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Malaysia Says Too Early to Conclude Fraud in 1MDB-Abu Dhabi Deal

Posted on 18 May 2016 by VRS  |  Email |Print

Malaysia said Tuesday it’s too early to conclude if fraud had occurred in dealings between its troubled state company and an Abu Dhabi sovereign wealth fund. 1Malaysia Development Bhd., which is the subject of global investigations, said last month it could be a victim of fraud if payments of $3.5 billion intended for Abu Dhabi’s International Petroleum Investment Co. never made it there.
“1MDB is still reviewing and taking steps to prove that IPIC and Aabar Investments PJS are responsible for the funds that had been paid by 1MDB to Aabar BVI totaling $3.5 billion,” the Malaysian finance ministry said in a written reply in parliament………………………………………..Full Article: Source

Qatar wealth fund ‘to create $100bn unit in revamp’

Posted on 18 May 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100bn of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals. About $100bn of the Qatar Investment Authority’s stakes in companies such as Qatar Airways and Qatar National Bank will be placed into a new internal division named Qatar Investments, they said.
The fund is seeking to bring greater oversight by having a single person in charge, the sources said. The Qatar Holding name, under which the state gained an international profile after investing in companies ranging from Glencore to Barclays, will now be replaced by the QIA name on international investments, according to the sources………………………………………..Full Article: Source

UAE sovereign wealth funds hiring in-house to cut costs

Posted on 17 May 2016 by VRS  |  Email |Print

Measures are seen as a means of reducing the “huge fees” some funds pay to external managers. Sovereign wealth funds in the UAE are increasing in-house recruitment and consolidating their holdings under larger private equity players to cut costs, according to law firm Baker Baker & McKenzie.
Speaking to reporters in Dubai earlier Monday, Baker & McKenzie head of UAE corporate practice Borys Dackiw said some sovereign funds were still engaging in “very active buying” despite expectations that low oil prices would force them to cut back………………………………………..Full Article: Source

Companies listen when Norway’s oil fund shouts

Posted on 17 May 2016 by VRS  |  Email |Print

When the quiet one in the room suddenly shouts, people tend to listen. On that basis, the reserved and thoughtful Norwegians who run the country’s $850bn oil fund should get a decent hearing next time they visit Wolfsburg, having declared they will sue Volkswagen over the emissions scandal.
Class-action suits by investors are an oddly circular way to extract money from the pot they themselves own and should not generally be encouraged. The Norwegian action needs to be seen, though, in the light of VW’s peculiarly dysfunctional corporate governance and the wider strategy of the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Norwegian oil fund attacks VW corporate governance

Posted on 16 May 2016 by VRS  |  Email |Print

Norway’s $850bn oil fund does not like commenting about individual companies it owns shares in. It usually goes out of its way to avoid saying anything about any of its more than 9,000 investments.
But Volkswagen is starting to become the exception that proves the rule. The world’s largest sovereign wealth fund has become increasingly open in its distaste for the German carmaker, culminating in it confirming to the Financial Times that it would take legal action against VW over its emissions scandal………………………………………..Full Article: Source

1MDB Default Shows Malaysia SOE Debt, Governance Risks

Posted on 16 May 2016 by VRS  |  Email |Print

1Malaysia Development Berhad’s (1MDB) missed bond coupon payment in April highlights ongoing uncertainty around the finances and governance of the state-owned fund. The situation is unlikely to lead to an immediate crystallization of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, Fitch Ratings says.
The risk to the sovereign credit profile lies more in the potential for the affair to weaken policy focus or contribute to political instability. However, there is little sign of these risks materializing as yet………………………………………..Full Article: Source

KIC to appoint domestic managers for offshore alternative mandates

Posted on 16 May 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), is reportedly planning to select a roster of local asset managers and securities brokerages as general partners responsible for the operation of its overseas alternative investments.
This will be the first time KIC has outsourced its offshore alternative mandates to domestic financial entities. Local media reported that KIC had held a meeting with the nation’s major asset managers and securities brokerages in Seoul on May 11 to select general partners, which will be responsible for its overseas infrastructure mandates worth US$2 billion………………………………………..Full Article: Source

