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Abu Dhabi fund ADIA appoints Beaton global operations head

Posted on 31 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund.Beaton joins the fund, which has around $792 billion in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………Full Article: Source

Abu Dhabi wealth fund ADIA appoints new global operations head

Posted on 30 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund said in a statement on Monday. Beaton joins the fund, which has around $792bn in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………..Full Article: Source

Turkey seeks to manage $200 bln in sovereign fund soon: Minister

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s target for its newly announced sovereign wealth fund is for it to manage $200 billion as soon as possible, Economy Minister Nihat Zeybekci said on Aug. 26, as a public company has been established to run the process.
“Our aim is to make this fund one which can control a $200-billion asset pool,” he said in an interview with broadcaster NTV, as quoted by Reuters. Turkish lawmakers put forward legislation to create a sovereign wealth fund, which was intended to help boost annual growth over the next decade………………………………………..Full Article: Source

Kuala Lumpur rally calls for arrest of 1MDB’s ‘Malaysian Official 1′

Posted on 29 August 2016 by VRS  |  Email |Print

As many as 1,000 protesters marched in Malaysia’s capital on Saturday to protest the scandal surrounding 1MDB, the country’s troubled sovereign wealth fund. The protesters called for the arrest of “Malaysian Official 1,” an unnamed official who appeared repeatedly in a U.S. Department of Justice (DOJ) lawsuit in July in relation to a series of alleged thefts from the fund, which was set up by Prime Minister Najib Razak in 2009 to invest in strategically important assets.
The civil lawsuit alleged that more than $3.5 billion was looted from 1Malaysia Development Berhad (1MDB) and laundered through various shell companies by officials and others connected with the wealth fund………………………………………..Full Article: Source

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.
The troubles surrounding 1Malaysian Development Berhad (1MDB), a state investment fund created by the Malaysian government to promote economic development in the country, has garnered increased headlines in recent days after it was discovered that actor Leonardo DiCaprio’s foundation is linked to the foreign entity………………………………………..Full Article: Source

China Central Huijin To Name Insurance Executive Bai Tao As General Manager

Posted on 24 August 2016 by VRS  |  Email |Print

China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter. Bai Tao, 52, will also become vice general manager at Central Huijin’s parent company, China Investment Corp, in a routine arrangement.
Ding Xuedong, chairman of China Investment Corp, currently serves as the chairman of Central Huijin, an investment holding company managing stakes of China’s biggest state-owned banks on behalf of the government. China Investment Corp, the country’s sovereign wealth fund, has made multiple appointments lately amid volatile management turnover………………………………………..Full Article: Source

1MDB-linked Leonardo DiCaprio pulls out of Hilary Clinton fundraiser

Posted on 23 August 2016 by VRS  |  Email |Print

Leonardo DiCaprio has abruptly dropped out of hosting a US$33,400-per-guest (S$45,200-per-guest) fundraiser lunch for Democratic presidential nominee Hillary Clinton at his Hollywood Hills home — just days before the event scheduled on Tuesday.
According to a report by The Hollywood Reporter, one source with experience planning presidential fundraisers said it would be a “no brainer” to keep DiCaprio away from a Clinton event, amid public scrutiny. DiCaprio and his Leonardo DiCaprio Foundation are facing questions over links to a US$3 billion embezzlement scheme surrounding Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB)………………………………………..Full Article: Source

Will Shahrol be made the 1MDB scapegoat?

Posted on 23 August 2016 by VRS  |  Email |Print

Former 1MDB chief executive officer Shahrol Halmi will likely be made the scapegoat in the multi-billion ringgit 1MDB scandal if police restrict their investigations as ordered by the cabinet, Petaling Jaya Utara MP Tony Pua says.
Pua said this in reference to the statement by inspector-general of police Khalid Abu Bakar yesterday that police investigations are restricted to the five Public Accounts Committee recommendations, as ordered by the cabinet. Pua, who is a Public Accounts Committee member, said the PAC recommendations were to do with corporate reorganisation………………………………………..Full Article: Source

1MDB linchpin Khadem Al Qubaisi arrested by Abu Dhabi authorities

Posted on 22 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multi-billion-dollar fraud related to a Malaysian sovereign wealth fund.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr Qubaisi’s alleged role in the 1Malaysia Development Berhad, known as 1MDB, affair. No charges have been filed against him. Qubaisi was previously restricted from leaving the United Arab Emirates and had his ­assets in the country frozen, The Wall Street Journal reported in April………………………………………..Full Article: Source

