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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

Chile wealth fund advisor slams government pension fund plan

Posted on 19 May 2014 by VRS  |  Email |Print

Economist and a senior advisor at Chile’s sovereign wealth fund casts doubt on the rationale behind the new government’s plans for a state competitor to the private pension funds. A senior figure in Chile’s sovereign wealth fund has called the Chilean government’s plan for a new state-backed pension provider “a very bad idea”.
The new Chilean government, which assumed office as president on 11 March, plans to introduce a state-backed pension provider to compete with private pension administrators, in what could be the biggest shake-up of the country’s pension system for more than a decade…………………………………..Full Article: Source

LIA Chairman Abdulmagid Breish reviews his new vision for Libya’s sovereign fund

Posted on 14 May 2014 by VRS  |  Email |Print

In February 2013, the outgoing chairman of the LIA, Mohsen Derregia was removed by the then Prime Minister and head of the LIA’s Board of Trustees, Ali Zeidan, and a temporary head, Ali Hibri, the Deputy Governor of the Central Bank of Libya and LIA’s then Board member, was installed while the search begun for a long term replacement.
Today, experienced international Libyan banker, Abdulmagid Breish, is the new chairman of the LIA, inheriting an organization that has been operating under decades of dictatorship with little transparency or accountability………………………………………..Full Article: Source

Barclays Ex-CEO Diamond Facing Questioning Over Qatar Deal

Posted on 13 May 2014 by VRS  |  Email |Print

U.K. prosecutors will question Robert Diamond, former chief executive officer of Barclays Plc (BARC), in a probe into fees paid to Qatar’s sovereign-wealth fund as the bank sought to raise money to avoid a government bailout, according to a person familiar with the matter.
The investigation centers on 322 million pounds ($544 million) the London-based bank paid the Qatar Investment Authority as it was raising 7 billion pounds in 2008 from investors, including the Qataris, during the financial crisis. Diamond was head of Barclays’s investment bank at the time of the fundraising………………………………………..Full Article: Source

Bahraini Crown Prince’s visit to Russia upsets US State Department

Posted on 05 May 2014 by VRS  |  Email |Print

The Crown Prince’s recent visit to Moscow has upset America. “We have raised these concerns with the Bahraini government,” said a US State Department spokesman. In a statement on Tuesday, the Russian Direct Investment Fund (RDIF) said it had signed a memorandum of understanding with Bahraini sovereign wealth fund Mumtalakat to identify and work together on investment opportunities in their countries.
Mumtalakat chief executive Mahmood Al Kooheji will join the RDIF’s international advisory board, helping to formulate its strategic direction, the statement said. The RDIF is a $10 billion fund created by Russia’s government to make equity investments, mainly in the Russian economy………………………………………..Full Article: Source

Najib’s ‘brainchild’ 1MDB funded Jho Low in his private takeover bids

Posted on 05 May 2014 by VRS  |  Email |Print

Following our earlier exclusive expose Sarawak Report has unearthed further exclusive evidence proving the links between the mystery tycoon Jho Low and Malaysia’s sovereign wealth fund One Malaysia Development Berhad (1MDB).
It shows that in 2011 1MDB bankrolled a multi-million euro debt buy-out in Ireland, which formed a key plank in Jho Low’s strategy to get a controlling share of a London Hotel chain for his Wynton private equity group. This new evidence flies in the face of denials as late as last month by Low that he has had any involvement or received any benefit from the public fund………………………………………..Full Article: Source

Jho Low denies links to 1MDB in bid for London hotels

Posted on 05 May 2014 by VRS  |  Email |Print

Normally taciturn businessman Low Taek Jho has issued a rare press statement, challenging a series of reports in websites linking him and Malaysia’s 1MDB to a failed attempt to buy three London hotels in 2011.
The Sarawak Report had posted an August 2012 UK High Court ruling involving a dispute in the purchase of a controlling stake in the Coroin hotel group which the whistleblower site said showed Low’s links to the Malaysian sovereign fund………………………………………..Full Article: Source

