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“A trusted steward”: Temasek chairman Lim Boon Heng affirms the company’s ethos

Posted on 23 September 2014 by VRS  |  Email |Print

As Temasek celebrates its 40th anniversary, its chairman Lim Boon Heng chose the occasion to reflect on how the investment company has grown and transformed along with a rapidly changing Singapore.
Speaking at Temasek’s 40th anniversary dinner on Monday (Sep 22), Mr Lim noted how back in 1965, Singapore’s per capita income was just about S$650. Some 40 years later, the figure has grown to over S$80,000. Looking ahead, Mr Lim said Temasek has embarked on a long-term journey to invest and re-invest in the community, in Singapore and beyond………………………………………..Full Article: Source

Temasek Holdings celebrates 40th anniversary with Istana dinner

Posted on 23 September 2014 by VRS  |  Email |Print

An “experiment born out of necessity”, which turned into “a company like no other”, celebrated 40 years of growing alongside Singapore on Monday. Investment company Temasek Holdings is a Singapore institution which “epitomises (a) culture of constant hard work and ceaseless innovation to build for the future”, said President Tony Tan Keng Yam at the firm’s 40th anniversary dinner.
Held at the Istana, the event was attended by about 500 guests, including employees and chairmen past and present, key members of the business community, and international guests. Prime Minister Lee Hsien Loong and other ministers were also in attendance………………………………………..Full Article: Source

President Tony Tan lauds Temasek for its role

Posted on 23 September 2014 by VRS  |  Email |Print

The creation of Temasek Holdings has allowed Singapore to separate government from the running of its commercial interests, forcing those companies to succeed in their own right, Singapore’s President Tony Tan said on Monday.
“Many state-owned companies, or SOEs, around the world are protected from competition and cushioned from corporate realities through subsidies in various guises. This leads to an unlevel playing field,” he said at a dinner to mark the 40th anniversary of Temasek Holdings, the Singapore government’s investment company………………………………………..Full Article: Source

Each Alaskan to receive $1,900 from oil fund

Posted on 22 September 2014 by VRS  |  Email |Print

It’s a highly anticipated day of the year in Alaska, when residents learn how much money they’ll receive from the state’s oil wealth savings account — a payout people receive just for living in The Last Frontier. This year’s share of nearly $1,900 is the sweetest since the Great Recession and the third-richest ever.
Gov. Sean Parnell announced the amount of the Alaska Permanent Fund Dividend with great fanfare Wednesday. “This is all good news for Alaskans,” he said at an Anchorage press conference. The payout to be distributed Oct. 2 is more than double the amount of last year’s $900 checks but short of the record payout of $2,069 in 2008………………………………………..Full Article: Source

Mubadala units drive revenue growth during first half

Posted on 19 September 2014 by VRS  |  Email |Print

Mubadala Development, the strategic investment vehicle owned by the Abu Dhabi Government, said revenue and operating income rose in the first half of the year, mainly because of higher sales and income from its aerospace, energy and aluminium businesses.
Under the terms of the restructuring, Mubadala is due to have the full amount repaid by 2017. An executive at the company declined to comment on the Brazilian situation, but pointed to the fact that EBX had recently received $800m in cash from the sale of a 49 per cent stake in its Colombian gold business to the Qatar Investment Authority……………………………………..Full Article: Source

Mubadala’s first-half profit up 23% on higher JV income

Posted on 19 September 2014 by VRS  |  Email |Print

Mubadala Development Company, the Abu Dhabi-owned sovereign wealth fund, on Thursday posted a 23 per cent profit jump for the first half of the year. The company tasked with developing the emirate’s economy posted a Dh1.34 billion ($364.8 million) profit attributable to equity owners compared to the Dh1.09 billion profit it accrued in the same period a year ago.
Mubadala’s 23 per cent profit jump is off the back of higher revenues from joint ventures such as Emirates Global Aluminium and Dolphin Energy. Income from the joint venture business doubled to Dh2.12 billion in the six months ending June 30……………………………………..Full Article: Source

Malaysia’s Khazanah to gain US$1bil from investment in China’s Alibaba

Posted on 19 September 2014 by VRS  |  Email |Print

A little-known investment by Khazanah Nasional Bhd in Alibaba Group in 2012 has paid off. Khazanah’s investment in the e-commerce giant from China is estimated to be valued at between US$1bil and US$1.2bil (RM3.22bil and RM3.86bil), a between four and five-fold increase of its initial US$250mil investment.
Its investment, although only small in comparison with the size of the technology stock’s valuation estimated at between US$160bil and US$170bil, will provide a handsome windfall should the state investment unit decide to divest upon the listing of Alibaba Group Holding Ltd in the United States……………………………………..Full Article: Source