Key Figure in 1MDB Probe Is Arrested in Abu Dhabi

Posted on 19 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multibillion-dollar fraud related to a Malaysian sovereign-wealth fund, according to people familiar with the matter.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr. Qubaisi’s alleged role in the 1Malaysia Development Bhd., known as 1MDB, affair, the people said. No charges have been filed against him………………………………………..Full Article: Source

The former chairman of the Hakkasan restaurant group is allegedly being investigated in a global embezzling case

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, the former head of Abu Dhabi’s state oil investment firm and the ex-chairman of the Hakkasan restaurant group, is allegedly being probed over suspected embezzling from Malaysia’s government wealth fund, 1MDB.
According to a report in the Financial Times, al-Qubaisi is allegedly being investigated by Swiss authorities over a possible role in a scheme to siphon funds from Malaysia’s sovereign wealth fund. The authorities suspect al-Qubaisi of “fraud, money-laundering and corruption,” according to a letter cited by the FT………………………………………..Full Article: Source

One of two rival chairmen of Libya sovereign fund quits

Posted on 15 August 2016 by VRS  |  Email |Print

One of two men claiming the chairmanship of Libya’s $67 billion sovereign wealth fund, Hassan Bouhadi, has tendered his resignation, his spokesman said on Friday. Libya’s political infighting made it too difficult to conduct business, Bouhadi said in his resignation letter, seen by Reuters.
In October 2014, Bouhadi was appointed head of the fund, the Libyan Investment Authority (LIA), by authorities in eastern Libya. They had moved to the east to set up a parliament and government after rival factions took control of institutions in the capital, Tripoli………………………………………..Full Article: Source

1MDB scandal: Malaysian PM Najib Razak says no one can force him out of office

Posted on 15 August 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has made it clear that he has no plans to either quit as the country’s premier or to go on leave, despite facing increasing pressure in the wake of the scandal surrounding sovereign fund, 1Malaysia Development Fund Berhad (1MDB).
Najib said that he would continue to serve Malaysians as best as he could and hoped critics would let him do his job. “I am not going to cave in to pressure to go on leave.” He pledged to pass the baton to his successor but only when the time was right, The Star reports. “I was chosen democratically and no one could force me out just like that,” he insisted………………………………………..Full Article: Source

Saudi Aramco appoints chief of sovereign wealth fund to board

Posted on 11 August 2016 by VRS  |  Email |Print

State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices.
Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister Mohammed al-Suwaiyal on the board. Rumayyan heads the Public Investment Fund (PIF), which the government aims to develop into a $2 trillion behemoth that would invest abroad to earn money and domestically to help expand the kingdom’s non-oil sectors………………………………………..Full Article: Source

Aramco Names Wealth Fund Secretary General to Board in IPO Push

Posted on 11 August 2016 by VRS  |  Email |Print

Saudi Arabian Oil Co. named to its board the secretary general of the kingdom’s sovereign wealth fund, which will become the majority owner of the state energy producer after Aramco’s planned share sale, a move also expected to turn it into the largest such fund in the world.
Yasir Al-Rumayyan, the secretary general of the Public Investments Fund and an adviser to the Saudi Royal Court, was appointed a member of the board of Saudi Aramco, according to the company’s website. The Saudi government plans to sell less than 5 percent of Aramco shares to the public by the end of 2018, a move that will make it the largest listed company in the world………………………………………..Full Article: Source

Securities Regulator Appointed Deputy GM of China’s Sovereign Wealth Fund

Posted on 05 August 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC) has appointed a veteran securities regulator as its deputy general manager. Qi Bin, who was at the China Securities Regulatory Commission (CSRC) for 16 years, assumed responsibilities in his new role on August 3, sources with knowledge of the matter told Caixin. CIC has not announced the appointment yet.
Qi, 48, joined CSRC in 2000 after studying and working abroad for several years including a stint at Goldman Sachs Asset Management………………………………………..Full Article: Source

China Investment Corp Appoints Qi Bin As Vice General Manager

Posted on 04 August 2016 by VRS  |  Email |Print

China Investment Corp has appointed Qi Bin (pictured), former director of the international cooperation department at the country’s securities regulator, as vice general manager, Chinese media reported.
The news came after the Chinese sovereign wealth fund tapped Shanghai’s deputy major Tu Guangshao in June as its new general manager to replace retiring Li Keping. After graduating from Tsinghua University in 1991, Qi, 48, obtained a M.A. from the University of Rochester and a M.B.A. from the University Of Chicago………………………………………..Full Article: Source

