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CIC Taps Shanghai Deputy Mayor Tu Guangshao As General Manager

Posted on 29 June 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp. is to appoint Shanghai’s deputy mayor Tu Guangshao (pictured) as its new general manager, replacing 60-year-old Li Keping who is retiring after heading the entity for the past two years, Chinese state media reported.
Tu, 57, was previously head of the Shanghai’s Stock Exchange, a deputy chair at China’s securities regulator and a central bank official. He has been vice mayor of Shanghai since December 2007, and was promoted to executive vice mayor in February 2013. The Peking University graduate has led Shanghai’s effort to become an international financial hub since 2007……………………………………….Full Article: Source

Sujoy Bose appointed CEO of Indian sovereign wealth fund NIIF

Posted on 28 June 2016 by VRS  |  Email |Print

Sujoy Bose was on Monday appointed CEO of India’s maiden Rs 40,000 crore sovereign wealth fund NIIF. At present he is the Director and Global Co-Head of Infrastructure and Natural Resources at Washington-based International Finance Corporation. IFC is the private sector lending arm of the World Bank.
An official statement on Monday said Bose “has been appointed as the Chief Executive Officer (CEO) of National Investment and Infrastructure Fund (NIIF) Ltd”, adding that he has “extensive international experience in the infrastructure sector including experience in raising funds from international investors”………………………………………..Full Article: Source

Kuwait’s finance min expresses confidence in UK investments

Posted on 28 June 2016 by VRS  |  Email |Print

Kuwaiti Finance Minister Anas Al-Saleh said on Monday that the Gulf Arab kingdom’s investments in Britain were “high-quality and long-term”, state news agency KUNA reported.
The Kuwait Investment Authority (KIA), has $592 billion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), and is also a major investor though its London-based Kuwait Investment Office. In 2013 it said the fund had more than doubled its investment in Britain over the previous 10 years to more than $24 billion………………………………………..Full Article: Source

GIC’s Betty Tay appointed to HFSB

Posted on 24 June 2016 by VRS  |  Email |Print

The Hedge Fund Standards Board (HFSB), the global standard-setting body for the hedge fund industry, has appointed Managing Director and Head of the External Managers Department at GIC Betty Tay to its board of directors.The board also established the Asia Pacific Committee (APAC Committee).
GIC, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore’s foreign reserves and has more than $100 billion in assets in more than 40 countries worldwide, according to the company. (Press Release)

Libyan Fund Official Had Never Heard of Goldman ‘In My Life’

Posted on 23 June 2016 by VRS  |  Email |Print

A Libyan official who helped review billion-dollar investments with Goldman Sachs Group Inc. said he had never heard of the bank or the word derivative before joining the country’s $60 billion-dollar sovereign wealth fund in 2007.
Hisham Najah, now the Libyan Investment Authority’s chief investment officer, testified Wednesday in the fund’s lawsuit against Goldman Sachs over losses from trades in 2008………………………………………..Full Article: Source

Failure to create sovereign wealth fund ‘real missed opportunity’: NDP

Posted on 22 June 2016 by VRS  |  Email |Print

The Saskatchewan government’s failure to act on a three-year-old report recommending the establishment of a sovereign wealth fund is a “real missed opportunity,” according to the interim leader of the Opposition NDP.
“It’s frankly unacceptable that we’ve come through a decade-long period of record revenues without having any long-term savings,” said Trent Wotherspoon, who was appointed interim leader of the Saskatchewan NDP in April………………………………………..Full Article: Source

Mahathir vows to soldier on to oust Najib

Posted on 21 June 2016 by VRS  |  Email |Print

Former Prime Minister Mahathir Mohamad vowed in his latest blog posting that he would continue his efforts, by whatever means, to “cleanse” the government of Malaysia. “I cannot accept Najib (prime minister) who believes that ‘Cash is King’.
“The institutions of the Swiss and Singapore Governments are a biting indictment on Najib’s mismanagement of 1MDB funds. The payment of billions to a bogus company has resulted in legal action by an Abu Dhabi Government-owned company to claim RM20 billion from 1MDB.”……………………………………….Full Article: Source

Libya SWF adviser says execs who invested in derivatives were financially “illiterate”

Posted on 20 June 2016 by VRS  |  Email |Print

Top decision makers at Libya’s $67 billion sovereign wealth fund were “illiterate” in terms of investment with little knowledge of the derivatives instruments purchased on the advice of Goldman Sachs, an adviser to the fund told a court on Thursday.
In a closely watched case in the City of London, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the U.S. investment bank from nine disputed trades carried out in 2008. The LIA argues that the U.S. bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments………………………………………..Full Article: Source

