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Abu Dhabi hires advisers for sovereign fund merger

Posted on 17 August 2016 by VRS  |  Email |Print

Abu Dhabi’s government has hired Bain & Co and Landor Associates to advise on the merger of two of the oil-rich emirate’s biggest sovereign funds, a source familiar with the matter told Reuters.
In late June, Abu Dhabi announced it would merge Mubadala Development Co and International Petroleum Investment Co and had formed a committee led by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan to oversee the process. The combined fund would have assets worth around $135 billion, according to Reuters calculations based on both funds’ latest financial statements………………………………………..Full Article: Source

Libya’s U.N.-backed government appoints panel to run $67 billion wealth fund

Posted on 17 August 2016 by VRS  |  Email |Print

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion (52.03 billion pounds) sovereign wealth fund. The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund’s rights and follow all legal cases it is involved in.
The committee will be led by Ali Mahmoud Hassan Mohamed, the statement said. It did not list either of two competing chairmen of the fund among the committee’s members, and did not say how long the caretaker committee would serve for………………………………………..Full Article: Source

Libya’s Unity Government Appoints New Wealth Fund Leadership

Posted on 17 August 2016 by VRS  |  Email |Print

Libya’s government appointed a steering committee to head the country’s $60 billion sovereign wealth fund, where rifts have hindered efforts to unite financial institutions in the fractured North African oil exporter.
The Libyan Investment Authority’s temporary five-member committee will be headed by one of the fund’s former directors, Ali Mohamed Hassan, according to a statement issued late Monday by the Presidential Council of the United Nations-backed Government of National Accord………………………………………..Full Article: Source

Greenko takes advantage of its Singapore ownership

Posted on 17 August 2016 by VRS  |  Email |Print

Indian renewable energy company Greenko has taken advantage of its Singapore ownership and surging demand for Indian credit to price $500 million of Single B rated bonds below 5%.
The aggressive outcome was mostly put down to expectations that the majority investment of Singapore sovereign wealth fund GIC would help lower the issuer’s high leverage and improve its financial risk profile. Greenko sold a majority stake to GIC last November and raised a further $230 million in June from GIC and the Abu Dhabi Investment Authority………………………………………..Full Article: Source

Libya’s U.N.-backed government appoints panel to run $67 bln wealth fund

Posted on 16 August 2016 by VRS  |  Email |Print

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion sovereign wealth fund. The Government of National Accord said in a statement that the committee should not dispose of Libyan Investment Authority assets and should protect the fund’s rights and follow all legal cases it is involved in.
The committee will be led by Ali Mahmoud Hassan Mohamed, the statement said. It did not list either of two rival chairmen of the fund among the committee’s members………………………………………..Full Article: Source

Turkey: Government making headway with Sovereign Wealth Fund

Posted on 16 August 2016 by VRS  |  Email |Print

The Government is making headway in bringing the country`s first Sovereign Wealth fund into fruition. Cabinet on August 3, advised the Attorney General’s Chambers to commence the drafting of the Sovereign Wealth Fund Bill which will bring the fund into effect.
The Sovereign Wealth Fund is aimed at creating a mechanism for future budgetary surpluses that will ensure the future economic prosperity of the Turks and Caicos Islands. The Government earlier this year announced that model legislation will be laid in the House of Assembly for scrutiny and debate in the third quarter of the financial year………………………………………..Full Article: Source

Abu Dhabi Officials Linked to ‘Wolf of Wall Street’ Corruption Scandal Investigated in Switzerland

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, whose investment vehicle owns the Hakkasan group, and Mohamed al-Husseiny, who was put forward by Red Granite as the financier of ‘The Wolf of Wall Street,’ are being investigated.
Swiss authorities have stepped up their involvement in the growing Malaysian corruption scandal that has engulfed The Wolf of Wall Street, its producer Red Granite and star Leonardo DiCaprio. Less than a month after the U.S. Justice Department filed the biggest forfeiture seizure in its history, Swiss criminal investigators are now probing two of the lesser known individuals cited in the complaint, namely Middle Eastern executives who were allegedly instrumental in helping launder billions of dollars into the U.S………………………………………..Full Article: Source

