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Malaysian Leader Najib Razak at the Center of a Storm

Posted on 16 October 2015 by VRS  |  Email |Print

Prime minister played a key role at 1MDB, a state development fund that has sparked a raft of investigations. In early 2013 at the glitzy World Economic Forum in Davos, Switzerland, Malaysia’s prime minister approached the country’s longtime financial adviser Goldman Sachs with an urgent assignment.
A government investment fund the prime minister oversaw wanted Goldman to help it raise $3 billion quickly and quietly, according to people close to the bank. The fund, 1Malaysia Development Bhd., or 1MDB, was Prime Minister Najib Razak’s signature initiative, envisioned as helping transform Malaysia into a modern Muslim democracy fueled by new industries………………………………………..Full Article: Source

Is this man smarter than the Future Fund?

Posted on 16 October 2015 by VRS  |  Email |Print

The sovereign wealth funds of Australia and New Zealand have much in common but the underlying holdings reveal a chasm greater than the Tasman Sea. The most recent portfolio update from NZ Super Fund shows the fund holds an allocation to shares that is nearly double the Future Fund’s while also holding zero cash, a position that makes the Future Fund look positively conservative.
Speaking to The Australian Financial Review, NZ Super Fund’s CEO Adrian Orr said global shares were fairly valued and that fund had plenty of room to add even more shares. “Aggressive is the wrong word to describe the fund” he said. “I could mount an argument that it’s not aggressive enough more easily that I could an argument that it is too aggressive.”……………………………………….Full Article: Source

John Hewson Attacks Coal-Loving Peter Costello Over Future Fund’s Fossil Fuel Investments

Posted on 15 October 2015 by VRS  |  Email |Print

Former Treasurer Peter Costello has previously said it would be “a very strange thing” for the nation’s sovereign wealth fund to divest from fossil fuels. Dr John Hewson’s not so sure. Former Liberal leader Dr John Hewson has launched a scathing attack on Peter Costello for being “wilfully blind to the risks of climate change” in his management of Australia’s massive sovereign wealth fund, even accusing the Howard-era Treasurer of “a clear breach of fiduciary duty”.
Dr Hewson is the Chair of the Asset Owners Disclosure Project (AODP), a non-profit which ranks the top 1,000 asset owners for their exposure to investments that risk the climate and, increasingly, their returns………………………………………..Full Article: Source

Alaska Permanent Fund taps new CEO, names acting CIO

Posted on 12 October 2015 by VRS  |  Email |Print

Angela Rodell was named executive director/CEO of the Alaska Permanent Fund Corp., Juneau, pending successful contract negotiations, said a spokeswoman for the $52 billion sovereign wealth fund on Friday.Michael Burns retired as executive director/CEO on June 1. Valerie Mertz, chief financial officer, filled in while the search for a permanent replacement took place.
Ms. Rodell is a former commissioner of the Alaska Department of Revenue and was a member of the permanent fund’s board of trustees. Alaska Permanent also announced on Thursday that Jim Parise was named acting chief investment officer, the spokeswoman said………………………………………..Full Article: Source

AXA Investment appoints Asia sovereign wealth funds head

Posted on 09 October 2015 by VRS  |  Email |Print

AXA Investment Managers, the asset management unit of AXA SA, appointed Tom Clapham as head of sovereign wealth funds and central banks in Asia. Clapham will be based in Hong Kong and report to Terence Lam, head of sales and marketing in Asia as well as to Pierre De Bonneville, head of sovereign and supranational entities.
Clapham joins AXA Investment Managers from Macquarie Securities Group, where he was director of institutional sales………………………………………..Full Article: Source

Principal Hires World Bank’s Antoncic for Sovereign Wealth

Posted on 06 October 2015 by VRS  |  Email |Print

Principal Global Investors, the asset manager that oversees about $346 billion, hired Madelyn Antoncic as executive director of institutional investment solutions. Antoncic previously worked as treasurer for the World Bank where she oversaw $140 billion in assets, including holdings for sovereign wealth funds, central banks and pension funds, according to a statement Monday from the unit of Principal Financial Group Inc.
She will seek to build relationships with such institutions for PGI in her new role, according to the statement. Antoncic will be based in New York and report to PGI Chief Executive Officer Jim McCaughan………………………………………..Full Article: Source

