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Khazanah Nasional Berhad arm to sell stake in IDFC Bank

Posted on 30 November 2016 by VRS  |  Email |Print

A unit of Malaysian sovereign wealth fund Khazanah Nasional is selling around USD80 million worth of shares in Indian private lender IDFC Bank, according to a term sheet seen by Reuters on Tuesday.
Sipadan Investments (Mauritius) Ltd, the Khazanah arm, is selling about 80.4 million shares in IDFC Bank in a block trade, with a price range of 68.25 rupees to 71.10 rupees apiece, the term sheet showed. The deal will be priced on Wednesday………………………………………..Full Article: Source

Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company

Posted on 30 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including KFC, TGI Friday’s Inc. and Pizza Hut.
The Public Investment Fund said the transaction is part of a plan to “increase investment in non-oil sectors and build a portfolio that has greater geographical and asset class diversification.”……………………………………….Full Article: Source

Taking charge in time of lower returns

Posted on 29 November 2016 by VRS  |  Email |Print

That the announcement of various changes to the leadership team at GIC - including the elevation of Mr Lim Chow Kiat to chief executive - caused barely a stir speaks of the confidence the general public has in the sovereign wealth fund’s ability to continue managing Singapore’s foreign reserves ably.
Yet the leadership changes come at a critical juncture. The global investment climate is challenging as economic growth languishes, something that GIC acknowledged in its recent results. Its key benchmark - the 20-year annualised real rate of return - has fallen to 4 per cent from the 4.9 per cent reported the previous year………………………………………..Full Article: Source

Alaska Permanent Fund posts 3.86% return for quarter, above its benchmark

Posted on 29 November 2016 by VRS  |  Email |Print

Alaska Permanent Fund Corp., Juneau, returned 3.86% for the quarter ended Sept. 30, ahead of its 3.51% performance benchmark, said a news release from the $54.8 billion sovereign wealth fund.
Strong equity returns, particularly in emerging markets, helped drive the overall return, the news release said. International stocks returned 7.86% for the quarter, followed by U.S. stocks at 5.76%; global stocks, 5.61%; special opportunity, 4.72%; private equity, 2.89%; real estate, 2.56%; absolute return, 2.27%; non-U.S. bonds, 1.83%; public and private credit, 1.29%; U.S. bonds, 1.2%; infrastructure and other real assets, 0.31%; and private markets OCIOs/real-return allocations, -0.6%………………………………………..Full Article: Source

SOFAZ to obtain about $100bln in next 20 years

Posted on 25 November 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the resource-rich country, is projected to get some $100 billion from the sale of oil and gas in the next 15-20 years.
SOFAZ Executive Director Shahmar Movsumov, addressing a banking conference in Baku on November 24, said that regardless a significant drop in oil prices, the country continues production and export of oil, therefore it will further receive oil revenues. He noted that the Fund has so far received some $120 billion of oil revenues………………………………….Full Article: Source

Moody’s affirms Kuwait Investment Company’s Ba2 rating; stable outlook

Posted on 24 November 2016 by VRS  |  Email |Print

The affirmation primarily reflects Moody’s views that 1) the fundamental credit profile of KIC continues to reflect the company’s profitable business model, access to low cost deposits and a low level of net debt to equity, strengths that are counterbalanced by its high exposure to market risk, high level of debt compared to earnings and narrow asset management franchise, and that 2) KIC’s main shareholder, the Kuwait Investment Authority (KIA), will remain supportive of KIC during the planned divestiture process.
The stable outlook on KIC’s rating reflects Moody’s expectation that the divestiture process will take longer than expected and will likely not conclude before the end of 2017…………………………………Full Article: Source

Temasek exits Citic Resources with sale

Posted on 23 November 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund Temasek has sold its entire 10 percent stake in state backed CITIC Resources. The shares were sold to Singaporean private equity fund TIHT Investment at HK$1.235 each, CITIC Resources said in a filing to the local exchange with the acquisition cost is estimated at HK$971 million.
CITIC Resources said Temasek will cease to be a shareholder while TIHT is to become a substantial shareholder. One fourth or 25 percent of Temesek’s portfolio was in China as of March 31, its published review shows. In 2015, it was 27 percent………………………………………Full Article: Source

