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Will Goodman bear the cost of China’s $2.45bn Investa swoop?

Posted on 29 July 2015 by VRS  |  Email |Print

China Investment Corporation’s $2.45 billion outlay on Investa’s portfolio of Australian skyscrapers has revived expectations the ­sovereign wealth fund will shed its $1bn-plus exposure to listed warehouser Goodman Group. While the Chinese heavyweight is not short on capital — its total assets under management climbed by $US93bn ($127bn) to $US750bn last year — the fund dislikes stakes in publicly owned property managers.
In 2012, CIC offloaded a 6.9 per cent slice in Sydney-based Goodman Group, crystallising a profit on its initial and much larger investment, which was made in the midst of the global financial crisis. The sovereign wealth fund, which proved a white knight for Goodman Group, also helped prop up Morgan Stanley when the developed world’s financial system threatened to collapse………………………………………..Full Article: Source

ADIA names head of Japan for the fund’s internal equities department

Posted on 29 July 2015 by VRS  |  Email |Print

Hisashi Kuroda joined the Abu Dhabi Investment Authority’s internal equities department as head of Japan, ADIA announced in a news release Tuesday. Kuroda replaces David Greenhalgh, who left in mid-2014 after more than a decade with ADIA to become chief investment officer of London-based New Chapel Asset Management.
Kuroda comes to ADIA from Meiji Yasuda Asset Management, where he served as general manager of the company’s Japanese equity team. A Meiji Yasuda spokeswoman said Hironobu Kanegae, senior portfolio manager on the firm’s domestic equities team, was promoted to the general manager role………………………………………..Full Article: Source

Nigeria: Obi - Only the President Approves ECA Disbursement

Posted on 29 July 2015 by VRS  |  Email |Print

A former Governor of Anambra State, Mr. Peter Obi, has condemned recent allegations that a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, supervised the alleged embezzlement of some funds from the Excess Crude Account (ECA).
According to Obi, the release of funds from the ECA cannot be done without the approval by the president. This he said was the trend not just under former President Goodluck Jonathan, but also during the tenure of former presidents Olusegun Obasanjo and the late Umaru Musa Yar’Adua………………………………………..Full Article: Source

Korea SWF announces its external managers of the year for 2014

Posted on 28 July 2015 by VRS  |  Email |Print

The $86 billion Korea Investment Corp. bestowed its “manager of the year” honor on AQR Capital Management for 2014, the second year in a row the sovereign wealth recognized the firm. But for the first time since the program’s 2010 launch, Seoul-based KIC honored managers in five separate categories instead of choosing a single manager.
For 2014, KIC selected AQR as manager of the year for equities; Western Asset Management Co. as outstanding fixed-income manager; J.P. Morgan Asset Management (JPM), global tactical asset allocation; Partners Group, private equity; and Two Sigma Investments for hedge funds………………………………………..Full Article: Source

Leaked cables on the failed leadership transition of Temasek Holdings

Posted on 24 July 2015 by VRS  |  Email |Print

6 years ago, the intended leadership transition of the Temasek’s Chief Executive Officer between former BHP Billiton chief Charles ‘Chip’ Goodyear and Mdm Ho Ching came to an abrupt stop when the private investment company announced the departure of Goodyear due to differences between him and the board of directors regarding certain strategic issues that could not be resolved.
“Four months into the leadership transition, the Temasek Board and Mr Goodyear have concluded and accepted that there are differences regarding certain strategic issues that could not be resolved.”……………………………………….Full Article: Source

PM Najib feels the heat as 1MDB melts down

Posted on 23 July 2015 by VRS  |  Email |Print

In the spring of 2013, Song Dal Sun, head of securities investment at Seoul-based Hanwha Life Insurance, sat down to a presentation by a Goldman Sachs banker. The young Goldman salesman, who had flown in from Hong Kong, made a pitch for bonds to be issued by 1MDB, a state-owned company closely tied to Malaysian Prime Minister Najib Abdul Razak.
It was enticing. The 10-year, dollar-denominated bonds offered an interest rate of 4.4 percent, about 100 basis points higher than other A-minus-rated bonds were yielding at the time, he recalls. But Song, a veteran of 25 years in finance, sensed something was amiss………………………………………..Full Article: Source

