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Temasek Set to Show Slower Asset Growth on Banks

Posted on 07 July 2014 by VRS  |  Email |Print

Temasek Holdings Pte’s assets probably grew at a slower pace in the year to March because of losses on some of its biggest financial assets.
Singapore’s state-owned investment company, which releases its annual review tomorrow, may have increased the value of its holdings by about 4 percent to a record S$224 billion ($180 billion) in the year to March 31, according to CIMB Research Pte and Institutional Investor’s Sovereign Wealth Center. That compares with an 8.6 percent gain in the previous year………………………………………..Full Article: Source

Khazanah: Privatisation of MAS mere speculation

Posted on 04 July 2014 by VRS  |  Email |Print

Malaysia Airlines (MAS) shares went up two sen on reports suggesting that the airline may be privatised by Khazanah Nasional Bhd. But in a late press statement yesterday, Khazanah dismissed the reports as “speculative”.
“A comprehensive review of restructuring options for MAS is being undertaken and evaluated,’’ it said. “The resolution of this review will be made after due consideration and after respective approvals from the relevant parties and authorities, including the approval of the special shareholder, Minister of Finance, Incorporated.”……………………………………….Full Article: Source

Khazanah, govt to decide on privatisation, says MAS

Posted on 04 July 2014 by VRS  |  Email |Print

Malaysia Airlines (MAS) says it is up to its major shareholder and the government to decide if it should be taken private. However, it said on Thursday: “As of now, the company is not aware of any decision that has been made by both of them on this matter”
MAS was responding to a report that “MAS may be taken private for restructuring”. At Bursa Malaysia on Thursday, MAS closed two sen higher to 23 sen and it was the most active with 194.19 million shares done………………………………………..Full Article: Source

Khazanah units in JV to develop ’smart city’

Posted on 03 July 2014 by VRS  |  Email |Print

Telekom Malaysia Bhd (TM) has entered into a deal with UEM Sunrise Bhd and Iskandar Investment Bhd (IIB) to form a joint venture (JV) company that will offer and operate smart services in Nusajaya, Johor. TM will hold a controlling stake of 51% in the JV at a cost of RM31 million.
Khazanah Nasional Bhd is the major shareholder of UEM Sunrise via its wholly owned subsidiary, UEM Group Bhd, as well as being the major shareholder of TM and IIB, and Khazanah is deemed to be interested in the proposed JV………………………………………..Full Article: Source

Abu Dhabi’s SWF eyes Chinese growth

Posted on 03 July 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), the Persian Gulf sovereign wealth fund (SWF) with an estimated US$773 billion in assets, has hinted that China may play a growing role in its portfolio amid major economic and structural reforms in the country.
In its 2013 annual report, which offers a rare glimpse into ADIA’s investment strategy, the SWF said that emerging markets, including China, were playing a larger role in the global growth cycle than ever before. ADIA currently has a QFII quota of $1 billion. “China is in the midst of a historic shift in its economic governance that will likely result in a loosening of administrative controls and allow markets to play a larger role in allocating capital,” wrote Hamed Bin Zayed Al Nahyan, managing director, ADIA, in his foreword to the report………………………………………..Full Article: Source

Adia increases focus on EMs, China, credit

Posted on 03 July 2014 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund sees global growth driven increasingly by emerging markets, with China assuming a much greater role in the cycle, and is positioning its portfolio accordingly.
When an investor of such size - with an estimated $773 billion under management - makes such a call, it is likely to have big implications for world markets. One example of what Abu Dhabi Investment Authority (Adia) has in mind: it received approval to raise its allocation to China A-shares under the country’s qualified foreign institutional investor programme to $1 billion from $500 million………………………………………..Full Article: Source

