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Sovereign Wealth Funds Briefing - Category | Performance more

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

Mumtalakat gross profits go up 135%

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, today announced its full year financial results for 2013.
The results reflect the solid financial and operational performance across the Mumtalakat group, constituting of 38 portfolio companies, (Group) and demonstrate significant progress in the implementation of strategic initiatives undertaken in 2012………………………………………..Full Article: Source

Bahrain’s SWF posts profits rebound as Gulf Air recovers

Posted on 05 June 2014 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat swung back into profit in 2013 because of an improved performance at Gulf Air and lower impairment losses, it said on Wednesday.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of BD82.7 million ($219 million) in 2013 compared with a net loss of BD181.7 million in the previous year, a statement to Reuters said………………………………………..Full Article: Source

Worth of Global SWFs swells to $6.46t in first quarter

Posted on 03 June 2014 by VRS  |  Email |Print

The total worth of all Sovereign Wealth Funds (SWFs) in the world jumped by $955 billion to $6.46 trillion in the first quarter of 2014 compared to same period last year and Abu Dhabi Investment Authority (Adia) is ranked second globally with $773 billion assets, revealed Sovereign Wealth Fund Institute in its latest update.
According to the Institute, an American organisation that tracks SWF performance, Adia made $7.93 billion of deals last year, behind only funds from Norway, which has $838 billion assets. Adia is one of the longest-established and largest sovereign wealth funds in the world………………………………………..Full Article: Source

UAE SWF assets to increase to Dh3.57trn

Posted on 02 June 2014 by VRS  |  Email |Print

The UAE sovereign wealth fund assets are expected to reach $975 billion (Dh3.578trn) this year, making up 43 per cent the total SWF assets held by the GCC countries.
According to global trade credit insurance company Euler Hermes, the Gulf Cooperation Council (GCC) countries’ sovereign wealth fund assets are forecast to reach $2.25 trillion (Dh8.25trn) in 2014. The UAE is followed by Saudi Arabia with SWF assets totalling $680 billion (Dh2.49 trillion), followed by Kuwait, Qatar, Oman and Bahrain…………………………………..Full Article: Source

SOFAZ revenues exceed 3 billion manats

Posted on 22 May 2014 by VRS  |  Email |Print

The budget revenues of Azerbaijan’s state oil fund SOFAZ reached 3.005 billion manats in the first three months of 2014. SOFAZ’s budget expenditures amounted to over 2.443 billion manats in the mentioned period.
The revenues were received from the implementation of oil and gas agreements, including over 2.99 billion manats from the sale of profit oil and gas, 2.3 million manats for transit payments, and 13.3 million manats for bonus payments, SOFAZ said on May 20…………………………………….Full Article: Source

SOFAZ’s assets exceed $36 bln

Posted on 21 May 2014 by VRS  |  Email |Print

The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats, according to a message from the SOFAZ.
Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments. As per January-March 2014 budget of the fund, 2,342.6 mln. manats were transferred to the state budget…………………………………Full Article: Source

SOFAZ gets 2.07% rise in assets

Posted on 21 May 2014 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public information on revenues and expenditures for January-March, 2014. SOFAZ told APA-Economics that the budget revenues for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats.
Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments…………………………………Full Article: Source

The assets of the State Oil Fund of Azerbaijan exceeded $36.6 bn and gold assets – 30.1 tons

Posted on 21 May 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) announces about growth of its assets by 2.07% in Q1 2014. According to the SOFAZ, over the first quarter its assets have grown from $35.877 bn up to $36.618 bn.
“Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of April 1, 2014 was 30 tons 175 kg (970 146 ounces)”, - the SOFAZ informs. As of April 1, the total investment portfolio of the SOFAZ was estimated at the level of $36.343 bn…………………………………Full Article: Source

UAE’s sovereign wealth funds seen at $975 billion

Posted on 19 May 2014 by VRS  |  Email |Print

The volume of syndicated assets of the UAE sovereign wealth funds (SWF) touched $975 billion by the end of last April. By this, the UAE is the second richest country in the world in terms of the value of assets of sovereign wealth, according to the latest releases by the Washington-based Sovereign Wealth Fund Institute.
Abu Dhabi Investment Authority (ADIA) also maintained its position as the world’s second largest sovereign wealth fund with assets of $773 billion. Across the UAE, the Investment Corporation of Dubai ranked second with assets estimated at $70 billion, followed successively by the International Petroleum Investment Company (IPIC) with $65.3 billion, Mubadala Development Company with $55.5 billion, Emirates Investment Authority with 10 billion and RAK Investment Authority with $1.2 billion…………………………………..Full Article: Source

Kuwait’s gAA3(pi) rating anchored by fiscal and external strength

Posted on 16 May 2014 by VRS  |  Email |Print

The ratings take into account Kuwait’s stellar fiscal and current-account surpluses and very low level of public debt, as well as the considerable size of its sovereign wealth fund and other foreign assets. The country’s over-dependence on the oil- related sector and weak business environment relative to its GCC peers have also been factored into RAM’s assessment.
“The run-up in global crude prices has made Kuwait one of the world’s wealthiest nations per capita,” notes Esther Lai, RAM’s Head of Sovereign Ratings. “Kuwait’s sovereign wealth fund – estimated as the fifth-largest in the world – acts as a strong buffer against shocks and provides some form of revenue diversification through the investment income it receives. Moreover, the country’s public debt is negligible. Taken together, these factors reinforce the strength of Kuwait’s public finances,” emphasises Lai………………………………………..Full Article: Source

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

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