Rival Chairmen Hit Deadlock Over Libya’s $67bn Wealth Fund

Posted on 22 July 2015 by VRS  |  Email |Print

In a country riven by civil war and rival governments, the Libyan Investment Authority (LIA) is itself torn by competing factions. Mr Breish has an office in Tripoli where he says he is chairman of LIA, while another man, Hassan Bouhadi, runs another LIA head office from Malta, also claiming to be chairman.
That Maltese office was set up when Mr Bouhadi fled violence in the capital - something Mr Breish denies is a problem any more. It is a bitter personal dispute in the midst of a far, far wider conflict across the country. But the stakes are high, as LIA has assets totalling an estimated $67bn, funds which come from Libya’s oil wealth and are intended to be invested to aid the future prosperity of a deeply distressed nation……………………………………….Full Article: Source

The leadership battle at the top of Libya’s sovereign wealth fund

Posted on 20 July 2015 by VRS  |  Email |Print

The fund is supposed to manage the nation’s oil wealth for the good of its war-torn people, but is itself driven by leadership rivalries. “Do you see any bruises on my face? I just came from Tripoli yesterday. There is no violence in Tripoli.” It is a bracing start to an interview about the usually reserved world of sovereign wealth funds. But AbdulMagid Breish is no ordinary fund manager, and his situation is unusually complicated.
In a country riven by civil war and rival governments, the Libyan Investment Authority is itself torn by competing factions. Mr Breish has an office in Tripoli where he says he is chairman of LIA, while another man, Hassan Bouhadi, runs another LIA head office from Malta, also claiming to be chairman………………………………………..Full Article: Source

Libya’s $67 billion frozen funds must remain on ice says would-be investment chief

Posted on 20 July 2015 by VRS  |  Email |Print

A would-be leader of Libya’s $67 billion sovereign wealth fund warned on Friday that conditions were not right to start unfreezing and managing the funds assets, speaking out against a rival’s plan. The fund has yet to be fully untangled after the ouster of Muammar Gaddafi four years ago. It is at the centre of a bitter power struggle even as its staff are trying to trace those responsible for billions of dollars of missing money.
AbdulMagid Breish, once the undisputed leader of the Libyan Investment Authority (LIA) - which has had four chairmen claiming the top job over two years - is meeting with lawyers, journalists and bankers in London with one clear message: do not let anyone tinker with the frozen accounts. “Not until we have total stability,” Breish said in an interview with Reuters………………………………………..Full Article: Source

Libya: Freeze Libyan sovereign fund till unification, Breish

Posted on 20 July 2015 by VRS  |  Email |Print

Abdul Magid Breish, once the undisputed leader of the Libyan Investment Authority (LIA), has warned that the country’s $67 billion sovereign wealth fund should continue to be frozen “until we have total stability.”
Four chairmen are claiming to be representing LIA for the past two years but Breish stressed that the two rival governments and armed factions in Libya are in need of money and handing over money to them will be “too dangerous.” Both the Tobruk and Tripoli governments appointed different heads of various institutions, including the state oil company amid intensified hostilities………………………………………..Full Article: Source

After decades of prudence, Singapore is well prepared for most eventualities

Posted on 17 July 2015 by VRS  |  Email |Print

The full extent of the country’s reserves is a closely guarded secret. They are managed by the Monetary Authority of Singapore (MAS, the central bank) and two sovereign-wealth funds, the Government of Singapore Investment Corporation (GIC) and Temasek Holdings.
The government defends the opaque structure as a necessity: should the Singapore dollar ever come under attack, it can keep the assailants guessing. Nevertheless, the secrecy gives rise to occasional rumours that the reserves are smaller—or more probably bigger—than most suspect………………………………………..Full Article: Source

Qatar fund’s ex-head sticks with EU assets

Posted on 16 July 2015 by VRS  |  Email |Print

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the Qatar Investment Authority (QIA).
The former Qatari prime minister is taking a 10 per cent stake in Spain’s El Corte Ingles, western Europe’s largest department store owner, adding to an agreement last year to inject €1.75 billion (S$2.6 billion) into Deutsche Bank. He has also taken over energy company Heritage Oil as he builds his portfolio as an individual investor………………………………………..Full Article: Source