KIC to team with local firms for overseas investments: chief

Posted on 13 May 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday. The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before.
“As overseas construction projects are evolving to become large investment projects, customized financial support is all the more necessary now,” Eun Sung-soo, CEO of KIC, said in a meeting with heads of local brokerages and asset management firms in Seoul………………………………………..Full Article: Source

Top SWF alternatives allocator questions hedge funds’ nous

Posted on 13 May 2016 by VRS  |  Email |Print

A top allocator to alternative investments at the $750 billion China Investment Corporation, one of the world’s largest state investment funds, is unsure most hedge fund managers are as smart as they think they are.
Roslyn Zhang, a managing director in the department of fixed income and absolute return investments at CIC, told attendees at the 2016 SALT Conference in Las Vegas that she was becoming increasingly “disappointed about quite a few aspects of the industry”………………………………………..Full Article: Source

Saudi Arabia to transfer KAFD ownership to state wealth fund

Posted on 10 May 2016 by VRS  |  Email |Print

Saudi Arabia is to transfer ownership of Riyadh’s floundering King Abdullah Financial District to the Public Investment Fund (PIF) from the Public Pension Agency (PPA), according to four sources aware of the matter.
The move is an attempt to rescue the project, started a decade ago with the aim of making the Saudi capital a global financial centre, and is another example of the burgeoning power of the PIF, which the Gulf state wants to make the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Nigeria: FG to Reposition Sovereign Wealth Fund

Posted on 09 May 2016 by VRS  |  Email |Print

The federal government has disclosed that it plans to reposition the Sovereign Wealth Fund managed by the Nigeria Sovereign Investment Authority (NSIA). The planned repositioning is in tandem with the infrastructure objectives of the federal government.
The Minister of Finance, Mrs. Kemi Adeosun made the disclosure in a statement issued by her Media Adviser, Mr. Festus Akanbinon. Under the SWF, which had a seed capital of $1.55bn, there are three categories of fund from which investments could be anchored………………………………………..Full Article: Source

Saudi Arabia’s Vision 2030 is remarkable, but it will still need oil in four years

Posted on 09 May 2016 by VRS  |  Email |Print

Prince Mohammed bin Salman’s TV interview to launch Saudi Arabia’s Vision 2030 was an unprecedented event, where headline writers rushed to describe the details as a transformational plan to wean the country off oil. Most remarkable of the things said in that interview on April 25 was the deputy crown prince’s promise to end oil dependence by 2020 – in four short years.
How would this be achieved? Well, about US$100 billion of new taxes will be introduced by then, austerity would be into its fourth year, while Saudi Aramco’s transfer to the Public Investment Fund (PIF) would “make investments the source of Saudi government revenue, not oil”………………………………………..Full Article: Source

Malaysia reforms 1MDB, hopes for fresh start

Posted on 06 May 2016 by VRS  |  Email |Print

1 Malaysia Development Berhad, the troubled state fund, will undergo reorganization including the removal of its powerful advisory board. The move aims to give the fund a fresh start and to improve its tarnished image by passing the buck of decision-making to its parent, the Ministry of Finance, which is headed by Prime Minister Najib Razak.
Najib was chair of the advisory board. 1MDB, under the leadership of Najib, will appoint a new board of management, the finance ministry said in a statement on Wednesday. 1MDB’s debts had spiraled to $11 billion and the company had recently defaulted on the interest payment on a bond………………………………………..Full Article: Source

Najib to be stripped of veto power over 1MDB’s decisions

Posted on 05 May 2016 by VRS  |  Email |Print

Malaysia’s Finance Ministry has taken up the recommendations put forward by a parliamentary committee probe into troubled 1Malaysia Development Berhad (1MDB), including the removal of Prime Minister Najib Razak’s veto power over major decisions by the state investor.
The ministry, which wholly owns 1MDB, yesterday also accepted the resignation of 1MDB’s six-member board of directors who offered to quit en masse after the Public Accounts Committee (PAC) tabled its report in Parliament last month………………………………………..Full Article: Source

