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Sovereign Wealth Funds Briefing - Category | Financials more

NIIF to fund core projects

Posted on 03 August 2015 by VRS  |  Email |Print

India’s own sovereign wealth fund like entity - National Investment and Infrastructure Fund, modelled on Singapore’s investment vehicle Temasek, will be operational by the end of this year and provide equity finance to core sector projects to boost economic activity, Minister of State for Finance Jayant Sinha said.
NIIF will look at both greenfield as well as brownfield projects and “will fill the gap of equity financing,” he added, while further maintaining that it would also look at supporting stalled projects. The fund will have its own governing council and the management will be paid market salaries to attract the best talent. Money from the fund would be routed to provide equity support to those NBFCs and financial institutions, which are engaged in infrastructure financing across sectors, and corpus to JAMCs and equity/debt to commercially viable infrastructure and other projects……………………………………….Full Article: Source

Najib says Qatar, China interested in 1MDB assets

Posted on 03 August 2015 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak said Qatar and China have expressed an interest in the assets of debt-laden state fund 1Malaysia Development Bhd (1MDB), state news agency Bernama reported. 1MDB, the centre of several investigations over graft and its management of funds, is seeking to offload assets parked under its power unit Edra Global Energy Bhd, and sell developmental rights in its high-profile property projects.
Najib said Qatar’s Emir Sheikh Tamim bin Hamad al-Thani had indicated that the Qatar Investment Authority was keen to view 1MDB assets and purchase land in its Bandar Malaysia project. The two leaders met in Malaysia on Friday………………………………………..Full Article: Source

Samruk Kazyna Hands-over 10% Stake in KMG to National Bank

Posted on 31 July 2015 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna National Welfare Fund has said it will hand-over 10% of its ordinary shares in NC KazMunaiGas JSC to the National Bank of Kazakhstan, according to Kazinform. As per the relevant government decision, the Sovereign Wealth Fund must transfer 10% of the common shares in KazMunaiGas to the country’s central bank at a cost determined by an independent appraiser.
Samruk has specified it will will divest 58,420,748 tenge worth (1.00 USD = 187.480 KZT – ed.) of the ordinary shares, which account for 10% of the total, plus one common share. The value should be no less than 750,000,000,000 tenge in value, its official statement says……………………………………….Full Article: Source

Chile fiscal deficit 0.3 pct in first half as copper prices pinch

Posted on 31 July 2015 by VRS  |  Email |Print

Chile posted a fiscal deficit of 0.3 percent of estimated gross domestic product in the first half of 2015, the government’s budget office reported on Thursday, due to weak copper revenue. The deficit was the equivalent of $792 million. Chile is the world No.1 copper producer and has suffered as prices languish at multiyear lows due to worries over demand in key buyer China.
Meanwhile, the country’s rainy day sovereign wealth fund fell in value to just under $14 billion by the end of June, compared to $14.7 billion at the end of last year. The fiscal deficit in the second quarter was 0.4 percent after a slim 0.1 percent surplus in the first three months of the year, the budget office said………………………………………..Full Article: Source

Singapore GIC Reports Higher Return, Cautions on Market Outlook

Posted on 30 July 2015 by VRS  |  Email |Print

GIC Pte, manager of more than $100 billion of Singapore’s reserves, said its key performance measure improved but warned that higher global interest rates could dent future returns. Buoyant global markets helped GIC’s annualized real rate of return rise to 4.9 percent in the 20-year period to March 31, from 4.1 percent in the 20 years that ended in March 2014, according to the sovereign wealth fund’s annual report. GIC doesn’t issue annual performance figures.
GIC warned that global markets have already risen strongly and face possible headwinds as the U.S. Federal Reserve and other central banks start to unwind their low interest rate policies in the years ahead………………………………………..Full Article: Source

GIC posts 4.9% return in past 20 years; sees tougher times ahead

Posted on 30 July 2015 by VRS  |  Email |Print

The sovereign wealth fund says volatile markets could chip away at its returns in the next five to 10 years, and short-term losses are possible. GIC posted annualised real returns of 4.9 per cent in the past 20 years ending on March 31, 2015 - higher than 2014’s 20-year real return of 4.1 per cent.
The sovereign wealth fund has warned, however, that volatile markets could lower its returns for the next five to 10 years. In its 2014/15 annual report, GIC said the returns between April 1995 and March 2015 have been ahead of global inflation, which has averaged between 2 and 3 per cent………………………………………..Full Article: Source