Adia accelerates in-sourcing push

Posted on 15 July 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority’s move to bring more of its asset management in-house is gathering pace. Adia is estimated to have assets under management of between $600 billion and $800 billion and, up until three years ago, external managers ran 80% of that. Its 2014 report, released in June, shows that figure has fallen to 65%, from 75% the year before.
If the $800 billion figure is correct, then that’s $120 billion of money that has been taken from external fund managers and moved in-house over the last three years. This should not be a surprise. In April, Euromoney’s feature on emerging-market real estate gained access to Adia’s in-house real estate and infrastructure team, revealing a level of great sophistication in the fund’s internal capabilities………………………………………..Full Article: Source

Malaysian Financier Tied to Inquiry Into 1MDB

Posted on 10 July 2015 by VRS  |  Email |Print

Malaysian authorities have received information about the accounts of a young Malaysian financier as part of a probe into allegations of misallocation of money from a controversial state investment fund overseen by Prime Minister Najib Razak, according to documents related to the probe.
More than $500 million in accounts belonging to Jho Low, a Malaysian financier in his early 30s who helped set up 1Malaysia Development Bhd., or 1MDB, were the subject of correspondence in March between Singapore’s police and Malaysia’s central bank, which had asked Singapore for help investigating the fund………………………………………..Full Article: Source

Investigators raid Malaysia fund after misappropriation claims

Posted on 09 July 2015 by VRS  |  Email |Print

Malaysian investigators have raided the offices of the state investment fund at the heart of an alleged misappropriation scandal that has left the prime minister battling to stay in power. Police vehicles swooped on 1 Malaysia Development Berhad’s offices in Kuala Lumpur on Wednesday, five days after claims surfaced that almost $700m linked to the fund was paid to a bank account in the name of Najib Razak, the country’s premier.
Najib has denied taking money for personal gain in a case that has fed political turmoil in Southeast Asia’s third-largest economy and threatened the ruling United Malays National Organisation’s near six-decade grip on power………………………………………..Full Article: Source

Libya investment fund seeks management right amid freeze

Posted on 09 July 2015 by VRS  |  Email |Print

The head of the Libyan Investment Authority (LIA) has launched a campaign to try to convince the world - and Libyans - that it should be allowed to actively manage the portfolio’s roughly $67 billion in assets. Hassan Bouhadi, the chairman of the LIA appointed by the internationally recognised government now based in eastern Libya, said he would appeal to the United Nations, the European Union and the United States for exemptions to sanctions that have frozen the group’s investments since 2011.
“Though the freeze did help us to protect the assets of Libyan people, we’re not managing these investments … we have cash sitting there,” Bouhadi said in an interview with Reuters. “The onus is on us really to manage it effectively.”……………………………………….Full Article: Source

We want partnerships with global financial institutions: Hassan Bouhadi LIA chairman

Posted on 08 July 2015 by VRS  |  Email |Print

‘‘Our aim at the LIA is to stay above the political fray. Appointing a Receiver is the right and responsible thing to do’’, explained Hassan Bouhadi, the chairman of the Libya Investment Authority (LIA) in London speaking exclusively to Libya Herald. Bouhadi was in the LIA’s London office overseeing the High Court case last Thursday.
The High Court had made an order appointing a Receiver to protect and pursue the interests of the LIA in its ongoing litigations against Goldman Sachs and Société Générale in the Chancery Division and the Commercial Court, London. The LIA is Libya’s main Sovereign Wealth Fund institution with diverse worldwide investments estimated at $67 billion in 2013 by auditors………………………………………..Full Article: Source

Sharing ECA dangerous - FRC

Posted on 08 July 2015 by VRS  |  Email |Print

Acting chairman of the Fiscal Responsibility Commission (FRC) Raymond Omachi has warned that sharing the outstanding balance in the Excess Crude Account (ECA) is dangerous for the country. He disclosed this during an interactive session with journalists in Abuja at the weekend.
“No country or governments can survive without savings because it would put them in a more difficult position if they do not allow for legitimate savings that they can fall back on in the times of dare need. “We think the ECA should be a collecting account for savings from where we can now pay into the sovereign wealth fund,” he said………………………………………..Full Article: Source