Brookfield Ties Up with CIC to Buy IFC Seoul

Posted on 22 November 2016 by VRS  |  Email |Print

Canadian investment shop Brookfield Asset Management got one over on Stephen Schwarzman and his Blackstone Group beating out the US-based firm to acquire the International Finance Centre Seoul from AIG Global Real Estate. The bid, which is said to be backed by sovereign wealth fund China Investment Corporation, has been valued at $2.7 billion.
The mixed-use IFC Seoul complex features three high-rise office towers, a three-level retail mall, and the five-star Conrad Seoul hotel and is located in Yeouido, one of the city’s business hubs. AIG put the complex up for sale earlier this year with Singapore’s Ascendas also in the mix to purchase the project…………………………………….Full Article: Source

Russia empties Reserve Fund, makes priority to defense sector

Posted on 22 November 2016 by VRS  |  Email |Print

Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports.
“Spending on defense is one of the priorities, the volume of purchases of arms and military equipment is not reduced despite all the difficulties,” Siluanov said. The budget envisages a budget deficit of 3,2% of GDP next year while 2019 will se a 2,1% growth…………………………………….Full Article: Source

Oil Fund to cease to be main financial source for Azerbaijan’s budget since 2017

Posted on 22 November 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) is unlikely to be the main financial source for the budget of Azerbaijan. Presenting State Budget 2017, the Ministry of Finance of Azerbaijan reported that the transfer to the budget from SOFAZ will reduce from AZN 7.615 bn to AZN 6.1 bn, and the Ministry of Taxes, revenues from which are expected to increase from AZN 7.01 bn up to AZN 7.21 bn will be ahead of it on the significance for the State Budget.
The State Customs Committee will remain the third most important financial source. It is expected to increase charge from AZN 1.8 bn up to AZN 2.2 bn…………………………………….Full Article: Source

HSF falls to US$5.4b

Posted on 22 November 2016 by VRS  |  Email |Print

Trinidad and Tobago’s sovereign wealth fund, the Heritage and Stabilisation Fund (HSF), fell 5.7 per cent on poor choices (negative security selection effects) and the US$377.5 million withdrawal by Finance Minister Colm Imbert in May, the latest report from the HSF showed on Friday.
“The total net asset value of the Fund as at the end of June 2016 was US$5,454.6 million, compared with US$5,787.3 million at the end of the previous quarter. Of this total, the investment portfolio was valued at US$5,452.7 million, while the remaining portion (US$1.9 million) was held in cash to meet the day-to-day expenses that arise from the management of the Fund,” the report said…………………………………….Full Article: Source

HK Exchange Fund’s income more than doubles as stock gains surge

Posted on 21 November 2016 by VRS  |  Email |Print

The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The Hong Kong Monetary Authority (HKMA) was established in April 1993 by merging the Office of the Exchange Fund with the Office of the Commissioner of Banking. The HKMA is responsible for maintaining monetary and banking stability, including maintaining currency stability within the framework of the Linked Exchange Rate system under which the Hong Kong dollar is pegged to the US dollar……………………………………Full Article: Source

Norway should tighten fiscal spending rule on its wealth fund-IMF

Posted on 18 November 2016 by VRS  |  Email |Print

Norway should limit what it spends from its $860 billion wealth fund to avoid creating economic imbalances, the International Monetary Fund said on Thursday, after the fund grew faster than the economy in the last 20 years.
Under the fiscal spending rule, governments can spend in their budgets an average 4 percent of the wealth fund per year - the estimated long-term return of the fund. The sovereign wealth fund, the world’s largest, invests the Norwegian state’s revenues from offshore oil and gas production It invests up to 60 percent in equities, 35 percent in fixed income and 5 percent in real estate. It cannot invest in Norway……………………………………Full Article: Source

Norway Will Withdraw a Worth of $15 Billion Right From Its Wealth Fund In Which Can Eventually Put Bitcoin In Portfolio?

