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Norway’s sovereign fund to focus on high executive pay

Posted on 02 May 2016 by VRS  |  Email |Print

Norway’s $870-billion sovereign wealth fund is focusing on executive pay, targeting high salaries at companies around the world as it seeks to exert more influence on this issue, the FT.com reported on Sunday.
The world’s largest wealth fund is looking for a first company to target, with its focus on pay in the coming months. “We have so far looked at this in a way that has focussed on pay structures rather than pay levels,” Yngve Slyngstad, Chief Executive of the fund, told the Financial Times………………………………………..Full Article: Source

Qatar fund uses more external managers, cuts focus on Europe

Posted on 02 May 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is reducing its focus on investments in Europe and placing more of its money with external managers following an internal review, sources familiar with the matter told Reuters.
Qatar Investment Authority, estimated by industry tracker Sovereign Wealth Fund Institute to hold $256 billion of assets, is known as an aggressive investor in high-profile European assets such as the Shard skyscraper and Harrods department store in London, as well as Credit Suisse and Volkswagen………………………………………..Full Article: Source

Who will prevail in standoff between IPIC and 1MDB?

Posted on 29 April 2016 by VRS  |  Email |Print

1MDB was directed in writing by Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) then managing director and Aabar Investment PJS chairperson - Khadem al Qubaisi and Mohamed Al Husseiny respectively - to transfer the money into Aabar Investment Ltd BVI.
The two men had the power to legally bind Aabar Investment PJS and the parent company, IPIC, to the transaction. 1MDB can claim to have made the payment in good faith based on the written instructions from the two most senior officers………………………………………..Full Article: Source

State funds Temasek, GIC revamping leadership to navigate volatile markets

Posted on 28 April 2016 by VRS  |  Email |Print

Singapore’s top state investment firms are shuffling senior management to help navigate choppy global markets. Investment firm Temasek Holdings Pte said on Tuesday that its Americas President Boon Sim is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”
GIC said last week it gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles……………………………………….Full Article: Source

Temasek Holdings reorganises to prioritise investment team

Posted on 28 April 2016 by VRS  |  Email |Print

Temasek Holdings has reorganised its senior management to refocus its investment team to cope with volatile markets. The reorganisation which sees the promotion of six investment professionals is a move by Temasek International (TI) chief executive Lee Theng Kiat to refine roles and set priorities.
Lee was promoted to his current post last September. Temasek on Tuesday said its organisation structure change is aimed at aligning the firm with its core priorities in these challenging global times………………………………………..Full Article: Source

Temasek names 2 new presidents in management reshuffle

Posted on 27 April 2016 by VRS  |  Email |Print

State investment firm Temasek Holdings has appointed two new presidents in a management reshuffle to help it navigate “challenging times”. Mr Chia Song Hwee and Mr Dilhan Pillay have been promoted to presidents, joining president Gregory Curl, the firm said in a statement on its website on Tuesday (Apr 26).
Dr Fidah Alsagoff, Mr Michael Buchanan, Ms Png Chin Yee and Ms Juliet Teo have been appointed as senior managing directors. The appointments take effect on May 1. Temasek said it will also reallocate some functions across groups, such as bringing together its sector and market investment teams under a single investment group, creating a new portfolio strategy and risk group as well as a sustainability and stewardship group………………………………………..Full Article: Source

Temasek revamps leadership ranks amid volatile markets

Posted on 27 April 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth funds are shuffling senior management to help navigate choppy global markets. Temasek Holdings said Tuesday that Boon Sim, its Americas president, is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.”
GIC said last week it gave Lim Chow Kiat, group chief investment officer, the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles………………………………………..Full Article: Source

Temasek Restructures, Loses Americas Chief

Posted on 27 April 2016 by VRS  |  Email |Print

Singapore sovereign fund Temasek International is reorganizing its management structure to prepare for “challenging global times,” the fund announced Tuesday. The S$266 billion (US$197 billion) fund said it has appointed Chia Song Hwee and Dilhan Pillay—current joint heads of investments—as presidents.
Dilhan will also take over as head of Americas from Boon Sim, who will be leaving May 1 after four years, Temasek confirmed. Boon—who previously led Credit Suisse’s global mergers and acquisition team—will continue as an advisor, mainly helping to build the fund’s US presence………………………………………..Full Article: Source

