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The Norwegian Oil Fund worth NOK 5000 bln

Posted on 04 December 2013 by VRS  |  Email |Print

The Norwegian Government Pension Fund Global, also known as the National Oil Fund has now reached the value of NOK 5000 billion, or USD 818 billion. This was announced Monday, 17 years after the Finance Department deposited the first NOK two billion in the Fund in 1996.
The Fund’s value passed NOK 2000 billion in October 2007 and NOK 3000 billion in 2010. The value passed NOK 4000 billion in February this year. Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global………………………………………..Full Article: Source

Norway’s state pension fund returns 5pct in third quarter

Posted on 26 November 2013 by VRS  |  Email |Print

Norges Bank Investment Management, manager of the Norwegian government’s global pension fund has published its third quarter report on investment returns. The Government Pension Fund Global returned 5.0%, or 228 billion kroner,($37bn) in the third quarter of 2013. Equity investments returned 7.6%, while fixed income investments returned 0.3%. The return on equity and fixed income investments was 0.1 percentage point higher than the return on the fund’s bench mark, the report said.
Investments in real estate returned 4.1%. The fund had a market value of 4,714 billion ($769bn) kroner at the end of the quarter and was invested 63.6% in equities, 35.5% in fixed income and 0.9% in real estate………………………………………..Full Article: Source

Bahrain SWF maintains transparency score

Posted on 11 November 2013 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat)’s transparency score has been maintained following the research undertaken by Linaburg-Maduell Transparency Index issued by the Sovereign Wealth Funds Institute (SWFI).
Mumtalakat maintained its score of nine out of a possible 10 in the index, which makes the company well placed in the top tier of its global peers, said a press release………………………………………..Full Article: Source

Nigeria’s sovereign wealth fund ranked 44th on Transparency Index

Posted on 08 November 2013 by VRS  |  Email |Print

Nigeria’s sovereign wealth fund has been ranked number 44 on the global Sovereign Wealth Transparency rating for the third quarter of 2013. Known as the Linaburg-Maduell Transparency Index, it rates the sovereign wealth funds of countries in terms of how transparent they are to the public.
According to the rating for the third quarter released yesterday, the Nigerian Sovereign Investment Authority (NSIA) achieved a rating of ‘4′, to place 44th out of 51 sovereign wealth fund rated by the Sovereign Wealth Institute………………………………………..Full Article: Source

SOFAZ gold assets estimated at $1.1 bln

Posted on 06 November 2013 by VRS  |  Email |Print

Physical gold amounts already 3.2% of currency assets of the State Oil Fund of Azerbaijan (SOFAZ). The Fund informs that as of 1 October its investment portfolio was $35.5 bn or 99.3% of currency assets ($35.809 bn).
At that, the basis of portfolio consists of investments in American currency - $17.05 bn or 48%. Investments in single European currency were a little behind – 40.1% of assets or €10.55 bn. Investments in British pounds were formed by 5.1% of assets or £1.146 bn………………………………………..Full Article: Source

NZ Super Fund exceeds targets in turbulent decade

Posted on 31 October 2013 by VRS  |  Email |Print

New Zealand Superannuation Fund has returned an average of 9.13% in each year of its 10-year existence, new figures reveal. The returns are before tax after costs, says the fund’s manager, the Guardians of New Zealand Superannuation.
As at September 30, the fund was worth $23.93 billion. It has also paid $3.3 billion in New Zealand tax over the 10 years, including $980 million during the past 12 months. Guardians chairman Gavin Walker says the fund is comfortably ahead of its key performance benchmarks and it has beaten the government’s cost of debt over the decade by 4.26% a year, or $6.96 billion……………………………..Full Article: Source

Behind the Future Fund’s great big return

Posted on 31 October 2013 by VRS  |  Email |Print

Figures released last week by the Future Fund revealed it was outperforming the most aggressive of Australia’s pool super funds and was on track to reach its target of $140 billion a year early, in 2019.
The Australian reported the fund – intended to pay for defined benefit pensions to commonwealth public servants – “had beaten conventional super funds holding 100% growth assets by a handsome margin, even though it is widely invested in longer-term assets such as infrastructure and timber plantations”……………………………..Full Article: Source

