More than 26,000 people pledged $2.4 million this year from their permanent fund dividends to Alaska non-profits through the Pick. Click. Give program — a new record, the agency announced Tuesday.
The program allows recipients to donate a portion of their permanent fund check to qualifying charities. Total contributions were up 10 percent from last year, and about 3,000 more people participated in the program than in 2012, the agency said in an announcement. Overall, about 4.7 percent of online PFD applicants this year participated in the program. The deadline for applying was Saturday………………………………………..Full Article: Source

As Alaskans applied for their share of the bonanza, the Alaska Permanent Fund reached a new high of $45.5 billion, thanks to records being set in the U.S. stock market, particularly the Standard & Poor’s 500 Index and the Dow Jones Industrial Average.
In the four years since Wall Street bottomed out, the Permanent Fund has shot up in value about 60 percent. But Alaskans shouldn’t get their hopes for a bonanza too high. The Alaska Permanent Fund Corp. (APFC), which manages the fund’s investments, is projecting the annual dividend to qualifying state residents will be less than $800 this year………………………………………..Full Article: Source

Lend Lease is under pressure to find an investor and operator for its 900-room hotel at Sydney’s Darling Harbour by mid-year, given that the project must be fully completed by 2016.
The Abu Dhabi Investment Authority is understood to be in the front position to fund the prime twin-tower hotel, should it be interested in the project, but Lend Lease development director David Hutton says there are at least three short-listed parties intent on buying it. The hotel’s design must be decided by mid-year for Lend Lease to lodge a planning application, under a timeframe that Mr Hutton admitted was “robust”………………………………………..Full Article: Source

The country’s Excess Crude Account (ECA) was last week depleted to $7.82 billion from $9.242 billion, following approval of the National Economic Council to deduct $2 billion for fuel subsidy payments and sharing among the three tiers of governments.
Governor of Akwa Ibom State, Godwill Akpabio, explained at the end of the meeting held at State House, Abuja that the $2 billion deduction was to facilitate various development projects being executed by the different tiers of government across the country. “An update on the status of the Excess Crude Account was presented by Alh……………………………………….Full Article: Source

Australia’s Future Fund is set for a $175 million windfall with plans to sell its stake in a Birmingham shopping centre. As Britain was in the midst of the worst recession in a generation in 2009, the federal government’s investment fund gambled $300 million on a 33 per cent share buy up in the Bullring shopping centre, a futuristic shopping mall built in 2003 on the site of where a market has existed since the Middle Ages.
At the time the owner, a FTSE 100 property company, was struggling to balance its books and happy to off load a share………………………………………..Full Article: Source

Khazanah Nasional Bhd, Malaysia’s state investment company, is planning more domestic divestments while expanding overseas, managing director Tan Sri Azman Mokhtar said.
Malaysia’s initial public offering (IPO) market grew to the world’s fifth-largest last year, up from 14th in 2011, according to data compiled by Bloomberg. Almost 70 per cent of the US$6.8 billion raised through IPOs were due to the government divestments of shares in companies, the data showed………………………………………..Full Article: Source

Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai launched the syndication of $2 billion in conventional and Islamic financing facilities on 18 March.
The new facilities, with a tenor of five years, will refinance the $2 billion five year tranche of ICD’s $6 billion three and five year facilities signed on 21 August 2008. The $4 billion tranche which was due in August 2011 was repaid in full………………………………………..Full Article: Source

Investment Corporation of Dubai, the emirate’s main state-owned holding company, said it plans to raise $2 billion from a syndicated loan to refinance debt.
The facility will include both conventional and Islamic portions and have a tenor of five years, the company, known as ICD, said in an e-mailed statement today. The funds will go toward repaying the $2 billion five-year portion of an original $6 billion loan raised in August 2008, ICD said. That facility’s $4 billion three-year tranche was settled in August 2011………………………………………..Full Article: Source

Growing interest burden on Japan’s government in case of rising interest rates is “one of the contradictions or unanswered questions of Abenomics,” GIC chief economist Leslie Teo says at conference in Singapore. *“How would the Japanese government pay, given the amount of debt they have?”
Leslie Teo is chief economist and director economics and investment strategy at Singapore’s state fund, Government of Singapore Investment Corp. GIC is world’s eight-biggest sovereign wealth fund and manages about $248 billion, according to Sovereign Wealth Fund Institute……………………………………….Full Article: Source