Azerbaijani prime minister re-elected chairman of SOFAZ supervisory board

Posted on 25 April 2014 by VRS  |  Email |Print

A meeting of Azerbaijani State Oil Fund (SOFAZ) supervisory board decided to recommend the fund’s 2013 budget execution project for the approval by Azerbaijani President, according to a message from SOFAZ.
SOFAZ said on Thursday, April 24 that the supervisory board meeting chaired by Artur Rasizadeh, Azerbaijan’s Prime Minister and the Supervisory Board’s Chairman, discussed the fund’s annual report and audited financial statements for 2013 and the report on execution of the 2013 budget. “The supervisory board approved the SOFAZ’s 2013 annual report and Auditor’s (PricewaterhouseCoopers) Report as submitted by the executive director of the fund,” according to the message from SOFAZ………………………………………..Full Article: Source

Kuwait MPs ask to quiz PM over mismanagement in SWF

Posted on 25 April 2014 by VRS  |  Email |Print

Three opposition MPs on Thursday sought to question Kuwait’s prime minister, accusing him of giving cash handouts to lawmakers and mismanagement in sovereign wealth fund investments. The request, filed by Riyadh Al Adasani, Abdul Karim Al Kundari and Hussain Al Mutairi, could lead to a no-confidence vote that may force Prime Minister Shaikh Jaber Mubarak Al Sabah’s dismissal.
The lawmakers said Kuwait’s sovereign wealth fund had posted losses in recent years in a number of major foreign investments, and despite that billions of dollars more were pumped into them………………………………………..Full Article: Source

Sovereign wealth funds eyeing alternative investments: Pro (Video)

Posted on 24 April 2014 by VRS  |  Email |Print

Rod Ringrow, senior executive officer at State Street, says sovereign wealth funds are looking at long-term alternative investments.……………………………………….Full Article: Source

Karim Massimov appointed chairman of Samruk-Kazyna

Posted on 22 April 2014 by VRS  |  Email |Print

Prime-Minister of Kazakhstan Karim Massimov has been appointed Chairman of the Board of Directors of Samruk-Kazyna Sovereign Wealth Fund, Tengrinews reports citing the website of the Kazakhstan Stock Exchange (KASE).
He was appointed by the governmental decree No. 329 as of April 9, 2014. Serik Akhmetov, former Prime-Minister of Kazakhstan and currently the country’s Defense Minister, chaired the board before the new appointment. He was first replaced by Karim Massimov as Kazakhstan’s Prime-Minister on April 2 and is now replaced as Chairman of Kazakhstan’s Wealth Fund………………………………………..Full Article: Source

Swiss bank UBS to relocate head of SWF business to Dubai

Posted on 14 April 2014 by VRS  |  Email |Print

UBS is relocating Alberto Palombi, head of the investment bank’s global sovereign wealth fund business, to Dubai as deals pick up in the Middle East, said two people familiar with the decision who asked not to be identified as the information is not public.
Palombi, currently based in London, joined the largest Swiss bank in 2012 after the appointment of Andrea Orcel as head of UBS’s investment bank. Prior to joining UBS, Mr Palombi worked as a managing director for Bank of America Merrill Lynch in Dubai, the people said………………………………………..Full Article: Source

Qatar SWF executive said to start hedge fund

Posted on 11 April 2014 by VRS  |  Email |Print

A top investment executive at Qatar’s sovereign wealth fund is leaving to start a hedge fund, people briefed on the development said. Kamel Maamria has served as head of the global investment portfolio at Qatar Holding, a branch of the Qatar Investment Authority, the emirate’s sovereign wealth fund. He has also served on the board of Harrods on behalf of Qatar Holding.
The fund will be one of relatively few based and focused on the Middle East, with offices in both Qatar and Dubai. Goldman Sachs is expected to act as its prime broker………………………………………..Full Article: Source

