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NZ Super Fund’s investments in NZ drop despite ministerial directive

Posted on 10 October 2016 by VRS  |  Email |Print

The New Zealand Superannuation Fund has reduced the portion of the fund invested in New Zealand to 14.79 percent of its value from 21.3 percent in 2009 despite a ministerial directive to eventually increase the allocation to 40 percent.
The sovereign wealth fund’s annual report shows its exposure to New Zealand is 12.6 percent as at June 30, 2016, compared to 13.5 percent in 2015 and 13.8 percent the prior year. The figure rises to 14.79 percent when based on a proportional calculation of the value of its investments in the financial statements and including holdings in rural and forest land…………………………………….Full Article: Source

1MDB suit does not affect US-Malaysia ties: Ambassador Yun

Posted on 10 October 2016 by VRS  |  Email |Print

US Ambassador Yun believes that legal action comes under the jurisdiction of the Department of Justice, and the 1MDB civil suit will not affect the US-Malaysia ties. Outgoing US Ambassador to Malaysia Joseph Y. Yun emphasised today that the 1MDB civil suit does not affect the US-Malaysia bilateral ties.
He said the suit filed by the US Department of Justice is not a criminal case. The department is protecting the financial and banking sectors in the US to ensure no money from overseas is remitted into the country for money laundering activities…………………………………….Full Article: Source

Tapping Norway’s Oil Fund Raises Political Hackles

Posted on 07 October 2016 by VRS  |  Email |Print

Low oil prices mean that this year the government for the first time is withdrawing more from the oil fund than it is putting in. Oil-rich Norway could be forming a bad habit.
The government said Thursday it would keep draining money from one vessel—the nation’s vast sovereign-wealth fund—to fill a shortage in another—-the annual budget. Beyond covering immediate spending needs, the government said it wished to support Norway’s economic recovery……………………………………Full Article: Source

Norway to spend more of oil wealth to aid economy

Posted on 07 October 2016 by VRS  |  Email |Print

Norway’s government said on Thursday it will spend a bigger chunk of its saved-up oil wealth next year to help the economy withstand the damage wrought by persistently low crude prices. The Nordic country’s finance ministry said it would deploy 3% of the value of its sovereign wealth fund next year, up from 2.8% this year.
That translates into NOK225.6 billion ($28.1 billion) of oil money going toward government expenditure next year. The value of the oil fund, also known as the Government Pension Fund Global, is expected to rise to NOK7.67 trillion by the end of next year from NOK7.42 trillion at the end of this year, the finance ministry said……………………………………Full Article: Source

US renewables firm Longroad secures investments from New Zealand

Posted on 07 October 2016 by VRS  |  Email |Print

US renewables developer Longroad Energy Holdings LLC has secured financing from a publicly-traded infrastructure investor and a sovereign wealth fund based in New Zealand.
In particular, Infratil Limited and the New Zealand Superannuation Fund have made an equity investment and credit commitment of an undisclosed amounts, Longroad said in a statement on Wednesday. The US firm, which is led by former executives from First Wind, has entrusted the management of the investment to HRL Morrison & Co……………………………………Full Article: Source

Super Fund’s investments in NZ drop

Posted on 07 October 2016 by VRS  |  Email |Print

The proportional value of NZ assets held in the SuperFund stands at less than 15 per cent despite a directive seven years ago to lift domestic investment. The New Zealand Superannuation Fund has reduced the portion of the fund invested in New Zealand to less than 15 per cent of its value despite a ministerial directive to eventually increase the allocation to 40 per cent.
The sovereign wealth fund’s annual report shows its exposure to New Zealand is 14.79 per cent when based on a proportional calculation of the value of its investments and including holdings in rural and forest land……………………………………Full Article: Source

Int’l Bank of Azerbaijan calls directions for use of $1 bn SOFAZ deposit

Posted on 07 October 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has become the main investor of the International Bank of Azerbaijan (IBA). IBA deputy chairman of board Elmir Gabibullayev says that SOFAZ opened a deposit for $1 bn at the Bank. “Those money will be used to cover the Bank’s liabilities abroad,” Gabibulayev said.
He added that currently the Bank is taking measures to optimize costs, and one such of such measures is a decision associated with activity of the International Insurance Company……………………………………Full Article: Source

