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Sovereign Wealth Funds Briefing - Category | Fund Profile/New Launches more

Failure to create sovereign wealth fund ‘real missed opportunity’: NDP

Posted on 22 June 2016 by VRS  |  Email |Print

The Saskatchewan government’s failure to act on a three-year-old report recommending the establishment of a sovereign wealth fund is a “real missed opportunity,” according to the interim leader of the Opposition NDP.
“It’s frankly unacceptable that we’ve come through a decade-long period of record revenues without having any long-term savings,” said Trent Wotherspoon, who was appointed interim leader of the Saskatchewan NDP in April………………………………………..Full Article: Source

LIC willing to be partner in India’s maiden sovereign wealth fund

Posted on 16 June 2016 by VRS  |  Email |Print

India’s largest insurer LIC on Wednesday said it is willing to participate in India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF) as the state-owned company’s own core focus is also on infrastructure investment. “LIC has enough funds to invest in NIIF. LIC’s core focus is infrastructure investment. There is no problem in investment quantum,” LIC Chairman S K Roy said.
The government has set up the Rs.40,000 crore NIIF to facilitate funding in infrastructure projects. NIIF has already signed an MoU with Russia’s Rusnano, the Abu Dhabi Infrastructure Authority (ADIA) and the Qatar sovereign wealth fund, Quatar Investment Authority (QIA) to study investment opportunities in the Indian infrastructure sector………………………………………..Full Article: Source

Indian Finance Minister Arun Jaitley Reviews Sovereign Wealth Fund Status

Posted on 10 June 2016 by VRS  |  Email |Print

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalizing National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, including selection of its CEO and projects shortlisted for making initial investments.
The second Governing Council meeting of the Rs 40,000 crore National Investment and Infrastructure Fund (NIIF) also discussed the follow-up action being taken on the memorandums of understanding (MoUs) signed with Rusnano of Russia, ADIA of Abu Dhabi and the Qatar Investment Authority………………………………………..Full Article: Source

Indian FM Arun Jaitley reviews sovereign wealth fund’s status

Posted on 09 June 2016 by VRS  |  Email |Print

A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), including the selection of its CEO and projects shortlisted for making initial investments.
The second Governing Council meeting of the Rs 40,000 crore NIIF also discussed the follow-up action being taken on the MoUs signed with Rusnano of Russia, Abu Dhabi Investment Authority (ADIA) of Abu Dhabi and Qatar Investment Authority. “The Governing Council was apprised of the interactions that have been held with a large number of long term investors, Sovereign Wealth Funds, Pension Funds from across the globe, seeking to invest in the NIIF,” a finance ministry statement said………………………………………..Full Article: Source

Failure to create sovereign wealth fund ‘real missed opportunity’: NDP

Posted on 08 June 2016 by VRS  |  Email |Print

The Saskatchewan government’s failure to act on a three-year-old report recommending the establishment of a sovereign wealth fund is a “real missed opportunity,” according to the interim leader of the Opposition NDP.
“It’s frankly unacceptable that we’ve come through a decade-long period of record revenues without having any long-term savings,” said Trent Wotherspoon, who was appointed interim leader of the Saskatchewan NDP in April. In 2013, Premier Brad Wall commissioned former University of Saskatchewan president Peter MacKinnon to investigate sovereign wealth funds — large investment vehicles funded by profits from natural resource extraction………………………………………..Full Article: Source

Jaitley meets investors, pitches for infra funding

Posted on 02 June 2016 by VRS  |  Email |Print

Pitching for investment in India’s first sovereign wealth fund NIIF, Finance Minister Arun Jaitley today met global investors and promised them an “advantageous” tax regime in the country. The Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) was set up in December and is an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.
During his meeting with global investors, the Minister highlighted the second-generation reform measures undertaken by the government by way of opening up various sectors to FDI as well as making India an investor friendly environment………………………………………..Full Article: Source

Oil Fund celebrates its first 20 years

Posted on 01 June 2016 by VRS  |  Email |Print

Øystein Olsen has a lot to celebrate this week. He beat out all competition to keep his job as Norway’s central bank chief for another six years, and then could celebrate the 20th anniversary on Tuesday of arguably the bank’s most important operation that’s made Norway a financial powerhouse worldwide.
It was on May 31, 1996 that Norway’s Finance Ministry made its first deposit of money from oil revenues into the country’s newest state pension fund that immediately became known as the Oil Fund. The idea was to invest oil revenues in international stock markets and thereby stash away the vast majority of the country’s oil wealth for the benefit of future generations………………………………………..Full Article: Source

