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Indian eBay Affiliate Snapdeal Lures Temasek, BlackRock

Posted on 22 May 2014 by VRS  |  Email |Print

Indian eBay Inc. affiliate Snapdeal.com on Wednesday, May 21, announced its second financing round of the year. The $100 million fundraising from an international investor group is understood to value the company at as much as $1 billion and provides cash to invest in infrastructure and winning new customers.
Snapdeal, of New Delhi, said its backers were Singapore sovereign wealth fund Temasek Holdings Pte. Ltd., New York’s BlackRock Inc., Myriad Asset Management and Tybourne Capital Management Ltd., both of Hong Kong. Premji Invest, the investment vehicle of Wipro Ltd., and Wipro Chairman Azim Premji…………………………………….Full Article: Source

Shake-Ups At Kashagan

Posted on 22 May 2014 by VRS  |  Email |Print

Samruk-Kazyna is Kazakhstan’s sovereign wealth fund — it is like the big winner in a game of Monopoly. It owns the railroad company (Kazakhstan Temir Zholy), the electric company (KEGOC), the nuclear company (Kazatomprom), KMG and all or part of other companies that include an airline and the postal service.
KMG Kashagan BV owns 16.8 percent of the Kashagan project. The KMG press release said the company has an interest in making a new deal on “agreement about contribution and transference of KMG Kashagan BV shares between KMG, CooperativeKazMunaiGaz and KMG Kashagan BV.”……………………………………Full Article: Source

Ghana’s $450 million petroleum funds rated high in governance assessment

Posted on 21 May 2014 by VRS  |  Email |Print

The natural resource funds that the Ghanaian government uses to manage oil revenues have been adjudged to be relatively well-governed. The Revenue Watch Institute, a New York-based NGO with an office in Accra, in its recently released research, indicated that the Ghana Petroleum Funds met 13 of 16 good governance fundamentals. Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance.
“Together, the Ghana Stabilisation Fund and the Ghana Heritage Fund manage more than $450 million,” said Emmanuel Kuyole, Africa regional coordinator for Revenue Watch. “Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything.”………………………………..Full Article: Source

State Oil Fund of Azerbaijan suffered investment losses due to events in Ukraine

Posted on 21 May 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan suffered investment losses due to the events that took place in Ukraine. According to SOFAZ, budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3.005 bn manats, while budget expenditures constituted 2.443 bn manats meaning that the budget was implemented with actual surplus of AZN 561.7 million.
Nevertheless, revenue of AZN 3.006 bn was received from the implementation of oil and gas agreements, including AZN 2.991 bn from the sale of profit oil and gas, AZN 2.3 million as transit payments, AZN 13.3 million as bonus payments…………………………………Full Article: Source

Why Sovereign Wealth Funds Are a Bank’s Best Friend

Posted on 20 May 2014 by VRS  |  Email |Print

If you have a capital problem, if no one else can help, and if you can persuade them, maybe you can cozy up to one of the world’s sovereign wealth funds.Certainly these investment vehicles, usually set up by oil-rich countries to manage state savings, have proved themselves willing to back a whole host of banks since the credit crunch.
And in case anyone thought the era of seeking help from deep-pocketed friends was over, Deutsche Bank has reminded us that it’s not. It’s just secured backing from the The Qatari royal family to the tune of €1.75 billion ($2.38 billion) via its investment vehicle Paramount Holdings……………………………………..Full Article: Source

Temasek maintains optimism in Thailand’s long-term investment allure

Posted on 20 May 2014 by VRS  |  Email |Print

Singapore’s Temasek Holdings is still confident in the Thai economy for its long-term investments despite the political limbo, a high-ranking executive says.
“The situation in Thailand is obviously complex but what we think about Thailand is that there is a large population and the country is mixed with a large number of investment opportunities. The regulatory political cycle needs some time to resolve [itself],” Stephen Forshaw, managing director for strategic and public affairs at Temasek, said……………………………………..Full Article: Source

Russia-China fund puts $1b into deals

Posted on 20 May 2014 by VRS  |  Email |Print

The Russia-China Investment Fund has sunk about $1 billion into three infrastructure, tourism and logistics deals, and a senior executive told China Daily that investing in agriculture and natural resources sectors will be next on the agenda.
“China is Russia’s largest trading partner and an important partner of RDIF,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said on Monday. “With deals in infrastructure, tourism and logistics made, we will pay attention to opportunities in sectors including agriculture and natural resources.”…………………………………….Full Article: Source