Alvin Jiang, the princeling of private equity

Posted on 11 April 2014 by VRS  |  Email |Print

The 28-year-old wears black-framed glasses perched on cheeks still round with youth. A discerning eye might notice the resemblance to his grandfather: former Chinese president and Communist Party leader Jiang Zemin.
Alvin Jiang has a knack for landing lucrative deals in China, the world’s biggest emerging market for private equity. He is a founding partner at Hong Kong-based Boyu Capital, now one of the hottest firms in China. Boyu has attracted high-profile investors such as Asia’s richest man, Li Ka-shing, and Singapore’s sovereign wealth fund, Temasek Holdings Private Limited……………………………………….Full Article: Source

Dubai would “do the same again” – CEO of sovereign wealth fund

Posted on 09 April 2014 by VRS  |  Email |Print

Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers.
Over a dozen top Dubai officials and executives met about 100 representatives of financial powerhouses including Deutsche Bank, Nomura Holdings and Fidelity Investments for the emirate’s first big investor roadshow since the crisis………………………………………..Full Article: Source

Trinidad and Tobago appoints new sovereign wealth fund chairman

Posted on 28 March 2014 by VRS  |  Email |Print

Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment. Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago’s sovereign wealth fund), a release from the Ministry of Finance and the Economy said.
Henry “has served as a lecturer at the University of the West Indies and as a consultant to a number of regional and international organizations which include the Inter-American Development Bank, the Caribbean Development Bank, the World Bank and the CARICOM secretariat to name a few. Dr Henry was also appointed the first Chairman of the Telecommunications Authority of Trinidad & Tobago.”…………………………………..Full Article: Source

Mubadala announces new chairman and CEO of Masdar

Posted on 21 March 2014 by VRS  |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday announced that Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul will be CEO of the company.
“Masdar has become a globally recognised renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” said Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala………………………………………..Full Article: Source

Brunei’’s Crown Prince visits Kuwait Investment Authority

Posted on 14 March 2014 by VRS  |  Email |Print

Crown Prince of Brunei Darussalam and Senior Minister in the Prime Minister’s Office Al-Haji Al-Muhtadee Billah visited here on Wednesday Kuwait Investment Authority (KIA) headquarters.
He was received by the Minister of Finance Anas Khaled Al-Saleh, Chief Executive Officer, Managing Director Bader Mohammad Al-Saad, Assistant Under-Secretary for Foreign Investment Office at the Ministry of Commerce and Trade Sheikh Mishaal Al-Jaber Al-Ahmad Al-Sabah, besides senior officials at the Ministry and at KIA………………………………………..Full Article: Source

CIO of Singapore’s GIC sees added scope for opportunistic investments, alternatives

Posted on 13 March 2014 by VRS  |  Email |Print

The chief investment officer of Singapore sovereign wealth fund GIC Private Limited suggested Wednesday that the current low-yield outlook for traditional bond and equity investments has left the GIC taking a more tactical, opportunistic approach in managing its portfolio, and open to extending more mandates to alternative asset managers.
Lim Chow Kiat, GIC’s group CIO, said in the current environment expectations for the rewards of “simply holding diversified assets and waiting” have to be lowered………………………………………..Full Article: Source

New central banking CIO for Korean SWF

Posted on 12 March 2014 by VRS  |  Email |Print

The Korean sovereign wealth fund has appointed one of the country’s central bankers to take over the role of CIO from Lee Dong-ik, who resigned in January. Choo Heung-Sik has been placed in charge of the Korea Investment Corporation’s (KIC) $74 billion in assets, AsianInvestor reported.
He had been head of reserves management at the Bank of Korea, after moving from holding the bank’s CIO role, before resigning last month to apply for the CIO position at the fund………………………………………..Full Article: Source

Campbell Macpherson to advise Abu Dhabi sovereign wealth fund

Posted on 10 March 2014 by VRS  |  Email |Print

Campbell Macpherson & Associates is to advise the Abu Dhabi Investment Authority on strategy and delivery. The work will focus on the sovereign wealth fund’s evaluation and follow up division, which is responsible for providing analysis and recommendations on investment proposals.
Founded in 1976 by the government of Abu Dhabi, ADIA’s purpose is to invest for the benefit of the emirate’s future generations………………………………………..Full Article: Source