Saudi Wealth Fund Plans Would Make It the World’s Largest: Chart

Posted on 27 May 2016 by VRS  |  Email |Print

Saudi Arabia is planning to create the world’s largest sovereign wealth fund by adding ownership of oil giant Saudi Aramco and other key assets to the Public Investment Fund. With a potential value of more than $2 trillion — mostly based on what Aramco is worth — the fund would be more than double the size of the Norwegian fund, the world’s largest.
Saudi Arabia is seeking to hire international bankers to help manage the fund and boost its investments overseas as part of a plan to reduce the kingdom’s reliance on oil………………………………………..Full Article: Source

Key questions raised by the $2 trillion Saudi wealth fund plan

Posted on 27 May 2016 by VRS  |  Email |Print

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.
The fund is at the center of efforts to diversify revenue from oil under an economic transformation plan known as Vision 2030. The 84-page Vision blueprint includes plans to restructure the country’s finances, administration and reshape oil giant Saudi Aramco into an industrial and energy conglomerate………………………………………..Full Article: Source

Key Questions Raised by the $2 Trillion Saudi Wealth Fund Plan

Posted on 26 May 2016 by VRS  |  Email |Print

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.
The fund is at the center of the kingdom’s efforts to diversify revenue from oil under an economic transformation plan known as Vision 2030. The 84-page Vision blueprint includes plans to restructure the country’s finances, administration and reshape oil giant Saudi Aramco into an industrial and energy conglomerate………………………………………..Full Article: Source

Domestic focus may limit clout of $2 trillion Saudi fund

Posted on 19 May 2016 by VRS  |  Email |Print

Saudi Arabia aims to create the world’s biggest sovereign wealth fund, a $2 trillion behemoth that can throw its weight around global markets, but the fund’s growth abroad is likely to be slowed by its responsibility for aiding the economy at home. Building the Public Investment Fund (PIF) into “the largest fund in the world by far” is a cornerstone of radical economic reforms announced by Deputy Crown Prince Mohammed bin Salman last month to cut the kingdom’s reliance on oil.
The PIF, founded in 1971 to finance development projects in Saudi Arabia and until now little known abroad, is to grow from 600 billion riyals ($160 billion) to over 7 trillion riyals, helping make Riyadh a global “investment power”, he said. The biggest sovereign fund so far is Norway’s, worth $852 billion………………………………………..Full Article: Source

Sujoy Bose may head India’s quasi-sovereign wealth fund NIIF

Posted on 18 May 2016 by VRS  |  Email |Print

Sujoy Bose, the global co-head for infrastructure and natural resources at International Finance Corporation, is likely to be appointed as the first CEO of India’s pioneering quasi-sovereign wealth fund, (SWF) the National Infrastructure and Investment Fund (NIIF), official sources told FE.
The other contender for the post has been Luis Miranda, an adviser at Morgan Stanley Investment Management and a former CEO of IDFC Private Equity. The sources said Bose’s name has been recommended by the finance ministry to head NIIF as he will be able to hit the ground running given his current assignment at IFC, the private lending arm of the World Bank. His appointment order is expected shortly………………………………………..Full Article: Source

Domestic Focus May Limit Clout of $2 Trillion Saudi Fund

Posted on 18 May 2016 by VRS  |  Email |Print

Saudi Arabia aims to create the world’s biggest sovereign wealth fund, a $2 trillion behemoth that can throw its weight around global markets, but the fund’s growth abroad is likely to be slowed by its responsibility for aiding the economy at home.
Building the Public Investment Fund (PIF) into “the largest fund in the world by far” is a cornerstone of radical economic reforms announced by Deputy Crown Prince Mohammed bin Salman last month to cut the kingdom’s reliance on oil. The PIF, founded in 1971 to finance development projects in Saudi Arabia and until now little known abroad, is to grow from 600 billion riyals ($160 billion) to over 7 trillion riyals, helping make Riyadh a global “investment power”, he said………………………………………..Full Article: Source