Posted on 18 November 2016 by VRS  |  Email |Print

Norway was at this very moment planning to withdraw a worth of over and around NOK 121 billion in which is nearly closed to $15 billion US Dollars right from its sovereign wealth fund in order to cover its losses right from the oil revenue.
With this certain idea that the Norway’s sovereign wealth fund could be put out in the cryptocurrency right in its portfolio in which now sounds untamed, but in the reality it could really somehow happen and it is approaching real soon! The country is the largest oil exporter in the entire Western Europe and with the crude oil prices are excessively going down and under, it has a hurtful effect onto the Norwegian economy and if the oil prices do not expand and increase it might bring some sort of a challenge in its economical status and situation……………………………………..Full Article: Source

Alaska lawmaker plans appeal in dividend case

Posted on 18 November 2016 by VRS  |  Email |Print

A state senator who challenged Gov. Bill Walker’s cut to the Alaska Permanent Fund dividend this year plans to appeal a judge’s decision that found that Walker acted within his authority. Sen. Bill Wielechowski of Anchorage said it was always expected that the case would be decided by the Alaska Supreme Court.
Wielechowski and two former legislators brought the case, arguing the Alaska Permanent Fund Corp. was obligated by law to make available nearly $1.4 billion from the fund’s earnings reserve for dividends, in spite of a Walker veto reducing that amount…………………………………….Full Article: Source

SOFAZ reveals profits from major energy projects

Posted on 17 November 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has revealed the volume of profits it received from the major energy projects in January-October 2016. Thus, SOFAZ received $64 million from the sale of profit oil from profitable gas condensate field “Shah Deniz”.
The total revenues from the “Shahdeniz” amounted to$2.506 billion from 2007 to November 1, 2016. Also from 2001 to November 1, 2016, $121.30 billion entered to SOFAZ from Azeri-Chirag-Guneshli (ACG) field. SOFAZ received $4 .21 billion from ACG project, during January-October of this year…………………………………….Full Article: Source

Abu Dhabi’s IPIC Posts Loss After $1 Billion UniCredit Writedown

Posted on 17 November 2016 by VRS  |  Email |Print

Abu Dhabi sovereign fund International Petroleum Investment Co. posted a first-half loss after its shares in UniCredit SpA slumped. IPIC recorded a loss of $91 million compared with a $1.25 billion profit a year earlier, the Abu Dhabi-based company said.
It posted a $998 million loss due to marking to market its 5.04 percent stake in Italy’s UniCredit, whose stock declined 62 percent in the first six months of the year. IPIC is merging with Abu Dhabi fund Mubadala Development Co. to create an entity with assets of about $125 billion and debt of about $42 billion…………………………………….Full Article: Source

Saudi Fund Says It Has No Plans to Sell Off Local Equity Stakes

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund said it has no plans to sell down the equity stakes it holds in local companies. “The Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the fund said in an e-mailed statement Tuesday, reacting to a Bloomberg report that it’s considering options for its holdings as it looks at ways to diversify its portfolio.
The PIF, with about $100 billion worth of shares in listed local companies, is reviewing the stakes as it seeks to diversify its assets, five people with knowledge of the matter said, asking not to be identified as the discussions are private………………………………….Full Article: Source

Saudi fund said to explore asset sales for overseas deals

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private.
The fund could reduce its holdings in local companies and retain control through measures such as golden shares, one of the people said. Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest by transferring ownership of Saudi Aramco to the PIF and also the proceeds from the oil company’s initial public offering………………………………….Full Article: Source

Hong Kong Exchange Fund’s income more than doubles as stock gains surge

Posted on 16 November 2016 by VRS  |  Email |Print

In the first three quarters of the year, fund posts an investment profit of HK$86.8 billion. Its total assets worth HK$3.57 trillion by end of September. The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income.
The third-quarter investment income, reported on Tuesday, was a turnaround from a loss of HK$63.8 billion in the same period last year, data from the Hong Kong Monetary Authority showed………………………………….Full Article: Source

Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk

Posted on 16 November 2016 by VRS  |  Email |Print

A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin’s distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities.
Shu Pui Li, the central bank’s executive director for financial infrastructure, said at a HKMA FinTech Day presentation that: [Blockchain offers] good potential, but a lot of things need to be addressed………………………………….Full Article: Source