Permanent Fund gains 4.6pct in first quarter

Posted on 25 October 2013 by VRS  |  Email |Print

The Alaska Permanent Fund returned 4.6 percent for the first quarter of fiscal year 2014, and increased in value by $2.2 billion from the start of the fiscal year to reach $47.0 billion, according to unaudited figures released by the Corporation. The Fund’s investments were positioned more conservatively (and assumed less risk) than the composite performance benchmark, and as a result lagged the benchmark return of 5.7 percent for the period ending September 30.
The Fund’s stock portfolios, which comprised close to half the Fund’s investments, drove the positive performance for the quarter. The U.S. portfolio returned 8.3 percent, while the Non-U.S and global portfolios gained 8.8 and 8.0 percent respectively………………………………………..Full Article: Source

The Future Fund’s secret to success (Video)

Posted on 24 October 2013 by VRS  |  Email |Print

Australia’s sovereign wealth fund is toasting another strong result thanks to rising equity markets and its move away from debt securities over the past 12 months. The Future Fund’s average annual return over three years has been nearly 10 per cent.
However experts say a number of mainstream super funds have done better………………………………………..Full Article: Source

Alaska’s Permanent Fund notches nifty $2.2 bln return in last quarter

Posted on 23 October 2013 by VRS  |  Email |Print

Alaska’s Permanent Fund continued to swell in the first three months of the fiscal year, gaining $2.2 billion to reach a total of $47 billion, according to the corporation that manages Alaska’s biggest account.
The fund, the piggy bank that puts money into Alaskans’ pockets each fall, is invested conservatively and returned 4.6 percent during the 90-day stretch starting in July, said a statement from the Alaska Permanent Fund Corp. For all of fiscal year 2013, the fund increased in value $4.3 billion………………………………………..Full Article: Source

Assets of Azerbaijani State Oil Fund hit $36 bln

Posted on 22 October 2013 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan from January-September, 2013 reached 10.086 billion manat, while budget expenditures constituted 8.746 billion manat, a message from the State Oil Fund said.
According to the message, revenue of 9.774 billion manat was received from implementation of oil and gas agreements, including 9.766 billion manat from the sale of profit oil and gas, 1.7 million manat as acreage fees, 6.0 million manat as transit payments, 0.3 million manat as bonus payments and 0.06 million manat from the sale of assets received from foreign companies………………………………………..Full Article: Source

SOFAZ cites revenues from ACG, Shah Deniz projects

Posted on 22 October 2013 by VRS  |  Email |Print

Since early 2001 as of October 1, Azerbaijan’s state oil fund SOFAZ received over $90.878 billion within the implementation of the project on developing the giant Azeri-Chirag-Gunashli (AGC) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, SOFAZ told Baku-based Trend news agency on October 18.
SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, reported that it received over $12.107 billion under the ACG project in January-September 2013………………………………………..Full Article: Source

Global SWFs’ combined portfolio rises to USD6trn

Posted on 21 October 2013 by VRS  |  Email |Print

Global sovereign wealth funds now hold more than USD 6 trillion in investments with Middle East funds contributing 35% of the assets, according to latest data from Sovereign Wealth Fund Institute.
Collectively, the funds’ assets have risen by more than USD 1 trillion in nine months, suggesting that the richest fund continue to find investment opportunities in a low-growth economic environment. The SWF Institute data from 73 funds, however, is around USD 600 billion higher than estimates by Preqin Sovereign Wealth Fund Review, which recently pegged the SWFs’ combined assets at USD 5.38 billion………………………………………..Full Article: Source

