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Taking charge in time of lower returns

Posted on 29 November 2016 by VRS  |  Email |Print

That the announcement of various changes to the leadership team at GIC - including the elevation of Mr Lim Chow Kiat to chief executive - caused barely a stir speaks of the confidence the general public has in the sovereign wealth fund’s ability to continue managing Singapore’s foreign reserves ably.
Yet the leadership changes come at a critical juncture. The global investment climate is challenging as economic growth languishes, something that GIC acknowledged in its recent results. Its key benchmark - the 20-year annualised real rate of return - has fallen to 4 per cent from the 4.9 per cent reported the previous year………………………………………..Full Article: Source

Saudi fund hires HSBC for potential purchase of ACWA Power stake

Posted on 25 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said.
Riyadh-based ACWA Power has chosen JP Morgan to advise it on the process, the sources, who spoke on condition of anonymity as the information is not public, said. Saudia Arabia aims to expand the PIF into the world’s largest sovereign wealth fund as part of economic reforms prompted by lower oil prices. As a result, it has been linked with or completed a number of domestic and overseas asset purchases in the past few months………………………………….Full Article: Source

New CEO for Singapore’s GIC

Posted on 24 November 2016 by VRS  |  Email |Print

Lim Chow Kiat has been appointed as the new chief executive officer (CEO) of Singaporean sovereign wealth fund (SWF) GIC Private Ltd (GIC), effective from January 1, 2017. Lim is currently the deputy group president and group chief investment officer (CIO) at the SWF. “As I take on this bigger role, I will continue to be guided by the values of our pioneers, particularly that of long-termism,” the new CEO told Singapore’s Business Times.
Lim joined GIC in 1993 as a portfolio manager upon graduation at Singapore’s Nanyang Technological University. He was then promoted to head of fixed income, currency and commodities, before becoming deputy president of GIC Asset Management in 2008…………………………………Full Article: Source

Management Moves at Singapore Wealth Fund

Posted on 23 November 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has appointed a new Chief Executive Officer and calibrated its management structure both in Singapore and overseas. With effect from 1 January 2017, Lim Chow Kiat will take on the role of Chief Executive Officer (CEO). He is currently the Deputy Group President and the Group Chief Investment Officer.
Current Group President Lim Siong Guan will retire, and be appointed Advisor to the GIC Group Executive Committee on 1 January 2017………………………………………Full Article: Source

Singapore’s wealth fund chooses new boss to navigate weaker growth

Posted on 22 November 2016 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds has chosen a new chief executive as it braces for a decade of lower earnings. GIC, the sovereign wealth fund of Singapore, has hired Lim Chow Kiat to be its new boss, overseeing $100bn in assets spanning 40 countries.
Lim is an old hand at the organisation, joining after he graduated from university in 1993 and most recently serving as deputy president and chief investment officer…………………………………….Full Article: Source

Tough challenges ahead for incoming GIC chief

Posted on 22 November 2016 by VRS  |  Email |Print

The appointment of seasoned investor Lim Chow Kiat as the chief executive officer of GIC comes as the Singapore sovereign wealth fund is facing a slower rate of returns. And a range of challenges lies ahead for Mr Lim, given the increasing volatility across the world.
“We still don’t really know what the fallout from Brexit is going to be like, and we are still speculating about the impact of a Trump presidency on global markets, including Singapore,” said CIMB Private Bank economist Song Seng Wun…………………………………..Full Article: Source

Kingdom’s Sovereign Fund Fills Key Positions as It Prepares for Vision 2030

Posted on 21 November 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, announced on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income.
Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 billion to about $2 trillion and increase investments abroad. The PIF did not name the people it had appointed, but LinkedIn profiles showed at least five financial professionals had begun working at the Fund in the last several weeks……………………………………Full Article: Source

Saudi sovereign fund fills key positions as it bulks up for reform drive

Posted on 18 November 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, said on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income.
Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 billion to about $2 trillion and increase investments abroad. The PIF did not name the people it had appointed, but LinkedIn profiles showed at least five financial professionals had begun working at the Fund in the last several weeks……………………………………..Full Article: Source