2014 Permanent Fund Dividend To Be Announced Sept. 17

Posted on 10 September 2014 by VRS  |  Email |Print

One of Alaska’s most anticipated announcements of the year, the amount of the 2014 Permanent Fund Dividend, will be revealed next week. Gov. Sean Parnell’s office says he will announce the amount of this year’s dividend at 10:30 a.m. Sept. 17, at the Atwood Building in Downtown Anchorage.
On Friday, Channel 2 made its annual prediction of the dividend’s amount at $1,909. The first round of deposits are expected to hit Alaskan bank accounts in the beginning of October………………………………………..Full Article: Source

SOFAZ earns huge profit from ACG, Shah Deniz projects

Posted on 04 September 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained over $105.802 billion from 2001 to September 1, 2014 by implementing the project of developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
“The fund received $10.77 billion from January to September 1, 2014 within the framework of ACG project,” SOFAZ told Trend Agency on September 2. The ACG block of fields has been active since 1997. Production started from the Chirag part of the field. It was followed successfully by Azeri Project; Central Azeri production in February 2005, West Azeri in December 2005, and East Azeri in October 2006………………………………………..Full Article: Source

Norway sovereign fund up 3.3% in Q2

Posted on 22 August 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, returned 192 billion kroner (S$38.79 billion) in the second quarter as energy stocks and emerging markets led a rally amid turmoil in Iraq and Ukraine. The Government Pension Fund Global gained 3.3 per cent in the quarter, the Oslo-based investor said yesterday. The US$880 billion fund’s stock holdings returned 4 per cent and its bonds 2 per cent. Real estate returned 3 per cent.
“Equity markets rose in the second quarter and emerging markets performed best,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which runs the fund, said in a statement. “Considerable liquidity flowed into the market, which pushed asset prices up.”……………………………………….Full Article: Source

Norway’s Wealth Fund Gains $31 Billion on Global Stock Surge

Posted on 21 August 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, returned 192 billion kroner ($31 billion) in the second quarter as energy stocks and emerging markets led a rally amid turmoil in Iraq and Ukraine. The Government Pension Fund Global gained 3.3 percent in the quarter, the Oslo-based investor said today. The $880 billion fund’s stock holdings returned 4 percent and its bonds 2 percent. Real estate returned 3 percent.
“Equity markets rose in the second quarter and emerging markets performed best,”Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which runs the fund, said in a statement. “Considerable liquidity flowed into the market, which pushed asset prices up.”……………………………………….Full Article: Source

PE Has Lowest Return Among Alternative Assets For Korea Investment Corp.

Posted on 18 August 2014 by VRS  |  Email |Print

Private equity has generated an 8.6% return during 2013 for Korea Investment Corp.the lowest among all alternative asset classes that the Korean sovereign wealth fund invests in, KIC’s most recent annual report shows. The $72-billion fund is the latest sovereign wealth fund to release annual reports this month, following its counterparts in China and Singapore. Those reports offer a rare window into performance of historically secretive sovereign wealth funds, which are increasingly flexing their muscle in the private equity industry both as fund investors and as direct deal makers.
KIC got into private equity investing in 2009, and in 2010, entered real estate and hedge funds. According to its annual report, private equity has generated lower returns than the other two asset classes, on all three metrics that KIC uses to measure returns. For 2013, private equity returned 8.6%, compared with 9% and 9.5% for hedge funds and real estate, respectively………………………………………..Full Article: Source

Alaska Permanent Fund tops $50 billion mark, returns 15.5% for year

Posted on 12 August 2014 by VRS  |  Email |Print

Alaska Permanent Fund Corp., Juneau, ended the fiscal year above $50 billion for the first time with a preliminary return of 15.5% for fiscal 2014, vs. 15.7% for its composite benchmark. The sovereign wealth fund reported $51.2 billion in total assets for the fiscal year that ended June 30, up $6.3 billion over the closing value for the prior fiscal year.
Returns for the $21 billion equity portfolios drove performance. The U.S. equity portfolio had the highest return at 27%, global equities returned 25% and the non-U.S. equity portfolio returned 20.2%……………………………………Full Article: Source

