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NIIF CEO to be appointed soon

Posted on 05 April 2016 by VRS  |  Email |Print

Government today said it is in the process of appointing CEO for India’s first Rs 40,000-crore sovereign wealth fund NIIF, which will act as a nodal agency for development of infrastructure. The government in December last year had set up the National Investment and Infrastructure Fund (NIIF), which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects.
“We are in the process of appointing the CEO and also building up doing recruitment for…It will be a very lean organisation of recruiting people down the line,” Secretary in Department of Economic Affairs Shaktikanta Das said here. He said the process to appoint the CEO is on and “I think you will see somebody in place very quickly”………………………………………..Full Article: Source

1MDB was unsustainable due to low capital, high debt: Abdul Wahid Omar

Posted on 05 April 2016 by VRS  |  Email |Print

The financial structure of Malaysian state investment vehicle One Malaysia Development Berhad (1MDB) was unsustainable from the very start, according to a top government minister.
1MDB’s design was an exception, not the norm, for Malaysian government-linked companies, Abdul Wahid Omar, Economic Planning Minister of Malaysia, told CNBC’s”The Rundown” on Monday. Rather than being listed like other firms, 1MBD, which was set up in 2009, was wholly owned by the Ministry of Finance, he said………………………………………..Full Article: Source

Saudi Arabia Post-Oil Era Fortified by PIF

Posted on 04 April 2016 by VRS  |  Email |Print

Saudi Deputy Crown Prince Mohammed bin Salman al-Saud revealed details on his future national economic plan, which is expected to be fully displayed over upcoming months. The plan aims at reducing Saudi economic oil dependence as an income source during the upcoming twenty years.
In a long conversation with Bloomberg, his Highness Prince Mohammed gave details on increasing Public investment to play a principal role in the governmental budget. His Highness explained that the steps towards increasing Public investment significance is to establish a public investment fund which includes important internal and external Saudi investments which cover Saudi Arabia’s Kingdom share in Saudi Aramco………………………………………..Full Article: Source

Temasek Holdings appoints Lee Theng Kiat as board director

Posted on 01 April 2016 by VRS  |  Email |Print

Temasek Holdings Pte has appointed Lee Theng Kiat as director of the investment firm’s board, six months after he became head of Temasek International, Temasek’s management arm in charge of all staff other than the CEO and chief financial officer.
Mr Lee will join the Temasek board as of April 1 and will also join the board’s executive committee, Temasek said in an statement on its website on Thursday. His responsibilities as head of Temasek International will be unchanged, according to the statement………………………………………..Full Article: Source

1MDB Probe Shows Malaysian Leader Najib Spent Millions on Luxury Goods

Posted on 31 March 2016 by VRS  |  Email |Print

The Malaysian investigation documents, viewed by The Wall Street Journal, contain bank-transfer information that provides the most complete picture to date of the money that flowed through the prime minister’s accounts over a five-year period, the majority of it, investigators say, originating from 1MDB.
They show for the first time how some of the money in Malaysian Prime Minister Najib Razak’s accounts allegedly was used for personal expenses. That included $15 million in spending on clothes, jewelry and a car, according to the bank-transfer information, involving stores in the U.S., Malaysia, Italy and elsewhere………………………………………..Full Article: Source

Malaysian lawyer ‘probed for sedition’

Posted on 31 March 2016 by VRS  |  Email |Print

Billions of dollars have allegedly gone missing from Malaysia’s sovereign wealth fund, and the scandal has engulfed Prime Minister Najib Razak, who chairs the fund’s advisory board. There are at least four international investigations into the money said to be missing from the fund, known as 1MDB.
Malaysia’s attorney-general, meanwhile, has shut down an investigation into money deposited into the prime minister’s account by an unnamed donor from the Middle East………………………………………..Full Article: Source

