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Wealth Fund Growth Boosts Norway’s Budget as Economy Slows

Posted on 15 May 2014 by VRS  |  Email |Print

Norway’s new government is tapping more oil revenue than previously estimated this year to support a slowing expansion in Scandinavia’s richest nation.
The government will use a record 140.9 billion kroner ($24 billion), of its oil revenue to plug budget deficits, up from 139 billion kroner estimated in November, according to a budget handed out in Oslo today. That’s equal to 2.8 percent of the wealth fund, down from a 2.9 percent estimate in November………………………………………..Full Article: Source

Asia-Pacific funds to hit $14 trln by 2018, yielding $66 bln in fees - consultant

Posted on 09 May 2014 by VRS  |  Email |Print

Assets managed by money managers in the Asia-Pacific region will surge 40 percent to $14 trillion by 2018, generating fees worth $66 billion, consultant Casey, Quirk & Associates LLC said in a study released Thursday.
Sovereign wealth funds and government entities, on the other hand, will prove harder clients to target as they move to manage assets internally, the consultant said………………………………………..Full Article: Source

Investment Corporation of Dubai reveals first financial results

Posted on 08 May 2014 by VRS  |  Email |Print

Dubai’s state holding company has for the first time revealed financial results, as the Gulf emirate seeks to tempt investors back to its reviving economy.
The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline, the airport duty-free business and Emaar, a property developer, unveiled the detailed numbers as part of a move to raise about $750m in its first Islamic bond issue………………………………………..Full Article: Source

Norway SWF returns 1.7 per cent in Q1 2014

Posted on 05 May 2014 by VRS  |  Email |Print

The Sovereign Wealth Fund returned ‘a moderate’ NOK 78bn (1.7%) in the first quarter of 2014, according to a statement. Fixed-income investments returned 2 per cent and equity investments 1.5 per cent, say Norges Bank Investment Management.
The return on these investments was just 0.01 per cent higher than the return on benchmark indices, whilst investments in real estate returned 2 per cent. “All asset classes contributed positively to the result, and there were only minor differences between them. The return was boosted by lower interest rates in the fund’s main markets,” said NBIM managing director Yngve Slyngstad………………………………………..Full Article: Source

Bahrain wealth fund about to see spectacular growth

Posted on 05 May 2014 by VRS  |  Email |Print

Bahrain’s national holding company and sovereign wealth fund has weathered several years of losses and is about to see spectacular growth, the charismatic Chief Executive Officer Mahmoud Hashim Al Kooheji told Gulf News. He says that Mumtalakat’s major loss maker Gulf Air is being turned round, Alba remains on track with substantial profit, and the whole group is benefiting from the discipline of Mumtalakat’s insistence on good governance and transparency.
Al Kooheji backs his infectious optimism with hard numbers, and says that despite Mumtalakat’s assets dropping from just over 5 billion Bahraini dinars (Dh48.71 billion) in 2012 to just over 4 billion dinars in 2010, he expects them to double to 8 billion dinars in 2019………………………………………..Full Article: Source

Assets of Iran’s National Development Fund reach $60 bln

Posted on 05 May 2014 by VRS  |  Email |Print

Assets of the National Development Fund (NDF) of Iran amount to $60 billion, the deputy director general of the fund has announced. “The NDF’s reserves were around $54 billion when president Hassan Rouhani took the office last August, and since then the figure has reached $60 billion, deputy director general of the NDF,” Qasem Hosseini told Trend on May 2.
Hosseini went on to say that the fund isn’t facing any problems, and the situation is desirable. The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund………………………………………..Full Article: Source

Norwegian sovereign wealth fund gains 1.7% in first quarter

Posted on 02 May 2014 by VRS  |  Email |Print

Norway’s Government Pension Fund Global said on Wednesday that its portfolio gained a mere 1.7% in the first quarter, the lowest return for the world’s largest sovereign wealth fund since the second quarter of last year.
The so-called “oil fund” saw its equities holdings, which account for almost two-thirds of its 5.1 trillion kroner (€618.6bn) in assets under management, appreciate by 1.5% in the three months to March 31, while fixed income investments delivered returns of 2%………………………………………..Full Article: Source

