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Najib says foreign investors keen on Malaysia despite “noise”

Posted on 02 June 2016 by VRS  |  Email |Print

Prime Minister Najib Razak said on Wednesday that investor confidence in Malaysia is high and blamed the rising “noise levels” for a negative perception of the country, where a state-owned fund is at the centre of graft probes across the world.
Malaysia’s economy and markets have been rattled by a slowdown in China, slumping oil prices and a burgeoning financial scandal around 1Malaysia Development Berhad (1MDB), whose advisory board Najib had chaired. Companies and banks linked to 1MDB are being investigated for money-laundering in at least six countries, a big embarrassment for Najib who welcomed hundreds of business and political leaders to Kuala Lumpur for the World Economic Forum on ASEAN 2016………………………………………..Full Article: Source

Future Fund’s David Neal warns of ‘elevated risks’

Posted on 01 June 2016 by VRS  |  Email |Print

The head of the nation’s Future Fund has warned of “elevated risks” as the world struggles to fully recover from the global financial crisis, further explaining the fund’s big move into cash over the past year.
David Neal, managing director of Australia’s sovereign wealth fund, said policymakers were not in a position to respond should economic conditions take a turn for the worse, promoting caution at the fund. “What is different today is the world is ill-equipped to cope with a shock,” Mr Neal said……………………………………….Full Article: Source

Azerbaijan’s State Oil Fund sells $50M at auction to local banks

Posted on 01 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $40 million to three banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said May 31. Meanwhile, CBA acquired $10 million at the auction.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

GIC consortium said among bidders for stakes in Philippine power plants

Posted on 31 May 2016 by VRS  |  Email |Print

A group including Singapore’s sovereign wealth fund GIC is among suitors that have submitted bids for Sithe Global Power’s stakes in two Philippine power plants, people with knowledge of the matter said.
The consortium, including an infrastructure investment fund managed by Macquarie Group and Malaysian power company Malakoff Corp, submitted a non-binding offer for the stakes, the people said. The Blackstone Group-owned company’s sale could fetch more than US$1 billion, they said, asking not to be identified as the process is private………………………………………..Full Article: Source

Khazanah Temasek JV project to be ready in 2017

Posted on 30 May 2016 by VRS  |  Email |Print

The integrated Marina One and Duo developments, jointly-owned by Malaysia’s strategic investment fund, Khazanah Nasional Bhd and Singapore’s investment company, Temasek Holdings Pte Ltd, are set for completion in 2017.
“We are happy to share that both Marina One and DUO are on track for completion in 2017,” said Kemmy Tan, chief executing officer of M+S Pte Ltd, the project developer. Marina One has a gross development value (GDV) of S$7bil (RM20.72bil), while the overall DUO project has a GDV of S$4bil (RM11.84bil). Both projects were launched in mid-2012………………………………………..Full Article: Source

Will Temasek convert Iculs in SAM Engineering?

Posted on 30 May 2016 by VRS  |  Email |Print

Minority shareholders of SAM Engineering & Equipment (M) Bhd are likely to get a bounty dividend if the company’s major shareholder decides to convert a large chunk of its loan stocks.
The company, which manufacturers parts for aeroplanes and equipment for the semiconductor industry and ultimately owned by Singapore’s Temasek Holdings (Pte) Ltd, has consistently seen its dividend pay-out grow in the last three years. According to an investor, it only makes sense for Temasek to convert the Iculs because the dividends will give it higher returns than the 4% which the loan stock pays………………………………………..Full Article: Source

GIC among bidders for Sithe power assets

Posted on 30 May 2016 by VRS  |  Email |Print

A group including Singapore’s sovereign wealth fund GIC Pte is among suitors that have submitted bids for Sithe Global Power’s stakes in two Philippine power plants, people with knowledge of the matter said.
The consortium, including an infrastructure investment fund managed by Macquarie Group and Malaysian power company Malakoff Corp, submitted a non-binding offer for the stakes, the people said. The Blackstone Group-owned company’s sale could fetch more than $1bn, they said, asking not to be identified as the process is private. Aboitiz Power president Tony Moraza declined to comment, as did representatives for GIC and Marubeni………………………………………..Full Article: Source

