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New chief executive reported for Korea’s KIC

Posted on 02 December 2013 by VRS  |  Email |Print

Korea’s sovereign wealth fund is set to announce a new chief executive less than a month after his predecessor resigned, according to local media reports.
Quoting government and financial market sources, several domestic media outlets stated that Ahn ‘Hank’ Hong-Chul was poised to re-join Korea Investment Corporation as president and CEO, replacing Choi Chong-suk, who stepped down on October 21 as reported………………………………Full Article: Source

Mongolia president Tsakhia Elbegdorj wants to cut state firms by one-third

Posted on 29 November 2013 by VRS  |  Email |Print

The Mongolian government plans to slash the number of state-owned enterprises (SOEs) by one third to encourage private investment and set up a sovereign wealth fund, said Mongolian President Tsakhia Elbegdorj
Mongolia will also enact a law that will discourage companies owned by Mongolian ministers from competing with foreign and private firms, he said. Competition between Mongolian SOEs and private firms is “not good”, Elbegdorj told a Hong Kong Trade Development Council (TDC) luncheon audience that included Hong Kong businessmen………………………………………..Full Article: Source

MassMutual hires head of sovereign wealth funds and official institutions

Posted on 27 November 2013 by VRS  |  Email |Print

Gary Smith has been appointed Head of Sovereign Wealth Funds and Official Institutions for the asset management companies of MassMutual. He will work across the distribution networks of Group companies Barings, Babson and OFI Global Asset Management.
Baring Asset Management, Babson Capital and OFI Global Asset Management, the asset management companies of Massachusetts Mutual Life Insurance Company, today announce the appointment of Gary Smith as head of Sovereign Wealth Funds and Official Institutions, effective immediately………………………………………..Full Article: Source

Former Future Fund chairman David Murray to head inquiry into financial system

Posted on 21 November 2013 by VRS  |  Email |Print

David Murray has 12 months to work out how Australia’s financial system can be made more efficient. As former chief executive of the Commonwealth Bank and chairman of the Future Fund, he has the pedigree.
As head of the inquiry into Australia’s financial system, he will make recommendations to foster an efficient, competitive and flexible financial system with “stability, prudence, integrity and fairness”……………………………….Full Article: Source

Amaechi lied about Excess Crude Account, Rivers has received N56bln in 2013 – Okonjo-Iweala

Posted on 20 November 2013 by VRS  |  Email |Print

The Federal Government on Monday denied the allegation by Rivers State Governor, Mr. Rotimi Amaechi, that$5billion was missing from the Excess Crude Account. Amaechi, had while speaking at the Nigerian Governors’ Forum retreat held in Sokoto on Saturday, said there was $9billion in the account in January , but that the amount had depleted without any explanation.
He had said, “The Excess Crude Account in January was $9bn. That account belongs to federal, states and local governments. Today, it is $4bn. We don’t know who took the $5bn.”…………………………………Full Article: Source

President’s son dips into sovereign fund for ‘trophy’ Savile Row office

Posted on 15 November 2013 by VRS  |  Email |Print

The son of Angolan President José Eduardo dos Santos is again at the centre of controversy following reports that the Angolan Sovereign Wealth Fund he effectively controls has invested R3-billion in a “trophy” property in London’s Mayfair district.
Africa Confidential reported that the fund, chaired by the president’s son José Filomeno, had spent £220-million on an office complex in the exclusive Savile Row. The fund was officially set up by Dos Santos in October last year using Angola’s oil revenues, with the stated purpose of investing in the country’s infrastructure and accumulating savings for future generations……………………………………….Full Article: Source

Angola fund head denies plan to succeed president

Posted on 14 November 2013 by VRS  |  Email |Print

The new head of Angola’s $5 billion sovereign wealth fund (FSDEA) said on Tuesday his appointment by his father, President Jose Eduardo dos Santos, was not part of a campaign to groom him for the presidency.
Jose Filomeno dos Santos, who was appointed to head the fund’s board in June, said he had long been in the financial sector, dismissing speculation that his 71-year-old father might try to forge a dynasty in Africa’s second biggest oil producer………………………………………..Full Article: Source

