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Future Fund’s David Neal says low rates hurting growth

Posted on 28 April 2016 by VRS  |  Email |Print

Future Fund chief executive David Neal has warned that a prolonged period of ultra-low interest rates has reduced the probability of the fund achieving its long-term growth targets, while defending the fund’s big move into cash.
Mr Neal said the $117 billion sovereign wealth fund was not hiding under a blanket and still ran a “significantly risky” portfolio in an effort to meet its return target of the consumer price index plus 4.5 per cent………………………………………..Full Article: Source

Temasek names 2 new presidents in management reshuffle

Posted on 27 April 2016 by VRS  |  Email |Print

State investment firm Temasek Holdings has appointed two new presidents in a management reshuffle to help it navigate “challenging times”. Mr Chia Song Hwee and Mr Dilhan Pillay have been promoted to presidents, joining president Gregory Curl, the firm said in a statement on its website on Tuesday (Apr 26).
Dr Fidah Alsagoff, Mr Michael Buchanan, Ms Png Chin Yee and Ms Juliet Teo have been appointed as senior managing directors. The appointments take effect on May 1. Temasek said it will also reallocate some functions across groups, such as bringing together its sector and market investment teams under a single investment group, creating a new portfolio strategy and risk group as well as a sustainability and stewardship group………………………………………..Full Article: Source

Saudi prince bets on $2 trillion wealth fund

Posted on 25 April 2016 by VRS  |  Email |Print

An ambitious 31-year-old Saudi royal will set bankers’ hearts aflutter tomorrow by unveiling what is billed as the biggest economic reform programme in the kingdom’s 84-year history. Prince Mohammed bin Salman’s grand plan is expected to include the creation of a $2 trillion (£1.4 trillion) sovereign wealth fund and a partial float of the world’s biggest oil company, Saudi Aramco.
The presentation in Riyadh will be a pivotal moment for MBS, as he is known. The fiercely determined son of King Salman — now 80 and in fragile health — is second in line to the throne. His attempt to shake up the kingdom can be interpreted in two ways………………………………………..Full Article: Source

GIC Reshuffles Leadership, Adds New CIOs

Posted on 25 April 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC has announced a management reshuffle involving the appointment of five new CIOs to oversee each of its main asset classes. Group CIO Lim Chow Kiat has been named deputy group president in addition to retaining his current position. President of Public Markets Jeffrey Jaensubhakij becomes deputy group CIO.
“The new senior appointments enhance the development of a strong leadership bench for GIC, allowing us to build new investment capabilities and extend our investment and operating platforms,” said Lim Siong Guan, GIC’s group president………………………………………..Full Article: Source

GIC Names Lim Chow Kiat Deputy President as It Adds New Leaders

Posted on 22 April 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Pte gave Group Chief Investment Officer Lim Chow Kiat the additional title of deputy group president as part of a leadership shuffle appointing seven managers to new roles.
Lim, 45, will assume his new position as of June 1 while retaining his current role, GIC said in an e-mailed statement on Thursday. Jeffrey Jaensubhakij will become Lim’s deputy, while remaining president of public markets, according to the statement………………………………………..Full Article: Source

New senior leadership appointments, chief investment officers at GIC

Posted on 22 April 2016 by VRS  |  Email |Print

Sovereign wealth fund GIC has announced senior leadership appointments to strengthen its investment capacity, it said in a news release on Thursday (Apr 21).From Jun 1, Mr Lim Chow Kiat will have the additional appointment of Deputy Group President, while serving concurrently as Group Chief Investment Officer. Dr Jeffrey Jaensubhakij will be appointed Deputy Group Chief Investment Officer, and will also serve as President, Public Markets.
Mr Lim Kee Chong remains Deputy Group Chief Investment Officer and Director, Integrated Strategies Group. Mr Tay Lim Hock remains as President of Private Equity and Infrastructure, and Mr Goh Kok Huat as President of Real Estate and hief Operating Officer………………………………………..Full Article: Source

