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Saudi Arabia needs to launch sovereign fund, invest wisely: Alkhabeer CEO

Posted on 04 September 2015 by VRS  |  Email |Print

Saudi Arabia needs to create a sovereign wealth fund to manage the oil windfall and rely on talented wealth managers to invest the funds, as this will help offset budget deficits, according to Ammar bin Ahmed Saleh Shata, CEO of Alkhabeer Capital. Speaking to Riyadh newspaper, Saleh said investing the reserves through a sovereign fund will help maintain the cash flow required to cover part of the state’s spending, and could cover budgetary deficits in case oil prices remain low.
He also suggested that the Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, should not interfere in the creation and management of these funds, but should focus on stabilizing the currency rate exchange………………………………………..Full Article: Source

African Nations Should Set Up More Sovereign Wealth Funds To Avert Economic Crisis

Posted on 02 September 2015 by VRS  |  Email |Print

Dr Akinwumi Adesina, the newly installed President of the African Development Bank (AFDB) has said that African country would have to set up more Sovereign Wealth Funds to help withstand the next downturn as a result of plunging commodity prices, Bloomberg Reports.
According to Adesina, “will allow countries to have fiscal buffers and liquidity buffers to this kind of shock.” He added that the current crisis is not the only one that would be experienced as “there’s still going to be a lot of disquiet in the market going forward.”……………………………………….Full Article: Source

AustralianSuper hires property veteran from Future Fund

Posted on 01 September 2015 by VRS  |  Email |Print

John Longo joined AustralianSuper as a senior investment manager, property, spokesman Stephen McMahon said. The position is new. Mr. Longo will report to Jack McGougan, head of property at the A$90 billion ($65.8 billion) Melbourne-based superannuation fund.
Mr. Longo was a director on Future Fund’s property team. Will Hetherton, a spokesman for the Melbourne-based A$117 billion sovereign wealth fund, said the fund will look to fill that position “in due course.”……………………………………….Full Article: Source

Jonathan’s Minister of Works collected $700m for 2nd Niger Bridge, Oshiomhole insists

Posted on 01 September 2015 by VRS  |  Email |Print

Governor Adams Oshiomhole of Edo State said he is standing by his earlier pronouncement that Onolemenmen collected the $700 million, which is about N140 billion from the Sovereign Wealth Funds. He said the figures were not figures manufactured by anybody but released by the managers of the SWF to a committee set up by President Goodluck Jonathan to probe the usage of the money in the Excess Crude Account and others associated with the sale of oil.
Oshiomhole said the SWF managers “told our committee that about $700 million dollars were taken from the Sovereign Wealth Fund for the Second Niger Bridge project”………………………………………..Full Article: Source

2nd Niger Bridge: Apologise to Nigerians now, not me, Oshimhole tells Onolememen

Posted on 01 September 2015 by VRS  |  Email |Print

Governor Adams Oshiomhole of Edo State, has insisted that he will not back down on his claim that the Jonathan administration expended N140 billion on the yet to be completed 2nd Niger Bridge in Anambra State. Similarly, the governor has stood his ground that the sum of $700 million was surreptitiously moved from the Sovereign Wealth Fund for the same bride, which has not risen above the foundation stage.
Oshiomhole, who made the claims in reaction to denials by former Works Minister, Mike Onolememen, asked him to apologise to Nigerians over his misdeeds as a minister. In a statement released by the governor in Abuja on Monday, Oshiomhole asked the former minister to direct his energy to the managers of the SWF who had depleted the savings on the claim that the money was meant for the controversial bridge rather than attacking him………………………………………..Full Article: Source

Dr Mahathir still believes 1MDB funds went to Najib’s accounts, says report

Posted on 27 August 2015 by VRS  |  Email |Print

Dr Mahathir Mohamad has suggested that the US$700 million (S$980.1 million) deposited in Prime Minister Najib Razak’s personal account in 2013 is linked to the state-owned investment firm 1Malaysia Development Berhad (1MDB).
Speaking to the Financial Times (FT), the former prime minister said he does not believe the official stand by Mr Najib, and which was confirmed by the Malaysian Anti-Corruption Commission, that the deposit was a donation from a benefactor in the Middle-East. “I don’t believe it is a donation. I don’t believe anybody would give that much, whether an Arab, or anybody,” Dr Mahathir was quoted as saying by FT………………………………………..Full Article: Source