Angola wealth fund head denies plan to succeed president, his father

Posted on 13 November 2013 by VRS  |  Email |Print

The new head of Angola’s $5 billion sovereign wealth fund (FSDEA) said on Tuesday his appointment by his father, President Jose Eduardo dos Santos, was not part of a campaign to groom him for the presidency.
Jose Filomeno dos Santos, who was appointed to head the fund’s board in June, said he had long been in the financial sector, dismissing speculation that his 71-year-old father might try to forge a dynasty in Africa’s second biggest oil producer………………………………………..Full Article: Source

Temasek appoints Wing Tai head as deputy chairman

Posted on 07 November 2013 by VRS  |  Email |Print

Wing Tai Holdings chief Cheng Wai Keung, 63, has been appointed deputy chairman of Singapore investment firm Temasek Holdings. The well-known property developer and businessman’s new appointment at Temasek took effect on Monday. He has been a non-executive director on Temasek’s board since September 2011, and is also a member of its executive committee.
Mr Cheng’s appointment comes some three months after Temasek appointed Lim Boon Heng its new chairman. Mr Lim took over from S Dhanabalan, who had served as Temasek’s chairman for 17 years………………………………………..Full Article: Source

Cowell named one of top public fund manager

Posted on 06 November 2013 by VRS  |  Email |Print

State Treasurer Janet Cowell has been named to Sovereign Wealth Fund’s Public Investor 100 list for 2013. Cowell was ranked 21st, the second highest in the country after Joseph Dear, chief investment officer for the California Pubic Employees Retirement System.
The top position went to Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority of the United Arab Emirates. The Sovereign Wealth Fund Institute is a global organization designed to study sovereign wealth funds and long-term governmental investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade, and other relevant issues………………………………………..Full Article: Source

Temasek appoints Wing Tai’s Cheng Wai Keung as its Deputy Chairman

Posted on 05 November 2013 by VRS  |  Email |Print

Temasek Holdings (Private) Limited said on Tuesday that it has appointed Mr Cheng Wai Keung as its Deputy Chairman with effect from November 4, 2013. Mr Cheng is the Chairman and Managing Director of Wing Tai Holdings Limited which has interests in property, hospitality and retail sectors in the region.
“A non-executive Director on the Temasek Board since 15 September 2011, and also a member of the Temasek Board’s Executive Committee, Mr Cheng is an accomplished and respected business leader in Asia, with extensive business experience across various sectors,” Temasek said………………………………………..Full Article: Source

KIC president Chong-Suk Choi resigns

Posted on 05 November 2013 by VRS  |  Email |Print

Chong-Suk Choi has effectively resigned on October 22, 2013, as President and Chief Executive Officer of the Korea Investment Corporation (KIC). He became CEO of the KIC on July 19, 2011. Mr. Chong-Suk Choi was appointed for a 3-year term. He resigned for personal reasons.
A search is underway to fill the position of President and CEO of the Korea Investment Corporation. During the executive search, Dong-Ik Lee, the current Chief Investment Officer, will serve as interim President………………………………………..Full Article: Source

Behind the Future Fund’s great big return

Posted on 31 October 2013 by VRS  |  Email |Print

Figures released last week by the Future Fund revealed it was outperforming the most aggressive of Australia’s pool super funds and was on track to reach its target of $140 billion a year early, in 2019.
The Australian reported the fund – intended to pay for defined benefit pensions to commonwealth public servants – “had beaten conventional super funds holding 100% growth assets by a handsome margin, even though it is widely invested in longer-term assets such as infrastructure and timber plantations”……………………………..Full Article: Source