Kinstellar advises Singapore sovereign wealth fund on €2.4bn acquisition

Posted on 17 November 2016 by VRS  |  Email |Print

Kinstellar teams in Bulgaria, the Czech Republic, Romania, Serbia and Slovakia have successfully advised GIC, Singapore’s sovereign wealth fund, on its €2.4bn acquisition of the European logistics property company P3 Logistic Parks, which is described as the largest European real estate deal this year.
The transaction, which involves a portfolio of over 163 sites primarily in eastern and southern Europe totalling 3.3 million sq m of warehouse space and additional land, is subject to regulatory approvals and is expected to close by the end of 2016…………………………………….Full Article: Source

Freshies, Kirkland star in GIC’s $2.7 bln real estate deal

Posted on 11 November 2016 by VRS  |  Email |Print

Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer.
The acquisition, expected to complete by the end of 2016, is said to be the largest European real estate transaction this year. The Kirkland team was led by London corporate partners Matthew Elliott and Celyn Evans, debt finance partner Michael Steele, competition partner Paula Riedel and tax partners Jonathan Kandel and Frixos Hatjantonas………………………………………Full Article: Source

Credit Suisse hired to sell RBS’s Saudi Hollandi Bank stake

Posted on 09 November 2016 by VRS  |  Email |Print

Credit Suisse has been appointed to sell Royal Bank of Scotland’s 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion.
Several sources said Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), was considered a likely buyer of the stake. The fund has been buying up assets at home and abroad following plans to turn it into the world’s largest sovereign wealth fund with $2 trillion of assets…………………………………….Full Article: Source

HKMA supports AIIB’s use of Hong Kong as financing centre

Posted on 09 November 2016 by VRS  |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The President of the Asian Infrastructure Investment Bank (AIIB), Mr Jin Liqun, spoke at a high-level business seminar in Hong Kong today (November 8). The seminar, organised by the Infrastructure Financing Facilitation Office (IFFO) of the Hong Kong Monetary Authority (HKMA) and entitled “President Jin Liqun on AIIB’s Operations and Projects”, attracted close to 300 industry leaders from various sectors including finance, architecture, building and construction engineering, project management and consulting, project development and operation, as well as professional services.
Jin said at the seminar that Hong Kong’s application to become a member of AIIB is progressing well. He said, “We welcome Hong Kong’s application for AIIB membership. Hong Kong, among other applicants, is expected to become a member of AIIB in the coming months…………………………………….Full Article: Source

Pak Lah backs Najib to fix 1MDB

Posted on 04 November 2016 by VRS  |  Email |Print

Former Prime Minister Tun Abdullah Ahmad Badawi believes Datuk Seri Najib Razak should get the chance to resolve the 1Malaysia Development Berhad (1MDB) controversy and restore stability in the country. In Abdullah’s authorised biography Being Abdullah Ahmad Badawi, author Datuk Wong Sulong said that Abdullah had publicly endorsed Najib by agreeing to launch a book commemorating the latter’s 40 years in politics in February this year.
“Against this swirling and dramatic political conundrum, Abdullah feels that Najib should be given an opportunity to clear up the 1MDB mess and to restore political and economic stability to the country,” Wong wrote………………………………………Full Article: Source

PNG Government to announce SWF board in 2017

Posted on 03 November 2016 by VRS  |  Email |Print

The Government will announce the establishment of the Sovereign Wealth Fund board to manage the Fund in early 2017. Treasurer Patrick Pruaitch, when delivering his 2017 Budget speech in Parliament yesterday, said an independent firm has been engaged to carry out a comprehensive executive search in the domestic and international labour market. This is to identify and recommend suitable candidates for appointment as chairman and members of the PNGSWF board.
He said the SWF board’s primary focus in the short term will be to develop a framework and arrangements for Fund Investment. It will also include the establishment of the administrative secretariat to support its operational and administrative functions…………………………………….Full Article: Source

1MDB yet to find new auditor

Posted on 28 October 2016 by VRS  |  Email |Print

This means 1MDB is unable to submit its financial statement despite being given two six-month extensions by the Companies Commission of Malaysia, says report. 1MDB has yet to appoint a new auditor to take over from Deloitte Malaysia, which resigned in July, Second Finance Minister Johari Abdul Ghani said.
The state investment arm’s failure to find a new auditor also means that it is unable to submit its financial statement ending March 31, 2015 despite being given two six-month extensions by the Companies Commission of Malaysia (CCM), Malaysiakini reported……………………………………Full Article: Source