Former CB governor Moyana to chair Sovereign Wealth Fund board

Posted on 07 July 2015 by VRS  |  Email |Print

Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund. President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure INVESTMENTS for future generations and support economic growth.
A sovereign wealth fund is a state-managed pool of money drawn from the country’s reserves, set aside for INVESTMENT in strategic areas that benefit the economy and its citizens. Funding for sovereign wealth funds is typically accumulated from revenues generated from the export of a country’s natural resources, such as minerals………………………………………..Full Article: Source

China’s sovereign wealth fund boosts exposure to equities

Posted on 06 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund, China Investment Corp, has shifted its exposure “moderately” from sovereign bonds to equities and is pursuing infrastructure investments in developed countries, according to its chairman. CIC released its 2014 annual report on Friday, revealing a 5.47 per cent return on its investments last year, down from 9.33 per cent in 2013. The fund was established in September 2007 and has some $740bn under management.
CIC’s net income rose 2.5 per cent to $89.1bn. Its largest portfolios are the controlling stakes it holds on behalf of the government in the country’s five largest banks. “In 2014 we moderately increased our exposure to equities and reduced it to sovereign bonds,” Ding Xuedong said in the report, adding that CIC saw “abundant opportunities for investment in the upgrading, rebuilding and privatising of infrastructure in developed countries”……………………………………….Full Article: Source

Zimbabwe: exRBZ Govenor Kombo Moyana Appointed Sovereign Wealth Fund Boss

Posted on 06 July 2015 by VRS  |  Email |Print

Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund. President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure investments for future generations and support economic growth.
The other board members are banker, Nicholas Vingirayi; Zimtrade chief executive, Sithembile Pilime and former deputy governor of the central bank, Nicholas Ncube. Zimbabwe plans to fund its SWF by allocating a quarter of royalties and special dividends earned on minerals such as diamonds, gold and platinum. Analysts have however warned that a great deal of transparency is required if the country is to benefit from the fund………………………………………..Full Article: Source

Call for Norway’s oil fund to pull its weight

Posted on 06 July 2015 by VRS  |  Email |Print

Norway’s oil fund came under attack from several of Sweden’s largest investors over concerns that the world’s biggest sovereign wealth fund is not applying rigorous oversight to the companies it invests in.
The criticism levelled at Norges Bank Investment Management (NBIM), which manages the oil fund’s $912 billion (Dh3.34 trillion) of assets, comes in response to its perceived indifference to one of the biggest financial scandals in Sweden in recent history. The scandal, which has tarnished Sweden’s image as a haven for ethical business practices, revealed corruption around expense claims and the misuse of corporate jets at SCA, the paper company………………………………………..Full Article: Source

Russian Minister Calls for Wealth-Fund Boost to Stem Ruble Gains

Posted on 03 July 2015 by VRS  |  Email |Print

Russia should start replenishing its Reserve Fund with proceeds from higher oil prices to stem the ruble’s appreciation, according to Finance Minister Anton Siluanov. The Finance Ministry proposes buying foreign currency for one of its two sovereign wealth funds if oil prices rise higher than $70 per barrel, Siluanov told reporters Thursday.
President Vladimir Putin has backed a weak-ruble policy as a lifeline to Russian producers struggling with a contracting economic amid U.S. and European Union sanctions over Ukraine. A rally in the ruble, the world’s best performer this year after losing almost half of its value in 2014, slowed after the Bank of Russia resumed foreign-currency purchases for its international reserves in mid-May………………………………………..Full Article: Source

Mint Asset Management to manage active NZ equities for NZ Super Fund

Posted on 03 July 2015 by VRS  |  Email |Print

Mint Asset Management has been appointed to a $150m active New Zealand equities mandate for the New Zealand Superannuation Fund. The appointment was effective July 1st and transition of the mandate to Mint is now complete. Matt Whineray, NZ Super Fund chief investment officer, says the Fund was committed to using a combination of external managers alongside its internal team to manage its $1-billion plus portfolio of New Zealand equities.
The NZ Super Fund also has an active New Zealand equity mandate with Devon Asset Management. A further mandate with Milford Asset Management remains suspended and is being managed by the Guardians until further notice………………………………………..Full Article: Source

