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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

Appointing Najib’s brother to Khazanah ’smacks of NEPOTISM’

Posted on 07 July 2014 by VRS  |  Email |Print

The appointment of outgoing CIMB Group chief executive officer Datuk Seri Nazir Razak to Khazanah Nasional Berhad’s board of directors has drawn fire from Pakatan Rakyat. PAS central committee member and Kuala Krai Member of Parliament Dr Hatta Ramli described the appointment, effective Sept 1, as a daring move that smacks of nepotism by Prime Minister Datuk Seri Najib Razak.
“Nazir may have the credentials, but this is a government investment arm that we are talking about. “I’m speechless that the Prime Minister’s brother has been appointed as a board member, as if no one else is capable of the job,” he said………………………………………..Full Article: Source

Nazir Razak appointed to Khazanah board of directors

Posted on 04 July 2014 by VRS  |  Email |Print

Datuk Seri Nazir Tun Razak has been appointed to Khazanah Nasional Bhd’s Board of Directors, effective September 1, 2014. Nazir is currently the Group Managing Director and Chief Executive Officer (CEO) of CIMB Group.
In line with the CIMB Group’s leadership transition plan as announced by CIMB earlier today, he will relinquish his position as Group CEO and assume the role of Chairman of the Group on Sept 1, 2014. In a statement here, Khazanah said Nazir has had a distinguished 25-year career in the CIMB Group………………………………………..Full Article: Source

SOFAZ Executive Director attends EITI Board Meeting in Mexico

Posted on 04 July 2014 by VRS  |  Email |Print

An Azerbaijani delegation led by Executive Director of the State Oil Fund Shahmar Movsumov is participating in the 27th Extractive Industries Transparency Initiative (EITI) Board Meeting in Mexico.
EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003………………………………………..Full Article: Source

The Abu Dhabi Investment Authority will be hiring in these areas in 2014

Posted on 02 July 2014 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has added over 100 employees across its equities, infrastructure and private equity teams during the past year and is planning to expand throughout 2014 in both the front and back office.
The world’s (second) largest sovereign wealth fund has just revealed its annual report and points to a year of expansion, where it added employees at a senior level and throughout across its various divisions. ADIA says that it will be hiring for mid-level recruits in private equity, will be “selectively” growing its infrastructure team, plans to add more people across its Asia ex-Japan portfolio and will also build its operations and risk team within its alternative investments arm………………………………………..Full Article: Source

China sovereign fund names banker as executive vice president

Posted on 01 July 2014 by VRS  |  Email |Print

China Investment Corp., China’s $575-billion sovereign wealth fund, said it has appointed a career banker as its new executive vice president.
Liu Guiping will be one of five executive vice presidents at CIC, the fund said in a short announcement on its website. A former banker at Agricultural Bank of China, China’s fourth-biggest bank, Liu oversaw the retail banking business………………………………………..Full Article: Source

Time to launch a sovereign wealth fund: Manish Kejriwal, Temasek Holdings

Posted on 01 July 2014 by VRS  |  Email |Print

Manish Kejriwal was the senior managing director of one of the world’s largest sovereign wealth funds (SWFs), Temasek Holdings, owned by the Singapore government. A Baker Scholar from the Harvard Business School, in whose 8-year-term as the country head, the fund invested roughly $5 billion.
“I believe that the current government under the centralised leadership seems to be the one which can actually execute the concept of a sovereign wealth fund that can tick off all the required boxes and deliver as per its mandate,” Kejriwal, who now runs $500m Keedara Capital, said………………………………………..Full Article: Source

Russia: Minister Proposes Splurging Welfare Fund on Infrastructure Projects

Posted on 26 June 2014 by VRS  |  Email |Print

Russia should take all of the money from a fund earmarked to cover future pension deficits and invest it in profitable infrastructure projects to generate good returns, Economic Development Minister Alexei Ulyukayev told the Vedomosti business daily in an interview published Wednesday. The government earlier this month raised the cap on spending from the National Welfare Fund, which collects revenue from oil and gas sales, the country’s biggest exports.
It now allows 60 percent of the fund to be spent on domestic infrastructure projects, up from an earlier 40 percent. The fund, designated to cover the future pension deficit of the country’s rapidly aging population, was $87 billion at the beginning of the month………………………………………..Full Article: Source

Director of Azerbaijan’s Oil Fund elected to Supervisory Council of VTB Bank

Posted on 25 June 2014 by VRS  |  Email |Print

The executive Director of the State Oil Fund of Azerbaijan (SOFAZ) has been elected to Supervisory Council of VTB Bank. According to the Fund, such decision was taken at the General Meeting of the Bank’s shareholders held on June20, 2014 in St. Petersburg, Russia.
“Shahmar Movsumov was re-elected as an independent member of the Supervisory Council of VTB Bank OJSC”, - the Bank informs. In 2013 SOFAZ purchased newly issued shares by the VTB Bank OJSC in the amount of USD 500 million and acquired 2.99 % of total shares of the Bank………………………………………..Full Article: Source

