Sat, Jul 26, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Category | Fund Management/Administration more

Alaska Permanent Fund hires four Non-U.S. stock managers

Posted on 23 July 2014 by VRS  |  Email |Print

The APFC has awarded four active Non-U.S. developed markets stock mandates at the conclusion of a several-month search. The mandates are for $100 million each, with a target date of July 25. Selective rebalancing within the Permanent Fund’s stock portfolio will provide the funds for the new mandates, and no managers will be terminated.
Staff recommended the search based on the strong core nature of the portfolio, citing a need for additional Non-U.S. managers to increase the diversification of the Fund’s holdings………………………………………..Full Article: Source

BRICS Bank Is Mostly a Jointly Managed Sovereign Wealth Fund

Posted on 22 July 2014 by VRS  |  Email |Print

Because the credit ratings of Brazil, Russia, South Africa and India are not robust enough to command borrowing on the capital markets at relatively low rates, and it is only China’s economy among the BRICS that can currently support massive borrowing on the capital markets to enable relatively low-interest lending, it again points to the BRICS Bank being a SWF-like entity.
SWFs generally do not borrow on the capital markets and instead use their own corpus of funds to invest in other countries, almost never their own country. Technically, some SWFs do have the ability to borrow, but rarely do so in practice………………………………………..Full Article: Source

State Oil Fund seeks insurer and cleaner for its skyscraper in Baku

Posted on 21 July 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is seeking for the insurer and the cleaner for its skyscraper in Baku. The Fund informs that two tender procedures have been announced for this purpose. Both tenders relate to the new SOFAZ administrative building at add: 111A, Heydar Aliyev Avenue, Baku (22 administrative floors, 2 technical floors and underground parking with total area of 35,834 sq m).
The selected insurer should ensure voluntary insurance of administrative complex’s real estate and mandatory liability insurance of its operation. Bids accompanied by a bank guarantee for 1% of the requested value will be accepted till 6 pm on 1 September. The tender will be held on 2 September at 11 am in the Fund’s current residence at 24, Neftchilar Avenue………………………………………..Full Article: Source

Sound governance, clear mandate help Temasek beat market: report

Posted on 11 July 2014 by VRS  |  Email |Print

Sound corporate governance and a clear business mandate have helped Temasek Holdings and government-linked companies (GLCs) in Singapore perform better than the market, said a report on Friday. The study, entitled “The State as a shareholder: The case of Singapore,” was done before Temasek released its results.
On Tuesday, Temasek reported its portfolio rose to S$223 billion, from S$215 billion the year before. Its total shareholder return (TSR), in Singapore dollars, was 1.5 per cent on a one-year basis, mainly due to weakness in the Singapore and China markets………………………………………..Full Article: Source

Heritage fund or Slinky fund?

Posted on 10 July 2014 by VRS  |  Email |Print

The recent announcement that the Alberta Heritage Savings Trust Fund earned $2.1 billion in 2013 is great news, but don’t break out the champagne yet. While these record earnings will help relieve Alberta’s current budget deficits, they are almost meaningless in the long term — which is, or at least was, the whole point of having a heritage fund.
Why? Because under current government policy, virtually all of the fund’s realized annual earnings are transferred to general revenue for in-year spending. This means the fund’s value cannot grow as the market goes up………………………………………..Full Article: Source

GIC ‘needs to invest over long term’, cannot directly manage CPF

Posted on 09 July 2014 by VRS  |  Email |Print

Noting that some grassroots leaders and others have questioned why the Government does not get the GIC to directly manage Central Provident Fund (CPF) monies, Deputy Prime Minister Tharman Shanmugaratnam explained yesterday that should the GIC do so, it will need a very conservative portfolio without the ability to invest over the long term and ride out market cycles.
This is because the GIC would have to focus on ensuring that it is able to meet the Government’s full obligations on the CPF every year, said Mr Tharman, who is also Finance Minister. The conservative portfolio the GIC would have to manage would not invest much in equities and certainly not in real estate, he added…………………………………..Full Article: Source