Head of State Oil Fund of Azerbaijan remains in Supervisory Board of VTB Bank

Posted on 02 July 2015 by VRS  |  Email |Print

The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013.
The message of the bank said that the decision was taken on June 26 at the meeting of shareholders of VTB. During the voting, Movsumov gained 13.3 trillion votes for the inclusion of his candidacy to the new Supervisory Board of the Russian bank………………………………………..Full Article: Source

Permanent Fund names ‘temporary’ director, boosts her salary

Posted on 02 July 2015 by VRS  |  Email |Print

Valerie Mertz, chief financial officer of the Alaska Permanent Fund Corp., has been named the temporary executive director following the resignation of long-time executive director Mike Burns. Mertz had been filling in for Burns on an interim basis since June 1, but that interim appointment had been scheduled to expire Tuesday.
The formal appointment means a big pay boost for Mertz, who will receive an annual salary of $275,000 while serving in the temporary appointment, up from her previous salary of $157,000. The salary increase is retroactive to when Mertz began filling in for Burns………………………………………..Full Article: Source

China to let NSSF manage $322 billion in local pension funds

Posted on 29 June 2015 by VRS  |  Email |Print

China’s cabinet has approved plans for the manager of the country’s biggest pension fund to manage pension funds worth about 2 trillion yuan ($322 billion) for local authorities, two industry sources with direct knowledge of the matter said. China is trying to strengthen its pension system to meet the huge demographic challenge of an already-shrinking working-age population as it looks to turn the economy into one driven by consumption and services rather than investment and exports.
The move for the National Social Security Fund (NSSF) to manage and invest more pension funds on behalf of provincial authorities could benefit the stock market, which has fallen 20 percent over the last two weeks………………………………………..Full Article: Source

Zimbabwe: Huge Task Ahead for SWF Board

Posted on 26 June 2015 by VRS  |  Email |Print

Finance Minister Patrick Chinamasa last week announced the appointment of a board for the Sovereign Wealth Fund (SWF), managed by the National Indigenisation and Economic Empowerment Board (NIEEB) which is currently subject of a Parliamentary enquiry on how it handled several indigenisation deals.
NIEEB, established through the Indigenisation and Economic Empowerment Act enacted in April 2008, is a statutory body that should be funded through fiscal support. Besides the SWF, NIEEB also manages the National Indigenisation and Economic Empowerment Fund (NIEEF), which was reported to be bankrupt about three years ago despite having “a wide array of shares”………………………………………..Full Article: Source

President Aliyev approves SOFAZ budget

Posted on 26 June 2015 by VRS  |  Email |Print

President Ilham Aliyev has signed a decree on the budget of Azerbaijan’s state oil fund SOFAZ for 2014. According to the document signed on June 24, the president approved the implementation of the SOFAZ budget with its revenues at over 12.731 billion manats and expenditures at over 10.117 billion manats.
The revenues of the budget were fulfilled at 109.5 percent wile the expenditures at 95.5 percent. SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, was established in 1999 with assets worth $271 million………………………………………..Full Article: Source

Renzi plans shake-up at Italy’s EUR400bn sovereign wealth fund

Posted on 25 June 2015 by VRS  |  Email |Print

Matteo Renzi, Italy’s prime minister, is planning to extend his reformist agenda into Italian business and finance as he seeks a more aggressive mandate for the country’s €400bn sovereign wealth fund in an effort to spur growth and create jobs.
The move by Mr Renzi comes as Italy’s economy showed signs of growth in the first quarter after a three-year recession, buoyed by lower oil prices, a weaker euro and an European Central Bank €60bn-a-month quantitative easing programme. There are also signs structural reform and an increase in foreign investment are starting to have an impact………………………………………..Full Article: Source