Volume of proceeds to Azerbaijan’s State Oil Fund from ACG project nears $91 bln

Posted on 21 October 2013 by VRS  |  Email |Print

As of Oct. 1, some $90,878.5 million was received by the State Oil Fund of Azerbaijan (SOFAZ) from early 2001 within frameworks of the project of development of the Azeri-Chirag-Guneshli (ACG) block of oil field in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on Friday.
SOFAZ said that in January-September 2013 it received $12,107.6 million as part of the Azeri-Chirag-Guneshli project. The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994………………………………………..Full Article: Source

NZ Super Fund reports record return

Posted on 18 October 2013 by VRS  |  Email |Print

The New Zealand Superannuation fund had a record 2013 financial year, returning nearly 26%, or $4 billion. Over the 10 years it’s existed the Fund has built up to now be worth $23 billion.
It follows a contrarian investment strategy, whereby it invests in an asset which it believes is well below fair value, but with a long-term view to see that value materialise. Superannuation Fund chief executive Adrian Orr says it’s that investment strategy that has really worked for it………………………………………..Full Article: Source

English marks NZ Super Fund’s 10th anniversary

Posted on 17 October 2013 by VRS  |  Email |Print

Finance Minister Bill English congratulated the New Zealand Superannuation Fund on achieving its tenth anniversary, and having built a world-class sovereign wealth fund in that time.
The New Zealand Superannuation Fund, which invests to assist in meeting some of the long-term cost of New Zealand Superannuation, started in 2003 with $2.5 billion in cash. Since then it has returned an average of 8.84 per cent per annum and the fund now stands at $23 billion………………………………………..Full Article: Source

$23 bln in NZ Super Fund

Posted on 17 October 2013 by VRS  |  Email |Print

The Superannuation Fund, which has just turned 10 years old, has $23 billion in it. Finance Minister Bill English says New Zealand has built a world-class sovereign wealth fund in just a decade.
It was started by Labour finance minister Michael Cullen in 2003 to help meet the long-term cost of national superannuation. Dr Cullen put $2.5 billion in it to start it up………………………………………..Full Article: Source

Global sovereign wealth fund assets up 16pct

Posted on 11 October 2013 by VRS  |  Email |Print

Sovereign wealth funds globally have added over $750 billion to their total assets under management over the last year, from $4.62 trillion in 2012 to $5.38 trillion in 2013 with an increase of 16%, according to latest research from private equity research firm Preqin.
Asia-based sovereign wealth funds have shown some of the largest growth in assets under management, with the assets of these sovereign wealth funds growing, on average, by 19% since 2012. This is in comparison to the average 6% growth in assets under management exhibited by Middle Eastern sovereign wealth funds………………………………………..Full Article: Source

Sovereign wealth fund assets surpass USD 5 trln: Preqin

Posted on 11 October 2013 by VRS  |  Email |Print

Sovereign funds globally have added over USD 750 billion to their total assets under management over the last year, from USD 4.62 trillion in 2012 to USD 5.38 trillion in 2013, according to Preqin sovereign wealth fund review.
This growth, which is the largest annual increase in total sovereign wealth fund assets since Preqin began tracking this information, can be accounted for by both the number of new sovereign wealth funds formed over the last few years, as well as capital injected into existing sovereign wealth funds. Interestingly, Asia-based sovereign wealth funds have shown some of the largest growth in assets under management, with the assets of these sovereign wealth funds growing, on average, by 19% since 2012, it said………………………………………..Full Article: Source

SOFAZ’s budget for 2014 forecasted with surplus of over $427 mln

Posted on 11 October 2013 by VRS  |  Email |Print

Surplus of Azerbaijani State Oil Fund’s (SOFAZ) budget, forecasted for 2014, will amount to 335.1 million manats, the drafts of Azerbaijan’s state and consolidated budgets for 2014, released by Azerbaijani Finance Ministry said.
SOFAZ’s revenues are forecasted at 11.63 billion manats, and expenses at 11.29 billion manats. SOFAZ’s expenses decreased by 17 per cent (or 2.3 billion manats) compared to the figures for 2013, and grew up by 18.2 per cent (or 1.7 billion manats) against the executed indicators for 2012. Alongside with this the SOFAZ’s budget for 2013 was projected with a deficit in the amount of 1.78 billion manats, with expected revenues of 11.82 billion manats and expenditures at 13.6 billion manats………………………………………..Full Article: Source