GIC Reshuffles Leadership, Adds New CIOs

Posted on 25 April 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC has announced a management reshuffle involving the appointment of five new CIOs to oversee each of its main asset classes. Group CIO Lim Chow Kiat has been named deputy group president in addition to retaining his current position. President of Public Markets Jeffrey Jaensubhakij becomes deputy group CIO.
“The new senior appointments enhance the development of a strong leadership bench for GIC, allowing us to build new investment capabilities and extend our investment and operating platforms,” said Lim Siong Guan, GIC’s group president………………………………………..Full Article: Source

GIC Names Lim Chow Kiat Deputy President as It Adds New Leaders

Posted on 22 April 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Pte gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles.
Lim, 45, will assume his new position as of June 1 while retaining his current role, GIC said in an e-mailed statement on Thursday. Jeffrey Jaensubhakij will become Lim’s deputy, while remaining president of public markets, according to the statement………………………………………..Full Article: Source

New senior leadership appointments, chief investment officers at GIC

Posted on 22 April 2016 by VRS  |  Email |Print

Sovereign wealth fund GIC has announced senior leadership appointments to strengthen its investment capacity, it said in a news release on Thursday (Apr 21).From Jun 1, Mr Lim Chow Kiat will have the additional appointment of Deputy Group President, while serving concurrently as Group Chief Investment Officer. Dr Jeffrey Jaensubhakij will be appointed Deputy Group Chief Investment Officer, and will also serve as President, Public Markets.
Mr Lim Kee Chong remains Deputy Group Chief Investment Officer and Director, Integrated Strategies Group. Mr Tay Lim Hock remains as President of Private Equity and Infrastructure, and Mr Goh Kok Huat as President of Real Estate and hief Operating Officer………………………………………..Full Article: Source

Graft Denials Come Under Strain in Malaysia Fund Scandal

Posted on 20 April 2016 by VRS  |  Email |Print

Malaysia’s prime minister and the company he founded, 1MDB, have weathered a year-long barrage of corruption allegations with nothing-to-see-here assurances, but a string of recent revelations is placing those denials under growing strain.
On Monday an Abu Dhabi sovereign-wealth fund which was helping 1MDB recover from massive debts abruptly withdrew its safety net, declaring the Malaysian state-owned company in default on a $1.1 billion loan. The move centres on suspicions that 1MDB — rather than repay the loan to the Abu Dhabi fund, International Petroleum Investment Co (IPIC) — instead diverted the money………………………………………..Full Article: Source

Saudi Arabia said to hire bankers for planned US$2t sovereign wealth fund

Posted on 20 April 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF) is seeking to recruit senior bankers to help the kingdom run what may become the world’s largest sovereign wealth fund, according to people with knowledge of the matter.
The fund, which holds about US$100 billion worth of stakes in local companies, is working with US-based executive search firm Korn Ferry International to hire for positions including the head of private equity, head of real estate, head of risk management and the head of markets, the people said, asking not to be identified because the matter is private. The fund is seeking the most experienced international candidates, they said………………………………………..Full Article: Source

NSIA to fund infrastructure with $250m additional capital

Posted on 20 April 2016 by VRS  |  Email |Print

Nigeria Sovereign Investment Authority, NSIA, managers of Nigeria sovereign wealth fund, has said that 40 per cent of the additional $250 million (an equivalent of N49.3 billion) allocated to it by the Federal Government February this year would be deployed to fund on-going infrastructure projects on behalf of the government.
The Authority said that another 40 per cent of the fund would be invested in alternative assets classes, an area it recorded remarkable success in 2015, while the remaining 20 per cent would be deployed to the Stabilisation Fund………………………………………..Full Article: Source

