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Future Fund focuses on finding the best people

Posted on 17 October 2014 by VRS  |  Email |Print

Australia’s sovereign wealth fund, the A$101 billion Future Fund, has just upped the stakes in not only attracting the best co-investment deals from fund managers, but in its bid to attract the world’s best investment professionals. Two months ago the fund’s long serving chief investment officer, David Neal, become chief executive in name (following the resignation of the previous CEO Mark Burgess, who held the role for nearly three years), but he might more accurately be described as the fund’s chief big picture strategist.
Frustrated at the lack of time he had to think strategically as chief investment officer, in his new role he now largely focuses on this alone, while former head of infrastructure and timberland Raphael Arndt has been promoted to chief investment officer where he designs, implements and oversees the investments and Steve Gilmore, as head of investment strategy, focuses on the overall risk exposure of the portfolio. The latter two tasks were both formerly led by Neal when he was chief investment officer………………………………………..Full Article: Source

Georgian minister to tell about his country’s transit potential at conference in Baku

Posted on 16 October 2014 by VRS  |  Email |Print

Georgian Regional Development and Infrastructure Minister David Shavliashvili departed for Baku, Azerbaijan. He will take part in an international conference titled “The Baku-Tbilisi-Kars railway – new opportunities for development of the historical Great Silk Road.”
Azerbaijan’s State Oil Fund (SOFAZ) is financing the project in accordance with the Azerbaijani president’s decree ‘On implementation of measures on the Baku-Tbilisi-Kars project’, dated Feb. 21, 2007. The railway’s new 105-kilometer branch is being constructed as part of the project………………………………………..Full Article: Source

Indian President Pranab in lobbyist role; Noway SWF

Posted on 15 October 2014 by VRS  |  Email |Print

President Pranab Mukherjee, blamed by some for driving away foreign investment as a UPA finance minister, is this week donning the mantle of chief lobbyist to re-ignite interest from Europe’s largest sovereign wealth fund — for Prime Minister Narendra Modi.
Norway holds Europe’s largest sovereign wealth fund — a state-owned investment fund used by nations to plough money usually into stocks, equities, markets or infrastructure projects that the country deems will earn it safe, high returns. Of its $890bn (Rs 54.3 lakh crore) sovereign fund, Norway has currently invested only about $4bn in Indian stock markets and specific infrastructure projects………………………………………..Full Article: Source

1MDB on PAC’s radar but no scheduled interview yet, chief says

Posted on 15 October 2014 by VRS  |  Email |Print

The 1Malaysia Development Bhd (1MDB) is now on the Public Accounts Committee (PAC) “radar” but the influential panel has no plan to haul up executives from the sovereign fund despite opposition claims of financial improprieties. Committee chief Datuk Nur Jazlan Mohamed said today that PAC’s priority was to investigate issues raised by the Auditor General and said it cannot haul up government agencies or state-linked companies based on individual allegations.
“Our job is to go through the audit report first… just because someone is saying there is something wrong with something doesn’t mean there is anything wrong,” Nur Jazlan said………………………………………..Full Article: Source

CICC Chief Executive Levin Zhu Resigns

Posted on 15 October 2014 by VRS  |  Email |Print

Levin Zhu, son of former Chinese Premier Zhu Rongji, has resigned as chief executive of investment bank China International Capital Corp. after nearly 17 years at the helm, as its planned initial public offering has been delayed.The biggest shareholder of C.I.C.C., with a 43.3 percent stake, is Central Huijin Investment, a subsidiary of China’s sovereign wealth fund, the China Investment Corporation.
CICC said Tuesday that it had appointed Chief Operating Officer Shoukang Lin, who joined CICC in 2000, as acting chief executive. Mr. Zhu’s plans weren’t clear and he couldn’t immediately be reached for comment. CICC was formed by Morgan Stanley and China Construction Bank Corp as China’s first Sino-foreign joint-venture investment bank in 1995. Morgan Stanley sold its stake in December 2010 to a consortium that included sovereign-wealth fund Government of Singapore Investment Corp……………………………………….Full Article: Source

Sovereign fund chaired by PM Najib, yet 1MDB cannot furnish its accounts in time!