New Zealand’s sovereign wealth fund gained 26pct last year—thanks to the financial crisis

Posted on 10 October 2013 by VRS  |  Email |Print

The New Zealand Superannuation Fund, the country’s sovereign-wealth fund, has averaged a solid 8.8% annual return since it was founded in September 2003. But it gained 19.2% in 2012 and 25.8% in the fiscal year ending in June 2013. How come? CEO Adrian Orr told Institutional Investor in an interview that the financial crisis forced it to think differently about how it invests money.
The fund used to simply decide how much to invest in an asset class—putting 20% of its total assets in bonds, for instance. And then it would typically sit on those investments. But after taking a hit during the crisis, the fund now splits its money two ways………………………………………..Full Article: Source

Azerbaijan Oil Fund’s budget surplus forecasted to be AZN 335 mln

Posted on 09 October 2013 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will have a budget surplus. According to the forecast of the consolidated budget, in 2014 SOFAZ revenues will amount to AZN 11.626 bn and expenditures AZN 11.29 bn.
“Fund’s transfer to the State Budget will total AZN 9.337 bn and investment expenditures AZN 1.9 bn,” the draft consolidated budget says. As a result, the SOFAZ will have a surplus of AZN 335.1 million in 2014………………………………………..Full Article: Source

Middle east sovereign funds not very transparent

Posted on 03 October 2013 by VRS  |  Email |Print

A bunch of the world’s sovereign wealth funds got together in 2008 to address a growing tide of concern about the political dimensions of their investments. The funds wanted to assure everyone that they were in fact very ordinary investors with no objectives outside of a financial return.
Five years on, however, a new report says many Middle Eastern funds still aren’t complying with the voluntary regulations that came out of that meeting: the so-called Santiago Principles………………………………………..Full Article: Source

Mubadala Development Company registers 10.4pct growth in half-yearly profits

Posted on 01 October 2013 by VRS  |  Email |Print

The investment arm of the Abu Dhabi government Mubadala Development Company has recorded a 10.4% increase in half-yearly profits, attributed mainly to earnings from financial investments, to AED1.1 billion (US$299.4 million) against AED984.7 million (US$268.02 million) from the same period last year.
Abu Dhabi’s Mubadala Development Co., a stakeholder in luxury carmaker Ferrari, swung back to profit in 2009 as value of investments rebounded, posting Monday a 1.3 billion dollar profit.The government-owned company posted 4.79 billion dirhams (1.3 billion dollars) in profit attributable to equity holders, compared to a loss of 11.44 (3.1 billion dollars) registered in 2008, according to an audited financial statement posted on the company’s website. (Press Release)

New Zealand SWF head Adrian Orr explains his fund’s big gains

Posted on 01 October 2013 by VRS  |  Email |Print

Adrian Orr feels vindicated. In February 2007 the energetic, outspoken economist took over as CEO of the Guardians of New Zealand Superannuation, the investment group that manages the country’s NZ$23 billion ($18.9 billion) sovereign wealth fund. His remit: Transform the fund from a traditional asset allocator into an agile and opportunistic investor.
Orr had been on the job only a few months when the subprime mortgage crisis erupted. Far from giving him pause, though, the crisis spurred him to accelerate the strategic shift. Adopting a total-portfolio approach, the CEO and his team created a passive reference portfolio to serve as an internal benchmark……………………………………….Full Article: Source