The collective assets of Sovereign Wealth Funds, or SWFs, in the GCC surged to an all time high of around 1.7 trillion at the end of 2012, boosted by mounting fiscal surpluses on the back of high oil prices, Moody’s Investors Service said in a new report.
The London-based rating agency said in a report that the assets controlled by SWFs in the GCC climbed by nearly 700 billion from their level of around 1 trillion at the end of 2007. Moody’s observed that the GCC economies have benefited from large foreign-exchange inflows driven by oil revenues, adding that some of the windfall has been spent through the governments’ fiscal accounts while the rest was placed in SWFs, reinforcing their financial strength………………………………….Full Article: Source

Government of Singapore Investment Corp., which manages more than $100 billion of reserves, said it stopped publishing its nominal returns in the local currency because they should be compared with global benchmarks.
The annual report should focus on GIC’s primary mandate of achieving its so-called real rate of return, or subtracting the global inflation rate from the nominal performance, according to Josephine Teo, minister of state for finance. The fund stopped publishing the nominal rate of return converted to Singapore dollars three years ago, she said…………………………………Full Article: Source

The Government Investment Corporation’s Report on the Management of the Government’s Portfolio stopped publishing its nominal returns converted to Singapore dollars three years ago.
Replying to a question in Parliament on Wednesday, Minister of State for Finance Josephine Teo said this is to avoid confusion when comparisons are made with other fund managers or global market indices…………………………………Full Article: Source

Sovereign wealth funds (SWFs) are set to see their assets grow to $5.6 trillion by the end of 2013, a study found, a sum more than double British GDP and underscoring their status as the world’s wealthiest investors.
SWFs, state-owned vehicles such as the Qatar Investment Authority which manage windfall revenues for future generations, have become key global market players after the financial crisis, spending an estimated $90 billion buying up stakes in Western banks including Barclays Plc for instance………………………………………..Full Article: Source

Sovereign wealth fund assets increased by 8% last year to reach a record $5.2 trillion, with Asian entities accounting for $2 trillion, or 39% of the total, according to figures by the Sovereign Wealth Fund Institute and a UK financial sector body.
China has the biggest share of SWF capital by country, with $1.49 trillion, accounting for 29% of the global total of sovereign wealth. It is up from $1.14 trillion last year and is nearly twice as much as the $816 billion held by United Arab Emirates, the second-largest pool of SWF assets………………………………………..Full Article: Source

Strong oil prices have sharply widen the fiscal surpluses in Gulf hydrocarbon producers and this boosted the assets of their government funds to an all time high of around $1.7 trillion at the end of 2012, according to Moody’s investor service.
The assets controlled by sovereign wealth funds (SWFs) in the six-nation Gulf Cooperation Council (GCC) were nearly $700 billion higher than their level of around $one trillion at the end of 2007, the rating agency said………………………………………..Full Article: Source

Libya, whose sovereign wealth fund declined by at least $4 billion in value over the past four years, said it’s demanding an explanation from Societe Generale SA (GLE) on how it lost about $1 billion on derivative contracts.
“We have been in contact a number of times but have not received a satisfactory answer,” Mohsen Derregia, the outgoing chairman and chief executive officer of the fund, said in an interview from Tripoli. “We are pursuing this matter further.”……………………………………….Full Article: Source

Norway’s sovereign wealth fund, one of the world’s biggest investors, grew by around $100 billion (€76.9 billion) in 2012, sealing one of its best years on record as it benefited from the striking upturn by stock markets.
Known as the ‘oil fund’, it invests revenue from Norway’s lucrative oil industry for the country’s future. It is now worth around $710 billion (€546.6 billion), 40 per cent more than the value of the entire Norwegian economy………………………………………..Full Article: Source

Norway’s oil fund, one of the biggest investors in the world, rose in value by 13.4% last year, its second-best performance ever. The central bank said the fund’s investments in shares jumped by 18.1% in 2012, boosted by soaring equity indexes around the world.
It is now worth 3.8tn krone (£450bn; $670bn), up from 3.3tn krone in 2011. Norway’s fund invests the money from its huge oil industry in the nation’s future. The sovereign wealth fund is now 40% bigger than the value of the entire Norwegian economy. If it was invested inside the nation, this would cause distortions like massive inflation………………………………………..Full Article: Source