The Take-Off of the Nigeria Sovereign Wealth Fund

Posted on 30 May 2016 by VRS  |  Email |Print

Professor Gordon L. Clark and Dr. Ashby Monk are two researchers known for their extensive work on Sovereign Wealth Funds (SWFs). Regular publications arising from their distilling research initiatives on different aspects/issues affecting sovereign wealth funds in all parts of the world get posted on the Oxford SWF Project website.
Policy makers, practitioners and other researchers regularly enrich their knowledge and understanding on the SWF subject matter by visiting this website from time to time. Under recent publications on this website is a paper jointly authored by Professor Gordon L. Clark and Dr. Ashby Monk and published with the link titled; Modernity, Institutional Innovation and the Adoption of Sovereign Wealth Funds in the Gulf States………………………………………..Full Article: Source

Kazakh sovereign fund seeks over $6b from privatisations

Posted on 30 May 2016 by VRS  |  Email |Print

Kazakh sovereign wealth fund Samruk-Kazyna plans to raise more than $6 billion from privatisations over the next five years, using the proceeds to help its companies repay debt, the fund’s managing director told Reuters on Thursday.
The sale will start with small companies. Public offerings of stakes in the fund’s crown jewels, such as national oil company KazMunayGaz, will be the last deals to happen and will take place after 2018, Berik Beisengaliyev said in an interview. “The balance sheet value of those assets (earmarked for privatisation) is between $6.0-7.3 billion at the current exchange rate,” Beisengaliyev said………………………………………..Full Article: Source

Saudi wealth fund PIF said to mull $8bn bid for Riyadh hub

Posted on 27 May 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund, the wealth fund headed by Deputy Crown Prince Mohammed bin Salman, is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.
The fund may pay about 30bn riyals ($7.9bn) – the amount already spent on the King Abdullah Financial District by the Saudi Public Pension Agency – plus the cost of undeveloped plots, a person with knowledge of the matter said, asking not to be identified as discussions are private. The plan includes a new company to oversee the project’s completion and management………………………………………..Full Article: Source

1MDB Unit Bought by China Nuclear Firm Was Distressed, Auditor Says

Posted on 27 May 2016 by VRS  |  Email |Print

An audit of a key energy group sold by troubled state investment fund 1Malaysia Development Bhd. to a Chinese state-owned nuclear-power company flagged deep uncertainty over the company’s viability.
Notes from auditor Deloitte in the 140-page financial accounts of Edra Global Energy Bhd. for the year ended March 31, 2015, said the audit found “an existence of a material uncertainty which may cast significant doubt about the group’s and company’s ability to continue as a going concern.”……………………………………….Full Article: Source

World’s largest sovereign fund means biz in Sri Lanka

Posted on 27 May 2016 by VRS  |  Email |Print

The world’s largest sovereign wealth fund, Norway’s Pension Fund, with assets worth a staggering $ 800 billion, appears to be bullish on investing in Sri Lanka, having built a small yet growing portfolio of listed equities.
Recently, the Norwegian Embassy revealed that its Pension Fund has invested $ 31 million in shares of 12 Sri Lankan listed companies engaged in industrials, finance, telecommunications and consumer goods sectors. It didn’t reveal what the companies are but suggested it was the first step with analysts hopeful of an expanded engagement with the Sri Lankan capital market in the long term………………………………………..Full Article: Source

Key Questions Raised by the $2 Trillion Saudi Wealth Fund Plan

Posted on 26 May 2016 by VRS  |  Email |Print

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.
The fund is at the center of the kingdom’s efforts to diversify revenue from oil under an economic transformation plan known as Vision 2030. The 84-page Vision blueprint includes plans to restructure the country’s finances, administration and reshape oil giant Saudi Aramco into an industrial and energy conglomerate………………………………………..Full Article: Source