1MDB: Malaysia’s extraordinary financial scandal

Posted on 16 November 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has been under fire since 2014 over allegations that billions of dollars were looted from state investment fund 1MDB in an audacious campaign of fraud and money-laundering.
On Saturday, an influential pro-reform group is planning a rally in downtown Kuala Lumpur to demand Najib’s ouster over the affair. Here are some answers to key questions in the saga. What is 1MDB? - 1Malaysia Development Berhad (1MDB) is a state investment fund Najib launched in 2009 shortly after assuming office………………………………….Full Article: Source

Temasek says Alibaba remains key part of its portfolio

Posted on 16 November 2016 by VRS  |  Email |Print

Temasek Holdings, the Singapore state-owned investment giant which pared its stake in Alibaba Group Holding in the third quarter, said yesterday that China’s biggest online retailer remains an essential part of its portfolio.
Temasek sold 14.5 million American depositary receipts (ADRs) in the quarter, leaving it with 39.6 million at the end of September valued at US$4.2 billion (S$5.9 billion), according to a filing with the United States Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

Singapore’s Temasek cuts stake in Alibaba in the third quarter

Posted on 16 November 2016 by VRS  |  Email |Print

Temasek Holdings Pte pared its investment in Alibaba Group Holding Ltd. in the third quarter, as shares of China’s biggest online retailer rallied, while emerging as a shareholder of software maker Dell Technologies.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth US$4.2 billion, according to a filing with the US Securities and Exchange Commission on Monday. Alibaba gained 33 per cent in the three months through September. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing………………………………….Full Article: Source

Temasek Cut Stake in Alibaba in Third Quarter, Filing Shows

Posted on 15 November 2016 by VRS  |  Email |Print

Temasek Holdings Pte pared its holding in China’s biggest online retailer, Alibaba Group Holding Ltd., in the third quarter as the shares rallied, while buying stock in Internet travel agency Ctrip.com International Ltd., biopharmaceutical company AC Immune SA and Dell Technologies Inc.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth $4.2 billion, according to a filing with the U.S. Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing…………………………………….Full Article: Source

HKMA digs deeper into blockchain technology, releases white paper

Posted on 15 November 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), has released a new white paper on distributed ledger technology (DLT), commonly known as blockchain.
According to the white paper, a DLT system has the potential to bring new opportunities and efficiencies to the banking and payment industries, which includes the capability of establishing trust in a distributed system, efficiency in broadcasting information in a speedy and secure way, the ability to achieve complete traceability of records and transactions, the possibility of lowering operation costs, and the potential for high resiliency…………………………………….Full Article: Source

Auckland hosts $5tn room as sovereign funds mobilise

Posted on 14 November 2016 by VRS  |  Email |Print

Despite his engaging introductory monologue, NZ Superannuation Fund chief, Adrian Orr, faced tough competition for the attention of the 250 plus International Forum of Sovereign Wealth Fund (IFSWF) delegates assembled at the Auckland Viaduct Centre last week.
As Orr rolled energetically through a diversified portfolio of one-liners, NZ history lessons, IFSWF updates and conference housekeeping, large swathes of the audience – collectively responsible for some $5 trillion – were heads-down, staring at the flickering screens of mobile phones…………………………………….Full Article: Source

Norwegian sovereign wealth fund buys into Australian billboards

Posted on 14 November 2016 by VRS  |  Email |Print

In a surprising note from the stock market on Friday Norway’s Central Bank popped up with a significant stake in APN Outdoor Group. Norges Bank Investment Management informed the ASX it owns 8.4 million shares in APN Outdoor (APO) or 5 per cent, which is worth about $45.3 million at the current price. Shares in APN Outdoor dropped 2.5 per cent to $5.26 on Friday.
It has been buying the shares on market in recent months, sometimes over one million shares a day. For some perspective, Norges Bank manages about $1.14 trillion of money, which comes from Norway’s oil sales and will be used to “safeguard wealth for future generations”……………………………………Full Article: Source