Norway’s oil fund: The biggest fund manager you’ve never heard of

Posted on 25 February 2014 by VRS  |  Email |Print

Petter Johnsen is perhaps the biggest fund manager in equity markets you’ve never heard of. He controls about $530bn worth of shares, owning on average 1.25 per cent of every single listed company in the world.
The reason he is no Bill Gross or John Paulson in the recognition stakes is all down to his employer: Norges Bank Investment Management, the arm of Norway’s central bank that manages the world’s largest sovereign wealth fund, with assets of close to $840bn………………………………………..Full Article: Source

Mozambique: No sovereign wealth fund yet - Finance minister

Posted on 24 February 2014 by VRS  |  Email |Print

The Mozambican government does not, at least in the short term, intend to use money from natural resources to set up a sovereign wealth fund, Finance Minister Manuel Chang said.
Asked by the independent television station STV what the government would do with the latest capital gains tax paid on the sale of assets in the Rovuma Basin, off the coast of the northern province of Cabo Delgado, where enormous natural gas deposits have been discovered. Chang said the first priority was to clear the Value Added Tax (VAT) rebates which the government owes companies………………………………………..Full Article: Source

Malaysia: Oil wealth must be controlled by Parliament

Posted on 21 February 2014 by VRS  |  Email |Print

An opposition MP has proposed setting up a sovereign wealth fund to prevent the government in power from abusing Malaysia’s oil riches as a personal piggy bank.
Compared to oil-rich Norway which today has the richest sovereign wealth fund in the world at RM2.7 trillion, PKR MP Nurul Izzah Anwar lamented the fact that Malaysia’s equivalent oil fund, the Petronas-backed Kumpulan Wang Amanah Negara (Kwan), only has RM5.43 billion………………………………………..Full Article: Source

GIC head explains the ’smart way’ to comply

Posted on 20 February 2014 by VRS  |  Email |Print

Keeping up with increasing compliance is of great concern to companies, and Singapore’s top sovereign wealth fund GIC Pte Ltd (formerly known as Government of Singapore Investment Corporation) is facing a similar challenge. But companies have to be careful not to let onerous rules hold them back, GIC group president Lim Siong Guan said at a plenary discussion yesterday.
“Compliance is a big challenge, the way I see GIC as a fund manager. And obviously, compliance is about making sure you follow the rules - and more so for GIC because it is the fund manager of the government and all our investments are in the name of the Singapore government, which means that there are other factors that we have to take into consideration, like reputational risks………………………………………..Full Article: Source

Li Keping succeeds Gao at China wealth fund

Posted on 17 February 2014 by VRS  |  Email |Print

Sovereign wealth fund, China Investment Group, announced it had appointed chief investment officer Li Keping as vice chairman and president. CIC, headed by chairman Ding Xuedong, had more than US$500 billion in assets under management at the end of 2102.
Born in 1956, Li replaces founding president Gao Xiqing, who turns 61 this year. China’s official retirement age is 60 for men. Li was chief investment officer since 2011, according to the official website. The economics graduate from Peking University was previously an official with the State Council, and deputy chairman of the National Council for Social Security Fund, China’s largest such fund………………………………………..Full Article: Source

CEO of QIA outlines the key focusses of the fund

Posted on 17 February 2014 by VRS  |  Email |Print

H.E. Ahmad Al-Sayed, the CEO of Qatar Investment Authority , spoke publicly for the first time since his appointment to confirm the vision for QIA . In an interview with Bloomberg Television in London, Mr. Al Sayed noted that the strategy of QIA is mainly inspired by the vision of His Highness the Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, Chairman of QIA , considering the QIA as a saving fund for the future.
“The QIA is working with a professional management team to enhance our return and achieve our objective.”, he said………………………………………..Full Article: Source

Harrods owner his excellency Ahmad Al-Sayed pledges to take business to next level