NZ Super Fund CEO appointed IFSWF chair

Posted on 05 October 2015 by VRS  |  Email |Print

NZ Super Fund Chief Executive Adrian Orr has been appointed Chair of the International Forum of Sovereign Wealth Funds (IFSWF). The appointment, which is unpaid, is for a three-year term. Mr Orr, who was previously IFSWF Deputy Chair, will undertake his new responsibilities alongside his role as Chief Executive of the Fund.
IFSWF aims to promote best practice governance and transparency in the management of sovereign wealth funds, and to provide a forum for members to exchange views on issues of common interest. Its 28 members manage state funds in excess of US$4 trillion………………………………………..Full Article: Source

Abu Dhabi’s TDIC hires former ADIA official as chief

Posted on 02 October 2015 by VRS  |  Email |Print

Abu Dhabi’s Tourism Development Investment Co (TDIC), builder of local branches of the Louvre and Guggenheim museums, has named a senior official from the emirate’s sovereign wealth fund as chief executive, a spokesman confirmed on Wednesday.
Sufian Hasan al-Marzooqi took charge as CEO of TDIC in mid-September, after 24 years at the Abu Dhabi Investment Authority (ADIA), where he held positions in accounting, investment, human resources and strategy. Marzooqi replaces Ali al-Hammadi, who left the position earlier this month after being appointed to the position in July 2014. He remains an advisor to TDIC Chairman Ali Majed al-Mansoori, the spokesman added………………………………………..Full Article: Source

Temasek names Lee Theng Kiat CEO of Temasek International

Posted on 02 October 2015 by VRS  |  Email |Print

Temasek Holdings Ltd appointed Lee Theng Kiat as chief executive of Temasek International effective Oct. 1. Lee, currently president of Temasek International, will oversee the company’s commercial strategies and portfolio as CEO, the investment company said.
Ho Ching, who returns from her part-time sabbatical in late October, will be appointed chairman of Temasek International on Oct. 1 and will remain chief executive and executive director of Temasek, the company said………………………………………..Full Article: Source

1MDB CEO: We are the ‘most investigated company’

Posted on 02 October 2015 by VRS  |  Email |Print

Arul Kanda, the head of the Malaysian state investment fund 1MDB has an impressive track record of restructuring ailing companies and making a profit from them. A former banker, he’s worked in the UK and in the Middle East, and has had a string of successes.
So it did seem surprising to me that he would be willing to stake his reputation on turning around the scandal hit fund 1MDB, after it amassed more than $11bn (£7bn) worth of debts. And what a way to hit the ground running. Within the first six months of him taking on the job, 1MDB was hit by allegations that $700m from companies linked to 1MDB were transferred to Prime Minister Najib Razak’s personal bank account………………………………………..Full Article: Source

Temasek International gets a CEO

Posted on 01 October 2015 by VRS  |  Email |Print

Temasek Holdings chief executive Ho Ching is set to return from a six-month sabbatical at the end of this month, while one of the Singapore investment firm’s three presidents will take on a larger role.
Lee Theng Kiat, 62, today assumes the role of chief executive of Temasek International (TI), the management arm of the investment firm, and will take charge of day-to-day investment operations. He will in turn relinquish his role as a Temasek Holdings president………………………………………..Full Article: Source

Abu Dhabi’s TDIC appoints official from wealth fund ADIA as CEO

Posted on 01 October 2015 by VRS  |  Email |Print

Sufian Hasan al-Marzooqi took charge as CEO of the Abu Dhabi Tourism Development Investment Co in mid-September. Abu Dhabi’s Tourism Development Investment Co (TDIC), builder of local branches of the Louvre and Guggenheim museums, has named a senior official from the emirate’s sovereign wealth fund as chief executive, a spokesman confirmed on Wednesday.
Sufian Hasan al-Marzooqi took charge as CEO of TDIC in mid-September, after 24 years at the Abu Dhabi Investment Authority (ADIA), where he held positions in accounting, investment, human resources and strategy………………………………………..Full Article: Source

Hugefly gets angel funding from Temasek exec, others

Posted on 29 September 2015 by VRS  |  Email |Print

Hugefly, a machine learning startup that provides online search and recommendation services for e-commerce firms, has raised an undisclosed amount in angel funding from Temasek Holdings’ associate director Mayank Singhal and others.
Mohit Gulati (co-founder of Oliphans Capital) and Raj Iyer (CEO and CMD of icustommadeit.com)also put money in this round, according to Amit Chaudhari, Hugefly’s co-founder. Pune-based Hugefly, which is run by Hugefly Technologies Pvt Ltd, will deploy the capital to hire more employees and for upgrading systems and operations. Hugefly also aims to attract more e-commerce platforms as clients globally over the next six months………………………………………..Full Article: Source