Posted on 10 October 2014 by VRS  |  Email |Print

After 1Malaysia Development Berhad (1MDB)’s lengthy delay in submitting its financial statements, its subsidiaries are now in the spotlight for still failing to submit their own financial statements since 2012.
Petaling Jaya Utara MP Tony Pua said the two subsidiaries, 1MDB Real Estate Sdn Bhd and 1MDB (Energy) Langat Sdn Bhd, failed to submit their financial statements since Dec 28, 2012 and Sept 21, 2012 respectively. Pua told a press conference at the Parliament lobby today that the accounts are important as it will reveal controversial dealings by the two key subsidiaries of 1MDB………………………………………..Full Article: Source

The guardian of Azerbaijan’s oil riches

Posted on 08 October 2014 by VRS  |  Email |Print

Shahmar Movsumov has an interesting challenge. He has been entrusted with a very large amount of money, told to spend some of it wisely but to keep a sizeable proportion for the future. And he has also been told to publicly account for every cent.
Mr Movsumov is the chief executive of the State Oil Fund of the Republic of Azerbaijan (Sofaz), the sovereign wealth fund (SWF) of the comparatively small but energy-rich Caspian country, and his main job is to keep the balance between expenditure and management of the surplus reserves built up over the years. Since the cash began to flow 15 years ago, Sofaz has received some US$110 billion worth of energy revenue and spent most of it. “Invested in future generations,” Mr Movsumov says………………………………………..Full Article: Source

Khazanah: Global Search For MAS CEO Ongoing

Posted on 08 October 2014 by VRS  |  Email |Print

While recent news reports centre on the appointment of a new chief executive officer (CEO) for Malay-sia Airlines (MAS), more crucially it is learnt that majority shareholder Khazanah Nasional Bhd is mulling with the idea to re-introduce the executive chairman post for the revamped national carrier.
Business Times learnt that some changes were made to the previous shortlisted candidates with two new names being added for the new post after the announcement of MAS’ new business plan in August. The three names currently bandied about are National Aerospace and Defence Industries Sdn Bhd director and president Tan Sri Ahmad Johan, Malaysia Airports Holdings Bhd adviser Tan Sri Bashir Ahmad and Celcom Axiata Bhd CEO Datuk Seri Shazalli Ramli………………………………………..Full Article: Source

Goldman Bankers Threatened by LIA Executive in ‘Tirade’

Posted on 07 October 2014 by VRS  |  Email |Print

A Libya Investment Authority executive threatened two Goldman Sachs Group Inc. bankers at a 2008 meeting in Tripoli, telling them the lender had “screwed” the sovereign wealth fund, according to the LIA’s evidence at a London court hearing.
Former LIA executive Mustafa Zarti was so angry about bad investments that he cursed at the two bankers, Youssef Kabbaj and Nick Pentreath, in English and Arabic after questioning some of the fund’s 2008 trades with Goldman, according to Catherine McDougall, a lawyer at a London law firm who was temporarily assigned to the LIA at the time………………………………………..Full Article: Source

Libya’s $1bn hangover – fund’s losses after drinks with Goldman

Posted on 07 October 2014 by VRS  |  Email |Print

Goldman Sachs bankers took Libyan sovereign wealth fund bosses on a boozy weekend to Marrakesh – befriending them before selling them financial products the clients did not understand, the High Court heard.
Libyan Investment Authority (LIA) said it lost $1bn (£622m) on the deals from January to April 2008, and told the court it believes Goldman Sachs made around $350m. It is suing Goldman, arguing it was misled by the bank. Goldman Sachs is fighting the claims, arguing “the LIA’s …executives included highly experienced banking professionals.”……………………………………….Full Article: Source

Goldman had ‘inappropriate’ relationship with Libyan fund

Posted on 07 October 2014 by VRS  |  Email |Print

A lawyer seconded to the Libyan Investment Authority, which is suing Goldman Sachs over $1 billion of trades that ended up worthless, was “shocked” by the bank’s “inappropriate” relationship with the fund, according to court filings.
In a suit filed at London’s High Court, the Libyan Investment Authority (LIA) claims the Wall Street investment bank exploited a position of trust by encouraging the sovereign wealth fund to invest more than $1 billion in a series of equity derivatives trades that expired as worthless in 2011………………………………………..Full Article: Source