Angela Rodell Rebuilds Alaskan Sovereign Wealth Fund

Posted on 19 April 2016 by VRS  |  Email |Print

Despite its confidence-inspiring name, Alaska Permanent Fund Corp. is in flux. The state legislature is weighing plans to tap the $52.2 billion Alaska Permanent Fund to make up budget shortfalls while the corporation that manages it reels from the departures of three key executives over the past year.
Since Angela Rodell took over as Juneau-based APFC’s executive director in October, her top priority has been hiring. “It’s about creating an organization that’s prepared to deliver to the state what the state may ultimately be demanding of us,” Rodell, 48, tells………………………………………..Full Article: Source

KIC names new COO

Posted on 18 April 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund Korea Investment Corporation said Monday it has named Kim Sang-joon, head of London office, as new chief operating officer. Kim joined KIC in 2009 after working at Samsung Life Insurance’s asset management division for more than 20 years.
Kim’s appointment came after KIC CEO Eun Sung-soo, who took office in January, vowed to enhance transparency of the $91.8 billion national wealth fund’s management under a KIC reform plan. The plan includes separating the role of a compliance officer from chief risk officer to make internal controls more stringent. ……………………………………….Full Article: Source

Russia’s Vulnerable Side Is at Fore in Putin’s Call-In Show

Posted on 15 April 2016 by VRS  |  Email |Print

Russia President Vladimir V. Putin said there was enough money in the two main sovereign wealth funds and other reserves to tide Russia over for the next four years.
That is a far rosier picture than outside analysts have predicted. The World Bank, for example, estimated this month that the economy would contract by 1.9 percent this year and said that about 20 million Russians were now living below the poverty line. There have also been widespread predictions that the main sovereign wealth fund, the Reserve Fund, could run dry by next year………………………………………..Full Article: Source

Swiss expand 1MDB probe to two former Emirati fund officials

Posted on 13 April 2016 by VRS  |  Email |Print

Swiss authorities have expanded a criminal probe surrounding state fund 1Malaysia Development Berhad (1MDB) to include two former Emirati officials in charge of Abu Dhabi sovereign funds, Switzerland’s Office of the Attorney General (OAG) said.
Swiss authorities began investigations in August tied to 1MDB for suspected corruption of public foreign officials, dishonest management of public interests and money laundering. The inquiry has so far shown that about $4 billion appeared to have been misappropriated from Malaysian state companies, Attorney General Michael Lauber said in January………………………………………..Full Article: Source

Swiss Widen Inquiry Into Malaysian Fund to Include 2 Emirati Officials

Posted on 13 April 2016 by VRS  |  Email |Print

The Swiss authorities said on Tuesday that they had started a criminal investigation into two officials in charge of a sovereign wealth fund in Abu Dhabi, in the United Arab Emirates, as part of an inquiry into the financial transactions of the troubled Malaysian state investment fund 1Malaysia Development Berhad.
The attorney general’s office in Switzerland said in a statement that it had widened its corruption investigation into the Malaysian fund, also known as 1MDB, to include the two Emirati officials over an apparent misappropriation of payments. The officials were being investigated for fraud, criminal mismanagement, money laundering, bribery and forgery, the attorney general’s office said……………………………………….Full Article: Source

Envoy seeks Abu Dhabi funds for British cities

Posted on 12 April 2016 by VRS  |  Email |Print

Jim O’Neill, the Goldman Sachs economist who became a British Treasury minister, completed a doctoral thesis arguing that Opec oil producers did not put their savings to good use. Gulf sovereigns paid scant attention to rates of return, he wrote – and worse, made investment decisions on an “ad hoc basis”.
But now, 23 years later, Mr O’Neill is visiting the UAE to ask its sovereign wealth funds to invest their savings into Britain’s post-industrial northern cities, as part of an infrastructure initiative the UK government calls the “Northern Powerhouse”. The Abu Dhabi Investment Authority (Adia), for example, holds a significant property portfolio in London as well as stakes in hotels and UK utilities………………………………………..Full Article: Source