1MDB ‘partner’ SACKS its CEO ahead of global graft meet

Posted on 24 August 2015 by VRS  |  Email |Print

Prime Minister Najib Razak can threaten all he likes, arrest as many critics he wishes, have his henchmen make the most outlandish statements but calls for his resignation won’t go away. There’s nothing he can do to repair his mauled reputation, nothing how many hundreds of million he continues to squanders on foreign publicists.
Experts say his only way out if he wants to stay on as PM and pre-empt the flood of corruption charges that will surely be leveled at him, his wife Rosmah Mansor and their family is to turn Malaysia from a flawed democracy into a full-fledged dictatorship. “Don’t put it past Najib to use force including military intervention to seize power and freeze the political activity against him,” said a political watcher. “He has nothing to lose and is dangerous.”……………………………………….Full Article: Source

Star Chef Sanjeev Kapoor Leaves For Abu Dhabi For PM Modi’s Dinner

Posted on 18 August 2015 by VRS  |  Email |Print

Star chef Sanjeev Kapoor was flown to Abu Dhabi on Sunday to dish up a special vegetarian fare for Prime Minister Narendra Modi for the dinner hosted by the Abu Dhabi Investment Authority (ADIA) that controls the $800 billion sovereign wealth fund of the oil-rich Gulf country.
“Discussing invest opprts over high level dinner. HH Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Inv. Authority hosts PM,” tweeted external affairs ministry spokesperson Vikas Swarup. “Star chef @SanjeevKapoor was flown in by UAE hosts for a special vegetarian menu in honour of PM @narendramodi,” he added………………………………………..Full Article: Source

India’s Modi to Visit UAE in Bid for Investments

Posted on 17 August 2015 by VRS  |  Email |Print

Indian prime minister Narendra Modi is looking to secure deals with Abu Dhabi’s sovereign wealth fund Narendra Modi heads to the United Arab Emirates this week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets.
The Abu Dhabi Investment Authority’s $773 billion in assets is second only to those of Norway. Modi is scheduled to meet Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund. A meeting with Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum is also on the agenda………………………………………..Full Article: Source

PM Modi in UAE: Abu Dhabi has deep pockets, but will it loosen purse strings for India?

Posted on 17 August 2015 by VRS  |  Email |Print

Prime Minister Narendra Modi has begun a stand-alone bilateral visit to the United Arab Emirates (UAE), a near-abroad country so important for India today that deserves a special attention from New Delhi that it has not been getting. Abu Dhabi, the UAE capital where Modi is currently camping, has a sovereign wealth fund of about $800 billion.
This fund is parked with the Abu Dhabi Investment Authority. Dubai, where PM Modi will be reaching on Monday, has a similar fund with Dubai Investment Authority boasting of around $500 billion in its kitty. Put together, the two sovereign wealth funds amount to a staggering $1.3 trillion. Not many countries in the world can boast of this kind of whopping sum set aside solely for the purpose of investment………………………………………..Full Article: Source

Malaysia’s sovereign fund scandal: 1 Messy Debt Business

Posted on 17 August 2015 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak is fighting for political survival after being dragged into the centre of a scandal surrounding state fund 1Malaysia Development Berhad (1MDB). Here’s a breakdown of what is at stake for the southeast Asian country.
companies linked to quasi-sovereign fund 1MDB, according to documents from a government investigation published by the Wall Street Journal but not verified by Reuters. The revelations have triggered a political crisis and added to concerns about Malaysia’s already-fragile economy. It is the latest twist in a saga involving local tycoons, the investment bank Goldman Sachs, and state-backed companies from the Gulf. These had already made 1MDB a target for Najib’s political opponents………………………………………..Full Article: Source

Boris Picks Truell To Lead Wealth Fund Drive

Posted on 14 August 2015 by VRS  |  Email |Print

A top City financier is to spearhead Boris Johnson’s drive to create a multibillion pound sovereign wealth fund that would invest in housing and infrastructure across the UK. Edi Truell will step down as chairman of the London Pensions Fund Authority (LPFA) next month‎ in order to take up a new role as Mr Johnson’s advisor on pensions and investments.
Mr Truell, who formed one of the UK’s first specialist‎ pension buyout firms, Pension Insurance Corporation, will be charged with leading efforts to consolidate thousands of public sector pension funds. The move, which is in its embryonic stages, is aimed at driving down costs by merging the administration of a multitude of often-tiny pension schemes………………………………………..Full Article: Source