Saudi wealth fund said to weigh US$8b bid for financial hub

Posted on 26 May 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.
The fund may pay about 30 billion riyals (S$10.95 billion) - the amount already spent on the King Abdullah Financial District by the kingdom’s Public Pension Agency - plus the cost of undeveloped plots, a person with knowledge of the plan said, asking not to be identified as discussions are private. The plan includes a new company to oversee the project’s completion and management………………………………………..Full Article: Source

Abu Dhabi Sovereign Fund ADIA eyes $200 million investment in Greenko

Posted on 26 May 2016 by VRS  |  Email |Print

Six months after making its first bet on India’s fast growing renewable energy sector, sovereign wealth fund ( SWF) Abu Dhabi Investment Authority ( ADIA) is gearing up for a rerun.
ADIA is in advance negotiations with Hyderabad headquartered Greenko Group to invest between $170-$200 million for a minority stake, said multiple sources aware of the ongoing negotiations. ADIA’s growing interest in this sector reflects the emirates’ focussed strategy to diversify from petroleum and other fossil fuels and back newer, clean tech ventures across the region, especially in emerging geographies like India………………………………………..Full Article: Source

Global sovereign wealth fund network picks State Street as research partner

Posted on 26 May 2016 by VRS  |  Email |Print

The global network of sovereign wealth funds has selected State Street Corp. (STT) to be one of its official research partners, said a news release. As one of International Forum of Sovereign Wealth Funds’ official research partners, State Street will work with the IFSWF on research topics relevant to long-term investors, including asset allocation and investing in private markets.
State Street Associates, State Street Global Exchange’s research and advisory services business, has been assigned two specific research projects on which it will collaborate with a working group of sovereign wealth funds………………………………………..Full Article: Source

1MDB assets transfer to be completed by mid-June

Posted on 26 May 2016 by VRS  |  Email |Print

Malaysia Development Bhd’s (1MDB) assets transfer to Ministry of Finance Incorporated (MoF Inc) will likely be completed by mid-June, says Deputy Finance Minister Datuk Johari Abdul Ghani. The company, he said will then become a shell company to manage liabilities and bonds it has used.
“The ministry has also decided that 1MDB is no longer allowed to make borrowings from any institutions and has to serve its liabilities and manage bonds through whatever means. “The business model is no longer sustainable. You cannot continue to do business using this model anymore and that is the reason why they cannot borrow anymore………………………………………..Full Article: Source

Brazil shutting down wealth fund

Posted on 25 May 2016 by VRS  |  Email |Print

Eight years after it was founded, Brazil’s sovereign wealth fund is poised to finally serve its country — by shutting down. Acting President Michel Temer said Tuesday that the government plans to withdraw about 2 billion reais ($560 million) in assets and use the proceeds to finance a ballooning budget deficit as his economic team tries to end Brazil’s worst recession in a century.
Banco do Brasil SA, the state-run bank and the sovereign fund’s biggest stock holding, slumped to a two-month low after the announcement. The withdrawal will most likely mark the end for a fund that never quite fulfilled its purpose of investing in “strategically interesting” projects in Brazil and abroad………………………………………..Full Article: Source

Korea Investment Corp buys $56.3 Million stake in Time Warner Inc

Posted on 25 May 2016 by VRS  |  Email |Print

Time Warner Inc: Korea Investment Corp scooped up 209,000 additional shares in Time Warner Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 769,173 shares of Time Warner Inc which is valued at $56.3 Million.Time Warner Inc makes up approximately 0.42% of Korea Investment Corp’s portfolio.
Other Hedge Funds, Including , Ropes Wealth Advisors boosted its stake in TWX in the latest quarter, The investment management firm added 67 additional shares and now holds a total of 263 shares of Time Warner Inc which is valued at $19,259………………………………………..Full Article: Source