Raub MP: Find out how TIA became 1MDB

Posted on 11 April 2016 by VRS  |  Email |Print

Mohd Ariff SabrI calls for answers from Ahmad Said, 1MDB’s ex-boss Shahrol Azral and AmInvestment Bank. Raub MP Mohd Ariff Sabri Aziz has called for the former menteri besar of Terengganu to reveal the details of how the state sovereign wealth fund Terengganu Investment Authority became 1Malaysia Development Bhd.
He said the Public Accounts Committee report on 1MDB tabled in Parliament this week had been silent about TIA’s formation, which led to its takeover by the federal government and renamed 1MDB. “The MB of Terengganu then must now reveal to all what were the terms set out by Menteri Besar Incorporated of Terengganu,” said Mohd Ariff in a blog posting………………………………………..Full Article: Source

Saudi prince wants world’s largest sovereign wealth fund

Posted on 07 April 2016 by VRS  |  Email |Print

In an interview with Bloomberg, Saudi Deputy Crown Prince Mohammed bin Salman said he is planning to transform the kingdom’s Public Investment Fund into a sovereign wealth fund billed as the largest on the planet. It will be a fund so large that the country will eventually rely more on investment income than oil income.
For decades, the world’s largest oil exporter has kept most of its wealth at the Saudi Arabian Monetary Agency, ignoring calls from economists at home and abroad to create a separate sovereign fund. But with the slump in crude prices, the status quo can remain no more………………………………………..Full Article: Source

NIIF CEO to be appointed soon

Posted on 05 April 2016 by VRS  |  Email |Print

Government today said it is in the process of appointing CEO for India’s first Rs 40,000-crore sovereign wealth fund NIIF, which will act as a nodal agency for development of infrastructure. The government in December last year had set up the National Investment and Infrastructure Fund (NIIF), which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects.
“We are in the process of appointing the CEO and also building up doing recruitment for…It will be a very lean organisation of recruiting people down the line,” Secretary in Department of Economic Affairs Shaktikanta Das said here. He said the process to appoint the CEO is on and “I think you will see somebody in place very quickly”………………………………………..Full Article: Source

1MDB was unsustainable due to low capital, high debt: Abdul Wahid Omar

Posted on 05 April 2016 by VRS  |  Email |Print

The financial structure of Malaysian state investment vehicle One Malaysia Development Berhad (1MDB) was unsustainable from the very start, according to a top government minister.
1MDB’s design was an exception, not the norm, for Malaysian government-linked companies, Abdul Wahid Omar, Economic Planning Minister of Malaysia, told CNBC’s”The Rundown” on Monday. Rather than being listed like other firms, 1MBD, which was set up in 2009, was wholly owned by the Ministry of Finance, he said………………………………………..Full Article: Source

Saudi Arabia Post-Oil Era Fortified by PIF

Posted on 04 April 2016 by VRS  |  Email |Print

Saudi Deputy Crown Prince Mohammed bin Salman al-Saud revealed details on his future national economic plan, which is expected to be fully displayed over upcoming months. The plan aims at reducing Saudi economic oil dependence as an income source during the upcoming twenty years.
In a long conversation with Bloomberg, his Highness Prince Mohammed gave details on increasing Public investment to play a principal role in the governmental budget. His Highness explained that the steps towards increasing Public investment significance is to establish a public investment fund which includes important internal and external Saudi investments which cover Saudi Arabia’s Kingdom share in Saudi Aramco………………………………………..Full Article: Source

Temasek Holdings appoints Lee Theng Kiat as board director

Posted on 01 April 2016 by VRS  |  Email |Print

Temasek Holdings Pte has appointed Lee Theng Kiat as director of the investment firm’s board, six months after he became head of Temasek International, Temasek’s management arm in charge of all staff other than the CEO and chief financial officer.
Mr Lee will join the Temasek board as of April 1 and will also join the board’s executive committee, Temasek said in an statement on its website on Thursday. His responsibilities as head of Temasek International will be unchanged, according to the statement………………………………………..Full Article: Source

1MDB Probe Shows Malaysian Leader Najib Spent Millions on Luxury Goods

Posted on 31 March 2016 by VRS  |  Email |Print

The Malaysian investigation documents, viewed by The Wall Street Journal, contain bank-transfer information that provides the most complete picture to date of the money that flowed through the prime minister’s accounts over a five-year period, the majority of it, investigators say, originating from 1MDB.
They show for the first time how some of the money in Malaysian Prime Minister Najib Razak’s accounts allegedly was used for personal expenses. That included $15 million in spending on clothes, jewelry and a car, according to the bank-transfer information, involving stores in the U.S., Malaysia, Italy and elsewhere………………………………………..Full Article: Source