Posted on 12 February 2014 by VRS  |  Email |Print

It is four years since the Qatar Investment Authority bought the store from Mohamed Al Fayed for £1.5bn, and the sovereign wealth fund laid out its future plans for the business. Speaking for the first time about the acquisition, his excellency HE Ahmad Al-Sayed, the chief executive of Qatar Investment Authority and chairman of Harrods, said more than £250m had been invested over the period.
A new 255,825 sq ft distribution centre in Thatcham, Newbury, airport boutiques, and a 30,000 sq ft fashion lab on the fourth floor have helped lift sales by 60 per cent over the period. The Harrods boss said there are plans to take the ‘business to the next level’………………………………………..Full Article: Source

Former president of CIC, to address Class of 2014 at hooding ceremony

Posted on 10 February 2014 by VRS  |  Email |Print

Gao Xiqing ’86, the former president and chief investment officer of China’s sovereign-wealth fund, the China Investment Corporation, will address Duke Law’s 2014 graduates at their May 10 hooding ceremony.
Gao, who attended the Law School as a Richard Nixon Scholar, has served as a Duke University trustee since 2008 and was recently appointed by President Richard H. Brodhead as a founding member of the Duke Kunshan University Advisory Board. Gao has regularly taught courses at Duke Law pertaining to Chinese company and securities law…………………………………..Full Article: Source

NSIA chief hopeful on SWF’s success

Posted on 07 February 2014 by VRS  |  Email |Print

The Managing Director, Chief Executive Officer, Nigeria Sovereign Investment Authority (NSIA), Uche Orji yesterday described as baseless, fear that the Sovereign Wealth Funds (SWFs) will not succeed.
Orji who spoke during the 2014 University of Port Harcourt (UNIPORT), Founders Day cerebration at the University Campus in Port Harcourt, the Rivers State capital, said the initiative will succeed, adding that the Fund has already identified 18 key areas of investment. He said five main areas of power, health, real estate, agriculture and motorway (monolines) are already being addressed………………………………………..Full Article: Source

IMF delegation meets Iran’s NDF director

Posted on 06 February 2014 by VRS  |  Email |Print

A delegation from the International Monetary Fund (IMF) met the director of the National Development Fund (NDF) of Iran, IRIB reported on Wednesday. The IMF delegation was led by Martin Cerisola. Safdar Hosseini is the NDF director.
The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund. The NDF forecasts it total assets increase by $17.5 billion in the next Iranian calendar year, which will begin on March 21, 2014………………………………………..Full Article: Source

Dubai’s Al Habtoor appoints former ADIA exec to board

Posted on 05 February 2014 by VRS  |  Email |Print

The Al Habtoor Group has announced the appointment of a former Abu Dhabi Investment Authority executive to its board. The Dubai-based conglomerate said in a statement that Ahmed Al Otaiba has been hired as a company director and member of the board.
The position is a new role within the Group’s executive team, with Al Otaiba working closely with all business units including Al Habtoor Motors, Habtoor Hotels, Diamondlease, Emirates International Schools, Dubai National Insurance and Reinsurance (DNIRC), Real Estate, and Construction……………………………………….Full Article: Source

Costello confirmed as Future Fund boss

Posted on 04 February 2014 by VRS  |  Email |Print

Former federal Liberal treasurer Peter Costello has been appointed head of the Future Fund. Mr Costello, who was treasurer for more than 11 years in the Howard government (1996-2007), has been acting chairman of the fund since January 11 following the resignation of David Gonski to become chairman of ANZ Bank.
As treasurer he was responsible for the establishment of the Future Fund in 2006. “Mr Costello’s unique experiences and background at the most senior levels in government and in business will be a great asset to the Future Fund board,” Treasurer Joe Hockey and Finance Minister Mathias Cormann said in a joint statement on Tuesday………………………………………..Full Article: Source