Italy’s FSI and Kuwait’s KIA create investment firm with $2.98 bln in assets

Posted on 02 July 2014 by VRS  |  Email |Print

Italian state-backed private equity fund Fondo Strategico Italiano (FSI) and Kuwait Investment Authority (KIA) have created an investment company with assets and commitments worth 2.185 billion euros ($2.98 billion), FSI said on Tuesday.
The new company, FSI Investimenti, will be 77 percent owned by FSI and 23 percent owned by KIA, it added. “The agreement is consistent with FSI strategy of increasing its capital to 7 billion euros, also by attracting foreign investments in Italy,” FSI said in the statement………………………………………..Full Article: Source

Temasek Cares initiative to help children from families at risk

Posted on 02 July 2014 by VRS  |  Email |Print

Beginning with help for a pregnant mother — such as prenatal care and job support — to support for a child even before he or she enters pre-school, a new programme by Temasek Cares aims to assist children from families at risk, so they start life on a better footing.
The programme, which will be launched within the next few months, is one of several new initiatives announced yesterday by Temasek Cares, the philanthropic arm of Temasek Holdings, which yesterday pledged an additional endowment of S$60 million. This would bring the total endowment to S$289 million………………………………………..Full Article: Source

Morocco fund seeks partners for joint deals

Posted on 02 July 2014 by VRS  |  Email |Print

Wessal Capital, the €2.5 billion Moroccan private equity-style vehicle backed by five sovereign-linked investors, is seeking private equity partners for ­co-investments in the country. Tarik Senhaji, chief executive of the Moroccan Fund for Tourism and a board member of Wessal Capital, said that the firm was in talks with US-based private equity firms but would also look for European buyout firms to partner with on investments in Morocco.
The firm, set up in 2010 via a memorandum of understanding, has backing from a club of Gulf Cooperation Council sovereign-linked heavyweights. Abu Dhabi’s sovereign wealth fund Aabar Investments, the Al-Ajial fund of the Kuwait Investment Authority, Qatar Holding and the Saudi Arabian Public Investment Fund each contributed €500 million alongside the Moroccan Fund for Tourism Development………………………………………..Full Article: Source

Abu Dhabi Sovereign Wealth Fund Targets Chinese Growth

Posted on 01 July 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, kept target asset-allocation ranges constant last year as it projected a continuation of emerging-market growth and slow recovery in the developed world.
ADIA, which is estimated by the Sovereign Wealth Fund Institute to hold $773 billion in assets, added staff last year on its real estate, infrastructure and private equities teams, but gave few clues in an annual review about how it is realigning itself to confront challenges in the global economy………………………………………..Full Article: Source

Abu Dhabi Wealth Fund Boosts Equities in Europe to South Africa

Posted on 01 July 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said internal money managers allocated more assets to European and South African equities last year.
The fund generated annualized returns of 7.2 percent over the two decades through 2013, down from 7.6 percent a year earlier, ADIA said in its annual report published today. The return over 30 years was 8.3 percent. The authority, which allocates 75 percent of its funds to external managers, doesn’t disclose the value of its assets………………………………………..Full Article: Source

Unrest, Muted SWFs Slow Middle East M&A Activity

Posted on 27 June 2014 by VRS  |  Email |Print

Most investment bankers in Dubai’s financial center will tell you their pipeline – the transactions they are working on – is robust and that the Middle East’s post-crisis deal climate is improving. However, data for the first six months of 2014 suggest the regional dealmaker’s optimism is still premature.
The value of Middle Eastern mergers and acquisitions sunk to its lowest level in almost a decade, Dealogic data show. Transactions involving a Mideast buyer or seller fell to $23.6 billion in the first six months of this year to date, down 13% compared to the same period in 2013. Europe, by contrast, saw deal activity rebound in the same period………………………………………..Full Article: Source

Norway’s $880bn SWF to target frontier markets like Nigeria

Posted on 27 June 2014 by VRS  |  Email |Print

Norway’s $880 billion sovereign wealth fund, the world’s largest, will expand its scope of investments to target “frontier markets” and add more currencies to generate higher returns. Frontier markets, also called pre-emerging markets, have equity markets that are less established than in emerging markets.
These include countries such as Nigeria, Argentina, Ukraine and Kazakhstan, according to MSCI Inc. The MSCI Frontier Market Index is up 16 percent this year compared with a 5 percent gain for the MSCI World Index of developed market shares. Nigerian equities made up 20 percent of the MSCI FM index as of June 2014………………………………………..Full Article: Source