Goldman Sachs’ 1MDB woes deepen on conflict of interest lawsuit

Posted on 27 July 2016 by VRS  |  Email |Print

Former client EON Capital claims fraudulent misrepresentations over Malaysian bank takeover. Goldman Sachs’ troubles stemming from the 1MDB scandal deepened on Tuesday, as the bank was sued for more than $500m by a shareholder of a former client claiming fraudulent misrepresentations and breaches of fiduciary duties.
The lawsuit, which was filed in New York State court, concerns advice that Goldman gave to a Malaysian bank, EON Capital, which was subject to a December 2009 bid by a domestic rival, Hong Leong Bank, to create the country’s fourth-biggest lender by assets………………………………………..Full Article: Source

SCMP CEO Robin Hu to join Temasek Holdings in December

Posted on 26 July 2016 by VRS  |  Email |Print

The South China Morning Post’s chief executive officer Robin Hu is stepping down from his post to join Singapore investment company Temasek Holdings. Mr Hu will join Temasek as the joint head of its sustainability and stewardship group - a new senior leadership role - with effect from Dec 1.
He will serve in the role alongside Ms Cheo Hock Kuan, who is currently head of the group. A Temasek spokesman said Mr Hu “brings a wealth of business experience to Temasek and we look forward to him joining us later this year”………………………………………..Full Article: Source

Is 1MDB Malaysia’s defining moment?

Posted on 26 July 2016 by VRS  |  Email |Print

The US government has accused Malaysian Prime Minister Najib Abdul Razak of having received hundreds of millions of US dollars into his personal banking accounts from money stolen from 1MDB. Najib has not refuted the allegation.
The US government has also accused officials and associates of 1MDB of having stolen more than US$3.5 billion from 1MDB, to which Najib has also failed to deny. What is most devastating to the prime minister personally is that among the millions of such stolen money in his banking accounts is the famous US$681 million which he claimed to be a donation from the Saudi royal family………………………………………..Full Article: Source

Mexican Ambassador to Azerbaijan meets SOFAZ Executive Director

Posted on 22 July 2016 by VRS  |  Email |Print

Ambassador of Mexico to the Republic of Azerbaijan Rodrigo Labardini accompanied by Head of the Competitive Technical Intelligence Unit of the Mexican Institute of Petroleum (IMP) Victor Ortiz has met with Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov.
Rodrigo Labardini highlighted the development of the oil sector in Mexico. He noted that the significant growth in the economic sector, the increase of foreign trade, creation of a propitious environment for investment and the significant contribution of the Mexican energy sector in the last two decades has positioned Mexico as the eleventh largest oil producer in the world……………………………………….Full Article: Source

CIC names new vice chairman

Posted on 21 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund (SWF) China Investment Corporation (CIC) has named Tu Guangshao, former general manager and party secretary of the Shanghai Stock Exchange (SSE), as the SWF’s vice chairman and president effective July 19, replacing Li Keping, who is retiring after heading the entity for the past five years.
Mr. Tu has been the vice mayor of Shanghai since December 2007 and was promoted to executive vice mayor in February 2013. Before that, he was head of the SSE and the China Securities Regulatory Commission………………………………………..Full Article: Source

Temasek’s Fullerton Unit Hires JPMorgan’s Singapore Head

Posted on 18 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings’ Fullerton Financial Holdings has hired Yeo Hong Ping, JPMorgan & Co’s Singapore head of investment banking, as a senior member of its management team.
“We confirm that Yeo Hong Ping will be joining Fullerton Financial Holdings later this year. We are pleased to welcome him as a senior member of the management team,” Fullerton said in an email on Thursday. JPMorgan declined to comment. The hiring is another example of investment bankers moving to private equity firms and sovereign funds………………………………………..Full Article: Source

JPMorgan’s Singapore investment bank head to join Temasek unit

Posted on 15 July 2016 by VRS  |  Email |Print

Fullerton Financial Holdings, an arm of Singapore investment company Temasek Holdings, has hired Yeo Hong Ping for a senior management role. Yeo is joining from JPMorgan Chase & Co, where he has worked since 2000, most recently as head of Singapore investment banking, according to a person with knowledge of the matter.
Yeo will start in his position this year, Fullerton said in an e-mailed response to Bloomberg’s queries………………………………………..Full Article: Source

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

Posted on 07 July 2016 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 at the meeting of shareholders of VTB. Minister of Economic Development of Russia Alexei Ulyukayev was elected the chairman of the Supervisory Board of VTB Bank………………………………………..Full Article: Source

President should address nation on planed Sovereign Wealth Fund

Posted on 06 July 2016 by VRS  |  Email |Print

The recent announcement of the confirmation of a major oil reserve for Guyana via a second well is welcome news for all Guyanese, it gives us all hope that the ‘better life’ will soon materialize.
It also gives us all worry that the culture of corruption that has ensnared our political class from the first day of independence to this present day will suck our hopes and dreams down its bottomless vortex and we become a nation of few mega-rich families and a massive class of under-privileged citizens. Our every effort must be to seek to avoid this fate………………………………………..Full Article: Source