Ex-CalPERS CIO to Lead Alaska Permanent

Posted on 30 March 2016 by VRS  |  Email |Print

Alaska’s sovereign wealth fund today named Russell Read as its new CIO. Read spent two years as CIO of the California Public Employees’ Retirement System, from 2006 to 2008.
Following that, Read led the Gulf Investment Corporation in Kuwait as CIO and deputy chief executive. He also served as deputy CIO of Deutsche Asset Management, and founded his own private equity firm. He replaces Jay Willoughby at the Juneau, Alaska-based sovereign fund. Willoughby departed late last fall for the CIO position at outsourced-CIO provider The Investment Fund for Foundations………………………………………..Full Article: Source

Mahmoud Kassem: Lessons learned from interviews with Abu Dhabi’s wealth fund

Posted on 29 March 2016 by VRS  |  Email |Print

Over the past two weeks, the Abu Dhabi Investment Authority (Adia), one of the world’s biggest sovereign wealth funds, gave The National unprecedented access to mark its 40th anniversary, offering interviews with several of its former and current leaders, including Hareb Al Darmaki, an adviser to the managing director and the fund’s longest-serving employee, and Jean-Paul Villain, its top strategist.
My conversations with these investment gurus provided a fascinating insight into the inner workings of a fund estimated to have as much as US$800 billion under management. They also helped to reinforce important lessons that are relevant to all investors, whether you have billions of dirhams or simply a few thousand to sock away for the future………………………………………..Full Article: Source

Najib Razak 1MDB scandal: Malaysian Prime Minister’s accounts triggered internal money-laundering alarm

Posted on 29 March 2016 by VRS  |  Email |Print

So much money was pouring so rapidly into the Malaysian Prime Minister’s personal bank accounts that it rang internal money-laundering alarms inside AmBank, a major Malaysian institution part-owned by Australia’s ANZ.
Hundreds of millions of dollars were being wired into Najib Razak’s accounts from the Saudi Arabian Government, a mysterious Saudi prince and two shadowy British Virgin Island companies, while the head of a Malaysian state-owned company topped up the Prime Minister’s credit card accounts with millions of Malaysian ringgit in cash………………………………………..Full Article: Source

Peter Costello’s indefensible legacy

Posted on 24 March 2016 by VRS  |  Email |Print

On Friday, Peter Costello used Fairfax to tell us how handsome he is and how splendidly the Future Fund he chairs is performing. He was responding to fellow establishment figure Howard Mitchell’s comparing its returns against the Alaska Permanent Fund. The whole debate was probably a Tory setup. They do odd things like that.
Alaska’s fund is a poor model to emulate. The gold standard of sovereign wealth funds is Norway’s Government Pension Fund Statens pensjonsfond Utland, established in 1990 and worth around 900 billion Australian dollars. In early January 2014, every Norwegian became a crown millionaire, thanks to the fund. That is about 156,000 Australian dollars each. You can look at it’s market value here………………………………………..Full Article: Source

Temasek Unit Fullerton Appoints Head of Multi-Asset Strategies

Posted on 18 March 2016 by VRS  |  Email |Print

Fullerton Fund Management Co., owned by Singapore’s Temasek Holdings Pte, has hired Pranay Gupta as head of multi-asset strategies, a new role that it has created as it seeks to offer more investment offerings combining different asset classes.
“As investors search for enhanced returns amid increasing volatility, multi-asset investing has become a specialized investment skill,” Fullerton Chief Executive Officer Manraj Sekhon said in an e-mailed statement. “The ability to tailor multi-asset solutions according to their risk return parameters is essential for our clients.”……………………………………….Full Article: Source

Alaska Permanent Drives to Rebuild Leadership Team

Posted on 16 March 2016 by VRS  |  Email |Print

Former Alaska Permanent Fund CEO Mike Burns retired four months earlier, without a named successor. For a few days, the $52 billion organization had no permanent executive leadership in place.
Since then, trustees made several staffing appointments, including former state treasury supervisor Angela Rodell as CEO. The latest hire came late last month, fund documents showed, when former New Jersey pension system director Tim Walsh signed on as a part-time investment advisor with a two-year contract………………………………………..Full Article: Source