Future Fund ranked 12th biggest in the world

Posted on 30 April 2014 by VRS  |  Email |Print

The taxpayer-owned Future Fund is on the cusp of passing the $100 billion threshold for assets under management, cementing its position as one of the world’s largest sovereign wealth funds. Propelled by rising equity markets, the fund returned 9.8 per cent in the year to March, with quarterly returns of 1.1 per cent, it said on Tuesday.
The rise meant it held $97.6 billion in assets at the end of last month. The federal government has contributed $60.5 billion to the fund since its formation in 2006, and the rest of its assets have come from investment returns………………………………………..Full Article: Source

Future Fund and super returns on par

Posted on 29 April 2014 by VRS  |  Email |Print

The Future Fund has achieved rolling 3 year returns of about 9.5% pa, putting the de facto sovereign wealth fund on par with workplace super funds when the Future Fund’s tax-free and member-free status is taken into account. The $98 billion Future Fund has just released its March 2014 portfolio update and advised that so far this financial year it has earned 9.8% and that it is opening up a big gap over CPI+4.5% performance benchmark.
Preliminary super fund performance results from Rainmaker’s March 2014 SelectingSuper survey shows super fund workplace default investment options to be returning 8.4% pa, indicating the Future Fund’s is on par with these leading institutional investors after allowing for tax and fee differences………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 22 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before.
Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously. However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012………………………………………..Full Article: Source

Global fund assets to top $100 trillion on real estate boom, PwC says

Posted on 22 April 2014 by VRS  |  Email |Print

Global fund assets are projected to grow by 60% to $101.7 trillion by 2020, fuelled by the shift toward individual retirement plans, a surge in high-net-worth individuals in emerging markets and growth in sovereign wealth fund (SWF) assets, PwC says.
Rapid urbanisation and demographic changes, especially within emerging markets, will lead to substantial growth in the real estate investment industry over the next six years. This will prompt institutional investors to raise allocations in real estate more than in other asset classes, according to Real Estate 2020: Building the future, a report from PwC………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 17 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before. Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously.
However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012. 1MDB’s balance sheet showed that its non-current liabilities, that could include long-term borrowing, bonds payable and long-term lease obligations, almost quadrupled to RM30.6 billion from RM7.8 billion previously………………………………………..Full Article: Source

Singapore’s Keppel Corp Q1 net profit falls 5 pct

Posted on 17 April 2014 by VRS  |  Email |Print

Singapore’s Keppel Corporation Ltd said on Wednesday its net profit in the first quarter dropped 5 percent on the year to S$339 million ($270.46 million). Singapore’s state investor Temasek Holdings owns a stake of more than 20 percent in Keppel.
Keppel is the world’s top offshore jackup drilling rig producer and has business in property development and infrastructure. The firm booked revenue of nearly S$3 billion for the quarter, up 8.6 percent from a year earlier, it said in a statement………………………………………..Full Article: Source

Excess Crude Account rises to $3.6bln FG, states, LGs share N641.3bln in March

Posted on 17 April 2014 by VRS  |  Email |Print

It emerged Tuesday that the Excess Crude Account (ECA) now stands at about $3.6 billion compared to $3.4 billion in February. The Accountant General of the Federation (AGF), Mr. Jonah Otunla, disclosed this after the monthly meeting of the Federation Account Allocation Committee (FAAC) which also yesterday shared a total distributable revenue amounting to N641.38 billion among the three tiers of government March.
Also, the committee also voted unanimously at its plenary to remove oil subsidy from its books, according to Chairman, Commissioners of Finance Forum, Mr. Timothy Odah. He said their resolution would be communicated to the presidency for immediate action………………………………………..Full Article: Source

Qatar-backed Tiffany & Co reports Q4 loss

Posted on 07 April 2014 by VRS  |  Email |Print

Tiffany & Co., the US luxury jewellery retailer in which the Qatar Investment Authority owns an 8.7 percent stake, reported fourth quarter results that were up on an ongoing basis in spite of the economic environment, but were turned into a loss by an unfavourable arbitration ruling.
The company incurred a net loss for the quarter ended January 31, 2014 (fiscal 2013) of $103.6m, compared to net income of $179.6m in the fourth quarter of fiscal 2012………………………………………..Full Article: Source