Leakages, political bickering threaten Nigeria SWF goals

Posted on 09 July 2014 by VRS  |  Email |Print

The goals of Nigeria’s Sovereign Wealth Fund (SWF), which include providing a countercyclical rainy day fund, as well as savings for future generations is being threatened by political bickering and oil revenue leakages.
While the SWF announced last month that it made capital gains of N1.2 billion ($7.75 million) in the first quarter (Q1) of 2014 representing 0.5 percent return on total capital of $1.55 billion, the need to grow the fund through regular monthly transfers by the Government has failed to materialise…………………………………..Full Article: Source

Chan defends fund at length

Posted on 08 July 2014 by VRS  |  Email |Print

The market should disregard the short- term performance of the Exchange Fund, said Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. HKMA yesterday revealed the latest official foreign currency reserve assets stand at US$320.9 billion (HK$2.5 trillion) at the end of June, up from US$320.2 billion in May.
Chan wrote in an article reviewing his work over the past five years that the fund - the reserve that the HKMA uses to defend the Hong Kong dollar - is not a sovereign wealth fund and the investment objective is not to pursue high returns.He stressed the necessity to hold enough highly liquid assets to meet short-term obligations…………………………………….Full Article: Source

Norway Outlines Staff Plan to Boost Real Estate Holdings

Posted on 08 July 2014 by VRS  |  Email |Print

The Norway Pension Fund-Global has begun recruiting for the team that will oversee an eventual 5% allocation of its $825 billion capital pool to real estate. Norges Bank Investment Management (NBIM), which oversees the asset allocation and implementation of strategy for the world’s largest sovereign wealth fund, has advertised three positions on its website—and the closing date is drawing near.
NBIM is looking for chief risk, administrative, and operations officers, who can choose to be located either in London or Oslo. All three positions would see the successful candidate become part of the fund’s Real Estate Leader Group……………………………………..Full Article: Source

Nigeria: Akwa Ibom top contributor to Sovereign Wealth Fund in 2013- MD

Posted on 07 July 2014 by VRS  |  Email |Print

Akwa Ibom State remains the highest contributor to Sovereign Wealth Fund in the Country for 2013, it has been revealed. The Managing Director/Chief Executive of the Nigerian Sovereign Wealth Investment Authority (NSIA), Mr. Uche Orji, who stated this Friday when he and his team paid Governor Godswill Akpabio a courtesy visit at Governor’s Office, Uyo, hinted that Akwa Ibom Government contributed the highest to the fund particularly counterpart funding.
Mr. Orji said they were in the state to partner the state government and invest in the state as well as be a part of the uncommon transformation of Governor Akpabio, hinting that the authority invests in real estate, agriculture, power and seaport, among others………………………………………..Full Article: Source

Appointing Najib’s brother to Khazanah ’smacks of NEPOTISM’

Posted on 07 July 2014 by VRS  |  Email |Print

The appointment of outgoing CIMB Group chief executive officer Datuk Seri Nazir Razak to Khazanah Nasional Berhad’s board of directors has drawn fire from Pakatan Rakyat. PAS central committee member and Kuala Krai Member of Parliament Dr Hatta Ramli described the appointment, effective Sept 1, as a daring move that smacks of nepotism by Prime Minister Datuk Seri Najib Razak.
“Nazir may have the credentials, but this is a government investment arm that we are talking about. “I’m speechless that the Prime Minister’s brother has been appointed as a board member, as if no one else is capable of the job,” he said………………………………………..Full Article: Source

The Abu Dhabi Investment Authority will be hiring in these areas in 2014

Posted on 02 July 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has added over 100 employees across its equities, infrastructure and private equity teams during the past year and is planning to expand throughout 2014 in both the front and back office.
The world’s (second) largest sovereign wealth fund has just revealed its annual report and points to a year of expansion, where it added employees at a senior level and throughout across its various divisions. ADIA says that it will be hiring for mid-level recruits in private equity, will be “selectively” growing its infrastructure team, plans to add more people across its Asia ex-Japan portfolio and will also build its operations and risk team within its alternative investments arm………………………………………..Full Article: Source

Oil Fund’s relations with budget of Azerbaijan may change drastically

Posted on 26 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) can change the system of relations with the state budget, known as the system of annual transfers. The new format of SOFAZ ties is still considering by government experts.
The article is disseminated only on condition of close subscription. If you are interested, contact with marketing service of news agency Fineko………………………………………..Full Article: Source