Norway PM says must discuss tighter long-term fiscal spending rule

Posted on 06 October 2016 by VRS  |  Email |Print

Norway may tighten guidelines for spending cash from its $890 billion sovereign wealth fund, the world’s largest, Prime Minister Erna Solberg told public broadcaster NRK said.
The sovereign wealth fund invests the proceeds from Norway’s revenues from oil and gas production in foreign stocks, bonds and real estate. Its value corresponds to about $170,000 for every Norwegian man, woman and child………………………………….Full Article: Source

Khazanah and other ACR shareholders agree to stake sale terms

Posted on 06 October 2016 by VRS  |  Email |Print

Singapore reinsurer, ACR Capital Holdings Pte Ltd, on Wednesday announced that its major shareholders, including Khazanah Nasional Bhd, have agreed to the terms for the 100% acquisition of ACR by Shenzhen Qianhai Financial Holdings Co Ltd (QFH) and Shenzhen Investment Holdings Co Ltd (SIHC).
ACR did not disclose the purchase price but it was reported that the deal was worth S$1bil (RM3.03bil). Its other major shareholders are 3i Group plc (and affiliates), Temasek Holdings (Pte) Ltd and Marubeni Corp………………………………….Full Article: Source

NZSuper, Infratil back North American solar, wind developer Longroad

Posted on 06 October 2016 by VRS  |  Email |Print

The New Zealand Superannuation Fund and Infratil Ltd., a listed infrastructure fund managed by Wellington-based H.R.L. Morrison & Co., said Wednesday they each hold a 45% stake in Longroad Energy Holdings, a Boston-based developer and operator of wind and solar generation facilities established earlier this year.
Vimal Vallabh, investment director of Morrison & Co.’s energy and renewable sector team, said initial plans call for up to $100 million in development expenditures………………………………….Full Article: Source

GIC invests in student housing in Germany

Posted on 05 October 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and global student accommodation specialists GSA yesterday announced a partnership to invest in student accommodation in Germany - their second such investment in the past week.
The cornerstone investment of the partnership is a portfolio of close to 1,000 student beds, which GSA acquired in June. The portfolio features properties in Frankfurt, Darmstadt, Munster and Dresden as well as a pipeline of 1,500 beds, which will be expanded through investments, developments and in working with local property companies………………………………………Full Article: Source

Norway Set to Use Record Oil Fund Money In 2017 Budget

Posted on 05 October 2016 by VRS  |  Email |Print

Norway’s government is expected to make a rare decision and use just over 3 percent from its giant US$899 billion oil fund - the world’s largest – in next year’s budget, local media report, citing estimates by the statistics office and investment banks.
The government has rarely used more than 3 percent of the Government Pension Fund Global, also known as Norway’s oil fund. The Norwegian fiscal policy sticks to a fundamental rule, the so-called budgetary rule, under which the government may spend no more than the expected real return of the fund, which is estimated at 4 percent per year………………………………………Full Article: Source

Sovereign wealth jumps into student accommodation with Oaktree deal

Posted on 04 October 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and Dubai-based student accommodation provider GSA have acquired a 7150-bed UK student accommodation portfolio from funds managed by Oaktree Capital Management.
While details were scarce the transaction is said to be the United Kingdom’s largest student accommodation deal so far this year. The portfolio, which was built up in the last three years, includes student digs in Liverpool, Bristol, London, Edinburgh, Cardiff and Southampton…………………………………….Full Article: Source

China walking a tightrope with Australian investment

Posted on 04 October 2016 by VRS  |  Email |Print

China Investment Corp.’s low-profile participation in the recently announced $7.3 billion winning bid for Port of Melbourne points to the balancing act facing Chinese investors and the governments of countries in which those investors are ramping up allocations.
Strictly as a matter of capital deployed, the $810 billion Beijing-based sovereign wealth fund stands in the first ranks of the deal’s stakeholders — committing roughly the same 20% share of the total as Australia’s A$122.8 billion ($92 billion) Future Fund, Melbourne, and the C$77 billion ($58.3 billion) Ontario Municipal Employees Retirement System, Toronto…………………………………….Full Article: Source