Trinidad and Tobago’s SWF reaches the US$ 5 bln mark

Posted on 30 September 2013 by VRS  |  Email |Print

Although Trinidad and Tobago’s annual Heritage and Stabilisation Fund (HSF) report isn’t due for another few months, Finance Minister Larry Howai has been quoting the fund value in a number of reports.
The first notable mention was in a budget report issued on September 9th, 2013. Howai credited “consistent and strong earnings” for the sovereign wealth fund’s impressive growth. Comparing the previous year’s statement, the fund grew from US$ 4.712 billion to US$ 5 billion with US$ 42 million in government contributions. The number was also reported in an appropriation bill issued on September 20th, 2013……………………………………….Full Article: Source

Abu Dhabi fund Mubadala’s H1 profit up 10.4 pct on investment gains

Posted on 27 September 2013 by VRS  |  Email |Print

Mubadala, the Abu Dhabi investment fund with a mandate to develop the emirate’s local economy, on Thursday posted a 10.4 percent rise in first-half profit boosted mainly by income from financial investments.
Mubadala, which has stakes in General Electric and private equity firm Carlyle, said profit attributable to equity owners for the first half of the year was 1.1 billion dirhams ($299.5 million), compared with 984.7 million dirhams in the corresponding period last year………………………………………..Full Article: Source

Mubadala income doubles to $571mln

Posted on 27 September 2013 by VRS  |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today reported a total comprehensive income of Dh2.1 billion ($571 million) for the first half of this year.
The figure, which is almost double of Dh1.1 billion achieved in H1 2012, was driven by improvements in the fair value of many of the group’s financial investments and other assets, the company said………………………………………..Full Article: Source

Azerbaijani State Oil Fund’s assets increase by 42.5 times for last 10 years

Posted on 19 September 2013 by VRS  |  Email |Print

The assets of the State Oil Fund of Azerbaijan (SOFAZ) from 2003 to 2013 increased by 42.5 times, SOFAZ told Trend on Tuesday. At present, the amount of SOFAZ’s assets hits $34.68 billion. For comparison, SOFAZ’s assets hit $0.82 billion in 2003.
The biggest growth was registered in 2008. SOFAZ’s assets increased by 4.53 times (or by $8.74 billion) and hit $11.22 billion as of late 2008. For comparison, as of 2007 SOFAZ’s assets hit $2.48 billion. SOFAZ was established in 1999, and its assets at that time amounted to $271 million. SOFAZ’s assets reached $34.129.4 billion as of 2012………………………………………..Full Article: Source

Permanent Fund dividend announcement coming wednesday

Posted on 18 September 2013 by VRS  |  Email |Print

Eligible Alaskans will find out how much they’ll receive from their Permanent Fund Dividend in a Wednesday announcement scheduled to take place at 11 a.m. The announcement will be made by acting Revenue Commissioner Angela Rodell at the Atwood Building in downtown Anchorage.
The disbursement reflects investment profits from the state’s oil-wealth savings account. It is based on the amount of investment earnings allocated to dividends based on a five-year rolling average of the Permanent Fund’s performance……………………………………….Full Article: Source

Norway: Is world’s largest sovereign wealth fund too big?

Posted on 13 September 2013 by VRS  |  Email |Print

Most of Europe is struggling with how to reduce spending, but not Norway. It has invested the income from its oil and gas reserves so wisely that it now has what many consider to be the world’s largest sovereign wealth fund, estimated to be worth $1tr (£0.6tr) by 2020. But is that too big?
They play the long game on the trading floor. When Facebook announced it was going to float on the stock market, the analysts here went to work. They assessed the pros and cons, the likely value of the company, the chance of a big loss, and of a big gain. Then they bought Facebook shares. Like everyone else who did they lost money almost immediately. Unlike many others however they did not rush to sell them………………………………………..Full Article: Source

SAFE suffers floating loss from H1 Bank Investments

Posted on 06 September 2013 by VRS  |  Email |Print

China SAFE Investments Ltd. suffered a floating loss of about CNY 200 million from investment in five domestic commercial banks in the first half of this year. As a wholly-owned subsidiary of sovereign wealth fund China Investment Corp. (CIC), it acquired a total of 568 million shares of Industrial and Commercial Bank of China, and Bank of China, China Construction Bank, and Agricultural Bank of China Ltd. in the six months.
In addition, it acquired about 2.06 million shares of China Everbright Bank Co., Ltd., the banking unit of conglomerate China Everbright Group………………………………………..Full Article: Source