Skancke aims to make sustainability integral to asset management

Posted on 28 September 2015 by VRS  |  Email |Print

Martin Skancke looks as though he is growing a beard in an attempt to look older, but his youthful looks are deceiving. Approaching his half-decade, Skancke has 20 years’ experience setting up and running sovereign wealth funds and is spearheading a campaign to make sustainable investment an indispensable part of asset management, as chair of the Principles for Responsible Investment, the UN-backed group of 1,380 investors.
His involvement with sovereign wealth funds started when he was head of the section for monetary policy and public finances at the Norwegian Ministry of Finance. As one of the few civil servants there with a background in finance, he was a natural choice to lead the development of the Government Petroleum Fund (later known as the Government Pension Fund)………………………………………..Full Article: Source

CIO of Alaska Permanent Fund Corp. to take new job at investment nonprofit

Posted on 28 September 2015 by VRS  |  Email |Print

Jay Willoughby, chief investment officer of the Alaska Permanent Fund Corp., is leaving to take a job with the same title at The Investment Fund for Foundations, a Pennsylvania-based organization that helps charities improve their investment returns.
Willoughby has served for the past four years as CIO of Alaska’s $50 billion sovereign wealth fund, where he was responsible for all investment activities. Previously, he spent nine years with Merrill Lynch, a formerly independent brokerage company that’s now a division of Bank of America, including a stint as CIO of its private investors group………………………………………..Full Article: Source

$700m Stolen From Sovereign Wealth Fund – Oshiomhole

Posted on 21 September 2015 by VRS  |  Email |Print

Edo State Governor, Comrade Adams Oshiomhole, has said that the Managers of the Sovereign Wealth Fund (SWF) could not account for $700 million out of the $1billion contributed for the fund. Oshiomhole who spoke to State House Correspondents at the Presidential Villa after a meeting with Vice President Yemi Osinbajo on Thursday night claimed that records made available to his committee showed that only $300 million was left in the fund.
This is contrary to the claims made by the Managing Director and Chief Executive of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji that the $1 billion seed fund had been invested and generated a profit of N15.7m into government coffers………………………………………..Full Article: Source

Missing $700m: Governor Oshiomhole Slams GEJ, Okonjo

Posted on 21 September 2015 by VRS  |  Email |Print

The altercations between Adams Oshiomhole, the Edo state governor and the erstwhile minister of finance, Ngozi Okonjo-Iweala which seemed to have doused for a while has been fired up again with the comrade throwing another jibe this time involving the former president, Goodluck Jonathan.
According to Vanguard report, Governor Oshiomhole who happens to be the chairman, National Economic Council (NEC) adhoc committee on the management of excess crude and related federation account issue is insisting that Jonathan and his former minister have a case to answer as to the whereabouts of the $700 million withdrawn from the $1 billion belonging to the Sovereign Wealth Funds (SWF)………………………………………..Full Article: Source

Oshiomhole returns with fresh allegations and a word for the media

Posted on 21 September 2015 by VRS  |  Email |Print

Edo State Governor, has been described by some as ‘Minister of attack, information and EFCC’- all in one. Living up to the hype, Oshiomhole, continues to feed Nigerians with details of financial impropriety and wanton recklessness under the Goodluck Jonathan administration.
Last week, the MD of Nigeria Sovereign Investment Authority, Uche Orji, stated that the $1bn sovereign wealth fund remained untouched, and even generated N15.7bn profit in 2014. But Oshiomhole, a self proclaimed stickler for the truth, essentially called Orji a liar, by saying that the $1bn fund has been depleted to $300m………………………………………..Full Article: Source

Nigeria’s Sovereign Wealth Fund intact, says Uche Orji

Posted on 21 September 2015 by VRS  |  Email |Print

The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, has said that all funds and assets managed by the NSIA were intact and fully accounted for, contrary to the impression created by Governor Adams Oshiomhole that $700million could not be accounted for.
The clarification, contained in a statement made available to newsmen on Sunday in Abuja, said that the step became necessary “due to speculations on the state of affairs of NSIA”.. Orji said that the management of NSIA was open and available to provide details on its operations and accounts to all its stakeholders………………………………………..Full Article: Source