HKMA says cybersecurity is not a barrier to digitalization

Posted on 27 October 2016 by VRS  |  Email |Print

With the launch of Hong Kong’s Cybersecurity Fortification Initiative (CFI), financial services insiders believe cybersecurity should no longer be viewed as a barrier that must be hurdled along the road to digitalization.
Raymond Tsui, risk manager, Sia Partners“I think Fintech and cybersecurity are not necessarily on opposite sides, because with the growing awareness, cyber protection is part of fulfilling customer needs,” said Raymond Tsui (photo right), risk manager at global management consulting firm Sia Partners…………………………………..Full Article: Source

The Norwegian Wealth Fund’s Political Unity is Cracking

Posted on 24 October 2016 by VRS  |  Email |Print

The five million people of Norway are currently sitting on a great pile of cash thanks to their sovereign wealth fund, in charge of investing abroad the income generated by the country’s oil and gas sales. Although “publicly-owned,” the fund is an institutional financial investor driven both by a long-term perspective and ethical concerns. Yet, current circumstances are breaking the existing political consensus about the fund.
In 2016, the Norwegian government breached for the first time the budgetary rule which states that the government can’t withdraw more than 4% of the fund’s value to its budget………………………………………Full Article: Source

China Sovereign Wealth Fund Brings in More New Blood

Posted on 24 October 2016 by VRS  |  Email |Print

China’s sovereign wealth fund has appointed a former China Everbright Group veteran as its vice president, Caixin has learned. Liu Jun, former deputy general manager of China Everbright Group, joined China Investment Corp. (CIC) on Friday, according to people with knowledge of the matter.
Liu, 44, first joined China Everbright Bank, which is controlled by China Everbright Group, in the 1990s as a currency trader and rose through the ranks over two decades. He was appointed as executive vice president of the bank in 2010, the youngest vice president in the bank’s history. In 2014, he was promoted to deputy general manager of the group………………………………………Full Article: Source

Norway’s oil wealth swamps innovation

Posted on 20 October 2016 by VRS  |  Email |Print

The turnstiles are left open on Oslo’s impeccable network of subways and trams. Perhaps it is because Norwegians can be trusted to pay the high fares, or perhaps because the city is rich enough anyway.
The oil fund is exemplary in many ways: by taking the wealth largely out of the hands of the government and directing it into overseas investment, Norway has avoided the worst of Dutch disease. But it adds to the sense of the country having a cushion against change: the fund’s very existence extends its deadline to reshape the economy……………………………………Full Article: Source

What price Goldman’s reputation?

Posted on 17 October 2016 by VRS  |  Email |Print

It is easy to look at the financial world today and see nothing but a spiral of disorder, dysfunction and decline perpetuated by bankers who preside and profit over controversy after controversy. Goldman Sachs won a $1 billion lawsuit brought against it by the Libyan Investment Authority (LIA). It is a sovereign wealth fund set up by former dictator Muammer Gaddafi with $65 billion of assets under management.
The case was based on LIA’s claims that Goldman took advantage of its lack of investment knowledge and experience and pushed it into risky derivative trades in 2007 and 2008. The US bank allegedly made $200 million in profits while the LIA lost its entire $1.2 billion investment……………………………………..Full Article: Source

Norway’s wealth fund says sterling flash crash reflects economic prospects

Posted on 13 October 2016 by VRS  |  Email |Print

The Norwegian wealth fund owns shares in most top British companies and holds $11 billion in UK government bonds. It co-owns Regent Street, one of London’s premier shopping areas. Britain is its second-largest investment location after the United States, accounting for 10.2 percent of the fund’s value at end-2015.
Before and after the vote to leave the European Union, the fund said it would remain a long-term investor in Britain despite “question marks” as to what Brexit would look like, once it has been negotiated………………………………….Full Article: Source