Fashola reiterates opposition to sovereign wealth fund

Posted on 30 October 2013 by VRS  |  Email |Print

Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday reiterated his opposition to the operation of the Nigeria Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), noting that the federal government under the 1999 Constitution lacked the powers to save on behalf of the state governments.
The governor added that the SWF, which the NSIA was set up to manage on behalf of state and local governments, was a flagrant violation of the section 162 of the 1999 Constitution. He utterly differed on the establishment of the fund and NSIA while addressing the authority’s Chairman, Mr. Mahey Rasheed and Managing Director, Mr. Uche Kalu during a visit to the governor at the State House, Ikeja, to handover the state’s share certificate showing its ownership of the fund…………………………………….Full Article: Source

Kuwait wealth fund hires ex-BofA banker as infrastructure head

Posted on 29 October 2013 by VRS  |  Email |Print

Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, has appointed a head for its newly-created infrastructure arm, seeking to bolster its investments in the sector, two sources familiar with the matter said.
Hakim Drissi-Kaitouni, previously a vice president at Bank of America Merrill Lynch in London, has joined as a managing director of Wren House Infrastructure Management, a fully-owned unit of KIA, the sources said, speaking on condition of anonymity as the matter is not public………………………………………..Full Article: Source

Gov. Fashola slams FG over SWF, says it’s unconstitutional

Posted on 29 October 2013 by VRS  |  Email |Print

Governor Babatunde Fashola of Lagos State denounced the move by the Federal Government to inaugurate the Sovereign Wealth Fund, SWF, stressing that it negates the country’s constitution.“The 1999 Constitution does not allow us to do what we are doing,” Fashola said.
It will be recalled that, a month ago, President Goodluck Jonathan inaugurated the council of the Nigerian Sovereign Investment Authority, NSIA, also known as SWF, where he canvassed for the support of the contributors, to realise the set objective of the fund………………………………………..Full Article: Source

Gonski eyes ANZ chair to pave the way for Costello at Future Fund

Posted on 29 October 2013 by VRS  |  Email |Print

Subject to formal agreement from the ANZ board, the bank will appoint David Gonski its next chairman towards the middle of next year. The move opens the way for former treasurer Peter Costello to take the chair of the Future Fund, although this would entail some political risks and also threaten to destabilise the present smooth-running operation at the fund.
No decision will be made before today’s ANZ profit release, in which the bank is expected to report a better-than-expected profit underlined by a boost in full year dividends to at least $1.63 a share………………………………………..Full Article: Source

David Gonski has canvassed retaining Future Fund role after joining ANZ

Posted on 29 October 2013 by VRS  |  Email |Print

Future Fund chairman David Gonski could well stay in his role at the wealth fund if, as expected, he is shortly anointed as ANZ’s new chairman. It is understood Mr Gonski has canvassed colleagues on the possibility of holding both positions, and the colleagues see no conflict given the Future Fund has a very specific mandate to safeguard its assets, which has no real impact on ANZ’s banking and financial services businesses.
The ANZ board will shortly consider Mr Gonski’s appointment. The high-profile businessman has privately indicated he is keen to take the job………………………………………..Full Article: Source

Ex Chairman of the Central Bank on excessively protracted merger of pension funds

Posted on 28 October 2013 by VRS  |  Email |Print

Ex Chairman of the Central Bank Mr. Gregory Marchenko in his interview for Delovoi Kazakhstan (“Business Kazakhstan”), voiced reasons behind excessively protracted merger of pension funds into a single pension fund.
“I believe the process of swapping stakes in the three biggest pension funds [in exchange for stakes in government-owned banks] between the funds’ shareholders and Samruk-Kazyna Sovereign Wealth Fund is unjustifiably protracted as shareholders of these pension funds have lost their business”, Mr. Marchenko said………………………………………..Full Article: Source