Kazakh Sovereign Wealth Fund completes deal on Temirbank and Alliance Bank share sale

Posted on 20 May 2014 by VRS  |  Email |Print

Sovereign Wealth Fund Samruk-Kazyna joint-stock company completed a deal with businessman Bulat Utemuratov for shares in Temirbank and some shares in the Alliance Bank, the fund said on May 15.
Samruk-Kazyna and Bulat Utemuratov completed the deal on 79.88 percent of ordinary shares of Temirbank to the amount of 35.7 billion tenge and 16 percent of ordinary and preference shares in Alliance Bank to the amount of 1.5 billion tenge,” according to a statement. Moreover, Temirbank additionally paid Samruk-Kazyna dividends worth $ 9.1 billion tenge from retained earnings in 2010-2012……………………………………..Full Article: Source

Kazakhstan’s President Nursultan Nazarbayev meets Chinese President Xi Jinping

Posted on 20 May 2014 by VRS  |  Email |Print

Kazakhstan’s President Nursultan Nazarbayev has met Chinese President Xi Jinping. The two sides have signed a total of 5 documents. Notably, the two foreign ministries have signed a joint declaration. Samruk-Kazyna Sovereign Wealth Fund and China’s China International Trust and Investment Corporation (CITIC) have signed an MoU to develop relations in the O&G sector and the mining industry.
Besides, Development Bank of Kazakhstan and China’s Exim Bank have signed a memorandum to provide $1 billion to modernize Shymkent-based oil refinery……………………………………..Full Article: Source

KIA chairman meets Tunisian PM

Posted on 20 May 2014 by VRS  |  Email |Print

Executive Director of General Reserve at Kuwait Investment Authority (KIA) Bader Ajeel Al-Ajeel met on Monday night with Tunisian Prime Minister Mahdi Jomaa to explore ways to promote joint investment. Speaking to reporters following the meeting, Al-Ajeel said he had fruitful talks with the Prime Minister on the prospects of the partnership between the two sisterly countries.
“We have assessed the progress of the investments and projects being funded by KIA’s financial arm in Tunisia the Kuwaiti-Tunisian Development Group,” he said……………………………………..Full Article: Source

Libya’s sovereign wealth fund to invest to improve the country

Posted on 16 May 2014 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), the oil producer’s sovereign wealth fund, plans to invest billions of dollars in the local stock market to help fund badly needed infrastructure projects, its new head said. Chairperson Abdulmagid Breish, also said the LIA, which owns assets worth $66 billion, plans a special fund to cover future budget deficits - a timely idea as protests at oil facilities undermine public finances.
Little has been disclosed about the fund’s future investment strategy since the overthrow of Muammar Gaddafi in 2011. The LIA has been busy getting released assets temporarily frozen abroad during the 2011 uprising war………………………………………..Full Article: Source

Singapore SWFs are most acquisitive in 2013

Posted on 15 May 2014 by VRS  |  Email |Print

GIC and Temasek Holdings are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013. The US$15.7 billion (S$19.6 billion) spent by both companies accounted for about a third of direct investments by state investors globally last year, data compiled by the London-based Institutional Investor’s Sovereign Wealth Center showed.
This year, major investments have already been announced: Temasek and one of its units announced two purchases in March, amounting to US$8.9 billion, or 57 per cent of what the two firms invested last year, data compiled by Bloomberg showed………………………………………..Full Article: Source

GIC, Temasek Seen Leading Global State Investors: Southeast Asia

Posted on 14 May 2014 by VRS  |  Email |Print

GIC Pte and Temasek Holdings Pte, Singapore’s state-owned investment firms, are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013.
The $15.7 billion spent by both companies accounted for about a third of direct investments by state investors globally last year, according to data compiled by the London-based Institutional Investor’s Sovereign Wealth Center. Temasek and one of its units announced two purchases in March that amounted to $8.9 billion, or 57 percent what the two companies invested last year, according to data compiled by Bloomberg………………………………………..Full Article: Source