Investcorp plans talks with Abu Dhabi’s ADIA

Posted on 11 November 2016 by VRS  |  Email |Print

Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said.
The investment firm is also planning to approach Abu Dhabi Investment Authority (ADIA), in a bid to broaden its investor base. In July this year, Abu Dhabi state investment fund Mubadala agreed to acquire a 20 percent stake in Investcorp at an undisclosed value………………………………………Full Article: Source

Under financial strains, Turkey designs “parallel budget”

Posted on 11 November 2016 by VRS  |  Email |Print

Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through parliament the following month.
The world’s largest sovereign wealth funds include Norway’s Government Pension Fund, the United Arab Emirates’ Abu Dhabi Investment Authority, the China Investment Corporation, the Kuwait Investment Authority and the Saudi Arabian Monetary Agency’s holdings. Generally, their revenues come from budgetary surpluses………………………………………Full Article: Source

Freshies, Kirkland star in GIC’s $2.7 bln real estate deal

Posted on 11 November 2016 by VRS  |  Email |Print

Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer.
The acquisition, expected to complete by the end of 2016, is said to be the largest European real estate transaction this year. The Kirkland team was led by London corporate partners Matthew Elliott and Celyn Evans, debt finance partner Michael Steele, competition partner Paula Riedel and tax partners Jonathan Kandel and Frixos Hatjantonas………………………………………Full Article: Source

Investcorp eyes big health and tech deals

Posted on 10 November 2016 by VRS  |  Email |Print

Investcorp is considering a US$2.5 billion private equity deal and plans to launch two funds next year as the Bahrain-listed company seeks to boost its assets. The alternative investment company is also planning to cooperate with UAE partners such as Mubadala, said Mohammed Alardhi, Investcorp’s chairman.
Mubadala will become the biggest single investor in Investcorp after it agreed in July to buy a 20 per cent stake. “We are increasing our investor base so we can continue to grow our offerings,” said Mr Alardhi………………………………………Full Article: Source

Norway’s pipeline stakes deepen

Posted on 09 November 2016 by VRS  |  Email |Print

Not only are Norway’s huge sovereign wealth fund and its biggest bank involved in the controversial Dakota Access pipeline, its largest life insurance firm and pension fund for local government- and other employees also has stakes in it. So does Norway’s second-largest bank, Nordea.
Kommunal Landspensjonskasse (KLP) confirmed on Tuesday that it has invested in four of the companies developing the pipeline that’s sparked major protests in the US and worldwide…………………………………….Full Article: Source

Credit Suisse hired to sell RBS’s Saudi Hollandi Bank stake

Posted on 09 November 2016 by VRS  |  Email |Print

Credit Suisse has been appointed to sell Royal Bank of Scotland’s 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion.
Several sources said Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), was considered a likely buyer of the stake. The fund has been buying up assets at home and abroad following plans to turn it into the world’s largest sovereign wealth fund with $2 trillion of assets…………………………………….Full Article: Source

Goldman in Hot Water? Libyan Fund May Appeal Ruling

Posted on 09 November 2016 by VRS  |  Email |Print

The Goldman Sachs Group, Inc. has been yet again accused by the Libyan Investment Authority (LIA) as the fund is intending to approach the UK Court of Appeal. The move comes after the Wall Street banking giant won the $1.2 billion suit last month over a series of derivatives transactions entered between LIA and Goldman in 2008.
According to a report by Reuters , at a hearing on Friday, Judge Vivien Rose did not grant permission to LIA for appealing her October judgment, wherein she had dismissed the case. However, citing a source familiar with the matter, the report stated that the sovereign fund now may seek permission from the Court of Appeal. ……………………………………Full Article: Source

1MDB scandal: Ex-BSI banker bought $1.36m Mayweather-Pacquiao Las Vegas fight tickets

Posted on 09 November 2016 by VRS  |  Email |Print

As the Singapore court case probing the 1Malaysia Development Berhad (1MDB) sovereign fund scandal unfolds, a former BSI banker has beeen accused of siphoning off millions from the state fund through bank accounts setup for several shell companies.
Yeo Jiawei is facing four counts of obstructing justice in Singapore by allegedly urging witnesses to lie to police and destroy evidence while out on bail after his arrest on 17 March 2016 in connection with money laundering involving the state fund. He faces seven other counts involving cheating, money laundering and forgery, which will be heard in 2017…………………………………….Full Article: Source