How Alberta turned its Heritage Fund into a cash machine for big-spending politicians

Posted on 26 June 2014 by VRS  |  Email |Print

Alberta’s Heritage Savings Trust Fund stands as an excellent example of how governments waste opportunity, fritter away money and undermine the long-term interests of taxpayers, even as they claim to be working in the public interest.
On Tuesday the Fund revealed it earned $2.1 billion last year, a record 16% return on investment, and now has $17.5 billion in the kitty. This was treated as a triumph by provincial leaders………………………………………..Full Article: Source

Norway’s SWF Lays Out Three-Year Strategic Plan

Posted on 25 June 2014 by VRS  |  Email |Print

Norway’s $888 billion sovereign wealth fund plans to bring more of its real estate portfolio under in-house management as part of a move to broaden its portfolio. Laying out its plan for 2014-16 in a strategy report published this morning, Norges Bank Investment Management (NBIM)—the group responsible for the management of the Government Pension Fund Global—said it would add “new frontier markets” to its equity portfolio, as well as include more currencies in its fixed income allocation and take larger stakes in companies.
NBIM said it planned to invest 1% of the fund a year—roughly equal to $9 billion according to the fund’s current size—into private real estate markets between 2014 and 2016. The group also stated its intention to take on full ownership of more property investments………………………………………..Full Article: Source

Reforms open up opportunities in Chinese asset management

Posted on 23 June 2014 by VRS  |  Email |Print

China’s efforts to liberalise its currency and open its capital markets are also creating job opportunities for people in the asset management industry. This is particularly true of sales and investment management, recruiters say.
On the institutional side, investors such as the China Investment Corporation, the world’s fourth largest sovereign wealth fund, as well as the National Council for Social Security Fund, are diversifying offshore and increasingly outsourcing their portfolios to external managers………………………………………..Full Article: Source

China’s CIC Vows to Improve Management After Irregularities Uncovered

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses.
China’s National Audit Office said Wednesday that CIC was found to have management shortcomings that resulted in overseas losses on six projects between 2008 and 2012. The extent of the losses wasn’t given. The auditing agency blamed the losses at CIC on dereliction of duty by management, insufficient due diligence and poor post-investment management……………………………………….Full Article: Source

Audits hit home at CIC

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp, the nation’s US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said.
CIC will also strengthen due diligence for overseas deals and enhance post-investment management, and standardize the selection of external managers. An audit last year found dereliction of duty by managers and inadequate due diligence and management in 12 investments made abroad between 2008 and 2013, leading to losses………………………………………..Full Article: Source

Closer Look: Audit of CIC Shows Its Corporate Governance Must Be Enhanced

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp. (CIC), the country’s US$ 575 billion sovereign wealth fund, has been blamed by the state auditor for flaws in its management of both domestic and overseas investment projects, leading to losses. On June 18, the National Audit Office issued a report on CIC’s operations in 2012. It criticized CIC for a series of irregularities in investment assessments, subsidiary operations, and personnel and financial management.
Internal and external supervision are crucial for a sovereign wealth fund like CIC. The auditor’s report rings the alarm and should prompt the sovereign wealth fund to reexamine itself. However, assessing the investment performance of a sovereign wealth fund is not straightforward………………………………………..Full Article: Source

Japan readies to unshackle huge pension fund

Posted on 16 June 2014 by VRS  |  Email |Print

Japan’s government is readying to unfetter its huge public pension fund, freeing managers to dump low-yield sovereign bonds and go in search of higher, but riskier returns, in a move that could see cash flood global markets. The nation’s pension programme, into which almost all citizens pay, is supported by the world’s largest investment fund, worth a staggering USD 1.26 trillion equivalent to one-quarter of the country’s entire economy.
It towers over its nearest competitor, the USD 700 billion belonging to Norway — and is multiples of the USD 173 billion holdings of Temasek, the Singaporean sovereign wealth fund………………………………………..Full Article: Source