Modi Eyes Gulf Billions in Rare Visit by Indian Leader

Posted on 14 August 2015 by VRS  |  Email |Print

Narendra Modi heads to the United Arab Emirates in the coming week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets. Modi will be the first Indian prime minister in more than 30 years to visit the U.A.E., India’s third-biggest trade partner. The two-day visit will feature discussions that will probably refer to the sovereign wealth fund, according to Indian Foreign Ministry spokesman Vikas Swarup.
“I seek to enhance cooperation in energy, trade and will talk to investors on why India is an attractive destination,” Modi wrote on Facebook on Thursday. The Abu Dhabi Investment Authority’s $773 billion in assets is second only to those of Norway. Modi is scheduled to meet Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund………………………………………..Full Article: Source

Modi visit: UAE’s $800 bn sovereign wealth fund likely in talks

Posted on 14 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects. The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India.
Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi. Modi’s visit, the first by an Indian prime minister to the UAE in 34 years and his first to an Arab nation, has “been in the works for some time”………………………………………..Full Article: Source

Modi visit: UAE’s USD 800 bn sovereign wealth fund likely in talks

Posted on 13 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects.
The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India. Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi………………………………………..Full Article: Source

Indian PM Narendra Modi eyes UAE’s $800 billion sovereign fund to boost infrastructure spending

Posted on 13 August 2015 by VRS  |  Email |Print

Narendra Modi, whose foreign visits over the past year was aimed at attracting much needed foreign investment to boost the economy, would try to lure a share from $800-billion sovereign fund of the UAE for infrastructural needs as well as give momentum to Bilateral Investment Protection Agreements (BIPA) that has not functioned to its potential to attract investments.
Buoyed by the oil economy, UAE sovereign wealth fund is estimated at over $800 billion and Modi would like to attract part of this fund, imperative for the country’s infrastructural needs estimated at one trillion dollars, officials hinted. The Abu Dhabi Investment Authority (ADIA) is the sovereign wealth fund owned by Emirate of Abu Dhabi (in the UAE) founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi………………………………………..Full Article: Source

Kwa Chong Seng to be next Olam chairman

Posted on 13 August 2015 by VRS  |  Email |Print

Kwa Chong Seng will become non-executive chairman at Olam International from Oct 31, replacing Mr R Jayachandran who is retiring, the Singapore-listed agricultural commodities giant said on Wednesday (Aug 12). Olam International Ltd. to is the commodity trader controlled by Temasek Holdings Pte.
Mr Kwa, who is currently Olam’s deputy chairman, has been an independent non-executive director at the firm since Oct 1, 2014. He had been chairman and managing director of ExxonMobil Asia Pacific and he also served as deputy chairman of Temasek Holdings from 1997 to 2012………………………………………..Full Article: Source

Abu Dhabi Sovereign Fund Unit CEO Departs, CIO Said to Leave

Posted on 12 August 2015 by VRS  |  Email |Print

Nazem Al Kudsi, the chief executive officer of Abu Dhabi Investment Company, a unit of sovereign wealth fund Abu Dhabi Investment Council, has left after seven years at the firm, the company said.
Kudsi left to purse new opportunities, according to Mohammed Al Hashemi, the executive director of asset management at the company also known as Invest AD. Khalifa Sultan Al Suwaidi, the director of direct investments at ADIC and a member of the Invest AD board, has been interim CEO since January, Hashemi said by e-mail on Monday………………………………………..Full Article: Source

Norway oil fund chief fears boards neglecting core task

Posted on 10 August 2015 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund is increasingly concerned that company boards are overburdened and in danger of losing out to private equity groups in recruiting the best directors. Yngve Slyngstad, chief executive of the manager of Norway’s $870bn oil fund, told the Financial Times that listed companies were neglecting their core role of making their businesses more profitable.
“Is it possible that we are burdening the boards with so many different tasks that the main task and focus of the board, which is to create long-term profitable companies, will be inundated by all other types of issues?” Mr Slyngstad asked……………………………………….Full Article: Source

