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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

Revealed: The true scale of Tony Blair’s global business empire

Posted on 12 June 2015 by VRS  |  Email |Print

Abu Dhabi’s funding for the Palestinian Authority came from a “separate organisation” to Mubadala, the sovereign wealth fund that Tony Blair advises. Firerush Ventures Limited administers the funding for Mr Blair and his team’s work advising companies and sovereign wealth funds.
Around July, TBA strikes a lucrative deal to advise Abu Dhabi’s sovereign wealth fund, Mubadala, which has a portfolio worth more than £44 billion. Mr Blair also begins advising Liberia’s president Ellen Johnson Sirleaf through his AGI charity………………………………………..Full Article: Source

Dr M: Abu Dhabi-based firm ‘effectively’ new 1MDB asset owner if Putrajaya accepts offer

Posted on 05 June 2015 by VRS  |  Email |Print

Former prime minister Tun Dr Mahathir Mohamad warned today the government was “effectively” selling off the country’s assets gained through 1Malaysia Development Berhad (1MDB) if it accepted an opaque US$1 billion (RM3.7 billion) offer by a foreign investment firm in a bid to settle the sovereign company’s debilitating debts.
In his latest blog post, Dr Mahathir said 1MDB would gain nothing, reasoning that the money offered by Abu Dhabi-based International Petroleum Investment Holding Co (IPIC) would be used to pay up the outstanding payments owed by the state investment fund to shrink its growing debt pile………………………………………..Full Article: Source

Prime Minister Rasizade reelected chairman of SOFAZ Supervisory Board

Posted on 03 June 2015 by VRS  |  Email |Print

Prime Minister Artur Rasizade has been reelected as the chairman of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) at its meeting in Baku. The Supervisory Board discussed the Fund’s annual report and audited financial statements for the year of 2014 and a report on execution of the 2014 budget.
It also approved the SOFAZ’s 2014 annual report and Auditor’s (PricewaterhouseCoopers) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund’s 2014 budget execution project the Supervisory Board recommended this document for the approval by the President of the Republic of Azerbaijan………………………………………..Full Article: Source

China wealth-fund executive’s departure said to be unconnected with stock plunge

Posted on 02 June 2015 by VRS  |  Email |Print

Sovereign-wealth fund China Investment Corp. (CIC) said Friday it had accepted the resignation of its deputy general manager, Xie Zhichun. The announcement said Xie also left his position as president and executive director of Central Huijin Investment Ltd., CIC’s wholly owned subsidiary, which primarily invests in financial institutions.
Xie will teach at a university and help launch an equity-investment fund linked to the central government’s Silk Road initiatives, which refer to the New Silk Road Economic Belt and the 21st Century Maritime Silk Road, a CIC employee said. He did not elaborate………………………………Full Article: Source

The Man with Pounds 44 Billion Taking on Two Global Banking Giants

Posted on 02 June 2015 by VRS  |  Email |Print

Hassan Bouhadi, the chairman of Libya’s $67bn (pounds 44bn) national wealth fund, the Libyan Investment Authority, doesn’t want his job to be this interesting. Ideally, he would be in Libya’s capital Tripoli, quietly stewarding the country’s wealth, smoothing out the public finances of an economy that is 97pc dependent on volatile oil revenues.
Instead, he is sitting in a London hotel, in between missions to Washington and Tunis. After that, he will return to Malta, where the LIA has been forced to move due to the violence in Tripoli. As well as trying to keep his struggling government and the international community on side, Mr Bouhadi is facing a leadership challenge from the LIA’s former chair. And last but not least, he is attempting to drive forward two multi-billion-dollar lawsuits against Goldman Sachs and Societe Generale, two of the biggest banks in the world………………………………Full Article: Source

Sovereign wealth fund branch’s president resigns following stock selloff

Posted on 02 June 2015 by VRS  |  Email |Print

Central Hujin Investment, a branch of China’s sovereign wealth fund, has announced its president, Xie Zhichun, has stepped down after the company’s sale of state bank shares was cited by traders as contributing to the dramatic fall late last week in China’s stock markets, Reuters reported, citing a statement posted on the company’s website.
The firm said Xie would also step down from his position as executive director following approval from the State Council. While it did not give a reason for his departure, the statement came three days after the company sold a total RMB3.5 billion (US$564.5 million) of mainland-listed shares in index heavyweights Industrial and Commercial Bank of China and China Construction Bank………………………………Full Article: Source