John Brumby, Paul Howes split over super debate

Posted on 14 March 2016 by VRS  |  Email |Print

The debate over the purpose of superannuation launched by the Turnbull government has split senior Labor figures over whether investors’ freedoms or nation building should be paramount. Former Victorian Labor premier John Brumby said Australians should not be given too much choice over their superannuation fund because money ought to be available for nation building.
“The reality is that in super, too much choice can be a bad thing because for super funds to invest in long-term infrastructure like roads and ports and even high-speed rail, you need secure, long-term flows of savings,” he told The Australian Financial Review………………………………………..Full Article: Source

Norway Wealth Fund Isn’t Joining Global Stock Selloff, CEO Says

Posted on 11 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, hasn’t been part of a global selloff in stocks this quarter, according to its chief executive officer, Yngve Slyngstad. “We have not been participating in the selling, and we don’t foresee” that a change of strategy will be necessary, Slyngstad said at a presentation of the fund’s 2015 results on Wednesday in Oslo.
The comments follow evidence that wealth funds across the Middle East and central Asia have sold assets to plug deficits amid plunging oil prices. Speculation that petrodollar-stocked wealth funds were exiting assets has fed into market turmoil as stocks sank this quarter. The MSCI World Index is down more than 4 percent since the end of December………………………………………..Full Article: Source

Malaysia 1MDB Scandal: Goldman Sachs Hired Daughter Of Malaysian Prime Minister Najib Razak’s Close Ally

Posted on 11 March 2016 by VRS  |  Email |Print

The daughter of Malaysian Prime Minister Najib Razak’s close ally was employed by Goldman Sachs Group Inc. during the time when the investment bank worked for the Malaysian state-run fund 1Malaysia Development Bhd, the Wall Street Journal reported Thursday, citing sources.
The 1MDB has been the center of scandal since last July, when hundreds of millions of dollars were traced to the personal bank accounts of Razak. Goldman Sachs is currently carrying out its own investigation after the FBI and the U.S. Department of Justice began probing the firm over money laundering and corruption as an adviser to the 1MDB allegations. The company is also looking into the hiring part under its probe, the sources told the Journal………………………………………..Full Article: Source

Norwegian wealth fund has a New York state of mind: Gadfly

Posted on 10 March 2016 by VRS  |  Email |Print

On the website for Norway’s Sovereign Wealth Fund, a hypnotic and constantly-changing ticker indicates how much kroner the fund is losing and, mostly, gaining. People in London and New York worried about property prices might find it calms their nerves.
The US$830 billion (S$1.14 trillion) Government Pension Fund Global, the biggest sovereign wealth fund, reported results for 2015 on Wednesday: an overall return of 2.7 per cent, achieved despite volatile currency and equity markets, negative interest rates and worries about global growth. Still, that’s its weakest return in five years and worse than the average annual return of 3.7 per cent (after inflation and management costs) since 1998 when the fund’s current management structure was set up………………………………………..Full Article: Source

Norway Wealth Fund Isn’t Joining Global Stock Selloff, CEO Says

Posted on 10 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, hasn’t been part of a global selloff in stocks this quarter, according to its chief executive officer, Yngve Slyngstad. “We have not been participating in the selling, and we don’t foresee” that a change of strategy will be necessary, Slyngstad said at a presentation of the fund’s 2015 results on Wednesday in Oslo.
The comments follow evidence that wealth funds across the Middle East and central Asia have sold assets to plug deficits amid plunging oil prices. Speculation that petrodollar-stocked wealth funds were exiting assets has fed into market turmoil as stocks sank this quarter. The MSCI World Index is down more than 4 percent since the end of December………………………………………..Full Article: Source

Brother of ex-British PM Blair expected to judge Libyan sovereign fund case

Posted on 07 March 2016 by VRS  |  Email |Print

William Blair, brother of ex-British prime minister Tony Blair, is expected to be appointed judge in the long-running dispute over the leadership of Libya’s $67 billion sovereign wealth fund, sources on both sides of the case said.
The case is to be heard in London’s High Court from Monday. The Libyan Investment Authority (LIA) is in a power struggle between two rival chairmen, Hassan Bouhadi and AbdulMagid Breish. The dispute mirrors the fragmented nature of the country following the fall of Muammar Gaddafi in 2011………………………………………..Full Article: Source