Kazakhstan backs 2022 bid promises with oil fund

Posted on 30 July 2015 by VRS  |  Email |Print

Kazakhstan will break into its $70 billion sovereign wealth fund to help pay the bills if it wins the 2022 Winter Olympics, Prime Minister Karim Massimov said yesterday ahead of an IOC vote. The International Olympic Committee, which will vote between the former Kazakh capital of Almaty and Beijing on Friday, has said the Central Asian republic’s reliance on oil revenues is a risk.
But Massimov told a small group of journalists including AFP that Kazakhstan was planning on oil staying at its weakened price of $50 a barrel. He said Kazakhstan’s fund was modelled on one used by Norway to hold its oil and gas revenues. Kazakhstan’s oil and gas accounted for about a quarter of its gross domestic product in 2013, according to the Extractive Industries Transparency Initiative………………………………………..Full Article: Source

Kazakh wealth fund to sell 10 pct in state oil firm KMG to central bank

Posted on 30 July 2015 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund will sell 10 percent of shares in state oil firm KazMunaiGas to the central bank, the government said on Wednesday, in a move aimed at easing the debt burden of a company hit by low oil prices.
Samruk-Kazyna, which manages the Central Asian nation’s largest state-owned assets, is to sell a package of 10 percent plus one ordinary share to the central bank for a price not less than 750 billion tenge ($4 billion), the government said in a statement signed by Prime Minister Karim Masimov………………………………………..Full Article: Source

Southern Gas Corridor’s capitalization increases by over 7 times

Posted on 30 July 2015 by VRS  |  Email |Print

The Southern Gas Corridor CJSC’s registered capital increased up to $725 million upon the decisions of the Supervisory Board and the Shareholders’ Meeting, the State Oil Fund of Azerbaijan (SOFAZ) said. The company’s initial capital amounted to $100 million. But its capital increased to $300 million in February 2015 as a result of changes in the nominal share of the company.
“SOFAZ transferred $318.75 million to the treasury account of the country’s Ministry of Economy and Industry in the first half of 2015,” the statement said. “As a result, the share of the fund’s capital of the company has reached $369.75 million (51 percent).”……………………………………….Full Article: Source

SWF: Temasek rides China wave to near 20% return

Posted on 29 July 2015 by VRS  |  Email |Print

Temasek has always looked a little bit different to other sovereign wealth funds. There’s the fact that it’s pretty much all in equities, for a start, either listed or a pre-listing stake; or that 70% of its portfolio is in Asia, with less than a third in what most investors consider the developed world.
And now there’s the fact that it reported a 19.2% return in the year to March 31. That’s not very sovereign wealth fund behaviour at all: most such funds aim for a fraction above inflation, mitigating risk with painstakingly diversified portfolios, and are delighted if long-term numbers reach 7% or so. So, well done Temasek. But there might be a catch………………………………………..Full Article: Source

No pressure on Temasek to offload NOL, Drewry says

Posted on 28 July 2015 by VRS  |  Email |Print

Singapore’s Temasek may be interested in offloading some of its underperforming companies such as NOL, but there is no pressing need for the immense state investor to do it on the cheap through a distressed sale, Drewry says.
The analyst noted in its Container Insight Weekly that NOL’s prolonged period of losses have not put a scratch on the Temasek juggernaut, which is under no pressure to enter into a fire sale. Temasek owns around 67 percent of NOL, the listed holding company of container carrier APL………………………………………..Full Article: Source

Azerbaijan Oil Fund’s investment portfolio exceeds limit for 2015 by 32.8%

Posted on 28 July 2015 by VRS  |  Email |Print

By 1 July the State Oil Fund of Azerbaijan exceeded the investment portfolio limit (AZN 28.2 bn) set for 2015 by 32.8%. According to the Fund, in the first half of 2015 its investment portfolio in manats, as the basic currency, grew from AZN 28.79 bn up to AZN 37.459 bn or by 30.1%. In Q2 growth made up AZN 959,000 or 2.6%.
The investment portfolio in euro as the base currency rose from AZN 30.2 bn up to AZN 32.26 bn or by 6.7%. The investment portfolio in US dollar fell from $36.7 bn to $34.8 bn or by 5.1%………………………………………..Full Article: Source