Norway’s sovereign wealth fund, one of the world’s biggest investors, grew by around $100 billion in 2012, sealing one of its best years on record as it benefited from the striking upturn by stock markets. Known as the ‘oil fund’, it invests revenue from Norway’s lucrative oil industry for the country’s future. It is now worth around $710 billion, 40 percent more than the value of the entire Norwegian economy.
The fund has been steadily reducing its assets in Europe as part of a long-term plan to move into both emerging and developed markets in Asia and the Americas - where it sees the strength of the world’s economy in the years ahead………………………………………..Full Article: Source

Norway’s pension fund, the largest sovereign wealth fund in the world, has pulled out of 23 palm oil companies in Indonesia and Malaysia after deeming them to be producing palm oil “unsustainably”.
The fund, worth US$710 billion (RM2.2 trillion), announced this in its annual report on Friday following its move last year to expand its investment guidelines to include deforestation as a threat to future growth. “In the first quarter of 2012, we sold our stakes in 23 companies that, by our reckoning, produced palm oil unsustainably………………………………………..Full Article: Source

In 1987, the value of Alberta’s Heritage Savings and Trust Fund stood at $12.7 billion. That year, the province faced a massive budget deficit and transfers to the fund from resource revenues were suspended. Such deposits did not resume again until almost two decades later and only lasted two years before being suspended again.
There is little doubt of the severity of the financial difficulties facing Alberta. In many ways it’s the late 1980s all over again. Alberta has again squandered a period of pronounced prosperity and ended up with unsustainable deficits, the likelihood of mounting debt, and no savings. While reform and reduction of spending will have to be undertaken in the short term to achieve a balanced budget, the province should not forget or ignore the need for longer term reform………………………………………..Full Article: Source

The total assets of the National Fund of Kazakhstan amounted to $68.9 billion (34 per cent of GDP), the minister of economy and budget planning Erbolat Dosaev said. “The government of Kazakhstan is going to continue the policy of accumulating assets in the National Fund considering the irreducible residue at a rate of 20 per cent of the expected value of GDP,” he said.
Moreover, in order to provide the budget with a stable revenue source and finance the expenditures allocated on an increase of economic activity and employment, the law of the Republic of Kazakhstan ‘on guaranteed transfer from the National Fund of Kazakhstan’ was adopted, Trend was informed………………………………………..Full Article: Source

China Investment Corp., the country’s main sovereign wealth fund, earned a 10.65% return on its overseas investments last year, CIC Executive Vice President Liang Xiang said Wednesday. CIC’s total accumulated overseas investment return since it was established in 2007 is now above 5%, Ms. Liang said on the sidelines of the National People’s Congress, the annual meeting of the country’s legislature.
CIC reported a 4.3% loss on its overseas investments in 2011 as its holdings, including energy and resource producers, were hit by volatile global markets. Ms. Liang said the U.S. and Europe would still be the fund’s main markets for investment this year, though the euro-zone crisis remains a major concern………………………………………..Full Article: Source

China Investment Corporation, China’s sovereign wealth fund, registered a 10.6 percent return ratio on its investments last year, said Liang Xiang, executive vice-president of CIC on Monday. “The performance is very comforting amid the backdrop of a complicated economic situation and financial markets last year,” she said.
Liang said that half of CIC’s portfolio was invested in the open market, while the other half was invested in long-term projects in the real economy. “Real estate will not be a major target for our investments, but it will continue to be a part of our portfolio that provides sound returns,” Liang said………………………………………..Full Article: Source

An Omani sovereign wealth fund has bought a 41.1 per cent stake in Oman National Investment Corp Holding (ONIC) from a unit of the Dubai ruler’s personal investment firm, the state funds said in a joint statement.
The holding represents 71.3 million shares in ONIC, the statement said. At the last market price of the shares, the stake was worth RO22.1 million ($57.6 million). The stake was sold by Dubai Insurance Group (DIG), which is owned by Dubai Group, part of Sheikh Mohammed bin Rashid al-Maktoum’s Dubai Holding conglomerate………………………………………..Full Article: Source

Increasingly, Europe and its Eastern neighbors are in need of steady energy supplies. Pipeline politics are influencing investment and geopolitical decisions. Natural gas from Central Asia is attempting to connect with European and Turkish energy consumers through new routes.