Pua accuses 1MDB of arrogance over exchange of barbs

Posted on 21 September 2015 by VRS  |  Email |Print

DAP’s Tony Pua today categorised 1Malaysia Development Bhd (1MDB) as behaving arrogantly for telling him to investigate an alleged information leak in the Public Accounts Committee instead of continuing his accusations against the firm. The Petaling Jaya Utara MP said it was his public duty to press 1MDB for answers over reported allegations of financial impropriety, which he accused the firm of repeatedly dodging in its press statements.
Pua has demanded 1MDB explain reports by the Wall Street Journal that billions of dollars from the firm to the UAE’s International Petroleum Investment Corporation (IPIC) was not reflected in the sovereign wealth fund’s accounts………………………………………..Full Article: Source

Russian Finance Chief Warns on Wealth Funds in Austerity Debate

Posted on 21 September 2015 by VRS  |  Email |Print

Russia may exhaust its two sovereign wealth funds in 16 months to two years if it continues to rely on the $144.5 billion reserves without scaling back budget spending, Finance Minister Anton Siluanov warned, laying bare the stark choices facing the government battling its first recession since 2009.
The funds, which amount to 12.9 percent of economic output, are already “considerably less than necessary,” Siluanov told lawmakers debating next year’s budget in Moscow Friday. They are “true salvation” in 2015 and should be in the years to come, he said………………………………………..Full Article: Source

Alaska Permanent picks 4 finalists for executive director/CEO

Posted on 18 September 2015 by VRS  |  Email |Print

Alaska Permanent Fund Corp., Juneau, named four finalists in its search for an executive director/CEO. The finalists are Angela Rodell, Brian Rogers, Alexander Slivka and Glenn Cipriano, said Laura Achee, spokeswoman for the $51 billion sovereign wealth fund, in an e-mail.
Ms. Rodell is a former commissioner of the Alaska Department of Revenue; Mr. Rogers is a former chancellor of the University of Alaska Fairbanks; Mr. Slivka is currently director of institutional marketing at McKinley Capital Management; and Mr. Cipriano is a former president of Alaska USA Trust Co………………………………………..Full Article: Source

Russia’s Nabiullina named central bank governor of 2015

Posted on 17 September 2015 by VRS  |  Email |Print

Russia’s Elvira Nabiullina was named central bank governor of 2015 by Euromoney magazine on Wednesday for helping stabilise her country’s economy at a time of collapsing oil prices and Western sanctions over the Ukraine crisis.
Russia’s Alexei Kudrin was named Euromoney’s finance minister of the year in 2010. Kudrin is credited with steering Russia through the 2008/09 global financial crisis and helping to build up Russia’s rainy-day sovereign wealth funds, an important source of stability during the current crisis………………………………………..Full Article: Source

Sovereign wealth fund: The Queen’s reign has been good for the City

Posted on 10 September 2015 by VRS  |  Email |Print

Her Majesty, Queen Elizabeth, has become the longest-reigning monarch in British history, surpassing her great-great-grandmother Queen Victoria’s previous record reign of 63 years and 217 days. As the country was welcoming a new monarch in 1952, the economy and the City was in flux. But how has Britain’s top flight of publicly traded companies changed during her reign?
At her coronation the top quoted firms included long-forgotten names such as ironfounder Murex and cotton-spinning and wool industry specialist Lancashire Cotton. Britain was emerging from post-war rationing and today’s City rules and regulations had yet to be devised………………………………………..Full Article: Source

Saudi Arabia needs to launch sovereign fund, invest wisely: Alkhabeer CEO

Posted on 04 September 2015 by VRS  |  Email |Print

Saudi Arabia needs to create a sovereign wealth fund to manage the oil windfall and rely on talented wealth managers to invest the funds, as this will help offset budget deficits, according to Ammar bin Ahmed Saleh Shata, CEO of Alkhabeer Capital. Speaking to Riyadh newspaper, Saleh said investing the reserves through a sovereign fund will help maintain the cash flow required to cover part of the state’s spending, and could cover budgetary deficits in case oil prices remain low.
He also suggested that the Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, should not interfere in the creation and management of these funds, but should focus on stabilizing the currency rate exchange………………………………………..Full Article: Source

African Nations Should Set Up More Sovereign Wealth Funds To Avert Economic Crisis