Boris Johnson: Britain needs ‘gigantic’ SWF to help build new roads

Posted on 06 October 2014 by VRS  |  Email |Print

Britain’s public sector pensions should be merged to create “gigantic” sovereign wealth fund which can invest in the roads, railways and airports that “this country is crying out for”, Boris Johnson has said.
The Mayor of London said that there has been an “ontological explosion” of pension fund managers who each have “their little jaws wrapped blissfully around the giant polymammous udder of the state”. He said that pensioners would enjoy higher incomes if Britain’s 39,000 public sector funds were merged to create a “citizen’s wealth fund” which could invest in major infrastructure to help stimulate Britain’s economy………………………………………..Full Article: Source

Putin Not Big Enough Threat to Undermine Europe, Norway Says

Posted on 06 October 2014 by VRS  |  Email |Print

Europe shouldn’t fear the economic fallout of deteriorating ties with Russian President Vladimir Putin, Norway’s Prime Minister Erna Solberg said.
Norway, western Europe’s biggest oil and gas producer and home to an $860 billion sovereign wealth fund, has so far weathered Russian sanctions and Putin’s retaliation without much pain, Solberg said. Yet the country is grappling with a slowdown in its energy industry as oil prices fall and costs rise………………………………………..Full Article: Source

Dubai SWF chief urges merger of UAE bourses

Posted on 06 October 2014 by VRS  |  Email |Print

The head of Dubai’s sovereign wealth fund (SWF) has called for the creation of one stock exchange in the UAE, a merger that officials have unsuccessfully been trying to engineer in the past few years.
The merger of Dubai Financial Market and Abu Dhabi Securities Exchange has been on the cards for years as the authorities hope to create a financial market with more depth that could accommodate larger listings and stimulate trade and investment flows. Despite the consensus that such a move would make sense, merger attempts so far have failed………………………………………..Full Article: Source

Africa’s Richest Man Aliko Dangote Explores New Opportunities With Dubai Sovereign Fund ICD

Posted on 02 October 2014 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD), the sovereign fund owned by the government of Dubai, United Arab Emirates, is exploring further investment opportunities in Africa in collaboration with Dangote Group, the Nigerian conglomerate owned by Africa’s richest man, Aliko Dangote.
According to a Reuters report, Mohammed al-Shaibani, ICD’s CEO, disclosed this on Wednesday, while speaking alongside Aliko Dangote during a session at the Africa Global Business Forum in Dubai. “We have been looking at Africa for a long time. We are looking to do more business with Mr. Dangote and we have some things that we are exploring at the moment together,” Mohammed al-Shaibani told the audience during the event at Atlantis, The Palm, in Dubai………………………………………..Full Article: Source

Dubai’s Sovereign Fund Keen On More Deals With Dangote

Posted on 02 October 2014 by VRS  |  Email |Print

Barely a month after it made its first investment in Africa’s largest economy following the purchase of a $300 million minority (1.4 percent) stake in Dangote Cement, Dubai’s sovereign wealth fund – Investment Corporation of Dubai (ICD) said it is planning to invest more in other sectors of Dangote Group.
Speaking at a conference in Dubai, CEO of the Emirate fund, Mohammed Al Shaibani said the company is diversifying its portfolio and looking forward to expanding its partnership with Dangote Group, especially in areas of agriculture and infrastructure………………………………………..Full Article: Source

Angola: Sovereign Fund President Checks Projects in Bungo

Posted on 29 September 2014 by VRS  |  Email |Print

The CEO of the Angola Sovereign Fund (FSDEA), José Filomeno dos Santos, assessed the implementation of agricultural projects funded by his institution in the municipality of Bungo, northern Uige province.
Accompanied by Uíge governor, Paulo Pombolo, and Sovereign Fund officials, Filomeno dos Santos visited two Bungo’s peasant associations with 200 members each. During the visit to the peasant associations, the FSDEA chief was briefed on the production process and the constraints faced by the growers in flowing out their crops into the consumer markets………………………………………..Full Article: Source

After 23 years in office, why was the UAE’s central bank governor replaced?