Norway oil fund chief jettisons passivity

Posted on 10 August 2015 by VRS  |  Email |Print

As befits somebody who once spent six months alone in a remote Arctic cabin studying Kant, Hegel and Heidegger, Yngve Slyngstad is something of a corporate philosopher. Mr Slyngstad, who heads Norway’s oil fund, the world’s largest sovereign wealth fund, is not merely content with trying to make more money for the local population. He is also thinking deeply about how companies and markets work.
“Where do we actually see the public company going forward? How can we make sure that the public company is actually able to put together a profitable proposition and appropriate flexibility in the way they run their business?” he says in an interview in his office in Norway’s central bank, which manages the fund………………………………………..Full Article: Source

SG50: Temasek chairman tops list of National Day Award recipients

Posted on 10 August 2015 by VRS  |  Email |Print

Former Cabinet minister and Temasek Holdings chairman S Dhanabalan tops the list of 3,888 National Day Awards recipients this year, being awarded the nation’s highest honour, the Order of Temasek (First Class).
Immediate past president of the Singapore National Employers Federation Stephen Lee was conferred the Order of Nila Utama (First Class) for his contributions in building a strong tripartite partnership in Singapore………………………………………..Full Article: Source

As Others’ Eyes Roam, a Qatari Sheikh Sticks With Europe

Posted on 07 August 2015 by VRS  |  Email |Print

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the $250 billion Qatar Investment Authority. The former Qatari prime minister is taking a 10 per cent stake in Spain’s El Corte Ingles, western Europe’s largest department store owner, adding to an agreement last year to inject 1.75 billion euros ($1.94 billion) into Deutsche Bank.
While Sheikh Hamad continues to pursue prestigious European investments, the fund he once headed is heading away from its strategy of buying stakes in European companies such as Barclays and Total. The QIA—and other Gulf funds—are looking increasingly to Asia to capitalise on the region’s growing population and economies, with Qatar saying in December it plans a $10 billion venture with China’s Citic Group………………………………………..Full Article: Source

Pasir Ris-Punggol GRC: Temasek exec attends her ‘first formal event’

Posted on 03 August 2015 by VRS  |  Email |Print

A Temasek Holdings investment director and potential election candidate for the People’s Action Party (PAP) was seen at a tree-planting event in Pasir Ris-Punggol GRC. Ms Sun Xueling, also known as Soon Sher Rene, was with Deputy Prime Minister Teo Chee Hean, National Development Minister Khaw Boon Wan and MP Janil Puthu-cheary at Punggol Promenade greeting residents and helping with tree-planting.
The 36-year-old started helping out at grassroots events in Buona Vista in 2001 before she joined Punggol West. Punggol West grassroots leaders said she has been seen at closed-door PAP sessions recently and there has been speculation on whether she will be a candidate………………………………………..Full Article: Source

Fifth of Libya’s wealth fund untraced since Gaddafi

Posted on 30 July 2015 by VRS  |  Email |Print

An estimated 20 percent of Libya’s $67bn-plus sovereign wealth fund, the Libyan Investment Authority (LIA), has yet to be fully traced since the death of Colonel Gaddafi. The LIA appointed Deloitte in 2012 to conduct an audit of all of its assets – many of which are tied up in investments outside the country.
The auditor’s report was sent to the LIA in 2013 but has never been made public. The only detail the LIA released was the fund’s total value, estimated by Deloitte to be around $67 billion………………………………………..Full Article: Source

ADIA names head of Japan for the fund’s internal equities department

Posted on 29 July 2015 by VRS  |  Email |Print

Hisashi Kuroda joined the Abu Dhabi Investment Authority’s internal equities department as head of Japan, ADIA announced in a news release Tuesday. Kuroda replaces David Greenhalgh, who left in mid-2014 after more than a decade with ADIA to become chief investment officer of London-based New Chapel Asset Management.
Kuroda comes to ADIA from Meiji Yasuda Asset Management, where he served as general manager of the company’s Japanese equity team. A Meiji Yasuda spokeswoman said Hironobu Kanegae, senior portfolio manager on the firm’s domestic equities team, was promoted to the general manager role………………………………………..Full Article: Source