Kuwaiti MPs head to UK to check on SWF’s London office

Posted on 27 July 2015 by VRS  |  Email |Print

Kuwaiti lawmakers scrutinising the country’s sovereign wealth fund departed to Britain on Friday to check the activities of its London bureau, Kuwait’s parliament said in a statement on the state news agency.
The MPs travelled to London to “investigate happenings” at the fund’s London office and will stay there till August, the National Assembly was quoted as saying. The fund, which has usually operated in great secrecy, did not respond to a request for comment on Friday………………………………………..Full Article: Source

Brazil sovereign fund earns $39 mln with Banco do Brasil share sale

Posted on 27 July 2015 by VRS  |  Email |Print

Brazil’s sovereign wealth fund earned about 134 million reais ($39 million) with the disposal of 5.625 million shares of state-controlled Banco do Brasil SA between the end of June and mid-July.
In a statement distributed late on Friday, the so-called Fundo Soberano do Brasil sold the shares at an average price of 23.84 reais each. Proceeds from the sale were all reinvested into a domestic asset portfolio, as per requested by the fund’s board of directors, the statement said………………………………………..Full Article: Source

1MDB is a debt not wealth fund

Posted on 27 July 2015 by VRS  |  Email |Print

Malaysia’s sovereign wealth creation vehicle, 1MDB, is today surviving on a lease extended by the sufferings of the wage earners. It is tax money, fuel price hikes and savings from institutions that seem to head to save 1MDB with urgently needed breathing space on time.
And lest we forget, international outfits that are prided by acclaimed institutions, as in the likes of the Goldman Sachs are embroilled in what is turning out to be the heist of the century politically-ringed money trail cutting into several destinations around the world………………………………………..Full Article: Source

SOFAZ announces H1 statement on revenue and expenditure

Posted on 24 July 2015 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2015 reached 4 054. 0 mln. manats, while budget expenditures constituted 4 042.1 mln. manats.
Revenue of 3 812.1 mln. manats was received from the implementation of oil and gas agreements, including 3 802.1 mln. manats from the sale of profit oil and gas, 5.7 mln. manats as transit payments, 2.1 mln. manats as bonus payments and 2.2 mln. manats as acreage fees. The revenues from managing assets of the Fund for January-June 2015 amounted to 241.9 mln. manats. The Fund’s extra-budgetary revenues related to the revaluation of foreign exchange totalled 8 013.4 mln. manats………………………………………..Full Article: Source

Assets of the State Oil Fund of Azerbaijan Republic fell by 3.6% to $35.8 bn in spite of budget surplus

Posted on 24 July 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan Republic (SOFAZ) has published data on its activities in the first half of 2015. According to the Fund, its assets as of July 1, 2015 have dropped by 3.56% compared to the beginning of 2015 (USD 37 104.1 mln.) and stood at USD 35,783.3 mln. “Decrease of assets since the beginning of the year is due to the revaluation of foreign exchange,” SOFAZ said.
Nevertheless, the Fund had his budget in surplus in the first half of the year. “Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2015 reached 4.054 bn manats, while budget expenditures constituted 4.042 bn. manats,” SOFAZ said………………………………………..Full Article: Source

Sovereign Wealth Funds Paid Around $14 Billion in Fees

Posted on 23 July 2015 by VRS  |  Email |Print

When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional investor classes are sovereign wealth funds which have taken the parochial asset management industry by storm over the past seven years.
37% of sovereign wealth fund assets are managed externally, according to a recent SWFI estimate. Sovereign Wealth Funds $2.76 Trillion Managed Externally. Typically, a sovereign wealth fund is perceived as an enigma for traditional U.S. small to mid-sized asset managers. These managers have spent their marketing dollars and time toward investment consultants, endowments and U.S. pensions. This is changing………………………………………..Full Article: Source

CICC focus on $7.8b as it files for listing

Posted on 23 July 2015 by VRS  |  Email |Print

China International Capital Corp, the mainland’s first investment bank, has filed for an initial public offering in Hong Kong that could be worth up to HK$7.8 billion.
CIC owns a 43.35 percent stake in CICC. Singapore’s sovereign wealth fund GIC owns 16.35 percent, while private equity firms TPG Capital Management LP and KKR & Co hold 10.3 percent and 10 percent respectively………………………………………..Full Article: Source