Posted on 29 September 2014 by VRS  |  Email |Print

It was quite a shock to hear that the UAE has replaced the governor of its central bank, Sultan bin Nasser Al Suwaidi, who has been in the job for 23 years. His replacement is the CEO of the Emirates Investment Authority, a sovereign wealth fund, Mubarak Al Mansouri.
When men like this go suddenly there is always the question of what went wrong but this is just speculation as we have no idea. Clearly it might just be thought a change at the top was overdue. Bankers have long been critical about the internal mechanisms of the UAE central bank………………………………………..Full Article: Source

Kazakh envoy meets with Director of Abu Dhabi Fund for Development

Posted on 26 September 2014 by VRS  |  Email |Print

On September 24, 2014 Ambassador of Kazakhstan to the UAE Kairat Lama Sharif met with Mr. Mohammed Saif Al Suwaidi, the Director General of the Abu Dhabi Fund for Development (ADFD. During the meeting Kairat Lama Sharif briefed on the process of reform of the “Samruk-Kazyna” Fund in several key areas, in accordance with the best international practices and advanced international experiences of sovereign wealth funds.
In addition, the Kazakh diplomat noted that currently transmission of the public assets and quasi-public sector’s assets to the competitive environment within the framework of second wave of privatization in Kazakhstan has begun. Mr. Mohammed Saif Al Suwaidi praised the efforts of Astana for sustainable economic growth of modern Kazakhstan………………………………………..Full Article: Source

Zimbabwe: Senate rejects Mugabe as trustee of Sovereign Wealth Fund

Posted on 26 September 2014 by VRS  |  Email |Print

Senate passed the Sovereign Wealth Fund (SWF) of Zimbabwe Bill with some Senators demanding the removal of a clause which said President Robert Mugabe should be a trustee of the fund. The Bill, which creates a fund to be set aside for use during crises, was brought before Senate by Finance deputy minister Samuel Undenge.
According to Undenge, other African countries like Angola and Botswana already had a SWF from their natural resources like diamonds, which they would fall back on to pay for pension obligations, provide capital injections in the event of crises or to ensure that future generations benefitted from the extraction of finite resources………………………………………..Full Article: Source

Biggest Wealth Fund CEO Sticks to Norway in Own Investments

Posted on 25 September 2014 by VRS  |  Email |Print

As head of the world’s biggest sovereign wealth fund Yngve Slyngstad has invested in more than 80 countries. Yet when placing his own money, he sticks to his home country Norway.
The chief executive officer of Norges Bank Investment Management, the unit inside Norway’s central bank that manages the $870 billion fund, owns shares in 14 companies including Statoil ASA (STL) and Telenor ASA (TEL), according to information released by NBIM. Since heading the fund in 2008, Slyngstad has bought stock for 1.6 million kroner ($252,000) and sold shares for about 100,000 kroner………………………………………..Full Article: Source

“A trusted steward”: Temasek chairman Lim Boon Heng affirms the company’s ethos

Posted on 23 September 2014 by VRS  |  Email |Print

As Temasek celebrates its 40th anniversary, its chairman Lim Boon Heng chose the occasion to reflect on how the investment company has grown and transformed along with a rapidly changing Singapore.
Speaking at Temasek’s 40th anniversary dinner on Monday (Sep 22), Mr Lim noted how back in 1965, Singapore’s per capita income was just about S$650. Some 40 years later, the figure has grown to over S$80,000. Looking ahead, Mr Lim said Temasek has embarked on a long-term journey to invest and re-invest in the community, in Singapore and beyond………………………………………..Full Article: Source

“A company like no other”: President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary

Posted on 23 September 2014 by VRS  |  Email |Print

From humble beginnings, the value of assets held and grown by Temasek Holdings has contributed to the wealth of the nation, and supports present and future generations, said President Tony Tan Keng Yam. He spoke at the 40th-anniversary celebration dinner held for the investment firm at the Istana on Monday (Sep 22). The full text of his speech is presented below:
Established within the first decade of Singapore’s independence, Temasek was a company like no other. It was an experiment, born out of necessity. In its first decade, the Singapore Government had pushed hard to industrialise, and to find a living for its people. It provided loans to some companies, and co-invested in others, in order to encourage investors to create jobs in Singapore. ……………………………………….Full Article: Source