Norway’s wealth fund can resume investing in Singapore Technologies Engineering

Posted on 04 October 2016 by VRS  |  Email |Print

The Norwegian sovereign wealth fund, the world’s largest, can resume investing in Singapore Technologies Engineering, the board of the central bank. The fund originally excluded the company from its investments in 2002 because it produced anti-personnel landmines, following a recommendation from the Council on Ethics, its independent ethics watchdog.
The Council on Ethics has received confirmation from Singapore Technologies Engineering that the company no longer has any activities associated with production of antipersonnel landmines or cluster munitions……………………………………Full Article: Source

Norway’s wealth fund can resume investing in Singapore Technologies Engineering -c.bank

Posted on 03 October 2016 by VRS  |  Email |Print

The Norwegian sovereign wealth fund, the world’s largest, can resume investing in Singapore Technologies Engineering, the board of the central bank said on Friday. The fund originally excluded the company from its investments in 2002 because it produced anti-personnel landmines, following a recommendation from the Council on Ethics, its independent ethics watchdog.
“The Council on Ethics has received confirmation from Singapore Technologies Engineering that the company no longer has any activities associated with production of antipersonnel landmines or cluster munitions,” the board of the central bank said in a statement……………………………………..Full Article: Source

Drama aplenty as SMRT shareholders vote yes on Temasek buyout

Posted on 30 September 2016 by VRS  |  Email |Print

After nearly four hours in an extraordinary general meeting and scheme meeting which were chock-full of incidents — a technical glitch hitting the voting system, shareholders jeering and a disgruntled investor berating the chief executive — an overwhelming majority of SMRT shareholders supported the privatisation offer by parent firm Temasek Holdings on Thursday (Sept 29).
A total of 84.8 per cent of SMRT’s minority shareholders, or 3,747 of them, voted in favour of the buyout offer from Temasek. Only 670 shareholders voted against the bid. The thumbs-up came after 98.8 per cent voted to approve the assets sale to the Land Transport Authority (LTA) as part of the transition to the new rail financing framework (NRFF)………………………………………Full Article: Source

HKMA in Frankfurt promotes Hong Kong’s role in capitalising China opportunities

Posted on 30 September 2016 by VRS  |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The Chief Executive of the Hong Kong Monetary Authority, Mr Norman Chan, was in Frankfurt on September 28 (Frankfurt time) to promote Hong Kong’s role in capitalising the rising China opportunities.
The seminar led by Mr Chan on “China opportunities: The Trends of RMB Internationalisation and Belt and Road Strategy” attracted an audience of over 200 attendees from German authorities, financial institutions and corporates. In his speech delivered at the seminar, Mr Chan said, “As Mainland corporates continue to venture into overseas markets, China’s outward investments have been on a steady rise in recent years………………………………………Full Article: Source

Blackstone-backed Sithe said to get final bids for Asia plant

Posted on 30 September 2016 by VRS  |  Email |Print

A group comprising Kuwait Investment Authority and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power LLC’s stake in a Philippine power plant that could fetch at least US$500 million, people with knowledge of the matter said.
A consortium of Singapore’s sovereign wealth fund GIC Pte, Malaysian power company Malakoff Corp Bhd and an infrastructure investment fund managed by Macquarie Group Ltd also made a binding offer, said the people, who asked not to be identified as the process is private. Aboitiz Power Corp, based in the Philippines, is vying for the Blackstone Group LP-backed company’s asset as well, the people said………………………………………Full Article: Source