Qatar SWF mulls Monte dei Paschi’s $5.5bn cash call

Posted on 08 November 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is considering an anchor investor role in the world’s oldest bank. Qatar’s sovereign wealth fund has expressed a preliminary interest in backing Monte dei Paschi di Siena’s 5 billion euro ($5.56 billion) emergency cash call, two sources familiar with the matter said, although the response from investors in general has been lukewarm.
Qatar Investment Authority (QIA), estimated by industry tracker Sovereign Wealth Fund Institute to hold $256 billion of assets, has made investments in high-profile European assets such as Credit Suisse and Volkswagen………………………………………Full Article: Source

Abu Dhabi’s Mubadala weighs Tabreed stake sale: sources

Posted on 04 November 2016 by VRS  |  Email |Print

Abu Dhabi state investment vehicle Mubadala Development Co is considering the sale of a least part of its stake in Dubai’s National Central Cooling Co (Tabreed), three sources familiar with the matter told Reuters.
Tabreed’s largest shareholder since it was part of a rescue effort following an economic slowdown in Dubai at the turn of the decade, Mubadala has been considering whether to offload part of its holding or, should a suitable investor show interest, its entire stake, one of the sources said………………………………………Full Article: Source

1MDB-related charges and bank closure in Singapore

Posted on 04 November 2016 by VRS  |  Email |Print

Two senior private bankers of Swiss bank BSI Bank Ltd in Singapore were slapped with a total of 14 charges on Oct 10, 2016, for allegedly being involved in illegal transactions of large amounts of money that originated from 1Malaysia Development Bhd (1MDB).
They are Yak Yew Chee, 57, and Yvonne Seah Yew Foong, 45. Yak and Seah were identified as a managing director and director of BSI Singapore respectively. Aside from charging the two, the Singapore authorities also took several other actions last week………………………………………Full Article: Source

CIC Said Bidding for $6 Bil Warehouse Developer GLP

Posted on 03 November 2016 by VRS  |  Email |Print

Global Logistic Properties Ltd., the $6 billion owner of industrial property, has attracted takeover interest from an investor group that includes China’s sovereign fund, people with knowledge of the matter said.
China Investment Corp., Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for Singapore-based GLP, according to the people. The suitors have reached out to potential partners to weigh their interest in joining the consortium, one of the people said, asking not to be identified because the information is private…………………………………….Full Article: Source

GIC to sell shares in Shakey’s

Posted on 03 November 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday. The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price.
“It will all depend on the final pricing of the IPO,” the source said. SPAVI filed a registration statement with the Securities and Exchange Commission last month to raise as much as P5.5 billion from the sale of 352 million primary and secondary shares, including 46 million shares to meet extra demand at a maximum price of P15.58 apiece…………………………………….Full Article: Source

Ex-BSI bankers set up US$2.3b deal with 1MDB firm, pocketed millions in profit: Witness

Posted on 03 November 2016 by VRS  |  Email |Print

Further details were revealed in court on Wednesday (Nov 2) about the complex web of relationships involving former employees of Swiss bank BSI who allegedly had a hand in the money laundering operation linked to 1MDB, and how the illicit dealings went on at the expense of the bank.
BSI entered into an agreement with fund management company Bridge Partners International Management in 2012, involving US$2.3 billion from 1MDB-owned Brazen Sky…………………………………….Full Article: Source

SOFAZ implements sale of currency at auctions

Posted on 03 November 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the country, sold some $371 million at currency auctions in October 2016. The Fund is expected to continue the sale of currency at auctions organized by the Central Bank of Azerbaijan.
The sale of currency is implemented within the framework of transfers of SOFAZ to the state budget of Azerbaijan. The transfers of the Fund are forecasted to hit 7.61 billion manat ($ 4.64 billion) in 2016, while the forecasted index for 2017 stands at 6.1 billion manat ($3.7 billion)…………………………………….Full Article: Source