Oil Fund of Azerbaijan refuses to participate in privatization of Bank VTB

Posted on 13 October 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has declined to participate in the privatization of Russia’s Bank VTB, in which it has an equity stake. SOFAZ executive director Shahmar Movsumov says that privatization of Bank VTB is scheduled for 2017.
“SOFAZ does not plan to take part in the privatization,” Movsumov added. He points out that the Supervisory Council of Bank VTB is planning to hold its meeting in Baku again. “The meeting is scheduled for 2 November,” Movsumov emphasized………………………………….Full Article: Source

Saudi Wealth Fund to Cut Back on Lending in Transformation Plan

Posted on 12 October 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund is set to cut back on lending to domestic projects, which has increased by more than 80 percent over the past five years, as part of plans to transform the institution into the world’s largest sovereign wealth fund.
Loans by the PIF, as the fund is known, rose to 104 billion riyals ($27.5 billion) at the end of 2015, from 57 billion riyals at the end of 2011, according to information in Saudi Arabia’s sovereign bond prospectus. In the future, the PIF “will not act as a source of lending to the same extent that it has historically,” according to the document………………………………………Full Article: Source

Ex-BSI Bankers Charged in Singapore Linked to Partying Financier

Posted on 11 October 2016 by VRS  |  Email |Print

Singapore authorities charged two ex-BSI SA bank employees in a case linked to an embattled Malaysian investment fund at the center of international probes, accusing them of failing to disclose suspicious transactions involving a high-living financier.
Yak Yew Chee, a former private banker for 1Malaysia Development Bhd. and financier Low Taek Jho, faces seven charges including for forgery, according to court papers filed on Monday. Yak’s former subordinate Yvonne Seah Yew Foong was also charged in the same Singapore state court. The two, who didn’t enter any pleas, were allowed bail of S$35,000 ($25,500) each………………………………….Full Article: Source

Singapore’s Temasek names new North America head

Posted on 11 October 2016 by VRS  |  Email |Print

Temasek International (TI), a wholly-owned international affiliate of Singaporean sovereign wealth fund Temasek Holdings (Temasek), has appointed former Goldman Sachs’ investment banking division global mergers and acquisitions (M&A) co-chairman John Vaske as joint head, North America.
In a statement, Temasek announced that the appointment would become effective as of January 16, 2017. In his new position, Mr. Vaske will oversee TI’s portfolio and investments in North America. Temasek is raising its investment exposure to the North American market………………………………….Full Article: Source

Norway’s wealth fund says closely monitoring Deutsche Bank

Posted on 10 October 2016 by VRS  |  Email |Print

Norway’s $882-billion sovereign wealth fund, the world’s biggest, is closely monitoring developments at Deutsche Bank, the fund’s deputy chief executive said on Friday. “We don’t want to comment on the possibility of raising capital,” Trond Grande told Reuters on the sidelines of the fund’s third-quarter earnings presentation.
The Norwegian fund held a 2.47-percent stake in Deutsche at the end of 2015 and also holds bonds. Deutsche has been engulfed in crisis since news emerged last month of a U.S. demand for a $14 billion settlement over the sale of toxic mortgage bonds. The bank is fighting the fine but could have to turn to investors for more money if it is imposed in full…………………………………….Full Article: Source

Temasek names Goldman Sachs vet as North America joint head

Posted on 07 October 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings (Pte) Ltd hired veteran Goldman Sachs dealmaker John Vaske as joint head, North America, effective Jan. 16.
Vaske has worked with Goldman Sachs for 28 years and is currently co-chairman of global mergers and acquisitions……………………………………Full Article: Source

Government to enact the Sovereign Wealth Fund Secretariat

Posted on 06 October 2016 by VRS  |  Email |Print

The National Government is expected to formalise the establishment of the Administrative Secretariat of the Sovereign Wealth Fund (SWF) of Papua New Guinea at the Central Bank. “The Bank has sought external technical assistance to establish the Administrative Secretariat of the SWF.”
The proposed Sovereign Wealth Fund of PNG will be a PNG Government owned investment fund or entity. The SWF will ensure revenue from non-renewable resources are well managed, equitably distributed and used sustainably to improve socio-economic indicators of PNG………………………………….Full Article: Source

Chairman and CEO of Libyan Investment Authority: I Demand Continuity of Libyan Funds’ Immobilization