The Trans-Anatolian pipeline (TANAP) is a pipeline project that aims to transport 16 billion cubic meters of gas per annum through Georgia, Turkey and then to Europe. The pipeline will avoid Russia and Iran. The pipeline will deliver gas from the Caspian field of Shah Deniz to Europe………………………………………..Full Article: Source

The Government of Singapore Investment Corp (GIC) has raised US$1.25 billion by selling about 596 million shares in warehouse operator Global Logistic Properties (GLP).
GIC sold the shares at S$2.60 each, which is a 4.8 per cent discount to Monday’s closing price. Following the share sale, it now holds a 37 per cent stake in GLP, down from 49 per cent…………………………………..Full Article: Source

With more than US$100 billion (S$125 billion) of funds, the Government of Singapore Investment Corporation (GIC) is one of the largest sovereign wealth funds in the world, and is highly regarded internationally for its professionalism. Chief investment officer Ng Kok Song, 64, stepped down on Feb 1, after 27 years of managing Singapore’s foreign reserves.
He steered GIC through financial booms and busts, including the October 1987 Black Monday stock market crash, the Asian financial crisis, the dot.com bubble and the recent global financial crisis…………………………………..Full Article: Source

German car giant Daimler is not expecting sovereign wealth fund China Investment Corp to continue with its purchase of the ten percent stake in the company. The observation was made by Daimler’s Chief Financial Officer Bodo Uebber.
In an interview with Handelsblatt, “No, I don’t expect this to happen. There is a lot of speculation about us looking for another anchor shareholder in addition to Kuwait, but that’s not true.” Currently, Kuwait holds a 7.6 percent stake in the German carmaker…………………………………..Full Article: Source

In keeping with its goal of encouraging more foreign investment into Australia, the Federal Government will change existing laws to ensure foreign pension and sovereign wealth funds can access the Managed Investment Trust (MIT) withholding tax regime.
In summary, the regime allows a MIT to make payments to non-residents at concessional withholding tax rates, offering an attractive Australian investment option for foreign funds where they and their members are ultimately based overseas…………………………………..Full Article: Source

Singapore sovereign wealth fund GIC cut its stake in warehouse operator Global Logistic Properties (GLP) by about a quarter, selling around 596 million GLP shares at S$2.60 each, according to a term sheet seen by Reuters.
The sale, which raised about $1.25 billion, was at the bottom of a S$2.60-$2.66 per share indicative range. GLP closed at S$2.75 on Monday. The Government of Singapore Investment Corp (GIC) said in a statement on Tuesday that the sale was part of the sovereign fund’s “regular rebalancing activities for its overall portfolio” and that it remained a substantial long-term shareholder………………………………………..Full Article: Source

Government of Singapore Investment Corp. said its sale of a stake in Global Logistic Properties Ltd. (GLP) is part of its rebalancing of its holdings and that it remains a “substantial” long-term shareholder in the real estate company.
GIC, Singapore’s sovereign wealth fund that’s Global Logistic’s biggest shareholder, is raising S$1.5 billion ($1.2 billion) selling part of its stake in GLP, according to a term sheet obtained by Bloomberg News today………………………………………..Full Article: Source

Global Logistic Properties Ltd. (GLP) fell the most in almost 17 months in Singapore trading after Government of Singapore Investment Corp. said it is selling a stake in the biggest owner of industrial properties in Japan.
Shares of the company, also known as GLP, declined as much as 7.3 percent to S$2.55 and traded at S$2.56 as of 10:40 a.m. in Singapore, set for the biggest drop since Oct. 4, 2011………………………………………..Full Article: Source

East Timor’s Oil Fund grew by US$720.94 million in the fourth quarter of 2012 and ended the year with a total value of US$11.777 billion, said the East Timor Central Bank. The report on the last three months of 2012, available on the East Timor Central Bank’s website and dated 12 February, said that the “capital of the fund increased from US$11.054 billion to US$11.777 billion.”
Capital added to the fund from taxes, royalties and other revenue totalled US$1.234 billion and a total of US$590.4 million had been taken out of the fund………………………………………..Full Article: Source