Future Fund chair David Gonski will take over as ANZ chair in 2014

Posted on 28 October 2013 by VRS  |  Email |Print

Future Fund chairman David Gonski is set to be the next chairman of ANZ, subject to board approval, with the appointment to take place next year. Present ANZ chairman John Morschel is understood to have made clear to the board he is keen to step down as soon as a replacement can be found.
Mr Gonski has been sounded out to test his availability – the bank is seeking a candidate with experience of Asia as it pushes ahead with a focus on the region – and has said he would be keen to take the job if the bank’s board decided to appoint him………………………………………..Full Article: Source

English marks NZ Super Fund’s 10th anniversary

Posted on 17 October 2013 by VRS  |  Email |Print

Finance Minister Bill English congratulated the New Zealand Superannuation Fund on achieving its tenth anniversary, and having built a world-class sovereign wealth fund in that time.
The New Zealand Superannuation Fund, which invests to assist in meeting some of the long-term cost of New Zealand Superannuation, started in 2003 with $2.5 billion in cash. Since then it has returned an average of 8.84 per cent per annum and the fund now stands at $23 billion………………………………………..Full Article: Source

HK chief of China’s SWF urges launch to fast-track city’s global goals

Posted on 14 October 2013 by VRS  |  Email |Print

The creation of an international stock exchange in Shanghai’s free-trade zone would put the city on the fast track to becoming a global financial centre, the head of the Hong Kong unit of the mainland’s sovereign wealth fund said.
Lawrence Lau Juen-yee, the chairman of CIC International (Hong Kong), urged the securities regulator to launch the long-awaited board soon as a way to grant mainland capital direct access to shares of American corporate giants such as Microsoft and Boeing, describing it as an ideal method to utilise the country’s huge pool of funds………………………………………..Full Article: Source

Anyim, SWF boss, others to participate at South-east economic summit

Posted on 14 October 2013 by VRS  |  Email |Print

The Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim and Managing Director of the Sovereign Wealth Fund (SWF), Mr. Uche Orji, have expressed their readiness to participate at this year’s South-east Economic Forum scheduled to hold later this month.
A statement signed by the Group Secretary, Mr. Amaechi Agboeze, said that the SGF and SWF boss have confirmed their participation at the summit which takes place from October 29 to 31 at the Nike Lake Resort, Enugu, Enugu State………………………………………..Full Article: Source

BOT may invest in wealth fund, says former chief

Posted on 11 October 2013 by VRS  |  Email |Print

The Bank of Thailand could invest its foreign reserves via a sovereign wealth fund, but an amendment is required and the government has been recommended to issue bonds for the fund’s investment, according to MR Pridiyathorn Devakula, a former deputy prime minister and Bank of Thailand governor.……………………………………….Full Article: Source

Thailand: Pridiyathorn backs sovereign wealth fund idea

Posted on 10 October 2013 by VRS  |  Email |Print

Former deputy prime minister MR Pridiyathorn Devakula supports the idea for Thailand to establish a sovereign wealth fund. The former central banker said that the Bank of Thailand has mulled this option for some time.
“It’s a feasible idea, but the concern is how to finance the fund. Of foreign reserves about US$200 billion, about $60 billion is used to back the issuance of banknotes and the rest is controlled by other departments. It remains to be seen which part would be used to finance the fund,” he said. By law, the Bank of Thailand must maintain reserves at not less than 60 per cent of the notes issued………………………………………..Full Article: Source

Kapoor ‘optimistic’ about SRI sea change at Norwegian oil fund

Posted on 10 October 2013 by VRS  |  Email |Print

One of the sharpest critics of Norway’s Government Pension Fund Global (GPFG) is cautiously optimistic following the turnaround in its investment strategy announced by the new government. According to Sony Kapoor, managing director at think tank Re-Define, the fund is finally breaking with its past by moving to adopt a new investment strategy.
His comments come in the wake of proposals by the Norwegian centre-right coalition government to invest part of the GPFG – NOK100bn (€12.4bn) – in transport and communications infrastructure………………………………………..Full Article: Source

