in China………………………………………..Full Article: Source

The World’s Largest Wealth Fund Set to Increase its Investments in India

Posted on 04 November 2014 by VRS  |  Email |Print

Norway’s $860 billion Sovereign Fund, also the world’s largest wealth fund, is set to increase its holding of Indian Stocks and Bonds to 0.9% of its fixed-income and equities portfolio.
India’s benchmark S&P BSE has surged over 32% this year with the country emerging as the most promising emerging market for the year. With a majority sweep in the recent elections in the world’s largest democracy, newly elected Prime Minister Narendra Modi has made sure to restore India’s economic growth and make the country a lucrative investment option………………………………………..Full Article: Source

Singapore leads the pack in sovereign wealth deals

Posted on 04 November 2014 by VRS  |  Email |Print

Singapore’s two state-backed investors, Temasek and GIC, together accounted for 60 per cent of the $23bn in cross-border deals by the world’s sovereign wealth funds in the first half of this year as they made bets in sectors ignored by their rivals.
The findings, in a quarterly survey by the Sovereign Wealth Centre, highlight how Singapore is emerging as one of the boldest investors with increased direct investments in key sectors, while Asian rivals have pulled back from doing big strategic equity deals………………………………………..Full Article: Source

Time govt rolls out own Sovereign Wealth Fund

Posted on 04 November 2014 by VRS  |  Email |Print

There has been a significant increase in the number of sovereign wealth funds (SWFs), especially in Africa over the last decade. An SWF is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets.
There are currently 51 SWFs with combined assets in excess of US$4 trillion. The Abu Dhabi Investment Authority (Adia) is the largest SWF with assets in excess of US$620 billion. Adia was established in 1976 to manage excess earnings from the oil sector………………………………………..Full Article: Source

Man Running World’s Biggest Wealth Fund Takes On Riddle of China

Posted on 03 November 2014 by VRS  |  Email |Print

Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week. Though assets from that country only make up about 1.5 percent of the $860 billion Norwegian wealth fund’s portfolio, Yngve Slyngstad, its chief executive officer, says almost all investment decisions are affected by what happens in China.
Understanding what’s poised to become the world’s largest economy is crucial for Slyngstad as he manages a fund that Norway predicts will reach $1 trillion in less than three years. He’ll be in China this month, visiting Beijing and other cities………………………………………..Full Article: Source

Chinese Direct and Financial Outbound Investment

Posted on 03 November 2014 by VRS  |  Email |Print

Precedents for outbound financial investment from China are few, but include China’s sovereign wealth funds. The China Investment Corporation (CIC) has been most visible in this area, investing in a number of foreign assets. Controlled by the Ministry of Finance, CIC is registered as an independent non-bank state-owned enterprise, unlike other sovereign wealth funds.
Although a recent audit revealed losses due to investment in firms such as Blackstone and Morgan Stanley, CIC has learned from its experience and continues to obtain returns abroad. An aggressive strategy implemented in the early years of its operation has been modified to a more moderate strategy based on investment in equities and other assets rather than high-yield assets purchased via absolute return vehicles such as hedge funds………………………………………..Full Article: Source

GIC makes first New Zealand investment, venturing into Auckland’s Viaduct Quarter

Posted on 03 November 2014 by VRS  |  Email |Print

GIC, the Republic’s sovereign wealth fund, is making its first real estate investment in New Zealand, with a joint venture in Auckland initially worth NZ$313 million (S$313 million). GIC will partner with Goodman Property Trust (GMT) to co-invest in Auckland’s Viaduct Quarter. The joint venture, which includes GMT’s existing viaduct property interests, has a mandate to grow to NZ$500 million over time, the two entities said in a joint media release on Monday (Nov 3).
The partnership will initially own a portfolio of assets valued at NZ$313 million, with GIC acquiring a 49 per cent interest in these assets and GMT retaining a 51 per cent share. All future investments will be undertaken on the same basis, according to the media release………………………………………..Full Article: Source

NZ Super Fund dumps AMP Capital

Posted on 03 November 2014 by VRS  |  Email |Print

The Guardians of New Zealand Superannuation, the manager of the NZ superannuation Fund, said it had terminated AMP Capital’s New Zealand active equities mandate, effective from last Thursday.
The value of the mandate was NZ$257.5 million. AMP Capital was appointed to the mandate in 2003. “The decision does not affect the Fund’s 5 per cent allocation to New Zealand equities,” the Guardians of NZ said in a statement. Superfund spokeswoman, Catherine Etheredge, declined to comment on the reasons for the move………………………………………..Full Article: Source