CIO defends KIC over stigma of Merrill losses

Posted on 19 June 2014 by VRS  |  Email |Print

The new CIO of Korea Investment Corporation has leapt to the sovereign fund’s defence, decrying the negative stigma attached to its loss-making investment in Merrill Lynch as unrepresentative of its achievements.
Choo Heung Sik praised KIC’s performance since it started international investment in 2006 as phenomenal.”KIC began from scratch; no one helped us,”said Choo, referencing Singapore’s sovereign wealth fund GIC, which enjoyed a three-year incubation period with support from the Monetary Authority of Singapore………………………………….Full Article: Source

NZ Super names new CIO

Posted on 18 June 2014 by VRS  |  Email |Print

The New Zealand Superannuation Fund (NZ Super) has named Matt Whineray as its new chief investment officer. Whineray has been with NZ Super since 2008 in the role of general manager, investments.
Prior to that he was a head of financial sponsor coverage for non-Japan Asia at Credit Suisse, based in Hong Kong. Before that he was a director at First NZ Capital in New Zealand………………………………………..Full Article: Source

Future Fund appoints Managing Director

Posted on 16 June 2014 by VRS  |  Email |Print

Future Fund board chairman, Peter Costello believes David Neal, the fund’s current chief investment officer, is the best qualified person for the managing director’s role. The former Federal Treasurer announced that Neal will takeover from interim managing director, and chief financial officer, Paul Mann, as head of the $100 billion sovereign wealth fund in August following an extensive global search for the ideal candidate.
Costello said the search process confirmed that Neal was the best qualified candiate for the position………………………………………..Full Article: Source

Former CIC stock picker Yu Bin plans China fund

Posted on 13 June 2014 by VRS  |  Email |Print

Yu Bin, a former managing director at China’s sovereign wealth fund, plans to start a fund focused on China equities, sources said. Yu resigned from Beijing-based China Investment Corp (CIC) earlier this year for personal reasons, they said. He will remain based in China and his long-biased fund will primarily bet on stocks whose prices are expected to rise, they said.
Institutional investors globally have been scouting for China-based managers with international experience, who can pick stocks set to benefit from growth in the world’s second-largest economy and do not charge hedge-fund fees that are typically higher………………………………………..Full Article: Source

Former CIC stock picker Yu Bin plans China fund, sources say

Posted on 12 June 2014 by VRS  |  Email |Print

Yu Bin, a former managing director at China’s sovereign wealth fund, plans to start a fund focused on China equities, sources said. Yu resigned from Beijing-based China Investment Corp (CIC) earlier this year for personal reasons, they said. He will remain based in China and his long-biased fund will primarily bet on stocks whose prices are expected to rise, they said.
Institutional investors globally have been scouting for China-based managers with international experience, who can pick stocks set to benefit from growth in the world’s second-largest economy and do not charge hedge-fund fees that are typically higher………………………………………..Full Article: Source

China Sovereign Fund Managing Director Said to Plan Fund

Posted on 11 June 2014 by VRS  |  Email |Print

Yu Bin, a former managing director at China’s sovereign wealth fund, plans to start a fund focused on Greater China equities, said three people with knowledge with the matter.
Yu resigned from Beijing-based China Investment Corp., also known as CIC, earlier this year for personal reasons, said the people, who asked not to be identified as the information is private. He will remain based in China and his long-biased fund will primarily bet on stocks whose prices are expected to rise, they said………………………………………..Full Article: Source

Saudi sovereign wealth fund plan attracts debate in advisory body

Posted on 11 June 2014 by VRS  |  Email |Print

A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom’s influential Shura council advisory body but failed to yield a result, state media reported on Tuesday. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the kingdom’s vast hydrocarbon wealth, would build on its financial stability.
Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets………………………………………..Full Article: Source

Temasek appoints 3 new board members

Posted on 10 June 2014 by VRS  |  Email |Print

Singapore investment firm Temasek Holdings has appointed three new board members as they continue to refresh their leadership team. They are prominent property businessman Robert Ng Chee Song, former KPMG Singapore managing partner Bobby Chin Yoke Choong and ex-Royal Dutch Shell chief executive Peter Voser.
Mr Ng and Mr Chin will begin their term on Tuesday, while Mr Voser will take up his appointment on Jan 1 next year. The new appointments will see the board enlarged from the current 10 to 13, said Temasek, which owns a $215 billion portfolio as at March 31 last year………………………………………..Full Article: Source