Flash Boys Hero Wins, Wealth Funds Rejoice

Posted on 20 June 2016 by VRS  |  Email |Print

On Friday June 17th, IEX Group Inc., the company founded by Brad Katsuyama, won SEC approval to run a U.S. stock exchange. IEX will be the 13th U.S. national stock exchange certified by the SEC. Before the approval, IEX ran as an alternative trading system. IEX garnered additional fame when it was included in Michael Lewis’ book “Flash Boys: A Wall Street Revolt.”
“We thank sovereign and domestic funds for the broad support they have provided throughout this process, which demonstrates that we are providing real value for the long-term investors that the markets are meant to serve. Getting approval as an exchange gives these investors and the millions of beneficiaries they represent an important new choice that puts their interests front and center.” John Ramsay, Chief Market Policy Officer at IEX said………………………………………..Full Article: Source

Putin praises Russian SWF

Posted on 17 June 2016 by VRS  |  Email |Print

Russian President Vladimir Putin praised the Russian Direct Investment Fund for what has been achieved so far and stressed the importance of its cooperation with other countries, including the UAE, Saudi Arabia, and Qatar which shows their trust not only in the fund, but in Russia on the whole. “Over this time [five years], the fund has made significant progress. It has raised more than 760 billion rubles [over $11.5 billion] for the Russian economy.”
The fund has recently received the status of a sovereign wealth fund, which provides it with a wider set of financial instruments and “will give it a more independent and stable character,” Putin said, also stressing that the initiative is set to attract investment to Russia………………………………………..Full Article: Source

Temasek sets up panel of advisers for Americas

Posted on 17 June 2016 by VRS  |  Email |Print

Temasek Holdings announced the formation of an advisory panel yesterday that comprises some of the most eminent business figures in the Americas. The Temasek Americas Advisory Panel (TAAP), which held its first meeting this week in New York, has seven members, including PepsiCo chairman and chief executive Indra Nooyi, Honeywell International chairman and CEO David Cote, and former US treasury secretary Timothy Geithner, who also chairs TAAP.
The other members are former DuPont chairman and CEO Ellen Kullman; online education platform Coursera CEO Richard Levin; Mr Ronald Sugar, the former chairman and CEO of defence giant Northrop Grumman; and the former chairman and CEO of agribusiness Bunge, Mr Alberto Weisser………………………………………..Full Article: Source

New CIO Named at Korea Investment Corp

Posted on 15 June 2016 by VRS  |  Email |Print

Days after news broke of CIO Heung-sik Choo’s departure for the World Bank, the Korea Investment Corporation (KIC) has announced its next investment chief. As of June 13, Shinwoo Kang leads investments for KIC, the $91.8 billion sovereign wealth fund said Tuesday. Kang is the fifth CIO since the fund’s 2005 launch.
Kang comes to KIC from Seoul-based Hanwha Asset Management, where he had served as president and CEO. He has also held CIO roles at Korea Investment Management and PCA Asset Management………………………………………..Full Article: Source

Modi effect: SWFs and Pensions Intensify Direct Investments in India

Posted on 14 June 2016 by VRS  |  Email |Print

Narendra Modi was sworn in as Prime Minister of India on May 26, 2014. Somewhat stronger private property rights, slightly-loosened regulation and friendlier foreign investment laws have increased the flows of foreign institutional investor capital. Since 2013, direct investments by sovereign funds and public pensions into India have ramped up, according to time-series data from SWFI.
This data is adding in both sovereign wealth funds and large public pensions (mostly Canadian public investors). In 2006, just US$ 101 million was directly invested into India by public institutional investors. Most capital flowing in before the global financial crisis were private equity investors. In 2012, US$ 1.38 billion was directly invested into India by public institutional investors. By 2015, the number amounted to US$ 5.44 billion………………………………………..Full Article: Source

ANZ Strategist Sam Tuck Quits to Join Sovereign Wealth Fund

Posted on 13 June 2016 by VRS  |  Email |Print

Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd. in Auckland, said he is leaving the company to join the country’s sovereign wealth fund. “Today is my last day at ANZ,” he wrote in an e-mail Friday. Tuck, 38, said via instant message he will join the New Zealand Superannuation Fund.
Tuck joined ANZ six years ago as a proprietary foreign-exchange trader before moving to the research team in 2013, according to his professional biography on the bank’s website. He previously spent 10 years in Barclays Capital’s arbitrage and systematic trading group in London………………………………………..Full Article: Source