Care needed for sovereign fund plan

Posted on 07 March 2016 by VRS  |  Email |Print

Economic policy advisers to president-elect Tsai Ing-wen have been discussing the possibility of setting up a state-level investment corporation to promote, manage and finance certain industrial concerns, including semiconductors.
In an interview last week with Bloomberg News, Taiwan Institute of Economic Research vice president Kung Ming-hsin — Tsai’s top adviser on industry policy — touched upon the subject, saying that Tsai’s team is considering establishing a quasi-sovereign wealth fund to finance emerging industries………………………………………..Full Article: Source

Shafie slams ‘secret’ report on 1MDB

Posted on 07 March 2016 by VRS  |  Email |Print

Former rural and regional development minister Shafie Apdal has questioned the federal government’s decision to classify as an official secret the final audit report on 1Malaysia Development Bhd. Shafie said: “Why must they use OSA? If there’s nothing to hide, the report should be revealed. Why do they want it to be hidden?”
The chairman of the Public Accounts Committee, Hasan Arifin, had said on Friday that the Auditor-General had classified the final report of its 1MDB audit under the Official Secrets Act because of leaks of information from an interim report to the committee, submitted last July………………………………………..Full Article: Source

Osborne unveils sovereign wealth fund

Posted on 07 March 2016 by VRS  |  Email |Print

George Osborne will announce the creation of a £100bn British sovereign wealth fund next week and lay out plans to part-privatise Britain’s rail network. In his budget on March 16 the chancellor, who has struggled to find finance for new road, rail and power schemes, is expected to hail the progress of a scheme to merge council pension funds.
Six local authority funds with assets of £50bn have agreed to join forces, with another four due to sign up later this year to double the available firepower. The plan has been masterminded by the City financier Edmund Truell………………………………………..Full Article: Source

U.A.E. Central Banker Says SWF Withdrawal Reports `Overblown’

Posted on 03 March 2016 by VRS  |  Email |Print

Khalifa Al Kindi, chairman of the United Arab Emirates central bank, said that media coverage of withdrawals by sovereign wealth funds has been exaggerated, amid investor concern that the funds are pressuring global stock markets.
“I think it’s overblown,” Al Kindi, who is also founder of the Abu Dhabi Investment Council, said Wednesday at a conference in the city. “We have been exposed to that in the 80s and early 90s and now with the oil price at these levels you will be using your SWF to withdrawn from. We still have a long way before borrowing from outside world.”……………………………………….Full Article: Source

How GEJ handed Nigeria’s sovereign wealth fund to Blair

Posted on 02 March 2016 by VRS  |  Email |Print

The activities of the former prime minister of United Kingdom during the past administration led by Goodluck Jonathan, has been revealed. In an explosive new biography by investigative journalist, Tom Bower, Blair comes under the spotlight, Sahara Reporters reports.
Blair was said to have requested a one-on-one meeting with the former president, Jonathan in 2010, apparently to offer help in reconciling the country’s Muslims and Christians. Blair was said to have charmed the president and satisfied his ego………………………………………..Full Article: Source

How Jonathan handed Nigeria’s sovereign wealth fund to Tony Blair, JP Morgan

Posted on 01 March 2016 by VRS  |  Email |Print

Tony Blair continues to come under the spotlight as more claims against him emerge from the explosive new biography by investigative journalist, Tom Bower. The activities of the former Prime Minister of United Kingdom during the administration of Goodluck Jonathan, Nigeria’s former president has been revealed.
According to Bower’s book, Back in 2010, Mr Blair asked for a one-on-one meeting with the then Nigerian president, Goodluck Jonathan — ostensibly to offer the services of AGI and the Faith Foundation to help reconcile the country’s Muslims and Christians………………………………………..Full Article: Source