African central bank governors to discuss sovereign wealth funds

Posted on 25 June 2015 by VRS  |  Email |Print

Central bank governors drawn mainly from eastern and southern Africa will meet for a workshop to discuss the leveraging of sovereign wealth funds to establish economic stabilization on the continent. Reserve Bank of Zimbabwe John Mangudya will officially open the forum held in Switzerland on June 27, according to the forum’s organizer, the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), which operates in 14 African countries.
“We are delighted to be hosting our member countries as well as some visiting countries’ central bank governors to discuss this most important issue which will help to establish long-term prosperity on our continent,” Caleb Fundanga, executive director of the MEFMI, told Xinhua Wednesday………………………………………..Full Article: Source

Nigerian Governors : Our problem with ECA, SWF

Posted on 25 June 2015 by VRS  |  Email |Print

State governors yesterday said they were opposed to the continued existence of the Excess Crude Account and the Sovereign Wealth Fund (SWF) because both had been abused by the federal government. The chairman of the Nigeria Governors’ Forum and Zamfara State Governor Abdulazeez Yari, stated this while speaking with reporters after the governors met President Muhammadu Buhari.
Yari said the sum of $10.3 billion was in the Excess Crude Account governors in 2013 when the governor forum became factionalised and sharing of money stopped. However, he said, the governors discovered that the fund, which is being operated by the federal government, declined inexplicably to $2.6 billion last year………………………………………..Full Article: Source

CFAs thrive in Abu Dhabi as sovereign wealth funds trump Wall Street banks

Posted on 23 June 2015 by VRS  |  Email |Print

Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirates’ wealth is managed.
The Abu Dhabi Investment Authority employs about 130 CFAs, a person with knowledge of the matter said, asking not to be identified as the information is private. Abu Dhabi Investment Company has at least 51. That makes them the two largest employers of CFAs in the region, according to rankings provided by the Charlottesville, Virginia-based CFA Institute………………………………………..Full Article: Source

CFAs Dominant in Abu Dhabi as Wealth Funds Trump Banks

Posted on 19 June 2015 by VRS  |  Email |Print

Abu Dhabi wealth funds are recruiting and creating more holders of the Chartered Financial Analyst designation than any other employer in the Middle East as they seek greater control over how the emirate’s wealth is managed.
The Abu Dhabi Investment Authority employs about 130 CFAs, a person with knowledge of the matter said, asking not to be identified as the information is private. Abu Dhabi Investment Company has at least 51. That makes them the two largest employers of CFAs in the region, according to rankings provided by the Charlottesville, Virginia-based CFA Institute………………………………………..Full Article: Source

Qatar SWF Said to Plan Overhaul of $304B Portfolio

Posted on 19 June 2015 by VRS  |  Email |Print

The opaque sovereign wealth fund is reportedly seeking to introduce asset allocation targets for the first time. The Qatar Investment Authority (QIA) is said to be planning a wide-ranging overhaul of its estimated $304 billion portfolio, according to a report. The QIA will set out target asset allocation levels for the first time and restructure its decision-making processes, Reuters reported, citing several anonymous sources.
An update to the sovereign wealth fund’s website introduced a link labelled “QIA Review—Coming Soon”, but no more information has been made available. The fund is already reviewing some of its mining assets, Reuters’ sources said. One banker working with the QIA said “it makes much more sense to take a more institutionalized approach” as the fund grows in size………………………………………..Full Article: Source

Qatar’s sovereign wealth fund to restructure, say sources

Posted on 17 June 2015 by VRS  |  Email |Print

Qatar Investment Authority, one of the world’s most aggressive sovereign wealth funds, will set asset allocation targets for the first time and restructure internal decision-making, sources say, in response to a drop in oil prices that has crimped available funds as competition for assets grows.
In a cryptic reference on QIA’s website, a tab saying ‘QIA Review - Coming Soon’ leads to a page which does not yet exist. The sources, who all either work in Qatar or for foreign institutions which work with the QIA, said the review process was currently ongoing………………………………………..Full Article: Source

Zim needs effective fiscal policy for SWF

Posted on 16 June 2015 by VRS  |  Email |Print

Government needs to formulate sound fiscal policy and ensure effective public finance management when investing proceeds from finite natural resources to achieve sustainable economic, a paper from a local research unit noted. The paper details part of initial efforts to interrogate what the Government needs to do when setting up a Sovereign Wealth Fund (SWF) to manage inflows from the country’s natural resources to support future economic growth.
The Government designated mining as the anchor for short to medium-term economic growth, at the same time it needs to create reserves from its exhaustible natural resources income for smooth consumption pattern over time………………………………………..Full Article: Source