Saudi Arabia’s Vision 2030 is remarkable, but it will still need oil in four years

Posted on 09 May 2016 by VRS  |  Email |Print

Prince Mohammed bin Salman’s TV interview to launch Saudi Arabia’s Vision 2030 was an unprecedented event, where headline writers rushed to describe the details as a transformational plan to wean the country off oil. Most remarkable of the things said in that interview on April 25 was the deputy crown prince’s promise to end oil dependence by 2020 – in four short years.
How would this be achieved? Well, about US$100 billion of new taxes will be introduced by then, austerity would be into its fourth year, while Saudi Aramco’s transfer to the Public Investment Fund (PIF) would “make investments the source of Saudi government revenue, not oil”………………………………………..Full Article: Source

India: Government looking to create a fund for steel firms under NIIF

Posted on 09 May 2016 by VRS  |  Email |Print

Government is looking at creating a fund under India’s first sovereign wealth fund, NIIF, which will address capital requirements of domestic steel companies. The government in December created the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF) as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.
“Government is also working on operationalising National Infrastructure Fund, the sovereign fund, and that is envisaged as a mother fund and within that there will be specific sectoral funds. “We are trying to see how we can structure something for the steel industry there, which I think will definitely go a long way in bringing down the capital costs,” Steel Secretary Aruna Sundararajan said………………………………………..Full Article: Source

SNB Chair Jordan: Swiss National Bank Rejects Sovereign Wealth Fund

Posted on 02 May 2016 by VRS  |  Email |Print

Swiss National Bank (SNB) Chairman Jordan maintained familiar rhetoric surrounding interest rates and the franc at the bank’s shareholder meeting on Friday. He continued to insist that the bank had not exhausted its policy options and would not hesitate to take unconventional steps in the face of a franc, which is still significantly overvalued.
Any action to cut rates further or intervene would be taken on the basis of costs and benefits over the short and longer term. The huge expansion of the SNB balance sheet remains an important issue for the bank, monetary policy and shareholders. Jordan rejected calls for Switzerland to set up a sovereign wealth fund to mange the foreign exchange reserves, which have increased, to CHF576bn………………………………………..Full Article: Source

How much would 5% of Saudi Aramco be worth?

Posted on 29 April 2016 by VRS  |  Email |Print

In 2005, McKinsey said Aramco was worth about $0.781 trillion. The Sovereign Wealth Fund Institute recently pegged its value at around $2.1 trillion. The Saudi deputy crown prince Mohammad bin Salman put the number at $2.5 trillion.
Mohammed al-Sabban, a Saudi former petroleum advisor, reckons even more - at least $10 trillion. But what is Saudi Aramco, the kingdom’s state-owned oil jewel, really worth? Salman talks of plans for a $2 trillion sovereign wealth fund, resting heavily on the transfer of ownership of the kingdom’s national oil company………………………………………..Full Article: Source

Saudi Arabia plans $2tn sovereign wealth fund in move away from oil

Posted on 27 April 2016 by VRS  |  Email |Print

Saudi Arabia said it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy. Prince Mohammed said part of the plan is ”to sell less than five per cent of Aramco” in an initial public offering (IPO), valuing the company at between US$2tn and US$2.5tn.
Part of the funds from the share sale, Mohammed said, will be used to set up a US$2tn sovereign wealth fund (SWF), which would easily surpass Norway’s US$865bn fund as the world’s biggest. SWFs are used commonly as investment arms for oil-dependent nations seeking to diversify revenue streams, and are among the world’s largest institutional investors………………………………………..Full Article: Source

Saudi Arabia to sell less than 5% of Aramco, create $2 trillion fund

Posted on 26 April 2016 by VRS  |  Email |Print

Saudi Arabia said Monday it would create the world’s largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy.
The announcement of the long-term reform programme, dubbed “Saudi Vision 2030″, marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades, amid a steep fall in prices………………………………………..Full Article: Source

Everything in play for Saudi wealth fund

Posted on 26 April 2016 by VRS  |  Email |Print

Saudi Arabia’s cabinet has approved a sweeping package of reforms aimed at modernising the kingdom’s economy while cutting its heavy dependency on oil. Deputy Crown Prince Mohammed bin Salman, 31, set out the plans in Vision 2030, a blueprint for the nation’s future published.
It proposed the creation of the world’s biggest sovereign wealth fund by floating a stake of less than 5 per cent in Saudi Aramco, the state oil producer, plus a string of tax rises and spending cuts designed to boost efficiency and trim government waste………………………………………..Full Article: Source