Libyan investment chief: ‘Goldman Sachs squandered a nation’s wealth, someone has to answer’

Posted on 01 June 2015 by VRS  |  Email |Print

Interview: Hassan Bouhadi, the chairman of the Libyan Investment Authority, outlines his role in helping to rebuild the war-torn nation. Hassan Bouhadi, the chairman of Libya’s $67bn (£44bn) national wealth fund, the Libyan Investment Authority, doesn’t want his job to be this interesting.
Ideally, he would be in Libya’s capital Tripoli, quietly stewarding the country’s wealth, smoothing out the public finances of an economy that is 97pc dependent on volatile oil revenues. Instead, he is sitting in a London hotel, in between missions to Washington and Tunis. After that, he will return to Malta, where the LIA has been forced to move due to the violence in Tripoli………………………………….Full Article: Source

State fund appoints administrator for Malaysia Airlines restructuring

Posted on 26 May 2015 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah has appointed Mohammad Faiz Azmi to oversee the restructuring of now delisted Malaysia Airlines into a new company that will be owned by the fund. Azmi will oversee the transfer of the assets and liabilities of MAS, with the new company due to start operating by September.
Khazanah took MAS private last year as part of a MYR6 billion ringgit (USD$1.66 billion) restructuring aimed at returning the troubled carrier to profit………………………………………..Full Article: Source

Dr M accuses Najib of lying when he said S’pore bank had 1MDB cash

Posted on 25 May 2015 by VRS  |  Email |Print

Former premier Tun Dr Mahathir Mohamad has accused Prime Minister Datuk Seri Najib Tun Razak of lying when he told Parliament that money held by government investment arm 1Malaysia Development Berhad (1MDB) is being kept in Singapore.
“No money was banked into BSI Bank in Singapore. This is his second lie. It is clear from the amendment to his first answer that it was not US$1.103 billion (S$1.47 billion) in cash that was being kept with BSI but in the form of documents. It is unclear what is in the documents, but it is clear it is not cash,” said Dr Mahathir in a blogpost on Sunday………………………………………..Full Article: Source

Finance Ministry: Dr M’s claims on 1MDB funds “unfounded, unfair”

Posted on 25 May 2015 by VRS  |  Email |Print

The claim that Prime Minister Datuk Seri Najib Tun Razak “lied” about 1Malaysia Development Bhd’s funds in Singapore is unfounded and unfair, the Finance Ministry said. Clarifying the matter raised by Tun Dr Mahathir Mohamad in a blog post, the ministry said the written reply by Najib, as Finance Minister, on the finances of 1MDB in BSI Bank, Singapore, was based on information received from 1MDB.
It said the ministry made amendments to the March 10 written reply in Parliament to prevent confusion on 1MDB’s funds in Singapore in line with parliamentary procedures. The action by the ministry in this regard proves it has no intention whatsoever to lie about 1MDB’s finances, the ministry said in a statement Sunday………………………………………..Full Article: Source

Lord Hutton: Ministers must not turn LGPS into a sovereign wealth fund

Posted on 21 May 2015 by VRS  |  Email |Print

There are better ways to improve the local government pension scheme (LGPS) than merging it into one big sovereign wealth fund, according to Labour peer Lord John Hutton. He warned it is a “mistake” for ministers to look at the LGPS as a future UK sovereign wealth fund (SWF) that could boost investment in infrastructure projects.
The former Labour minister said it could be a mistake to create what would be the fifth largest pension fund in the world and said we have to “tread carefully” with fund mergers. “It’s a mistake to look at LGPS in that way as we have pension liabilities to pay out. But I do think this appetite for reform among ministers has not waned over the past few months. They’re just waiting for the opportunity to get going with it.”……………………………………….Full Article: Source