Temasek, UOB offer $685m in venture debt financing

Posted on 23 July 2015 by VRS  |  Email |Print

Investment firm Temasek Holdings has tied up with lender UOB to offer up to US$500 million ($685 million) in venture debt loans over the next five years to Internet start-ups in China, India and South-east Asia.
Venture capital deals usually mean an entrepreneur sells off a stake in the start-up while venture debt involves lending money in return for interest payments and the potential to take a stake at a later stage. The potential market size for venture debt in the three regions is about US$2.2 billion, UOB said, citing a report by EY………………………………………..Full Article: Source

Austerity for Kazakhstan as Nazarbayev Cuts Access to Oil Fund

Posted on 22 July 2015 by VRS  |  Email |Print

In July President Nursultan Nazarbayev stated that the Kazakh economy will no longer be supported by the money from the oil reserve fund, instructing his cabinet to search for this revenue elsewhere. Many in Kazakhstan are worried that the economy will severely contract without extra support from this fund to cover budget deficits.
“In these difficult times we can’t use the money from the State Oil Fund here and there, we don’t have such funds anymore. We will not allow this money used to subsidize the economy anymore. The government has to look elsewhere and find new and effective resources, and find ways to use that money effectively. And the people have to see the results of this work. And we will have to slow down our economy growth,” Nazarbayev said………………………………………..Full Article: Source

World’s Cheapest Bank Is Still Too Pricey for Analysts Expecting Fire Sale

Posted on 22 July 2015 by VRS  |  Email |Print

The state-run lender, Latin America’s biggest by assets, is tumbling after Brazil’s sovereign wealth fund sold 1 million shares last month, signaling the government may be preparing to tap the fund to finance its budget deficit. With 80 percent of the fund’s assets tied up in Banco do Brasil, withdrawing cash from the account would mean dumping more shares.
“The sale is very negative for shares,” Gilberto Tonello, an analyst at Grupo Bursatil Mexicano in Sao Paulo, said in a telephone interview Monday. “What are investors going to think? If the biggest shareholder is selling, then I want to get out before it does.”……………………………………….Full Article: Source

Temasek, UOB offer $685m in venture debt financing

Posted on 22 July 2015 by VRS  |  Email |Print

Investment firm Temasek Holdings has tied up with lender UOB to offer up to US$500 million ($685 million) in venture debt loans over the next five years to Internet start-ups in China, India and South-east Asia.
Venture capital deals usually mean an entrepreneur sells off a stake in the start-up while venture debt involves lending money in return for interest payments and the potential to take a stake at a later stage. The potential market size for venture debt in the three regions is about US$2.2 billion, UOB said, citing a report by EY………………………………………..Full Article: Source

Malaysian fund Khazanah exits India’s L&T, makes 15% gross return

Posted on 21 July 2015 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Bhd (Khazanah) has exited its four-year-old investment in India-based L&T Finance Holdings Ltd, the public-listed financial services unit of conglomerate Larsen and Toubro Ltd (L&T).
The sovereign fund, which had a remaining 1.1 per cent stake in L&T, pocketed around Rs 120 crore ($19 million) from the sale of its last shareholding, according to VCCircle. The fund is estimated to have made around 15 per cent gross return on its four-year-old investment in local currency. In dollar terms, it has booked a loss, as per VCCircle estimates………………………………………..Full Article: Source

Korean Sovereign Fund Drops Bid to Buy L.A. Dodgers Stake

Posted on 20 July 2015 by VRS  |  Email |Print

South Korea’s sovereign-wealth fund says it is no longer pursuing a stake in the Los Angeles Dodgers. The Wall Street Journal reported in April that Korea Investment Corp. was interested in purchasing a minority stake in the Major League Baseball team. The Dodgers’ owners also had held discussions with a number of other interested organizations, the Journal reported at the time.
KIC is no longer pursuing a deal after conducting due diligence, said people with knowledge of the matter. These people didn’t say why KIC, which manages about $85 billion in assets, walked away. Korean news reports earlier had cited some Korean law makers’ criticism of the involvement of KIC’s chairman and chief executive, Hongchul Ahn, in the deal………………………………………..Full Article: Source

Libya’s $67 billion frozen funds must remain on ice says would-be investment chief