Saudi prince bets on $2 trillion wealth fund

Posted on 25 April 2016 by VRS  |  Email |Print

An ambitious 31-year-old Saudi royal will set bankers’ hearts aflutter tomorrow by unveiling what is billed as the biggest economic reform programme in the kingdom’s 84-year history. Prince Mohammed bin Salman’s grand plan is expected to include the creation of a $2 trillion (£1.4 trillion) sovereign wealth fund and a partial float of the world’s biggest oil company, Saudi Aramco.
The presentation in Riyadh will be a pivotal moment for MBS, as he is known. The fiercely determined son of King Salman — now 80 and in fragile health — is second in line to the throne. His attempt to shake up the kingdom can be interpreted in two ways………………………………………..Full Article: Source

Saudi’s $2 trillion megafund is a sign of changing times

Posted on 25 April 2016 by VRS  |  Email |Print

In an interview with US news outlet at the end of last month, Deputy Crown Prince Mohammad bin Salman announced that Saudi Arabia is planning a $2 trillion sovereign wealth fund to wean the country off its dependency on oil. Currently around 80 percent of Saudi’s budget revenues come from the petroleum sector, and a priority of the government is to diversify its income.
According to the prince, if the plan succeeds, investments could be the primary source of Saudi government revenue within two decades. The fund would also be the largest sovereign wealth fund in the world, dwarfing Norway’s government pension fund, which currently has $825 billion worth of assets………………………………………..Full Article: Source

Qatar Investment Authority’s lack of transparency goes against standards for sovereign wealth funds

Posted on 25 April 2016 by VRS  |  Email |Print

Questions about how sovereign wealth funds work practically and what happens when they are not handled in a transparent way loom large especially when it comes to the Qatar Investment Authority (QIA). Sovereign wealth funds act on behalf of the nations they serve to help with pursuing capital opportunities that are intended to lift economies and create symbiotic international business partnerships.
The sovereign wealth fund, functioning on behalf of an oil-rich Gulf state of Qatar, is considered by some to be the only sovereign wealth fund not compliant with a set of global standards called the Santiago Principles. For example, the Wall Street Journal reports that the QIA does not disclose the total amount of capital that it manages or publish an annual report as stipulated by the standards………………………………………..Full Article: Source

Egypt launches sovereign wealth fund as economy bites

Posted on 14 April 2016 by VRS  |  Email |Print

In June, Egypt’s cabinet formally approved plans for the country to establish a Sovereign Wealth Fund (SWF). According to Planning Minister Ashraf El-Araby, the fund is to be called Amlak, and will be state owned via the National Investment Bank. The SWF will also be tasked with running a number of state assets.
In the same month, Egypt’s Minister of Industry and Trade Mounir Fakhry Abdel Nour told Russian media that the Russian Direct Investment Fund and Arabian SWFs will play a role in establishing the fund. He added that the fund will be focused on communications, logistics and travel infrastructure in particular………………………………………..Full Article: Source

Birth of a new mega sovereign wealth fund

Posted on 11 April 2016 by VRS  |  Email |Print

If Saudi Arabia’s plans to partially list Aramco and raise $2 trillion from the public market fructify, it will also result in transformation of the Public Investment Fund (PIF) into a giant sovereign wealth fund, potentially reducing the role of Saudi Arabia Monetary Agency (SAMA) in managing public funds.
According to the International Monetary Fund (IMF) the PIF had assets of about 310 billion Saudi riyals (Dh303 billion) or 11.1 per cent of GDP in 2014 with foreign assets of 13.9 billion riyals as of the third quarter of 2015. It has outstanding loans of SAR101 billion as of the third quarter 2015………………………………………..Full Article: Source

Saudi Aramco IPO could raise $106 billion for sovereign wealth fund

Posted on 11 April 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund could receive $106 billion in cash from the sale to the public of a 5% stake in oil giant Aramco’s parent company, according to the Sovereign Wealth Fund Institute. “Suitable investors in Aramco could be long-term institutional investors such as the Canadian pensions, or even Asian sovereign wealth funds,” the Las Vegas-based consultant and researcher said in a report.
“If an Aramco deal goes through, it could be a blueprint for other Saudi state-owned entities to follow, thus potentially increasing the cash pot of the Public Investment Fund while enlarging domestic markets.”……………………………………….Full Article: Source