President Tony Tan lauds Temasek for its role

Posted on 23 September 2014 by VRS  |  Email |Print

The creation of Temasek Holdings has allowed Singapore to separate government from the running of its commercial interests, forcing those companies to succeed in their own right, Singapore’s President Tony Tan said on Monday.
“Many state-owned companies, or SOEs, around the world are protected from competition and cushioned from corporate realities through subsidies in various guises. This leads to an unlevel playing field,” he said at a dinner to mark the 40th anniversary of Temasek Holdings, the Singapore government’s investment company………………………………………..Full Article: Source

MPs laud Khazanah’s outplacement centre for axed MAS staff

Posted on 23 September 2014 by VRS  |  Email |Print

Three members of parliament have lauded Khazanah Nasional’s plan to set up an “outplacement support” centre for some 6,000 Malaysia Airlines (MAS) staff to be axed as part of the airline’s restructuring programme.
The centre will focus on extending all relevant and required support to the employees leaving MAS, including professional, emotional, counselling and financial support to assist them in their transition to the next stage of their career………………………………………..Full Article: Source

John Key faces surprise risks on path to third term

Posted on 18 September 2014 by VRS  |  Email |Print

If you are a two-term prime minister like New Zealand’s John Key and you want a third - with your personal popularity near 60 per cent, a 3.8 per cent economic growth rate making your nation one of the five fastest-growing developed economies and the so-called Kiwi brain drain slowing - you’d think the only way to blow an election victory would be to lose yourself.
Labour leader David Cunliffe’s answer is a capital gains tax of 15 per cent, but excepting the family home and Australian investments. Crucially, he plans to establish a “NZ Inc Sovereign Wealth Fund” to invest in new and existing strategic assets. The aim is to make New Zealand’s industrial future green. There’s also a regional development fund and talk of making superannuation compulsory in some instances……………………………………Full Article: Source

Ahmad Jauhari to remain as Malaysia Airlines CEO for another year

Posted on 16 September 2014 by VRS  |  Email |Print

The contract of Ahmad Jauhari Yahya as managing director/group chief executive officer (CEO) of Malaysia Airlines (MAS) has been extended for a year from Sep 20, 2014 to Sep 19, 2015. MAS announced this in a statement to Bursa Malaysia on Monday (Sep 15).
MAS’ major shareholder, Khazanah Nasional Bhd, was also said to be eyeing potential candidates from the global aviation industry as well as local talent to become the new CEO of MAS. The new CEO who will replace Ahmad Jauhari will be announced by year-end, according to reports………………………………………..Full Article: Source

Brian Tipple joins ADIA

Posted on 16 September 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has appointed Brian Tipple as its first global head of external equities. Tipple will manage the department’s team of investment professionals and will report to Obaid Al Suwaidi, executive director of external equities at ADIA.
Based in Abu Dhabi, Tipple will, together with senior management, be responsible for developing, implementing and driving overall investment strategy for the external equities department, as well as overseeing the activities of all externally-managed portfolios………………………………………..Full Article: Source

Jose Dos Santos: Angolan wealth fund chief and president’s son (Video)

Posted on 11 September 2014 by VRS  |  Email |Print

Angola has announced that it has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of its $5bn (£3.1bn) sovereign wealth fund to start developing them. The fund was set up in 2012 to invest Angola’s oil wealth and ensure a steady income for future generations.
But the fund has also been accused of lacking transparency after President Eduardo dos Santos’ 36-year-old son Jose, was made its head. Jose dos Santos spoke to the BBC’s Focus on Africa about his appointment and whether the fund will be used to improve the country’s infrastructure………………………………………..Full Article: Source

1MDB is national debt, not surplus, says Dr M

Posted on 11 September 2014 by VRS  |  Email |Print

Former prime minister Mahathir Mohamad has disputed Salleh Said Keruak’s recent statement describing 1MDB as an education fund. In true Mahathir fashion, he quipped he wasn’t at all aware of any use of the funds from 1MDB for education.
“There are advertisements that claim over one million of the rakyat have been helped using funds from 1MDB. If you divide one million over four years, that’s 250,000 people a year. If it’s true, Alhamdulillah.“From what I know, funds from 1MDB were used to procure three power plants from YTL, Ananda Krishnan and the proprietor of Jimah power plant in Negeri Sembilan. The acquisition was more expensive than the market price. At least four billion ringgit in total cost,” he said in his blog………………………………………..Full Article: Source

