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Sovereign Wealth Funds Briefing - Category | Financials more

Biggest wealth fund forced to sell stocks as limit breached

Posted on 03 March 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, gained 692 billion kroner ($115 billion) last year as stocks rallied, forcing it to pare its equity holdings for the first time ever to comply with risk mandates.
The Government Pension Fund Global returned 15.9 percent in 2013, after rising 13.4 percent the year before, the Oslo-based investor said today. The $840 billion fund’s stocks returned 26.3 percent, while its bond investments climbed 0.1 percent. Real estate investments gained 11.8 percent………………………………………..Full Article: Source

Norway changes fund managers and completes ABS exit

Posted on 03 March 2014 by VRS  |  Email |Print

The $838 billion Norwegian Government Pension Fund parted ways with nine of its external fund managers last year, while taking on its first new external fixed-income managers since 2011 after a tough year in the asset class.
The Government Pension Fund, one of the world’s biggest sovereign wealth funds, is financed by Norway’s oil reserves. It grew from $636 billion to $838 billion last year, largely as a result of strong equity market returns………………………………………..Full Article: Source

Super Fund sells slice of forest to iwi

Posted on 03 March 2014 by VRS  |  Email |Print

The New Zealand Superannuation Fund has sold a 2.5 per cent stake in New Zealand’s largest forestry business Kaingaroa Timberlands to six central North Island iwi. The deal, which was done at an undisclosed price, will see the super fund reduce its stake in the business from 41.25 per cent to 38.75 per cent.
The six iwi which include Ngati Rangitihi, Ngati Whakaue Assets and Te Arawa River Iwi Limited Partnership, Ngati Whare, Raukawa, Te Arawa Group Holdings Limited and Tuwharetoa, have formed Kakano Investment Limited Partnership to buy the stake………………………………………..Full Article: Source

Alaska Permanent Fund tops $50 bln

Posted on 03 March 2014 by VRS  |  Email |Print

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

Mubadala, Trafigura complete acquisition of 65pct of Porto Sudeste in Brazil

Posted on 28 February 2014 by VRS  |  Email |Print

Commodity trading company Trafigura Group and Abu Dhabi’s sovereign wealth fund have completed their acquisition of a controlling stake in a major Brazilian port from troubled Brazilian tycoon Eike Batista.
Trafigura and Abu Dhabi’s Mubadala Development Co. will own a combined 65% of Porto Sudeste while MMX Mineracao e Metalicos SA, an iron-ore miner controlled by Mr. Batista, will retain the remaining 35%, the companies said in a statement. In exchange, Trafigura and Mubadala will take on 1.3 billion Brazilian reais ($553 million) in debts owed by one of MMX’s mining subsidiaries, and will also invest $400 million in the port, according to the statement………………………………………..Full Article: Source

Kazakh state wealth fund sees subsidiaries borrowing $4.3 bln in 2014

Posted on 27 February 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna expects its subsidiaries to borrow 800 billion tenge ($4.3 billion) this year, around half of it on external markets, Nurlan Rakhmetov, the fund’s managing director, said on Wednesday.
Samruk-Kazyna manages state-run stakes worth a total of around $100 billion, or roughly half of Kazakhstan’s gross domestic product. The oil-rich nation of 17 million is central Asia’s largest economy………………………………………..Full Article: Source

LNG funds for PNG’s sovereign wealth fund: Treasuer Polye

Posted on 26 February 2014 by VRS  |  Email |Print

Papua New Guinea Treasury Minister Don Polye has stated that all proceeds from the sale of the liquefied natural gas (LNG) Project will go directly into the Sovereign Wealth Fund.
“I would like to assure the people of Papua New Guinea that all proceeds of LNG will go directly into the SWF and I mean 100% of it. The first sale of the LNG will begin this year and the projected growth of the economy will be roughly approximately valued around K52 billion (US$20 billion) when the first proceeds of the sales of LNG start coming in………………………………………..Full Article: Source