China Investment Corp. Gains 9.3% on Overseas Investments

Posted on 11 August 2014 by VRS  |  Email |Print

China Investment Corp., the country’s sovereign wealth fund, reported a 9.3% return on its overseas investments in 2013, a decline from 10.6% in 2012. CIC said its net profit rose 11.8% to $86.9 billion in 2013, up from $77.7 billion a year earlier. It has recorded a 5.7% annualized return on its overseas investments since it was founded in 2007, the fund said in its annual financial report, which was released Friday.
Chairman and CEO Ding Xuedong said in the report that the firm had realized good returns by exiting more than 10 investments last year as global markets were on the rise. He didn’t give details on those investments…………………………………Full Article: Source

China Sovereign Fund Says Returns Decline Amid Volatility

Posted on 11 August 2014 by VRS  |  Email |Print

China Investment Corp., the nation’s $653 billion sovereign wealth fund, said return on its overseas investments fell last year as volatility in global financial markets eroded the value of its portfolio and prompted the company to cut bond holdings.
The return dropped to 9.33 percent from 10.6 percent in 2012, according to the Beijing-based company’s 2013 annual report released yesterday. Net income at the fund, which also holds government stakes in China’s biggest banks, rose 12 percent to $86.9 billion, the report showed…………………………………Full Article: Source

UAE’s ADIA most open sovereign fund in Gulf – Euromoney

Posted on 08 August 2014 by VRS  |  Email |Print

In its report for August, Euromoney magazine said that the Abu Dhabi Investment Authority (ADIA) is the most open sovereign wealth fund in the Gulf region, following the fund’s recently published fifth annual report. Examining ADIA’s hiring trends over the past few years affirms the idea that ADIA seeks to bolster its in-house efficiency.
According to Euromoney’s official website, ADIA, in 2013, recruited its first ever global head of internal equities AllianceBernstein veteran Gregory Eckersley, with responsibility for overseeing all internally managed active equity portfolios………………………………………..Full Article: Source

Australian sovereign wealth fund reports assets of AUD101bn+

Posted on 07 August 2014 by VRS  |  Email |Print

The Future Fund reports that in the 2013/2014 financial year investment returns added AUD12bn to its value. Original contributions to the fund from government valued at AUD60.5bn have generated investment returns of over $40bn and overall, the value of the sovereign wealth fund has increased to AUD101bn.
Over seven, five, three and one year periods to the end of June this year the fund has either met or exceeded its return objective: Since its creation in May 2006 the Fund has achieved a return of 7.1% per annum, just shy of its target of 7.2%. “These returns show the value of long-term and patient investing. In the Fund’s early days, in a challenging investment climate, the returns were below the target range, but disciplined adherence to clear objectives have delivered good results over the medium-term. The Fund is now focused on performance through to 2020 and beyond,” notes Peter Costello, chairman of the sovereign wealth fund………………………………………..Full Article: Source

Sovereign Wealth Fund Direct Transactions Highest YTD Since 2008

Posted on 07 August 2014 by VRS  |  Email |Print

Direct deals and transactions by global sovereign wealth funds touched US$ 50.02 billion in the first half of 2014. This is a 23.1% increase in transactions comparing it to the first half of 2013 (US$ 40.64 billion). The highest first half on record of direct sovereign wealth fund transactions was the first half of 2008 (US$ 51.05 billion), a significant portion of that amount was attributable to the bank bailouts.
Singapore is the lead acquiring nation for sovereign wealth fund direct transactions with US$ 21.21 billion for the first half of 2014. This is followed by the United Arab Emirates and China. In 2014, Temasek Holdings opened a New York office………………………………………..Full Article: Source

Saudi funds abroad cross SR385 billion

Posted on 06 August 2014 by VRS  |  Email |Print

Financial assets belonging to independent Saudi organizations, including the Saudi Arabian Monetary Agency (SAMA) and Public Investment Fund (PIF), in foreign countries amounted to SR385.3 billion, comprising 63 percent of their total assets.
“These organizations have invested SR335.1 billion, or 55 percent of their total assets in foreign stock markets and bonds,” said an analytical report, adding that they deposited SR50.2 billion, or eight percent of their funds, in foreign banks………………………………………..Full Article: Source