Libyan Investment Authority’s post-Gaddafi plans revealed

Posted on 12 May 2014 by VRS  |  Email |Print

Thanks to exhaustive efforts by Deloitte – at least the fourth big advisory name to work for the LIA, following Ernst & Young, Mercer and KPMG – Breish can now state with confidence that the fund has $66 billion in assets, roughly half of it invested in a legacy of direct equity stakes in some 550 companies worldwide, and the other half in a mixture of equities, alternatives, bonds and cash.
Breish’s first priority is to find the staff to manage this money properly, he tells Euromoney in a wide-ranging interview. The CEO must be Libyan, “for obvious reasons,” he says, although not everyone agrees with that caveat. “If we have a highly successful Spanish coach of the national football team [Javier Clemente, who just helped Libya win the African Nations Championship, the team’s first international title], why can’t we have a foreign head of the LIA?” asks one Libyan banker. “Why can’t we just get the best person?”……………………………………….Full Article: Source

Mexico eyes end to oil hedge when wealth fund takes off

Posted on 08 May 2014 by VRS  |  Email |Print

Mexico may abandon one of the world’s largest oil hedging programs as a new petroleum wealth fund gradually fills up with revenues from the opening of its energy sector, a deputy finance ministry official said on Wednesday.
The energy reform, approved late last year, is the cornerstone of President Enrique Pena Nieto’s plan to boost economic growth by attracting private investment to the oil and gas industry, dominated by ailing state-owned oil company Pemex……………………………………….Full Article: Source

Asia-Pacific Retail, Wealth Investors to Eclipse Sovereign Funds as Growth Engines

Posted on 08 May 2014 by VRS  |  Email |Print

As Asia-Pacific economies grow, creating wealthier societies, it’s the local retail fund and private banking markets that will generate close to 50% of net new flows and revenue opportunity for money managers over the next five years, according to a new whitepaper from Casey, Quirk & Associates LLC, a leading management consultant to the global asset management industry.
By contrast, the sovereign wealth funds and other government entities that controlled the bulk of professionally managed assets to date in the Asia-Pacific region will prove harder to target successfully by investment firms, as they increasingly move to manage assets internally………………………………………..Full Article: Source

Delegation from Abu Dhabi SWF studies Jaipur Foot manufacturing

Posted on 07 May 2014 by VRS  |  Email |Print

A delegation of Abu Dhabi’s Sovereign Wealth Fund (SWF) Institute from the Middle East visited the Jaipur Foot manufacturing centre at Bhagwan Mahaveer Viklang Sahayta Samiti (BMVSS) in Malviya Nagar on Tuesday.
The delegation of the Abu Dhabi government comprising high ranking professionals from the institutional investor companies was directed by the ruler of Abu Dhabi Sheikh Khalifa bin Zayed Al Nahyan to visit the Jaipur Foot centre and study its functioning and financial management. Impressed by the case study of Prof Shrikant Datar of Harvard University on Jaipur Foot, SWF Institute is keen to adopt BMVSS’ management and financial model as its business philosophy………………………………………..Full Article: Source

Sovereign Wealth Funds Invest in Smart Beta

Posted on 06 May 2014 by VRS  |  Email |Print

Historically, institutional investors have had to choose between two alternatives, alpha or beta (active or passive). Active managers were compensated for performance and earned fees for “generating” alpha, or excess returns relative to a benchmark. On the other side of the spectrum, lie passive investments – index investments that were simple to understand and - in most cases - transparent.
Fast forward to more recently, and a growing trend among a number of small quantitative shops that have developed factors in ranking stocks has emerged. This in turn led to the indexation of stocks using factors. It goes by many names: smart beta, advanced beta and even alternative beta. The systematic, rules-based approach of using factors in an index has attracted large public funds like sovereign wealth funds and pensions, due to a lower fee structure and greater transparency in holdings……………………………………….Full Article: Source

Citi wins Norway fund business from JPMorgan

Posted on 05 May 2014 by VRS  |  Email |Print

Citigroup has been chosen to safeguard the securities of the world’s biggest sovereign wealth fund after wooing away one of the largest custodian mandates from its rival JPMorgan. The transfer of the Norwegian oil fund’s $865bn portfolio to its US competitor is a setback for JPMorgan, which is one of the top three competitors in the rapidly growing custodian business.
The award of a seven-year contract, set to be announced this week, comes as both US banks have been integrating their securities holding businesses more closely with their investment banks as a way to reduce costs and cross-sell products………………………………………..Full Article: Source