Malaysian lawyer ‘probed for sedition’

Posted on 31 March 2016 by VRS  |  Email |Print

Billions of dollars have allegedly gone missing from Malaysia’s sovereign wealth fund, and the scandal has engulfed Prime Minister Najib Razak, who chairs the fund’s advisory board. There are at least four international investigations into the money said to be missing from the fund, known as 1MDB.
Malaysia’s attorney-general, meanwhile, has shut down an investigation into money deposited into the prime minister’s account by an unnamed donor from the Middle East………………………………………..Full Article: Source

Ex-CalPERS CIO to Lead Alaska Permanent

Posted on 30 March 2016 by VRS  |  Email |Print

Alaska’s sovereign wealth fund today named Russell Read as its new CIO. Read spent two years as CIO of the California Public Employees’ Retirement System, from 2006 to 2008.
Following that, Read led the Gulf Investment Corporation in Kuwait as CIO and deputy chief executive. He also served as deputy CIO of Deutsche Asset Management, and founded his own private equity firm. He replaces Jay Willoughby at the Juneau, Alaska-based sovereign fund. Willoughby departed late last fall for the CIO position at outsourced-CIO provider The Investment Fund for Foundations………………………………………..Full Article: Source

Mahmoud Kassem: Lessons learned from interviews with Abu Dhabi’s wealth fund

Posted on 29 March 2016 by VRS  |  Email |Print

Over the past two weeks, the Abu Dhabi Investment Authority (Adia), one of the world’s biggest sovereign wealth funds, gave The National unprecedented access to mark its 40th anniversary, offering interviews with several of its former and current leaders, including Hareb Al Darmaki, an adviser to the managing director and the fund’s longest-serving employee, and Jean-Paul Villain, its top strategist.
My conversations with these investment gurus provided a fascinating insight into the inner workings of a fund estimated to have as much as US$800 billion under management. They also helped to reinforce important lessons that are relevant to all investors, whether you have billions of dirhams or simply a few thousand to sock away for the future………………………………………..Full Article: Source

Najib Razak 1MDB scandal: Malaysian Prime Minister’s accounts triggered internal money-laundering alarm

Posted on 29 March 2016 by VRS  |  Email |Print

So much money was pouring so rapidly into the Malaysian Prime Minister’s personal bank accounts that it rang internal money-laundering alarms inside AmBank, a major Malaysian institution part-owned by Australia’s ANZ.
Hundreds of millions of dollars were being wired into Najib Razak’s accounts from the Saudi Arabian Government, a mysterious Saudi prince and two shadowy British Virgin Island companies, while the head of a Malaysian state-owned company topped up the Prime Minister’s credit card accounts with millions of Malaysian ringgit in cash………………………………………..Full Article: Source

Peter Costello’s indefensible legacy

Posted on 24 March 2016 by VRS  |  Email |Print

On Friday, Peter Costello used Fairfax to tell us how handsome he is and how splendidly the Future Fund he chairs is performing. He was responding to fellow establishment figure Howard Mitchell’s comparing its returns against the Alaska Permanent Fund. The whole debate was probably a Tory setup. They do odd things like that.
Alaska’s fund is a poor model to emulate. The gold standard of sovereign wealth funds is Norway’s Government Pension Fund Statens pensjonsfond Utland, established in 1990 and worth around 900 billion Australian dollars. In early January 2014, every Norwegian became a crown millionaire, thanks to the fund. That is about 156,000 Australian dollars each. You can look at it’s market value here………………………………………..Full Article: Source