China’s sovereign fund CIC reshuffles team

Posted on 29 February 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC) is preparing for a strategic shift and will focus more on direct investments and proprietary relationships with fund managers. It has reshuffled its infrastructure team to guide the shift in focus. The firm has created a new division, named Department 2, which will invest in consumer and industrial sectors, to be led by Mi Tao, reported Infrastructure Investor.
The existing Department 1 will now be led by Benjamin Bao, and includes three infrastructure teams managed by Yan Wang, David Xie and Yuling Lu.They will look to invest in areas like renewable energy, transport and utilities. Other teams will focus on oil & gas and metals & mining………………………………………..Full Article: Source

Abu Dhabi Crown Prince visits ADIA

Posted on 25 February 2016 by VRS  |  Email |Print

His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, yesterday paid a visit to the Abu Dhabi Investment Authority (ADIA). During the visit, Sheikh Mohamed met with members of the ADIA’s Board of Directors, heads and senior officials.
Sheikh Mohamed was received by Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Hamed Bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court and Managing Director of Abu Dhabi Investment Authority (ADIA), Sheikh Mohammed Bin Khalifa Al Nahyan, Executive Council Member and a number of officials of the ADIA………………………………………..Full Article: Source

Sovereign wealth funds are ditching fund managers in their droves

Posted on 23 February 2016 by VRS  |  Email |Print

Bad news for the world’s big fund managers: they are being abandoned by sovereign wealth funds. In each of the five years to 2015 these state run funds (largely owned by oil producing companies) shovelled something in the region of $48bn into the markets via the big asset managers. Last year, they pulled over $46bn out.
That, said the head of one large fund management firm, was “very hard”. It’s about to get harder. Moody’s reckons the sovereign wealth funds will pull out the same again, plus another 25% this year “as oil-dependent funds increase redemptions from asset managers in order to plug fiscal deficits”. Norway alone says it is likely to pull out €8.4bn………………………………………..Full Article: Source

Norway Central Bank Chief Warns on Oil Wealth as Coffers Raided

Posted on 22 February 2016 by VRS  |  Email |Print

Norway’s central bank governor stepped up his warning on excessive use of the nation’s oil income as he predicted the government may need to withdraw almost $10 billion from its massive wealth fund this year.
“The fall in oil prices will reduce Norway’s national wealth,” Norges Bank Governor Oeystein Olsen said Thursday in his annual speech in Oslo. With the $810 billion fund’s era of growth behind it and returns ahead uncertain amid a slowing global economy, “increased spending is not a viable path to follow.”……………………………………….Full Article: Source

KIC chief prioritizes risk management

Posted on 18 February 2016 by VRS  |  Email |Print

The new chief of Korea’s sovereign wealth fund on Wednesday stressed risk control in an era of global financial volatility, saying its return on investment this year could remain negative after a near 3 percent loss last year.
“The outlook for our investment returns is not bright this year in light of the weakness in global markets, with the New York Stock Exchange down nearly 10 percent,” Eun Sung-soo, CEO of Korea Investment Corp. told reporters at its head office in Seoul. The former World Bank director and long-time Korean Finance Ministry official took charge of the $91.8 billion national wealth fund last month………………………………………..Full Article: Source

KIC CEO promises to expand asset trust to $200 billion by 2020

Posted on 18 February 2016 by VRS  |  Email |Print

Having reported a negative return last year, South Korea’s sovereign wealth fund Korea Investment Corp. (KIC) decided to up the scale of asset trust by 2.5 times from current levels to $200 billion by 2020. The corporation will install the offices of auditor and risk management officer to reinforce oversight of the state asset agency.
KIC CEO Eun Sung-soo said KIC will incrementally increase its asset from last year’s $80 billion to $200 billion by 2020 to raise efficiency in asset management………………………………………..Full Article: Source

Malaysia: The 1MDB money trail

Posted on 16 February 2016 by VRS  |  Email |Print

The chief executive of BSI, the Swiss private bank, was jubilant about its foray into Asia. So much so that he wrote to a star employee in Singapore who had helped lead the effort. “I wanted to personally thank you for your immense contribution not only to the growth of our new Asia business, but to BSI Group as a whole,” enthused the December 2011 letter from Alfredo Gysi, who is now BSI’s honorary chairman.
What a difference four years makes. Today that same bank official in Singapore, Yak Yew Chee, is battling a criminal investigation by the city-state’s authorities on suspicion that he benefited “from criminal conduct”………………………………………..Full Article: Source

Malaysia 1MDB scandal: How is Kimora Lee Simmons linked to Malaysian Prime Minister Najib Razak?