Posted on 02 September 2015 by VRS  |  Email |Print

Dr Akinwumi Adesina, the newly installed President of the African Development Bank (AFDB) has said that African country would have to set up more Sovereign Wealth Funds to help withstand the next downturn as a result of plunging commodity prices, Bloomberg Reports.
According to Adesina, “will allow countries to have fiscal buffers and liquidity buffers to this kind of shock.” He added that the current crisis is not the only one that would be experienced as “there’s still going to be a lot of disquiet in the market going forward.”……………………………………….Full Article: Source

AustralianSuper hires property veteran from Future Fund

Posted on 01 September 2015 by VRS  |  Email |Print

John Longo joined AustralianSuper as a senior investment manager, property, spokesman Stephen McMahon said. The position is new. Mr. Longo will report to Jack McGougan, head of property at the A$90 billion ($65.8 billion) Melbourne-based superannuation fund.
Mr. Longo was a director on Future Fund’s property team. Will Hetherton, a spokesman for the Melbourne-based A$117 billion sovereign wealth fund, said the fund will look to fill that position “in due course.”……………………………………….Full Article: Source

Jonathan’s Minister of Works collected $700m for 2nd Niger Bridge, Oshiomhole insists

Posted on 01 September 2015 by VRS  |  Email |Print

Governor Adams Oshiomhole of Edo State said he is standing by his earlier pronouncement that Onolemenmen collected the $700 million, which is about N140 billion from the Sovereign Wealth Funds. He said the figures were not figures manufactured by anybody but released by the managers of the SWF to a committee set up by President Goodluck Jonathan to probe the usage of the money in the Excess Crude Account and others associated with the sale of oil.
Oshiomhole said the SWF managers “told our committee that about $700 million dollars were taken from the Sovereign Wealth Fund for the Second Niger Bridge project”………………………………………..Full Article: Source

2nd Niger Bridge: Apologise to Nigerians now, not me, Oshimhole tells Onolememen

Posted on 01 September 2015 by VRS  |  Email |Print

Governor Adams Oshiomhole of Edo State, has insisted that he will not back down on his claim that the Jonathan administration expended N140 billion on the yet to be completed 2nd Niger Bridge in Anambra State. Similarly, the governor has stood his ground that the sum of $700 million was surreptitiously moved from the Sovereign Wealth Fund for the same bride, which has not risen above the foundation stage.
Oshiomhole, who made the claims in reaction to denials by former Works Minister, Mike Onolememen, asked him to apologise to Nigerians over his misdeeds as a minister. In a statement released by the governor in Abuja on Monday, Oshiomhole asked the former minister to direct his energy to the managers of the SWF who had depleted the savings on the claim that the money was meant for the controversial bridge rather than attacking him………………………………………..Full Article: Source

Dr Mahathir still believes 1MDB funds went to Najib’s accounts, says report

Posted on 27 August 2015 by VRS  |  Email |Print

Dr Mahathir Mohamad has suggested that the US$700 million (S$980.1 million) deposited in Prime Minister Najib Razak’s personal account in 2013 is linked to the state-owned investment firm 1Malaysia Development Berhad (1MDB).
Speaking to the Financial Times (FT), the former prime minister said he does not believe the official stand by Mr Najib, and which was confirmed by the Malaysian Anti-Corruption Commission, that the deposit was a donation from a benefactor in the Middle-East. “I don’t believe it is a donation. I don’t believe anybody would give that much, whether an Arab, or anybody,” Dr Mahathir was quoted as saying by FT………………………………………..Full Article: Source

1MDB ‘partner’ SACKS its CEO ahead of global graft meet

Posted on 24 August 2015 by VRS  |  Email |Print

Prime Minister Najib Razak can threaten all he likes, arrest as many critics he wishes, have his henchmen make the most outlandish statements but calls for his resignation won’t go away. There’s nothing he can do to repair his mauled reputation, nothing how many hundreds of million he continues to squanders on foreign publicists.
Experts say his only way out if he wants to stay on as PM and pre-empt the flood of corruption charges that will surely be leveled at him, his wife Rosmah Mansor and their family is to turn Malaysia from a flawed democracy into a full-fledged dictatorship. “Don’t put it past Najib to use force including military intervention to seize power and freeze the political activity against him,” said a political watcher. “He has nothing to lose and is dangerous.”……………………………………….Full Article: Source