Billions at risk if tax act amended to allow investment panel, says PKR lawmaker

Posted on 13 June 2014 by VRS  |  Email |Print

Billions of taxpayers’ money are at risk of being used to buy stocks, bonds, debts and properties under a proposed amendment to a tax law allowing for an investment panel that could be as secretive as 1MDB, PKR lawmaker Wong Chen (PKR- Kelana Jaya) said.
“What if our tax money is used to buy shares to support and prop up a crony company? What if the investment panel decides to support the opaque and questionable 1MDB listing?” he said in referring to state-owned sovereign fund which is planning to raise US$4.6 billion (RM15 billion) through an initial public offering of its power-generation assets………………………………………..Full Article: Source

Saudi’s Shoura Council Debates Sovereign Wealth Fund Plan

Posted on 12 June 2014 by VRS  |  Email |Print

A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the Kingdom’s influential Shura council advisory body but failed to yield a result. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the Kingdom’s vast hydrocarbon wealth, would build on its financial stability.
Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets………………………………………..Full Article: Source

Saudi sovereign wealth fund plan attracts debate in advisory body

Posted on 11 June 2014 by VRS  |  Email |Print

A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom’s influential Shura council advisory body but failed to yield a result, state media reported on Tuesday. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the kingdom’s vast hydrocarbon wealth, would build on its financial stability.
Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets………………………………………..Full Article: Source

Restructuring Libya’s SWF

Posted on 06 June 2014 by VRS  |  Email |Print

The outlook for Libya is grim as it slides further into anarchy, but the African Development Bank believes that one promising area is the country’s formidable financial resources and a sovereign wealth fund that could be leveraged to help the economy.
In a recent report on Libya, the African Development Bank looked to “re-engage” with the country to seek a better understanding of economic and political developments amid political instability, threats to the survival and legitimacy of the state, and regional tensions over control of country’s rich natural resources………………………………………..Full Article: Source

President Park meets Singapore’s Temasek executives

Posted on 02 June 2014 by VRS  |  Email |Print

President Park Geun-hye met with executives from Temasek Holdings, Singapore’s sovereign wealth fund, and discussed expanding the fund’s investments in Korea and other matters of mutual interest. “I am glad that the Temasek Connection conference is being held in Korea this year, after it was postponed last year due to the deterioration of South Korea-North Korea relations,” said President Park.
“I hope the conference will be a good chance to understand Korean industries and culture, and to find new opportunities for investment in areas with high growth potential.”………………………………….Full Article: Source

Permanent Fund director finds way to get his employees a raise

Posted on 23 May 2014 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. has figured out a way to get raises for its staff that other state employees are aren’t getting, said Mike Burns, the state-owned corporation’s executive director.
The $51 billion Alaska Permanent Fund provides earnings with which to manage the fund, as well as annual dividends to most Alaskans, but its budget still needs legislative approval………………………………………Full Article: Source

Alaska Permanent Fund Calls for Less Aggressive Private Equity Pacing Plan

Posted on 21 May 2014 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. wants to cut its commitments to private equity in the fiscal year beginning July 1, dialing down the target amount slated for commitments to $800 million from the $1.23 billion a year earlier .
The $48.8 billion state fund’s views on private equity have tempered amid anxieties that a record amount of dry powder awaiting deployment will crowd out returns………………………………..Full Article: Source

CBN seeks compulsory contribution to SWF

Posted on 15 May 2014 by VRS  |  Email |Print

As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders.
The Acting Governor of the CBN, Dr. Sarah Alade made the submission the submission in Abuja when she appeared before the National Conference Committee on Economy, Trade and Investment. She said if “contributions into the Sovereign Wealth Fund is made mandatory, the economy would function at the optimal level.”……………………………………….Full Article: Source

Give up control in state banks: Nayak panel to govt

Posted on 14 May 2014 by VRS  |  Email |Print

A Reserve Bank of India (RBI)-appointed panel, headed by former Axis Bank chairman PJ Nayak, has recommended radical reforms for Indian banks. It suggested the government transfer all its stake and powers in public sector banks (PSBs) to a separate entity, to be known as bank investment company (BIC).
The committee proposed the BIC be constituted as a core investment company under RBI regulations and the character of its business “make it resemble a passive sovereign wealth fund for government banks”. “The principle of proportionate voting rights should constitute part of the regulatory bedrock that fosters good governance,” the report said, adding for distressed banks, private equity funds, including sovereign wealth funds, should be allowed to take a controlling stake of up to 40 per cent………………………………………..Full Article: Source