Iran appoints new SWF head

Posted on 09 October 2013 by VRS  |  Email |Print

The new President of the Islamic Republic of Iran has appointed a Canada-educated director to oversee the investments of the county’s sovereign wealth fund (SWF). Safdar Hosseini is the new director of the National Development Fund of Iran, the country’s government said yesterday, replacing Mohammadreza Farzin.
The fund was valued at around $49.9 billion in March and receives 20% of Iran’s oil revenue each year. Reports in the Tehran Times said the government predicted the value to have risen to around $61 billion by the end of March next year, even using the “worst case scenario”………………………………………..Full Article: Source

NZ Super’s Orr joins KIA to lead SWF group

Posted on 09 October 2013 by VRS  |  Email |Print

New Zealand Superannuation Fund CEO Adrian Orr has been elected to the second-highest post in the International Forum of Sovereign Wealth Funds (IFSWF). Orr will join Kuwait Investment Authority head Bader Al Sa’adin in leading the voluntary organization for the next two years. In 2015, Orr will take over the chairmanship from Al Sa’adin.
“Sovereign wealth funds have been a rapidly growing influence in the global financial landscape, in terms of their proliferation, assets under management and their stabilizing influence as long-term investors,” Orr said, adding that he is proud to serve in the deputy chair role………………………………………..Full Article: Source

Adrian Orr elected as deputy chair of the International Forum of SWFs

Posted on 08 October 2013 by VRS  |  Email |Print

NZ Super Fund chief Adrian Orr has been elected deputy chair of the International Forum of Sovereign Wealth Funds (IFSWF) and will ultimately chair the organisation.The IFSWF is a voluntary group of currently 25 sovereign wealth funds located globally.
The appointment is for a two-year term, after which Orr will take on the chairmanship of the IFSWF for a further two years. Orr will take on the role in addition to his responsibilities as chief executive of the Guardians of New Zealand Superannuation, which manages the New Zealand Superannuation Fund. “Sovereign wealth funds have been a rapidly growing influence in the global financial landscape, in terms of their proliferation, assets under management and their stabilising influence as long-term investors,” Orr said………………………………………..Full Article: Source

John Swinney reveals oil fund plan

Posted on 04 October 2013 by VRS  |  Email |Print

An independent Scotland could borrow, save and reduce debt simultaneously without raising taxes or cutting public services if it puts some money into an oil fund, according to Finance Secretary John Swinney.
An expert working group commissioned by ministers has said the Scottish Government does not have to wait until the budget is in surplus to establish an oil fund. Norway was in deficit when it established its fund in 1990 and it is now worth £470 billion, the Scottish Government Fiscal Commission Working Group’s report on stabilisation and savings funds points out………………………………………..Full Article: Source

Sovereign wealth funds are desperate to hire, but still unattractive

Posted on 04 October 2013 by VRS  |  Email |Print

Who would want to work for a sovereign wealth fund? Not many people, it would seem, as the government-owned goliaths – which are increasingly trying to build up their in-house investment teams – continue to struggle to attract the people they want to hire.
Most SWFs have a recruitment shopping list that includes exemplary academics from an Ivy League or Russell Group university combined with extensive experience working for an internationally recognised financial services organisation. However, they’re also unwilling to budge when it comes to remuneration, which means they’re struggling to compete with the private sector – and this is having an effect on their ability to hire………………………………………..Full Article: Source

Kelimbetov replaces Marchenko as Kazakh central bank’s chairman

Posted on 02 October 2013 by VRS  |  Email |Print

Kairat Kelimbetov, a deputy prime minister who led the nationalization of failing Kazakh lenders in 2009 as the chief of the country’s sovereign wealth fund, will replace Grigori Marchenko as central bank governor.
Kelimbetov, 44, was named in place of Marchenko, 53, who resigned for “family reasons” before his six-year term was set to end in January 2015, according to a statement published on President Nursultan Nazarbayev’s website……………………………………….Full Article: Source