Azerbaijan plans to gain financial benefit from replacement of Oil Fund allocations with the loans from foreign markets

Posted on 26 June 2014 by VRS  |  Email |Print

Replacement of the State Oil Fund (SOFAZ) allocations with the loans from foreign markets promises to provide a financial benefit for Azerbaijan. According to the informed sources, Azerbaijan’s government plans to take advantage of such loans’ benefits.
“Today the markets demonstrate profitable financial conditions and this effect is enhanced by Azerbaijan’s financial stability and solvency. Many lenders and investors are ready to provide finances to Azerbaijan. In this regard, governmental experts believe that today it’s quite possible to get foreign loans at the rate of LIBOR level or LIBOR +0…% and we should take this opportunity”, - the source said………………………………………..Full Article: Source

India: New measures on card to attract sovereign wealth funds

Posted on 26 June 2014 by VRS  |  Email |Print

Looking to attract larger inflows from sovereign wealth funds and foreign pension funds, central government and financial sector regulators have renewed their efforts to make Indian markets, especially government bonds, much more appealing to such investors.
The government and regulators are of the view that overseas investments by sovereign wealth funds, multilateral agencies, endowment funds, pension funds, insurers and foreign central banks are much more stable in nature, as compared to institutional investors and hedge funds………………………………………..Full Article: Source

KKR Joins Sovereigns Seeking Seoul Skyline Yields

Posted on 26 June 2014 by VRS  |  Email |Print

KKR & Co. bought an skyscraper in downtown Seoul, within walking distance from blocks owned by wealth funds of Azerbaijan and Singapore, as falling bond yields and a revived economy spurs a search for higher returns.
The private-equity firm run by Henry Kravis and George Roberts acquired the K Twin Towers in Seoul this month, after Azerbaijan’s state oil fund spent $447 million for a building in April. Seoul office prices rose 11 percent in the year to April 30, with yields of 5.67 percent, according to Real Capital Analytics Inc. Five-year sovereign yields fell almost half a percentage point to 2.9 percent in 12 months………………………………………..Full Article: Source

Mideast SWFs To Boost Emerging Markets Exposure

Posted on 26 June 2014 by VRS  |  Email |Print

Buoyed by oil prices above $100 a barrel and a growing confidence in the global economy, sovereign wealth funds in the Middle East expect to receive more funding this year, providing them with extra financial firepower to raise their investments into emerging markets and asset classes such as private equity and real estate, according to an Invesco study.
Latin America, Africa and China are likely to be the main beneficiaries of the continuing shift towards emerging markets by the world’s sovereign funds despite their historical preference for developed markets such as the United Kingdom, Invesco said in its survey of 52 sovereign investors who collectively manage $5.7 trillion in assets………………………………………..Full Article: Source

Over $6t sovereigns to drive home market growth

Posted on 26 June 2014 by VRS  |  Email |Print

Invesco first Invesco Global Sovereign Asset Management Study, an in-depth report offers insight into the complex investment behaviour of sovereign investors across the globe.
The unique study, which provides a framework to help understand the investment preferences and strategy of these funds, shows that the biggest growth story among global sovereigns today is an increase in a so-called ‘public-private partnership’ investment approach. An approach, which sees commercially, minded sovereigns seeking direct strategic investment in private companies to support GDP, job creation and skills transfer………………………………………..Full Article: Source

Norway’s $890 Billion Fund Gears Up to Expand in Real Assets

Posted on 25 June 2014 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund, the world’s biggest, is building up its organization and preparing for a move into infrastructure and private equity, its chief executive officer said.
The fund, in a strategy document released yesterday, revealed it was boosting its staff by about 60 percent over the next three years to tackle increased investments in real estate and said it’s preparing for more investments in assets “with income streams that grow in line with the global economy.”……………………………………….Full Article: Source