Middle East sovereign funds increasing allocation to home markets

Posted on 03 November 2014 by VRS  |  Email |Print

Middle East sovereign investors who account for $1.4 trillion of assets managed globally are allocating significantly high portion of their assets to home markets, but increasingly these funds are expanding their allocation to emerging markets and alternate asset classes according Invesco Asset Management. The findings are from the Invesco Asset Management Study. The Middle East study, the fifth annual survey of its kind, was based on 52 interviews with employees at sovereign wealth funds.
Home market allocations by Middle East sovereign investors are about 42 per cent on average. Sovereign investors are broadly categorised into 4 categories based on their objectives such as investment, development, liquidity and liability. Overall the Middle East is weighted to development and investment sovereigns compared to the global average. However, in terms of assets, the Middle East is strongly weighted to investment sovereigns………………………………………..Full Article: Source

Middle East sovereign funds focus on development

Posted on 03 November 2014 by VRS  |  Email |Print

Invesco compared the results of the Middle East study with research on global sovereign funds and found a marked difference in the behaviour of sovereign wealth funds in different parts of the world. Whereas Asian sovereign funds tended to be focused almost exclusively on returns, most of the Middle East funds had explicit or implicit development goals, such as supporting the domestic private sector or building skills in the job market.
The study also found that Middle East sovereign funds were able to pay their staff more than funds in other parts of the world. Thirty-eight per cent of Middle East funds said they were able to match private sector salaries compared to just 15 per cent of global sovereigns………………………………………..Full Article: Source

Africa’s Prospects Rise With Tide of Returning Professionals

Posted on 03 November 2014 by VRS  |  Email |Print

Transparency in the hiring process for the top job at the SWF was a key factor in persuading Orji to consider the position. “I was skeptical – I didn’t want to interview at first. To be honest,” he says, “ I didn’t expect to be hired because I didn’t have any connections. But the process was transparent so that didn’t matter.”
Transparency in the hiring process for the top job at the SWF was a key factor in persuading Orji to consider the position. “I was skeptical – I didn’t want to interview at first. To be honest,” he says, “ I didn’t expect to be hired because I didn’t have any connections. But the process was transparent so that didn’t matter.” Although the fund came into existence two years ago, Orji says it has been operational in earnest as a fund only since September 2013. Most of the first year was taken up with establishing the teams and structures that would enable the fund to operate………………………………………..Full Article: Source

Investcorp and Mumtalakat Acquire PRO Unlimited

Posted on 31 October 2014 by VRS  |  Email |Print

Investcorp , a global provider and manager of alternative investment products, and Mumtalakat, today announced that they have acquired PRO Unlimited, a leading provider of software and services that enable large enterprises to more effectively manage their contingent workforce. Terms of the transaction were not disclosed.
Founded in 1991, PRO Unlimited delivers a full range of services to address procurement, management and compliance issues related to contingent workers, including independent contractors, consultants, temps and freelancers. PRO operates in 52 countries and provides services to some of the world’s largest and most prestigious companies through its integrated, vendor-neutral software and services platform………………………………………..Full Article: Source

Norway’s oil fund held back by losses on European stocks

Posted on 31 October 2014 by VRS  |  Email |Print

The $838 billion fund, the world’s biggest sovereign wealth fund, said losses on its European equities were offset by gains on its bondholdings, and a better showing from its US stock portfolio.
Norges Bank Investment Management, the arm of the central bank that manages the fund, said Wednesday that earnings on its investments totalled Nkr15 billion ($2.27 billion). The total value of the fund on September 30 was Nkr5.534 trillion. Equity investments lost 0.5% in the third quarter, while fixed-income investments gained 0.9%, NBIM said. European shares lost 4.3%, while US stocks logged a 3.8% gain………………………………………..Full Article: Source

Malaysia’s 1MDB readies $3bn IPO of power asset

Posted on 31 October 2014 by VRS  |  Email |Print

1Malaysia Development Berhad, a large Malaysian government fund, is paving the way for a $3bn stock market listing of its power assets on the Kuala Lumpur exchange early next year, according to people familiar with the matter.
The planned initial public offering comes amid ongoing scrutiny by opposition politicians in Malaysia of 1MDB, a vast wealth fund formed only five years ago in partnership with interests in Abu Dhabi and Saudi Arabia………………………………………..Full Article: Source