Kazakh leader appoints new central bank chief, fund changes eyed

Posted on 02 October 2013 by VRS  |  Email |Print

Kazakh President Nursultan Nazarbayev sacked the head of the central bank on Tuesday and replaced him with Deputy Prime Minister Kairat Kelimbetov, a move that could herald changes in the management of pension fund assets. The presidential press service said monetary policy would remain unchanged.
Outgoing Grigory Marchenko, 53, had been at the helm of the central bank since 2009 and was largely responsible for reshaping the banking and pension systems in Central Asia’s largest economy………………………………………..Full Article: Source

New Zealand SWF head Adrian Orr explains his fund’s big gains

Posted on 01 October 2013 by VRS  |  Email |Print

Adrian Orr feels vindicated. In February 2007 the energetic, outspoken economist took over as CEO of the Guardians of New Zealand Superannuation, the investment group that manages the country’s NZ$23 billion ($18.9 billion) sovereign wealth fund. His remit: Transform the fund from a traditional asset allocator into an agile and opportunistic investor.
Orr had been on the job only a few months when the subprime mortgage crisis erupted. Far from giving him pause, though, the crisis spurred him to accelerate the strategic shift. Adopting a total-portfolio approach, the CEO and his team created a passive reference portfolio to serve as an internal benchmark……………………………………….Full Article: Source

Debt-laden countries could learn from Norway - PM

Posted on 30 September 2013 by VRS  |  Email |Print

Debt-laden European nations and resource-rich developing countries could all learn from Norway’s tight-fisted spending habits and oil wealth management programme, the country’s outgoing prime minister has said.
Jens Stoltenberg said Norway had become one of the wealthiest countries in the world mainly by refusing to spend its huge state oil revenues, instead placing them in a sovereign wealth fund and using only the annual returns. “That way the fund lasts forever,” he told an academic audience at Harvard University in Cambridge, Massachusetts………………………………………..Full Article: Source

Norway oil fund chief warns on bonds with returns close to zero

Posted on 27 September 2013 by VRS  |  Email |Print

The head of Norway’s sovereign wealth fund, the world’s biggest, said the bond market will offer scant returns as the investor looks to expand into other asset classes to safeguard the nation’s wealth.
“Returns in the bond markets are low and look to remain so for a good while ahead,” Yngve Slyngstad, chief executive officer of the $780 billion Government Pension Fund Global, said today in a speech in Bergen published on the central bank’s website. “The safest investment alternative gives today a return after inflation close to zero.”……………………………………….Full Article: Source

ACSI appoints Future Fund exec as new chief

Posted on 27 September 2013 by VRS  |  Email |Print

The Australian Council of Superannuation Investors (ACSI) has appointed senior Future Fund executive Gordon Hagart to replace chief executive Ann Byrne who will retire from the role in October.
Hagart is currently head of environmental, social and governance (ESG) risk management at the $100 billion sovereign wealth fund and previously played a key role in creating the UN Principles of Responsible Investment. He began his career as an investment banking analyst with Greenhill & Co. in London, and also worked as an investment consultant in Zurich………………………………………..Full Article: Source

Hagart quits Future Fund for ACSI

Posted on 26 September 2013 by VRS  |  Email |Print

A senior manager with the federal government’s Future Fund is taking over as chief executive of a group which advises superannuation funds on responsible investment. Gordon Hagart will lead the Australian Council of Superannuation Investors (ACSI), four years after he was appointed as the head of environmental, social and governance risk management at the $89 billion Future Fund.
He replaces ACSI’s inaugural chief executive Ann Byrne, a former head of UniSuper, who is retiring at the end of October. Mr Hagart previously helped develop the UN Principles for Responsible Investment, to which many Australian ‘all profit to member’ superannuation funds are signatories………………………………………..Full Article: Source