PM will solve 1MDB woes by year-end

Posted on 15 June 2015 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak promises Umno divisions today that he will resolved 1MDB’s problems before the year ends. This promise was made to about 1,500 Umno division information chiefs and NGO representatives, during a closed-door briefing at PWTC this afternoon.
Former Bagan Datoh Umno division vice-chief Hasan Hamzah told reporters that the matter was thoroughly discussed during the meeting. He said the explanation given by the premier was radically different from allegations made in the social media and the opposition………………………………………..Full Article: Source

Alaska Permanent Fund can fill the budget gap if only we’d recognize it’s time

Posted on 15 June 2015 by VRS  |  Email |Print

On the heels of Gov. Bill Walker’s three-day “Building a Sustainable Future” shindig in Fairbanks to hash out details of Alaska’s fiscal problems and possible solutions, many of us are wondering when Alaskans will get around to connecting the dots.
As some attendees pointed out, most of those at the gathering were older, politically involved Alaskans or members of Walker’s transition team or kibitzers representing government or education interests. They spent, if the press got it right, much time on taxes — the left calls them “revenue options” — to close Alaska’s budget gap………………………………………..Full Article: Source

Singapore’s GIC Investment Firm Moves to 280 Park Avenue

Posted on 12 June 2015 by VRS  |  Email |Print

A Singapore-owned investment firm has inked a deal for 49,724 square feet at 280 Park Avenue, The New York Post reported. GIC, the financial firm owned by the Singapore government, will go on the ninth floor of the 28-story building between East 39th and East 40th Streets at the start of next year, according to the Post. The lease is for 15 years. The firm is leaving 335 Madison Avenue between East 43 and East 44th Streets (where its current lease ran through 2022), which is currently slated to be torn down and a new tower put in its place.
Asking rent was $100 per square foot, the Post reported. Frank Doyle, Clark Finney and Barbara Winter of JLL represented the tenant in the deal. Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler of CBRE represented the landlord, a partnership between SL Green Realty and Vornado Realty Trust………………………………………..Full Article: Source

Egypt sovereign investment fund plan approved

Posted on 12 June 2015 by VRS  |  Email |Print

The Egyptian government said it had approved a proposal to set up a sovereign investment fund to support economic development through returns on the state’s assets and resources. The fund, called Amlak, will be state-owned through the National Investment Bank.
It will act as the state’s investment arm and aim to encourage diversification and support sustainable economic and social development, the cabinet said in a statement. The state “would not manage these investments directly,” according to the statement, citing the planning minister………………………………………..Full Article: Source

NBIM Makes the Case Against Bundled Board Votes

Posted on 05 June 2015 by VRS  |  Email |Print

Norges Bank Investment Management (NBIM), manager of Norway’s massive sovereign wealth fund, publicly issued a position paper titled “Individual Vote Count in Board Elections”. The paper thoughtfully presents a case, arguing in favor that corporate board directors “should be elected with an individual vote count at the shareholder meeting, and the vote tally published.”
Globally, the majority of listed company board elections go uncontested, becoming more of a recognized approval process………………………………………..Full Article: Source

It’s all for one, not one for all, at Norway’s sovereign fund

Posted on 04 June 2015 by VRS  |  Email |Print

Norway’s sovereign fund, one of the world’s biggest investors, is sick of companies putting all their directors up for a single take-it-or-leave-it approval vote. It wants to be able to pick off any bad apples individually.
While individual director elections are usual practice in markets such as the UK, companies in places like Brazil, Chile, Indonesia and Turkey “routinely” put their entire boards up for shareholder approval in a single vote, according to the Norwegian fund. It is even the norm in developed markets such as Sweden and Finland – and is also common in countries like Greece, Italy, Mexico and South Korea………………………………………..Full Article: Source

Achievements of the sovereign wealth fund of Senegal (Video)