Angela Rodell Rebuilds Alaskan Sovereign Wealth Fund

Posted on 19 April 2016 by VRS  |  Email |Print

Despite its confidence-inspiring name, Alaska Permanent Fund Corp. is in flux. The state legislature is weighing plans to tap the $52.2 billion Alaska Permanent Fund to make up budget shortfalls while the corporation that manages it reels from the departures of three key executives over the past year.
Since Angela Rodell took over as Juneau-based APFC’s executive director in October, her top priority has been hiring. “It’s about creating an organization that’s prepared to deliver to the state what the state may ultimately be demanding of us,” Rodell, 48, tells………………………………………..Full Article: Source

Okonjo-Iweala: I said governors, NOT Jonathan, lacked the political will to save

Posted on 18 April 2016 by VRS  |  Email |Print

Ngozi Okonjo-Iweala, former minister of finance, says her statement blaming the lack of political will to save funds under the administration of former President Goodluck Jonathan has been taken out of context. The former minister had said “zero political will to save in the last administration” was responsible for some of the challenges facing the country.
But in a statement issued on Friday, Paul Nwabuikwu, media aide of the two-time minister, said Okonjo-Iweala was referring to the opposition of some governors to the efforts of the immediate past administration to save in the excess crude account (ECA) and in sovereign wealth fund (SWF)………………………………………..Full Article: Source

1MDB will leave behind lasting legacy: PM

Posted on 13 April 2016 by VRS  |  Email |Print

State investment firm 1Malaysia Development Bhd (1MDB) will leave behind a lasting “legacy” despite politically-motivated allegations levelled against it, said Prime Minister Datuk Seri Najib Razak.
Najib said this was because allegations perpetrated against a democratically elected government, had been proven false and that the projects under 1MDB such as Tun Razak Exchange (TRX) and Bandar Malaysia are well underway. “Certain people have placed their personal interests and agendas above the country’s interests, by making wild allegations against 1MDB,” Najib said………………………………………..Full Article: Source

Alaska’s ongoing internal push

Posted on 11 April 2016 by VRS  |  Email |Print

Angela Rodell, chief executive of the $52 billion Alaska Permanent Fund Corporation (APFC) says increasing in-house management capability will be a priority at the fund in the coming year. “External investment will remain important, but we have become much more strategic and thoughtful about our in-house direction,” she says, speaking from APFC’s Juneau headquarters.
APFC already manages around 22 per cent of its assets internally across real estate, fixed income and infrastructure. A next step in the internal push will be to create passive and quasi-passive public equity portfolios focused on smart beta strategies………………………………………..Full Article: Source

Korean public funds hesitant to outsource investing to SWF

Posted on 05 April 2016 by VRS  |  Email |Print

Korea Investment Corp. is looking to leverage its expertise as a sovereign wealth fund invested entirely offshore on behalf of other local pension and public funds in the country, but its target audience might not be ready to jump at the offer.
At his inaugural press conference on Feb. 18, Eun Sung-Soo, KIC’s newly installed CEO, said winning mandates from local pension and public funds is part of KIC’s long-term strategy to achieve economies of scale for all involved, noted a Seoul-based KIC spokeswoman………………………………………..Full Article: Source

NIIF CEO to be appointed soon

Posted on 05 April 2016 by VRS  |  Email |Print

Government today said it is in the process of appointing CEO for India’s first Rs 40,000-crore sovereign wealth fund NIIF, which will act as a nodal agency for development of infrastructure. The government in December last year had set up the National Investment and Infrastructure Fund (NIIF), which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects.
“We are in the process of appointing the CEO and also building up doing recruitment for…It will be a very lean organisation of recruiting people down the line,” Secretary in Department of Economic Affairs Shaktikanta Das said here. He said the process to appoint the CEO is on and “I think you will see somebody in place very quickly”………………………………………..Full Article: Source

Finance Ministry: 1MDB has no overdue debts

Posted on 05 April 2016 by VRS  |  Email |Print

1Malaysia Development Berhad (1MDB) does not have any overdue debts, says the Finance Ministry. “1MDB has never failed to settle its debts, including payment of loan interest,” the Ministry said in a written reply to Mohamed Hanipa Maidin (PAS-Sepang) who wanted to know 1MDB’s outstanding debts and lenders.
On the amount of 1MDB debt guaranteed by the Government, the ministry said it amounted to RM5.8bil. On March 25, 1MDB said its subsidiary Edra Energy (Langat) Sdn Bhd, had fully repaid a RM700mil syndicated term loan facility to a consortium of domestic banks………………………………………..Full Article: Source