Najib opens Khazanah office in San Francisco

Posted on 25 September 2013 by VRS  |  Email |Print

Datuk Seri Najib Tun Razak officiated Khazanah Nasional Berhad’s regional office for the Amerikas, Khazanah Americas Incorporated (KAI), in San Francisco Sunday.He hoped that the opening of this office would help propel Malaysia into a developed nation status by the year 2020.
The Prime Minister said Malaysia’s visionary ambitions to reach a developed nation status by 2020 could be achieved by moving up the value chain and creating an economy driven by knowledge, innovation and technology………………………………………..Full Article: Source

Khazanah hires CIMB’s head of investment banking

Posted on 24 September 2013 by VRS  |  Email |Print

Charon Wardini Mokhzani, CIMB’s group deputy CEO with responsibility for investment banking, is leaving the Malaysian bank in early November to take on a new career challenge with Khazanah Nasional, the two firms said in separate announcements on Monday.
Charon, who is also CEO of CIMB investment bank, will at Khazanah take on a role as executive director in the managing director’s office. The state-owned investment company is the largest shareholder in CIMB with a 30% stake………………………………….Full Article: Source

SWF: New PDP Reps back APC

Posted on 24 September 2013 by VRS  |  Email |Print

Members of the new Peoples Democratic Party (PDP) in the House of Representatives are in support of the All Progressives Congress (APC) decision to challenge the appointment of three foreign firms to manage the $200m or 20 percent of the nation’s $1b Sovereign Wealth Fund (SQF).
The lawmakers also said it is the Minister of Petroleum Resources, Diezani Allison-Madueke that should be asked to resign by the Nigeria Governors Forum(NGF) and not the Minister of Finance, Ngozi Okonjo-Iweala………………………………….Full Article: Source

PDP berates APC lawmakers over comments on sovereign wealth fund

Posted on 20 September 2013 by VRS  |  Email |Print

The Peoples Democratic Party, PDP, has described the position of the opposition All Progressives Congress, APC, lawmakers on the management of the Sovereign Wealth Fund, SWF, as a demonstration of crass ignorance and the obvious unpreparedness of the APC to manage the affairs of the nation.
The PDP National Publicity Secretary, Olisa Metuh, in a statement on Thursday, branded the APC lawmakers as frustrated political adventurers with a penchant for destructive criticisms that exhibit their emptiness and poor understanding of international financial system. Contrary to insinuations that the SWF has been mortgaged to foreign interests, the PDP said, the fund is managed in line with international best practices that guarantee prudence, foreign participation and return on investment………………………………………..Full Article: Source

Jim Armitage: RBS looks set to spoil Osborne’s claim that he has fixed banking mess

Posted on 20 September 2013 by VRS  |  Email |Print

Temasek is clearly a beast with some appetite for the UK. Little surprise, then, that the Singapore sovereign wealth fund has become George Osborne’s best new buddy. Not only did it take up the biggest slice of Lloyds’ placing this week, but it appears the Treasury/UK Financial Investments has high hopes it will take a bigger bite with the next round of the sales process, probably next March.
This all plays well for the Chancellor, who can boast to the public that one of the world’s biggest sovereign wealth funds is putting billions of pounds in long-term bets on the future of the British economy (hence the Treasury leaks about Temasek snapping up about 0.5 per cent of Lloyds in this week’s placing.)……………………………………….Full Article: Source

Pulok’s sovereign fund sans funds!

Posted on 18 September 2013 by VRS  |  Email |Print

There are reports that the Prime Minister’s office (PMO) is driving the setting up of a company — India Overseas Investment Corporation (INOIC) — under the finance ministry on the lines of a sovereign wealth funds elsewhere in the world.
The idea, no doubt, is to discover some financial muscle for access to overseas natural resources.If we’re happy with a cut-copy-paste “me-too” of what Norway, Russia, China, South Korea, Singapore, Malaysia, Brunei, Qatar and UAE have done to push overseas acquisitions and business through such funds., the concept note quoted. The note, in fact, is to the credit of PM’s principal secretary Pulok Chatterjee for emphasising the need to secure access to raw materials, “wherever they were available” and commissioning a blueprint of an overarching institutional mechanism for such investments………………………………………..Full Article: Source