Norway pipeline investors in new row with government over taxes

Posted on 26 February 2014 by VRS  |  Email |Print

Investors including Allianz SE (ALV) and Abu Dhabi’s sovereign wealth fund, already suing Norway’s government in a gas-tariff dispute, are petitioning for tax relief to cut costs of a natural gas terminal and pipeline.
They’re seeking to add projects for a terminal in Emden, Germany, and modifications to the Norpipe pipeline to those that were proposed to receive an exemption from a tax increase, according to a hearing letter from the Gassled owners. The projects are estimated to encompass investments of 5.9 billion kroner ($980 million)………………………………………..Full Article: Source

Temasek playing with fire … again

Posted on 25 February 2014 by VRS  |  Email |Print

In the investment world, one must either be very dumb or very smart to make moves such as the one reportedly being contemplated by the Singapore sovereign fund Temasek Holdings Pte in Thailand.
Reports over the past week said that Temasek was looking to divest its shareholding in Shin Corp Plc (now called Intouch or INTUCH), and make a financial killing in the process. Temasek purchased nearly 96% of Shin in 2006 for 49.25 baht a share and is sitting on potential capital gains of billions of dollars as the current share price of INTUCH is around 70 baht………………………………………..Full Article: Source

Temasek, IDFC Alternatives among others to swap investment worth $183mln in GMR Energy

Posted on 24 February 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek, IDFC Alternatives among other private investors in GMR Energy are swapping bulk of their investment in the firm with a stake in the listed parent GMR Infrastructure, as per a stock market disclosure.
This comes at a time when GMR Energy is looking to float an IPO. However, the primary market in the country is not conducive for fresh issues, partly due to outflows from emerging markets. These investors had put in Rs 1,395 crore in GMR Energy through Compulsorily Convertible Preference Shares (CCPS) in 2010………………………………………..Full Article: Source

1MDB replaces auditors, gets time extension to submit accounts

Posted on 21 February 2014 by VRS  |  Email |Print

Government-backed 1Malaysia Development Bhd (1MDB) has confirmed that it has changed its auditors and that it has gotten a six-month extension from the authorities to file its accounts for the financial year ended March 31, 2013 (FY13).
1MDB stated that it had been granted an extension of time up to March 31, 2014 from the Companies Commission of Malaysia (CCM) to file its annual returns. The spokesperson also confirmed reports that accounting firm KPMG had been replaced with Deloitte to complete the audit for FY13………………………………………..Full Article: Source

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

Posted on 20 February 2014 by VRS  |  Email |Print

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

Temasek seeks SingTel as buyer for $3.1 bln Shin Corp stake

Posted on 18 February 2014 by VRS  |  Email |Print

Singapore state investor Temasek Holdings Pvt Ltd is seeking to sell its $3.1 billion stake in Thai telecom company Shin Corp, according to people familiar with the matter, and has approached its SingTel unit as a possible buyer.
Temasek, which owns 41.6 percent of Shin Corp through a subsidiary, held talks with Singapore Telecommunications Co, as SingTel is formally known, late last year, but those discussions have since stalled, said the people, who declined to be identified as the information is not public………………………………………..Full Article: Source

Assets under management by 2020: $100 trillion

Posted on 18 February 2014 by VRS  |  Email |Print

Asset management firms currently have about $64 trillion in investable assets, but that number is predicted to grow to more than $100 trillion by 2020, a compound annual growth rate of more than 6%. Driving the growth will be investments from South America, Asia, Africa and the Middle East.
According to PwC, the asset management industry managed 36.5% of all assets held in pension funds, sovereign wealth funds and insurance companies, and by wealthy people. The firm believes that by 2020 the industry could boost its share of assets under management to 46.5%………………………………………..Full Article: Source

Kazakhstan National Fund allocates $5.4 bln to support economy

Posted on 17 February 2014 by VRS  |  Email |Print

After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business, Tengrinews reports. The National Fund that created in 2000 accumulates windfall oil profits that would serve as a cushion for the country’s economy in the case of emergency. The Fund has accumulated about $68.9 billion so far.
“It is exactly the situation when the State uses its reserves to provide emergency relief to the economy. I instruct to allocate $5.4 billion to provide long-term money loans that will ensure the growth of the economy,” Nursultan Nazarybayev said at the enlarged meeting of the Cabinet in Astana………………………………………..Full Article: Source