Posted on 20 July 2015 by VRS  |  Email |Print

A would-be leader of Libya’s $67 billion sovereign wealth fund warned on Friday that conditions were not right to start unfreezing and managing the funds assets, speaking out against a rival’s plan. The fund has yet to be fully untangled after the ouster of Muammar Gaddafi four years ago. It is at the centre of a bitter power struggle even as its staff are trying to trace those responsible for billions of dollars of missing money.
AbdulMagid Breish, once the undisputed leader of the Libyan Investment Authority (LIA) - which has had four chairmen claiming the top job over two years - is meeting with lawyers, journalists and bankers in London with one clear message: do not let anyone tinker with the frozen accounts. “Not until we have total stability,” Breish said in an interview with Reuters………………………………………..Full Article: Source

Eating The Nigerian Nationalcake And Having It

Posted on 20 July 2015 by VRS  |  Email |Print

Governors are always eager to share the nationalcake as soon as possible. It would be recalled Amaechi led Nigeria Governors Forum(NGF) dragged Federal Government to court over Sovereign Wealth Fund and Excess Crude Account. NGF disagreed with federal government on plan to set aside fund in Sovereign Wealth Fund Account.
Governors always pressurized FG to share available resources without making provision for future. president Muhammadu Buhari recently ordered CBN to release over N600billion bailout fund for states to pay backlog of workers’ salaries. Many states were unable to pay salaries due to drop in oil revenue which led decline in their monthly allocation………………………………………..Full Article: Source

After decades of prudence, Singapore is well prepared for most eventualities

Posted on 17 July 2015 by VRS  |  Email |Print

The full extent of the country’s reserves is a closely guarded secret. They are managed by the Monetary Authority of Singapore (MAS, the central bank) and two sovereign-wealth funds, the Government of Singapore Investment Corporation (GIC) and Temasek Holdings.
The government defends the opaque structure as a necessity: should the Singapore dollar ever come under attack, it can keep the assailants guessing. Nevertheless, the secrecy gives rise to occasional rumours that the reserves are smaller—or more probably bigger—than most suspect………………………………………..Full Article: Source

Arabian Gulf sovereign wealth funds pick new plays

Posted on 16 July 2015 by VRS  |  Email |Print

Arabian Gulf sovereign wealth funds (SWFs) may have to increase their transaction volume to generate more returns to make up for the loss of income from lower oil prices and sales, analysts say. The oil price scenario remains unclear and will continue to impact the investments of Gulf funds, which corner nearly 40 per cent of the world’s estimated US$7.2 trillion sovereign wealth fund assets, based on figures from the US-based Sovereign Wealth Fund Institute (SWFI).
Growth in the energy-exporting Gulf is forecast to slow to 3.4 per cent this year, while the region will post a fiscal deficit of 7.9 per cent as oil prices continue to tumble, according to the IMF. Brent is down about 50 per cent since reaching US$115 a barrel in June last year due to an oil supply glut sparked by the US shale oil boom, weaker demand in Europe and Asia and a stronger dollar………………………………………..Full Article: Source

Singapore’s GIC exits Indian FMCG firm Marico

Posted on 16 July 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC has exited Indian FMCG company Marico completely and is estimated to have pocketed around Rs 600 crore ($95 million) by selling its remaining 2.47 per cent stake in the maker of Parachute coconut hair oil and edible oil brand Saffola, a report said.
GIC had earlier made a partial-exit from Marico. Last year, GIC part-exited Marico, through a secondary market transaction and had got about $32 million from the sale, and at that time, it was estimated to have doubled its investment………………………………………..Full Article: Source

1MDB looms large over politics as fund is wound down

Posted on 15 July 2015 by VRS  |  Email |Print

Long after its demise, Malaysia’s state investment company may loom large over the country’s politics and the future of Prime Minister Datuk Seri Najib Razak. The brainchild of Najib, debt-ridden 1Malaysia Development Bhd’s six-year existence has been dogged by controversy, culminating in a decision to wind it down even before multiple investigations were started into its finances.
With Najib now fending off a Wall Street Journal report that US$700 million connected to 1MDB may have wended its way into his bank accounts, the fund risks having an outsized effect on affairs in Malaysia through to the next election due by 2018………………………………………..Full Article: Source