India Says National Infra Fund CEO To Be Appointed Shortly

Posted on 10 June 2016 by VRS  |  Email |Print

The National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, will in “imminent” future get its chief executive, an appointment that was holding up the roll-out of investment proposals.
Minister of State for Finance Jayant Sinha said the government received over 80 applications and the names of candidates shortlisted after interview have been sent to the Appointments Committee of the Cabinet (ACC) for approval. “We are very close to announcing the candidate who will come as CEO of National Investment and Infrastructure Fund (NIIF),” he told PTI in an interview………………………………………..Full Article: Source

Indian Finance Minister Arun Jaitley Reviews Sovereign Wealth Fund Status

Posted on 10 June 2016 by VRS  |  Email |Print

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalizing National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, including selection of its CEO and projects shortlisted for making initial investments.
The second Governing Council meeting of the Rs 40,000 crore National Investment and Infrastructure Fund (NIIF) also discussed the follow-up action being taken on the memorandums of understanding (MoUs) signed with Rusnano of Russia, ADIA of Abu Dhabi and the Qatar Investment Authority………………………………………..Full Article: Source

Microsoft Accelerator partners Singapore state fund Temasek to aid startups

Posted on 10 June 2016 by VRS  |  Email |Print

The accelerator arm of global information technology (IT) major Microsoft and Singapore’s state investment major Temasek Holdings have entered into a strategic partnership to drive the growth of startup ventures.
In a blog post, the general manager of Microsoft Accelerator, Scott Coleman, shared: “Microsoft and Temasek have agreed to collaborate on deal flow in four of our accelerator locations – Berlin, Seattle, Tel Aviv, and Bangalore – with six of its portfolio companies — Ascendas, InnoVen Capital, Quann, ST Engineering, CapitaLand Limited, and Fullerton Financial – on board as partners. We believe this partnership will help startups in our accelerator program scale significantly and quickly reach global markets.”……………………………………….Full Article: Source

Indian FM Arun Jaitley reviews sovereign wealth fund’s status

Posted on 09 June 2016 by VRS  |  Email |Print

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), including the selection of its CEO and projects shortlisted for making initial investments.
The second Governing Council meeting of the Rs 40,000 crore NIIF also discussed the follow-up action being taken on the MoUs signed with Rusnano of Russia, Abu Dhabi Investment Authority (ADIA) of Abu Dhabi and Qatar Investment Authority. “The Governing Council was apprised of the interactions that have been held with a large number of long term investors, Sovereign Wealth Funds, Pension Funds from across the globe, seeking to invest in the NIIF,” a finance ministry statement said………………………………………..Full Article: Source

World Bank Nabs Korea’s Sovereign Fund CIO

Posted on 09 June 2016 by VRS  |  Email |Print

The World Bank has appointed Heung-sik Choo, outgoing CIO of the Korea Investment Corporation (KIC), as director of its investment management division, the bank confirmed Wednesday.
Choo took over the $91.8 billion Korean sovereign wealth fund in March 2014, becoming the fund’s fourth leader since it launched in 2005. He replaced ex-CIO Dong-ik Lee, who quit mid-term in January 2013. In February of this year, Choo announced his intention to resign from KIC as soon as a successor could be found, though a replacement has yet to be announced………………………………………..Full Article: Source

Angola Leader Secures Economic Grip Naming Daughter as Oil Boss

Posted on 06 June 2016 by VRS  |  Email |Print

Angolan President Jose Eduardo dos Santos tightened his family’s grip on sub-Saharan Africa’s third-biggest economy two years before he has indicated he’ll leave office by naming his billionaire daughter Isabel as chairwoman of the state oil company.
His son Jose Filomeno dos Santos already runs Angola’s $5 billion sovereign wealth fund. Angola ranked 163 out of 167 countries in Transparency International’s 2015 Corruption Perceptions Index and had the world’s highest rate of child mortality under the age of 5, the United Nations Children’s Fund said last year………………………………………..Full Article: Source

Qatari investor says hopes UK votes to stay in EU

Posted on 02 June 2016 by VRS  |  Email |Print

A billionaire Qatari investor who masterminded much of the Gulf state’s investment in Britain said on Wednesday he hoped the country would vote to stay in the European Union in its June 23 referendum.
As chairman of Qatar Holding, the investment arm of the gas-rich state’s sovereign wealth fund, Sheikh Hamad bin Jassim al-Thani has overseen many high profile investments in Britain such as the purchase of the Harrods department store and the construction of the landmark Shard skyscraper in London. A former prime minister, he stepped down in 2013 from a variety of senior positions including his roles with the sovereign wealth fund, the Qatar Investment Authority………………………………………..Full Article: Source