Singapore GIC cuts stake in Bunge to 1.73 pct-filing

Posted on 14 February 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has cut its stake in commodities trader Bunge Ltd to 1.73 percent from 4.99 percent a year earlier, according to a U.S. regulatory filing. GIC, which had built up its stake in Bunge close to 5 percent in 2012, cut its holding after Bunge’s share price jumped about 13 percent in 2013.
GIC said in a filing on Thursday it owned 1.73 percent of Bunge shares, versus 4.99 percent as of Feb. 6, 2013, according to a Securities and Exchange Commission filing seen by Reuters………………………………………..Full Article: Source

Excess Crude Account Now $2.1bln

Posted on 14 February 2014 by VRS  |  Email |Print

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

Transneft may tap Russian National Wealth Fund to finance ESPO expansion

Posted on 12 February 2014 by VRS  |  Email |Print

Transneft is considering applying to Russia’s National Wealth Fund for help financing expansion of the East Siberia-Pacific Ocean (ESPO) oil pipeline, a spokesman for the state-owned pipeline operator said Tuesday.
“We are looking at various options, we have not filed an application [for funds from the National Wealth Fund] yet, but it is under consideration,” the spokesman said. In recent months Transneft has stepped up attempts to secure additional financing since Russian authorities decided last year to freeze tariffs on crude shipments — a key revenue source for the company — for the duration of 2014………………………………………..Full Article: Source

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

Posted on 11 February 2014 by VRS  |  Email |Print

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

Global AUM to breach $100trn by 2020: PwC

Posted on 11 February 2014 by VRS  |  Email |Print

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

Weak rouble prompts Russia to delay plan to replenish sovereign fund

Posted on 06 February 2014 by VRS  |  Email |Print

The Russian Finance Ministry said on Tuesday it would postpone foreign currency purchases on the forex market to replenish one of its sovereign wealth funds while the rouble is weakening. The ministry said last month it would transfer 207.6 billion roubles ($5.87 billion) of revenues by February 1 to the Reserve Fund, one of the rainy-day funds in which the government saves windfall energy revenues.
The shift could pressure the rouble - already trading near record lows due to a sell-off of emerging market assets - as it would involve converting the revenues from roubles into dollars because the wealth fund is dollar-denominated. “When the central bank every day is taming volatility, we certainly will not harm the central bank,” Deputy Finance Minister Alexei Moiseev told journalists……………………………………….Full Article: Source

Credit Suisse, Abu Dhabi fund calls probes, launch arbitration efforts to exit from $35M investment in Mongolian bank

Posted on 05 February 2014 by VRS  |  Email |Print

Documents reviewed by Bloomberg News revealed that Credit Suisse Group AG and the sovereign wealth fund of Abu Dhabi has launched strategic steps to exit from its $35 million investment in Mongolia. The investors, betting on the promise of the Central Asian country’s $1.3 trillion mineral wealth, offered Golomt Bank LLC funds in convertible loans beginning 2007.
Under the terms of the agreement, Credit Suisse and the Abu Dhabi Investment Council were set to obtain shares as part of a proposed initial public offering in one of the biggest lenders in Mongolia within five years of each deal. Moreover, the loan agreements, as reviewed by the news agency, required Golomt to provide audited financial statements promptly to the investors………………………………………..Full Article: Source

U.S. said to probe banks over sovereign wealth fund deals

Posted on 04 February 2014 by VRS  |  Email |Print

The U.S. Justice Department is investigating whether financial firms made improper payments to secure investments from sovereign wealth funds, according to two people familiar with the matter.
The probe, which grew out of a Securities and Exchange Commission inquiry, looks at firms including Goldman Sachs Group Inc. that sought business from Libya’s sovereign wealth fund before Muammar Qaddafi’s regime was toppled in 2011, said one of the people, who asked not to be identified because the investigation isn’t public………………………………………..Full Article: Source