Samruk chief says bank sales close to completion

Posted on 05 May 2014 by VRS  |  Email |Print

The deputy CEO of Kazakhstan’s sovereign wealth fund tells Emerging Markets she is optimistic about the imminent sale of three banks nationalised during the recent financial crisis. The deputy chief executive of Kazakhstan’s sovereign wealth fund has claimed that the sale of three banks that were nationalised during the country’s financial crisis is “almost done”.
“For Temir, for 16% of ALB [Alliance Bank] and for 93% of shares in BTA Bank, the deals will be finalised within the next two months,” Yelena Bakhmutova, deputy CEO of Samruk-Kazyna, the sovereign fund, said………………………………………..Full Article: Source

Singapore’s Temasek tweaks global portfolio

Posted on 05 May 2014 by VRS  |  Email |Print

As it approaches its 40th year, Singapore investment giant Temasek is stretching its legs, moving away from its finance-based comfort zone into sectors like retail and African resources to ensure future growth, analysts say.
With worldwide holdings worth Sg$215 billion ($171 billion) as of end March 2013, Temasek is listed as one of the top 10 global players by the US-based Sovereign Wealth Fund Institute. Its wide spectrum of interests spans banking, telecoms, transport, life sciences and property, while more than 70 percent of its investments are in Asia………………………………………..Full Article: Source

SOFAZ redeem debt securities of Southern Gas Corridor JSC

Posted on 02 May 2014 by VRS  |  Email |Print

The State Committee for Securities of Azerbaijan registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of “Southern Gas Corridor” CJSC in the amount of $ 917,320,800, the Baku Stock Exchange reported.
State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. The funds to be provided to the CJSC for financing the equity will provide a long-term investment on return conditions………………………………………..Full Article: Source

Iran intends to adopt experience of Azerbaijani State Oil Fund

Posted on 02 May 2014 by VRS  |  Email |Print

Azerbaijani State Oil Fund (SOFAZ) and Iran’s National Development Fund discussed the prospects for bilateral cooperation in Baku. The Iranian delegation that took part at the meeting was headed by member of the Board of Directors and chairman of the Fund, Seyed Ghasem Hosseini, SOFAZ said on May 1.
The main purpose of the meeting is to become familiar with SOFAZ’s activity, to learn experience within the International Forum of Sovereign Wealth Funds, comply with the Santiago Principles and to become closely familiar with the reporting in this sphere………………………………………..Full Article: Source

Bahrain, Russia Funds In Deal To Pursue Investments

Posted on 02 May 2014 by VRS  |  Email |Print

Two state-linked investment funds, one from Russia and the other from Bahrain, this week signed a cooperation deal that is aimed at strengthening the economic ties between their countries. The Russian Direct Investment Fund and Bahrain’s Mumtalakat said they plan to exchange expertise about strategic sectors and pursue potential investment opportunities together.
It’s not the first time links are established between a Middle Eastern sovereign fund and the Russians: both the Kuwait Investment Authority and Abu Dhabi’s Mubadala entered into business agreements with the RDIF in previous years………………………………………..Full Article: Source

Bahrain’s SWF: Sitting Pretty?

Posted on 02 May 2014 by VRS  |  Email |Print

Exactly one year ago the following statement appeared in the Press: “Bahrain’s sovereign wealth fund is considering investing in some of the country’s stalled property developments to help kick-start them again. Mumtalakat chief executive Mahmood Al Kooheji said the company’s real estate arm, Edamah, would invest in the part-finished projects if they were “commercially viable”.
One can only assume that the Marina West developers’ demands to refinance their four year-long stalled project did not meet Edamah commercial viability checks………………………………………..Full Article: Source

Bahrain deal with Russia upsets US

Posted on 02 May 2014 by VRS  |  Email |Print

The United States disapproves of a decision by Bahrain to sign an investment cooperation deal with Russia at a time when US and European governments are imposing sanctions on Moscow over the Ukraine crisis, an official said. “With Russia continuing its efforts to destabilize Ukraine, this is not the time for any country to conduct business as usual with Russia,” a US State Department official said.
“We have raised these concerns with the Bahraini government.” In a statement on Tuesday, the Russian Direct Investment Fund (RDIF) said it had signed a memorandum of understanding with Bahraini sovereign wealth fund Mumtalakat to identify and work together on investment opportunities in their countries………………………………………..Full Article: Source