Temasek not the usual sovereign wealth fund

Posted on 02 April 2014 by VRS  |  Email |Print

Whenever Temasek Holdings opens a new office outside of Singapore, it is “not indicative of some radical shift” in the investment company’s approach, said its chairman Lim Boon Heng.
“Coming from a little island nation with no natural resources except for some granite rocks, we are not a sovereign wealth fund in the normal sense of the term,” he said. “Instead, we invest capital accumulated from generations of hard work and commitment by everyone in Temasek and the Temasek portfolio companies,” said Mr Lim in a speech at the Millennium Mayfair Hotel……………………………..Full Article: Source

Adia among leaders in record year for sovereign wealth funds

Posted on 02 April 2014 by VRS  |  Email |Print

Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.
According to the Sovereign Wealth Fund Institution, an American organisation that tracks SWF performance, some $174 billion of direct transactions took place during the year, way ahead of 2012’s $65.09bn……………………………..Full Article: Source

Nigeria: SWF Posts N505.6mln Income in 15 months

Posted on 02 April 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.
According to the results audited by PricewaterhouseCoopers and made available to THISDAY, NSIA recorded a gross operating income of N1.466 billion and non-operating income of N495 million, bringing the total gross income to N1.961billion……………………………..Full Article: Source

Superannuation fund returns top 10pct, says Chant West

Posted on 19 March 2014 by VRS  |  Email |Print

The average Australian superannuation fund has posted a return of more than 10 per cent in the first eight months of the financial year, according to research house Chant West. The median growth fund returned 2.1 per cent in February, taking the return for fiscal 2014 so far to 10.8 per cent, the firm said.
The average fund is up 13.1 per cent compared with a year ago and 7.1 per cent compared with 10 years ago………………………………………..Full Article: Source

Nigeria: Excess Crude Account rises to U.S.$3.45 bln

Posted on 18 March 2014 by VRS  |  Email |Print

Following last week’s meeting of the Federation Allocation Accounts Committee (FAAC), the Excess Crude Account (ECA) has increased by $1.34 billion. This is as the Consumer Price Index (CPI) which measures inflation, in February moderated to 7.7 per cent year-on-year from 8.0 per cent the previous month.
According to the National Bureau of Statistics (NBS), the moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited in February 2013. The federal ministry of finance made this known yesterday in a statement by the special adviser to Mrs Okonjo-Iweala, Paul Nwabuikwu………………………………………..Full Article: Source

Norway examines return calculations for $850 bln wealth fund

Posted on 18 March 2014 by VRS  |  Email |Print

Norway is examining new ways to calculate returns generated by the world’s biggest sovereign wealth fund in a move that could affect how much oil revenue the government uses in its budgets.
The Finance Ministry has ordered Statistics Norway to find out how different deflators, which adjust returns for inflation, will affect returns. The government is due next month release a white paper assessing the fund’s strategy and performance………………………………………..Full Article: Source

Norway’s wealth eroding competitiveness

Posted on 13 March 2014 by VRS  |  Email |Print

Norway’s export industry is buckling under the weight of the country’s wealth. Prime Minister Erna Solberg says that Scandinavia’s richest nation now needs to rein in budget spending to stop eroding trade competitiveness.
Backed by a US$850 billion sovereign wealth fund, Norway is struggling to spur growth as wages that far exceed the European average hold back the economy. That’s killing jobs in a nation that has been accustomed to having one of Europe’s lowest unemployment rates………………………………………..Full Article: Source

China wealth fund’s overseas returns weaken

Posted on 06 March 2014 by VRS  |  Email |Print

China Investment Corp. reaped returns of more than 8% from its overseas assets last year, according to a top official, indicating a potential weakening in the giant sovereign-wealth fund’s previous bets on commodities and the developing world.
CIC Executive Vice President Liang Xiang didn’t give a specific figure for the returns last year. By comparison, CIC has said it recorded overseas returns of 10.65% in 2012. “Though there was great volatility in the financial market last year, we adjusted our strategy in time and achieved a quite good result,” Ms. Liang said on the sidelines of the National People’s Congress, which opens its annual session on Wednesday………………………………………..Full Article: Source