India mulls ‘outcome-linked’ incentive for NIIF chief

Posted on 02 June 2016 by VRS  |  Email |Print

The government is considering an ‘outcome-linked’ payment package as part of incentives for the recruitment of a chief executive of India’s first sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF).
Negotiations on the incentive payment, which will be paid for every $10 billion the fund succeeds in raising, are still on. But an official source said that it could be as high as Rs.10 crore. Another source privy to the details of the negotiations said that efforts are on to have it pegged closer to Rs.2 crore………………………………………..Full Article: Source

Jaitley meets investors, pitches for infra funding

Posted on 02 June 2016 by VRS  |  Email |Print

Pitching for investment in India’s first sovereign wealth fund NIIF, Finance Minister Arun Jaitley today met global investors and promised them an “advantageous” tax regime in the country. The Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) was set up in December and is an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.
During his meeting with global investors, the Minister highlighted the second-generation reform measures undertaken by the government by way of opening up various sectors to FDI as well as making India an investor friendly environment………………………………………..Full Article: Source

Najib says foreign investors keen on Malaysia despite “noise”

Posted on 02 June 2016 by VRS  |  Email |Print

Prime Minister Najib Razak said on Wednesday that investor confidence in Malaysia is high and blamed the rising “noise levels” for a negative perception of the country, where a state-owned fund is at the centre of graft probes across the world.
Malaysia’s economy and markets have been rattled by a slowdown in China, slumping oil prices and a burgeoning financial scandal around 1Malaysia Development Berhad (1MDB), whose advisory board Najib had chaired. Companies and banks linked to 1MDB are being investigated for money-laundering in at least six countries, a big embarrassment for Najib who welcomed hundreds of business and political leaders to Kuala Lumpur for the World Economic Forum on ASEAN 2016………………………………………..Full Article: Source

Canadian Pension Vet Joins NZ Super

Posted on 02 June 2016 by VRS  |  Email |Print

The New Zealand Superannuation Fund has appointed veteran Canadian asset owner Doug Pearce to its board of guardians, the fund announced Wednesday.
Pearce led the British Columbia Investment Management Corporation (BCIMC) as founding CEO and CIO for 25 years. He retired in 2014, succeeded by Quebec pension chief Gordon Fyfe. BCIMC grew from a small portfolio of Canadian government bonds in 1988 to a diversified $114 billion during Pearce’s tenure………………………………………..Full Article: Source

Future Fund’s David Neal warns of ‘elevated risks’

Posted on 01 June 2016 by VRS  |  Email |Print

The head of the nation’s Future Fund has warned of “elevated risks” as the world struggles to fully recover from the global financial crisis, further explaining the fund’s big move into cash over the past year.
David Neal, managing director of Australia’s sovereign wealth fund, said policymakers were not in a position to respond should economic conditions take a turn for the worse, promoting caution at the fund. “What is different today is the world is ill-equipped to cope with a shock,” Mr Neal said……………………………………….Full Article: Source

Malaysia appoints new 1MDB directors

Posted on 01 June 2016 by VRS  |  Email |Print

Malaysia appointed new directors to 1Malaysia Development Berhad (1MDB) after dissolving the advisory board headed by Malaysian Prime Minister Najib Razak, amid global investigations into alleged money laundering and embezzlement at the state fund.
The three-member board will be chaired by the Finance Ministry’s top bureaucrat, Mr Mohd Irwan Serigar Abdullah, according to an e-mail statement. There were six members on the previous board including Mr Arul Kanda, who was brought in as president in January last year to fix 1MDB’s finances. He will remain as president, the government said………………………………………..Full Article: Source

Norway Oil Fund Adds External Managers

Posted on 01 June 2016 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest by assets, said Tuesday that external organizations are managing more of its money compared with three years ago, as the fund continues to add local expertise in emerging markets.
“We want to invest in emerging markets, but we want to invest in the right companies,” said Erik Hilde, head of external strategies at Norges Bank Investment Management. “Since inception, the active external equity mandates have generated [annual average] excess returns of 1.7% after fees, compared with local market indexes.”……………………………………….Full Article: Source

Norway’s sovereign wealth fund says backed Shell CEO’s pay

Posted on 26 May 2016 by VRS  |  Email |Print

Norway’s $850 billion (578.79 billion pounds) sovereign wealth fund, the world’s biggest, voted in favour of the 2015 remuneration package of Royal Dutch Shell Chief Executive Ben van Beurden at Tuesday’s annual meeting of shareholders, the fund said on its web site on Wednesday.
About 86 percent of the owners backed the 5.14 million euro ($5.73 million) pay package at the meeting. Two investor advisory firms had recommended that Shell’s owners should oppose it………………………………………..Full Article: Source