Norway’s oil fund to take bigger stakes in companies

Posted on 25 June 2014 by VRS  |  Email |Print

Norway’s $890bn oil fund is accelerating its push to become a more active investor as the world’s biggest sovereign wealth fund said it would double the number of companies it owned big stakes in over the next three years.
In its 2014-2016 strategy published on Tuesday, Norges Bank Investment Management, the manager of the oil fund, showed how it would deal with the challenges of its ever-increasing size, having tripled its assets since 2007………………………………………..Full Article: Source

Emerging markets pull in sovereign investors

Posted on 24 June 2014 by VRS  |  Email |Print

Invesco’s new study reveals that sovereign funds are increasingly attracted to alternatives and markets such as Africa and Latin America. Sovereign investors are increasing their allocations to emerging markets and alternatives, according to a new study by Invesco.
The Invesco Global Sovereign Asset Management Study, which is in its second year, is based on surveys with more than 50 sovereign investors including central banks, sovereign wealth funds and government pension funds………………………………………..Full Article: Source

Middle East investors target old Scotland Yard hotel as next trophy asset

Posted on 23 June 2014 by VRS  |  Email |Print

Sovereign wealth funds from Kuwait and Qatar are in talks with a London developer over the acquisition of the original Scotland Yard headquarters, which is being transformed into a £10,000-a-night luxury hotel.
The Galliard Group confirmed to The Telegraph that its chief executive, Stephen Conway, has met individuals from the Middle East over the last few months, who have shown interest in buying the historic building once construction has been completed in 2016, thought to be worth £200m………………………………………..Full Article: Source

Philippines DTI courts Norway SWF and investors

Posted on 20 June 2014 by VRS  |  Email |Print

The trade department has invited Norwegian businessmen to increase investments in the Philippines. “We [Department of Trade and Industry officials] met with Norwegian government officials that manage the fund and we encouraged them into investing more here and increase their exposure in the Philippines,” said Trade Secretary Gregory L. Domingo in a chance interview with reporters on Wednesday.
Domingo noted that Norway possesses the largest sovereign wealth fund, the Norwegian Government Pension Fund-Global (SPU), and the Philippines stands to gain from more investments as the Nordic country already has substantial investments in blue-chip companies, through the said fund………………………………………..Full Article: Source

Alaskan Fund Ups Commitment to Single-Family Rental Purchases

Posted on 20 June 2014 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. entered into a limited liability company agreement with American Homes 4 Rent to form American Homes 4 Rent II LLC (to acquire, renovate and lease additional single-family residential properties in the United States.
The fund has an 80% capital interest in the new company with American Homes the remaining 20%. The two will initially fund the new firm with $50 million. The maximum term of the new company is six years at which time any unsold properties will be sold………………………………………..Full Article: Source

Are Sophisticated Sovereign Wealth Funds Becoming the Next Crop of Dealmakers?

Posted on 19 June 2014 by VRS  |  Email |Print

Sovereign funds represent a large, thriving pool of sophisticated capital. With nearly US$ 7 trillion in institutional investor assets, sovereign wealth funds have flexed their muscles, acquiring luxury hotels to Indian movie production companies.
Year over year, more sovereign wealth funds are doing direct deals and participating in co-investments with private equity funds, mega pensions and specialist funds………………………………….Full Article: Source

How the ‘Deal-Hunter’ Qatar Investment Authority Became Introverted

Posted on 18 June 2014 by VRS  |  Email |Print

The Qatar Investment Authority (QIA)’s asset allocation behaviors are becoming more conservative to fall in line with the nation’s economic development agenda and stronger presence in the region, according to GeoEconomica. The Geneva-based political risk management firm said the once “aggressive deal hunting” sovereign wealth fund—guided by former CEO Sheikh Hamad bin Jassim bin Jaber al-Thani—had been less active during the past few months, passing on opportunities such as Deutsche Bank’s recent capital increase.
“The modi operandi of most sovereign wealth funds, in one way or another, mirror the political cultures and ambitions of the governments that own them,” the report said. “Qatar’s international position has most recently come under significant pressure and the Doha has to deliver on a massive economic development program over the coming decade.”……………………………………….Full Article: Source