Value of Australia’s Future Fund Exceeds $100 Billion for the First Time

Posted on 05 August 2014 by VRS  |  Email |Print

Australia’s Future Fund has reached $101 billion on Monday, exceeding the $100 billion mark at the end of June after its investment returns for the 2013-14 financial year yielded $12 billion. Former Treasurer Peter Costello established the fund in 2006. Since then and despite the global financial crisis in 2008, the fund enjoyed an average nominal annual growth rate of 7.1 per cent, just slightly lower than its 7.2 per cent target.
Costello, the chairman of the fund, said that during the fund’s early days when the investment climate was challenging, resulting in returns yielding lower than the company’s target range. However, he pointed out that disciplined adherence to clear objectives resulted in good growth rates over the long term………………………………………..Full Article: Source

Future Fund facing super shortfall

Posted on 05 August 2014 by VRS  |  Email |Print

A lack of budget surplus contributions to the Future Fund could see it come up short in meeting federal public service superannuation liabilities, The Australian reports. Yesterday the Future Fund announced returns in fiscal 2014 that far exceeded the target rate, but the government’s super liabilities for 2020 – when the Fund is due to start paying out – are on track for $200 billion, well above the current $101bn size of the Fund.
Future Fund chairman Peter Costello said the fund had no control over future liabilities, but more funds from the government would be welcomed. “We have had six years of no contributions and if you are asking me whether it would have been nice to have had some contributions, yes, of course it would be nice to have some contributions,’’ Mr Costello told The ­Australian………………………………………..Full Article: Source

AEDC Says Permanent Fund Dividend May Rise This Year

Posted on 05 August 2014 by VRS  |  Email |Print

Forecasting suggests that this year’s Permanent Fund Dividend is expected to rise significantly. KDLG’s Chase Cavanaugh has more on the market analysis. The Anchorage Economic Development Corporation predicts that the declining dividends in the Alaska Permanent Fund are expected to reverse this year.
Established in 1976, the Permanent Fund sets aside oil revenues in a dedicated place for future generations. Part of this program is an annual dividend paid to Alaska residents, last year’s totaling $900 per individual. Bill Popp is AEDC’s CEO, and he says this year’s dividend will increase significantly………………………………………..Full Article: Source

GIC reports steady returns

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore investment fund GIC posted brighter returns on the nation’s nest egg as the world economy kept growing and financial markets stayed robust. ver five years to March 31 this year, GIC’s assets across the globe returned 12.4 per cent in US dollar terms - well above the 2.6 per cent for the five years to March 31 last year.
The big jump came as worldwide markets kept rebounding strongly from the lows of the 2008-2009 global financial crisis. “Its five-year returns improved significantly because the 2008 bear market has been flushed out,” said APS Asset Management founder and chief investment officer Wong Kok Hoi, who used to work at GIC………………………………………..Full Article: Source

Abu Dhabi-backed Carlyle see Q2 earnings double

Posted on 04 August 2014 by VRS  |  Email |Print

Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, announced its second-quarter earnings doubled from a year earlier as one of its European buyout funds started paying performance fees, highlighting the growth potential of its private equity business in Europe.
While two US buyout funds accounted for more than half of all of Carlyle’s performance fees in the quarter, the Washington, DC-based private equity firm said its third European buyout fund was now also a contributor………………………………………..Full Article: Source

Fitch Affirms Mubadala Development Company PJSC at ‘AA’; Outlook Stable

Posted on 25 July 2014 by VRS  |  Email |Print

Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default Rating (IDR), senior unsecured rating at ‘AA’ and Short-term IDR at ‘F1+’. The Outlook on the Long-term IDR is Stable.
Mubadala Development Company -GMTN B.V.’s (MDC) global medium-term note (GMTN) programme and outstanding notes and MDC’s euro commercial paper programme (ECP) have also been affirmed at ‘AA’ and ‘F1+’, respectively………………………………………..Full Article: Source

Assets of Azerbaijani State Oil Fund exceed $37 billion

Posted on 23 July 2014 by VRS  |  Email |Print

The revenues of the State Oil Fund of Azerbaijan amounted to 6,493.6 million AZN and expenses - 5,163.1 million AZN in the first half of 2014, the fund reported.
The revenues from the implementation of oil and gas contracts stood at 6,374.8 million AZN, including the sale of profitable oil and gas - at the level of 6,335.4 million AZN during the reported period. The fund`s income from transit operations amounted to 4.4 million AZN. The fund implemented bonus payments in the amount of 13.3 million AZN in January-June. The contributions from payments acreage payment amounted to 1.7 million AZN in the first half of the year………………………………………..Full Article: Source