Abu Dhabi Investment Authority Unloads General Growth shares

Posted on 15 July 2015 by VRS  |  Email |Print

The General Growth Properties Inc’s insider Abu Dhabi Investment Authority unloaded – 110,000 shares of General Growth Properties Inc, based on the average price of stock which is $26.5 for each one share. This sale of shares currently has a value of approx. $2,915,770 U.S. Dollars.
The deal was revealed in a filing submitted with the U.S. Security & Exchange Commission on July 13, 2015, which is available for access here. And, It’s sure Abu Dhabi Investment Authority’s sell isn’t going to stay unnoticed as the insider right now is having ownership of 38.60 million shares……………………………………….Full Article: Source

Minister of Finance: Oil Fund will reduce its transfers to Azerbaijan budget in 2016

Posted on 15 July 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will continue to reduce its transfers to the state budget. According to Samir Sharifov, Azerbaijan’s Minister of Finance, the draft state budget for 2016 and next three years is already under preparation.
“Currently we analyze domestic and foreign macroeconomic situation, priorities and targets of the social and economic development. At the same time, when drafting budget documents we try to reduce SOFAZ transfers in order to preserve the Fund’s assets at the maximum level,” Sharifov said………………………………………..Full Article: Source

Temasek gets nod to become bigger contributor to Government’s income

Posted on 14 July 2015 by VRS  |  Email |Print

The amendment to the Constitution will allow the Government to include Temasek Holdings as a contributor to the Net Investment Returns framework. A constitutional change to make Temasek Holdings a bigger contributor to the Singapore Government’s income was passed on Monday (Jul 13).
The Constitution of the Republic of Singapore (Amendment) Bill will allow the Government to include Temasek as a contributor to the Net Investment Returns (NIR) framework as Singapore seeks to make investments in healthcare, human capital and transport infrastructure in the coming years………………………………………..Full Article: Source

SOFAZ reveals volume of ACG project revenues

Posted on 14 July 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ received some $114 billion from the implementation of the project for development of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea from early 2001 to July 1, 2015.
SOFAZ said it received $3.721 billion in H1 of 2015, including $650 million in June within the ACG project, SOFAZ told Trend. The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons………………………………………..Full Article: Source

Low tax and high fees consume Future Fund

Posted on 13 July 2015 by VRS  |  Email |Print

When leaked documents describing the tax avoidance arrangements of 340 companies were published in November last year, one of the most surprising names to appear among the papers was the Future Fund, Australia’s sovereign wealth fund. Roughly 28,000 pages of documents were dissected by newspapers across the globe, which laid out special tax deals granted by the Luxembourg tax authorities to some of the world’s largest corporations.
Those accused of conducting tax avoidance on an industrial scale, and whose names were hauled through the press, included Pepsi, Ikea, Burberry, Procter & Gamble, Heinz, JPMorgan and FedEx………………………………………..Full Article: Source

SGRF working to retrieve investment in Corpbank

Posted on 13 July 2015 by VRS  |  Email |Print

Oman’s State General Reserve Fund (SGRF) has said that it is seriously working to protect its investment in Bulgaria’s bankrupt Corporate Commercial Bank (CCB). Last week, there were media reports that Oman, represented by SGRF, had initiated a lawsuit against the Bulgarian government following the bankruptcy of CCB, based on information from an unnamed source.
SGRF, in a statement on its website, said that it cannot comment on information from anonymous sources. “However, it is seriously working to protect its investment in CCB and observing all CCB related updates.” Bulgarian lender CCB was shut down last year by Bulgaria’s central bank after a bank run in June 2014. ……………………………………….Full Article: Source

Finance sector spurs 14% rise in foreign direct investment in Abu Dhabi

Posted on 13 July 2015 by VRS  |  Email |Print

Foreign direct investment in Abu Dhabi grew 14 per cent last year, driven by increased financial sector spending, according to data from the Statistics Centre Abu Dhabi. Large oil surpluses, and the country’s cash-rich sovereign wealth funds, allow the government to invest abroad as a buffer against changes in the oil price and the UAE’s economic health. These investments abroad considerably outweigh investments made by foreigners in the UAE.
This is also why foreign governments visit the UAE to attract investments from Abu Dhabi Investment Authority and Mubadala, which have combined assets under management of about $840bn, according to the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