1MDB says detractors ‘factually incorrect’

Posted on 31 October 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) has cleared the air over “insinuations” and “unsubstantiated” claimsbycriticsaboutvarious elements of its sprawling businesses.
The country’s sovereign wealth fund, in a five-page statement yesterday, refuted allegations of overpaying for certain energy and real estate assets, including plots of land in Penang, and getting preferential treatment in power plant tenders………………………………………..Full Article: Source

Norway’s $860 Billion Wealth Fund Bets Big on Modi’s India

Posted on 30 October 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, will increase its holdings “significantly” in India as Prime Minister Narendra Modi opens Asia’s third-largest economy to investments and competition.
The fund today revealed that it raised its holdings of Indian bonds and stocks to 0.9 percent of its fixed-income and equities portfolios, as part of a broader plan to increase its presence in emerging markets and generate bigger returns………………………………………..Full Article: Source

Norway’s oil fund hit by European equities

Posted on 30 October 2014 by VRS  |  Email |Print

Norway’s $860bn oil fund made its first negative return in equities in more than two years as a weak performance by European stock markets hurt the world’s largest sovereign wealth fund.
Richard Milne, Nordic correspondent, reports that the oil fund made an overall return of 0.1 per cent in the third quarter as a positive performance by bonds rescued the negative return of 0.5 per cent from equities. European stocks - which still represent nearly half of the fund’s equities portfolio - had a negative return of 4.3 per cent while US and Asian stocks both performed well………………………………………..Full Article: Source

Gulf SWFs Still Lag on Transparency, Report Says

Posted on 30 October 2014 by VRS  |  Email |Print

The sovereign wealth funds of the energy-rich Arab Gulf are some of the world’s largest pools of capital, collectively holding more than $1 trillion of assets. But their strategies, returns and approaches to risk aren’t often disclosed, something political risk consultancy GeoEconomica singles them out for in a new report.
Gulf funds lag global peers in compliance with the so-called Santiago Principles, a voluntary set of guidelines funds agreed upon in 2008, the report says. At that time, worry was growing that these huge funds might use their financial muscle to accomplish political objectives in foreign countries. The funds wanted to convince the international community that they were only seeking financial gain by more clearly spelling out their investment policies, financial information and governance structures………………………………………..Full Article: Source

Khazanah invites bids for advisory role in MAS restructuring plan

Posted on 30 October 2014 by VRS  |  Email |Print

Sovereign fund Khazanah Nasional Bhd has asked select investment banks to bid for a role in overseeing the restructuring process of Malaysia Airlines (MAS), Bloomberg reported, citing sources familiar with the matter.
The sources, who declined to be identified, told Bloomberg Khazanah had asked the banks to submit proposals by today. According to the report, Khazanah has also offered to buy the shares it doesn’t already own for RM1.38 billion (US$422 million)………………………………………..Full Article: Source

Building the SNB a cross of gold (or an SWF?)

Posted on 29 October 2014 by VRS  |  Email |Print

But no, on November 30 there’s to be a vote in Switzerland which, if won, would shackle the Swiss National Bank by forcing it, amongst other things, to hold at least 20 per cent of its assets in gold; to repatriate any gold stored abroad; and to refrain from selling any gold in future.
From SocGen’s Sebastian Galy:The ban on selling Gold would go into effect immediately and the SNB would have five years to reach the 20% requirement. Over the five-year period, the SNB would have to sell part of its currency reserves (or theoretically print money) to finance the Gold purchases. Currently this amounts to selling USD68bn, mainly by selling EUR and USD, to buy 1,783 tons of Gold………………………………………..Full Article: Source

Qatar Fund arrives Sri Lanka with US$ 100 mn

Posted on 28 October 2014 by VRS  |  Email |Print

The second largest sovereign investment giant in the Gulf region said it is scouting Sri Lanka for implementation ready projects and is vying for Sri Lanka’s surging Stock Market. Qatar Holding LLC is the investment arm of the Qatar Investment Authority (QIA) which is well-known and also called as the Qatar Fund.
QIA is the second largest sovereign wealth fund in the Gulf Cooperation Council region after Saudi Arabian General Investment Authority (SAGIA). QIA’s QH was established in 2006. QH invests internationally and locally in strategic private and public equity as well as in other direct investments, and is considered to have a high profile global outreach………………………………………..Full Article: Source

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