The Truth Behind Saudi Arabia’s $2 Trillion Sovereign Wealth Fund

Posted on 11 April 2016 by VRS  |  Email |Print

Though Saudi Arabia’s plan of a $2 trillion fund exudes power and confidence, raising a megafund of that size is practically next to impossible, unless crude oil prices see a significant appreciation or Saudi Arabia plans to sell a higher portion of Aramco.
The Saudi Deputy Crown Prince Mohammed bin Salman has outlined ambitious plans for the future of the Kingdom in his five-hour long interview with Bloomberg. He wants to reduce Saudi Arabia’s dependence on oil; however, there are numerous hiccups to his proposed plans………………………………………..Full Article: Source

Saudi Aramco Share Sale May Raise $106 Billion for Wealth Fund

Posted on 08 April 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund could receive $106 billion in cash from the sale of a 5 percent stake in oil giant Aramco’s parent company, according to the Sovereign Wealth Fund Institute.
“Suitable investors in Aramco could be long-term institutional investors such as the Canadian pensions, or even Asian sovereign wealth funds,” the Las Vegas-based consultant and researcher said in a report released on Thursday. “If an Aramco deal goes through, it could be a blueprint for other Saudi state-owned entities to follow, thus, potentially increasing the cash pot of the Public Investment Fund, while enlarging domestic markets.”……………………………………….Full Article: Source

How Saudi Arabia Can Have the Largest Sovereign Wealth Fund

Posted on 08 April 2016 by VRS  |  Email |Print

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, son of King Salman and a chief political powerbroker, revealed publicly that the Kingdom of Saudi Arabia intends to have a colossal sovereign wealth fund, in addition to the current massive pool of foreign reserves being managed by the Saudi Arabian Monetary Agency (SAMA).
Some estimates see Aramco as high as US$ 10 trillion, while some analysts base it at the lower range of US$ 100 billion due to the proximity of government-control concerns. How can asset managers seize upon this probable scenario?……………………………………….Full Article: Source

How Realistic Is Saudi Arabia’s $2 Trillion Sovereign Wealth Fund?

Posted on 08 April 2016 by VRS  |  Email |Print

Though Saudi Arabia’s plan of a $2 trillion fund exudes power and confidence, raising a megafund of that size is practically next to impossible, unless crude oil prices see a significant appreciation or Saudi Arabia plans to sell a higher portion of Aramco.
The Saudi Deputy Crown Prince Mohammed bin Salman has outlined ambitious plans for the future of the Kingdom in his five-hour long interview with Bloomberg. He wants to reduce Saudi Arabia’s dependence on oil; however, there are numerous hiccups to his proposed plans………………………………………..Full Article: Source

Saudi prince wants world’s largest sovereign wealth fund

Posted on 07 April 2016 by VRS  |  Email |Print

In an interview with Bloomberg, Saudi Deputy Crown Prince Mohammed bin Salman said he is planning to transform the kingdom’s Public Investment Fund into a sovereign wealth fund billed as the largest on the planet. It will be a fund so large that the country will eventually rely more on investment income than oil income.
For decades, the world’s largest oil exporter has kept most of its wealth at the Saudi Arabian Monetary Agency, ignoring calls from economists at home and abroad to create a separate sovereign fund. But with the slump in crude prices, the status quo can remain no more………………………………………..Full Article: Source

Saudi Arabia plots major takeovers: GBP1.4TRN fund is big enough to buy Apple and Facebook

Posted on 05 April 2016 by VRS  |  Email |Print

Desperate Saudi Arabia is to create a £1.4TRILLION sovereign wealth fund to raise the cash needed to keep its economy afloat amid plunging profits from lower oil prices. The fund would be the largest in the world and could give the country the mechanism to buy - and control - some of the biggest companies in the globe, including Google, Apple and Facebook.
Cash for the fund is set to be raised by privatising state-owned oil company Saudi Aramco. The aim is to generate income from investments and away from oil, as the Kingdom undertakes the biggest economic reforms the country has ever seen. As part of the changes, Saudi is also set to slap citizens with more taxes and increase subsidy cuts………………………………………..Full Article: Source