One of two rival chairmen of Libya sovereign fund quits

Posted on 15 August 2016 by VRS  |  Email |Print

One of two men claiming the chairmanship of Libya’s $67 billion sovereign wealth fund, Hassan Bouhadi, has tendered his resignation, his spokesman said on Friday. Libya’s political infighting made it too difficult to conduct business, Bouhadi said in his resignation letter, seen by Reuters.
In October 2014, Bouhadi was appointed head of the fund, the Libyan Investment Authority (LIA), by authorities in eastern Libya. They had moved to the east to set up a parliament and government after rival factions took control of institutions in the capital, Tripoli………………………………………..Full Article: Source

Saudi Aramco appoints chief of sovereign wealth fund to board

Posted on 11 August 2016 by VRS  |  Email |Print

State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices.
Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister Mohammed al-Suwaiyal on the board. Rumayyan heads the Public Investment Fund (PIF), which the government aims to develop into a $2 trillion behemoth that would invest abroad to earn money and domestically to help expand the kingdom’s non-oil sectors………………………………………..Full Article: Source

HKMA: Individuals Act as HKMC Employees to Falsely Solicit Biz; Reported to Police

Posted on 11 August 2016 by VRS  |  Email |Print

Hong Kong Monetary Authority (HKMA) announced that it has come to the notice of the Hong Kong Mortgage Corporation Limited (HKMC) that there have been cases of individuals posing as its employees to falsely solicit business opportunities.
These instances include individuals presenting a forged business card of the HKMC or suspected of making telephone calls purportedly on behalf of the HKMC. The HKMC wishes to inform the public that these impostors are not the HKMC’s employees or agents, nor are they authorised by the HKMC for the purposes they allege. The HKMC has already reported the relevant case to the Hong Kong Police Force for investigation………………………………………..Full Article: Source

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 09 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 08 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

Inside Ireland’s €8 billion Strategic Investment Fund

Posted on 08 August 2016 by VRS  |  Email |Print

Abrakebabra; Lily O’Brien’s. The AA. Carrolls Cuisine. House building. Student accommodation. Office blocks. Loans to milk farmers. Life-changing drug treatments and technology R&D. Is there any part of the economy that the state-backed Irish Strategic Investment Fund (ISIF) doesn’t touch?
At €8 billion, it may not be one of the world’s biggest sovereign wealth funds, but in a country the size of Ireland’s it is huge. It is so big that it has to be careful that any money it places in a fund doesn’t cause distortions across the whole economy………………………………………..Full Article: Source

Browne: Heritage & Stabilisation Fund not following best practices

Posted on 04 August 2016 by VRS  |  Email |Print

Trinidad and Tobago’s sovereign wealth fund (SWF), the Heritage and Stabilisation Fund (HSF), is not following best practices as outlined in the Santiago Principles and exemplified by the Norway’s SWF, Mariano Browne, a former minister of state in the Ministry of Finance said last month.
Delivering the feature address on July 21 at a special general meeting of the Trinidad and Tobago Transparency Institute (TTTI) at Fernandes Industrial Centre in Laventille, Browne, now the managing partner of Elida Management Services, looked at the comparable T&T Securities and Exchange Commission (TTSEC) Act which requires all publicly listed companies to report every 90 days. The HSF falls short of that standard, he said………………………………………..Full Article: Source

Malaysia forfeits US support with 1MDB graft

Posted on 03 August 2016 by VRS  |  Email |Print

The US Justice Department’s decision to seize more than $1bn in assets allegedly stolen from Malaysia’s sovereign wealth fund has sent shockwaves through the Southeast Asian nation. Until the US announcement last month, most Malaysians were resigned to creeping authoritarianism in their country as the prime minister, Najib Razak, concentrated power in his hands and eviscerated the last vestiges of independent governance.
Najib has in effect removed anyone — from the deputy prime minister to the attorney-general — who questioned his role in the alleged theft of billions of dollars from 1 Malaysia Development Berhad (1MDB), the sovereign wealth fund he established in 2009………………………………………..Full Article: Source