POSCO to Work with Saudi SWF to Build Auto Assembly Plant

Posted on 18 June 2014 by VRS  |  Email |Print

POSCO Group, jointly with the Public Investment Fund of Saudi Arabia, will build an automobile assembly plant in Saudi Arabia with an annual capacity of 150,000 cars. The group will also cooperate actively with construction projects to build social infrastructures such as homes and plants.
According to company sources on June 17, POSCO chairman Kwon Oh-joon met on the 13rd with Abdulrahman M. Al Mofadhi, Acting Secretary General of the Saudi sovereign wealth fund and signed an agreement for mutual cooperation. Earlier in February he had discussed with Mr. Al Mofadhi before being appointed as POSCO chairman for a possible deal to build an auto plant………………………………………..Full Article: Source

Expanding SWF forum to fly IMF nest and land in London next month

Posted on 18 June 2014 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) from Nigeria and Russia last month became the 27th and 28th members of the International Forum of Sovereign Wealth Funds (IFSWF) – and the global network is expecting its ranks to continue swelling once its secretariat moves to London at the start of next month.
Kristian Flyvholm, secretary-general designate of the forum, which has been hosted at the International Monetary Fund (IMF) since its establishment in 2009, said today it has a “very strong number of potential members who want to become full members”, adding he is “quite sure each quarter you’re going to have one or two new members joining”………………………………………..Full Article: Source

The world’s biggest sovereign wealth fund is set to reshape the FTSE 100

Posted on 17 June 2014 by VRS  |  Email |Print

Times are changing for one of the world’s biggest sovereign wealth fund. The Qatar Investment Authority (QIA), the $175bn behemoth which invests money on behalf of the Qatari state, is expected to dampen its more ambitious dealmaking.
It will instead adopt an increasingly “conservative” approach, according to a research note published today by political strategists Geoeconomica. “It should be expected that the Qatari Government will be much less likely to use QIA’s capital to advance its network-based foreign policy approach, although the Government might want to consolidate its existing relationships rather than reverse them. But overall, the expectation is that QIA become a more conservative, less politically oriented and more strategic investment entity,” it said………………………………………..Full Article: Source

Why do Gulf sovereign funds not invest in Egypt?

Posted on 17 June 2014 by VRS  |  Email |Print

The Gulf’s support for the Egyptian economy after the dismissal of former President Mohamed Morsi on July 3, 2013, has taken several forms including bank deposits into the Central Bank of Egypt, petroleum derivatives, long-term loans and non-refundable grants. Initially it was announced that the size of this support was $12 billion.
However, during his presidential campaign Al-Sisi told the media that this support reached more than $20 billion in just 10 months. This support rescued many economic indicators of Egypt, such as that seen in the stability of the foreign exchange reserves at $17.2 billion at the end of May 2014, and the relative maintenance of the price of the Egyptian pound from a dramatic collapse………………………………………..Full Article: Source

Khazanah raises more questions for Malaysia

Posted on 16 June 2014 by VRS  |  Email |Print

Can anybody please explain to me quite why the country’s flagship sovereign wealth fund Khazanah Nasional pulled a US$500m exchangeable sukuk transaction the week before last, when the deal looked as tickety-boo in execution as any equity-linked deal you’re likely to cast eyes on?
The book was covered, and more than 50 top end investors had circled orders, but apparently Khazanah’s treasurers found their inability to print at the finest of margins irksome and so they pulled the trade. They missed the chance to bring a deal in decent size in a market where global equity indices were printing record highs and at spreads that might not be revisited for a while………………………………………..Full Article: Source