Najib: No misappropriation in 1MDB’s accounts

Posted on 26 May 2016 by VRS  |  Email |Print

There was no misappropriation in 1MDB’s accounts and administration, only weaknesses in the administration of the company, the Dewan Rakyat was told today. Prime Minister Najib Razak said this in a written reply to Mahfuz Omar (PAS-Pokok Sena) who had asked the finance minister to specify the course of action taken against the 1MDB management after the Public Accounts Committee’s (PAC) report.
In his reply, Najib, who is also the Finance Minister, cited the PAC report, which he said had stated there was no misappropriation in the embattled state investment fund’s accounts administration. “There were only weaknesses in the administration of the company………………………………………..Full Article: Source

Najib says he didn’t sign transfer of US$3.5b to Aabar BVI

Posted on 25 May 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak has implied that he was not involved in the transfer of US$3.5 billion from 1MDB to a British Virgin Island entity it believed was a subsidiary of International Petroleum Investment Company (IPIC).
This is because, Najib said, his signature as prime minister under Article 117 of 1MDB’s memorandum and article of association (M&A) was not needed in the transaction. “For your information, 1MDB has made a number of payments amounting to US$3.51 billion to Aabar Investments PJS Limited. “All the payments made were based on the agreement inked and all the management action in such context was done according to the instruction and approval of the board of directors…,” he said………………………………………..Full Article: Source

Sujoy Bose may head India’s quasi-sovereign wealth fund NIIF

Posted on 18 May 2016 by VRS  |  Email |Print

Sujoy Bose, the global co-head for infrastructure and natural resources at International Finance Corporation, is likely to be appointed as the first CEO of India’s pioneering quasi-sovereign wealth fund, (SWF) the National Infrastructure and Investment Fund (NIIF), official sources told FE.
The other contender for the post has been Luis Miranda, an adviser at Morgan Stanley Investment Management and a former CEO of IDFC Private Equity. The sources said Bose’s name has been recommended by the finance ministry to head NIIF as he will be able to hit the ground running given his current assignment at IFC, the private lending arm of the World Bank. His appointment order is expected shortly………………………………………..Full Article: Source

Jensen dips into the oil fund again

Posted on 12 May 2016 by VRS  |  Email |Print

Norwegian Finance Minister Siv Jensen announced plans on Wednesday to bolster Norway’s surprisingly resilient economy once again, by tapping another NOK 10.4 billion of the country’s Oil Fund reserves. NOK 900 million will be earmarked to combat unemployment in the southwestern portions of Norway that have been hit hardest by the dive in oil prices.
Jensen had referred to the government’s “expansive budget” earlier in the day, before confirming that even more money from the country’s huge “Oil Fund” will be spent………………………………………..Full Article: Source

Peter Munk’s last big play, but ‘Barrick is my legacy’

Posted on 09 May 2016 by VRS  |  Email |Print

As Peter Munk slips uneasily into a slower life – the old lion insists he is not retiring – he doesn’t really want to be remembered for Porto Montenegro, the superyacht marina that he and his billionaire friends built on the Adriatic Sea. He wants to be known for Barrick Gold Corp., the Toronto mining company that he cursed only two years ago but now praises as an industrial Lazarus.
On Friday, Mr. Munk, who is 88 and now avoids transAtlantic flights because of a heart condition, announced the sale of Porto Montenegro to the Investment Corporation of Dubai (ICD), the Persian Gulf country’s sovereign wealth fund, for an undisclosed amount – thought to be about €200-million ($294-million)………………………………………..Full Article: Source

Najib to be stripped of veto power over 1MDB’s decisions

Posted on 05 May 2016 by VRS  |  Email |Print

Malaysia’s Finance Ministry has taken up the recommendations put forward by a parliamentary committee probe into troubled 1Malaysia Development Berhad (1MDB), including the removal of Prime Minister Najib Razak’s veto power over major decisions by the state investor.
The ministry, which wholly owns 1MDB, yesterday also accepted the resignation of 1MDB’s six-member board of directors who offered to quit en masse after the Public Accounts Committee (PAC) tabled its report in Parliament last month………………………………………..Full Article: Source

World’s largest sovereign fund to weigh in on executive pay controversy

Posted on 03 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will add its influential voice to those of investors increasingly concerned by executives’ skyrocketing pay.
Worth nearly seven trillion kroner (US$868 billion), the fund will lay out its stance on the thorny subject in a “position paper”, a spokeswoman for the division of the Norwegian central bank responsible for managing the fund said on Monday (May 2). “It is a theme that we will watch,” Martha Skaar said………………………………………..Full Article: Source

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

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