Qatar National Bank Q2 net profit rises 10%, beats forecasts

Posted on 10 July 2015 by VRS  |  Email |Print

Qatar National Bank (QNB), which is 50 per cent owned by sovereign wealth fund Qatar Investment Authority, beat analysts’ expectations on Wednesday as it posted a 10 per cent increase in second-quarter net profit, according to Reuters calculations.
The bank, the largest lender in the Gulf Arab region, reported a net profit of QAR 2.91bn ($799.2m) for the three months to June 30, compared with QAR 2.64bn in the corresponding period of last year, Reuters calculated. The bank did not provide a quarterly results breakdown in its earnings statement………………………………………..Full Article: Source

Temasek Zones in on Biotech, Consumer Stocks to Broaden Assets

Posted on 09 July 2015 by VRS  |  Email |Print

Temasek Holdings Pte is shaking up its asset mix with a push into biotechnology and consumer companies that stand to benefit from aging populations and increasing disposable incomes.
Singapore’s state-investment firm singled out life sciences and agriculture as well as consumer goods among the top three industries it allocated money to in the fiscal year ended March 31, helping its portfolio value reach a record. It added assets in U.S. pharmaceutical firm Gilead Sciences Inc, Indian drugmaker Intas Pharmaceuticals Ltd, and health and beauty retailer A.S. Watson during that period………………………………………..Full Article: Source

We want partnerships with global financial institutions: Hassan Bouhadi LIA chairman

Posted on 08 July 2015 by VRS  |  Email |Print

‘‘Our aim at the LIA is to stay above the political fray. Appointing a Receiver is the right and responsible thing to do’’, explained Hassan Bouhadi, the chairman of the Libya Investment Authority (LIA) in London speaking exclusively to Libya Herald. Bouhadi was in the LIA’s London office overseeing the High Court case last Thursday.
The High Court had made an order appointing a Receiver to protect and pursue the interests of the LIA in its ongoing litigations against Goldman Sachs and Société Générale in the Chancery Division and the Commercial Court, London. The LIA is Libya’s main Sovereign Wealth Fund institution with diverse worldwide investments estimated at $67 billion in 2013 by auditors………………………………………..Full Article: Source

Sharing ECA dangerous - FRC

Posted on 08 July 2015 by VRS  |  Email |Print

Acting chairman of the Fiscal Responsibility Commission (FRC) Raymond Omachi has warned that sharing the outstanding balance in the Excess Crude Account (ECA) is dangerous for the country. He disclosed this during an interactive session with journalists in Abuja at the weekend.
“No country or governments can survive without savings because it would put them in a more difficult position if they do not allow for legitimate savings that they can fall back on in the times of dare need. “We think the ECA should be a collecting account for savings from where we can now pay into the sovereign wealth fund,” he said………………………………………..Full Article: Source

SOFAZ revenues exceed expectations

Posted on 07 July 2015 by VRS  |  Email |Print

The assets of Azerbaijan’s state oil fund SOFAZ exceeded 29.28 billion manat as of 2014 compared to about 28.31 billion manat in 2013, the SOFAZ report audited by PriceWaterhouseCoopers Audit Azerbaijan reads. some 25.62 billion manat of the total assets accounted for the current assets, but about 3.66 billion manat – long-term assets.
According to the report, SOFAZ received 12.73 billion manat in 2014 (compared to the projected figure of 11.63 billion manat). SOFAZ’s expenses exceeded 10.1 billion manat in 2014 compared to 10.6 billion manat envisaged in the budget………………………………………..Full Article: Source

Singapore’s Temasek surfs worldwide rally as assets reach new high

Posted on 07 July 2015 by VRS  |  Email |Print

Temasek Holdings Pte rode a rally in global equities with a focus on developed markets that probably helped the Singapore state-owned investor’s assets reach a record. Assets at the firm, which releases results this week, may have increased 16 per cent to 18 per cent to as much as S$263 billion (RM740 billion) in the year to March 31, according to estimates by Institutional Investor’s Sovereign Wealth Center and CMC Markets.
That would be the biggest jump in assets in five years and surpass last year’s all-time high of S$223 billion. “They had a great year for their equity investments,” said Nicholas Teo, a Singapore-based strategist at CMC Markets who has been following Temasek’s annual results over the last 10 years. “It shows how aggressive their investment style is compared to other state investors.”……………………………………….Full Article: Source