Bahrain Wealth Fund Plans to Invest Over $400 Million This Year

Posted on 24 May 2016 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund plans to invest more than $400 million this year on international deals as it seeks to further diversify away from domestic assets, according to Chief Executive Officer Mahmood Al Kooheji.
Mumtalakat, as the fund is known, will spend more outside Bahrain this year after the bulk of investments were made in its home market in 2015, Al Kooheji said on Sunday by phone from Manama, declining to give more detail. The fund invested $335 million in Bahrain last year in industrial, manufacturing, real estate and tourism businesses, and made one investment of an undisclosed size internationally. About 57 percent of Mumtalakat’s investments are in Bahrain, Al Kooheji said………………………………………..Full Article: Source

CIC, KKR consortium aborts bid for Yum! Brands unit

Posted on 24 May 2016 by VRS  |  Email |Print

A consortium backed by sovereign fund China Investment Corp (CIC) has withdrawn its bid for control of Yum! Brands Inc’s Chinese business after failing to agree on a price with the operator of KFC and Pizza Hut eateries in the nation, a person with knowledge of the matter said.
The investor group, which also includes KKR & Co and Baring Private Equity Asia, informed Yum’s board recently that it doesn’t plan to proceed with the offer, the person said, asking not to be identified because the matter is confidential. The consortium valued the unit at roughly US$8bil, about 20% lower than what Yum was seeking for China’s most popular fast-food chain, the person said………………………………………..Full Article: Source

Russia, AIIB May Announce Joint Projects at Eastern Economic Forum

Posted on 24 May 2016 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF) and the Asian Infrastructure Investment Bank (AIIB) have negotiated a roadmap for cooperation and may announce joint projects at the upcoming Eastern Economic Forum (EEF), RDIF head Kirill Dmitriev said.
The Russian Direct Investment Fund (RDIF) is a $10 billion sovereign fund established to make equity investments, primarily in the Russian economy. The AIIB is an international financial institution created to invest in infrastructure projects in the Asia-Pacific region………………………………………..Full Article: Source

Russia Interested in Saudi $2 Trillion Sovereign Wealth Fund Assets

Posted on 23 May 2016 by VRS  |  Email |Print

Russia will be interested in the use of the announced Saudi Arabian $2-trillion sovereign wealth fund if it is established, Russian Energy Minister Alexander Novak said. “If they do launch such a fund and proceed with investing in projects then we could definitely put a claim on Russian projects’ participation, on the use of these assets,” Novak told reporters.
Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman Al Saud announced in early April that his country is going to set the world’s largest sovereign fund of $2 trillion. The fund is expected to help the authorities to break the kingdom free from oil dependence and to diversify investments……………………………………….Full Article: Source

1MDB link to London home bought by Najib Razak’s son Riza Aziz

Posted on 20 May 2016 by VRS  |  Email |Print

The stepson of Malaysian Prime Minister Najib Razak bought a £23.25 million ($46.3m) house in central London in 2012 with money originating from the troubled Malaysian state investment fund 1Malaysia Development Berhad, according to people familiar with the situation.
The four-storey house, built around 1900, is part of a row set back from the road and protected by security gates, a short walk from Malaysia’s diplomatic mission in London’s exclusive Belgravia neighbourhood. The registered owner of the house is Qentas Holdings, a company based in the British Virgin Islands. Mr Najib’s stepson is the beneficial owner, sources said………………………………………..Full Article: Source

Top 10 biggest foreign investors pouring capital into L.A. real estate

Posted on 20 May 2016 by VRS  |  Email |Print

Among the biggest transactions of the past year was Singapore sovereign wealth fund GIC’s acquisition of a 40 percent interest in five U.S. retail properties, including the Lakewood Centre in Lakewood, for $790.7 million.
Global Logistic Properties, a warehouse owner whose parent company is Singapore’s sovereign-wealth fund, also acquired several L.A.-based warehouses, including the Sorenson Industrial Distribution center for $43 million, and Bell Gardens Industrial Park for $37.1 million………………………………………..Full Article: Source