Blackstone-Backed Sithe Said to Get Final Bids for Asia Plant

Posted on 29 September 2016 by VRS  |  Email |Print

A group comprising Kuwait Investment Authority and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power LLC’s stake in a Philippine power plant that could fetch at least $500 million, people with knowledge of the matter said.
A consortium of Singapore’s sovereign wealth fund GIC Pte, Malaysian power company Malakoff Corp. and an infrastructure investment fund managed by Macquarie Group Ltd. also made a binding offer, said the people, who asked not to be identified as the process is private. Aboitiz Power Corp., based in the Philippines, is vying for the Blackstone Group LP-backed company’s asset as well……………………………………..Full Article: Source

Big investors like Norway’s wealth fund should use heft to increase growth potential -study

Posted on 28 September 2016 by VRS  |  Email |Print

Norway’s $887 billion sovereign wealth fund and other institutional investors should invest in illiquid, unlisted assets in emerging economies if they want to make money in the future, a leading expert on the fund said on Tuesday.
Sony Kapoor, managing director of the Re-Define think tank and author of a 2013 study on the fund, told Reuters the world’s biggest wealth fund should put its weight behind projects that will increase the world economy’s potential for growth……………………………………Full Article: Source

Azerbaijani banks buy over $70M through auction

Posted on 28 September 2016 by VRS  |  Email |Print

Some $70.2 million were sold to 20 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 27, CBA said in a message Sept. 27.
As much as $100 million was put up for the auction. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to 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

Azeri oil fund Sofaz sells $70 mln on market on Tuesday

Posted on 28 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz said it had sold $70 million on the foreign exchange market on Tuesday.
Sofaz and Azerbaijan’s central bank offered a total of $150 million at Tuesday’s auction, the central bank said, adding that demand totalled $70.2 million……………………………………Full Article: Source

UBS Shareholder GIC Voices Rare Rebuke

Posted on 28 September 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC is UBS’ largest shareholder, amassing a 6.4 percent stake in the Swiss bank during the financial crisis. The discreet fund’s head has some stern words over recent scandals.
Singapore’s Government Investment Corporation (GIC) manages the city-state’s more than $100 billion in financial reserves. It became UBS’ largest shareholder in a series of cash injections in 2007 and 2008, before the Swiss government finally stepped in with a rescue package……………………………………Full Article: Source

Fed Okays Fortis Inc. and GIC Acquisition of ITC Holdings Corp

Posted on 28 September 2016 by VRS  |  Email |Print

Fortis Inc, ITC Holdings Corp. and GIC Private Limited (GIC) announced that the Federal Energy Regulatory Commission (FERC) has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. “This ruling from FERC is a key milestone toward finalizing the transaction,” said Barry Perry, President and Chief Executive Officer of Fortis. “We appreciate the FERC’s conclusion that the transaction is consistent with the public interest.”
“In keeping with Fortis’ operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities,” added Perry. (Press Release)

PM says Malaysia will cooperate with US investigation of 1MDB funds

Posted on 28 September 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak on Tuesday said his country would cooperate with U.S. and other international authorities investigating the misappropriation of funds from a Malaysian state-owned fund that he founded.
“We are equally concerned about good governance in Malaysia and the rule of law,” Najib told reporters after a meeting with German Chancellor Angela Merkel, when asked about the international investigations. “So within the bounds of good governance and the rule of law, Malaysia will do its best to cooperate and to do whatever is necessary.”…………………………………..Full Article: Source

IDE: 1MDB has little effect on Malay BN voters in S’gor

Posted on 28 September 2016 by VRS  |  Email |Print

It appears the controversy surrounding 1Malaysia Development Berhad (1MDB) has not affected the loyalty of Malay BN supporters in Selangor for Prime Minister Najib Razak. A statewide survey by Selangor’s Institute Darul Ehsan (IDE) found that some Malay voters in the state’s Malay-majority constituencies will continue to pledge their support for Najib and his BN government no matter what.
“They believe that the 1MDB affair does not affect the country as at the end of the day, they’ll still get their pay, they can buy food, and they can live comfortably,” said IDE’s Deputy Chairman Mohammad Redzuan Othman……………………………………Full Article: Source