Posted on 16 February 2016 by VRS  |  Email |Print

It’s the scandal that enraptured Malaysia and attracted the attention of the FBI and celebrity obsessives alike. Malaysian prime minister Najib Razak is accused of syphoning almost $700m (£483m) from state-owned investment fund 1Malaysia Development Bhd (1MDB).
The government probed if the leader used the company to turn capital city Kuala Lumpur into one of the world’s financial hubs as his personal slush fund. The company was formed in 2009 – when the economy was booming. Razak denied the claim after the fund caught the attention of authorities when 1MDB amassed eye-watering debts of a reported $11bn. It then missed payments worth to creditors billions of dollars………………………………………..Full Article: Source

Raid Future Fund ‘at your peril’

Posted on 15 February 2016 by VRS  |  Email |Print

Current turbulent world markets are a reminder that governments should have some financial “insulation” such as sovereign wealth funds for when times are tough, says Future Fund chairman Peter Costello.
The comments come as the former federal treasurer steps up calls for future governments not to raid the $120 billion fund when the cashflow becomes available from 2020. The government has access to the assets of the fund from July 2020 to pay out the superannuation liabilities of public servants, which could come to about $9bn a year………………………………………..Full Article: Source

Finance Minister invites UAE to invest in India’s sovereign wealth fund NIIF

Posted on 12 February 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley has said that investors from the UAE could participate in India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), which has been set up to fund infrastructure projects, during his meeting with visiting UAE Minister of Economy Sultan Al Mansoori.
The Rs 40,000-crore NIIF will have government holding of 49 per cent and the rest will be of private investors. UAE Minister Mansoori notified that the various institutions from Gulf have already invested in sectors, like infrastructure. He reiterated that the different agencies of UAE will continue their efforts to widen their relationship with India………………………………………..Full Article: Source

Are Sovereign Wealth Funds to Blame for Bank Stock Drop? (Video)

Posted on 12 February 2016 by VRS  |  Email |Print

Gabriela Santos, JPMorgan Asset Management strategist, discusses the selloff in U.S. stocks with Bloomberg’s Alix Steel, Joe Weisenthal and Scarlet Fu on “What’d You Miss?”.………………………………………Full Article: Source

Nomura head blames SWFs for Japan sell-off

Posted on 11 February 2016 by VRS  |  Email |Print

The head of Japan’s biggest brokerage believes the country’s battered equity market will rebound once oil-dependent sovereign wealth funds run out of stocks to sell. Koji Nagai, chief executive of Nomura, said Japanese shares had been targeted by Middle Eastern SWFs, which have been under pressure from dropping crude prices, because of the market’s abundant liquidity.
When they do stop selling, investors can expect a “sharp rebound”, he said. Brokers estimate the biggest petrodollar-funded SWFs held a collective 6 per cent of the Japanese equity market in mid-2015………………………………………..Full Article: Source

Norway’s oil fund urges US banks to split CEO-chairman role

Posted on 08 February 2016 by VRS  |  Email |Print

The world’s largest sovereign wealth fund has warned the biggest US banks that time is running out for them to end the highly contentious practice of combining the roles of chief executive and chairman.
Yngve Slyngstad, chief executive of Norway’s $810bn fund, said that while the battle to split the roles in many US companies could take a generation, it was “not in a sustainable position”. “There is a special consideration for banks given that history of 2008 which makes it untenable for companies not to separate the roles,” he added………………………………………..Full Article: Source

Indian Finance Minister calls for sovereign wealth fund investment in infra, railways