Angolan Sovereign Wealth Fund’s economic diversification investments under way

Posted on 02 May 2014 by VRS  |  Email |Print

Angolan Sovereign Wealth Fund’s economic diversification investments under way, but non-payment risks remain high. On 22 April 2014 the chairman of the Sovereign Wealth Fund (Fundo Soberano de Angola: FSDEA), José Filomeno de Sousa Santos (’Zenú’), said in an interview with Bloomberg that investments will commence in two funds.
The FSDEA was founded in October 2012 with an initial capital of USD5 billion to support diversification from the oil production-led economy. The two funds will focus on the development of some 50 business hotels in sub-Saharan Africa, including Angola, and investments in commercial infrastructure, such as seaports, airports, and roads. The FSDEA is expected to be further funded by the sale of approximately 100,000 barrels of crude per day………………………………………..Full Article: Source

Bahrain SWF boosts Russian President with deal to co-operate on investments

Posted on 30 April 2014 by VRS  |  Email |Print

In a blow for the US efforts to galvanise international support for economic sanctions on Russia, Moscow has announced a new investment deal with Bahrain’s sovereign wealth fund - whose assets include the British sports car maker McLaren Group. The Russian Direct Investment Fund (RDIF) said on Tuesday that it had reached an agreement with Mumtalakat - the investment arm of the Persian Gulf state - to promote investment co-operation.
The deal is potentially an embarrassing snub for the US government and President Barack Obama, given the vital role Bahrain plays in American defence strategy in the region. Manama, the capital of Bahrain, serves as the main operating base of the US Fifth Fleet in the Gulf and a vital American military facility in the region………………………………………..Full Article: Source

Find Out what China’s sovereign wealth fund does not like

Posted on 30 April 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) has been a major institutional investor allocating capital to external managers, funds and assets. SWFI staff has compiled a brief list of recent pet peeves from observations through research and financial media.
Trying to chase yield, institutional investors have been gobbling up large illiquid properties globally. In 2013, sovereign wealth funds directly invested US$ 19.25 billion into the real estate sector. Granted in November 2012, the China Investment Corporation bought the 310,000 sqft Winchester House for £245 million from KanAm the Asian sovereign wealth fund is cautious in regard to London’s perceived property bubble……………………………………….Full Article: Source

Davis’s X2 said to study BHP assets bid with Abu Dhabi support

Posted on 29 April 2014 by VRS  |  Email |Print

Former Xstrata Plc Chief Executive Officer Mick Davis is studying making a bid for BHP Billiton Ltd. thermal coal and nickel assets after raising funds from investors including Abu Dhabi’s sovereign wealth fund, according to a person with knowledge of the matter.
Davis’s X2 Resources is weighing an offer for the BHP assets after raising as much as $3.75 billion from five investors last month, said the person, who asked not to be named as the information isn’t public………………………………………..Full Article: Source

Consortium denies suspension of work on second Niger bridge

Posted on 29 April 2014 by VRS  |  Email |Print

The preferred bidder for the development of the second River Niger Bridge Project, Julius Berger-NSIA Motorways Investment Company (JB-NMIC), has debunked some media reports suggesting that work on the bridge has been suspended due to non-compliance with environmental laws.
A statement jointly issued by the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), otherwise known as Sovereign Wealth Fund (SWF), Mr. Uche Orji, and his Julius Berger counterpart, Wolfgang Goetsch, on behalf of JB-NMIC Consortium, said the reports represented ‘inaccurate and misconstrued information.’……………………………………….Full Article: Source

Angola state fund keen on Hong Kong capital markets

Posted on 28 April 2014 by VRS  |  Email |Print

Angola’s sovereign wealth fund, Fundo Soberano de Angola, is looking to invest in Hong Kong’s capital market and seeking Chinese partners to co-invest in Africa, said fund chairman Jose Filomeno dos Santos. “We are considering co-investing in the Hong Kong capital market. Hong Kong is a bridge to [the mainland] and it allows repatriation of profits and more flexibility of capital movements. That is important for us as a foreign investor,” said dos Santos, a son of Angolan President Jose Eduardo dos Santos.
The fund’s international investments in Hong Kong would be mainly in government bonds, bonds issued by the mainland’s state-owned enterprises and currency instruments, he said. “Hong Kong is a platform for investment in the yuan. We will see whether it is a good investment avenue.”……………………………………….Full Article: Source