CIC 2013 overseas investment return above 8pct -Official

Posted on 06 March 2014 by VRS  |  Email |Print

Sovereign wealth fund China Investment Corp. posted overseas investment returns of more than 8% last year, its executive vice president Liang Xiang said Wednesday. It recorded overseas returns of 10.65% in 2012.
“Though there was great volatility in the financial market last year we adjusted our strategy in time and achieved a quite good result,” Ms. Liang said on the sidelines of the National People’s Congress which opens its annual session on Wednesday………………………………………..Full Article: Source

Norway’s smaller pension fund also impresses

Posted on 06 March 2014 by VRS  |  Email |Print

Norway’s massive wealth funds are easy to mix up. But both are booming and giving 5 million Norwegian citizens a healthy dollop of security for decades to come.
The oil fund – also known as Norwegian Government Pension Fund Global — is the world’s largest sovereign wealth fund that invests money globally, and its $840 billion is available for unspecified needs of future generations. Last week, the fund said it returned 16% for 2013, the second best performance since its founding in 1996………………………………………..Full Article: Source

Khazanah must explain losses at Malaysia Airlines, says parliamentary committee head

Posted on 05 March 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd’s highly paid executives may owe the public an explanation why losses at national carrier Malaysia Airlines ballooned to RM1.2 billion last year, the head of an influential parliamentary committee said.
“They still can’t solve the problem of MAS. We can call them but they are more qualified than us. They are highly qualified people who are paid world standard salaries, so they should do more,” Public Accounts Committee (PAC) chief Datuk Nur Jazlan Mohamed said of government investment arm Khazanah………………………………………..Full Article: Source

Norway pension fund makes strides

Posted on 04 March 2014 by VRS  |  Email |Print

The Norwegian Government Pension Fund Global achieved returns of 15.9% in 2013 as its equity investments outperformed benchmarks, helping the fund break the $800 billion (€600bn) mark.
The fund’s value rose by around $200 billion (NOK1.2trn), to $830 billion (NOK5trn). More than 55% of that came from investment returns, while the remainder of the fund’s increase came through capital inflows from the government and returns on currency conversion………………………………………..Full Article: Source

Alaska Permanent Fund hits record value: $50bln

Posted on 04 March 2014 by VRS  |  Email |Print

The Alaska Permanent Fund has hit a record-high value. The total value for the fund hit an unaudited value of $50 billion on Thursday, according to the Alaska Permanent Fund Corp. The corporation manages fund investments.
The fund is a state nest egg built in part from Alaska oil revenue. Michael Burns is CEO of the corporation. He says close to half of the fund is invested in stocks, which had a strong year in 2013 and helped the fund to grow by more than $5 billion over the last year………………………………………..Full Article: Source

Swelling oil fund makes every Norwegian a ‘millionaire’

Posted on 03 March 2014 by VRS  |  Email |Print

A bumper 2013 for Norway’s sovereign wealth fund, which invests surplus oil revenue, has made every Norwegian a virtual millionaire in kroner. After posting its second best year, Norway’s so-called “oil fund” - the world’s largest - signalled a shift away from fossil fuels, notably over environmental concerns.
The fund’s market value rose US$200 billion last year to top 5 trillion kroner, according to figures released by the central bank on Friday. That almost makes every single one of the Nordic country’s 5.1 million inhabitants a millionaire in the local currency (S$211,300), at least on paper………………………………………..Full Article: Source

Investments in real estate return 11.8 pct for Norway’s wealth fund

Posted on 03 March 2014 by VRS  |  Email |Print

Real estate investments returned 11.8 percent for Norway’s $840 billion sovereign wealth fund in 2013, the fund’s manager announced.
In the fund’s second-best year ever, the Government Pension Fund Global returned 15.9 percent, or $115 billion, overall, according to the Norges Bank Investment Management. The fund’s equity investments returned 26.3 percent, while fixed-income investments returned 0.1 percent………………………………………..Full Article: Source

Alaska Permanent Fund tops $50 bln

Posted on 03 March 2014 by VRS  |  Email |Print

The Alaska Permanent Fund is bigger than ever, topping $50 billion, the Alaska Permanent Fund Corporation announced Friday. The gain is largely attributed to a strong 2013 for stock markets. Approximately half the fund is invested in those markets, according to the corporation’s press release.
“Reaching such a significant milestone in the Permanent Fund’s value offers us yet another chance to be thankful that Alaskans created the Fund,” Permanent Fund Board Chairman Bill Moran said in a statement. “Over the last 37 years, the Fund has received $17 billion in deposits and has paid out $20 billion in dividends. And despite paying out more than it has taken in, the Fund has now reached a value of $50 billion. Overall, this has been a very successful program by any measure.”……………………………………….Full Article: Source