Posted on 06 October 2016 by VRS  |  Email |Print

Cairo- AbdulMagid AbdulSalam Breish, Chairman and CEO of the Libyan Investment Authority in Tripoli, revealed to Asharq al-Awsat that several meetings were held with Tobruk LIA Chairman Fawzi Omran Farkash in the past few weeks.
According to Breish, these discussions represent an integral part of the efforts exerted to resolve the conflict between the administrations in Tripoli and Torbuk. Breish said: “Major outcomes of these discussions were: cooperation to reassure continuity of international immobilization, maintaining majority of LIA assets (around USD67 billion) until it’s time to stop immobilization.”…………………………………Full Article: Source

Papua New Guinea: Work on establishing SWF progressing: Secretary

Posted on 05 October 2016 by VRS  |  Email |Print

Treasury Secretary Dairi Vele says work on the establishment of a sovereign wealth fund for Papua New Guinea is progressing well. “There are no impediments on the operationalisation of the sovereign wealth fund (SWF),” Vele sad. “The work is progressing very well.”
He said the enabling law, known as the Organic Law on Sovereign Wealth Fund, was approved by Parliament in July last year. He said only certain parts of the law were in operation………………………………………Full Article: Source

Libyan wealth fund hampered by power struggles, sanctions

Posted on 04 October 2016 by VRS  |  Email |Print

A protracted power struggle over Libya’s $67 billion sovereign wealth fund risks becoming even more complicated as rival claimants for its chairmanship challenge a bid for control by a U.N.-backed government in Tripoli.
The Libyan Investment Authority (LIA) has been under U.N. sanctions since the toppling of veteran ruler Muammar Gaddafi in 2011. The Security Council has extended the sanctions until July 2017, with diplomats saying they want to see a stable government in Libya before relaxing them…………………………………….Full Article: Source

SOFAZ to reduce transfers to state budget in 2017

Posted on 30 September 2016 by VRS  |  Email |Print

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.
According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016. Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016………………………………………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

UK sovereign fund appoints two on ARM Cement board

Posted on 23 September 2016 by VRS  |  Email |Print

UK’s sovereign wealth fund CDC Group has appointed two directors to the board of cement manufacturer ARM in which it recently acquired a 40.6 per cent stake for Sh14.1 billion. The fund appointed Pepe Meijer and Ketso Gordhan to the board of the Nairobi Securities Exchange-listed company.
Investment banker John Ngumi was also simultaneously appointed as an independent director of the firm. The three new appointments coincided with the exit of three board members —finance director Atul Mathur and non-executive directors Daniel Ndonye and Michael Turner. Mr Mathur’s replacement is expected to be picked in the coming days…………………………………Full Article: Source

Alaska Permanent Fund board rejects idea of investing in oil-tax credits

Posted on 23 September 2016 by VRS  |  Email |Print

The corporation that manages the $54 billion Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state. The corporation does not view the idea as “an attractive investment opportunity,” said Paulyn Swanson, communications manager for the Alaska Permanent Fund Corp., in an email on Tuesday.
Swanson said the “proposed structure and related returns do not justify taking on the associated risks.” Craig Richards, Walker’s former attorney general and under contract to the governor as a private attorney, pitched the idea to the corporation’s board of trustees at its Sept. 2 work session………………………………………Full Article: Source

Papua New Guinea: Manage SWF well, economist says

Posted on 22 September 2016 by VRS  |  Email |Print

Economist Paul Barker says a Sovereign Wealth Fund (SWF) is only valuable if and when it operates to the highest standard of performance and accountability to the people. Barker, the executive director of the Institute of National Affairs, said this was to avoid poor management and governance as had been the case of major State associated funds.
He gave as examples the Mineral Resources Stabilisation Fund in the 1990s, the Superannuation Funds and Investment Corporation, plus various trust and resource funds over the years. “The SWF needs to be managed to the highest level of transparency and sound performance, in terms of returns and risk management, notably at the higher end of the scale for the so-called Santiago Principles.”……………………………………Full Article: Source