Norway SWF axes JP Morgan as global custodian

Posted on 08 May 2014 by VRS  |  Email |Print

Norges Bank Investment Management (NBIM) has hired Citi to provide global custody services for the $850 billion investment portfolio held by Norway’s Government Pension Fund Global (GPFG), replacing JP Morgan Chase, which had inherited the mandate from Chase Manhattan Bank when it bought JP Morgan in 2000.
NBIM said the decision was made following a “comprehensive tender process” carried out using a request for proposals (RFP). A spokesperson for NBIM said today it hoped JP Morgan would replace Citi as its ‘back-up’ solution for global custody………………………………………..Full Article: Source

Citigroup Wins Custody Contract From Biggest Sovereign Fund

Posted on 06 May 2014 by VRS  |  Email |Print

Citigroup Inc. won a contract to deliver custody and securities-lending services to Norway’s $866 billion sovereign wealth fund, the world’s biggest, displacing previous provider JPMorgan Chase & Co.
The mandate from the fund “is believed to be one of the largest of its kind in the industry,” Citi said in a statement. The third-largest bank in the U.S. and Norges Bank Investment Management, which manages Norway’s fund, didn’t provide a value or duration for the contract. Thomas Sevang, a spokesman for NBIM, said the deal was “long term,” declining to comment further………………………………………..Full Article: Source

France’s GDF Suez, Suez Environnement deny report of stake swap deal with Spain’s La Caixa

Posted on 05 May 2014 by VRS  |  Email |Print

French utility GDF Suez and Suez Environnement on Sunday denied a report that Spanish group La Caixa would take a stake in the environmental services firm, replacing lead shareholder GDF Suez.
Suez competitor Veolia has started talks with Norway’s sovereign wealth fund, which could double the fund’s three percent stake in the group and give it a seat on the board. It also said Saudi Arabia’s sovereign wealth fund was interested in taking a Veolia stake. Norway’s fund has a 2.98 percent stake in Veolia, making it the fifth-largest shareholder after the sovereign wealth fund of Qatar, which has 4.51 percent, Thomson Reuters data show………………………………………..Full Article: Source

Norway reduces Russian investments from oil fund

Posted on 02 May 2014 by VRS  |  Email |Print

Norway’s chief executive said the country has decreased investments in Russia from its oil fund worth $860 billion, citing tensions in Ukraine, Reuters reported. At the end of 2013, Russia held $3.67 billion in stocks and government bonds from Norway’s Government Pension Fund Global (GPFG), which is the biggest sovereign wealth fund in the world.
After the conflict in Ukraine, GPFG’s investments in Russia have been reduced slightly in the first quarter, according to Yngve Slyngstad, head of GPFG and CEO of Norges Bank Investment Management. “In most other situations where there is market stress, we try to be a countercyclical investor,” Slyngstad told Reuters. “Countercyclical does not really work well when the risk factors are of a geopolitical nature.”……………………………………….Full Article: Source

National Development Fund of Iran agrees on cooperation with Azerbaijan’s Oil Fund

Posted on 02 May 2014 by VRS  |  Email |Print

The delegation of National Development Fund (NDFI) of Iran headed by Mr. Seyed Ghasem Hosseini, the Alternate Chair and Member of Board of Executive Directors of NDFI is finishing his visit to Azerbaijan.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) informs that Mr. Hosseini held bilateral meetings with the SOFAZ management during the Baku visit on 28 April – 1 May………………………………………..Full Article: Source

1MDB says most of its funds invested overseas already back home

Posted on 30 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) says substantial portions of its overseas funds have gradually made their way back to Malaysia to be reinvested in energy projects and real estate, and meet financial obligations.
The funds had been earmarked for the development and acquisition of specific assets, 1MDB said yesterday in response to allegations it had been involved in questionable deals, and amid calls that it should bring home RM18.1 billion parked overseas, as claimed by certain news reports. The sovereign wealth fund said the monies invested abroad is an interim measure, such as the funds in Cayman Islands that is regulated by the Cayman Monetary Authority………………………………………..Full Article: Source