Norway SWF kicked the habit, lost money

Posted on 26 February 2014 by VRS  |  Email |Print

Some NOK 10bn of Norwegians’ oil-bred pension money went up in smoke after the Sovereign Wealth Fund pulled out of tobacco industry shares, reports say. The SWF, criticised for using tax havens, double standards, and nuclear weapons industry investments, performs a constant balancing act when it comes to moneymaking and ethics.
The NOK 9.6 billion dividends loss (roughly USD 1.59bn/EUR 1.16bn/GBP 956.54m at today’s ROE) concerns the August 2005-November 2011 period, according to Norges Bank’s calculations………………………………………..Full Article: Source

Timor Leste’s oil fund has assets of US$14.9 bln at the end of 2013

Posted on 20 February 2014 by VRS  |  Email |Print

Timor Leste’s (East Timor’s) Oil Fund ended 2013 with assets of US$14.9 billion, the Timor Leste Central Bank said in Dili Tuesday. In a statement the Central Bank said that in the period from September to December 2013 US$694.7 million was added to the fund, of which US$234.7 million came from contributions and US$370 million from royalty payments from the National Oil Agency (ANP).
“Income from the Fund’s investments totalled US$342.88 million, of which US$68.1 million were from coupon receipts and interest and US$274.77 million came from changes to the market value of the securities held,” the statement said………………………………………..Full Article: Source

Excess Crude Account Now $2.1bln

Posted on 14 February 2014 by VRS  |  Email |Print

The Excess Crude Account (ECA), which was created to provide succour in rainy days for the federation, now has only about $2.1 billion in its kitty. The depletion of the ECA from about $11 billion in December 2012, has been seriously disputed by analysts, who see the withdrawals as unwarranted.
The current status of ECA emerged yesterday at the meeting of the Federation Account Allocation Committee (FAAC), where a total statutory revenue of N629.128 billion was shared among the three-tiers of government for January………………………………………..Full Article: Source

SWFs in the Gulf reach new heights through oil reserves

Posted on 12 February 2014 by VRS  |  Email |Print

While some sovereign wealth funds (SWFs) in the Gulf region can trace their origins back to the 1950s and 1960s as decolonisation gathered pace, fresh impetus was provided a decade ago when state coffers across the region swelled following a surge in average oil prices from $20 to over $100.
Though the 14 SWFs now operating in the Gulf may have a shared propensity for opacity, their investment objectives vary significantly – the conservatism of the Saudi Arabian Monetary Agency (SAMA), heavily invested in low yielding US T-Bills and other paper, contrasting sharply with the Abu Dhabi Investment Authority (ADIA), which champions portfolio diversification when it comes to allocation and asset type………………………………………..Full Article: Source

The Alaska Permanent Fund hit $49.7-bln dollars at the end of 2013

Posted on 11 February 2014 by VRS  |  Email |Print

The value of the Alaska Permanent Fund at the end of 2013 was $49.7-billion dollars. The value of the fund was buoyed by the 9.2-percent return for the first half of the fiscal year.
The Permanent Fund’s U.S. stock portfolio has returned 19.8-percent so far this year. CEO Mike Burns notes that 2013 was the best year for U.S. stocks since 1995. The non-U.S. stock portfolio has increased by 13.8-percent and the global portfolio is up 17-percent. The real estate portfolio increased by 4.4-percent………………………………………..Full Article: Source

Global AUM to breach $100trn by 2020: PwC

Posted on 11 February 2014 by VRS  |  Email |Print

Global assets under management will rise to more than $100trn by 2020, according to predictions by PwC. At the end of 2012, the figure stood at $63.9trn, according to the ‘Big Four’ consultancy’s report, Asset Management 2020: A brave new world. The report predicted $101.7trn would be driven by pension funds, high-net-worth individuals and sovereign wealth funds.
At client level, it suggested three key trends were behind the forecasts: the increase of mass affluent and HNW individuals in South America, Asia, Africa and Middle East; the expansion and emergence of new sovereign wealth funds with diverse agendas and investment goals; and the increasing defined contribution schemes partly, driven by government-incentivised or government-mandated shift to individual retirement plans………………………………………..Full Article: Source