Dr M raises eyebrow at 1MDB’s debt buildup

Posted on 11 September 2014 by VRS  |  Email |Print

Tun Dr Mahathir Mohamad has expressed concern over the debt being amassed by sovereign wealth fund 1MDB, warning that this could overwhelm Putrajaya’s already strained finances. The former prime minister also questioned why Malaysia needed a state investment fund such as the 1MDB, pointing out that these were usually formed by countries with a surfeit of wealth and revenue, rather than one heavily in debt.
“Funds for 1MDB are not from the country’s surpluses. These are debts. Billions of ringgit owed will add to the country’s very high debts. Debts that the country must pay………………………………………..Full Article: Source

MAS gets Khazanah board rep

Posted on 10 September 2014 by VRS  |  Email |Print

Malaysian Airline System Bhd (MAS) has received a letter from Khazanah Nasional Bhd, nominating the appointment of Mohd Izani Ashari to the board as a non-independent non-executive director.
In a filing to Bursa Malaysia, the national carrier said Mohd Izani was nominated to be Khazanah’s representative in MAS, as a result of its selective capital reduction and repayment exercise………………………………………..Full Article: Source

Close down MAS and overhaul Khazanah, says veteran newsman

Posted on 09 September 2014 by VRS  |  Email |Print

A veteran journalist today suggested that Malaysia’s sovereign fund Khazanah Nasional Bhd should be restructured while Malaysia Airlines (MAS) should be closed down. In his latest blog posting, Datuk A. Kadir Jasin questioned Khazanah’s ability to manage Malaysia Airlines and revive the fortunes of the ailing national carrier.
Kadir wrote that the recent proposed privatisation of Malaysia Airlines has resulted in Khazanah having to come up with RM6 billion. “Prior to this, Khazanah has sunk RM7 billion into Malaysia Airlines which came to naught as various restructurings failed to turn the company around.”……………………………………….Full Article: Source

Angola’s SWF ready to invest

Posted on 05 September 2014 by VRS  |  Email |Print

Six years after it was announced, Angola’s sovereign wealth fund is fully underway. It has received the final instalment of its $5bn initial endowment and has begun to take its funds out of cash and put them into longer-term investment.
In an interview with FT beyondbrics, José Filomeno Dos Santos, chairman of the Fundo Soberano de Angola (FSDEA), said that one third of the fund’s assets would be allocated to highly liquid securities such as cash, bonds and listed equities, one third into alternative investments in sub-Saharan Africa, and one third into what he called “opportunistic investments internationally: distressed assets that the fund could take advantage of, spin around and refocus.”……………………………………….Full Article: Source

Abu Dhabi sovereign wealth fund names new head of external equities

Posted on 04 September 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, has named Brian Tipple as its first global head of external equities.
Tipple, previously chief investment officer at US-based Key Private Bank, will help to develop and implement strategy for ADIA’s external equities department and oversee all externally managed portfolios, a statement from the fund said on Wednesday. Around 75 percent of ADIA’s assets are managed by external fund managers, according to its 2013 annual report………………………………………..Full Article: Source

Future Fund names CIO, mulls staff additions

Posted on 02 September 2014 by VRS  |  Email |Print

Australia’s $94 billion sovereign wealth fund has promoted internally to fill the role of chief investment officer vacated by David Neal when he became managing director on August 4. The Future Fund is also likely to add two investment posts to its 40-strong team in the next few months.
New CIO Raphael Arndt was previously head of infrastructure and timberlands. He has responsibility for leading the investment team in developing the research, due diligence and selection and monitoring processes for assets and investment managers………………………………………..Full Article: Source

Superman, Yoda, change crusader: GIC’s Lim Siong Guan

Posted on 02 September 2014 by VRS  |  Email |Print

He may be the group president of Singapore sovereign wealth fund GIC, but Mr Lim Siong Guan rides the MRT to work. He alights at Raffles Place, then walks about 20 minutes to GIC’s office in Robinson Road for the exercise. If he needs a postage stamp or has any errand of a personal nature, he queues for it himself instead of bothering his secretary.
His yearly tour of GIC overseas offices since 2007 - four days around the world: Singapore, San Francisco, New York, London, Singapore; and another four days around Asia: Singapore, Mumbai, Tokyo, Seoul, Beijing, Shanghai, Singapore - is the stuff of corporate legend……………………………………….Full Article: Source