Posted on 08 February 2016 by VRS  |  Email |Print

Amid global slowdown, Finance Minister Arun Jaitley met sovereign wealth funds from Singapore and the UAE and has pitched for a stable policy regime and resilience of Indian economy. Jaitley highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil & gas, urban infrastructure and railways and invited foreign capital in these sectors.
Jaitley held a discussion with several potential investors including European investment banks and sovereign funds of countries like Singapore and the UAE and highlighting investment opportunities India offers, Jaitley said with one-sixth of the world population and largest the largest middle class, there are huge opportunities………………………………………..Full Article: Source

Malaysia PM haunted by $4bn wealth fund inquiry

Posted on 01 February 2016 by VRS  |  Email |Print

The financial scandal engulfing Najib Razak, Malaysia’s prime minister, flared up after the Swiss authorities said that they were investigating the alleged embezzlement of $4 billion (£2.8 billion) from a state company he set up.
Michael Lauber, Switzerland’s attorney-general, said that he was investigating former staff of the Malaysian sovereign wealth fund, officials of the United Arab Emirates and “persons unknown” for alleged bribery of foreign public officials, misconduct in public office, money laundering and criminal mismanagement. It is the latest twist in a tale that has shaken Malaysia and provoked huge anti-government demonstrations………………………………………..Full Article: Source

Kazakh large fund’s new staff approved

Posted on 01 February 2016 by VRS  |  Email |Print

The new staff of the board of the Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company has been approved, the Samruk-Kazyna Corporate Communications Department said Jan. 29. Umirzak Shukeyev retained his post of the chairman of the board. Kaur Baljeet was appointed managing director of strategy and portfolio management.
Previously, she held the position of Senior Advisor of the Development Program of the National Fund of the Asian Development Bank (ADB), Managing Director and Vice-Chairperson of the Kuwait Investment Authority & Kuwait Finance House, Vice President at ABN AMRO Bank, Maybank Malaysia and Deutsche Bank in various years………………………………………..Full Article: Source

‘Much to worry about’, says Future Fund boss

Posted on 28 January 2016 by VRS  |  Email |Print

Addressing media at a portfolio update to 31 December 2015, Future Fund chairman Peter Costello said returns are likely to be harder to come by in the immediate future. The Future Fund, which like all sovereign wealth funds around the world pays no tax, returned a healthy 8.4 per cent throughout 2015.
However, the return for the last six months of the year was only 1.0 per cent. Mr Costello put the difficulties facing the Future Fund down to the phenomenon of central banks “pumping lots of money at very low interest rates” into the global economy………………………………………..Full Article: Source

Jaitley to launch India’s first sovereign wealth fund on Feb 4

Posted on 26 January 2016 by VRS  |  Email |Print

The ‘ 40,000-crore National Investment and Infrastructure Fund (NIIF), India’s own sovereign wealth fund, will be launched on February 4 by finance minister Arun Jaitley, sources said. The launch, expected to be a grand event spread over two days, will showcase the specific infrastructure needs of different states.
A few of these projects would be identified for investment. Several domestic, and international infrastructure companies, lenders and sovereign wealth funds, from countries such as Japan, UAE, China, and Australia etc are expected to be present at the launch. The sovereign wealth fund would invest in greenfield, brownfield and stalled projects, which are commercially viable………………………………………..Full Article: Source

South Korea’s new SWF chief sets sights on ‘top ten’

Posted on 26 January 2016 by VRS  |  Email |Print

Former World Bank executive director takes office as CEO of the Korea Investment Corporation; sets out desire to grow assets under management beyond $200 billion The new chief executive officer of the Korea Investment Corporation has set his sights on making the sovereign wealth fund (SWF) one of the “top 10″ in the world, since taking office last week.
Sung-Soo Eun, formerly an executive director at the World Bank, joined the fund, which oversees around $85 billion in assets………………………………………..Full Article: Source