Mubadala Said to Consider Investing in SoftBank’s Tech Fund

Posted on 02 November 2016 by VRS  |  Email |Print

Abu Dhabi investor Mubadala Development Co. is in talks with SoftBank Group Corp. about a potential multi-billion dollar investment in its technology fund, people familiar with the matter said.
Japan’s SoftBank, run by Masayoshi Son, is also in talks with European and North American investors, one of the people said, asking not to be identified because the deliberations are private. No final agreements have been reached and talks may still falter, the people said. The Qatar Investment Authority sovereign wealth fund is also in discussions to join the project, people familiar with the matter said last month……………………………………Full Article: Source

Banker in 1MDB case ‘worked with Malaysian PM’s friend’

Posted on 02 November 2016 by VRS  |  Email |Print

A private banker on trial in Singapore for his alleged role in Malaysia’s 1MDB fund scandal worked closely with a friend of Malaysian Prime Minister Najib Razak, a court heard Tuesday.
A prosecution witness told a district court that Singaporean Yeo Jiawei, 33, left his job at the local branch of Swiss bank BSI in 2014 to work with Low Taek Jho, a family friend of the Malaysian leader, and they conducted business in a secretive way……………………………………Full Article: Source

Australia’s Future Fund returns 1.5 pct in Sept quarter

Posted on 01 November 2016 by VRS  |  Email |Print

Australia’s sovereign wealth manager, the Future Fund, on Monday posted a return of 1.5 percent for the last quarter, in line with its target, following a disappointing annual performance in the 2015/16 financial year.
“Like all investors across major global economies, we are facing a low-return environment,” said Peter Costello, chairman of the A$124 billion ($94.17 billion) Future Fund. In June, it posted a return of 4.8 percent for the last financial year, versus an expected 5.5 percent, as the fund lowered its exposure to risk assets due to global growth uncertainty………………………………………Full Article: Source

Future Fund grows to $124 billion

Posted on 01 November 2016 by VRS  |  Email |Print

The Future Fund stood at just over $124 billion at the end of the September quarter, returning 5.8 per cent in the past year and beating its target. Former Liberal treasurer and now chairman of the fund Peter Costello says the fund - which aims to cover the unfunded liabilities of public service superannuation - continues to perform well and has met its benchmark since its inception in May 2006 with a return of 7.6 per cent.
“Like all investors across major global economies, we are facing a low-return environment. We are maintaining a disciplined and prudent approach to finding opportunities,” Costello said……………………………………..Full Article: Source

Hong Kong Exchange Fund assets HK$3.57 trln end-Sept - HKMA

Posted on 01 November 2016 by VRS  |  Email |Print

Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$3,573.8 billion ($460.84 billion) at the end of September, the Hong Kong Monetary Authority (HKMA) said on Monday.
The figure was HK$14.1 billion higher than the total at the end of August, with foreign currency assets and Hong Kong dollar assets rising HK$11.1 billion and HK$3.0 billion respectively, the city’s de facto central bank said in a statement………………………………………Full Article: Source

1MDB debt is not gov’t debt, says Najib

Posted on 01 November 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak has said that debts accumulated by 1MDB are not considered government debts. “Debts (accumulated) by 1MDB and their related projects are not classified as federal government debts.
“Therefore, debts accumulated by 1MDB and their related projects do not contribute to government debts,” said the finance minister. Najib said this in a written parliamentary reply to Seputeh MP Teresa Kok, who had asked the finance minister to state the debt-to-GDP ratio for both 2015 and 2016, and also to state the debts contributed by 1MDB and related projects………………………………………Full Article: Source

Future Fund sounds warning on returns

Posted on 31 October 2016 by VRS  |  Email |Print

After delivering an impressive 7.7 per cent per annum since its inception in 2006, the Future Fund has sought to manage expectations about returns over the next decade.
The $123 billion Future Fund has released its annual report, laying out its investment strategy and outlook for the future. Future Fund Board of Guardians chairman Peter Costello noted the Future Fund has doubled the investment that originated it in 2006……………………………………..Full Article: Source

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