Oldest Mideast Wealth Fund Eyes Global Infrastructure Projects

Posted on 19 May 2016 by VRS  |  Email |Print

The Kuwait Investment Authority, one of the world’s oldest sovereign wealth funds, is targeting global infrastructure projects after taking part in a consortium that bought the London City Airport this year, Chairman Anas Al-Saleh said.
Al-Saleh, Kuwait’s deputy premier and minister of finance, said the fund has shied away from purchasing trophy assets, focusing on deals that “give us our targeted returns.” With $592 billion in assets under management, KIA is the world’s fifth-largest sovereign wealth fund, according to data compiled by the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

Malaysia sovereign fund opens London office as its Europe HQ

Posted on 19 May 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional has opened an office in London, its first in Western Europe, to support its investment activities on the continent, the fund said. The investment fund, which has some 150 billion ringgit ($37 billion) under management, has established a London office for Khazanah Europe Investment Ltd (KEIL) to better assess opportunities in technology-enabled sectors in Europe, it said in a statement late on Tuesday.
Khazanah’s office is in The Shard skyscraper, London’s tallest building. The Shard said the fund had agreed a 10-year lease. It is Khazanah’s fifth regional office after Beijing, Mumbai, San Francisco and Istanbul………………………………………..Full Article: Source

Open Letter To Norway’s Sovereign Wealth Fund: Target Lions Gate Entertainment

Posted on 19 May 2016 by VRS  |  Email |Print

Norway’s Sovereign Wealth Fund’s CEO recently stated that the fund is looking to restructure compensation plans at certain companies in it portfolio. This announcement could be great news for shareholders, as reforming executive compensation can create value for investors.
Below we discuss why Lions Gate Entertainment should be Norway’s Sovereign Wealth Fund’s first target to reform compensation. Norway’s Sovereign Wealth Fund’s CEO Yngve Slyngstad recently told the Financial Times that the fund is looking to restructure compensations plans at certain companies in its portfolio………………………………………..Full Article: Source

Indonesia Turns to Temasek as Model for Sovereign Investment

Posted on 18 May 2016 by VRS  |  Email |Print

Indonesia is turning to Singapore’s Temasek Holdings Pte. as a model to create a sovereign investment company to drive development in Southeast Asia’s biggest economy.
The government is considering starting an investment holding company for four or five state-owned entities, which could then buy shares in Indonesian companies, Finance Minister Bambang Brodjonegoro said in an interview in Jakarta on Monday. If the fund is successful, it may over time invest in assets overseas, as Temasek did, he said………………………………………..Full Article: Source

Central Bank again becomes a buyer of Oil Fund’s currency, but not key one

Posted on 18 May 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold $49 million through the auction.
“Eight commercial banks ($34 million) and the Central Bank ($15 million) became the buyers,” the Fund said. At the previous auction on 12 May the Fund sold $44.8 million to the 9 banks, including IBA, through auction. The Fund promises to continue selling currency through CBA auctions………………………………………..Full Article: Source

Qatari Wealth Fund to Create $100 Billion Unit in Overhaul

Posted on 17 May 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100 billion of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals, people with knowledge of the matter said.
About $100 billion of the Qatar Investment Authority’s stakes in companies such as Qatar Airways and Qatar National Bank SAQ will be placed into a new internal division named Qatar Investments, the people said, asking not to be identified because the information is private………………………………………..Full Article: Source

Oman fund to invest $50m in Chinese aviation firm’s $1.1b share offer

Posted on 17 May 2016 by VRS  |  Email |Print

Oman Investment Fund has agreed to buy $50 million in the initial public offering of BOC Aviation, the aircraft leasing unit of Bank of China. BOC Aviation attracted investors including Boeing and the Chinese sovereign wealth fund (SWF) to buy shares in its $1.1 billion initial public offering in Hong Kong.
China Investment Corp. and the Silk Road Fund agreed to each invest $100 million in the offering, according to terms for the deal obtained by Bloomberg. Boeing, the world’s biggest planemaker, committed $30 million, and Chinese billionaire Guo Guangchang’s Fosun International will purchase $35 million of shares, the terms show………………………………………..Full Article: Source