Deloitte becomes third auditor in a row to quit scandal-hit 1MDB

Posted on 28 July 2016 by VRS  |  Email |Print

Deloitte has resigned as auditor of 1Malaysia Development Berhad, as the scandal surrounding the Malaysian state investment fund reverberates through the global financial system.
1MDB said late on Tuesday that its 2013 and 2014 audited financial statements should no longer be relied on following a US Department of Justice complaint last week alleging an international scheme to siphon more than $3.5bn from the fund………………………………………..Full Article: Source

Deloitte Resigns as 1MDB Auditor

Posted on 27 July 2016 by VRS  |  Email |Print

The Malaysian government investment fund says Deloitte Touche Tohmatsu resigned in February. The departure of a second auditor for a Malaysian government investment fund is putting focus on another global company that apparently failed to raise questions about what investigators are calling a large-scale fraud.
The fund, 1Malaysia Development Bhd. or 1MDB, said Tuesday that its auditor, Deloitte Touche Tohmatsu Ltd., resigned in February. An earlier dispute over the fund’s accounts in 2013 led to the firing of 1MDB’s previous auditor, KPMG, according to a Malaysian auditor general’s report last year………………………………………..Full Article: Source

The DoJ 1MDB complaint analysed: how the named banks fare

Posted on 26 July 2016 by VRS  |  Email |Print

The US Department of Justice’s complaint seeking the recovery of assets related to the Malaysian sovereign wealth fund, 1MDB, is compelling reading. In a 136-page filing, a remarkable web of money transfers and illicit purchases is exposed.
Several banks are involved in it and three more have since been rebuked by the Monetary Authority of Singapore for failing to implement proper money laundering checks. So who comes out of it in the best and worst shape? Here is a quick guide:……………………………………….Full Article: Source

Singapore Vows Tougher Stance After 1MDB Dents Reputation

Posted on 26 July 2016 by VRS  |  Email |Print

Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.
The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday………………………………………..Full Article: Source

Pua: 1MDB ’social welfare’ paid with taxpayers debt

Posted on 26 July 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak’s claim that 1MDB had contributed immensely to social welfare is a “farce” as it is funded by debt that is borne by taxpayers, Petaling Jaya Utara MP Tony Pua says. Najib yesterday praised 1MDB Foundation for donating RM10.4 million to sponsor 1,100 pilgrims to perform the Haj this year.
In fact, Pua said, 1MDB Foundation was set up to to mask the billions in losses that have resulted in an international anti-money laundering action. He said 1MDB has not seen a sen of profit since it was set up six years ago, and is using the “social welfare” programmes as a “public relations exercise”………………………………………..Full Article: Source

QIA Makes Good on US Investment Promise—Again

Posted on 26 July 2016 by VRS  |  Email |Print

In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. in Los Angeles.
QIA, the sovereign wealth fund of Qatar, and joint venture partner Douglas Emmett Inc. recently acquired the 365,000-square-foot property, located in the prestigious Brentwood submarket, from Hines for $225 million. It appears the transaction took place in a time warp. Hines U.S. Office Value Added Fund II also paid $225 million for 12100 Wilshire when it acquired the Class A property from RREEF Property Trust in 2007………………………………………..Full Article: Source

Who are 1MDB Officers 1, 2, 3 and the others in US list?

Posted on 25 July 2016 by VRS  |  Email |Print

KiniGuide In the US Department of Justice’s recent filings related to the 1MDB scandal, among the relevant individuals named in the suit are ‘1MDB Officer 1’, ‘1MDB Officer 2’, and ‘1MDB Officer 3’. Like the much-reported ‘Malaysian Official 1’ in the document, the names of these other 1MDB officers are also concealed throughout the document.
And yet, there are tantalising clues throughout the 136 pages of the DOJ document. Thus far, little attention has been given to the identities of these 1MDB officers. In this instalment of KiniGuide, we look back at the history of the 1MDB scandal in an attempt to shed some light on this mystery, as well as on several others who have not been identified by name in the court filings………………………………………..Full Article: Source

Were You at the 1MDB Party?