DOJ probes finance firms’ dealings with Libya: WSJ

Posted on 04 February 2014 by VRS  |  Email |Print

The U.S. Department of Justice is investigating banks, private equity firms and hedge funds that may have violated anti-bribery laws in their dealings with Libya’s government-run investment fund, the Wall Street Journal reported, citing people familiar with the matter. Federal investigators are examining Goldman Sachs Group Inc, Credit Suisse Group AG, JPMorgan Chase & Co, Societe Generale, private equity firm Blackstone Group and hedge fund Och-Ziff Capital Management Group LLC, the Journal said.
The Libyan Investment Authority (LIA) invested up to $1 billion in funds run by all the firms under scrutiny except Blackstone, according to a 2010 audit of the sovereign wealth fund by KPMG, the Journal said………………………………………..Full Article: Source

Temasek to exit first Flight Couriers

Posted on 04 February 2014 by VRS  |  Email |Print

Government of Singapore’s investment arm Temasek is looking at exiting its near 7 year old investment in courier and express delivery firm First Flight Couriers.
First Flight, a public limited unlisted company became a part of Temasek’s portfolio when the latter picked up 27.74% for R107.5 Cr in 2007 through its investment vehicle Dunearn Investment………………………………………..Full Article: Source

Australia’s sovereign wealth fund posts record return in 2013

Posted on 03 February 2014 by VRS  |  Email |Print

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

Future Fund warns growth ‘may not be sustained indefinitely’

Posted on 03 February 2014 by VRS  |  Email |Print

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

Nigeria: Sovereign wealth fund commits N1.6bln to agric financing

Posted on 03 February 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) through its Nigeria Infrastructure Fund has earmarked $10 million (N1.6 billion) to Agricultural Financing in Nigeria (FAFIN) as one of the three collaborating sponsors, alongside the Federal Ministry of Agriculture and Rural Development and KfW, the German government-owned development bank.
The fund is an innovative initiative designed to transform the agriculture finance landscape in Nigeria. With a $100 million target, FAFIN will provide tailored equity and debt capital and technical support solutions to commercially-viable small and medium-sized enterprises (SMEs) and intermediaries across Nigeria’s agricultural value chain………………………………………..Full Article: Source

SOFAZ grants $464.1 mln for Baku-Tbilisi-Kars Railway

Posted on 03 February 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has granted $464.1 million for the Baku-Tbilisi-Kars Railway, Business Georgia reports. $151.5 million were granted in 2012, $32.7 million in 2013.
A 105-km railway branch will be built within the framework of the project. Georgia will reconstruct the Akhalkalaki-Marabda-Tbilisi railway section to increase its capacity to 15 million tons of cargo a year. A facility for the switch from the Georgian to the European railway gauge will be opened in Akhalkalaki……………………………………….Full Article: Source

Noonan rejects Euro500mln offer from Gulf SWF for stake in AIB

Posted on 03 February 2014 by VRS  |  Email |Print

The Government rejected a Euro500mln approach to buy a stake in AIB from a Gulf-based wealth fund without even asking how big a stake they wanted. Irish Finance Minister Michael Noonan said the “tentative” approach was made six months ago by an unnamed “sovereign wealth fund”.
Sovereign wealth funds manage the savings of wealthy countries. The huge funds of oil-rich Gulf states are major global investors. “We weren’t interested at the time so we simply said: ‘no, there’s nothing for sale.’ We didn’t pursue it………………………………………..Full Article: Source

Tender for energy plant hits snag: 1MDB

Posted on 03 February 2014 by VRS  |  Email |Print

A power plant tender that sovereign wealth fund 1 Malaysia Development Bhd (1MDB) is keen to win before a US$2 billion IPO of its power assets has been delayed after bids came in too close to call, government sources said.
1MDB, chaired by Prime Minister Najib Razak, has begun the process of choosing underwriters for what is likely to be one of Southeast Asia’s largest initial public offerings of the year. It is expected to bundle 15 power plants it bought over a two-year shopping spree in a bid to capitalise on growing electricity demand in Malaysia, the Middle East and South Asia, financial sources say………………………………………..Full Article: Source