Star Chef Sanjeev Kapoor Leaves For Abu Dhabi For PM Modi’s Dinner

Posted on 18 August 2015 by VRS  |  Email |Print

Star chef Sanjeev Kapoor was flown to Abu Dhabi on Sunday to dish up a special vegetarian fare for Prime Minister Narendra Modi for the dinner hosted by the Abu Dhabi Investment Authority (ADIA) that controls the $800 billion sovereign wealth fund of the oil-rich Gulf country.
“Discussing invest opprts over high level dinner. HH Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Inv. Authority hosts PM,” tweeted external affairs ministry spokesperson Vikas Swarup. “Star chef @SanjeevKapoor was flown in by UAE hosts for a special vegetarian menu in honour of PM @narendramodi,” he added………………………………………..Full Article: Source

India’s Modi to Visit UAE in Bid for Investments

Posted on 17 August 2015 by VRS  |  Email |Print

Indian prime minister Narendra Modi is looking to secure deals with Abu Dhabi’s sovereign wealth fund Narendra Modi heads to the United Arab Emirates this week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets.
The Abu Dhabi Investment Authority’s $773 billion in assets is second only to those of Norway. Modi is scheduled to meet Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund. A meeting with Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum is also on the agenda………………………………………..Full Article: Source

PM Modi in UAE: Abu Dhabi has deep pockets, but will it loosen purse strings for India?

Posted on 17 August 2015 by VRS  |  Email |Print

Prime Minister Narendra Modi has begun a stand-alone bilateral visit to the United Arab Emirates (UAE), a near-abroad country so important for India today that deserves a special attention from New Delhi that it has not been getting. Abu Dhabi, the UAE capital where Modi is currently camping, has a sovereign wealth fund of about $800 billion.
This fund is parked with the Abu Dhabi Investment Authority. Dubai, where PM Modi will be reaching on Monday, has a similar fund with Dubai Investment Authority boasting of around $500 billion in its kitty. Put together, the two sovereign wealth funds amount to a staggering $1.3 trillion. Not many countries in the world can boast of this kind of whopping sum set aside solely for the purpose of investment………………………………………..Full Article: Source

Malaysia’s sovereign fund scandal: 1 Messy Debt Business

Posted on 17 August 2015 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak is fighting for political survival after being dragged into the centre of a scandal surrounding state fund 1Malaysia Development Berhad (1MDB). Here’s a breakdown of what is at stake for the southeast Asian country.
companies linked to quasi-sovereign fund 1MDB, according to documents from a government investigation published by the Wall Street Journal but not verified by Reuters. The revelations have triggered a political crisis and added to concerns about Malaysia’s already-fragile economy. It is the latest twist in a saga involving local tycoons, the investment bank Goldman Sachs, and state-backed companies from the Gulf. These had already made 1MDB a target for Najib’s political opponents………………………………………..Full Article: Source

Boris Picks Truell To Lead Wealth Fund Drive

Posted on 14 August 2015 by VRS  |  Email |Print

A top City financier is to spearhead Boris Johnson’s drive to create a multibillion pound sovereign wealth fund that would invest in housing and infrastructure across the UK. Edi Truell will step down as chairman of the London Pensions Fund Authority (LPFA) next month‎ in order to take up a new role as Mr Johnson’s advisor on pensions and investments.
Mr Truell, who formed one of the UK’s first specialist‎ pension buyout firms, Pension Insurance Corporation, will be charged with leading efforts to consolidate thousands of public sector pension funds. The move, which is in its embryonic stages, is aimed at driving down costs by merging the administration of a multitude of often-tiny pension schemes………………………………………..Full Article: Source

Modi Eyes Gulf Billions in Rare Visit by Indian Leader

Posted on 14 August 2015 by VRS  |  Email |Print

Narendra Modi heads to the United Arab Emirates in the coming week to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to toilets. Modi will be the first Indian prime minister in more than 30 years to visit the U.A.E., India’s third-biggest trade partner. The two-day visit will feature discussions that will probably refer to the sovereign wealth fund, according to Indian Foreign Ministry spokesman Vikas Swarup.
“I seek to enhance cooperation in energy, trade and will talk to investors on why India is an attractive destination,” Modi wrote on Facebook on Thursday. The Abu Dhabi Investment Authority’s $773 billion in assets is second only to those of Norway. Modi is scheduled to meet Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund………………………………………..Full Article: Source