SOFAZ’s transfers to state budget to be cut by 1.5B AZN

Posted on 27 September 2016 by VRS  |  Email |Print

Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats (official exchange rate for Sept. 26 is 1.6292 AZN/USD) in 2017, Samir Sharifov, Azerbaijani finance minister, told reporters in Baku Sept. 26.
The minister added that the transfers will be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while generating the revenue side of the state budget, we must pay more attention to the income from other sources, rather than deductions from SOFAZ,” he said……………………………………..Full Article: Source

Transfers from SOFAZ

Posted on 27 September 2016 by VRS  |  Email |Print

The transfers of the State Oil Fund of Azerbaijan (SOFAZ) to the state budget are expected to be lower than the indices fixed in 2016. Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats ($0.92) in 2017, as the country must pay more attention to the income from other sources, rather than deductions from SOFAZ, while generating the revenue side of the state budget.
SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7). SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7)……………………………………..Full Article: Source

Scientific studies in UAE ‘need more funding’

Posted on 27 September 2016 by VRS  |  Email |Print

A Saudi report on scientific research in the Arabian Gulf shows that the UAE needs to boost funding for such studies, academics say. The UAE was lagging behind Saudi Arabia in the number of scientific studies published, according to the study conducted in 2014 and last year by the college of medicine at King Saud University.
“The UAE is a sovereign wealth fund which is being used to fund the likes of Masdar and Khalifa University, but the funding isn’t invested on behalf of the university. Funding goes to the universities. But in a sense, the universities are competing with all the other goods the sovereign wealth fund might be supporting.”…………………………………….Full Article: Source

1MDB scandal is quite damaging, concedes Nazir

Posted on 27 September 2016 by VRS  |  Email |Print

In an interview with the magazine Euromoney, CIMB bank chairperson Nazir Razak shares his views on the 1MDB scandal and being dragged into the imbroglio. Published in its September issue, the article’s writer noted how two days before the meeting with Nazir, a brother of Prime Minister Najib Abdul Razak, the United States Department of Justice filed a civil suit in relation to alleged abuse of 1MDB funds.
“When you agree to an interview, you don’t imagine what’s going to happen two days beforehand,” Nazir had told the writer, who claimed that the banker honoured the interview against the advice of his communications advisers, “three of whom joined us in the room with a barrage of notebooks and tape recorders”……………………………………..Full Article: Source

National Investment and Infrastructure Fund

Posted on 26 September 2016 by VRS  |  Email |Print

Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources.
In line with the NIIF’s investment structure, the Centre would infuse nearly 49% of the corpus, or a total of $1 billion in the two sectoral funds, while the balance amount will come from long-term investors such as sovereign wealth funds. The potential investors in these funds include Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA) and RUSNANO of Russia, the sources added…………………………………….Full Article: Source

Qatar withdraws from race for Grosvenor House and New York Plaza

Posted on 26 September 2016 by VRS  |  Email |Print

The Qatar Investment Authority has abandoned talks to buy London’s Grosvenor House Hotel and two hotels in New York, increasing the likelihood that the trophy properties will be acquired by the UK’s richest men, the Reuben brothers.
The QIA’s withdrawal, confirmed by three people briefed on the situation, prolongs the troubles of India’s Sahara Group, which owns the Grosvenor House and majority stakes in New York’s Plaza and Dream Downtown hotels…………………………………….Full Article: Source

Azerbaijani banks buy over $60M from State Oil Fund

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $61.4 million to 19 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 22, SOFAZ said in a message on September 22.
As much as $100 million was put up for 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………………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan created currency oversupply

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank have created the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $100 million, sold $61.4 million to 19 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.44-fold………………………………………Full Article: Source

SOFAZ hosts CROSAPF Annual Summit 2016

Posted on 22 September 2016 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) hosts the third Annual Summit of the Co-Investment Roundtable of Sovereign and Pension Funds (CROSAPF) at the Four Seasons Hotel in Baku, on September 20-21, 2016.
The senior representatives of leading sovereign and pension funds as well as investment management firms have gathered in Baku to discuss current global opportunities and challenges in financial markets and improve the cooperation amongst the investors. At this year’s event, 100 participants represent approximately 60 prominent organizations from around the world…………………………………….Full Article: Source