Libyan unity government may get access to Sovereign Wealth Fund

Posted on 04 April 2016 by VRS  |  Email |Print

The Libyan Ambassador to the UN, Ibrahim Dabbashi, wants the UN to approve a sanctions exemption for the Libyan sovereign wealth fund (LIA). The LIA was controlled by the Gadaffi family.
Dabbashi complained about ineffective management of the frozen assets. The sanctions were imposed to stop Gaddafi from escaping with Libya’s wealth. Dabbashi said: “The LIA estimates that in 2014 alone, instead of increasing the value of its assets base, it had real losses of $721 million………………………………………..Full Article: Source

Kuwait says no prosecutions in sovereign fund probe

Posted on 31 March 2016 by VRS  |  Email |Print

Kuwait’s cabinet has rejected recommendations by members of parliament to prosecute officials of its sovereign wealth fund for allegedly violating regulations in managing the country’s oil wealth, Finance Minister Anas al-Saleh said on Wednesday.
“I assert my confidence in those in charge of the Kuwait Investment Authority (KIA) until proven otherwise,” Saleh told reporters after a closed meeting of parliament to discuss an investigation of the KIA’s London arm, the Kuwait Investment Office (KIO)………………………………………..Full Article: Source

Reports Future Fund viewed as ‘soft touch’ for Adani Funding

Posted on 30 March 2016 by VRS  |  Email |Print

Financial activist group Market Forces is calling on the Turnbull Government to clarify whether Australia’s sovereign wealth fund – the Future Fund – will be used to subsidise the controversial Adani mega-mine in the Galilee Basin. The call follows Indian media reports that Indian Finance Minister Arun Jaitley will ‘likely push for easy funding from the Australian Government and Future Fund Chair Peter Costello during his visit to Australia this week.
“Over a dozen banks worldwide have either backed away from the environmentally disastrous Carmichael mega coal mine, ruled out funding for it, or dismissed it as financially unviable”, said Market Forces Executive Director Julien Vincent………………………………………..Full Article: Source

Forty years on, Adia continues to evolve and grow

Posted on 22 March 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (Adia) said they made great strides in developing internal capabilities and increasing its internal flexibility to adapt to changing market conditions as the sovereign wealth fund celebrates its 40 years existence.
In an open letter on Monday, Managing Director of Adia, Shaikh Hamed Bin Zayed Al Nahyan said the institution has witnessed much in its history, from market booms to steep declines, and wide swings in commodity prices. “The responsibility we hold requires us to navigate with a steady hand through all conditions, never losing sight of the horizon. This ensures we are able to fulfil our obligations at all times, without compromising our long term investment goals or reputation in the market,” he said………………………………………..Full Article: Source

ADIA at 40: Sovereign wealth fund has really safeguarded the Emirate, says Eissa Al Suwaidi

Posted on 22 March 2016 by VRS  |  Email |Print

When the Abu Dhabi Government was looking for experienced leaders such as Eissa Al Suwaidi for its newest sovereign wealth fund in 2007, it looked no further than the Emirate’s biggest pool of financial talent: the Abu Dhabi Investment Authority (Adia).
Mr Al Suwaidi joined the Abu Dhabi Investment Council, Adia’s sister fund and main domestic peer, at its creation and became its managing director last year. Like many of the chiefs of Abu Dhabi and UAE institutions, including the Central Bank, the top echelons of the financial elite are graduates of Adia………………………………………..Full Article: Source

Azerbaijan’s president approves amendments to SOFAZ budget

Posted on 21 March 2016 by VRS  |  Email |Print

Azerbaijan’s President Ilham Aliyev has signed a decree on March 18 to make amendments to the 2016 budget of the State Oil Fund of Azerbaijan (SOFAZ). Under the amendments, SOFAZ revenues and expenditures for 2016 were set at 4,578,474,600 manats and 10,668,933,700 manats, respectively.
Revenues from the sale of Azerbaijan’s profit oil and gas are forecasted at 3,875,682,400 manats, and the revenues from oil and gas transit through Azerbaijan’s territory at 19.278 million manats. In addition, the SOFAZ revenues from placement and management of assets are envisaged at 679,950,200 manats, and the bonuses paid by investors within oil and gas agreements, or in connection with their implementation at 162,000 manats………………………………………..Full Article: Source