Gulf SWFs part of Samena Capital-led group buying RAK Ceramics stake

Posted on 16 June 2014 by VRS  |  Email |Print

Samena Capital and a group of international investors including two Gulf sovereign wealth funds have completed the purchase of a 30.6 per cent stake in Ras Al Khaimah Ceramics, the investment firm said in a statement on Sunday. The fund, acting through Cayman Islands-registered subsidiary Samena Limestone Holdings, will have two seats on the board of one of the world’s biggest makers of floor tiles, following the acquisition.
The statement did not name the other investors in the consortium. But in a separate bourse filing, RAK Ceramics said it had amended its rules so citizens of Gulf Cooperation Council (GCC) states were treated as equivalent to UAE shareholders — suggesting the investors come from outside the UAE………………………………………..Full Article: Source

Japan’s Nomura launches Dubai office as business grows

Posted on 13 June 2014 by VRS  |  Email |Print

Japanese fund manager Nomura Asset Management has launched an office in Dubai International Financial Centre (DIFC) after its business in the region more than doubled in the past five years.
The Japan-based global asset manager has been managing sovereign wealth fund assets for over 25 years and globally it has $291 billion of assets under management………………………………………..Full Article: Source

Zimbabwe: Norway Pledges to Share Expertise

Posted on 13 June 2014 by VRS  |  Email |Print

Norway’s Ambassador to Harare Mr Bard Hopland said: “We discussed also, in general, Norwegian experience within the area of natural resources management and management of revenue from natural resources, the Sovereign Wealth Fund, as you may know.”
“If you might know, we have already provided experts in this field who were here in March and participated in the parliamentary seminar on Zim-Asset and we will also continue to discuss with the Minister of Finance how we could follow up on the issue of natural resources management and the Norwegian experience in that regard.”……………………………………….Full Article: Source

Alaska Permanent Fund plans more housing, infrastructure

Posted on 12 June 2014 by VRS  |  Email |Print

Alaska Permanent Fund Corporation is planning to invest $400m (€296m) in infrastructure and $160m in single-family homes in the US. The pension fund has launched its third joint venture with American Homes 4 Rent, providing 80% of the $200m capital to invest in rented accommodation.
The Permanent Fund provided $400m and $200m for two previous partnerships in 2012. Michael Burns, executive director for the pension fund, said: “We have been pleased with the results we have had with American Homes up to this point………………………………………..Full Article: Source

Azerbaijan sovereign wealth fund eyes renminbi-denominated assets

Posted on 12 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan intends to begin buying renminbi-denominated assets by the end of the year, subject to approval from Chinese regulators, Shahmar Movsumov, chief executive of the $37bn sovereign wealth fund, has said.
The move is part of a strategy the fund finalised at the end of last year to diversify beyond its traditional holdings of dollar- and euro-denominated fixed income, by boosting exposure to currencies other than the greenback, euro and pound from 5% to 10%, Movsumov told the Financial Times………………………………………..Full Article: Source

Russia, Qatar compete in natural gas market

Posted on 12 June 2014 by VRS  |  Email |Print

Russia has few simple relationships in the Middle East — or in other regions — but its relations with Qatar are especially complex. Russia’s cooperation with Qatar is increasingly visible in the Gas Exporting Countries Forum (GECF), an emerging international organization with the rather broad goal of “supporting the sovereign rights of member countries over their natural gas resources.”
The Qatar Investment Authority has committed $2 billion to the government-connected Russian Direct Investment Fund for infrastructure projects in Russia………………………………………..Full Article: Source

Malaysia SWF prepares rescue plan for national carrier

Posted on 11 June 2014 by VRS  |  Email |Print

Malaysia Airlines has enough cash to remain operating for about 12 months, the country’s sovereign wealth fund said on Tuesday, amid signs that Malaysian passenger traffic has started to stabilise after the initially disastrous impact of missing flight MH370. Azman Mokhtar, managing director of Khazanah, Malaysia Airlines’ biggest shareholder, said the government would unveil a rescue plan for the embattled national carrier in six to 12 months.
Khazanah owns 69.4 per cent of the airline, which was already struggling amid competition from low-cost carriers even before the disappearance of the Boeing 777 airliner three months ago on a flight from Kuala Lumpur to Beijing………………………………………..Full Article: Source