Posted on 22 July 2016 by VRS  |  Email |Print

The thing with the kind of investigation currently engulfing Malaysia’s sovereign investment fund 1MDB is that it’s hard to assess where the risk for investors ends. Unless you know exactly who was involved and to what extent, you might have to add a premium or a discount for companies with potential dotted lines to the eye of the storm.
The Monetary Authority of Singapore said Thursday it had found “instances of control failings” in the local units of UBS and Standard Chartered, as well as at the country’s biggest bank, DBS Group Holdings………………………………………..Full Article: Source

US$731m siphoned from 1MDB to ‘Malaysian Official 1′ account, says DOJ

Posted on 22 July 2016 by VRS  |  Email |Print

US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday.
DOJ did not name ‘Malaysian Official 1’ but described the individual as a “high-ranking official in the Malaysian government who also held a position of authority with 1MDB.” Upon its formation, Malaysian Official 1 assumed a position of authority with 1MDB, said DOJ………………………………………..Full Article: Source

Mexican Ambassador to Azerbaijan meets SOFAZ Executive Director

Posted on 22 July 2016 by VRS  |  Email |Print

Ambassador of Mexico to the Republic of Azerbaijan Rodrigo Labardini accompanied by Head of the Competitive Technical Intelligence Unit of the Mexican Institute of Petroleum (IMP) Victor Ortiz has met with Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov.
Rodrigo Labardini highlighted the development of the oil sector in Mexico. He noted that the significant growth in the economic sector, the increase of foreign trade, creation of a propitious environment for investment and the significant contribution of the Mexican energy sector in the last two decades has positioned Mexico as the eleventh largest oil producer in the world……………………………………….Full Article: Source

Russia’s Reserve Fund, National Wealth Fund will not be depleted

Posted on 19 July 2016 by VRS  |  Email |Print

The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday.
“We will not bring the Reserve Fund and the National Wealth Fund to the condition of complete depletion. The budget deficit will be contracted. It will be financed at the expense of renewable sources, privatization and government bonds floating in the first instance. Then expenditures from sovereign funds will stop,” the official said………………………………………..Full Article: Source

Temasek’s Fullerton Unit Hires JPMorgan’s Singapore Head

Posted on 18 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings’ Fullerton Financial Holdings has hired Yeo Hong Ping, JPMorgan & Co’s Singapore head of investment banking, as a senior member of its management team.
“We confirm that Yeo Hong Ping will be joining Fullerton Financial Holdings later this year. We are pleased to welcome him as a senior member of the management team,” Fullerton said in an email on Thursday. JPMorgan declined to comment. The hiring is another example of investment bankers moving to private equity firms and sovereign funds………………………………………..Full Article: Source

JPMorgan’s Singapore investment bank head to join Temasek unit

Posted on 15 July 2016 by VRS  |  Email |Print

Fullerton Financial Holdings, an arm of Singapore investment company Temasek Holdings, has hired Yeo Hong Ping for a senior management role. Yeo is joining from JPMorgan Chase & Co, where he has worked since 2000, most recently as head of Singapore investment banking, according to a person with knowledge of the matter.
Yeo will start in his position this year, Fullerton said in an e-mailed response to Bloomberg’s queries………………………………………..Full Article: Source

Wealth fund’s investment circuit breaker

Posted on 13 July 2016 by VRS  |  Email |Print

A leading Philippine power-generation corporation has effectively been blacklisted from access to the world’s biggest sovereign wealth fund, Norway’s Government Pension Fund Global (GPFG), an oil fund with assets of US$847.6 billion.
Aboitiz Power Corp. (APC), a subsidiary of Aboitiz & Company, is one of 52 firms which have been sidelined by the fund’s operator, Norges Bank Investment Management (NBIM), the investment arm of the Norwegian central bank………………………………………..Full Article: Source