Sovereign wealth funds: Australia is not Alaska

Posted on 21 March 2016 by VRS  |  Email |Print

Last weekend Harold Mitchell explored the Future Fund’s investment performance. As Australia’s sovereign wealth fund, investing over $133 billion in five different public asset funds on behalf of future generations of Australians, we welcome interest in what we do.
Mitchell applauds the creation of the Future Fund in 2006 as a means of helping to offset the pressures of an ageing population and strengthening Australia’s long-term financial position. Given its long-term purpose, it is right for last week’s commentary to focus on the long-term performance of the portfolio………………………………………..Full Article: Source

Temasek Unit Fullerton Appoints Head of Multi-Asset Strategies

Posted on 18 March 2016 by VRS  |  Email |Print

Fullerton Fund Management Co., owned by Singapore’s Temasek Holdings Pte, has hired Pranay Gupta as head of multi-asset strategies, a new role that it has created as it seeks to offer more investment offerings combining different asset classes.
“As investors search for enhanced returns amid increasing volatility, multi-asset investing has become a specialized investment skill,” Fullerton Chief Executive Officer Manraj Sekhon said in an e-mailed statement. “The ability to tailor multi-asset solutions according to their risk return parameters is essential for our clients.”……………………………………….Full Article: Source

Norway fund picks Centum unit Nabo as assets manager (Kenya)

Posted on 18 March 2016 by VRS  |  Email |Print

Nabo Capital, a subsidiary of investment firm Centum, has been appointed one of the asset managers of Norway’s sovereign wealth fund, the world’s largest at $818 billion (Sh83 trillion).
Nabo, which was established three years ago, was among 11 fund managers picked by the oil revenue-funded Government Pension Fund Global late last year while eight others were dropped. The inclusion of Nabo in the list of the fund’s 73 external managers will see the company earn fees as it invests the undisclosed sums in the continent’s equities and fixed income securities………………………………………..Full Article: Source

Norway’s $834bn wealth fund defends active management strategy

Posted on 18 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, defended on Wednesday its strategy of chasing returns greater than market benchmarks, arguing the benefits outweighed the associated risk and cost. The $834 billion fund, worth more than twice the country’s annual gross domestic product, is invested in foreign stocks, bonds and real estate to share the wealth from oil and gas production with future generations.
Managed by a unit of the central bank, the fund aims to beat global equity and fixed income indexes by a quarter percentage point a year by taking on added risk. That includes picking stocks it expects to deliver long-term returns. Following criticism by some academics of the fund’s strategy, the central bank had promised more transparency, including an annual report analysing its risk-adjusted returns………………………………………..Full Article: Source

Is There Growing Politicization Of Norway’s Sovereign Fund?

Posted on 18 March 2016 by VRS  |  Email |Print

Norway has been able to amass tremendous financial wealth from petroleum revenue over the past fifteen years. The wealth fund commands attention from policymakers, asset managers and the citizens of Norway. Thus, Norway’s Government Pension Fund Global (GPFG), the ex-Norway part of oil-derived assets, wields significant influence when it comes to corporate governance and investment policy.
For example, allocation to renewable and environmental strategies gained further traction in 2009, amid pressure from Norwegian politicians. During that period, Norway’s sovereign fund awarded mandates to a number of external managers in environmental-related mandates. By 2014, Norges Bank Investment Management (NBIM) established their first portfolio dedicated to green bonds, in which the reference portfolio is based on a sub-segment of the Barclays MSCI Green Bond Indices………………………………………..Full Article: Source

Norway’s $834 billion wealth fund defends active management strategy

Posted on 17 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, defended on Wednesday its strategy of chasing returns greater than market benchmarks, arguing the benefits outweighed the associated risk and cost. The $834 billion fund, worth more than twice the country’s annual gross domestic product, is invested in foreign stocks, bonds and real estate to share the wealth from oil and gas production with future generations.
Managed by a unit of the central bank, the fund aims to beat global equity and fixed income indexes by a quarter percentage point a year by taking on added risk. That includes picking stocks it expects to deliver long-term returns………………………………………..Full Article: Source