Norway oil fund reassessing risk on significant Russian holdings

Posted on 28 April 2014 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s biggest, is reviewing risk in Russia, where it has “significant” holdings, Chief Executive Officer Yngve Slyngstad said.
“We observe that there’s a different risk profile,” Slyngstad told reporters in Oslo yesterday, after testifying to lawmakers on the fund’s investment strategy. “We are at any given time also considering conditions that have dimensions of geopolitics and geopolitical risk.”……………………………………….Full Article: Source

Norwegian fund nibbling at Malaysian small and mid caps

Posted on 28 April 2014 by VRS  |  Email |Print

Norway-based Norges, one of the largest foreign funds investing in Malaysian equities, has been nibbling small to mid cap stocks that offer exciting upside. It has taken up small stakes in 53 Bursa Malaysia-listed companies, with total investments of around RM1.7bil, according to a fund manager.
Norges has a market value of 5,038 billion kroner (RM2.73 trillion) as of end-2013. Norges began investing heavily in the Malaysian market since 2010 and is now sitting on a paper gain of some RM600mil, giving its entire holdings in Malaysia a value of some RM2.3bil………………………………………..Full Article: Source

Angola sovereign wealth fund starts hotel, infrastructure pools

Posted on 25 April 2014 by VRS  |  Email |Print

The Fundo Soberano de Angola, the $5 billion sovereign wealth fund of Africa’s second-largest oil producer, is starting investments in hotels and commercial infrastructure in sub-Saharan Africa. The fund, based in Luanda, may invest in 50 sub-Saharan African hotels over three years, including in its home country, Chairman Jose Filomeno dos Santos said in an interview in Hong Kong.
In addition to the hotel fund, it is also setting up an infrastructure fund that will participate in projects including ports, airports and power plants, added the 36-year-old eldest son of the nation’s President Jose Eduardo dos Santos………………………………………..Full Article: Source

Malaysian co 1MDB & JSW Energy lead race for Lanco’s Udupi power plant

Posted on 24 April 2014 by VRS  |  Email |Print

State-owned 1 Malaysia Development Bhd (1MDB), the second-largest independent power producer in the Southeast Asian country, has emerged as the frontrunner to acquire Lanco Infratech’s 1,200 mw coal-fired power plant at Udupi in Karnataka, underscoring the growing interest of global utilities in the battered Indian power sector.
The transaction, valued in excess of $1 billion, is poised to be the largest thermal power asset sale in the country and will help cash-strapped power and road developer Lanco pare debt, multiple sources with direct knowledge of the development said. Lanco’s debt, taken on to build power plants and roads and to purchase overseas coal mines, has swelled more than fourfold since March 2010. ……………………………………….Full Article: Source

The fascinating business empire behind Temasek Holdings

Posted on 23 April 2014 by VRS  |  Email |Print

Temasek is one of the world’s largest sovereign wealth funds with assets of more than S$200 billion and investments in over six continents. Temasek’s investments are classified under five different categories: 1) Financial services; 2) Telecommunication, media, and technology; 3) Transportation and industrials; 4) Life sciences, consumer, and real estate; and 5) Energy and resources.
Shipping, airlines, defence, power generation – you name it, Temasek has it. In Singapore, the fund’s most notable investment in this space is Keppel Corporation, which by itself is a huge conglomerate with business interests in shipbuilding, rig-building, construction, and property development among others………………………………………..Full Article: Source

Samruk-Kazyna fund to privatize over 200 state firms

Posted on 17 April 2014 by VRS  |  Email |Print

The Republic of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund plans to place over 200 national companies on the market, Daniyar Mukhtarov writes for Trend. The sell-off is being conducted as part of a privatization program, Chairman of the Board at Samruk Kazyna, Umirzak Shukeev said.
Specifically, those companies working in non-core business will be privatized. An example is companies producing solar panels as part of the Kazatomprom national atomic agency………………………………………..Full Article: Source