Temasek Unit Fullerton Appoints Head of Multi-Asset Strategies

Posted on 18 March 2016 by VRS  |  Email |Print

Fullerton Fund Management Co., owned by Singapore’s Temasek Holdings Pte, has hired Pranay Gupta as head of multi-asset strategies, a new role that it has created as it seeks to offer more investment offerings combining different asset classes.
“As investors search for enhanced returns amid increasing volatility, multi-asset investing has become a specialized investment skill,” Fullerton Chief Executive Officer Manraj Sekhon said in an e-mailed statement. “The ability to tailor multi-asset solutions according to their risk return parameters is essential for our clients.”……………………………………….Full Article: Source

Alaska Permanent Drives to Rebuild Leadership Team

Posted on 16 March 2016 by VRS  |  Email |Print

Former Alaska Permanent Fund CEO Mike Burns retired four months earlier, without a named successor. For a few days, the $52 billion organization had no permanent executive leadership in place.
Since then, trustees made several staffing appointments, including former state treasury supervisor Angela Rodell as CEO. The latest hire came late last month, fund documents showed, when former New Jersey pension system director Tim Walsh signed on as a part-time investment advisor with a two-year contract………………………………………..Full Article: Source

John Brumby, Paul Howes split over super debate

Posted on 14 March 2016 by VRS  |  Email |Print

The debate over the purpose of superannuation launched by the Turnbull government has split senior Labor figures over whether investors’ freedoms or nation building should be paramount. Former Victorian Labor premier John Brumby said Australians should not be given too much choice over their superannuation fund because money ought to be available for nation building.
“The reality is that in super, too much choice can be a bad thing because for super funds to invest in long-term infrastructure like roads and ports and even high-speed rail, you need secure, long-term flows of savings,” he told The Australian Financial Review………………………………………..Full Article: Source

Norway Wealth Fund Isn’t Joining Global Stock Selloff, CEO Says

Posted on 11 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, hasn’t been part of a global selloff in stocks this quarter, according to its chief executive officer, Yngve Slyngstad. “We have not been participating in the selling, and we don’t foresee” that a change of strategy will be necessary, Slyngstad said at a presentation of the fund’s 2015 results on Wednesday in Oslo.
The comments follow evidence that wealth funds across the Middle East and central Asia have sold assets to plug deficits amid plunging oil prices. Speculation that petrodollar-stocked wealth funds were exiting assets has fed into market turmoil as stocks sank this quarter. The MSCI World Index is down more than 4 percent since the end of December………………………………………..Full Article: Source

Malaysia 1MDB Scandal: Goldman Sachs Hired Daughter Of Malaysian Prime Minister Najib Razak’s Close Ally

Posted on 11 March 2016 by VRS  |  Email |Print

The daughter of Malaysian Prime Minister Najib Razak’s close ally was employed by Goldman Sachs Group Inc. during the time when the investment bank worked for the Malaysian state-run fund 1Malaysia Development Bhd, the Wall Street Journal reported Thursday, citing sources.
The 1MDB has been the center of scandal since last July, when hundreds of millions of dollars were traced to the personal bank accounts of Razak. Goldman Sachs is currently carrying out its own investigation after the FBI and the U.S. Department of Justice began probing the firm over money laundering and corruption as an adviser to the 1MDB allegations. The company is also looking into the hiring part under its probe, the sources told the Journal………………………………………..Full Article: Source

Norwegian wealth fund has a New York state of mind: Gadfly

Posted on 10 March 2016 by VRS  |  Email |Print

On the website for Norway’s Sovereign Wealth Fund, a hypnotic and constantly-changing ticker indicates how much kroner the fund is losing and, mostly, gaining. People in London and New York worried about property prices might find it calms their nerves.
The US$830 billion (S$1.14 trillion) Government Pension Fund Global, the biggest sovereign wealth fund, reported results for 2015 on Wednesday: an overall return of 2.7 per cent, achieved despite volatile currency and equity markets, negative interest rates and worries about global growth. Still, that’s its weakest return in five years and worse than the average annual return of 3.7 per cent (after inflation and management costs) since 1998 when the fund’s current management structure was set up………………………………………..Full Article: Source