Norway oil fund to double number of top executives

Posted on 21 August 2014 by VRS  |  Email |Print

Norway’s $885bn oil fund is doubling the number of its senior executives in the latest sign it is restructuring itself to tackle its ever-increasing size and its shifting responsibilities as an investor. Norges Bank Investment Management, the arm of the Norwegian central bank that manages the fund, is creating a number of new positions to help manage its nascent property portfolio, as well as appointing three chief investment officers.
These three officers will be responsible for different investment strategies rather than specific asset classes as the oil fund merges its equities and corporate credit analysis functions………………………………………..Full Article: Source

Libyan sovereign wealth fund expected to hire new chief

Posted on 21 August 2014 by VRS  |  Email |Print

The Libyan Investment Authority, the violence-hit North African nation’s $60bn sovereign wealth fund, is likely to name senior World Bank executive Ahmed Ali Attiga as its new chairman by the end of the year, The Daily Telegraph gathers. Attiga, who is currently representing the World Bank’s International Finance Corporation unit in Jordan, hails from a high-profile Libyan family associated with King Idris, the ruler before the late Muammar Gaddafi.
Separately, it emerged on Tuesday that Goldman Sachs had withdrawn a summary judgment application it filed in April at the UK High Court, requesting the quashing of a lawsuit filed against the investment bank by the LIA. The state-backed investment fund had charged Goldman Sachs with mis-selling it second-rate investment products that cost the LIA billions………………………………………..Full Article: Source

Dr M: Full Khazanah ownership will not revive MAS

Posted on 13 August 2014 by VRS  |  Email |Print

Former Malaysian prime minister Mahathir Mohamad yesterday criticised the takeover of Malaysia Airlines by Khazanah Nasional, the country’s sovereign wealth fund, saying full ownership of the beleaguered carrier was not likely to make a difference.
Last Friday, the state investment agency made an offer to take the airline private by paying 27 sen apiece or some RM1.4 billion (S$547 million) to buy the remaining shares it does not own. In the coming fortnight, it is expected to detail its proposed complete revamp of the airline………………………………………..Full Article: Source

Former PM criticises de-listing of Malaysia Airlines by sovereign wealth fund

Posted on 13 August 2014 by VRS  |  Email |Print

Influential former prime minister Mahathir Mohamad on Tuesday criticised the takeover of crisis-hit Malaysia Airlines by the country’s sovereign wealth fund as a recipe for more losses by the carrier. Sovereign fund Khazanah Nasional, which has controlled the airline for years via a 70 percent ownership stake, said last Friday it plans to buy all remaining shares, de-list the stock, and take the carrier private before undertaking a “complete overhaul”.
The fund acted after the double tragedies of flights MH370 and MH17 pushed Malaysia Airlines (MAS) — which had already been losing money for years — to the financial brink. “Khazanah has been in full control of Malaysia Airlines all this time. And all this time Malaysia Airlines has been bleeding profusely,” Mahathir, prime minister from 1981-2003, wrote on his blog………………………………………..Full Article: Source

Singapore’s GIC names ex-Temasek chairman to board

Posted on 04 August 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has appointed S. Dhanabalan, former chairman of Temasek Holdings, as a board member. hanabalan retired as chairman of Temasek a year ago after serving the state investor for 17 years. He previously served on the GIC board from 1981 to 2005.
GIC ranks as the world’s eighth largest fund with $320 billion worth of assets, according to the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

S Dhanabalan rejoins GIC as board director

Posted on 01 August 2014 by VRS  |  Email |Print

Mr S Dhanabalan will rejoin the board of GIC as a director with effect from Friday, the investment company said on Friday morning. “We are very pleased to welcome Mr Dhanabalan to the GIC Board,” said GIC group president Lim Siong Guan in a statement.
“We will benefit from his wealth of experience in finance as we strive to invest well for present and future generations of Singaporeans.” Mr Dhanabalan, a founding board member of GIC when it was established in 1981, served on its board for more than 20 years before stepping down in 2005………………………………………..Full Article: Source

