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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

Norway’s sovereign wealth fund has ballooned

Posted on 13 January 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund has ballooned so much due to high oil and gas prices that every person in the country became a theoretical millionaire this week. The Nordic nation is proving to be an exception as others struggle under a mountain of debts.
Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston. The surplus revenue is collected in the Government Pension Fund Global………………………………Full Article: Source

Norway’s oil fund heads for $1 trillion; So where is Alberta’s pot of gold?

Posted on 13 January 2014 by VRS  |  Email |Print

Every man, woman and child in oil-rich Norway became a theoretical millionaire this week. The country’s oil fund — which collects taxes from oil profits and invests the money, mostly in stocks — exceeded 5.11 trillion crowns ($905 billion) in value this week, making it worth a million crowns per person, or about $177,000 per Norwegian.
That’s right. Norway, the “socialist paradise,” is effectively running a surplus of nearly a trillion dollars, thanks to oil revenue. About the same time this happened, the Canadian Taxpayers Federation released calculations showing that the taxpayers of Alberta are on the hook for $7.7 billion in debt, or about $1,925 per person………………………………Full Article: Source

State oil fund makes all Norwegians crown millionaires

Posted on 10 January 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund has grown so much that it makes every Norwegian citizen a “theoretical” millionaire. The country reached the milestone thanks to a recent increase in oil and gases prices during 2013.
While the rest of Europe remains mired in financial crisis, Norway has quietly been amassing a huge fortune which reached 5.11 trillion crowns ($828 billion) on Wednesday, according to figures from the country’s central bank - Norges Bank. The new figure is over a million times Norway’s population which totaled 5,096,300 in the third quarter of 2013……………………………..Full Article: Source

All Norwegians become crown millionaires, thanks to SWF

Posted on 09 January 2014 by VRS  |  Email |Print

Everyone in Norway became a theoretical crown millionaire on Wednesday in a milestone for the world’s biggest sovereign wealth fund that has ballooned thanks to high oil and gas prices.
Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts………………………………………..Full Article: Source

Direct sovereign wealth fund transactions grow in 2013

Posted on 09 January 2014 by VRS  |  Email |Print

According to Sovereign Wealth Fund Transaction Database, in 2013, sovereign wealth funds completed 1,883 direct transactions with a total value of US$ 66.05 billion, an increase US$ 1.38 billion from 2012.
The number of direct transactions grew by 53.8% from 2012 and tripled the number of transactions compared to 2011. Emboldened sovereign funds amplified direct investments in a number of countries including Germany, Australia and China………………………………………..Full Article: Source

Top 10 sovereign wealth fund game-changers of 2013

Posted on 02 January 2014 by VRS  |  Email |Print

Overall, institutional investors fared well in 2013, performance wise. 2013 was a boon for sovereign wealth funds and pensions with allocation to developed market public equities. On December 31, U.S. stocks closed 2013 at records.
Sovereign funds are stepping up commitments to specialist funds and regional private equity funds. The mega PE players are raising larger funds reminiscent of 2007, just look at the recent KKR and Blackstone fund raises in 2013. The other apparent trend is that public funds are looking to limit the number of PE relationships, which could greatly affect mid-sized to smaller private equity firms………………………………………..Full Article: Source

Permanent Fund dividend application opens New Year’s Day

Posted on 02 January 2014 by VRS  |  Email |Print

In Alaska, New Year’s Day marks not only another year passed, but also the beginning of registration for the Permanent Fund Dividend, the state’s annual payout to residents from its invested oil wealth. Between Jan. 1 and March 31, Alaskans can apply online or by paper for the 2014 dividend, which officials expect to be larger than last year’s check.
While the dividends have steadily decreased from $2,069 in 2008 to $878 in 2012, the payment for 2014 “will likely go into the four-figure territory once again,” said Dan DeBartolo, director of the Permanent Fund Dividend Division……………………………………….Full Article: Source

Chinese fund had losses in Canada

Posted on 20 December 2013 by VRS  |  Email |Print

The head of China Investment Corp.’s Toronto office is stepping down as the Chinese sovereign wealth fund broadens its North American investments after suffering losses in Canada, sources say.
Felix Chee, who was appointed in January 2011 as chief representative for CIC’s first international office, will leave when his term ends this month, say the sources, who asked not to be identified as they weren’t authorized to speak about the plans. Chee didn’t return calls to his Toronto office and emails seeking comment………………………………………..Full Article: Source

Superannuation fund members enjoy double-digit growth in 2013

Posted on 20 December 2013 by VRS  |  Email |Print

Super funds members can enjoy double-digit growth this year despite predictions of poor performance in December. Strong growth in international shares helped boost nest eggs in November and resulted in median growth funds (61 to 80 per cent growth assets) increasing by 0.8 per cent.
Research firm SuperRatings found the returns in December were shaped to be the worst in 2013 after Australian and international share markets both dropped (-4.1 per cent and -2.0 per cent respectively)………………………………………..Full Article: Source

NZ Super Fund continues to grow - value lifts to $25bln

Posted on 19 December 2013 by VRS  |  Email |Print

The New Zealand Superannuation Fund returned 27.76% on its investments in the last 12 months to lift its value to nearly $25 billion at the end of November. Since inception in 2003, the fund has returned 9.55% a year and in November returned 1.66%.
The fund, set up by former finance minister Sir Michael Cullen and also know as the ”Cullen fund”, was established to pre-fund New Zealand’s superannuation requirements………………………………………..Full Article: Source

CIC to stay in Toronto despite investment losses, sources say

Posted on 19 December 2013 by VRS  |  Email |Print

China Investment Corp. has no plans to close its Toronto office, people close to the fund said, despite reports the giant investment fund is considering moving its North American headquarters to New York.
The $580-billion (U.S.) sovereign wealth fund opened the office in the city in 2011, its first on the continent.
At the time, the decision was touted as a coup for the financial community; Manulife Financial Corp. chief executive officer Don Guloien called it “a great tribute to the investment possibilities that CIC sees in Canada.”……………………………………….Full Article: Source

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

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