Norway fund picks Centum unit Nabo as assets manager

Posted on 17 March 2016 by VRS  |  Email |Print

Nabo Capital, a subsidiary of investment firm Centum, has been appointed one of the asset managers of Norway’s sovereign wealth fund, the world’s largest at $818 billion (Sh83 trillion). Nabo, which was established three years ago, was among 11 fund managers picked by the oil revenue-funded Government Pension Fund Global late last year while eight others were dropped.
The inclusion of Nabo in the list of the fund’s 73 external managers will see the company earn fees as it invests the undisclosed sums in the continent’s equities and fixed income securities………………………………………..Full Article: Source

Alaska Permanent Drives to Rebuild Leadership Team

Posted on 16 March 2016 by VRS  |  Email |Print

Former Alaska Permanent Fund CEO Mike Burns retired four months earlier, without a named successor. For a few days, the $52 billion organization had no permanent executive leadership in place.
Since then, trustees made several staffing appointments, including former state treasury supervisor Angela Rodell as CEO. The latest hire came late last month, fund documents showed, when former New Jersey pension system director Tim Walsh signed on as a part-time investment advisor with a two-year contract………………………………………..Full Article: Source

Norway’s Sovereign Wealth Fund Drops Pimco as External Manager

Posted on 15 March 2016 by VRS  |  Email |Print

Norway’s $830 billion sovereign wealth fund last year ended a contract for Pacific Investment Management Co. to handle some of its bond investments. The Newport Beach, California-based fund was one of nine companies dropped last year, according to a comparison of lists of external managers in 2015 and 2014.
Others include Black River Asset Management, BTG Pactual Asset Management and BNY Mellon Asset Management. It also hired 12 new managers, including Nairobi-based Nabo Capital and Lynear Wealth Management, based in Colombo, Sri Lanka. The fund has been increasing its focus on emerging and frontier markets to boost returns………………………………………..Full Article: Source

Leaving the EU is NOT a risk for investors, says world’s largest sovereign wealth fund

Posted on 11 March 2016 by VRS  |  Email |Print

The boss of the world’s biggest sovereign wealth fund dismissed the prospect of Britain leaving the EU as a large investment risk. In fact, chief executive of Norway’s £884billion fund Yngve Slyngstad said it would INCREASE holdings in the UK even if the country votes out of the bloc in June.
Eurosceptics have revelled in the comments and said it proves claims about a plummeting economy after a Brexit are scaremongering. Mr Slyngstad said: “We will continue to be a significant investor in the UK at about the same level as we are today and probably even increasing our investments there going forward no matter what happens………………………………………..Full Article: Source

Norway’s oil fund says it can easily cope with Oslo withdrawal

Posted on 10 March 2016 by VRS  |  Email |Print

Norway’s $830bn oil fund can easily cope with the government in Oslo withdrawing the first money from the country’s rainy-day pot and does not face pressure to sell assets, according to its chief executive. The centre-right government took NKr6.7bn ($800m) out of the world’s largest sovereign wealth fund in January, many years ahead of the first predicted withdrawals.
However Yngve Slyngstad, chief executive of Norges Bank Investment Management, the fund’s manager, said it could cover the withdrawals through the cash flow it received from dividends and bond coupon payments, which last year totalled NKr191.5bn………………………………………..Full Article: Source

Norwegian wealth fund has a New York state of mind: Gadfly

Posted on 10 March 2016 by VRS  |  Email |Print

On the website for Norway’s Sovereign Wealth Fund, a hypnotic and constantly-changing ticker indicates how much kroner the fund is losing and, mostly, gaining. People in London and New York worried about property prices might find it calms their nerves.
The US$830 billion (S$1.14 trillion) Government Pension Fund Global, the biggest sovereign wealth fund, reported results for 2015 on Wednesday: an overall return of 2.7 per cent, achieved despite volatile currency and equity markets, negative interest rates and worries about global growth. Still, that’s its weakest return in five years and worse than the average annual return of 3.7 per cent (after inflation and management costs) since 1998 when the fund’s current management structure was set up………………………………………..Full Article: Source