Raphael Arndt, CIO Future Fund on Talks About Diversification and Risk

Posted on 12 May 2015 by VRS  |  Email |Print

Founded in 2006, Australia’s A$117 billion ($93.4 billion) Future Fund is designed both to bolster government finances and offset future public-sector superannuation liabilities beginning in 2020. The fund takes a so-called total portfolio approach, which encourages sector experts to share their investment ideas, which often derive from broad-based themes such as demographic shifts or changes in resource availability.
Sovereign Wealth Center’s Victoria Barbary talked with CIO Raphael Arndt about what lies ahead for Future Fund. This is the the second two part interview. The transcript has been edited for grammar, space and context………………………………………..Full Article: Source

Dramatic power struggle at Libyan wealth fund deals setback to $1.2bn Goldman Sachs lawsuit

Posted on 11 May 2015 by VRS  |  Email |Print

Ousted chairman of Libyan Investment Authority challenges London legal proceedings over disputed losses from Gaddafi era. Libya’s billion-dollar lawsuit against Goldman Sachs has been dealt a fresh setback as a power struggle at the top of its $67bn wealth fund sees two rival law firms pitted against each other in the London courts.
The Libyan Investment Authority (LIA), the oil-rich nation’s sovereign wealth fund, is suing Goldman and Societe Generale, the French financial giant, in separate UK lawsuits worth a combined $3.3bn (£2.1bn), claiming the LIA lost billions at the banks’ hands during the Gaddafi era………………………………………..Full Article: Source

Raphael Arndt, CIO Future Fund on Coping with High Prices

Posted on 06 May 2015 by VRS  |  Email |Print

Founded in 2006, Australia’s A$117 billion ($93.4 billion) Future Fund is designed both to bolster government finances by offsetting future public-sector superannuation liabilities from 2020. It was funded by budget surpluses and the proceeds from the privatization of Telstra, a formerly government-owned telecommunications company.
Sovereign Wealth Center’s Victoria Barbary talked with CIO Raphael Arndt about what lies ahead for Future Fund. This is the first of a two part interview. The transcript has been edited for grammar space and context………………………………………..Full Article: Source

Regiment’s Brostowski Plans to Step Down as Fund Closes

Posted on 04 May 2015 by VRS  |  Email |Print

Mark Brostowski, one of two money managers who oversaw investments for Regiment Capital Advisors, plans to step down from his role as the firm closes its credit hedge fund. Shuttering the hedge fund leaves it with a CLO business and a separate account from a sovereign wealth fund. Former Chief Financial Officer Christopher Quinn left this year to join Grove Street Advisors, according to that firm’s website.
“Regiment Capital Advisors recently informed our clients that we would be winding down Regiment Capital Ltd., our long/short credit hedge fund,” the firm said in an e-mailed statement. “We believe this decision is in the best interest of our fund shareholders and we are currently focused on proceeding in a manner that maximizes value for them.”……………………………………….Full Article: Source

SOFAZ CIO Mammadov Talks About Alternative Investments

Posted on 30 April 2015 by VRS  |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was launched in 1999 to manage the country’s burgeoning oil and gas revenues; today, the fund manages some $37.1 billion in assets. SOFAZ is an extra-budgetary institution as well as a stabilization fund — it has responsibilities to the government and national development projects. This means that it needs ready access to liquid assets, and it consequently keeps most of its portfolio in government bonds.
In recent years, however, SOFAZ has started to implement a more adventurous strategy, diversifying its portfolio by adding alternative assets such as private equity, infrastructure and real estate. Israfil Mammadov, SOFAZ’S CIO and deputy CEO, spoke to Sovereign Wealth Center’s David Evans about the fund’s diversification drive. The transcript has been edited for space, grammar and context………………………………………..Full Article: Source

Future Fund Boosts Assets, Chairman Gives Warning

Posted on 30 April 2015 by VRS  |  Email |Print

Future Fund posted positive returns for the first nine months of Fiscal Year 2014-2015. As of March 31, 2015, the Future Fund stands at A$ 117 billion in assets, posting a 15.1% return for the first nine months of the fiscal year. Asset owners such as sovereign wealth funds and large pensions are concerned about the expanding amount of liquidity being pumped into global financial markets.
Chairman Peter Costello of the Future Fund said in a press release, “Given the enormous monetary stimulus around the world, asset prices are generally fully priced and in some cases overpriced.” Costello added, “We remain focused on achieving the return target while avoiding excessive risk and this is particularly important as policy makers globally adjust setting with a view to delivering sustainable growth.”……………………………………….Full Article: Source