Modi visit: UAE’s $800 bn sovereign wealth fund likely in talks

Posted on 14 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects. The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India.
Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi. Modi’s visit, the first by an Indian prime minister to the UAE in 34 years and his first to an Arab nation, has “been in the works for some time”………………………………………..Full Article: Source

Modi visit: UAE’s USD 800 bn sovereign wealth fund likely in talks

Posted on 13 August 2015 by VRS  |  Email |Print

A key focus area of talks during Prime Minister Narendra Modi’s visit to the UAE on August 16-17 is expected to be the Gulf country’s estimated $800 billion sovereign wealth fund that India will seek to tap for infrastructure projects.
The Abu Dhabi Investment Authority (ADIA) sovereign wealth fund is said to be the world’s second largest sovereign wealth fund. It is believed to be one of the investors in HDFC’s $1-billion offshore fund to finance affordable housing projects in India. Modi’s visit comes as the UAE has appointed Ahmad Sultan Al Falahi as the new trade attache at the United Arab Emirates embassy in New Delhi………………………………………..Full Article: Source

Indian PM Narendra Modi eyes UAE’s $800 billion sovereign fund to boost infrastructure spending

Posted on 13 August 2015 by VRS  |  Email |Print

Narendra Modi, whose foreign visits over the past year was aimed at attracting much needed foreign investment to boost the economy, would try to lure a share from $800-billion sovereign fund of the UAE for infrastructural needs as well as give momentum to Bilateral Investment Protection Agreements (BIPA) that has not functioned to its potential to attract investments.
Buoyed by the oil economy, UAE sovereign wealth fund is estimated at over $800 billion and Modi would like to attract part of this fund, imperative for the country’s infrastructural needs estimated at one trillion dollars, officials hinted. The Abu Dhabi Investment Authority (ADIA) is the sovereign wealth fund owned by Emirate of Abu Dhabi (in the UAE) founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi………………………………………..Full Article: Source

Kwa Chong Seng to be next Olam chairman

Posted on 13 August 2015 by VRS  |  Email |Print

Kwa Chong Seng will become non-executive chairman at Olam International from Oct 31, replacing Mr R Jayachandran who is retiring, the Singapore-listed agricultural commodities giant said on Wednesday (Aug 12). Olam International Ltd. to is the commodity trader controlled by Temasek Holdings Pte.
Mr Kwa, who is currently Olam’s deputy chairman, has been an independent non-executive director at the firm since Oct 1, 2014. He had been chairman and managing director of ExxonMobil Asia Pacific and he also served as deputy chairman of Temasek Holdings from 1997 to 2012………………………………………..Full Article: Source

Abu Dhabi Sovereign Fund Unit CEO Departs, CIO Said to Leave

Posted on 12 August 2015 by VRS  |  Email |Print

Nazem Al Kudsi, the chief executive officer of Abu Dhabi Investment Company, a unit of sovereign wealth fund Abu Dhabi Investment Council, has left after seven years at the firm, the company said.
Kudsi left to purse new opportunities, according to Mohammed Al Hashemi, the executive director of asset management at the company also known as Invest AD. Khalifa Sultan Al Suwaidi, the director of direct investments at ADIC and a member of the Invest AD board, has been interim CEO since January, Hashemi said by e-mail on Monday………………………………………..Full Article: Source

Norway oil fund chief fears boards neglecting core task

Posted on 10 August 2015 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund is increasingly concerned that company boards are overburdened and in danger of losing out to private equity groups in recruiting the best directors. Yngve Slyngstad, chief executive of the manager of Norway’s $870bn oil fund, told the Financial Times that listed companies were neglecting their core role of making their businesses more profitable.
“Is it possible that we are burdening the boards with so many different tasks that the main task and focus of the board, which is to create long-term profitable companies, will be inundated by all other types of issues?” Mr Slyngstad asked……………………………………….Full Article: Source

Norway oil fund chief jettisons passivity

Posted on 10 August 2015 by VRS  |  Email |Print

As befits somebody who once spent six months alone in a remote Arctic cabin studying Kant, Hegel and Heidegger, Yngve Slyngstad is something of a corporate philosopher. Mr Slyngstad, who heads Norway’s oil fund, the world’s largest sovereign wealth fund, is not merely content with trying to make more money for the local population. He is also thinking deeply about how companies and markets work.
“Where do we actually see the public company going forward? How can we make sure that the public company is actually able to put together a profitable proposition and appropriate flexibility in the way they run their business?” he says in an interview in his office in Norway’s central bank, which manages the fund………………………………………..Full Article: Source