Temasek chief Ho Ching extends sabbatical leave

Posted on 27 July 2015 by VRS  |  Email |Print

Temasek Holdings said its chief executive officer Ho Ching has taken the option of extending her part-time sabbatical leave to six months. Her sabbatical will be completed in October. She will continue with her board duties and specific stewardship duties, the Singapore investment company said in a statement on its website.
Temasek had announced in April that Ms Ho was to take three months of sabbatical leave. No reason was given. Yesterday, Temasek said its president, Mr Lee Theng Kiat, will continue to cover all normal course of business at Temasek……………………………………….Full Article: Source

PAC summons Jho Low over 1MDB scandal

Posted on 24 July 2015 by VRS  |  Email |Print

The Public Accounts Committee has summoned business tycoon Low Taek Jho to appear before them on Sept 8 to testify on the 1MDB scandal. PAC chief Nur Jazlan Mohamad said the committee has sent the summons letter to the Finance Ministry.
“They should know his whereabouts or be able to trace him [...]. It can get the police to locate him,” he said. He added how the MOF intends to trace Low is “not the PAC’s problem”. The businessman popularly known as Jho Low is also wanted by the special task force probing 1MDB………………………………………..Full Article: Source

Inside Libya: Interview With LIA Sovereign Wealth Fund Chairman Breish

Posted on 24 July 2015 by VRS  |  Email |Print

Even by its usual standards, the Libyan Investment Authority has undergone a year of upheaval. As if it’s not enough that the fund operates out of a damaged and fractured country with two different governments, the fund itself appeared to split in two this year, with two separate people claiming to be chairman, one in Tripoli and one in Malta.
None of this has helped the fund’s continuing multi-billion dollar litigation against Goldman Sachs and Societe Generale. Meanwhile most of the fund’s at least $67 billion in assets are frozen by the UN. Once central figure in all of this has been AbdulMagid Breish, who was chairman of the LIA, then had to step down while he was investigated for his previous links with the Gaddafi administration, then was cleared of those links by a Libyan court and (he says) reinstated, though the competing LIA in Malta contends that he has not been reinstated at all………………………………………..Full Article: Source

Qatar fund’s ex-head sticks with EU assets

Posted on 16 July 2015 by VRS  |  Email |Print

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the Qatar Investment Authority (QIA).
The former Qatari prime minister is taking a 10 per cent stake in Spain’s El Corte Ingles, western Europe’s largest department store owner, adding to an agreement last year to inject €1.75 billion (S$2.6 billion) into Deutsche Bank. He has also taken over energy company Heritage Oil as he builds his portfolio as an individual investor………………………………………..Full Article: Source

Qatar’s Sheikh Hamad Buys $1.1B stake in Spain’s El Corte Ingles

Posted on 15 July 2015 by VRS  |  Email |Print

Former Qatari Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al Thani will take a 10 per cent stake in Spanish department store El Corte Ingles for 1 billion euros ($1.1 billion) as he builds his portfolio as a solo investor.
Sheikh Hamad was ousted as prime minister and head of Qatar’s $100 billion sovereign wealth fund in 2013. During his time at the fund he oversaw investments in Barclays and Total. The country’s investment abroad averaged $60 billion a year between 2008 and 2012, the International Monetary Fund said in 2013………………………………………..Full Article: Source

Malaysia Investigates Leaks Claiming to Show Transfers to Najib Razak

Posted on 14 July 2015 by VRS  |  Email |Print

The Malaysian police said on Monday that they were opening an investigation into whether government officials, including central bank personnel, were the source of leaked documents purporting to show the transfer of hundreds of millions of dollars into the bank accounts of Prime Minister Najib Razak and his wife.
Najib, who was already unpopular for imposing a nationwide sales tax in April to pay for large budget shortfalls, has been embroiled in a scandal over billions of dollars that his critics say are missing from a sovereign wealth fund, 1Malaysia Development Berhad, also known as 1MDB………………………………………..Full Article: Source

Will Mrs Lee get a huge bonus on the back of Temasek’s results?