Khazanah Nasional Studies Restructuring Options for Malaysia Airlines

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment arm, said Tuesday it is studying all options to restructure and turn around ailing national flag carrier Malaysia Airlines.
The airline’s efforts to recover from three years of losses have been hampered by the disappearance of Flight 370. In the first quarter of the year, Malaysian Airline System Bhd., the company that owns the Malaysia Airlines brand, reported a wider loss from a year earlier as plunging ticket sales in the aftermath of the loss of one of its Boeing 777s worsened an already weak period………………………………………..Full Article: Source

GLCs now on stronger footing - Khazanah chief

Posted on 11 June 2014 by VRS  |  Email |Print

Government-linked companies (GLCs) have strengthened their financial capacities and are on track to push themselves to be on par with local competitors or even become regional champions, even as their transformation programme comes to an end next year.
Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said with the exception of one or two problem cases, the majority of the 60 companies have done well under the GLC Transformation Programme rolled out a decade ago. “The bulk are doing well. There is a lot of wind in our sails,” Azman said after releasing the Khazanah Report 2013………………………………………..Full Article: Source

Khazanah still seeking strategic partner for SilTerra

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd, which expects its 20 largest government-linked companies’ holdings to hit a record high of RM27.1 billion in net profit this year, is still looking for a strategic partner for its loss-making manufacturer of semiconductor wafers, SilTerra Malaysia Sdn Bhd.
Talk of selling either a stake or the entire company has been around since 2008. According to Khazanah managing director Tan Sri Azman Mokhtar (pix), even though SilTerra has been mildly profitable, it still needs a strategic partner in the longer term. “It could be business-to-business partnership without equity, or with equity ownership, we’re looking at all options,” he said………………………………………..Full Article: Source

In 2013, Norway Government Pension Fund Investment in Israeli Stock Market Rose 43% to $1 Billion

Posted on 11 June 2014 by VRS  |  Email |Print

The Government Pension Fund of Norway, the largest sovereign wealth fund in the world, has increased its position in shares of Israeli companies, adding five new companies to a portfolio of 62 stocks valued at a billion dollars (NIS 3.5 billion) on the Tel Aviv Stock Exchange, Israel’s Globes business daily reported on Tuesday.
In 2013, the value of its investment in companies traded on the TASE rose by 43 percent in nominal terms, from NIS 2.4 billion to nearly NIS 3.5 billion, Globes said. “Even discounting the boom on the stock exchange, the rise is impressive: the fund’s proportionate holding in shares on the Tel Aviv 100 list grew by 21% last year, exceeding 0.5% of the total of shares listed,” the newspaper said………………………………………..Full Article: Source

Mubadala seeks to exit Nigeria’s telecoms market

Posted on 10 June 2014 by VRS  |  Email |Print

Mubudala, Abu Dhabi’s sovereign wealth fund, is keen on negotiating an exit from Nigerian telecommunications operator EMTS, in which it holds a 30-percent stake, according to TMTFinance. This move by the fund may be linked to recent reports that investor confidence in the country’s highly competitive telecoms market is dipping due to perceived structural defects in the market and a harsh operating environment.
Industry watchers say this does not bode well for long-term growth and sustainability of the telecoms industry. Mubadala could be seeking new pastures, cashing in on a telecoms industry increasingly facing higher operating costs, dwindling revenue per user and investor pullback, according to industry watchers………………………………………..Full Article: Source