Abu Dhabi investor seeks to exit Mongolia bank after governance row

Posted on 31 January 2014 by VRS  |  Email |Print

A foreign investor has moved to sever ties with Mongolia’s largest private lender, Golomt Bank, because of its concerns over the lender’s weak corporate governance standards, according to documents and a source familiar with the matter.
The Abu Dhabi Investment Council (ADIC), which lent Golomt $25 million in 2010, is seeking to call in the loan after a turbulent 15 months inside the bank, in which auditors identified serious management failings, according to the source and an external audit report reviewed by Reuters………………………………………..Full Article: Source

GIC sues Merck over fraudulent share prices

Posted on 31 January 2014 by VRS  |  Email |Print

GIC has filed a fraud claim against one of the world’s largest drug companies, claiming it misled the market on two statin drugs, pushing the price of the stocks up as a result. In particular, GIC has accused Merck and subsidiary Merck-Schering-Plough, the makers of cholesterol-lowering drugs Zetia and Vytorin, of failing to tell the market about the “unqualified disaster” results of clinical trials, which found both drugs had no additional benefit to slowing the progression of arteries being clogged up by high cholesterol levels.
The case relates to a 15-month investment period between December 6, 2006 and March 28, 2008, during which GIC bought millions of shares in Merck, according to court documents filed at New Jersey’s district court………………………………………..Full Article: Source

Norway’s sovereign fund halves coal exposure

Posted on 29 January 2014 by VRS  |  Email |Print

Norway’s $817 billion sovereign wealth fund, the world’s largest, has halved its exposure to coal producers, with most of its remaining interest in the sector in Chinese companies, its chief executive said on Tuesday.
Oslo has been at diplomatic loggerheads with China since the award of its Nobel Peace Prize to human rights activist Liu Xiaobo in 2010. Norway’s parliament is studying a proposal to ban the fund from coal, which has the backing of a majority of parties, but not that of the minority government………………………………………..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

Kuwait state fund joins $1.5bln QFII club

Posted on 28 January 2014 by VRS  |  Email |Print

Kuwait Investment Authority has become the fourth entity to hold more than $1 billion in quota under China’s qualified foreign institutional investor scheme.
The sovereign wealth fund obtained an additional $500 million QFII quota in January, bringing its total to $1.5 billion, alongside three other institutions. KIA has $410 billion in assets, according to the Sovereign Wealth Institute, and is the world’s oldest SWF, set up in 1953………………………………………..Full Article: Source

Nigeria: FG, states withdrew N802.9 bln from Excess Crude Account in 2013

Posted on 28 January 2014 by VRS  |  Email |Print

About N802.9 billion was withdrawn from the Excess Crude Account (ECA) in 2013 to shore up shortfalls in monthly revenue collections as well as settle arrears.
The ECA, which was created to provide succor during the rainy days, had been depleted to about $2.5 billion by January 17, 2014 from about $11.5 billion in December 2012. Analysts have argued that its depletion could not be justified because there has not been any serious economic shock to warrant the decimation………………………………………..Full Article: Source

Money talks for Gulf SWFs

Posted on 27 January 2014 by VRS  |  Email |Print

Sovereign wealth funds in the oil-rich Gulf will seek to raise allocations for private equity, infrastructure and real estate this year, while funnelling cash into local infrastructure, as part of a broader strategy to diversify their portfolios and spur the regional economy.
While none of these funds disclose the extent of their assets, they are widely perceived as ranking among the world’s richest institutional investors, not to mention the most secretive. According to estimates from the Sovereign Wealth Fund Institute, Saudi Arabia’s SAMA Foreign Holdings’ assets total $675.9bn, Abu Dhabi Investment Authority’s (ADIA) $627bn, Kuwait Investment Authority’s (KIA) $386bn and Qatar Investment Authority’s (QIA) $170bn………………………………………..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