Ex-Shell CEO to join Singapore state-run Temasek board

Posted on 10 June 2014 by VRS  |  Email |Print

Singapore’s state-controlled investing body Temasek Holdings announced Monday that Peter Robert Voser, former CEO of Royal Dutch Shell, will join its board. The appointment is scheduled to take place in January 2015.
Voser stepped down as Royal Dutch Shell CEO in December 2013. Last year, Temasek appointed former World Bank president Robert Zoellick to the board. Temasek is fully owned by the Singapore government and manages $300 billion in assets. Ho Ching, the current CEO of Temasek, is the wife of Singapore Prime Minister Lee Hsien Loong………………………………………..Full Article: Source

Korea SWF appoints new head of research

Posted on 06 June 2014 by VRS  |  Email |Print

Korea Investment Corporation (KIC), the country’s sovereign wealth fund (SWF) with total AUM of US$72 billion, has appointed Lee Jeong Ja as director of its affiliate research centre. Ms. Lee has a distinguished career as an analyst in the securities industry, working in the 1980s at WI Carr Securities, before moving to HSBC Securities Korea in the late 1990s to become head of research and branch manager. She was the first female in Korea to take up a senior position at a foreign securities brokerage.
Ms. Lee’s appointment comes after KIC’s new chief investment officer Choo Heung Sik recently revealed that the SWF aims to double alternative investments, including private equity, real estate, and hedge funds, over the next ten years. The fund has seen declining returns from bonds and equities………………………………………..Full Article: Source

President Park meets Singapore’s Temasek executives

Posted on 02 June 2014 by VRS  |  Email |Print

President Park Geun-hye met with executives from Temasek Holdings, Singapore’s sovereign wealth fund, and discussed expanding the fund’s investments in Korea and other matters of mutual interest. “I am glad that the Temasek Connection conference is being held in Korea this year, after it was postponed last year due to the deterioration of South Korea-North Korea relations,” said President Park.
“I hope the conference will be a good chance to understand Korean industries and culture, and to find new opportunities for investment in areas with high growth potential.”………………………………….Full Article: Source

Africa’s Biggest Fund Manager CEO Elias Masilela Resigns

Posted on 02 June 2014 by VRS  |  Email |Print

Elias Masilela resigned as the chief executive officer of South Africa’s Public Investment Corp., Africa’s biggest fund manager and the largest shareholder on the Johannesburg stock exchange.
Masilela, 50, will take outstanding leave immediately and officially step down on June 30 after more than three years in the job, the Pretoria-based PIC, which manages 1.6 trillion rand ($153 billion) in assets, said in an e-mailed statement today. Chief Financial Officer Matshepo More will be acting head of the manager of the pension funds of South African state workers…………………………………..Full Article: Source

Future Fund Hires ESG Risk Management Chief

Posted on 28 May 2014 by VRS  |  Email |Print

The Australian sovereign wealth fund has appointed a new head of environmental, social, and governance (ESG) risk management. The $96.5 billion Future Fund announced it has hired Joel Posters to lead its ESG program. Posters is set to join the fund in August.
“Integrating ESG risk management into our investment decision-making is an important part of our program,” David Neal, CIO of the Future Fund, said in a statement. According to the Melbourne-based fund, Posters will be working with the investment team to manage ESG risk and “continuing to oversee the exercise of our ownership rights and engagement with investee entities in conjunction with our external investment managers.”……………………………………….Full Article: Source

Abu Dhabi’s SWF appoints first global head of research

Posted on 28 May 2014 by VRS  |  Email |Print

BP’s chief economist Christof Rühl will be leaving the firm to become the first global head of research at Abu Dhabi Investment Authority (ADIA). He will join ADIA in July 2014 and will be responsible for establishing and managing a new, independent, global research unit located within ADIA’s Evaluation and Follow-up Division. He will be based in Abu Dhabi.
ADIA is one of the longest-established and largest sovereign wealth funds in the world, with assets estimated at $773bn by the US-based Sovereign Wealth Fund Institute. Rühl joins ADIA from BP where, as group chief economist and vice president since 2005, he has managed BP’s global economics team and provided the economic underpinning for BP’s commercial and strategic decisions……………………………………….Full Article: Source

South Africa’s Ramaphosa to exit stake in Shanduka

Posted on 27 May 2014 by VRS  |  Email |Print

Newly appointed South African Deputy President Cyril Ramaphosa will divest from Shanduka, the black investment firm he founded more than a decade ago, to avoid conflicts of interest with his government duties, the company said on Monday.
Shanduka, which is 25 percent owned by China’s sovereign wealth fund, also said it would merge with another prominent investment company, creating what is likely to be South Africa’s largest black-owned private investment group………………………………………..Full Article: Source

Permanent Fund director finds way to get his employees a raise

Posted on 23 May 2014 by VRS  |  Email |Print

The Alaska Permanent Fund Corp. has figured out a way to get raises for its staff that other state employees are aren’t getting, said Mike Burns, the state-owned corporation’s executive director.
The $51 billion Alaska Permanent Fund provides earnings with which to manage the fund, as well as annual dividends to most Alaskans, but its budget still needs legislative approval………………………………………Full Article: Source