Permanent Fund dividend to be announced Sept 18

Posted on 06 September 2013 by VRS  |  Email |Print

The state plans to announce the amount of this year’s Permanent Fund Dividend on Sept. 18. The eagerly anticipated event will be held in Anchorage, with acting Revenue Commissioner Angela Rodell making the announcement.
Most Alaskans receive dividend checks, which come from investment profits from the state’s oil-wealth savings account. The amount of investment earnings allocated to dividends is based on a five-year rolling average of the Permanent Fund’s performance. The average includes 2009, during the recession, when the fund posted a $2.5-billion net loss in statutory net income………………………………………..Full Article: Source

Permanent Fund dividend to be announced Sept 18

Posted on 05 September 2013 by VRS  |  Email |Print

The state plans to announce the amount of this year’s Permanent Fund Dividend on Sept. 18. The eagerly anticipated event will be held in Anchorage, with acting Revenue Commissioner Angela Rodell making the announcement.
Most Alaskans receive dividend checks, which come from investment profits from the state’s oil-wealth savings account. The amount of investment earnings allocated to dividends is based on a five-year rolling average of the Permanent Fund’s performance. The average includes 2009, during the recession, when the fund posted a $2.5-billion net loss in statutory net income………………………………………..Full Article: Source

Sovereign wealth funds swell by $1.73bln in August

Posted on 04 September 2013 by VRS  |  Email |Print

The government’s two sovereign wealth funds swelled by 58 billion rubles ($1.73 billion) last month to reach a combined $172.15 billion despite slumping economic growth and depreciating ruble, the Finance Ministry said Tuesday.
The aggregate size of Russia’s Reserve Fund as of Sept. 1 was 2.83 trillion rubles ($85.38 billion), while the National Prosperity Fund had 2.88 trillion rubles, the ministry said, Interfax reported………………………………………..Full Article: Source

Russia’s Reserve Fund amounted to RUB 2.839 trillion on September 1

Posted on 04 September 2013 by VRS  |  Email |Print

As of September 1, 2013, Russia’s Reserve Fund amounted to RUB 2.839 trillion ($85.38 billion), the National Wealth Fund totaled RUB 2.885 trillion ($86.77 billion), Russia’s Ministry of Finance informed.
In particular, the Reserve Fund’s account balances are as follows: $38.08 billion, EUR 29.4 billion, GBP 5.4 billion. From January 15 to August 31, 2013, aggregate income from the Reserve Fund deposits on foreign currency accounts with the Bank of Russia, denominated in US dollars, was estimated at $0.01 billion, which is equal to RUB 0.35 billion. From January 1 to August 31, the exchange rate difference from revaluation of these balances was RUB 239.43 billion………………………………………..Full Article: Source

SOFAZ’s assests equal to half of country’s GDP

Posted on 04 September 2013 by VRS  |  Email |Print

The Azerbaijani state oil fund SOFAZ is one of the components of the country’s oil strategy, SOFAZ Executive Director Shahmar Movsumov said at the second forum “South Caucasus in a Changing World” of the Association of Scientists for International Relations, organized by the Center for Strategic Studies under the President of Azerbaijan held in Baku.
“After the country gained independence, one of the problems was the development of oil industry. The national oil strategy of Azerbaijani national leader Heydar Aliyev became a response to these challenges. As a result, it became possible to increase oil production significantly in a short time………………………………………..Full Article: Source

Libyan sovereign fund exceeds $2 bln in first half of 2013

Posted on 03 September 2013 by VRS  |  Email |Print

The Deputy Governor of the Central Bank of Libya announced the Libyan Investment Authority has made a profit of $2-2.25 billion in the first half of 2013. It was established as a sovereign fund aimed to develop excess revenues from oil sales. In 2010, the LIA valued it’s own investment portfolio at $64 billion.
It is also believed profits of around $10 billion is often “missed” due to poor management since it was founded in 2006………………………………………..Full Article: Source