SG50: Temasek chairman tops list of National Day Award recipients

Posted on 10 August 2015 by VRS  |  Email |Print

Former Cabinet minister and Temasek Holdings chairman S Dhanabalan tops the list of 3,888 National Day Awards recipients this year, being awarded the nation’s highest honour, the Order of Temasek (First Class).
Immediate past president of the Singapore National Employers Federation Stephen Lee was conferred the Order of Nila Utama (First Class) for his contributions in building a strong tripartite partnership in Singapore………………………………………..Full Article: Source

As Others’ Eyes Roam, a Qatari Sheikh Sticks With Europe

Posted on 07 August 2015 by VRS  |  Email |Print

While most sovereign wealth funds in the Gulf are moving away from European trophy assets, Sheikh Hamad Bin Jassim Bin Jabr Al Thani is sticking to a strategy honed as head of the $250 billion Qatar Investment Authority. The former Qatari prime minister is taking a 10 per cent stake in Spain’s El Corte Ingles, western Europe’s largest department store owner, adding to an agreement last year to inject 1.75 billion euros ($1.94 billion) into Deutsche Bank.
While Sheikh Hamad continues to pursue prestigious European investments, the fund he once headed is heading away from its strategy of buying stakes in European companies such as Barclays and Total. The QIA—and other Gulf funds—are looking increasingly to Asia to capitalise on the region’s growing population and economies, with Qatar saying in December it plans a $10 billion venture with China’s Citic Group………………………………………..Full Article: Source

Pasir Ris-Punggol GRC: Temasek exec attends her ‘first formal event’

Posted on 03 August 2015 by VRS  |  Email |Print

A Temasek Holdings investment director and potential election candidate for the People’s Action Party (PAP) was seen at a tree-planting event in Pasir Ris-Punggol GRC. Ms Sun Xueling, also known as Soon Sher Rene, was with Deputy Prime Minister Teo Chee Hean, National Development Minister Khaw Boon Wan and MP Janil Puthu-cheary at Punggol Promenade greeting residents and helping with tree-planting.
The 36-year-old started helping out at grassroots events in Buona Vista in 2001 before she joined Punggol West. Punggol West grassroots leaders said she has been seen at closed-door PAP sessions recently and there has been speculation on whether she will be a candidate………………………………………..Full Article: Source

Fifth of Libya’s wealth fund untraced since Gaddafi

Posted on 30 July 2015 by VRS  |  Email |Print

An estimated 20 percent of Libya’s $67bn-plus sovereign wealth fund, the Libyan Investment Authority (LIA), has yet to be fully traced since the death of Colonel Gaddafi. The LIA appointed Deloitte in 2012 to conduct an audit of all of its assets – many of which are tied up in investments outside the country.
The auditor’s report was sent to the LIA in 2013 but has never been made public. The only detail the LIA released was the fund’s total value, estimated by Deloitte to be around $67 billion………………………………………..Full Article: Source

ADIA names head of Japan for the fund’s internal equities department

Posted on 29 July 2015 by VRS  |  Email |Print

Hisashi Kuroda joined the Abu Dhabi Investment Authority’s internal equities department as head of Japan, ADIA announced in a news release Tuesday. Kuroda replaces David Greenhalgh, who left in mid-2014 after more than a decade with ADIA to become chief investment officer of London-based New Chapel Asset Management.
Kuroda comes to ADIA from Meiji Yasuda Asset Management, where he served as general manager of the company’s Japanese equity team. A Meiji Yasuda spokeswoman said Hironobu Kanegae, senior portfolio manager on the firm’s domestic equities team, was promoted to the general manager role………………………………………..Full Article: Source

Temasek chief Ho Ching extends sabbatical leave

Posted on 27 July 2015 by VRS  |  Email |Print

Temasek Holdings said its chief executive officer Ho Ching has taken the option of extending her part-time sabbatical leave to six months. Her sabbatical will be completed in October. She will continue with her board duties and specific stewardship duties, the Singapore investment company said in a statement on its website.
Temasek had announced in April that Ms Ho was to take three months of sabbatical leave. No reason was given. Yesterday, Temasek said its president, Mr Lee Theng Kiat, will continue to cover all normal course of business at Temasek……………………………………….Full Article: Source

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