Bank of America forecasts increase in Middle East M&A deals

Posted on 17 April 2014 by VRS  |  Email |Print

Bank of America, the second-largest US lender by assets, expects mergers and acquisitions in the Middle East to increase as cash-rich global companies target investments in the region. The trend is a shift from previous years when activity was mostly limited to sovereign wealth funds and government-related entities targeting overseas deals, Wadih Boueiz, the co-head of corporate and investment banking for the Middle East and North Africa said in an interview this week.
The Gulf region’s sovereign wealth funds, which together control more than US$1 trillion in investments globally, are finding it more “challenging” to deploy capital while interest rates are low and liquidity in international markets increases, Mr Boueiz said………………………………………..Full Article: Source

Why not use permanent fund to build a gas line?

Posted on 17 April 2014 by VRS  |  Email |Print

Unlike with other resource issues, Alaskans stand pretty much united in our efforts to monetize the huge gas reserves of Alaska’s North Slope. The Legislature has spent a good portion of the session holding hearings and listening to consultants on the administration’s proposal, Senate Bill 138, and its two components, the memorandum of understanding and the Heads of Agreement.
I have expressed my concerns to the House and Senate committees regarding the MOU’s proposal to have TransCanada acquire what would otherwise be the state’s 25 percent equity interest in the gas line in exchange for being the bank and financing construction of the gas line………………………………………..Full Article: Source

Kazakh National Welfare Fund to put over 200 companies on sale

Posted on 16 April 2014 by VRS  |  Email |Print

Kazakh National Welfare Fund, Samruk-Kazyna will put up over 200 companies for sale within the framework of privatization program, the Chairman of the Board of Samruk Kazyna, Umirzak Shukeev said. In particular, the companies which are engaged in non-core business will be privatized, for example, those companies which produce solar panels in Kazatomprom.
Furthermore, the privatization will include those companies that compete in the market with private companies or do not have strategic importance, do not relate to matters of national security, and have no social significance………………………………………..Full Article: Source

Samruk-Kazyna head on forthcoming IPOs and privatization plans

Posted on 16 April 2014 by VRS  |  Email |Print

Umirzak Shukeyev, Head of Samruk-Kazyna Sovereign Wealth Fund, announced a list of companies to run IPOs in 2014-2016 and unveiled plans to privatize some state-owned companies. “In 2014 plans are there to float 10% minus one share in Kazakhstan Electricity Grid Operating Company (KEGOC) and 75% in Mangistau Distribution Company. 100% in the Atyrau thermal power plant, 75.6% in Temirzhol Zhondeu, 51% in Temirzhol Energo, 49% in Semser Security; 51% in Lokomotiv-2030, 50% in Zhambyl regional power plant will be offered through auctions”, Shukeyev said.
According to Shukeyev, 10% minus one share in Samruk-Energo, up to 49% in KazTransGasAimak and KazTransGas-Almaty, 49% in Transtelecom, and 10% minus one share in KazTemirTrans will be floated in 2015. “Shares in 14 companies, including Eurasia-Air and KazMortransFlot owned by KMG will be offered through auctions”, he elaborated………………………………………..Full Article: Source

$2.7 billion out of Kazakhstan National Oil Fund to stimulate economy in 2014

Posted on 16 April 2014 by VRS  |  Email |Print

$2.7 billion out of the National Oil Fund accumulating windfall oil revenues is to be allocated in 2014 to stimulate the country’s economy growth, Tengrinews.kz reports, citing the country’s Minister of Economic Affairs Yerbolat Dossayev.
“One of the sources to boost the country’s economy growth will be $5.5 billion out of the National Oil Fund to be allocated in 2014 and 2015. $2.7 of the amount will be allocated this year, with $552 million being spent to support small and middle-sized businesses, another $1.3 billion being spent to bolster the country’s banking sector, and $ 828 million to support the Industrial Development Program………………………………………..Full Article: Source

Norges Bank goes shopping in Tesco despite analysts’ fears over sales

Posted on 16 April 2014 by VRS  |  Email |Print

Do the Norwegians know something the market doesn’t? Norway’s $840 billion national government pension fund, run by the country’s central Norges Bank, seems to.
The fund has been buying Tesco in a big way in advance of full-year numbers due out this morning. A statement by the company dropped just after the closing bell yesterday revealing that Norges Bank, already Tesco’s largest investor, has upped its bet on Britain’s biggest supermarket chain again………………………………………..Full Article: Source