A mountain of cash: How Norway spends its $882 billion global fund

Posted on 22 September 2016 by VRS  |  Email |Print

It’s tough for a small democracy to run the world’s biggest sovereign-wealth fund. Two decades after Norway’s government paid a first deposit into its sovereign-wealth fund, the country is learning how to manage a behemoth.
The vehicle, which is used to invest abroad the proceeds of Norway’s oil and gas sales, has amassed a bigger fortune than anyone expected, thanks to previous, bumper oil prices. As the direct benefits of oil decline—around 46% of Norway’s expected total haul of oil and gas is gone—the relative importance of the fund will grow. Annual revenues from it now regularly exceed income from oil sales…………………………………….Full Article: Source

HKMA to add cyber security, anti-money laundering knowledge to bankers’ certification

Posted on 21 September 2016 by VRS  |  Email |Print

Starting in December, new programmes will be added to the HKMA’s Enhanced Competency Framework (ECF) for local bankers. The Hong Kong Monetary Authority said it will require bankers operating in the city to be trained and certified to deal with cyber security and money laundering, beefing up its regulations to prepare for competition with Singapore to be the Asian hub for financial technology.
Beginning in December, the regulator’s Enhanced Competency Framework (ECF) for local bankers will carry a certification programme on cyber security, and anti-money laundering measures, said the Hong Kong Monetary Authority’s chief executive Norman Chan Tak-lam………………………………………Full Article: Source

Tripoli and Malta LIA handover to PC/GNA Interim Steering Committee

Posted on 12 September 2016 by VRS  |  Email |Print

The management of the Libya Investment Authority (LIA) in both Malta and Tripoli handed over the administration of the sovereign wealth investment body yesterday to the Interim Steering Committee appointed by the Faiez Serraj Presidency Council/Government of National Accord (PC/GNA).
The LIA, Libya’s main sovereign wealth fund investment authority has assets valued at US$ 67 bn. The LIA’s Media Office forwarded to Libya Herald copies of the handover documents for both Tripoli and Malta handovers as evidence – and to counter claims by LIA contended chairman Abdulmajid Breish that no handover had taken place………………………………………..Full Article: Source

Presidential Council Appoints Steering Committee to manage LIA

Posted on 09 September 2016 by VRS  |  Email |Print

The Presidential Council recently issued an order to establish a temporary Steering Committee to manage the Libyan Investment Authority (LIA). The motive behind the decision seems sincere – to unite the leadership of our nation’s sovereign wealth fund. However on closer inspection, the decision is bad for the LIA, and bad for Libya.
Firstly, there are serious questions about the legality of the move. The decision may very well not comply with Libyan law, with the LIA’s governing documents or with Law 13 which governs the LIA. The only body entitled to appoint directors and executive managers of the LIA is the LIA’s Board of Trustees………………………………………..Full Article: Source

LIA in Tripoli dismisses claims of handover to steering committee as “simply untrue”

Posted on 09 September 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) in Tripoli has dismissed reports today of a handover of power to an interim steering committee, confirming that AbdulMagid Breish remains Chairman of the sovereign wealth fund.
Libya Al Eqtisadiya and Libya Channel reported today that a steering committee had taken over the responsibility for managing the LIA following a handover process. The steering committee was purportedly appointed by the Presidency Council through Resolution 115 on 15 August 2016. However the LIA has argued that this purported appointment was invalid as it violated Libyan law………………………………………..Full Article: Source

Mubadala chief signals more oil deals as Ipic merger advances

Posted on 08 September 2016 by VRS  |  Email |Print

Mubadala Development Company, the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co (Ipic), said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” the Mubadala chief executive Khaldoon Mubarak said. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”……………………………………….Full Article: Source

Norway’s central bank to publish minutes of board meetings

Posted on 07 September 2016 by VRS  |  Email |Print

Norway’s central bank will start publishing the minutes of its board meetings and aims to become more transparent even though discussions on monetary policy will remain exempt, the bank said on Tuesday.
“The publication of the minutes of the meetings of the Executive Board will enhance transparency about the management of the central bank, and the management of the Government Pension Fund Global,” it said in a statement, referring to the formal name of the country’s sovereign wealth fund. The fund is the world’s largest sovereign wealth fund with assets of $895 billion, and is managed by a unit of the central bank that invests all the cash in foreign stocks, bonds and real estate………………………………………..Full Article: Source