Market shrugs off news Abraaj is interested in Barclays Africa

Posted on 17 May 2016 by VRS  |  Email |Print

Dubai private equity firm Abraaj was putting together a consortium to bid for up to 35% of Barclays Africa’s shares did not excite markets, with observers holding out for an announcement of firm discussions from the bank or its parent. The private equity firm has just three companies listed in its financial services portfolio including a home-loan originator in Ghana.
The most likely sovereign wealth fund, the Investment Corporation of Dubai, did not respond to requests for comment. It has a large financial services portfolio including the United Arab Emirates’ largest bank, Emirates NBD, and HSBC Middle East Finance Company………………………………………..Full Article: Source

Azerbaijan’s SOFAZ has no plans to increase share in Russian VTB Bank

Posted on 17 May 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has no plans to increase its share in Russia’s VTB Bank, SOFAZ told Trend. Earlier, Russia’s President Vladimir Putin signed a decree to reduce the state’s share in the bank’s authorized capital from 45 percent to 42.8 percent.
SOFAZ has 2.95 percent share in Russia’s VTB Bank. It obtained this share for $500 million. VTB Bank is represented in Azerbaijan through its VTB Bank (Azerbaijan) subsidiary. VTB Bank (Azerbaijan) renders services to the customers of corporate business, small business and private clients………………………………………..Full Article: Source

Companies listen when Norway’s oil fund shouts

Posted on 17 May 2016 by VRS  |  Email |Print

When the quiet one in the room suddenly shouts, people tend to listen. On that basis, the reserved and thoughtful Norwegians who run the country’s $850bn oil fund should get a decent hearing next time they visit Wolfsburg, having declared they will sue Volkswagen over the emissions scandal.
Class-action suits by investors are an oddly circular way to extract money from the pot they themselves own and should not generally be encouraged. The Norwegian action needs to be seen, though, in the light of VW’s peculiarly dysfunctional corporate governance and the wider strategy of the world’s largest sovereign wealth fund………………………………………..Full Article: Source

BOC Aviation Draws Boeing, Sovereign Funds to $1.1 Billion IPO

Posted on 16 May 2016 by VRS  |  Email |Print

BOC Aviation Ltd., Asia’s biggest aircraft lessor, attracted investors including Boeing Co. and the Chinese sovereign wealth fund to buy shares in its $1.1 billion initial public offering in Hong Kong.
China Investment Corp. and the Silk Road Fund agreed to each invest $100 million in the offering, while Oman Investment Fund will buy $50 million of stock, according to terms for the deal obtained by Bloomberg. Boeing, the world’s biggest planemaker, committed $30 million, and Chinese billionaire Guo Guangchang’s Fosun International Ltd. will purchase $35 million of shares, the terms show………………………………………..Full Article: Source

Glencore Said in Talks to Sell Further Stake in Agriculture Unit

Posted on 16 May 2016 by VRS  |  Email |Print

Glencore Plc is in talks to sell a further 9.9 percent stake in its agriculture unit to investors from Qatar, Saudi Arabia and Canada, pressing ahead with plans to reduce its debt, according to people with knowledge of the matter.
The lead bidders for the additional 9.9 percent include another Canadian pension fund, the sovereign wealth fund of Qatar and state-owned Saudi Agricultural and Livestock Investment Company, one of the people said. The three were already among the bidders for the initial 40 percent disposal………………………………………..Full Article: Source

KIC to team with local firms for overseas investments: chief

Posted on 13 May 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday. The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.
“As overseas construction projects are evolving to become large investment projects, customized financial support is all the more necessary now,” Eun Sung-soo, CEO of KIC, said in a meeting with heads of local brokerages and asset management firms in Seoul………………………………………..Full Article: Source

Africa investor Infrastructure and Sovereign Investment Summit and Awards Engages Pension and Sovereign Funds