Australia’s sovereign wealth fund surges to $85bln in 2013

Posted on 04 February 2014 by VRS  |  Email |Print

Australia’s Future Fund, the nation’s sovereign wealth manager, returned a record 17.2% in 2013 after it invested more in global equities and less in debt securities.
The A$96.56bn (£52bn, $85bn, €63bn) Melbourne-based fund increased its allocation in stocks worldwide to 33.1% in the fourth quarter of 2013 from 23.4% a year ago, the fund said in a statement………………………………………..Full Article: Source

Australia’s sovereign wealth fund posts record return in 2013

Posted on 03 February 2014 by VRS  |  Email |Print

Australia’s Future Fund, the country’s sovereign wealth manager, returned a record 17.2 percent in 2013 as it increased its allocation to global equities at the expense of debt securities.
The A$97 billion ($85 billion) Melbourne-based fund, which was established in May 2006, boosted its allocation in stocks worldwide to 33.1 percent in the fourth quarter of 2013 from 23.4 percent a year earlier, the fund said in an e-mailed statement. It reduced its holdings of bonds to 12.2 percent from 19.1 percent over the same period………………………………………..Full Article: Source

Future Fund warns growth ‘may not be sustained indefinitely’

Posted on 03 February 2014 by VRS  |  Email |Print

Australia’s Future Fund returned 5.3 per cent in the December quarter of last year - almost enough to hit its 2013 full year target benchmark of 6.8 per cent, its managers report.
The fund grew by 17.2 per cent to $96.56 billion in calendar 2013, said chief executive Mark Burgess, leaving it “very, very close” to an overall long term performance target of seven per cent a year. The fund, set up by the Federal government in 2006 to finance the defined benefit pensions of Commonwealth public servants, now boasts a return of 6.9 per cent per year………………………………………..Full Article: Source

Abu Dhabi’s sovereign wealth fund is world’s second largest

Posted on 31 January 2014 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund (SWF), the Abu Dhabi Investment Authority (ADIA), is the world’s second largest in terms of overall assets, according to a quarterly list published by the Sovereign Wealth Fund Institute.
The ADIA, which has more than 773 billion US dollars in assets, previously occupied the top spot in 2012. It is now followed in third place by Saudi Arabia’s SAMA Foreign Holdings (SAMA) fund, which has some 675.9 billion dollars in assets………………………………………..Full Article: Source

SOFAZ’s assets reach $36 bln

Posted on 29 January 2014 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2013 reached 13,600.5 million manats, while budget expenditures constituted 12,302.7 million manats.
Revenue of 13,119.9 mln. manats was received from implementation of oil and gas agreements, including 13,108.0 mln. manats from the sale of profit oil and gas, 1.8 mln. manats as acreage fees, 8.1 mln. manats as transit payments, 1.9 mln. manats as bonus payments and 0.1 mln. manats from the sale of assets received from foreign companies………………………………………..Full Article: Source

SOFAZ increases assets by over 5 pct

Posted on 29 January 2014 by VRS  |  Email |Print

The assets of Azerbaijani state oil fund SOFAZ has increased by 5.1 percent as of January 1, 2014, compared to the same period of 2013 and stood at over $ 35.877 billion. SOFAZ said the budget revenues of the fund exceeded 13.6 billion manats while the budget expenditures amounted to over 12.3 billion manats in January-December 2013.
Some 13.12 billion manats of the budget revenue was received from the implementation of oil and gas agreements in the reported period………………………………………..Full Article: Source

SWF has midas touch

Posted on 27 January 2014 by VRS  |  Email |Print

Kuwait , one of the world’s richest countries per capita, is investing a large share of its oil revenues abroad to provide for future generations. The assets managed by sovereign wealth fund, the Kuwait Investment Authority (KIA), have increased from an estimated $260 billion in 2008 to more than $400 billion today, making it one of the world’s largest sovereign wealth funds.
Nearly half of the total is invested In stocks, with the rest mainly in real estate and infrastructure assets in Europe , the United States and, increasingly, Asia . Closer to home, Kuwaiti investors are actively involved with the rebuilding of Iraq . The two countries have resumed direct flights and are collaborating on energy projects………………………………………..Full Article: Source