Posted on 04 June 2015 by VRS  |  Email |Print

Regional growth is projected to remain stable above in 2015, buoyed by rising investment flows. Joining CNBC Africa, on the side lines of WEF Africa, to give some perspective on the Sovereign Wealth Fund of Senegal and what has been achieved in the last two years is Amadou Hott, CEO of Sovereign Wealth Fund of Senegal for Strategic Investments.……………………………………….Full Article: Source

Abu Dhabi Wealth Fund Leans Less on Outside Fund Managers

Posted on 03 June 2015 by VRS  |  Email |Print

The chance for fund managers to help Abu Dhabi invest its oil fortune is getting slimmer by the year. Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said about 65 percent of its assets were managed by external fund managers last year, compared with 75 percent in 2013, according to its annual report. In 2011, outside investors managed about 80 percent of the fund’s assets.
Abu Dhabi, capital of the United Arab Emirates and home to about 6 percent of the world’s proven oil reserves, is seeking to diversify from crude exports with investments abroad. The sovereign wealth fund has posted gains of 7.4 percent annually over the past 20 years and is boosting in-house teams in areas such as real estate and private equity to increase returns………………………………………..Full Article: Source

Abu Dhabi fund ADIA manages more of its billions in-house

Posted on 03 June 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, managed more of its money in-house last year as it strengthened its capabilities and added staff in some areas, ADIA said on Tuesday. The proportion of its assets managed by external fund managers fell to 65 percent last year from 75 percent in 2013, the authority said in its annual review.
It said this was due to “our efforts over recent years to strengthen the organisation’s in-house investment and analytical expertise”. ADIA has 1,650 employees from 60 nationalities, the review said. ADIA did not disclose its total assets under management but the U.S.-based Sovereign Wealth Fund Institute, which tracks the industry, estimates them at $773 billion………………………………………..Full Article: Source

Abu Dhabi Investment Authority bolsters internally managed capabilities in 2014

Posted on 03 June 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority cut the percentage of assets managed by external money managers to 65% from 75% a year earlier, said its 2014 annual report. The move to reduce externally managed assets by the sovereign wealth fund reflected its “efforts over recent years to strengthen the organization’s in-house investment and analytical expertise,” said Hamed bin Zayed Al Nahyan, managing director, in the review. Further details weren’t available.
ADIA does not disclose its assets, but it is estimated by the Sovereign Wealth Fund Institute to have $773 billion. The sovereign wealth fund said about 55% of its assets are invested in index-replicating strategies, steady from 2013………………………………………..Full Article: Source

Norway’s oil fund criticises bundled board member voting

Posted on 03 June 2015 by VRS  |  Email |Print

Norway’s NOK6.9trn (€812bn) sovereign wealth fund has spoken out against shareholder voting practices that stop asset owners from being able to single out individual company directors when they are unhappy with them.
In a paper on the issue, Norges Bank Investment Management (NBIM), which manages the Government Pension Fund Global (GPFG), warned it may vote against whole boards if the system means it cannot express dissatisfaction with an individual member of that board………………………………………..Full Article: Source

Prime Minister Rasizade reelected chairman of SOFAZ Supervisory Board

Posted on 03 June 2015 by VRS  |  Email |Print

Prime Minister Artur Rasizade has been reelected as the chairman of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) at its meeting in Baku. The Supervisory Board discussed the Fund’s annual report and audited financial statements for the year of 2014 and a report on execution of the 2014 budget.
It also approved the SOFAZ’s 2014 annual report and Auditor’s (PricewaterhouseCoopers) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund’s 2014 budget execution project the Supervisory Board recommended this document for the approval by the President of the Republic of Azerbaijan………………………………………..Full Article: Source

China wealth-fund executive’s departure said to be unconnected with stock plunge

Posted on 02 June 2015 by VRS  |  Email |Print

Sovereign-wealth fund China Investment Corp. (CIC) said Friday it had accepted the resignation of its deputy general manager, Xie Zhichun. The announcement said Xie also left his position as president and executive director of Central Huijin Investment Ltd., CIC’s wholly owned subsidiary, which primarily invests in financial institutions.
Xie will teach at a university and help launch an equity-investment fund linked to the central government’s Silk Road initiatives, which refer to the New Silk Road Economic Belt and the 21st Century Maritime Silk Road, a CIC employee said. He did not elaborate………………………………Full Article: Source

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