Posted on 13 May 2016 by VRS  |  Email |Print

Africa investor (Ai), a leading international investment and communications group, successfully closed the 9th Africa investor (Ai) CEO Infrastructure and Sovereign Investment Summit and Awards in Johannesburg, South Africa.
The Summit gathered and engaged over 200 leaders, with discussions focusing on mobilising institutional investment for African infrastructure as an investable asset class. African governments and development partners are increasingly recognising that African sovereign wealth funds, pension funds and other strategic long-term investment pools represent an important untapped source of infrastructure investment capital for the continent………………………………………..Full Article: Source

Abu Dhabi raises stakes in 1MDB dispute with $1.2bn demand

Posted on 12 May 2016 by VRS  |  Email |Print

The row between Abu Dhabi’s sovereign wealth fund and the Malaysian government escalated on Wednesday as the Gulf fund claimed $1.2bn and accrued interest from Malaysia and its troubled state investment vehicle.
The accusation from Abu Dhabi’s International Petroleum Investment Company (Ipic) that the 1Malaysia Development Berhad company had defaulted on a bond interest payment sets the stage for a legal confrontation that may probe claims that billions of dollars have gone astray………………………………………..Full Article: Source

Fractal Analytics raises $100 million from Malaysian sovereign wealth fund Khazanah

Posted on 11 May 2016 by VRS  |  Email |Print

Data analytics company Fractal Analytics, founded in 2000, has raised $100 million (Rs 667 crore) from Malaysian sovereign wealth fund Khazanah in one of the largest investments in the technology ecosystem in 2016.
The investment will value the US and India-based company at close to $300 million (Rs 2,000 crore), according to a source directly familiar with the development, as the company is looking to embark on an aggressive inorganic strategy. Fractal Analytics said that the funding will be used to accelerate its growth, investing in areas like artificial intelligence (AI) to snag Fortune 500 clients. It counts multi-nationals like Franklin Templeton Investments, P&G, Kimberly Clark, Microsoft and Philips as its clients………………………………………..Full Article: Source

Khazanah’s Selling, Take Note

Posted on 11 May 2016 by VRS  |  Email |Print

When a company’s biggest shareholder starts cashing in, savvy investors often take it as a sign to also bail. News Tuesday then that Malaysian sovereign fund Khazanah Nasional is considering paring its stakes in three companies should have hedge funds on high alert.
The state-owned investor has asked banks to pitch for a role arranging the sale of about 2 percent each in Tenaga Nasional, IHH Healthcare and Axiata Group, in transactions that could raise almost $900 million, people familiar said. Malaysia’s government does want to boost liquidity in local markets, but even so, a deal would seem well timed………………………………………..Full Article: Source

Temasek backs London startup Farfetch, an online shopping site for high-end boutiques

Posted on 11 May 2016 by VRS  |  Email |Print

Singapore state fund Temasek Holdings led investors who pumped in US$110 million in a London-based startup venture Farfetch, which sells clothing for high-end boutiques. Temasek’s partners included China venture firm IDG Capital Partners, existing investor Vitruvian Partners and French investment company Eurazeo.
This latest investment, first reported in the The Business of Fashion, brings the total capital raised by Farfetch to some US$304.5 million in close to six years, and raises its valuation to US$1.5 billion………………………………………..Full Article: Source

Snapdeal may SWFs to raise money for FreeCharge

Posted on 11 May 2016 by VRS  |  Email |Print

Online marketplace Snapdeal is in talks with multiple investors including Chinese firms and sovereign funds to raise money for FreeCharge, seeking to bulk up its digital payments platform before pitting it against market leader Paytm.
Jasper Infotech, which operates Snapdeal, is positioning FreeCharge as a cornerstone of its business as it builds a comprehensive online ecosystem of goods and services similar to that created by Chinese ecommerce giant Alibaba Group. The strategy, it expects, will make the electronic marketplace stand out from its closest rivals Flipkart and Amazon………………………………………..Full Article: Source