Malaysia dissolves 1MDB advisory board after payments probe

Posted on 05 May 2016 by VRS  |  Email |Print

Malaysia dissolved the advisory board of state investment fund 1MDB and is set to abolish a clause that gives the prime minister the final say over its investment decisions on Wednesday, as it moves to implement governance reforms recommended by a parliamentary inquiry.
The Malaysian parliament’s public accounts committee last month called for the fund’s advisory board — headed by premier Najib Razak — to be dismantled, following an investigation that found billions of dollars in transactions had not been accounted for………………………………………..Full Article: Source

Argyle ‘to manage $62m pool from Temasek unit’

Posted on 05 May 2016 by VRS  |  Email |Print

A unit of Temasek Holdings has given a $62 million pool of investments to Argyle Street Management, in the second such allocation by the firm to the Hong Kong asset manager, according to people familiar with the matter.
Mainboard-listed TIH Ltd, the private equity firm owned by Argyle, will manage the investment, which includes stakes in Whiterock Medical, a locally based distributor of medical instruments, and Australian coal operations company Carbon Energy, the people said, requesting anonymity because the information is private………………………………………..Full Article: Source

Executive pay crackdown by Norway’s huge public fund

Posted on 04 May 2016 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund plans to target excessive executive pay. Norges Bank is currently looking for a company that it considers to be overpaying executives, and will then use that firm as an example in a report to outline the fund’s position on pay.
With stakes in more than 9,000 companies and worth $870bn (£595bn), Norway’s fund has a powerful voice. In the UK, there have recently been a series of shareholder revolts over pay………………………………………..Full Article: Source

World’s biggest fund will use its power to end boardroom greed

Posted on 03 May 2016 by VRS  |  Email |Print

The world’s biggest fund is to use its huge influence to vote against fat cat pay and boardroom bad behaviour. Norway’s sovereign wealth fund - which has £595bn ($NZ1,240 billion) invested around the globe - will break its silence on excessive salaries at major companies and plans to shame the top payers.
It is a highly important move as the fund holds a stake in most of the world’s biggest firms. Last week the fund took the first steps towards a more active role on pay when it voted against a bonus plan at mining firm Weir that would have seen directors get a huge pay-off regardless how the company performed. It also voted against the £7.2m pay of Anglo American boss Mark Cutifani………………………………………..Full Article: Source

Norwegian wealth fund to focus on executive pay at AGMs

Posted on 03 May 2016 by VRS  |  Email |Print

Head of world’s biggest wealth fund says levels of pay – not just structures – are now becoming a matter for international investor concern. Boardroom bosses have been put on alert that their pay has moved beyond being a focus for UK investors after the biggest wealth fund in the world said it was scrutinising pay deals.
At a time when the amount of revolts in this year’s annual general meeting season are coming thicker and faster than those in recent years, the Norway oil fund has revealed it is preparing to target high pay………………………………………..Full Article: Source

World’s largest sovereign fund to weigh in on executive pay controversy

Posted on 03 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will add its influential voice to those of investors increasingly concerned by executives’ skyrocketing pay.
Worth nearly seven trillion kroner (US$868 billion), the fund will lay out its stance on the thorny subject in a “position paper”, a spokeswoman for the division of the Norwegian central bank responsible for managing the fund said on Monday (May 2). “It is a theme that we will watch,” Martha Skaar said………………………………………..Full Article: Source

NSIA retains best transparent African Sovereign Wealth firms’ rating

Posted on 03 May 2016 by VRS  |  Email |Print

The Nigerian Sovereign Investment Authority (NSIA) has retained its strong position in the latest first quarter 2016 Linaburg-Maduell Transparency Index concluded by the Sovereign Wealth Fund Institute (SWFI). The Linaburg-Maduell Transparency Index, the internationally-renowned analyst of sovereign wealth funds, was developed at the Sovereign Wealth Fund Institute in 2008 by Carl Linaburg and Michael Maduell.
It is an internationally-recognised method of rating the transparency of sovereign wealth funds around the world. For the second consecutive year, the Nigerian Sovereign Wealth Fund (SWF) scored nine out of 10 points, earning its rank in the league of the top rated global sovereign wealth funds in terms of compliance with international best practices………………………………………..Full Article: Source

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

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