Moody’s affirms Kuwait Investment Company’s Baa3 issuer ratings; outlook stable

Posted on 27 January 2014 by VRS  |  Email |Print

Moody’s Investors Service has today affirmed the Baa3 issuer ratings of Kuwait Investment Company S.A.K. (KIC). At the same time, Moody’s noted that the company’s baseline credit assessment (BCA) of b3 has remained unchanged. The outlook on the ratings is stable.
This affirmation primarily reflects the high probability of government support in case of need, KIC is considered a government-related issuer (GRI), recognising (1) KIC’s 76 per cent ownership by the Kuwaiti government’s sovereign wealth fund (Kuwait Investment Authority or KIA), and (2) KIA’s continuous contribution to KIC through funding support and business generation………………………………………..Full Article: Source

Nigeria: Excess Crude Account - Okonjo-Iweala raises the alarm over revenue

Posted on 24 January 2014 by VRS  |  Email |Print

Finance minister and coordinating minister for the economy Dr Ngozi Okonjo-Iweala has raised fresh alarm over the massive decline in the excess crude account (ECA) which is increasing the country’s risk of having a revenue crisis.
She echoed the concerns raised by the Central Bank of Nigeria (CBN) governor, Malam Sanusi Lamido Sanusi, on Tuesday. “We’re a little more vulnerable now than we were in the past,” Okonjo-Iweala said in a Bloomberg Television interview with Francine Lacqua at the World Economic Forum in Davos………………………………………..Full Article: Source

Khazanah’s eventful 2013 year

Posted on 23 January 2014 by VRS  |  Email |Print

Malaysia’s sovereign wealth fund, reported a net asset value of RM 103.5 billion (US$ 31.2 billion) as of December 31, 2013. The new value includes a 19.1% increase during 2013, said the fund in a statement. It also represents a threefold increase in net asset value since 2004.

This past year, the sovereign fund soundly bested regional indices including MSCI Asia Ex-Japan, which returned 10.8% last year. A statement made by Khazanah credits the following companies with its impressive growth since 2004: “Telekom Malaysia Berhad and Axiata Group Berhad (RM21.3 billion), UEM Group Berhad (RM15.8 billion), Tenaga Nasional Berhad (“TNB”) with RM12.8 billion, CIMB Group Berhad (RM11.6 billion), and the healthcare sector with a contribution of RM8.6 billion.”…………………………….Full Article: Source

World’s largest sovereign fund seeks better returns

Posted on 23 January 2014 by VRS  |  Email |Print

In May 2012, the world’s biggest sovereign wealth fund joined US investors BlackRock and Waddell & Reed to buy a $1.6 billion (R17bn) stake in motor racing’s Formula One. The people who had worked on the deal for months were looking forward to celebrating their hard work.
Then they got an e-mail from their boss. Under no circumstances were they to be seen drinking champagne in the VIP tribune at the Monaco Grand Prix. “We have high expectations in terms of ethical standards, also for ourselves,” said Yngve Slyngstad, the head of the Government Pension Fund Global, which invests $163 000 of oil and gas wealth for each man, woman and child in Norway……………………………..Full Article: Source

Khazanah’s asset portfolio surges to record with KLCI’s rally

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, said the value of its holdings climbed to a record last year as local share prices surged. The net asset value of Khazanah’s investments rose 19 percent to 103.5 billion ringgit ($31 billion) at the end of 2013 from 86.9 billion ringgit a year earlier, the Kuala Lumpur-based fund said.
It outperformed an 11 percent gain in the benchmark FTSE Bursa Malaysia KLCI Index, which closed at a record on Dec. 30………………………………………..Full Article: Source

Malaysian sovereign wealth fund gains 19pct

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, said Monday its net asset value rose 19.1% to 103.5 billion ringgit ($31 billion) in 2013. “We are starting this year from a position of relative strength and hopefully our portfolio can handle any storms,” said Azman Mokhtar, managing director for the Kuala Lumpur-based fund.
Last year “was eventful with highlights including better operating performance across practically all investee companies and deepening of the regional presence of various companies.”……………………………………….Full Article: Source

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