Posted on 13 July 2015 by VRS  |  Email |Print

There was a palpable sense of self-congratulation in Temasek’s announcement of its latest results a few days ago. Taken at face value, Temasek’s latest results for the year to 31 March 2015 look pretty impressive. They announced a Total Shareholder Return for the year of 19% in Singapore $ terms and a rise in the net value of the portfolio to $266 billion.
This was better than the company’s claims, though not independently audited and highly dubious, of a return of 16% p.a. compounded since inception. However, as the Chairman himself admitted in his statement, this seemingly impressive result was largely on the back of the strong performance of their Singapore and China assets, which made up 28% and 27% of their portfolio respectively at the end of the year………………………………………..Full Article: Source

Malaysian Prime Minister Najib Razak Threatens Legal Action Against The Wall Street Journal

Posted on 09 July 2015 by VRS  |  Email |Print

Attorneys representing Malaysian Prime Minister Najib Razak threatened to take legal action against the Wall Street Journal over allegations of corruption, and claimed that the report was part of a plot against him.
Najib has been accused of siphoning off $700 million from a state-controlled investment fund into his personal funds, as revealed in a Wall Street Journal report on Friday. Najib has denied the allegations, calling them “vile” and “malicious” and threatened to sue the publication………………………………………..Full Article: Source

India invites Kazakh sovereign wealth fund to invest in manufacturing

Posted on 08 July 2015 by VRS  |  Email |Print

Prime Minister Narendra Modi today invited resource-rich Kazakhstan’s sovereign wealth fund as well as businesses to invest in India’s renewable energy, manufacturing and smart city project. He said businessmen of both the countries can work together in space, cyber security, health and infrastructure, stressing that India-Kazakhstan partnership is a “win-win situation”.
Modi, who is on a visit to Central Asia and Russia, made these comments while addressing a round-table interaction with CEOs and business leaders of Kazakhstan and India. “I believe the sovereign wealth fund and your companies can invest in these sector. They have scope for manufacturing sector which is a big requirement for India,” he said. ……………………………………….Full Article: Source

How Xi Jinping’s aura of invincibility has been shaken by China’s stock market slide

Posted on 07 July 2015 by VRS  |  Email |Print

For nearly three years, President Xi Jinping of China has crushed opposition by silencing and often locking up anyone who dares defy the government. But that aura of invincibility has been shaken by stock market speculators who have made a mockery of efforts to halt a steep slide in share prices. On Sunday, the government brought in the central bank, the People’s Bank of China, and an investment arm of the country’s sovereign wealth fund to support the effort.
In addition, Central Huijin Investment, a company owned by the country’s sovereign wealth fund that usually invests in banks and other financial institutions, said on its website that it had recently bought into investment funds traded on the stock exchanges and would continue to play a role in “market operations.”……………………………………….Full Article: Source

Former CB governor Moyana to chair Sovereign Wealth Fund board

Posted on 07 July 2015 by VRS  |  Email |Print

Zimbabwe’s former central bank governor Kombo Moyana has been appointed as board chair of the country’s Sovereign Wealth Fund. President Robert Mugabe last year signed into law a bill to set up the fund, meant to secure INVESTMENTS for future generations and support economic growth.
A sovereign wealth fund is a state-managed pool of money drawn from the country’s reserves, set aside for INVESTMENT in strategic areas that benefit the economy and its citizens. Funding for sovereign wealth funds is typically accumulated from revenues generated from the export of a country’s natural resources, such as minerals………………………………………..Full Article: Source

Russian Minister Calls for Wealth-Fund Boost to Stem Ruble Gains

Posted on 03 July 2015 by VRS  |  Email |Print

Russia should start replenishing its Reserve Fund with proceeds from higher oil prices to stem the ruble’s appreciation, according to Finance Minister Anton Siluanov. The Finance Ministry proposes buying foreign currency for one of its two sovereign wealth funds if oil prices rise higher than $70 per barrel, Siluanov told reporters Thursday.
President Vladimir Putin has backed a weak-ruble policy as a lifeline to Russian producers struggling with a contracting economic amid U.S. and European Union sanctions over Ukraine. A rally in the ruble, the world’s best performer this year after losing almost half of its value in 2014, slowed after the Bank of Russia resumed foreign-currency purchases for its international reserves in mid-May………………………………………..Full Article: Source