Saudi Arabia to transfer KAFD ownership to state wealth fund

Posted on 10 May 2016 by VRS  |  Email |Print

Saudi Arabia is to transfer ownership of Riyadh’s floundering King Abdullah Financial District to the Public Investment Fund (PIF) from the Public Pension Agency (PPA), according to four sources aware of the matter.
The move is an attempt to rescue the project, started a decade ago with the aim of making the Saudi capital a global financial centre, and is another example of the burgeoning power of the PIF, which the Gulf state wants to make the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Peter Munk’s last big play, but ‘Barrick is my legacy’

Posted on 09 May 2016 by VRS  |  Email |Print

As Peter Munk slips uneasily into a slower life – the old lion insists he is not retiring – he doesn’t really want to be remembered for Porto Montenegro, the superyacht marina that he and his billionaire friends built on the Adriatic Sea. He wants to be known for Barrick Gold Corp., the Toronto mining company that he cursed only two years ago but now praises as an industrial Lazarus.
On Friday, Mr. Munk, who is 88 and now avoids transAtlantic flights because of a heart condition, announced the sale of Porto Montenegro to the Investment Corporation of Dubai (ICD), the Persian Gulf country’s sovereign wealth fund, for an undisclosed amount – thought to be about €200-million ($294-million)………………………………………..Full Article: Source

Closing of Malaysian Fund Could Shift Billions in Debt to Government, Critics Fear

Posted on 09 May 2016 by VRS  |  Email |Print

Plans by the Malaysian government to shut down the troubled state fund at the heart of a multinational investigation could saddle the government with billions of dollars in debt and may be a first step toward a government bailout, opposition leaders said.
The government announced plans this week to close the fund, which was created by Prime Minister Najib Razak and is suspected of being the source of hundreds of millions of dollars deposited in his personal bank accounts. The Finance Ministry said on Wednesday that it would absorb the fund, 1Malaysia Development Berhad. The ministry, which Mr. Najib oversees in his capacity as the country’s finance minister, will take over 1MDB’s remaining assets………………………………………..Full Article: Source

Malaysia reforms 1MDB, hopes for fresh start

Posted on 06 May 2016 by VRS  |  Email |Print

1 Malaysia Development Berhad, the troubled state fund, will undergo reorganization including the removal of its powerful advisory board. The move aims to give the fund a fresh start and to improve its tarnished image by passing the buck of decision-making to its parent, the Ministry of Finance, which is headed by Prime Minister Najib Razak.
Najib was chair of the advisory board. 1MDB, under the leadership of Najib, will appoint a new board of management, the finance ministry said in a statement on Wednesday. 1MDB’s debts had spiraled to $11 billion and the company had recently defaulted on the interest payment on a bond………………………………………..Full Article: Source

Malaysia Facing Bankruptcy Due to 1MDB Scandal, Warns Ex-PM

Posted on 06 May 2016 by VRS  |  Email |Print

Former Malaysian Prime Minister Mahathir Mohamad warned Thursday the country faces bankruptcy because of an ongoing scandal with the state-owned 1MDB fund. “The government will have financial deficits which may lead to bankruptcy if the (1MDB) loans are not serviced and the principal paid,” Mahathir stated in an online article and social media posts.
The former prime minister said any defaults by the government-owned company would affect Malaysia’s credit worthiness “and the government may not be able to borrow any more in the market.”……………………………………….Full Article: Source

Temasek in talks to buy stake in Aster DM Healthcare

Posted on 06 May 2016 by VRS  |  Email |Print

US-based private equity firm General Atlantic Llc and Singapore’s sovereign fund Temasek Holdings Pte Ltd are in separate discussions to acquire a minority stake in Dubai-based Aster DM Healthcare, said two persons close to the development. The new investors will buy about 10-15% stake in DM, they said.
The company, which has been planning an initial public offering (IPO), will do a pre-IPO round of funding to allow existing investors to exit. As such, Olympus Capital Asia Investments Ltd and India Value Fund Advisors, which own equity in DM Healthcare will dilute part of their stake along with the promoters. Existing investors hold about 40% stake in DM Healthcare………………………………………..Full Article: Source

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