Azerbaijan Oil Fund’s assets exceed $37.6 bn and gold assets – 30.1 tons

Posted on 22 July 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) announces about growth of its assets by 4.86% in the first half of 2014. According to the SOFAZ, its assets as of July 1, 2014 has grown by 4.86% compared to the beginning of 2014 ($35.877 bn) and stood at $37.6 bn.
“Starting from 2012 the Oil Fund has begun purchase of gold and the amount of gold as of July 1, 2014 was 30 tons 175 kg (970 146 ounces),” the SOFAZ informed………………………………………..Full Article: Source

SOFAZ earns enormous profit from ACG, Shah Deniz projects

Posted on 18 July 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained over $102.8 billion from 2001 to July 1, 2014 by implementing the project of developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
The fund earned around $7.78 billion from ACG project from January 1 to July 1, SOFAZ told Trend Agency on July 16. The ACG block of fields has been active since 1997. Production started from the Chirag part of the field. It was followed successfully by Azeri Project; Central Azeri production in February 2005, West Azeri in December 2005, and East Azeri in October 2006………………………………………..Full Article: Source

ECA rises to $4.5bn as FG, States, LGs share N755.9bn in June

Posted on 18 July 2014 by VRS  |  Email |Print

The Federation Accounts Allocation Committee (FAAC) yesterday shared a total distributable revenue amounting to about N755.95 billion among the three tiers of government for June as it emerged that the money, Excess Crude Account (ECA) kept to provide succour in rainy days had increased from about $3.6 billion to about $4.5 billion.
In the previous month, to total revenue collection in the month under review was significantly helped by the Company Income Tax (CIT), Petroleum Profit Tax (PPT)-particularly, the upward review of estimates by some companies………………………………………..Full Article: Source

NSIA gets transparent rating

Posted on 17 July 2014 by VRS  |  Email |Print

The Nigerian Sovereign Investment Authority (NSIA) has received improved rating as sovereign wealth fund (SWF) by Linaburg-Maduell transparency index administered by Sovereign Wealth Institute. In the official statement announcing the second quarter ratings, the Institute singled out NSIA for special mention, stating that the NSIA has been upgraded to nine points out of a possible 10 from a score four in the previous rankings.
This rating translates into a leap from a position of joint 33rd and 2nd; the only African sovereign wealth fund so ranked. With the latest rankings, the NSIA is ranked alongside sovereign wealth funds from the USA, France, South Korea, Brazil, and Malaysia………………………………………..Full Article: Source

ECA swells to $4.05b

Posted on 16 July 2014 by VRS  |  Email |Print

The balance in the Excess Crude Account (ECA) has increased to $4.05 billion, following the approval by the Federation Account Allocation Committee (FAAC) for the transfer of N50.35 billion into the ECA.
At the end of the FACC meeting for the distribution of June 2013 allocation to the three tiers of government, members of the committee, especially those from the states, kicked against the retention of fuel subsidy. They described the retention of fuel subsidy as a fraud against the country………………………………………..Full Article: Source

NSIA gets transparency upgrade

Posted on 16 July 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) has received improved rating as a sovereign wealth fund by the Linaburg-Maduell transparency index administered by the Sovereign Wealth Institute. In the official statement announcing the second quarter 2014 ratings, the Institute singled out the NSIA for special mention stating that NSIA has been upgraded to nine points out of a possible 10 from a score of four in the previous rankings.
This rating translates into a leap from a position of joint 33rd to joint 2nd; the only African sovereign wealth fund so ranked. With the latest rankings, NSIA is in credible company alongside sovereign wealth funds from the USA, France, South Korea, Brazil and Malaysia………………………………………..Full Article: Source

Kazakhstan’s National Fund reaches $77 billion

Posted on 14 July 2014 by VRS  |  Email |Print

The National Fund of Kazakhstan has reached $77 billion, Kazakhstan National Bank Chairman Kairat Kelimbetov said yesterday during his meeting with President Nursultan Nazarbayev, the presidential press service reported.
According to the National Bank, in January-June 2014 Kazakhstan’s total international reserves including the National Bank gold and forex reserves and National Fund assets increased from $95.5 billion to $103 billion………………………………………..Full Article: Source