Azerbaijani banks buy over $70M from State Oil Fund

Posted on 21 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $72.4 million to 20 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 20, SOFAZ said in a message. As much as $100 million was put up for 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

These Difficult Investment Conditions Can Stretch For The Next 10 Years

Posted on 21 September 2016 by VRS  |  Email |Print

The words in the title of this article are an exact quote from Lim Chow Kiat, the deputy group president and group chief investment officer of GIC, one of Singapore’s sovereign wealth funds.
GIC manages over S$460 billion worth of assets that are located around the globe and is estimated to be the world’s eighth largest sovereign wealth fund. Lim’s statement came in late July after the fund reported a dip in its 20-year annualised real rate of return from 4.9% in fiscal 2015 (fiscal year ended 31 March 2015) to just 4% in fiscal 2016………………………………………Full Article: Source

Chinese fund takes 20% of $7.3bn Melbourne port

Posted on 21 September 2016 by VRS  |  Email |Print

The Australian state of Victoria has leased the port of Melbourne for $7.3bn (A$9.7bn) to a consortium led by the Queensland Investment Corporation (QIC), which also includes a Chinese sovereign wealth fund.
The sale price agreed was A$3.9bn higher than the original estimate for the deal, and was greeted by Daniel Andrews, the premier of Victoria, as “a A$9.7bn vote of confidence in the Victorian economy”………………………………………Full Article: Source

The sovereign wealth fund

Posted on 21 September 2016 by VRS  |  Email |Print

The sovereign wealth funds are the national investments many countries have made for their future generations. Some of these funds are huge, as seen by the figures presented in the next paragraph. The sovereign wealth funds have huge clout internationally – whether economic or geopolitical. Collectively or singularly, they can move markets, destabilise currencies or change governments.
The petrodollar wealth funds emerged in the 1970s, when the oil producing economies had surplus funds which they did not know where to park. Henry Kissinger was the brain behind the petrodollar sovereign wealth funds. As America’s chief strategist, he wanted to ensure that the surplus funds of the oil producing economies were invested in dollars – hence petrodollars………………………………………Full Article: Source

CIC, Korea’s National Pension Service pitch in for port

Posted on 20 September 2016 by VRS  |  Email |Print

China’s mammoth sovereign wealth fund, CIC, and South Korea’s National Pension Service have emerged as secondary investors in the $9.7 billion Port of Melbourne sale, underscoring the weight of international demand for top-tier Australian infrastructure despite mounting anti-foreign investment curbs from the federal government.
The two Asian funds backed Global Infrastructure Partners’ $2.24bn equity commitment to the record-breaking privatisation, with the multinational private equity firm that specialises in infrastructure ranking as one of the biggest contributors to the winning consortium……………………………………….Full Article: Source

Future Fund, others buy Port of Melbourne

Posted on 20 September 2016 by VRS  |  Email |Print

The Future Fund, Queensland Investment Corporation and one of China’s biggest sovereign wealth funds have snapped up the Port of Melbourne for a whopping $9.7 billion.
The Future Fund and QIC teamed up with international investment managers Global Infrastructure Partners and Canadian pension fund the Ontario Municipal Employees Retirement System (also known as OMERS) as part of its consortium. A fund managed by Global Infrastructure Partners will hold a 40 per cent stake in the port……………………………………….Full Article: Source

GIC looks to buy Blackstone’s Australian retirement village owner

Posted on 20 September 2016 by VRS  |  Email |Print

GIC is believed to be looking to acquire an Australian retirement village owner, National Lifestyle Villages, owned by Blackstone. Singapore’s sovereign wealth fund is understood to be attracted by the asset’s steady income stream, estimated at about AUD200m (€135m) annually.
GIC recently purchased Yes Communities in the US for $2bn (€1.8bn). The investor is expected to run into a number of competitors interested in Australia’s growing yet highly fragmented retirement living sector……………………………………….Full Article: Source