Iran’s National Development Fund loses director and executive board

Posted on 04 July 2016 by VRS  |  Email |Print

Iranian President Hassan Rouhani has accepted the mass resignation of those on the board of trustees of Iran’s sovereign wealth fund as revelations about high compensation packages at state-owned firms take new casualties.
“The board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency reports. Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

Executives on top Iran fund resign en masse

Posted on 04 July 2016 by VRS  |  Email |Print

“Minutes ago, the board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency said Saturday.
Several senior officials, including ministers of economy, petroleum and labor, as well as the country’s attorney general also attended the session, the news agency reported………………………………………..Full Article: Source

Malaysia Airlines Appoints Peter Bellow New Chief Executive

Posted on 01 July 2016 by VRS  |  Email |Print

Malaysia Airlines Bhd. has appointed Chief Operating Officer Peter Bellew as its group managing director and chief executive, as it looks to recover from the catastrophic loss of two jetliners in 2014. Khazanah Nasional, Malaysia’s sovereign-wealth fund and sole owner of Malaysia Airlines, said in a separate statement it approved the appointment.
The carrier said in statement Thursday that Mr. Bellew, a former director of Ryanair Holdings who joined Malaysia Airlines in September, will assume the role from July 1. The announcement came two months after the carrier’s group managing director and CEO, Christoph Mueller, announced plans to step down in September, citing personal reasons………………………………………..Full Article: Source

Goldman Sachs’ Vella Says Bank’s Critics Aren’t Being Honest

Posted on 01 July 2016 by VRS  |  Email |Print

Goldman Sachs Group Inc. executive Andrea Vella told a London court that former colleagues who criticized the bank, including the author of a book alleging it mistreated clients, were being dishonest because they wanted to make money.
Testifying in a $1 billion trial between Goldman Sachs and Libya’s sovereign wealth fund, Vella dismissed comments from two former employees that cast the bank in a negative light. Vella, co-head of Asia investment banking, was shown a chapter of Greg Smith’s book “Why I Left Goldman Sachs” about hunting elephants, a reference to the relentless pursuit of very large trades………………………………………..Full Article: Source

CIC Taps Shanghai Deputy Mayor Tu Guangshao As General Manager

Posted on 29 June 2016 by VRS  |  Email |Print

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

Sujoy Bose appointed CEO of Indian sovereign wealth fund NIIF

Posted on 28 June 2016 by VRS  |  Email |Print

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

Kuwait’s finance min expresses confidence in UK investments

Posted on 28 June 2016 by VRS  |  Email |Print

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

GIC’s Betty Tay appointed to HFSB

Posted on 24 June 2016 by VRS  |  Email |Print

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

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

Posted on 23 June 2016 by VRS  |  Email |Print

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

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

Posted on 22 June 2016 by VRS  |  Email |Print

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

Mahathir vows to soldier on to oust Najib

Posted on 21 June 2016 by VRS  |  Email |Print

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

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

Posted on 20 June 2016 by VRS  |  Email |Print

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

Flash Boys Hero Wins, Wealth Funds Rejoice

Posted on 20 June 2016 by VRS  |  Email |Print

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

Putin praises Russian SWF

Posted on 17 June 2016 by VRS  |  Email |Print

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

Temasek sets up panel of advisers for Americas

Posted on 17 June 2016 by VRS  |  Email |Print

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

New CIO Named at Korea Investment Corp

Posted on 15 June 2016 by VRS  |  Email |Print

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

Modi effect: SWFs and Pensions Intensify Direct Investments in India

Posted on 14 June 2016 by VRS  |  Email |Print

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

ANZ Strategist Sam Tuck Quits to Join Sovereign Wealth Fund

Posted on 13 June 2016 by VRS  |  Email |Print

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

India Says National Infra Fund CEO To Be Appointed Shortly

Posted on 10 June 2016 by VRS  |  Email |Print

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

Indian Finance Minister Arun Jaitley Reviews Sovereign Wealth Fund Status

Posted on 10 June 2016 by VRS  |  Email |Print

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

Microsoft Accelerator partners Singapore state fund Temasek to aid startups

Posted on 10 June 2016 by VRS  |  Email |Print

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

Indian FM Arun Jaitley reviews sovereign wealth fund’s status

Posted on 09 June 2016 by VRS  |  Email |Print

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

World Bank Nabs Korea’s Sovereign Fund CIO

Posted on 09 June 2016 by VRS  |  Email |Print

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

Angola Leader Secures Economic Grip Naming Daughter as Oil Boss

Posted on 06 June 2016 by VRS  |  Email |Print

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

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