HSBC hires former BoE FX chief for central bank, sovereign wealth fund push

Posted on 25 January 2016 by VRS  |  Email |Print

Michael Cross, who resigned as the Bank of England’s former head of foreign exchange and reserves management in 2015, has joined HSBC Global Asset Management in a new role that aims to win business from central banks and sovereign wealth funds.
An HSBC spokesman confirmed the move. Cross will be based in London and will be responsible for building out the firm’s business with official sector clients across currencies, rates and other flow products, as well as debt capital markets. He will report to Simon Ellis, global head of client segments………………………………………..Full Article: Source

‘Dubai will weather the storm,’ says CEO of $183bn sovereign wealth fund

Posted on 22 January 2016 by VRS  |  Email |Print

Global economic uncertainty and low oil prices will have little lasting impact on Dubai, according to the CEO of the emirate’s $183 billion sovereign wealth fund. Mohammed Al Shaibani, executive director and CEO of the Investment Corporation of Dubai (ICD), sought to reassure the public that “Dubai will weather the storm”.
He said the emirate did not rely on oil revenues as much as the other GCC states and would not have to significantly cut spending………………………………………..Full Article: Source

Sovereign Wealth Funds Are Driving Asset Slump, Jefferies Says

Posted on 20 January 2016 by VRS  |  Email |Print

Sovereign wealth funds from energy-producing countries are exacerbating a global market rout by selling off assets to meet their financial commitments amid slumping oil prices, according to Jefferies LLC.
The sales mark a new phase for the countries, after they tried boosting oil production and printing currency to make their payments, David Zervos, chief market strategist at New York-based Jefferies, wrote Monday in a note to clients………………………………………..Full Article: Source

Brace for further economic ‘shocks’: Future Fund

Posted on 20 January 2016 by VRS  |  Email |Print

Australia’s sovereign wealth fund, Future Fund, has warned of further imbalances within the global economy and below average returns. Future Fund managing director, David Neal, said although the global economy has recovered since the global financial crisis, inequities across economies remain.
“While the global economy has continued to heal following the 2008-09 financial crisis, significant imbalances persist and the potential for missteps and shocks remain,” said Mr Neal. “We are continuing our disciplined investment approach while striving to be nimble and innovative in identifying and accessing opportunities.”……………………………………….Full Article: Source

Korea Investment Corp. taps World Bank executive as CEO

Posted on 20 January 2016 by VRS  |  Email |Print

Sung-Soo Eun joined Korea Investment Corporation Tuesday as CEO as well as chairman of the sovereign wealth fund’s board of directors, said Jeongjin Lim, a spokeswoman for the $85 billion, Seoul-based fund.
Eun replaces Hank Ahn, who resigned as CEO late last year shortly before the Korea Board of Audit and Inspection released a report critical of the fund’s management. Eun comes to KIC from the World Bank, where he served as an executive director representing a number of countries in the region, including Korea, Australia, New Zealand, Cambodia and Mongolia………………………………………..Full Article: Source

Russia crisis is ‘controllable’: Wealth fund head

Posted on 20 January 2016 by VRS  |  Email |Print

Russia’s economy is seen shrinking another 1 percent this year, but the head of the $10 billion Russian Direct Investment Fund (RDIF) told CNBC the situation was under control.
Kirill Dmitriev, the CEO of RDIF since 2011, said that while Russia was in “crisis,” due to the slump in oil prices and the international sanctions on the country, he remained optimistic and saw the situation as an opportunity to restructure. “It could have been much worse (the forecast decline); we believe it is sort of okay,” Dmitriev told CNBC………………………………………..Full Article: Source

Korean Sovereign-Wealth Fund Names New CEO

Posted on 19 January 2016 by VRS  |  Email |Print

South Korea’s sovereign-wealth fund has said it has hired a World Bank director as its new chief executive following the resignation of its previous leader in November. Korea Investment Corp., which had $84.7 billion of assets at the end of 2014, appointed World Bank executive director Sung-Soo Eun to start Tuesday.
He was previously deputy minister for international affairs at South Korea’s Ministry of Strategy and Finance. His predecessor resigned after leading a controversial and unsuccessful bid to purchase a stake in the Los Angeles Dodgers baseball team………………………………………..Full Article: Source

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