‘Short-term’ brexit volatility had ‘fairly modest’ impact: Temasek

Posted on 08 July 2016 by VRS  |  Email |Print

Temasek said on Thursday (July 7) that market volatility post-Brexit had only a “fairly modest” impact on its portfolio, and that it was not overly concerned about the short-term gyrations in the markets, given that its focus is on the long term.
As of March 31 this year, Europe accounted for about 8 per cent of the firm’s S$242 billion portfolio. It did not reveal its direct exposure to the United Kingdom, but said that it was “even smaller” and predominantly through its holdings in Standard Chartered bank………………………………………..Full Article: Source

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

Posted on 07 July 2016 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 at the meeting of shareholders of VTB. Minister of Economic Development of Russia Alexei Ulyukayev was elected the chairman of the Supervisory Board of VTB Bank………………………………………..Full Article: Source

Russia On Course to Drain $87 Billion Fund in 2017

Posted on 07 July 2016 by VRS  |  Email |Print

At some point in 2017, Russia will deplete one of its two sovereign funds, after running through some $87 billion since 2014, according to a Finance Ministry spending proposal seen by Reuters.
About a third of another fund, the National Welfare Fund, will be tapped to cover the budget deficit. The fund, holding about $73 billion at the start of July, was intended to be spent on the pension system rather than budget shortfalls, Reuters says. One third of the National Welfare Fund is tied up in the state development bank Vneshekonombank (VEB) and other projects, according to The Moscow Times………………………………………..Full Article: Source

Iran’s National Development Fund loses director and executive board

Posted on 04 July 2016 by VRS  |  Email |Print

Iranian President Hassan Rouhani has accepted the mass resignation of those on the board of trustees of Iran’s sovereign wealth fund as revelations about high compensation packages at state-owned firms take new casualties.
“The board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency reports. Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

Executives on top Iran fund resign en masse

Posted on 04 July 2016 by VRS  |  Email |Print

“Minutes ago, the board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency said Saturday.
Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

The 1MDB Affair: Malaysia Delegation in Abu Dhabi to Resolve Dispute

Posted on 01 July 2016 by VRS  |  Email |Print

The two government investment funds at the heart of a Malaysian financial scandal are disappearing as the two sides try to put the situation behind them even as they battle over billions of dollars that have gone missing.
Abu Dhabi announced on Wednesday that International Petroleum Investment Company is being merged into another fund in the Emirate. Most of the assets of 1Malaysia Development Bhd. have been sold or transferred to the country’s Ministry of Finance………………………………………..Full Article: Source

Goldman Sachs Executive Says Libya Understood Derivatives

Posted on 01 July 2016 by VRS  |  Email |Print

In $1.2 billion lawsuit, country’s sovereign-wealth fund accuses Goldman of leading novices into disastrous investment. A Goldman Sachs Group Inc. executive testified that Libya’s sovereign-wealth fund knew what it was doing when it bought derivatives from the bank that later soured, disputing allegations that Goldman led an inexperienced buyer into a disastrous investment.
The Libyan Investment Authority, or LIA, understood the disputed derivatives it bought from Goldman, Andrea Vella, co-head of Asian investment banking at Goldman, told the High Court in London on Thursday………………………………………..Full Article: Source

Libya wealth fund boss ‘screamed and cursed’ at Goldman bankers

Posted on 30 June 2016 by VRS  |  Email |Print

The Libyan wealth fund’s former deputy chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives trades made on the bank’s advice that ultimately turned out to be worthless, a witness told a court on Tuesday.
In a trial at London’s High Court, the Libyan Investment Authority (LIA) is trying to claw back $1.2 billion from Goldman Sachs related to nine disputed trades carried out in 2008. The LIA argues Goldman took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source

Libyan fund officials didn’t understand Goldman trades: lawyer

Posted on 30 June 2016 by VRS  |  Email |Print

Libya’s sovereign wealth fund was “astonished to learn” it hadn’t acquired any actual shares through derivatives trades arranged by Goldman Sachs, according to a former lawyer for the fund who gave evidence in the High Court in London on Tuesday.
The Libyan Investment Authority is suing Goldman for $US1.2 billion ($1.62bn) to cover its losses from nine trades arranged in 2008. The trades took the form of equity derivatives and expired worthless in 2011. The LIA allegesthat Goldman executives exerted “undue influence” over its officials, who didn’t understand the trades………………………………………..Full Article: Source

What does the Nigeria Sovereign Investment Authority (NSIA) think about the government’s planned $25 billion infrastructure fund?