The Egyptian Financial Supervisory Authority (EFSA) has approved the offer presented by Qatar National Bank (QNB) to buy 100% of National Société Générale Bank (NSGB). QNB is 50%-owned by the Qatar Investment Authority (QIA), the sovereign wealth fund spearheading Qatar’s international acquisitions lately, including stakes in Barclays, Volkswagen and Harrods.
The Qatari Bank submitted a mandatory tender offer (MTO) for 100% of the NSGB shares, according to a statement by EFSA, after being required by the authority to buy the totality of the shares rather than its originally planned 77% stake, which it announced in December………………………………………..Full Article: Source

Alaska’s oil wealth portfolio has hit an all-time high: $45 billion. The Alaska Permanent Fund Corp. announced the fund hit the mark Tuesday. The corporation tracks the fund daily. CEO Mike Burns said hitting $45 billion is a sign the Alaska Permanent Fund has not only regained ground lost during the recession but also that it is growing.
Burns says the fund, by any measure, has been very successful. He says the patience Alaskans have had in growing the fund is extraordinary, and says it takes a lot of political will to keep the fund off limits for use on other things……………………………………..Full Article: Source

Chile will siphon US$2 billion into a state-owned investment fund that, in part, buffers the country against the ups and downs of international markets, Finance Minister Felipe Larraín said Wednesday. He projected the sovereign wealth fund (SWF) to climb to US$22.9 billion, inching past US$22.7 billion for the first time since the 2008 financial crisis hit.
Given this fund’s boost, Chileans are calling on the government to shoulder a greater slice of the country’s sky-high gasoline prices……………………………………Full Article: Source

Sovereign wealth funds and endowments lapped up permits to buy Indian government and corporate bonds as the signs of macro-economic stability are getting stronger and the returns, at least in rupee terms, remain higher than peers.
The Securities & Exchange Board of India received bids for .Rs34,984 crore of corporate bonds where the auctioned amount was Rs 26,925 crore, with total investors at 49. “The auctions are an indication of appreciation of yield pick-up available here,” said Parthasarthy Mukherjee, president, treasury and international business, Axis Bank…………………………………..Full Article: Source

A plan by Qatar Holding, one of gas-rich Qatar’s main state investment funds, to seek a credit rating will cast more light on its multibillion-dollar international investments after questions over some of its dealings in recent months.
Ahmad al-Sayed, the chief executive of Qatar Holding, a subsidiary of Qatar’s sovereign wealth fund, said on Tuesday that the fund was preparing for a rating in the coming months, which would force the global investor to be more transparent……………………………………Full Article: Source

The Alaska Permanent Fund Corp. announced the fund hit the mark Tuesday. The corporation tracks the fund daily. CEO Mike Burns said hitting $45 billion is a sign the Alaska Permanent Fund has not only regained ground lost during the recession but also that it is growing.
Burns says the fund, by any measure, has been very successful. He says the patience Alaskans have had in growing the fund is extraordinary, and says it takes a lot of political will to keep the fund off limits for use on other things……………………………………Full Article: Source

Qatar will create a new $12 billion investment firm, backed by blue-chip assets from its sovereign wealth fund, and list it on the local stock exchange, its main institutional backer said on Tuesday. Qatar Holding—the investment arm of the Qatari sovereign fund—said the new firm will invest in assets around the world.
“You name it—shares, bonds, real estate, private equity. We will look at every sector in every country around the world,” Hussain al-Abdullah, Qatar Holding’s vice-chairman, said…………………………………..Full Article: Source

Samruk-Kazyna National Welfare Fund will start cost saving, Tengrinews.kz reports citing the Fund’s press-service. 11 Kazakhstan companies have already implemented the cost saving program. “The group is expected to save around 70 billion tenge ($467 million) in three years. The fund’s cost saving program was developed with the help of international consultants.
All business processes, self-costs and other expenses of the companies were analyzed. The program is expected to improve the competitiveness and optimize the group’s activities. The three-year program is being implemented by KazMunaiGas, Kazakhstan Temir Zholy, KazAtomProm, Kazakhstan Engineering, Samruk-Energy, KEGOC, KazpPochta, Kazakhstan Development Bank, SK-Farmatsiya, Damu and Samruk-Kazyna Fund,” the press-service said…………………………………..Full Article: Source