Dr M: 1MDB is not sovereign wealth but sovereign debt

Posted on 24 April 2015 by VRS  |  Email |Print

Tun Dr Mahathir Mohamad pointed out today that Putrajaya will have to bear the losses incurred by 1 Malaysia Development Berhad (1MDB), noting it was the government that had invested in the troubled state-owned firm to begin with.
The former prime minister said 1MDB was “wrong” from the beginning, pointing out that the sovereign wealth fund was not put before Parliament. “If 1MDB loses money, the government will bear the loss,” Dr Mahathir wrote on his blog. “Yet the operation of 1MDB is not overseen by government officers responsible for the management of government funds,” he added………………………………….Full Article: Source

Temasek succession plans under scrutiny as Ho takes leave

Posted on 21 April 2015 by VRS  |  Email |Print

Temasek Holdings Pte Chief Executive Officer Ho Ching’s three-month sabbatical raises the question that’s been asked repeatedly in the past six years: who will steer Singapore’s investment mothership when she eventually leaves?
Ho, 62, said last week she’s taking time off to attend to “a couple of long-standing things” and catch up on sleep, while assuring the public she’s “well.” The leave follows two months during which her husband, Singapore Prime Minister Lee Hsien Loong, was operated on for prostate cancer, and his father, Lee Kuan Yew, the nation’s first premier, died at 91…………………………………..Full Article: Source

CEO of biggest wealth fund turns to Africa for profit growth

Posted on 20 April 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund is pouring a bigger share of its cash into Africa in a bid to capture some of the fastest growth in the global economy. The $890 billion fund, which is already in South Africa, is spreading its investments to the north and west of the continent in search of opportunities, Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the fund, said in an interview on Wednesday at Bloomberg’s headquarters in New York.
“What’s new is that we have crept north - Kenya and Nigeria - we’re looking at quite a few west African countries,” he said. “In North Africa, for quite some time, we’ve been invested in Morocco and Egypt, there are also some investments coming in Tunisia.”…………………………………….Full Article: Source

CEO of World’s Biggest Wealth Fund Turns to Africa for Profits

Posted on 16 April 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund is pouring a bigger share of its cash into Africa in a bid to capture some of the fastest growth in the global economy. The $890 billion fund, which is already in South Africa, is spreading its investments to the north and west of the continent in search of opportunities, Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the fund, said in an interview on Wednesday at Bloomberg’s headquarters in New York.
“What’s new is that we have crept north — Kenya and Nigeria — we’re looking at quite a few west African countries,” he said. “In North Africa, for quite some time, we’ve been invested in Morocco and Egypt, there are also some investments coming in Tunisia.”……………………………………….Full Article: Source

Temasek chief to take 3-month sabbatical

Posted on 16 April 2015 by VRS  |  Email |Print

Ho Ching, Temasek chief executive, is taking a three-month “part-time sabbatical”, the Singapore state investment agency said on Wednesday. Ms Ho has headed Temasek since January 2004 and will continue with “board duties and specific stewardship duties”, according to a two-line statement.
Lee Theng Kiat, Temasek president, will assume Ms Ho’s other responsibilities as chief executive in her absence. “This is not related to any retirement plans at all,” said Temasek, adding that Ms Ho, 61, would return to the post full-time after her sabbatical. The group did not provide any further details………………………………………..Full Article: Source

Temasek’s Ho Ching to spend time on ‘longstanding things’ during sabbatical

Posted on 16 April 2015 by VRS  |  Email |Print

Temasek Holdings’ chief executive Ho Ching said on Wednesday she plans to “spend some time on a couple of longstanding things” which she has wanted to do during her three-month sabbatical leave.
Earlier on Wednesday, Temasek had announced that Ms Ho was taking sabbatical leave. President of Temasek, Mr Lee Theng Kiat, will cover for Ms Ho in relation to “all normal course of business at Temasek as an investor and shareholder, as an institution, and as a steward”. Temasek did not give any reasons for Ms Ho’s leave………………………………………..Full Article: Source

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