First time in the history the State Oil Fund of Azerbaijan failed to receive expected profit for the year

Posted on 02 September 2013 by VRS  |  Email |Print

lham Aliyev, The President of Azerbaijan, approved the budget implementation of the State Oil Fund of Azerbaijan (SOFAZ) with surplus of AZN 3.1 billion (AZN 3,100,464.300). In accordance with the order of the President, SOFAZ profits for the last year were approved at the level of AZN 13.674 billion (AZN 13,674,070.100) and the spending – at the level of AZN 10.573 (AZN 10,573,605.800). The State Oil Fund has implemented the profit section of its budget by 99.7% and the spending section – by 98.4%.
The revenue from hydrocarbons sale makes the basic part of its profit – AZN 13.117 billion (AZN 13,117,354.600). The revenue from SOFAZ assets administration is estimated to be at the level of AZN 543.992 million (AZN 543,992.100)………………………………………..Full Article: Source

Libyan sovereign fund exceeds $2 bln in first half of 2013

Posted on 02 September 2013 by VRS  |  Email |Print

The Deputy Governor of the Central Bank of Libya announced the Libyan Investment Authority has made a profit of $2-2.25 billion in the first half of 2013. It was established as a sovereign fund aimed to develop excess revenues from oil sales. In 2010, the LIA valued it’s own investment portfolio at $64 billion.
It is also believed profits of around $10 billion is often “missed” due to poor management since it was founded in 2006. The Deputy Governor said Libya needs a sovereign fund at around $250 billion to ensure the country is not totally dependent on oil revenue. Libya currently relies on oil for 98% of its income………………………………………..Full Article: Source

Assets of the National Oil Fund to exceed $122 bln by 2016

Posted on 29 August 2013 by VRS  |  Email |Print

Assets of the National Oil Fund will exceed $122 billion by 2016 says the Kazakhstan’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev. “With the oil revenues at the planned level, the assets of the National Oil Fund will rise from $93.9 billion in 2014 to $122.1 billion in 2016”, the Minister said.
As of August 1, the assets of the National Oil Fund stand at $64.343 billion (11.39% up against the start of the year). The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan………………………………………..Full Article: Source

State Oil Fund of Azerbaijan announces total revenue from Azeri-Chirag-Guneshli

Posted on 29 August 2013 by VRS  |  Email |Print

According to the data on August 26, since early 2001 within the implementation of project on block development of oil and gas fields of Azeri-Chirag-Guneshli (ACG) in Azerbaijani sector of the Caspian sea, State Oil Fund of Azerbaijan (SOFAZ) has recieved $89 428.4 million, SOFAZ told to Trend on Wednseday.
According to Fund, since early 2013 to August 26 within the Azeri-Chirag-Guneshli project the Fund received $10 657.5 million. The contract on Azeri-Chirag-Guneshli was signed on September 20, 1994………………………………………..Full Article: Source

Volume of revenues to Azerbaijani State Oil Fund from Shah Deniz project exceeds $1.4 bln

Posted on 29 August 2013 by VRS  |  Email |Print

As of August 26, around $1 467.6 million has come into Azerbaijan’s State Oil Fund since 2007, supporting the implementation of the project to develop the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, the State Oil Fund told Trend on Wednesday.
According to the report, the volume of revenue to the State Oil Fund within the Shah Deniz project amounted to $254.6 million from the beginning of this year to August 26. Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The contract to develop the offshore Shah Deniz field was signed on June 4, 1996………………………………………..Full Article: Source