Canary Wharf, Qatar Win London Shell Centre Project Approval

Posted on 09 June 2014 by VRS  |  Email |Print

Canary Wharf Group Plc (SBD) and Qatar’s sovereign-wealth fund won approval from Communities Secretary Eric Pickles to build almost 900 homes and about 75,000 square meters (800,000 square feet) of offices at Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Construction on the project in the city’s Waterloo district will begin later this summer, Canary Wharf Group and Qatari Diar Real Estate Investment Co. said in a statement today. Pickles asked to review the plans in September, saying the development may affect views of the Parliament area on the opposite side of the river………………………………………..Full Article: Source

Credit Suisse Says Qatar as Holder Isn’t Why It’s Winning Deals

Posted on 09 June 2014 by VRS  |  Email |Print

Credit Suisse Group AG (CSGN), the Swiss investment bank which advised Qatar on some of its most high-profile investments, said it’s gaining deals on merit and not because of the Gulf state’s status as a key shareholder.
Qatar and Credit Suisse are boosting ties after the gas-rich nation took a stake in the bank and bought its London headquarters. Switzerland’s second-largest lender and Qatar Holding, a unit of the emirate’s sovereign wealth fund, also formed Aventicum Capital Management in 2012 to boost emerging-market investments. Hangari also heads that business………………………………………..Full Article: Source

Samruk Kazyna to launch $26 bln worth of projects within 3 years

Posted on 06 June 2014 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna Wealth Fund is planning to commission dozens of projects totally worth $26 billion within the next 3 years, Tengrinews reports citing the Fund’s senior director for business development and a member of the Management Board Berik Beisengaliyev.
Samruk-Kazyna is a state-run holding in Kazakhstan that owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups. Samruk-Kazyna controls $78 billion in assets, or nearly 56% of the GDP……………………………………….Full Article: Source

World’s Biggest Wealth Fund Escapes Flash Boys in IEX Dark Pool

Posted on 05 June 2014 by VRS  |  Email |Print

Norway’s $880 billion sovereign wealth fund, the world’s largest, is throwing its support behind Brad Katsuyama’s new exchange. Katsuyama’s IEX Group Inc., made famous inMichael Lewis’s best-selling book “Flash Boys,” could shield investors from the predatory habits of high-frequency traders, said the fund, which holds $521.2 billion in stocks globally and is Europe’s biggest equity investor.
“IEX is a trading venue where all players participate on the same terms,” oil fund spokesman Thomas Sevang said in an e-mailed response to questions. “We support this.”……………………………………….Full Article: Source

1MDB denies being a risk to KL’s credit rating

Posted on 05 June 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) says its debt does not pose any significant risk to Malaysia’s sovereign rating and stability. As a limited liability company, it poses limited risk to the government as a shareholder, 1MDB added.
“The government guarantees RM5.8 billion (S$2.25 billion) of the group’s total loan, of which 1MDB has significant interest cover,” the sovereign wealth fund said on Tuesday, adding that it has never missed any scheduled payment………………………………………..Full Article: Source

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain’s Mumtalakat will remain profitable from now on, its chief executive told Reuters on Wednesday, as the sovereign fund ended five straight years of losses in 2013 due to improved performance at Gulf Air and lower impairments.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of KD82.7 million ($219 million) in 2013 compared with a net loss of KD181.7 million in the previous year, a statement said………………………………………..Full Article: Source

YTL Corp Urges Asian Sovereign Wealth Funds To Invest 30 Per Cent In Infrastructure

Posted on 04 June 2014 by VRS  |  Email |Print

YTL Corp Bhd’s Group Managing Director Tan Sri Dr Francis Yeoh Sock Ping has called for at least 30 per cent of sovereign wealth funds in Asia to be invested for infrastructure development. The move will help Asian countries provide efficient infrastructure to the people at the right price as well as boost national productivity.
However, he said most Asian countries did not produce the right amount of infrastructure as they should despite the growing wealth and high level of savings. The local government, he said, is currently making sure that the productivity towards infrastructure is being done, such as airport and railways, in order to cater to the increasing demand from consumers………………………………………..Full Article: Source

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