“Ghana’s natural resource funds well-governed” - RWI

Posted on 29 April 2014 by VRS  |  Email |Print

The Revenue Watch Institute, (RWI), a New York-based non-governmental organisation with an office in Accra, has stated that, the natural resource fund that the Ghanaian government uses to manage oil revenues is relatively well-governed. A research released by the Institute indicates that the Ghana Petroleum Funds met 13 out of 16 good governance fundamentals.
A Statement from the RWI signed by Lee Bailey, Director of Communications said researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance………………………………………..Full Article: Source

Kuwait MPs ask to quiz PM over mismanagement in SWF

Posted on 25 April 2014 by VRS  |  Email |Print

Three opposition MPs on Thursday sought to question Kuwait’s prime minister, accusing him of giving cash handouts to lawmakers and mismanagement in sovereign wealth fund investments. The request, filed by Riyadh Al Adasani, Abdul Karim Al Kundari and Hussain Al Mutairi, could lead to a no-confidence vote that may force Prime Minister Shaikh Jaber Mubarak Al Sabah’s dismissal.
The lawmakers said Kuwait’s sovereign wealth fund had posted losses in recent years in a number of major foreign investments, and despite that billions of dollars more were pumped into them………………………………………..Full Article: Source

The fascinating business empire behind Temasek Holdings

Posted on 23 April 2014 by VRS  |  Email |Print

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

Libyan wealth fund mulls hiring external managers

Posted on 22 April 2014 by VRS  |  Email |Print

Abdulmagid Breish, the chairman of Libya’s $66 billion sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. The Libyan Investment Authority (LIA), valued at about $66 billion by Deloitte, will split its assets into three distinct funds starting as soon as next year, Breish said in an interview in London on Thursday.
“The LIA is preparing itself to come back to the international fold,” he said. “We will use best-of-breed fund managers, advisers and consultants,” he said, without specifying which companies will be invited to bid for the work………………………………………..Full Article: Source

Norway to examine return on $850bln wealth fund before restructuring

Posted on 10 April 2014 by VRS  |  Email |Print

Norway will wait to see whether property investments by its $850bn (€616bn) sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity. “Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said. “We will come back to it – it’s not off the table.”
Prime Minister Erna Solberg’s Conservative-led government, in power since October, has backed away from pre-election talk of restructuring the fund and is now signaling any changes to the world’s largest sovereign investor are likely to be slow………………………………………..Full Article: Source

LIA presents its 2013 annual report to Audit Bureau

Posted on 09 April 2014 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), Libya’s sovereign wealth fund, presented its 2013 annual report to the Audit Bureau last week, the Audit Bureau reports.The presentation was attended by, amongst others, the Audit Bureau head Khalid Shakshak, GNC LIA Committee member Asia Megherbi, Central Bank of Libya Governor Sadik El-Kabir, LIA head Abdulmajid Briesh, as well as representatives of the NOC, the Libyan Foreign Bank and the Administrative Control Authority.
During the presentation, the head of the LIA Abdulmajid Briesh reviewed the activities of the LIA and its international and domestic investments as part of the LIA’s 2013 Annual Report. Briesh also made a presentation of how the LIA would be transformed into a global sovereign wealth fund that would support the future of Libya………………………………………..Full Article: Source

Angola’s sovereign wealth fund appoints audit board

Posted on 09 April 2014 by VRS  |  Email |Print

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), now has its first audit board that will guarantee the “highest level” of openness in its operations, it emerged on Tuesday.
This audit board was picked by the country’s finance ministry, with José Filomeno dos Santos, Chairman of the Board of Directors at FSDEA, describing the move as another critical milestone in the development of the country’s sovereign wealth fund………………………………………..Full Article: Source

1MDB yet to notify SSM of meeting date

Posted on 09 April 2014 by VRS  |  Email |Print

Companies Commission of Malaysia (SSM) is monitoring 1Malaysia Development Bhd (1MDB) which is yet to notify and update the former on the status of its AGM to table its overdue accounts, as at press time.
“We (SSM) are currently monitoring the situation,” it said. According to SSM, it has issued a notice to the sovereign wealth fund’s company secretary to notify and update it on the status of 1MDB’s AGM as well as on the tabling of its audited accounts for the financial year ended March 31, 2013………………………………………..Full Article: Source