Norway Wealth Fund Isn’t Joining Global Stock Selloff, CEO Says

Posted on 10 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, hasn’t been part of a global selloff in stocks this quarter, according to its chief executive officer, Yngve Slyngstad. “We have not been participating in the selling, and we don’t foresee” that a change of strategy will be necessary, Slyngstad said at a presentation of the fund’s 2015 results on Wednesday in Oslo.
The comments follow evidence that wealth funds across the Middle East and central Asia have sold assets to plug deficits amid plunging oil prices. Speculation that petrodollar-stocked wealth funds were exiting assets has fed into market turmoil as stocks sank this quarter. The MSCI World Index is down more than 4 percent since the end of December………………………………………..Full Article: Source

Brother of ex-British PM Blair expected to judge Libyan sovereign fund case

Posted on 07 March 2016 by VRS  |  Email |Print

William Blair, brother of ex-British prime minister Tony Blair, is expected to be appointed judge in the long-running dispute over the leadership of Libya’s $67 billion sovereign wealth fund, sources on both sides of the case said.
The case is to be heard in London’s High Court from Monday. The Libyan Investment Authority (LIA) is in a power struggle between two rival chairmen, Hassan Bouhadi and AbdulMagid Breish. The dispute mirrors the fragmented nature of the country following the fall of Muammar Gaddafi in 2011………………………………………..Full Article: Source

Care needed for sovereign fund plan

Posted on 07 March 2016 by VRS  |  Email |Print

Economic policy advisers to president-elect Tsai Ing-wen have been discussing the possibility of setting up a state-level investment corporation to promote, manage and finance certain industrial concerns, including semiconductors.
In an interview last week with Bloomberg News, Taiwan Institute of Economic Research vice president Kung Ming-hsin — Tsai’s top adviser on industry policy — touched upon the subject, saying that Tsai’s team is considering establishing a quasi-sovereign wealth fund to finance emerging industries………………………………………..Full Article: Source

Shafie slams ‘secret’ report on 1MDB

Posted on 07 March 2016 by VRS  |  Email |Print

Former rural and regional development minister Shafie Apdal has questioned the federal government’s decision to classify as an official secret the final audit report on 1Malaysia Development Bhd. Shafie said: “Why must they use OSA? If there’s nothing to hide, the report should be revealed. Why do they want it to be hidden?”
The chairman of the Public Accounts Committee, Hasan Arifin, had said on Friday that the Auditor-General had classified the final report of its 1MDB audit under the Official Secrets Act because of leaks of information from an interim report to the committee, submitted last July………………………………………..Full Article: Source

Osborne unveils sovereign wealth fund

Posted on 07 March 2016 by VRS  |  Email |Print

George Osborne will announce the creation of a £100bn British sovereign wealth fund next week and lay out plans to part-privatise Britain’s rail network. In his budget on March 16 the chancellor, who has struggled to find finance for new road, rail and power schemes, is expected to hail the progress of a scheme to merge council pension funds.
Six local authority funds with assets of £50bn have agreed to join forces, with another four due to sign up later this year to double the available firepower. The plan has been masterminded by the City financier Edmund Truell………………………………………..Full Article: Source

U.A.E. Central Banker Says SWF Withdrawal Reports `Overblown’

Posted on 03 March 2016 by VRS  |  Email |Print

Khalifa Al Kindi, chairman of the United Arab Emirates central bank, said that media coverage of withdrawals by sovereign wealth funds has been exaggerated, amid investor concern that the funds are pressuring global stock markets.
“I think it’s overblown,” Al Kindi, who is also founder of the Abu Dhabi Investment Council, said Wednesday at a conference in the city. “We have been exposed to that in the 80s and early 90s and now with the oil price at these levels you will be using your SWF to withdrawn from. We still have a long way before borrowing from outside world.”……………………………………….Full Article: Source

How GEJ handed Nigeria’s sovereign wealth fund to Blair

Posted on 02 March 2016 by VRS  |  Email |Print

The activities of the former prime minister of United Kingdom during the past administration led by Goodluck Jonathan, has been revealed. In an explosive new biography by investigative journalist, Tom Bower, Blair comes under the spotlight, Sahara Reporters reports.
Blair was said to have requested a one-on-one meeting with the former president, Jonathan in 2010, apparently to offer help in reconciling the country’s Muslims and Christians. Blair was said to have charmed the president and satisfied his ego………………………………………..Full Article: Source