Posted on 30 June 2016 by VRS  |  Email |Print

Nigeria’s Vice President, Yemi Osinbajo has released a statement that the Buhari administration intends to spend $25 billion on an infrastructure fund to invest in the transport and energy sector as a way to develop the country’s failing road, rail and power structures to boost economic growth.
Although, the Vice President did not state the timeline guiding the fund, he said the fund would be set up with contributions from local and international sources including Nigeria’s sovereign wealth fund and domestic pension funds. The NSIA was actually set up for the purpose of managing and investing funds on behalf of the Nigerian government. He further stated that other sovereign wealth funds have already indicated an interest in the fund………………………………………..Full Article: Source

Ministerial committee to conduct studies on sovereign wealth fund Amlak

Posted on 29 June 2016 by VRS  |  Email |Print

A ministerial committee is set to work with local and international advisory bodies to conduct economic, financial, and administrative studies on Egypt’s proposed sovereign wealth fund Amlak, Al Borsa reported on Monday.
EGP 5 bn has been already earmarked for the fund in FY2015/16’s budget. The fund will be state-owned through the National Investment Bank and will “encourage diversification and support sustainable economic and social development,” the cabinet said when it was first announced………………………………………..Full Article: Source

The State Oil Fund of the Republic of Azerbaijan successfully completes implementation of SimCorp Dimension

Posted on 28 June 2016 by VRS  |  Email |Print

SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension.
The implementation provides SOFAZ with a fully integrated portfolio management, investment book of record (IBOR), and accounting system, covering front, middle, and back office, which allows the sovereign wealth fund to automate and streamline its financial portfolio management activities. SOFAZ’s assets under management has increased from less than USD 1.5bn ten years ago to over USD 34bn today, and since then the complexity and diversity of the financial instruments the fund is investing in have increased significantly. (Press Release)

Bahrain’s SWF has no plans to borrow this year-CEO

Posted on 21 June 2016 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat plans to finance its projects this year using income from investments and will not seek loans or government assistance, its chief executive said.
“We have no intention of borrowing this year, and are working to reduce the accumulated debt. The company borrowed large amounts up to the end of 2015 to fund its projects,” Bahrain Mumtalakat Holding Company CEO Mahmoud Alkooheji said. The company signed a $500 million, five-year revolving credit facility in December 2014. “It (the facility) was fully used in 2015 to refinance outstanding debt,” he said without providing further details………………………………………..Full Article: Source

Miner Kenmare plots to raise 10 times its market cap with £250m turnaround plan

Posted on 21 June 2016 by VRS  |  Email |Print

Dublin-based miner Kenmare Resources intends to raise 10 times its £26m market cap in an ambitious capital raising that could see it eliminate debt and restore its share price from penny-stock status.
The London-listed miner already has commitments from three major existing shareholders and the sovereign wealth fund of Oman to raise at least $215m; a further $60m placing has been underwritten by the company’s lenders - primarily development banks - in a debt for equity swap………………………………………..Full Article: Source

Libya SWF adviser says execs who invested in derivatives were financially “illiterate”

Posted on 17 June 2016 by VRS  |  Email |Print

Top decision makers at Libya’s $67 billion sovereign wealth fund were “illiterate” in terms of investment with little knowledge of the derivatives instruments purchased on the advice of Goldman Sachs, an adviser to the fund told a court on Thursday.
In a closely watched case in the City of London, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the U.S. investment bank from nine disputed trades carried out in 2008. The LIA argues that the U.S. bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source