Temasek’s portfolio growth slows; holdings hit record $179 bln

Posted on 09 July 2014 by VRS  |  Email |Print

Singapore state investor Temasek Holdings Pte Ltd said its portfolio grew by 3.72 percent in the last financial year, slower than the previous year, due to a drop in the value of its bank holdings which include Standard Chartered PLC.
Temasek reported on Tuesday its portfolio size had increased to a record S$223 billion ($179 billion) in its last financial year that ended in March. Last financial year, Temasek’s portfolio grew 8.6 percent…………………………………..Full Article: Source

Here’s What Temasek Bought Over the Past Year

Posted on 09 July 2014 by VRS  |  Email |Print

Singapore state fund Temasek Holdings Pte. Ltd. released its performance review for the 2014 fiscal year on Tuesday. The firm has a lot of influence as one of Asia’s biggest investors. So, what did it get up to over the past year?
Temasek says it made S$24 billion (about US$19.2 billion) of new investments and divested S$10 billion in the year through March, writing that it sought “to take advantage of market weakness in Asia.” It invested the most in the financial services, life sciences and energy sectors, according to the review…………………………………..Full Article: Source

Temasek set to show slower asset growth on banks holdings

Posted on 08 July 2014 by VRS  |  Email |Print

Temasek Holdings Pte’s assets probably grew at a slower pace in the year to March because the value of some of its biggest financial assets declined. Singapore’s state-owned investment company, which releases its annual review tomorrow, may have increased the value of its holdings by about 4 percent to a record S$224 billion ($180 billion) in the year to March 31, according to CIMB Research Pte and Institutional Investor’s Sovereign Wealth Center.
That compares with an 8.6 percent gain in the previous year.China Construction Bank Corp. and Industrial & Commercial Bank of China Ltd., among the top four lenders in Temasek’s portfolio, declined as China’s economy heads for the weakest expansion in 24 years amid rising debt and a clampdown on shadow banking……………………………………..Full Article: Source

Nigeria: NSIA Rakes in N1.2 Billion By Investing 20 Percent of SWF

Posted on 26 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF).
The agency stated that its first quarter 2014 performance was wholly in line with its projections. The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Sovereign Wealth Fund Records Modest Q1 Outing

Posted on 26 June 2014 by VRS  |  Email |Print

Buoyed by its humble performance at the end of its first full year of operation, the management of the Nigerian Sovereign Investment Authority (NSIA) at the weekend announced a net profit of N1.2 billion for its operations in the first quarter of 2014, which is more than double the N525 million reported for the whole of last year.
The NSIA, which started out with seed funding of $1 billion from the federal and state governments, reported the 2013 profit on the back of a total investment income of N1.466 billion………………………………………..Full Article: Source

NSIA Rakes in N1.2bn by Investing 20% of SWF

Posted on 25 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF). The agency stated that its first quarter 2014 performance was wholly in line with its projections.
The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Heritage Fund earns $852 million more than expected in 2013

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta Heritage Savings Trust Fund earned $2.1 billion in interest in 2013-14, with a record 16-per-cent return on investment. The heritage fund is Alberta’s long-term savings account. It currently holds roughly $17.5 billion. Established in 1976, it was originally meant to save non-renewable resource revenue for future generations.
In recent years, the government has transferred most of the interest to general revenues to be spent. In total, interest from the fund has contributed roughly $36.5 billion to pay Alberta’s annual expenses. Over the next three years, however, the money taken out of the fund will be gradually reduced to zero………………………………………..Full Article: Source

Alberta heritage fund earned $2.1B in 2013-14

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta government says its nest egg earned $2.1 billion in the last fiscal year — a 16 per cent rate of return. The value of the Heritage Savings Trust Fund now sits at $17.5 billion.
Most of the money earned is being moved into general revenue to pay for government programs. Just under $200 million is being kept in the fund, as required by law, to protect against inflation………………………………………..Full Article: Source

Nigeria: Sovereign Wealth Fund yields N1.2bn profit in Q1

Posted on 23 June 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority has announced a profit of N1.2bn from its investment of the Sovereign Wealth Fund for the first quarter of this year, up from the N525m made in the 15-month period ended December 31, 2013.
In what may be considered a justification of the decision of the Federal Government to set up the SWF to save some portion of the money realised from the sale of crude oil, the NSIA also expressed optimism that it would match if not surpass the first quarter profit margin when the result of the second quarter audit was ready………………………………………..Full Article: Source