Malaysia 1MDB Scandal: Former Goldman Sachs Top Banker Tim Leissner Subpoenaed By US Investigators

Posted on 09 March 2016 by VRS  |  Email |Print

A former senior official at Goldman Sachs Group Inc. has been subpoenaed by American authorities investigating a Malaysian government investment fund, according to reports Tuesday. Tim Leissner, the former chairman of the Southeast Asian division of the investment bank, was issued a subpoena after he resigned in February.
Leissner worked on several significant deals for the state-run fund, the 1Malaysia Development Bhd (1MDB), which together netted hundreds of millions of dollars for the investment bank, Bloomberg reported………………………………………..Full Article: Source

Abu Dhabi fund chief says GlobalFoundries not for sale

Posted on 08 March 2016 by VRS  |  Email |Print

GlobalFoundries and its Fab 8 computer chip factory in Saratoga County are not for sale, despite news reports and speculation that its Abu Dhabi parent company was looking to sell off all or a portion of the semiconductor company to raise cash.
The denial of a potential sale was made by Khaldoon Khalifa Al Mubarak, the U.S.-educated CEO of Mubadala Development Co., the Abu Dhabi investment fund that owns GlobalFoundries. Bloomberg reported several months ago that Mubadala was looking to sell all or a piece of GlobalFoundries to raise money amid the global oil glut that had sent oil prices down to historic lows………………………………………..Full Article: Source

Libya’s factions squabble over Gaddafi’s sovereign wealth fund

Posted on 08 March 2016 by VRS  |  Email |Print

The dispute over who controls the Libyan Investment Authority (LIA) reached London’s High Court on Monday, with $67 billion in assets at stake. The case has the potential to lay the ground for further lawsuits against Goldman Sachs and Societe Generale over the alleged mismanagement of $3 billion.
Amid the 2011 uprising against the Gaddafi regime, the UN Security Council froze the assets of the LIA and 85% of the fund’s assets remain frozen to this day. However, it is not even clear who holds responsibility for the fund. In 2014, the Council of Deputies replaced AbdulMagid Breish with Hassan Bouhadi, but Mr. Breish was later reinstated by the Libyan Court of Appeal in Tripoli. So the LIA has two chairmen vying for control over the fund………………………………………..Full Article: Source

Twists and turns as battle for Gaddafi-era sovereign fund billions rumbles on in London courts

Posted on 08 March 2016 by VRS  |  Email |Print

The two men competing for control of Libya’s $67 billion sovereign wealth fund asked a London judge to decide who has the right to oversee lawsuits seeking to recover billions of dollars lost in deals with French transnational bank Societe Generale SA and Goldman Sachs Group Inc in the US.
Abdulmagid Breish, who is based in Tripoli, and Hassan Bouhadi, who wants to lead the Libya Investment Authority (LIA) from Malta, both argue they are the sole chairman of the fund. The LIA, set up in 2006 to manage Libya’s growing oil revenue surplus, is already the largest sovereign wealth fund in Africa. The 2011 overthrow and death of Libyan dictator Muammar Gaddafi left behind a violent power struggle that continues to blight the oil-rich nation………………………………………..Full Article: Source

No End in Sight for Malaysia’s Power Struggle as 1MDB Scandal Deepens

Posted on 08 March 2016 by VRS  |  Email |Print

A new report by the Wall Street Journal (WSJ) alleges that deposits into the personal account of Malaysia’s Prime Minister Najib Razak topped $1 billion, thereby threatening to deepen an ongoing scandal surrounding the premier’s involvement in mismanaging money linked to a beleaguered state fund.
The WSJ report, just the latest in a series of damaging reports by the newspaper which started in July 2015, cites sources as saying that most of the money deposited into Najib’s account is linked to the 1 Malaysia Development Berhad (1MDB), a debt-ridden state investment fund at the center of a high-profile corruption scandal. Najib has denied using government funds for personal gain………………………………………..Full Article: Source