China’s biggest ETF sees record trading after Beijing unveils rescue plan

Posted on 07 July 2015 by VRS  |  Email |Print

China’s biggest exchange-traded fund (ETF) jumped more than 6 percent on Monday in record turnover, in the clearest sign yet that money from Chinese brokerages, mutual funds and sovereign wealth funds could be flowing into blue chips as part of a rescue package unveiled over the weekend.
The China 50 ETF, which buys into shares of the 50 biggest companies listed in Shanghai, registered turnover of 24.9 billion yuan ($4.01 billion), more than double the previous session. The huge money inflows into the China 50 ETF, which has heavy exposure to financial and energy heavyweights, anchored investor sentiment in Monday’s volatile trading session, and fuelled speculation that Beijing’s “stability fund” was at work………………………………………..Full Article: Source

China Sovereign Fund Returns Drop on Dollar, Commodities

Posted on 06 July 2015 by VRS  |  Email |Print

China Investment Corp., the nation’s $740 billion sovereign wealth fund, said returns on its overseas investments fell for a second year as a strong dollar and weak commodity prices eroded the value of its portfolio.
The return dropped to 5.47 percent last year from 9.33 percent a year earlier, according to the Beijing-based company’s 2014 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, rose 2.5 percent to $89.1 billion, the report showed………………………………………..Full Article: Source

China sovereign wealth fund expands by $125 billion

Posted on 06 July 2015 by VRS  |  Email |Print

Sovereign wealth fund China Investment Corp (CIC) saw its total assets soar by US$93 billion (S$125 billion) to nearly US$750 billion last year, it said Friday, although subdued global growth slowed returns on its overseas portfolio.
CIC was created in 2007 with US$200 billion to make better use of China’s colossal foreign exchange reserves, which amounted to US$3.73 trillion this March. Its total assets expanded to US$746.73 billion by the end of 2014, an increase of US$93.5 billion, CIC said in its annual report………………………………………..Full Article: Source

China sovereign wealth fund overseas returns fall, but assets swell by US$93b

Posted on 06 July 2015 by VRS  |  Email |Print

Assets at sovereign wealth fund China Investment Corp grew by US$93 billion to nearly US$750 billion last year, it reported, although subdued global growth slowed returns on its overseas portfolio. CIC was created in 2007 with US$200 billion to make better use of foreign exchange reserves, which have grown to US$3.73 trillion as of March this year.
Its total assets expanded to US$746.73 billion by the end of 2014, an increase of US$93.5 billion, CIC said in its annual report. But returns on the overseas portfolio dropped to 5.47 percent, down from 9.33 percent in 2013 and the weakest since 2011, according to the document. “During 2014, the global economy recovered at a slower speed than expected,” Ding Xuedong, chairman and chief executive officer of CIC, said in the report………………………………………..Full Article: Source

China sovereign fund net profit surges in 2014

Posted on 06 July 2015 by VRS  |  Email |Print

China Investment Corporation (CIC), the sovereign wealth fund, reported a huge net profit increase in 2014 in the company’s annual report, released Friday. Net profits hit 89.1 billion U.S. dollars last year, 2 billion dollars more than the previous year.
CIC branches abroad reported a net investment profit margin of 5.47 percent in 2014, lower than the annual average rate of 5.66 percent registered since the founding of the company in 2007. The company’s total assets surpassed 740 billion U.S. dollars, according to the report………………………………………..Full Article: Source

KIC doubles Alts allocation and shoots for $100bn AUM

Posted on 06 July 2015 by VRS  |  Email |Print

Korea Investment Corporation’s total assets under management are expected to surpass $100 billion by the end of 2015, says the sovereign wealth fund’s president and CEO. The fund intends to increase the proportion of its investment in alternative assets from the current 8% to 15% by the end of this year, with the intention of maintaining a high return profile for the fund.
Eventually the alternative proportion will be increased to 20% within five years. Hong-Chul ‘Hank’Ahn, KIC’s CEO & president, said the alternative investments structure and portfolio assets will be similar to those of the Yale University endowment, CalPERS and the Canada Pension Plan Investment Board. Although CalPERS has moved to lower its exposure to alternatives this year, the aforementioned institutions have typically held around 20% of their assets in alternative strategies……………………………………….Full Article: Source

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