Shell and UAE’s Mubadala swap Malaysian offshore field stakes

Posted on 24 January 2014 by VRS  |  Email |Print

Royal Dutch Shell and Mubadala Petroleum have swapped equity stakes in two exploration blocks off Malaysia, the companies said on Sunday. Mubadala has taken a 20 percent interest in the Shell-operated deepwater Block 2B and Shell has taken a 20 percent interest in the Mubadala-operated Block SK320 in return.
“The equity swap agreement is an important step for Mubadala Petroleum’s growth strategy in Malaysia and marks our first partnership in Southeast Asia with Shell, an important player in deepwater exploration,” Maurizio La Noce, chief executive of Mubadala Petroleum, said in a statement………………………………………..Full Article: Source

What was Goldman Sachs doing with Libya’s options bets?

Posted on 24 January 2014 by VRS  |  Email |Print

If you more or less believe in the fundamental efficiency — that is, randomness — of markets, a lot of things get a lot easier. For instance you take losses more philosophically. If you lose money on an investment, that is not a sign that you should double down to make it back, nor is it a sign that you should stop investing altogether.
It is a sign that a weighted random number generator has produced some random numbers and now one of those numbers lives in your bank account. Later more numbers will be produced, but you cannot make them bigger numbers just by wishing for it to be so, or by yelling about it, or by filling your days with stress and lawsuits………………………………………..Full Article: Source

National Pensions Reserve Fund to sell EUR800mln of equity fund interests to US specialist

Posted on 24 January 2014 by VRS  |  Email |Print

The National Pensions Reserve Fund yesterday announced that following a competitive sales process it had agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a US-based private equity specialist.
The private equity fund interests comprised “investments in and commitments to 24 separate private equity funds”, the NPRF said. The commercial terms of the sale were not disclosed and the transaction is expected to be completed in the coming months………………………………………..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

Zimbabwe’s SWF: A quarter of not much

Posted on 22 January 2014 by VRS  |  Email |Print

Zimbabwe’s proposed sovereign wealth fund – gazetted in Harare last week – is unlikely to have a material impact on private investment. But, if well-managed, it could do wonders for the country’s bloated public sector. A draft parliamentary bill proposes that a maximum of 25 per cent of mining royalties should be paid into the fund to be managed by the Reserve Bank of Zimbabwe.
The SWF will “support fiscal or macroeconomic stabilization” and the achievement of the government’s long-term development objectives……………………………..Full Article: Source

Nigeria plans to boost capital of sovereign wealth fund

Posted on 22 January 2014 by VRS  |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview Sunday in the commercial capital, Lagos, declining to comment on the possible amount. “This is a very political year, so how we do it and what we do, we need to watch and see what the best moment is.”…………………………….Full Article: Source

KIC in dilemma over BoA stocks

Posted on 22 January 2014 by VRS  |  Email |Print

Korea Investment Corp. (KIC) CEO Ahn Hong-chul is facing a dilemma in his bid to sell the state-run firm’s shares in Bank of America (BoA) because the sale will result in losses worth more than 1 trillion won.
There are voices of opposition to the sale because of the enormity of the losses that it will generate but some experts are calling for the sale to be deferred until the value of the stocks rebounds, instead of just abandoning the sale altogether……………………………..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

Babycare portal First-Cry gets fund from Temasek arm

Posted on 21 January 2014 by VRS  |  Email |Print

Online baby care portal First-Cry.com has received funding of Rs 92 crore in what is the largest investment in an ecommerce company selling just one category of products. The equity investment was led by Vertex Venture Management, a subsidiary of Singapore’s staterun investment company Temasek Holdings.
Existing investors in the company IDG Ventures India and Saif Partners also participated in this third round of funding. FirstCry, which is owned by Brainbees Solutions and based in Pune, will use the money to double its network of brickand-mortar stores and hire more people for its online retail and mobile commerce services………………………………………..Full Article: Source

Nigeria plans to boost capital of sovereign wealth fund

Posted on 21 January 2014 by VRS  |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview yesterday in the commercial capital, Lagos, declining to comment on the possible amount………………………………………..Full Article: Source

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