Nigeria: Governors meet to discuss sovereign wealth fund

Posted on 17 September 2013 by VRS  |  Email |Print

The Sovereign Wealth Fund, oil theft and continued deductions from excess crude account are expected to dominate discussions at the summit of the governors from the 36 states of the federation, holding on Tuesday.
According to unconfirmed reports, the meeting will be holding at the Rivers State Governor’ Lodge in Abuja. According to the Director General of the Nigeria Governors’ Forum, Bayo Okuaro, who confirmed the meeting, said that all the 36 state governors have been invited to the meeting that is expected to hold Tuesday with the following agenda - Fresh & subsisting litigations; update on Federation Allocation Accounts Committee, Excess Crude Account and the Sovereign Wealth Fund………………………………………..Full Article: Source

Q&A with RDIF’s Kirill Dmitriev

Posted on 16 September 2013 by VRS  |  Email |Print

The Russian Direct Investment Fund, the sovereign wealth fund established in 2011 to make equity investments in the Russian Federation, announced this week that it had teamed up with Abu-Dhabi’s department of finance to create a joint venture to invest in Russian infrastructure.
The $5 billion contribution from the Abu Dhabi department of finance is the largest investment from the Middle East ever made into Russia, according to Kirill Dmitriev, chief executive of the RDIF, who spoke to Private Equity News, sister publication of Financial News, about the joint venture………………………………………..Full Article: Source

Temasek hires CITIC executive as China head

Posted on 16 September 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund Temasek Holdings says it has named Dr. Wu Yibing as its head for China, effect from 1 October 2013. Wu, 46, is currently chairman and CEO of Goldstone Investment Co. Ltd, the direct investment arm of China’s CITIC Securities. He is concurrently the president of CITIC Private Equity Funds Management.
He has a wide range of investment experience in the financial, energy, consumer and technology sectors. Wu will succeed Ding Wei, who will take on the appointment as advisory senior director for China………………………………………..Full Article: Source

Temasek says Wu Yibing to succeed ding Wei as head for China

Posted on 13 September 2013 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, said Wu Yibing will succeed Ding Wei as head for China to build on the firm’s presence in the country.
Wu is currently chairman and chief executive officer of Goldstone Investment Co., the direct investment arm of Citic Securities Co., Temasek said in a statement on its website. He will assume his post on Oct. 1………………………………………..Full Article: Source

Temasek taps CITIC unit chief to lead China operations

Posted on 13 September 2013 by VRS  |  Email |Print

Singapore’s state investment firm Temasek Holdings (Private) Ltd. Friday named Wu Yibing, the chief of a unit of CITIC Securities Co., as its head of China operations. Mr. Wu, currently the chief executive of Goldstone Investment Co. Ltd., will start on Oct. 1 to succeed Ding Wei, who will become advisory senior director for China with Temasek. Goldstone Investment is the direct investment arm of CITIC Securities.
Mr. Wu, 46, is also the President of CITIC Private Equity Funds Management. He has a wide range of investment experience in the financial, energy, consumer and technology sectors, Temasek said in a statement………………………………………..Full Article: Source

HKMA chief’s concerns sound like a massive understatement

Posted on 09 September 2013 by VRS  |  Email |Print

Hong Kong Monetary Authority boss Norman Chan is a worried man. On Friday he warned that Hong Kong’s financial markets will suffer heightened volatility when the US Federal Reserve begins to scale back, or taper, its current programme of quantitative monetary easing.
Some HK$100 billion in liquidity has flowed into the city’s banking system since the outbreak of the 2008 financial crisis, Chan said. When the US monetary cycle turns, that money will “inevitably” begin to flow out again, putting pressure on local asset prices………………………………………..Full Article: Source

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