SMRT shareholders to vote on Temasek offer on Sept 29

Posted on 06 September 2016 by VRS  |  Email |Print

The move to take listed SMRT private will face a public test at the end of the month, when minority shareholders vote on whether to approve the acquisition by Temasek Holdings, the Republic’s investment firm.
In a notice posted on SGX’s website, the transport operator said the vote would be held on Sept 29, following an extraordinary general meeting on the proposed sale of its operating assets to the Land Transport Authority (LTA) as part of the transition to a new rail financing framework………………………………………..Full Article: Source

Company to manage Sovereign Wealth Fund established

Posted on 29 August 2016 by VRS  |  Email |Print

A mnagement company for the Sovereign Wealth Fund (SWF), which will be in charge of founding and managing the SWF and its relevant subsidiary funds, has been established. The legislation to establish the SWF Management Inc., as well as amendments to various laws, has taken effect after being published in the official gazette.
The management company is in charge of contributing to instrumental diversity and depth in capital markets, the main activity areas of which are to found and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. The sphere of activity of the SWF management company is to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

Libyan Investment Authority issue statement regarding the Interim Steering Committee

Posted on 24 August 2016 by VRS  |  Email |Print

Abdulmagid Breish, Chairman and Chief Executive Officer of the Libyan Investment Authority (LIA), takes note of the purported appointment by the Tobruk-based Board of Trustees of Mr Ali Shamekh as chief executive officer of the Tobruk parallel operation. Mr Breish also takes note of the presentation by Mr Hassan Bouhadi of his resignation as purported chairman of the Tobruk parallel operation.
Mr Breish has consistently regretted the establishment of the parallel operation and continues to do so. He has nevertheless made many attempts to find pragmatic solutions in the best interests of the LIA and Libya………………………………………..Full Article: Source

Turkey: Sovereign Wealth Fund to be fully transparent

Posted on 23 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget.
Pointing out that the most important issues related to the SWF are the establishment, operations and audit, Ağbal said the SWF will be fully transparent and subject to all the institutional management regulations under the Capital Market Law as well as all the rules related to the independent audit put forward by the Capital Markets Board (SPK), along with the regulations governing the Public Disclosure Platform (KAK)………………………………………..Full Article: Source

New Zealand SWF awards factor investing mandates to Northern Trust

Posted on 23 August 2016 by VRS  |  Email |Print

The New Zealand Superannuation (NZ Super) fund has appointed Northern Trust Asset Management to manage two new factor investing mandates, extending a relationship first established in 2007, the sovereign wealth fund (SWF) announced.
The two new mandates, which are low volatility strategy and value investing strategy mandate, will invest the money Northern Trust has already been investing on behalf of NZ Super in other passive global equities strategies………………………………………..Full Article: Source

Multiple reshuffles stir up Libyan sovereign wealth fund

Posted on 22 August 2016 by VRS  |  Email |Print

The Libyan Investment Authority is undergoing drastic changes, as key members resigned last week followed by Libya’s unity government appointing a new management team for the country’s main sovereign wealth fund Monday. The Presidency Council of the Tripoli-based Government of National Accord on Monday appointed a steering committee to temporarily assume the leadership of the LIA, Libya’s largest state fund worth approximately $67 billion.
The 5-member team will thus supersede two rival LIA chairmen, who have been vying for control of the LIA over the past two years. Hassan Bouhadi – the claimant supported by Libya’s Parliament and Interim Government in the east – resigned last Thursday, three days before the GNA order, arguing that he was unable to fulfil his mission given the current circumstances in the country………………………………………..Full Article: Source

Oslo ruffles feathers as it taps Norway’s oil fund

Posted on 18 August 2016 by VRS  |  Email |Print

First withdrawal in decades stirs debate over fund’s future and how much level of risk it should take on. This year will prove to be a watershed for the world’s largest sovereign wealth fund as, for the first time in two decades, Norway’s $890bn oil fund will have money taken out by the government in Oslo.
The withdrawals so far have been small compared with the size of the fund, which has grown rapidly to become one of the largest investors in the world on the back of surpluses made by Norway’s petroleum industry………………………………………..Full Article: Source

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