BP Chief Economist Christof Ruhl to Join Abu Dhabi Sovereign Fund

Posted on 21 May 2014 by VRS  |  Email |Print

BP’s chief economist is jumping ship to the Abu Dhabi Investment Authority to establish and run a global research team for the sovereign wealth fund. Christof Ruhl, a German academic who specializes in energy economics and has been with BP since 2005, will start at ADIA in July, the fund said in an emailed statement Tuesday. He’ll start and lead an independent research team that provides the fund’s senior executives with proprietary research, the statement said.
ADIA is one of the longest-established and largest sovereign wealth funds in the world, with assets estimated at $773 billion by the U.S.-based Sovereign Wealth Fund Institute. It invests excess energy revenues for Abu Dhabi, the capital of the United Arab Emirates…………………………………Full Article: Source

Qatar’s former PM resumes role as financial dealmaker

Posted on 21 May 2014 by VRS  |  Email |Print

After spending nearly a year out of the public spotlight, Qatar’s colorful former prime minister, Sheikh Hamad bin Jassim Al Thani, is garnering international attention with a series of blockbuster financial deals funded in part by his vast personal fortune.
The businessman – who was also the country’s foreign minister and former CEO of the Qatar Investment Authority (QIA) – played a major role in the government of former Emir Sheikh Hamad bin Khalifa Al Thani, but was sidelined when the nation’s previous ruler abdicated to his son last summer. Sheikh Hamad bin Jassim was replaced by Ahmad Al Sayed as head of QIA last July, a move the Financial Times at the time said “seals the demise” of HBJ…………………………………Full Article: Source

Singapore PM demands apology from blogger on GIC post

Posted on 20 May 2014 by VRS  |  Email |Print

Singapore Prime Minister Lee Hsien Loong has demanded an apology from a local blogger for a posting seen as accusing him of corruption. Lawyer Davinder Singh wrote to Roy Ngerng Yi Ling on Sunday asking him to take down the original article as well as the links posted on his Facebook pages and to post an apology by Wednesday.
Singh said the allegations by Ngerng in his May 15 blog post were “false and baseless”. “The article means and is understood to mean that Mr Lee Hsien Loong, the Prime Minister of Singapore and the chairman of GIC, is guilty of criminal misappropriation of the monies paid by Singaporeans to the CPF (Central Provident Fund),” Singh wrote in the letter. GIC is a sovereign wealth fund that manages more than $100 billion of the city-state’s foreign reserves. CPF is the state pension fund……………………………………..Full Article: Source

Kazakhstan’s President Nursultan Nazarbayev meets Chinese President Xi Jinping

Posted on 20 May 2014 by VRS  |  Email |Print

Kazakhstan’s President Nursultan Nazarbayev has met Chinese President Xi Jinping. The two sides have signed a total of 5 documents. Notably, the two foreign ministries have signed a joint declaration. Samruk-Kazyna Sovereign Wealth Fund and China’s China International Trust and Investment Corporation (CITIC) have signed an MoU to develop relations in the O&G sector and the mining industry.
Besides, Development Bank of Kazakhstan and China’s Exim Bank have signed a memorandum to provide $1 billion to modernize Shymkent-based oil refinery……………………………………..Full Article: Source

KIA chairman meets Tunisian PM

Posted on 20 May 2014 by VRS  |  Email |Print

Executive Director of General Reserve at Kuwait Investment Authority (KIA) Bader Ajeel Al-Ajeel met on Monday night with Tunisian Prime Minister Mahdi Jomaa to explore ways to promote joint investment. Speaking to reporters following the meeting, Al-Ajeel said he had fruitful talks with the Prime Minister on the prospects of the partnership between the two sisterly countries.
“We have assessed the progress of the investments and projects being funded by KIA’s financial arm in Tunisia the Kuwaiti-Tunisian Development Group,” he said……………………………………..Full Article: Source

Qatar’s Glencore Kingmaker Breaks Exile With Deutsche Bank Deal

Posted on 20 May 2014 by VRS  |  Email |Print

Sheikh Hamad bin Jassim bin Jabr Al Thani, who played a key role in Glencore International Plc (GLEN)’s takeover of Xstrata Plc, is returning to dealmaking a year after his ouster as prime minister and head of Qatar’s sovereign wealth fund.
Sheikh Hamad is injecting 1.75 billion euros ($2.4 billion) into Deutsche Bank AG through his Paramount Holdings Services Ltd. investment vehicle, the Frankfurt-based bank said May 18. That follows an offer by his Al Mirqab Capital SPC vehicle for Jersey-based Heritage Oil Plc. less than three weeks earlier……………………………………..Full Article: Source

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