Banking crisis brewing in China but Temasek confident

Posted on 20 September 2016 by VRS  |  Email |Print

BBC reported that the Bank for International Settlements (BIS), the global banking watchdog, is concerned about the mounting risks of a Chinese banking crisis. BIS monitors the international flow of money and credit.
Temasek Holdings is very confident of the Chinese financial industry. It is now the biggest foreign investor in Chinese banks. Last year, it raised its stake in Industrial & Commercial Bank of China (ICBC) to 10 percent of the company’s Hong Kong-listed shares after a stock market rout drove the world’s largest bank to record-low valuations……………………………………….Full Article: Source

Temasek among suitors for Learfield

Posted on 20 September 2016 by VRS  |  Email |Print

Temasek Holdings Pte, the Singaporean state-owned investment group, is among the bidders for Learfield Communications Inc, according ot people familiar with the matter.
Temasek is in the second round of the Learfield auction, as are entertainment and sports talent group Creative Artists Agency LLC and Thomas H. Lee Partners, said the people, who asked not to be identified because the information is private. Temasek may opt to bid in tandem with another group, one of the people said. Learfield, which has been owned by private equity firm Providence Equity Partners since 2013, could fetch as much as US$1.2bil in a sale, the people said……………………………………….Full Article: Source

Oman fund to invest in India’s power sector

Posted on 20 September 2016 by VRS  |  Email |Print

Oman’s State General Reserve Fund (SGRF), a sovereign wealth fund, plans to support a joint venture that aims to facilitate investment in India’s power sector, a report said. SGRF will join Canada-based La Caisse de dépôt et placement du Québec (CDPQ), a leading institutional fund manager and Kuwait Investment Authority (KIA), a sovereign wealth fund in backing the platform company set up by India’s Tata Power and ICICI Venture, added the Oman Observer report.
The plat plans to raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates, according to the report……………………………………….Full Article: Source

Wyoming considers changes in investment strategy

Posted on 20 September 2016 by VRS  |  Email |Print

As Wyoming turns over financial rocks looking to ease its budgetary shortfall, the Legislature and state Treasurer’s office have focused their attention on the crown jewel of the state’s revenue system: the Permanent Wyoming Mineral Trust Fund.
Created in 1975, the fund receives 2.5 percent of all severance taxes collected from minerals in Wyoming. The permanent fund has a current market value of $7.3 billion……………………………………….Full Article: Source

Oman wealth fund joins initiative to invest in India’s power sector

Posted on 16 September 2016 by VRS  |  Email |Print

The State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman, is part of a trio of globally renowned investors that are backing a ‘platform company’ set up to facilitate investment in India’s booming power sector. The platform company has been jointly launched by Tata Power, India’s largest integrated power company, and ICICI Venture, a specialist alternative assets manager wholly owned by ICICI Bank, the largest private sector bank in India.
Earlier this week, Tata Power and ICICI Venture announced the establishment of the Platform to facilitate investment in power projects in India in the coming two-three years, which are in either operational or in advanced stages of development………………………………………..Full Article: Source

Now Indonesia has a sovereign wealth fund – and it won’t be the last

Posted on 15 September 2016 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) are large state owned investment funds. With assets under management of about US $7trillion globally, SWFs have become key players in international finance – even surpassing the combined size of global hedge funds and private equity firms.
In the vast majority of cases SWFs were funded by the proceeds of oil and gas exports, and resource rich countries have particularly tended to create SWFs in periods when oil prices are high………………………………………..Full Article: Source

Libya sovereign fund denies handover rumours

Posted on 15 September 2016 by VRS  |  Email |Print

AbdulMagid Breish, the chairman of LIA Tripoli, and Fawzi Farkash, the newly-appointed Chairman of the Tobruk-based LIA has denied veracity of the reports that a steering committee has taken over responsibility for managing the LIA following a handover process. In a joint statement, they confirmed that these reports are “completely false”:
“Reports in recent days of a handover of power to an interim steering committee are simply untrue. Reports that a steering committee has taken over responsibility for managing the LIA following a handover process are also completely false. The Tripoli LIA and the Tobruk LIA are united in our condemnation of these totally unfounded stories.”……………………………………….Full Article: Source

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