KIC’s chairman sets course for endowment-like asset allocation

Posted on 03 July 2015 by VRS  |  Email |Print

Korea Investment Corp., the Seoul-based sovereign wealth fund, should follow the path blazed by U.S. university endowments in allocating 50% or more of its portfolio to alternative investments, Chairman Hongchul “Hank” Ahn said Wednesday.
At a celebration marking the 10th anniversary of KIC’s founding, Mr. Ahn — in a speech obtained by Pensions & Investments — said KIC’s more immediate goal is to boost its alternatives allocation to 15% of assets by the end of 2015 from 8% the previous year. Ahn said the KIC has $86 billion in assets, a modest advance from $84.7 billion at the end of 2014………………………………………..Full Article: Source

Head of State Oil Fund of Azerbaijan remains in Supervisory Board of VTB Bank

Posted on 02 July 2015 by VRS  |  Email |Print

The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013.
The message of the bank said that the decision was taken on June 26 at the meeting of shareholders of VTB. During the voting, Movsumov gained 13.3 trillion votes for the inclusion of his candidacy to the new Supervisory Board of the Russian bank………………………………………..Full Article: Source

Permanent Fund names ‘temporary’ director, boosts her salary

Posted on 02 July 2015 by VRS  |  Email |Print

Valerie Mertz, chief financial officer of the Alaska Permanent Fund Corp., has been named the temporary executive director following the resignation of long-time executive director Mike Burns. Mertz had been filling in for Burns on an interim basis since June 1, but that interim appointment had been scheduled to expire Tuesday.
The formal appointment means a big pay boost for Mertz, who will receive an annual salary of $275,000 while serving in the temporary appointment, up from her previous salary of $157,000. The salary increase is retroactive to when Mertz began filling in for Burns………………………………………..Full Article: Source

Renzi plans shake-up at Italy’s EUR400bn sovereign wealth fund

Posted on 25 June 2015 by VRS  |  Email |Print

Matteo Renzi, Italy’s prime minister, is planning to extend his reformist agenda into Italian business and finance as he seeks a more aggressive mandate for the country’s €400bn sovereign wealth fund in an effort to spur growth and create jobs.
The move by Mr Renzi comes as Italy’s economy showed signs of growth in the first quarter after a three-year recession, buoyed by lower oil prices, a weaker euro and an European Central Bank €60bn-a-month quantitative easing programme. There are also signs structural reform and an increase in foreign investment are starting to have an impact………………………………………..Full Article: Source

Abu Dhabi crown prince named Adic chairman

Posted on 23 June 2015 by VRS  |  Email |Print

The board of the Abu Dhabi Investment Council (Adic), an investment arm of the Abu Dhabi government, has been revamped with the emirate’s crown prince named as its chairman, state news agency WAM reported on Sunday.
Sheikh Mohammed bin Zayed Al-Nahayan, who is also deputy supreme commander of the United Arab Emirates’ armed forces, replaces President Sheikh Khalifa bin Zayed al-Nahayan at the head of the fund, according to a royal decree carried by the agency. Adic, which holds majority stakes in some of Abu Dhabi banks including the largest, National Bank of Abu Dhabi, is responsible for investing part of the government’s surplus financial resources………………………………………..Full Article: Source

Trust fund approach to basic income aims to take edge off political culture war

Posted on 23 June 2015 by VRS  |  Email |Print

Lawyer Joseph Chloupek has put forward a proposal for a US sovereign wealth fund that would provide a basic income of US$25,000 a year. The proposed approach aims to establish a political-economic modus vivendi between liberals and conservatives by giving each side something “they say they desire”.
The proposal’s starting point would be to “eliminate all tax exemptions secretly written into the tax code” whereupon the proceeds would be invested into a national trust account paying out an inflation-adjusted $25,000 a year at intervals chosen by the recipient. Alternatively, new legislation could direct the Fed to deposit US$10 trillion directly into the fund, according to Chloupek………………………………………..Full Article: Source

Abu Dhabi’s crown prince is new chairman of ADIC in board revamp - WAM

Posted on 22 June 2015 by VRS  |  Email |Print

The board of the Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi government, has been revamped with the emirate’s crown prince named as its chairman, state news agency WAM reported on Sunday.
Sheikh Mohammed bin Zayed al-Nahayan, who is also deputy supreme commander of the United Arab Emirates’ armed forces, replaces President Sheikh Khalifa bin Zayed al-Nahayan at the head of the fund, according to a royal decree carried by the agency. ADIC, which holds majority stakes in some of Abu Dhabi banks including the largest, National Bank of Abu Dhabi, is responsible for investing part of the government’s surplus financial resources………………………………………..Full Article: Source