The Alabama House has given final passage to a bill that requires full repayment of money transferred from an oil and gas revenues savings account to the state’s General Fund budget. The House voted 90-0 Thursday to approve an amendment put on in the Senate that requires repayment of the money even if the Legislature doesn’t appropriate the funds.
An amendment to allow the state to take the money from the Alabama Trust Fund and use it for the cash-strapped General Fund budget was approved by voters in September. Before voters decided on the amendment, Bentley and some legislators promised the money would be repaid…………………………………..Full Article: Source

It’s no surprise, really. That sums up the reaction of analysts to Temasek Holdings becoming the largest shareholder of Olam International. The sovereign investment firm last Friday added a further 0.01 per cent, or 150,000 shares, to its stake in the agricultural commodities trader, bringing its total stake in the firm to 21 per cent.
According to filings on the Singapore Exchange, the purchase was made through market transactions. Temasek paid $247,500, or $1.65 apiece.Olam’s founding firm Kewalram Singapore has now been pushed to second spot in the list of shareholders, with a 20.23 per cent stake, according to Bloomberg data………………………………………..Full Article: Source

Qatar’s sovereign wealth fund is in advanced talks with Russia’s second-largest bank VTB about injecting between U.S.$3bn and U.S.$3.5bn into the banking giant, the Telegraph reported. VTB will likely issue the Qataris with U.S.$1.5bn of new equity and US$1.5bn of mandatory convertible bonds under the structure of the deal, the daily said citing sources.
The deal may be announced by next week, the paper said. VTB shares jumped as much as 3.76 percent on the report, while the overall Russian market was 0.08 percent down by 0717 GMT. VTB declined to comment on the report. Representatives for Qatar’s sovereign wealth fund were not immediately available for comment………………………………………..Full Article: Source

Qatar’s sovereign wealth fund raised its stake in luxury jeweler Tiffany & Co by one percentage point to 8.7 percent. Qatar Investment Authority (QIA) was already the single largest shareholder in Tiffany. Shares in the company increased 0.4 percent to US$ 63.32 on the New York Stock Exchange following the announcement.
In 2012 QIA has been buying minority equity stakes in other large companies, including in oil companies as Shell and Eni………………………………………..Full Article: Source

Talks are at an early stage and more detail is expected to emerge in the coming weeks about how the Investment Corporation of Dubai (ICD) plans to handle the loan’s maturity. The loan is the second tranche of a $6 billion facility that the ICD raised in September 2008.
Unfavourable market conditions meant that the ICD did not take up a refinancing package for the previous $4 billion, opting instead to repay the full amount, but bankers believe that improved sentiment towards Dubai as a borrower will make the pricing more attractive and a new loan more likely this time………………………………………..Full Article: Source

In recent years, Qatar Holding has emerged as one of the world’s most dynamic sovereign wealth funds, buying trophy assets such as Harrods in London and more recently playing kingmaker in the vast merger of Xstrata and Glencore.
While the government and members of the ruling family have invested through different vehicles, Qatar Holding has made the lion’s share of publicly-disclosed investments. Acting more like a hedge fund than the traditional perception of a sovereign wealth fund, bankers familiar with Qatar Holding say that the state-backed fund does few deals without a loan to pay for the acquisition………………………………………..Full Article: Source

The assets of Kazakhstan national fund exceeded 10 trillion tenge ($67 billion) by the end of 2012, Tengrinews.kz reports citing Finance Minister Bolat Zhamishev as saying at the expanded meeting of Finance Ministry attended by Prime-Minister Serik Akhmetov.
“As of the end of 2012 the funds of the National Fund were over 10 trillion tenge ($67 billion) net of investment profits. The share of undrawn balance in the overall expenses made 0.7 percent or 41.6 billion tenge ($277 million), which is 0.1 percent less than in 2011,” Bolat Zhamishev said………………………………………..Full Article: Source

Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, acquired a 29-per cent stake in Glencore-controlled zinc producer Kazzinc. Without disclosing the financial terms of the acquisition, Samruk-Kazyna’s deputy head, Kuandyk Bishimbayev, told reporters, “The Kazzinc deal is closed, and today we own 29 per cent in this enterprise.”
Bishimbayev said that Samruk-Kazyna bought the stake from Kazakhstan billionaire Bulat Utemuratov controlled investment firm Verny Capital………………………………………..Full Article: Source