Sovereign wealth funds see profits of 2012 diminishing

Posted on 29 August 2013 by VRS  |  Email |Print

The world’s biggest sovereign wealth funds may see their bumper profits of 2012 diminish this year as recent diversification into high-growth emerging markets starts to produce disappointing returns.
Their long-term horizon may allow many sovereign funds, which globally control $5 trillion of oil and other windfall assets, to weather losses. But the sheer size of these funds may increasingly limit the window of opportunities even when emerging markets recover………………………………………..Full Article: Source

Saudi Arabia ranks second in terms of SWF assets

Posted on 28 August 2013 by VRS  |  Email |Print

Saudi Arabia ranked second globally and first at the Arab level in terms of the assets of sovereign wealth funds (SWFs), local media said quoting a report released by the SWF Institute.
According to the report, assets and foreign holdings of the Saudi Arabian Monetary Agency (SAMA), or the Kingdom’s central bank, stood at $675.9 billion in August of the current year compared to $532.8 billion in June. Norway, represented by the Government Pension Fund, occupied the first rank globally on holding the biggest SWF assets valued at $737.2 billion, the report said………………………………………..Full Article: Source

2Q 2013 Linaburg-Maduell Transparency Index Ratings

Posted on 28 August 2013 by VRS  |  Email |Print

The second quarter results for 2013 on sovereign wealth fund transparency have now been released to the public. The Linaburg-Maduell Transparency Index was developed at the Sovereign Wealth Fund Institute by Carl Linaburg and Michael Maduell.
The Linaburg-Maduell transparency index is a method of rating transparency in respect to sovereign wealth funds. Pertaining to government-owned investment vehicles, where there have been concerns of unethical agendas, calls have been made to the larger “opaque” or non-transparent funds to show their intentions………………………………………..Full Article: Source

Sovereign wealth funds are approaching 6 trillion in assets

Posted on 26 August 2013 by VRS  |  Email |Print

Sovereign wealth funds are approaching US$ 6 trillion in assets. Increases in stock markets globally have helped lift the value of sovereign wealth assets.“Rising globally, sovereign wealth funds are springing up from Africa to certain states in the U.S.,” commented Michael Maduell, President of the Sovereign Wealth Fund Institute.
Asia and the Middle East hold the bulk of sovereign wealth fund assets. Those regions have time and flow on their side………………………………………..Full Article: Source

Excess crude cash shrinks to $5.1bln

Posted on 23 August 2013 by VRS  |  Email |Print

Reserves in the Excess Crude Account (ECA) shrunk to $5.1 billion following the withdrawal of N115 billion from it to augment revenue shortfall for the July Federation Account Allocation Committee (FAAC) disbursements to the federal, states and local governments.
Minister of State for Finance Dr. Yerima Lawan Ngama told reporters after a belated FAAC meeting in Abuja yesterday that it became necessary to draw from the ECA because of a massive drop in revenue from N863.026 billion received in June 2013 to N497.984 billion in July………………………………………..Full Article: Source

Superannuation assets hit $1.62 trillion

Posted on 23 August 2013 by VRS  |  Email |Print

The size of the superannuation industry rose by 15.5 per cent in the 12 months to 30 June 2013, to $1.62 trillion. The Australian Prudential Regulation Authority’s (APRA’s) Quarterly Superannuation Performance report found total superannuation assets increased by $217.2 billion for the year to 30 June 2013, and $35.1 billion (2.2 per cent) for the June 2013 quarter.
While the self-managed superannuation fund (SMSF) sector still makes up the largest proportion of the industry at 31.3 per cent of assets, it recorded the smallest increase at 0.8 per cent………………………………………..Full Article: Source

Sovereign funds’ fortunes turn as emerging assets sour

Posted on 22 August 2013 by VRS  |  Email |Print

The world’s biggest sovereign wealth funds may see their bumper profits of 2012 diminish this year as recent diversification into high-growth emerging markets starts to produce disappointing returns.
Their long-term horizon may allow many sovereign funds, which globally control $5 trillion of oil and other windfall assets, to weather losses. But the sheer size of these funds may increasingly limit the window of opportunities even when emerging markets recover………………………………………..Full Article: Source

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