Insecurity: Reps want Jonathan to draw from Excess Crude Account

Posted on 01 August 2014 by VRS  |  Email |Print

Lawmaker in the House of Representatives, Rep Francis Haske Hannaniya (PDP, Adamawa) advised President Goodluck Jonathan not to wait for the National Assembly’s approval on his request to take loan of $1 billion. Instead, he said the president should withdraw from the excess crude account to fight Boko Haram.
The lawmaker who represents Gombi/Hong Federal Constituency of Adamawa state made the call yesterday in Abuja while reacting to the renewed killings by Boko Haram in parts of Adamawa, Yobe, Borno and Kano state………………………………………..Full Article: Source

Japanese businessmen visit SOFAZ

Posted on 21 July 2014 by VRS  |  Email |Print

A delegation of Japanese businessmen led by head of the Shimada Sonjuku company and President of Chiba University of Commerce Haruo Shimada has visited the State Oil Fund of Azerbaijan Republic (SOFAZ), AzerTag reports.
Shahmar Movsumov, executive director of SOFAZ, gave an insight into the activity of the organization, management of its assets, investments, major projects financed by the fund………………………………………..Full Article: Source

Permal Group’s sovereign advisory head resigns

Posted on 21 July 2014 by VRS  |  Email |Print

Andrew Rozanov resigned Wednesday as managing director and head of sovereign advisory in the London office of Permal Group, said Alastair Crabbe, a company spokesman, in an e-mail. Rozanov will not be replaced by the hedge funds-of-funds manager, which manages $22 billion.
“We have made good progress with our sovereign wealth fund business in the four years that Andrew has been with us,” Crabbe wrote. Rozanov could not be reached for comment about his future plans, but Crabbe said he understands that Mr. Rozanov will focus on research projects in the near-term future………………………………………..Full Article: Source

CIMB Merger Plans Puzzling

Posted on 15 July 2014 by VRS  |  Email |Print

CIMB’s plans to merge with RHB Capital and Malaysia Building Society to create Malaysia’s biggest bank by asset size, is a puzzling move. CIMB and RHB had previously ditched plans to merge because their businesses overlap.
CIMB’s chief executive Datuk Seri Nazir Razak is expected to step down to become the chairman of the bank. He will also be joining the board of Khazanah, Malaysia’s biggest sovereign wealth fund. Khazanah has 25 per cent of CIMB, and according to speculation would have a 20 per cent stake in the merged CIMB, RHB MBSB………………………………………..Full Article: Source

Head of Libya investment fund steps down over ‘Gaddafi law’

Posted on 11 July 2014 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), the sovereign wealth fund of the North African oil producer, has appointed a new chief after his predecessor stepped down over a controversial political law, according to a statement on Wednesday.
Former Oil Minister Abdulrahman Benyezza has taken over as acting head of the fund, the LIA said. His predecessor Abdulmagid Breish quit after an investigation under a law which bans people from taking a public office if they had a function in the regime of late strongman Muammar Gaddafi, who was deposed and killed by rebels after an eight-month uprising in 2011………………………………………..Full Article: Source

Former oil minister named acting chairman of Libya sovereign fund

Posted on 10 July 2014 by VRS  |  Email |Print

Libya has appointed a new acting chairman to oversee its $66bn sovereign wealth fund, but indicated that there would be no “change of direction” at the organisation.
The Libyan Investment Authority’s board of trustees named Abdurahman Benyezza as acting chairman and chief executive of the fund, which was set up in 2006 by Muammer Gaddafi, the former Libyan dictator, to invest the country’s accumulating oil wealth………………………………………..Full Article: Source

Chan defends fund at length

Posted on 08 July 2014 by VRS  |  Email |Print

The market should disregard the short- term performance of the Exchange Fund, said Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. HKMA yesterday revealed the latest official foreign currency reserve assets stand at US$320.9 billion (HK$2.5 trillion) at the end of June, up from US$320.2 billion in May.
Chan wrote in an article reviewing his work over the past five years that the fund - the reserve that the HKMA uses to defend the Hong Kong dollar - is not a sovereign wealth fund and the investment objective is not to pursue high returns.He stressed the necessity to hold enough highly liquid assets to meet short-term obligations…………………………………….Full Article: Source

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