Future Fund quiet on leadership changes

Posted on 03 February 2014 by VRS  |  Email |Print

Future Fund managing director Mark Burgess has remained tight-lipped on whether he believes former treasurer Peter Costello will be appointed the fund’s chair, following speculation last week that he was the strong favourite for the role. But while the decision is in the hands of the federal government, Burgess said that if Costello were to become chair, he “would be surprised if there would be much change” at the $96.5 billion sovereign wealth fund.
Speaking to media at the Future Fund’s six monthly portfolio briefing, Burgess also deflected questions about who would replace him as managing director, a role he is due to give up within the next two months………………………………………..Full Article: Source

Ex-Cinven exec joins Abu Dhabi deal team

Posted on 03 February 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority has become the latest large investor to bolster its direct dealmaking team with the hire of a veteran of European private equity firm Cinven. The sovereign wealth fund confirmed it hired Pascal Heberling, a senior dealmaker at Cinven until last year, as a senior portfolio manager based in the capital of the United Arab Emirates last month.
It is the latest move by SWFs and public pension plans keen to build their direct investment capability to avoid paying fees and a cut of profits to fund managers………………………………………..Full Article: Source

Costello set to chair Future Fund: report

Posted on 30 January 2014 by VRS  |  Email |Print

Federal Cabinet is set to confirm former treasurer Peter Costello’s appointment as chairman of the Future Fund, The Australian Financial Review reports. According to the newspaper, outgoing chairman David Gonski has recommended Mr Costello, who has been acting in the role, as his replacement.
Mr Costello created the $90 billion sovereign wealth fund in 2006 to cover the federal government’s unfunded public service superannuation liabilities. The former treasurer was appointed to the fund’s board in 2009 but the Gillard cabinet ignored the board’s advice that he should be its chair, hoping to resolve board divisions by instead appointing a business outsider, the AFR reports………………………………………..Full Article: Source

China loses manager of its cash hoard

Posted on 29 January 2014 by VRS  |  Email |Print

The invisible man behind China’s $3.8 trillion foreign-cash hoard is disappearing. Zhu Changhong, a former star bond trader in the U.S. who was recruited by Chinese officials about four years ago from investment firm Pimco to manage the country’s foreign-exchange reserves, resigned unexpectedly, officials said Tuesday. The move comes as China grapples with boosting returns at a time of turbulence in global markets.
China’s State Administration of Foreign Exchange, the division of the central bank that manages the foreign currency the bank buys to control the value of the yuan, said the 44-year-old Mr. Zhu is set to wrap up his mission at the agency at the end of the month………………………………………..Full Article: Source

Will China Investment Corp. presidency change affect bias to alternatives?

Posted on 24 January 2014 by VRS  |  Email |Print

As Gao Xiqing, the president of China Investment Corp., steps down, those who work in alternative investments are waiting to see if there will be any changes in strategy at the world’s fourth largest sovereign wealth fund, which in the last few years has favored such investments.
In the last couple of years, the $575 billion fund has shifted its focus toward long-term investments. In 2012, the wealth fund said in its annual report that long-term investments including private equity, energy, mining, real estate and infrastructure would be a priority, with a bias towards fund investment, co-investment and direct investment. CIC is an investor in Chinese private equity firm Citic Capital………………………………………..Full Article: Source

FSI: Umberto della Sala named “industry expert”

Posted on 24 January 2014 by VRS  |  Email |Print

The Italian Strategic Fund announced in a statement that Umberto della Sala, a chemical engineer, is joined by FSI with the role of “Business Expert”. The FSI team is strengthened, therefore, with the inclusion of a professional with solid skills in the industry.
Umberto della Sala has indeed matured over thirty years experience in the industrial sector in Foster Wheeler, a British company listed on NASDAQ and one of the world’s leading in the design and construction of industrial plants, of which he served - since 2007 - the ‘position of President and Chief Operating Officer at the global level.(Translated)……………………………………….Full Article: Source

Change at CIC: As you were

Posted on 23 January 2014 by VRS  |  Email |Print

The retirement of Gao Xiqing as president of the China Investment Corporation, China’s sovereign wealth fund, has fund managers wondering what the change of leadership will mean for asset allocation and the fund’s use of external managers.
Gao, one of the CIC’s founders, and instrumental in many of its most well-known (and sometimes ill-fated) deals, is to be replaced by Li Keping, who is the chief investment officer. This is the second change in top leadership positions at CIC in less than a year, with Ding Xuedong becoming chairman of CIC in July 2013……………………………..Full Article: Source