Abu Dhabi SWF and CVC in GBP1.5bln Spire race

Posted on 16 April 2014 by VRS  |  Email |Print

Abu Dhabi’s vast sovereign wealth fund has joined forces with the largest shareholder in Formula One motor racing in the race to buy Spire Healthcare, one of Britain’s biggest private hospital groups. Abu Dhabi Investment Authority (ADIA) is backing a takeover bid for Spire that is being assembled by CVC Capital Partners, the London-based private equity firm.
The pair are competing against other financial investors such as KKR and Onex, with rival hospital operators including HCA and Ramsay, an Australian company, also monitoring the situation. Spire, which employs nearly 8,000 people, has been owned by Cinven, another buyout firm, since it was formed from the purchase of Bupa’s hospitals business in 2007………………………………………..Full Article: Source

Temasek widens its Africa footprint

Posted on 15 April 2014 by VRS  |  Email |Print

Temasek, Singapore’s state investment company, has signalled a big push into the booming sub-Saharan African market, closing on Monday its first major deal in Nigeria.
The move by Temasek, one of the world’s most influential investors, comes amid burgeoning investments in Africa by Singaporean companies and could encourage other global investors, bankers and officials said………………………………………..Full Article: Source

Temasek’s dealmaking reflects big bets on rise of the consumer

Posted on 15 April 2014 by VRS  |  Email |Print

From toothpaste and shampoo in China to instant noodles and tomato paste in Africa, Temasek is betting big on growth in an emerging middle class – a significant shift for Singapore’s $171bn national investment agency, long known for its emphasis on the financial sector.
Last month Temasek struck a $5.7bn deal with Li Ka-shing, Hong Kong’s richest man, for a 25 per cent stake in his AS Watson health and beauty stores business. That came on the heels of a tender offer for Olam in a deal that values the Singapore-listed cashews-to-cotton company at $4.2bn………………………………………..Full Article: Source

Lessons for Australia from Norway’s petro-wealth debate

Posted on 15 April 2014 by VRS  |  Email |Print

As the Minerals Council of Australia launches its latest defence against the fossil fuel divestment campaign and Prime Minister Abbott directs the Clean Energy Finance Corporation to cease financing renewables, on the other side of the world Norway is considering whether to divest its Sovereign Wealth Fund of fossil fuels and invest more of its oil-driven fortune in green technology.
At $840 billion, the Norwegian Sovereign Wealth Fund is the largest shareholder in Europe and owns 1 per cent of all publicly listed companies worldwide. Its investments are spread across more than 8000 companies in 82 countries so, as World Wide Fund for Nature Norway chief executive Nina Jensen points out, “every decision Norway makes on this fund sends signals around the world.”……………………………………….Full Article: Source

Australia looks to Gulf funds for A$700bln infrastructure investment

Posted on 14 April 2014 by VRS  |  Email |Print

Australia is seeking Gulf sovereign wealth fund investment to help plug a A$700 billion (Dh2.41 trillion) infrastructure funding gap. It comes as the country launches its largest ever trade and investment mission to the Gulf states – targeting agribusiness, education and infrastructure among other sectors.
“There are some serious opportunities for major-league projects in Australia over the next decade,” said Andrew Robb, the minister for trade and investment. “It’s one of the major priorities for the new government. We have got a A$700bn infrastructure deficit.”……………………………………….Full Article: Source

Iraqi Farouk al-Kasim behind Norway oil fund that is envy of world

Posted on 14 April 2014 by VRS  |  Email |Print

Norway has squirrelled much of its oil revenue away in an $850B fund for future generations. Today, less than 25 years since its inception, that nest egg has grown into the world’s most valuable sovereign wealth fund, worth about $850 billion – more than $165,000 per Norwegian citizen, according to an SWF Institute report. It is the envy of the world, funding initiatives ranging from infrastructure improvements and green energy projects to public pensions.
Meanwhile, the Alberta Heritage Fund, which is 14 years older, is worth about $17 billion. The Alaska Permanent Fund sits at $50 billion. Even combined, they represent a fraction of the wealth Norway has amassed, and which it will be able to draw on long after its oilfields run dry………………………………………..Full Article: Source

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