Temasek sets up panel of advisers for Americas

Posted on 17 June 2016 by VRS  |  Email |Print

Temasek Holdings announced the formation of an advisory panel yesterday that comprises some of the most eminent business figures in the Americas. The Temasek Americas Advisory Panel (TAAP), which held its first meeting this week in New York, has seven members, including PepsiCo chairman and chief executive Indra Nooyi, Honeywell International chairman and CEO David Cote, and former US treasury secretary Timothy Geithner, who also chairs TAAP.
The other members are former DuPont chairman and CEO Ellen Kullman; online education platform Coursera CEO Richard Levin; Mr Ronald Sugar, the former chairman and CEO of defence giant Northrop Grumman; and the former chairman and CEO of agribusiness Bunge, Mr Alberto Weisser………………………………………..Full Article: Source

New CIO Named at Korea Investment Corp

Posted on 15 June 2016 by VRS  |  Email |Print

Days after news broke of CIO Heung-sik Choo’s departure for the World Bank, the Korea Investment Corporation (KIC) has announced its next investment chief. As of June 13, Shinwoo Kang leads investments for KIC, the $91.8 billion sovereign wealth fund said Tuesday. Kang is the fifth CIO since the fund’s 2005 launch.
Kang comes to KIC from Seoul-based Hanwha Asset Management, where he had served as president and CEO. He has also held CIO roles at Korea Investment Management and PCA Asset Management………………………………………..Full Article: Source

Former Goldman Sachs executive denies paying for ‘improper entertainment’ in LIA case

Posted on 15 June 2016 by VRS  |  Email |Print

A Goldman Sachs executive at the centre of a $1.2 billion (£850 million) claim brought by Libya’s sovereign wealth fund has denied allegations he paid for “improper entertainment” for himself and the younger brother of a key decision-maker at the fund on a business trip.
Youssef Kabbaj, a former Goldman Sachs sales team executive, also said that all his expenses linked to the Libyan Investment Authority (LIA) had always been signed off by at least two senior partners at the bank and fully reimbursed by Goldman. In a trial at London’s High Court that began on Monday, the $67 billion LIA is attempting to claw back $1.2 billion from nine trades it carried out with Goldman Sachs in 2008………………………………………..Full Article: Source

Libyan fund alleges Goldman took advantage of its inexperience

Posted on 15 June 2016 by VRS  |  Email |Print

Libya’s sovereign wealth fund, in a long-awaited trial that started on June 13, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades. Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. “They are very unsophisticated – and anyone could ‘rape’ them,” one executive wrote in 2008.
In another internal email exchange, a Goldman executive wrote to a colleague that “you just delivered a pitch on structured leveraged loans to someone who lives in the middle of the desert with his camels”………………………………………..Full Article: Source

ANZ Strategist Sam Tuck Quits to Join Sovereign Wealth Fund

Posted on 13 June 2016 by VRS  |  Email |Print

Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd. in Auckland, said he is leaving the company to join the country’s sovereign wealth fund. “Today is my last day at ANZ,” he wrote in an e-mail Friday. Tuck, 38, said via instant message he will join the New Zealand Superannuation Fund.
Tuck joined ANZ six years ago as a proprietary foreign-exchange trader before moving to the research team in 2013, according to his professional biography on the bank’s website. He previously spent 10 years in Barclays Capital’s arbitrage and systematic trading group in London………………………………………..Full Article: Source

India Says National Infra Fund CEO To Be Appointed Shortly

Posted on 10 June 2016 by VRS  |  Email |Print

The National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, will in “imminent” future get its chief executive, an appointment that was holding up the roll-out of investment proposals.
Minister of State for Finance Jayant Sinha said the government received over 80 applications and the names of candidates shortlisted after interview have been sent to the Appointments Committee of the Cabinet (ACC) for approval. “We are very close to announcing the candidate who will come as CEO of National Investment and Infrastructure Fund (NIIF),” he told PTI in an interview………………………………………..Full Article: Source

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