Auditor blames CIC

Posted on 19 June 2014 by VRS  |  Email |Print

Mismanagement at China Investment Corp, the nation’s US$575 billion sovereign wealth fund, led to overseas investment losses that could widen, according to the National Audit Office.
A dereliction of duty by managers and inadequate due diligence and post- investment management were identified in 12 investments made abroad by the fund between 2008 and 2013, according to results of an audit conducted last year. Six of the deals were unprofitable, four of them had unrealized losses, and two may potentially lose money. The report released yesterday did not name the investments or disclose their size………………………………….Full Article: Source

ECA rises to N3.73bn as govts share N648.349bn in May

Posted on 18 June 2014 by VRS  |  Email |Print

Federal Government announced N3.73 billion as the balance in the Excess Crude Account saying that the amount rose from N3.6 billion in April to the level in May. Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the total allocation shared by the three ters of government.
The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared to last month, is N49.177 billion higher, adding that the total allocation to SURE-P as ususaI, is N35.55 billion………………………………………..Full Article: Source

GCC states spread the wealth around

Posted on 16 June 2014 by VRS  |  Email |Print

The Gulf Cooperation Council (GCC) maintains a quite substantial sovereign wealth funds (SWFs), and much to their credit, they invest these across a wide global footprint. In fact, they have a track record of showing readiness to contribute handsomely to solve critical global financial problems. This was put to display at the height of sub-prime market crisis in 2008, with the GCC contributing generously to a special fund to help those hit with the calamity.
Three other GCC member-states maintain sizeable SWFs, specifically $743 billion for Saudi Arabia, $410 billion for Kuwait and $170 billion for Qatar. Oman and Bahrain maintain relatively smaller — by regional standards — funds of $19 billion and $11 billion………………………………………..Full Article: Source

SOFAZ earned huge money from Shah Deniz, ACG projects

Posted on 11 June 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained about $1.853 billion from 2007 to June 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ earned some $256 million as part of the Shah Deniz project from January 1 to June 1, SOFAZ told Trend Agency.
The Shah Deniz field, one of the world’s largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe………………………………………..Full Article: Source

Khazanah registers higher pre-tax profit of RM3.1 billion for 2013

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd registered a higher pre-tax profit of RM3.1 billion for the financial year ended December 31, 2013 from RM2.1 billion recorded in the 2012 financial year. In a statement, Khazanah Nasional said total revenue for the 2013 financial year amounted to RM7.6 billion which comprised dividend income of RM6.6 billion.
The government’s strategic investment fund today released the “Khazanah Report 2013″ and “GLC Transformation Programme Progress Review 2014″ at the Invest Malaysia 2014 conference………………………………………..Full Article: Source

Excess crude oil account hits $3.45 billion

Posted on 10 June 2014 by VRS  |  Email |Print

The Excess Crude Account (ECA), which stood at $2.11 billion in April, has increased by $1.34 billion, bringing the total savings in the till to $3.45 billion. The new figure represents an increase of about 63.5 percent, reports Leadership
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the rise on in a statement issued by her Media Assistant, Paul Nwabiuku. She said the rise in the ECA signals the federal government’s commitment to rebuilding the country’s fiscal buffers………………………………………..Full Article: Source

SOFAZ earns over $100 bln over 13 years

Posted on 06 June 2014 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) has earned more than $100 billion ($1 = 0.78390 AZN) in the period of 2001-2013. This was said in fund’s last report released on June 4.
About 64 percent, or $64.23 billion of SOFAZ revenue earned in the past 13 years were allocated for investment, while the remaining 36 percent ($35.88 billion) were deposited in the saving account of the fund. Meanwhile, the volume of fund’s income amounted to $17.33 billion in 2013, which is slightly lower than 2012 ($17.41 million)………………………………………..Full Article: Source

Long-term assets of SOFAZ exceed $1,5 bln in 2013

Posted on 05 June 2014 by VRS  |  Email |Print

Assets of Azerbaijani State Oil Fund (SOFAZ) amounted to about 28,31 billion manat in 2013, compared to over 26,89 billion manat in 2012, the company’s official report said on June 4.
According to the report, some 27,09 billion manat from the overall assets accounted for current assets, while about 1,22 billion - for long-term assets. As stated in the report, SOFAZ received 13,6 billion manat (against the approved 11,48 billion manat in the fund’s budget)………………………………………..Full Article: Source

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