How Jonathan handed Nigeria’s sovereign wealth fund to Tony Blair, JP Morgan

Posted on 01 March 2016 by VRS  |  Email |Print

Tony Blair continues to come under the spotlight as more claims against him emerge from the explosive new biography by investigative journalist, Tom Bower. The activities of the former Prime Minister of United Kingdom during the administration of Goodluck Jonathan, Nigeria’s former president has been revealed.
According to Bower’s book, Back in 2010, Mr Blair asked for a one-on-one meeting with the then Nigerian president, Goodluck Jonathan — ostensibly to offer the services of AGI and the Faith Foundation to help reconcile the country’s Muslims and Christians………………………………………..Full Article: Source

China’s sovereign fund CIC reshuffles team

Posted on 29 February 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC) is preparing for a strategic shift and will focus more on direct investments and proprietary relationships with fund managers. It has reshuffled its infrastructure team to guide the shift in focus. The firm has created a new division, named Department 2, which will invest in consumer and industrial sectors, to be led by Mi Tao, reported Infrastructure Investor.
The existing Department 1 will now be led by Benjamin Bao, and includes three infrastructure teams managed by Yan Wang, David Xie and Yuling Lu.They will look to invest in areas like renewable energy, transport and utilities. Other teams will focus on oil & gas and metals & mining………………………………………..Full Article: Source

Abu Dhabi Crown Prince visits ADIA

Posted on 25 February 2016 by VRS  |  Email |Print

His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, yesterday paid a visit to the Abu Dhabi Investment Authority (ADIA). During the visit, Sheikh Mohamed met with members of the ADIA’s Board of Directors, heads and senior officials.
Sheikh Mohamed was received by Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Hamed Bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court and Managing Director of Abu Dhabi Investment Authority (ADIA), Sheikh Mohammed Bin Khalifa Al Nahyan, Executive Council Member and a number of officials of the ADIA………………………………………..Full Article: Source

Sovereign wealth funds are ditching fund managers in their droves

Posted on 23 February 2016 by VRS  |  Email |Print

Bad news for the world’s big fund managers: they are being abandoned by sovereign wealth funds. In each of the five years to 2015 these state run funds (largely owned by oil producing companies) shovelled something in the region of $48bn into the markets via the big asset managers. Last year, they pulled over $46bn out.
That, said the head of one large fund management firm, was “very hard”. It’s about to get harder. Moody’s reckons the sovereign wealth funds will pull out the same again, plus another 25% this year “as oil-dependent funds increase redemptions from asset managers in order to plug fiscal deficits”. Norway alone says it is likely to pull out €8.4bn………………………………………..Full Article: Source

Norway Central Bank Chief Warns on Oil Wealth as Coffers Raided

Posted on 22 February 2016 by VRS  |  Email |Print

Norway’s central bank governor stepped up his warning on excessive use of the nation’s oil income as he predicted the government may need to withdraw almost $10 billion from its massive wealth fund this year.
“The fall in oil prices will reduce Norway’s national wealth,” Norges Bank Governor Oeystein Olsen said Thursday in his annual speech in Oslo. With the $810 billion fund’s era of growth behind it and returns ahead uncertain amid a slowing global economy, “increased spending is not a viable path to follow.”……………………………………….Full Article: Source

KIC chief prioritizes risk management

Posted on 18 February 2016 by VRS  |  Email |Print

The new chief of Korea’s sovereign wealth fund on Wednesday stressed risk control in an era of global financial volatility, saying its return on investment this year could remain negative after a near 3 percent loss last year.
“The outlook for our investment returns is not bright this year in light of the weakness in global markets, with the New York Stock Exchange down nearly 10 percent,” Eun Sung-soo, CEO of Korea Investment Corp. told reporters at its head office in Seoul. The former World Bank director and long-time Korean Finance Ministry official took charge of the $91.8 billion national wealth fund last month………………………………………..Full Article: Source