China’s top sovereign fund names new chief

Posted on 23 January 2014 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds, China Investment Corp, has appointed a new managing director as it aims to stabilise its volatile investment returns. The fund’s former managing director, Gao Xiqing, retired from the fund that he had led since 2007 after reaching China’s official pension age of 60.
Li Keping, who has been the deputy director of the fund for the past two years, will become the managing director and vice-chairman……………………………..Full Article: Source

China sovereign fund CIC names new vice chairman - sources

Posted on 22 January 2014 by VRS  |  Email |Print

China’s $575 billion sovereign wealth fund, China Investment Corp (CIC), has appointed a new vice chairman and president as the incumbent is due for retirement, two sources with knowledge of the matter said.
Li Keping, CIC’s chief investment officer, will replace Gao Xiqing as the fund’s vice chairman and president, said the sources, who declined to be named because they are not authorised to speak to the media……………………………..Full Article: Source

Reported CIC reshuffle raises questions

Posted on 22 January 2014 by VRS  |  Email |Print

A fresh reshuffle is reportedly underway at China’s s sovereign wealth fund CIC, with general manager Gao Xiqing retiring and chief investment officer Li Keping succeeding him, according to media. At 60, Gao’s retirement would not be a surprise, but his exit could raise questions over possible changes in CIC’s investment direction and reliance on external managers, notes Shanghai-based consultancy Z-Ben Advisors.
Reports of the switch follow the appointment of Ding Xuedong as the fund’s chairman in July last year,as reported. Still, Li himself is 58 years old and has a long history of working with Gao, dating back to their days at the National Council for Social Security Fund (NCSSF). This, Z-Ben suggests, may point to a continuation rather than a change of strategy……………………………..Full Article: Source

Qatar Holding deal maker Fakhroo leaves for govt-linked role -sources

Posted on 17 January 2014 by VRS  |  Email |Print

A key mergers and acquisitions executive at Qatar Holding, instrumental in some of the fund’s most high-profile deals in recent years, has left the firm for a government-related role, banking and industry sources said. Qatar Holding is the direct investment arm of Qatar Investment Authority (QIA).
Aziz Aluthman Fakhroo, a Qatari national and a director at the fund’s mergers and acquisitions team, left late last year as part of changes at one of the world’s most active sovereign wealth funds, the sources said, speaking on condition of anonymity………………………………………..Full Article: Source

Kazakh government approves new board of directors of sovereign wealth fund

Posted on 13 January 2014 by VRS  |  Email |Print

The Kazakh Government approved the new staff of the Board of Directors of Sovereign Wealth Fund Samruk -Kazyna, the fund reported on Jan. 10. The new Board of Directors is chaired by Kazakh Prime Minister Serik Akhmetov, according to the governmental resolution.
The new Board of Directors also includes Assistant to Kazakh President Yerbol Orynbaev, Deputy Prime Minister - Finance Minister Bakhyt Sultanov, Economy and Budget Planning Minister Erbolat Dossaev, Samruk- Kazyna’s Chairman of the Board Umirzak Shukeyev and independent directors Alexander Mirchev , Richard Evans and Nigel John Stapleton………………………………Full Article: Source

Korea SWF CIO quits mid-term

Posted on 10 January 2014 by VRS  |  Email |Print

The CIO of the $61 billion Korean sovereign wealth fund (SWF) has quit just 15 months into a three-year term at the helm. Lee Dong-ik, recognised by aiCIO in 2012 as being one of the most influential global investors, has quit the Korea Investment Corporation (KIC), AsianInvestor.com has reported.
Lee had temporarily assumed the CEO and presidency of the KIC following the departure of Choi Chung-suk in October. This role was subsequently filled by the fund’s previous auditor Ahn “Hank” Hong-Chul who returned to the SWF in December……………………………..Full Article: Source

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