Norway says made first withdrawal from oil fund in January

Posted on 04 March 2016 by VRS  |  Email |Print

With its economy weakening, Norway’s government made its first withdrawal from the country’s $826 billion sovereign wealth fund in January, 20 years after first depositing cash from its vast oil sector into the account, the finance ministry said.
The finance ministry did not confirm details of the withdrawal, but newspaper Dagens Naeringsliv said 6.7 billion Norwegian crowns ($780 million) had been extracted to pay for public spending. The government, led by Prime Minister Erna Solberg of the Conservatives and Finance Minister Siv Jensen of the smaller Progress Party, had flagged in its October budget that it might make the first withdrawal from the rainy-day fund this year………………………………………..Full Article: Source

NZ Super Fund appoints Ramius to US$200m merger arbitrage mandate

Posted on 02 March 2016 by VRS  |  Email |Print

The NZ Super Fund has appointed a subsidiary of Ramius LLC, the global investment management business of Cowen Group, Inc., to manage a US$200 million merger arbitrage mandate. The mandate focuses on investment opportunities arising through merger and acquisition transactions, predominately in listed companies in North America and Europe.
This is the NZ Super Fund’s first investment in merger arbitrage, a strategy which aims to earn steady returns over the long-term by realising value from targeted merger and acquisition deals across a broad cross section of industries, and managing any risks, including the potential for any individual deal failure………………………………………..Full Article: Source

SOFAZ executive director takes part at VII EITI Global Conference

Posted on 01 March 2016 by VRS  |  Email |Print

Delegation headed by the Chairman of the National Extractive Industries Transparency Initiative (EITI) Committee and the Executive Director of the State Oil Fund of the Republic of Azerbaijan Shahmar Movsumov participated at the VII EITI Global Conference held on February 24-25, 2016 in Lima, Peru.
During the Conference EITI Board held 32nd and 33rd meetings. Besides, Board members made amendments to EITI Standard and accepted two countries (Dominican Republic and Federal Republic of Germany) as Candidate countries. Thus, number of EITI implementing countries increased up to 51. 4 countries (Democratic Republic of Congo, Ghana, Mongolia and Philippines) were awarded with the 2016 EITI Award………………………………………..Full Article: Source

China’s sovereign fund CIC reshuffles team

Posted on 29 February 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC) is preparing for a strategic shift and will focus more on direct investments and proprietary relationships with fund managers. It has reshuffled its infrastructure team to guide the shift in focus. The firm has created a new division, named Department 2, which will invest in consumer and industrial sectors, to be led by Mi Tao, reported Infrastructure Investor.
The existing Department 1 will now be led by Benjamin Bao, and includes three infrastructure teams managed by Yan Wang, David Xie and Yuling Lu.They will look to invest in areas like renewable energy, transport and utilities. Other teams will focus on oil & gas and metals & mining………………………………………..Full Article: Source

Key executive management members of Korea’s KIC resign

Posted on 24 February 2016 by VRS  |  Email |Print

Heungsik Choo, the chief investment officer (CIO) of Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), and two other executive management members have decided to step down. Choo joined the KIC as CIO in 2014. Prior to that, he was the head of the reserve management group at the Bank of Korea (BOK) from November 2011 to February 2014.
Young Kim, the SWF’s chief operating officer (COO), and Taeg Ki Hong, its chief risk and compliance officer, expressed their intention to resign from their positions on February 19, 2016. Kim joined the KIC as the head of the corporate planning and affairs group in 2007 and was promoted to COO in 2011……………………………………….Full Article: Source

Sovereign wealth funds are ditching fund managers in their droves

Posted on 23 February 2016 by VRS  |  Email |Print

Bad news for the world’s big fund managers: they are being abandoned by sovereign wealth funds. In each of the five years to 2015 these state run funds (largely owned by oil producing companies) shovelled something in the region of $48bn into the markets via the big asset managers. Last year, they pulled over $46bn out.
That, said the head of one large fund management firm, was “very hard”. It’s about to get harder. Moody’s reckons the sovereign wealth funds will pull out the same again, plus another 25% this year “as oil-dependent funds increase redemptions from asset managers in order to plug fiscal deficits”. Norway alone says it is likely to pull out €8.4bn………………………………………..Full Article: Source

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