KIC CEO promises to expand asset trust to $200 billion by 2020

Posted on 18 February 2016 by VRS  |  Email |Print

Having reported a negative return last year, South Korea’s sovereign wealth fund Korea Investment Corp. (KIC) decided to up the scale of asset trust by 2.5 times from current levels to $200 billion by 2020. The corporation will install the offices of auditor and risk management officer to reinforce oversight of the state asset agency.
KIC CEO Eun Sung-soo said KIC will incrementally increase its asset from last year’s $80 billion to $200 billion by 2020 to raise efficiency in asset management………………………………………..Full Article: Source

Malaysia: The 1MDB money trail

Posted on 16 February 2016 by VRS  |  Email |Print

The chief executive of BSI, the Swiss private bank, was jubilant about its foray into Asia. So much so that he wrote to a star employee in Singapore who had helped lead the effort. “I wanted to personally thank you for your immense contribution not only to the growth of our new Asia business, but to BSI Group as a whole,” enthused the December 2011 letter from Alfredo Gysi, who is now BSI’s honorary chairman.
What a difference four years makes. Today that same bank official in Singapore, Yak Yew Chee, is battling a criminal investigation by the city-state’s authorities on suspicion that he benefited “from criminal conduct”………………………………………..Full Article: Source

Malaysia 1MDB scandal: How is Kimora Lee Simmons linked to Malaysian Prime Minister Najib Razak?

Posted on 16 February 2016 by VRS  |  Email |Print

It’s the scandal that enraptured Malaysia and attracted the attention of the FBI and celebrity obsessives alike. Malaysian prime minister Najib Razak is accused of syphoning almost $700m (£483m) from state-owned investment fund 1Malaysia Development Bhd (1MDB).
The government probed if the leader used the company to turn capital city Kuala Lumpur into one of the world’s financial hubs as his personal slush fund. The company was formed in 2009 – when the economy was booming. Razak denied the claim after the fund caught the attention of authorities when 1MDB amassed eye-watering debts of a reported $11bn. It then missed payments worth to creditors billions of dollars………………………………………..Full Article: Source

Raid Future Fund ‘at your peril’

Posted on 15 February 2016 by VRS  |  Email |Print

Current turbulent world markets are a reminder that governments should have some financial “insulation” such as sovereign wealth funds for when times are tough, says Future Fund chairman Peter Costello.
The comments come as the former federal treasurer steps up calls for future governments not to raid the $120 billion fund when the cashflow becomes available from 2020. The government has access to the assets of the fund from July 2020 to pay out the superannuation liabilities of public servants, which could come to about $9bn a year………………………………………..Full Article: Source

Finance Minister invites UAE to invest in India’s sovereign wealth fund NIIF

Posted on 12 February 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley has said that investors from the UAE could participate in India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), which has been set up to fund infrastructure projects, during his meeting with visiting UAE Minister of Economy Sultan Al Mansoori.
The Rs 40,000-crore NIIF will have government holding of 49 per cent and the rest will be of private investors. UAE Minister Mansoori notified that the various institutions from Gulf have already invested in sectors, like infrastructure. He reiterated that the different agencies of UAE will continue their efforts to widen their relationship with India………………………………………..Full Article: Source

Are Sovereign Wealth Funds to Blame for Bank Stock Drop? (Video)

Posted on 12 February 2016 by VRS  |  Email |Print

Gabriela Santos, JPMorgan Asset Management strategist, discusses the selloff in U.S. stocks with Bloomberg’s Alix Steel, Joe Weisenthal and Scarlet Fu on “What’d You Miss?”.………………………………………Full Article: Source

Nomura head blames SWFs for Japan sell-off

Posted on 11 February 2016 by VRS  |  Email |Print

The head of Japan’s biggest brokerage believes the country’s battered equity market will rebound once oil-dependent sovereign wealth funds run out of stocks to sell. Koji Nagai, chief executive of Nomura, said Japanese shares had been targeted by Middle Eastern SWFs, which have been under pressure from dropping crude prices, because of the market’s abundant liquidity.
When they do stop selling, investors can expect a “sharp rebound”, he said. Brokers estimate the biggest petrodollar-funded SWFs held a collective 6 per cent of the Japanese equity market in mid-2015………………………………………..Full Article: Source

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