In one sentence the CEO of a $117 billion fund explained why market returns will be lower in the future

Posted on 19 June 2015 by VRS  |  Email |Print

David Neal, CEO of Australia’s $117 billion sovereign wealth fund, gave a speech at the Australian British Chamber of Commerce yesterday. He outlined why the Future Fund, as it is known, prefers to invest mostly offshore.
But he also gave a really clear outline – in just one sentence – why asset returns in the years ahead are likely to be substantially lower than they’ve been over the past few years. Neal said: Since 2008 we have seen unprecedented action by central banks and governments to defend economic growth through quantitative easing and other policies which have had the effect of driving yields down and asset prices up………………………………………..Full Article: Source

China securities firm chief dismissed over graft allegations

Posted on 18 June 2015 by VRS  |  Email |Print

The chairman of China Investment Securities, a brokerage owned by China’s sovereign wealth fund China Investment Corporation, has been removed from his post following a corruption investigation, the communist party’s graft watchdog said on Wednesday.
Long Zenglai is the first senior executive at a securities firm to be caught up in China’s wide-ranging anti-corruption campaign. Long is alleged to have spent thousands of yuan on organizing banquets at luxury restaurants since 2013. He also used public funds to pay for rounds of golf and spent company money to finance the publication of his poetry, said the Central Commission for Discipline Inspection on its website………………………………………..Full Article: Source

Russian to Greeks: Look to sovereign wealth funds

Posted on 16 June 2015 by VRS  |  Email |Print

As the Greek debt negotiations lurch from one bruising round to the next, perhaps it’s time for Athens to broaden its search for funding. At least that’s the suggestion from Kirill Dmitriev, the head of Russia’s sovereign wealth fund.
“Well, frankly, I believe there is tremendous opportunity to work with the world’s best sovereign funds. They have lots of capital and they’re starting to become even more energetic and even more innovative in their approaches, so thinking of how countries can work with them, how they can attract capital and strike deals that will win yields, I think it’s a very important aspect, and I think Greece can definitely do that…” Dmitriev, the CEO of the Russian Direct Investment Fund (RDIF), said……………………………………….Full Article: Source

GBP16bln to spend - how hard can it be?

Posted on 15 June 2015 by VRS  |  Email |Print

Meet the man who has billions of Norway’s oil cash to invest in central London property. January 13, 2011, started inauspiciously for Karsten Kallevig. The head of property at Norway’s sovereign wealth fund woke up at a hotel in London’s West End ready to sign a £450m deal to buy 25% of Regent Street from the Crown Estate.
“I put on the TV, then just read through the contract one last time,” he said. “And on the TV they’re showing there’s a guy who has locked himself in a store on Regent Street, saying he’s got a bomb. I’m sitting there, saying on one hand ‘I’m very glad this came before I signed’. On the other hand, ‘any day he had to pick to lock himself into a store and threaten to blow himself up, it’s today’.”……………………………………….Full Article: Source

How Tony Blair built a business empire in China

Posted on 15 June 2015 by VRS  |  Email |Print

Tony Blair has been courting influential Chinese leaders - and then introducing them to the Abu Dhabi sovereign wealth fund he works for. Tony Blair has privately begun acting as broker between Abu Dhabi and China, a Telegraph investigation reveals.
A series of documents show how the former prime minister has been courting some of the most influential Chinese political and business leaders – and then introducing them to the Abu Dhabi sovereign wealth fund he works for. And although Mr Blair has denied he has a commercial relationship with CIC, China’s sovereign wealth fund, Lou and Gao Xiqing, its former president, are among his closest Chinese contacts………………………………………..Full Article: Source

PM will solve 1MDB woes by year-end

Posted on 15 June 2015 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak promises Umno divisions today that he will resolved 1MDB’s problems before the year ends. This promise was made to about 1,500 Umno division information chiefs and NGO representatives, during a closed-door briefing at PWTC this afternoon.
Former Bagan Datoh Umno division vice-chief Hasan Hamzah told reporters that the matter was thoroughly discussed during the meeting. He said the explanation given by the premier was radically different from allegations made in the social media and the opposition………………………………………..Full Article: Source

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