Norway hands SWF ethical investment responsibilities to central bank

Posted on 09 April 2014 by VRS  |  Email |Print

The Norwegian finance ministry has adopted a report recommending changes to the way the country’s sovereign wealth fund – the Government Pension Fund Global (GPFG) – is run, including giving more power over its ethical investment policy to the fund managers at the Norwegian central bank.
Norges Bank Investment Management (NBIM), the arm of Norges Bank that runs the fund, will then be responsible for deciding which companies to exclude from its investments on ethical grounds. It will also be expected to report regularly on the scale of its investments in renewable energy and in emerging markets………………………………………..Full Article: Source

Dubai sovereign wealth fund takes effective control of Kerzner International Hotels

Posted on 07 April 2014 by VRS  |  Email |Print

The Investment Corp. of Dubai (ICD), which is the Sovereign Wealth Fund of the Emirate of Dubai, today announced it has taken over leadership and control of luxury hotel chain Kerzner International Holdings Limited (KIHL).
Founded by South African entrepreneur Sol Kerzner the hotel group built resorts in the Bahamas, and also the famed luxury Atlantis palm island resort in Dubai itself………………………………………..Full Article: Source

Dubai World hires Blackstone to look at debt options

Posted on 04 April 2014 by VRS  |  Email |Print

Conglomerate Dubai World has hired New York-based investment and advisory firm Blackstone Group LP to take a fresh look at its debt and how to make repayments to creditors, sources aware of the matter told Reuters.
“This is only for advisory purposes and to streamline the available options for the debt maturing in 2018,” a Dubai government source said, speaking on condition of anonymity under briefing rules………………………………….Full Article: Source

A check list for getting hired into a sovereign wealth fund

Posted on 04 April 2014 by VRS  |  Email |Print

Sovereign wealth funds are changing their recruitment strategies. Gone are the days of big recruitment sprees, with funds in the Middle East in particular blinded by brand names and experience in Western markets.
SWFs are still expanding, though. Norway’s Government Pension Fund Global is doubling the number of internal equities staff it has, while Singapore’s GIC and the Abu Dhabi Investment Authority (ADIA) are putting similar efforts into bolstering in-house expertise………………………………….Full Article: Source

Trinidad and Tobago appoints new sovereign wealth fund chairman

Posted on 28 March 2014 by VRS  |  Email |Print

Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment. Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago’s sovereign wealth fund), a release from the Ministry of Finance and the Economy said.
Henry “has served as a lecturer at the University of the West Indies and as a consultant to a number of regional and international organizations which include the Inter-American Development Bank, the Caribbean Development Bank, the World Bank and the CARICOM secretariat to name a few. Dr Henry was also appointed the first Chairman of the Telecommunications Authority of Trinidad & Tobago.”…………………………………..Full Article: Source

Saskatchewan Premier Brad Wall says there’s no decision on when to launch Futures Fund

Posted on 24 March 2014 by VRS  |  Email |Print

Premier Brad Wall says he hasn’t decided whether his administration will begin directing resources to a new sovereign wealth fund before the provincial government has paid off its sizable debt. “You’re going to see legislation from this government very soon to establish that futures fund,” Wall told reporters at the legislature on Thursday.
Despite not setting aside funds for the program in the 2014-15 provincial budget on Wednesday, Wall maintains that the creation of the proposed Saskatchewan Futures Fund remains a high priority for the government………………………………………..Full Article: Source

Broten, Wall battle over futures fund

Posted on 24 March 2014 by VRS  |  Email |Print

Opposition Leader Cam Broten says he wanted to see a stronger commitment to a sovereign-wealth fund in the provincial budget. “Right now, the premier’s sort of trying to have it both ways,” Broten told reporters in Regina after the issue was raised in question period Wednesday. “It’s a rather ambiguous position.”
The budget says the government accepts recommendations made by former University of Saskatchewan president Peter MacKinnon last year that if resource revenues exceed more than 26 per cent of government revenues, the excess should go to paying off debt or to a Saskatchewan Futures Fund………………………………………..Full Article: Source

July 2014
M T W T F S S
« Jun    
 123456
78910111213
14151617181920
21222324252627
28293031