Saudi Arabia is planning to create $2 trillion sovereign wealth fund

Posted on 04 April 2016 by VRS  |  Email |Print

Saudi Arabia is planning to create a $2 trillion sovereign wealth fund to reduce the country’s reliance on oil and fundamentally change its economy, according to Bloomberg.
In an interview with Bloomberg Saudi Deputy Crown Prince Mohammed Bin Salman said the fund, which would be the biggest in the world — easily eclipsing the funds of both Norway and Qatar — is designed to help the country’s economy rely less on oil. As part of fund’s creation, the kingdom will go ahead with an initial public offering of its state-run oil firm Aramco, selling no more than 5% of the company………………………………………..Full Article: Source

Why There’s Less To Saudi Arabia’s New $2 Trillion Wealth Fund Than Meets The Eye

Posted on 04 April 2016 by VRS  |  Email |Print

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman (known to most people in the kingdom as MBS) has renewed his push to reform the Saudi economy, by announcing plans to create a $2 trillion sovereign wealth fund and part-privatize the national oil company Saudi Aramco within two years.
In an interview with Bloomberg, MBS also said Saudi Arabia will not freeze crude oil production unless other countries do so. Extensive interviews are a relatively rare phenomenon for Saudi leaders, so such public pronouncements are useful indicators of what the authorities in Riyadh are thinking………………………………………..Full Article: Source

Egypt to establish SWF with Arab investments

Posted on 29 March 2016 by VRS  |  Email |Print

Minister of Planning Ashraf El-Araby revealed that the government will establish a sovereign wealth fund to invest in infrastructure. The fund will be owned by the state with subsidiaries funds for different sectors, including agriculture, electricity, and industry. A number of Arab investment funds will participate with 50%.
Egypt launched its sustainable development strategy for 2030 in February. The strategy governs the economic development plans to achieve sustainability in partnership with the private sector and civil society, as well as many international organisations operating in Egypt, El-Araby said………………………………………..Full Article: Source

Forty years on, Adia continues to evolve and grow

Posted on 22 March 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (Adia) said they made great strides in developing internal capabilities and increasing its internal flexibility to adapt to changing market conditions as the sovereign wealth fund celebrates its 40 years existence.
In an open letter on Monday, Managing Director of Adia, Shaikh Hamed Bin Zayed Al Nahyan said the institution has witnessed much in its history, from market booms to steep declines, and wide swings in commodity prices. “The responsibility we hold requires us to navigate with a steady hand through all conditions, never losing sight of the horizon. This ensures we are able to fulfil our obligations at all times, without compromising our long term investment goals or reputation in the market,” he said………………………………………..Full Article: Source

ADIA at 40: Sovereign wealth fund has really safeguarded the Emirate, says Eissa Al Suwaidi

Posted on 22 March 2016 by VRS  |  Email |Print

When the Abu Dhabi Government was looking for experienced leaders such as Eissa Al Suwaidi for its newest sovereign wealth fund in 2007, it looked no further than the Emirate’s biggest pool of financial talent: the Abu Dhabi Investment Authority (Adia).
Mr Al Suwaidi joined the Abu Dhabi Investment Council, Adia’s sister fund and main domestic peer, at its creation and became its managing director last year. Like many of the chiefs of Abu Dhabi and UAE institutions, including the Central Bank, the top echelons of the financial elite are graduates of Adia………………………………………..Full Article: Source

Norwegian National Oil Fund: A sovereign wealth fund to emulate

Posted on 22 March 2016 by VRS  |  Email |Print

Pragmatic economic management of Norway’s oil wealth has ensured that future generations will benefit from the wisdom and incorruptibility of their ancestors. Stavanger is perhaps the epitome of the economic transformation of Norway.
A sleepy fishing town, Stavanger once had good times, a decades-long boom in herring fishing, which ended suddenly with plunging catches after 1870. Like the rest of Norway, the town collapsed, with a huge fleet of wooden sailing ships and an agricultural economy. And in comparison to its industrialising neighbours, Norway was being left behind………………………………………..Full Article: Source

Not All Carnival In Trinidad & Tobago

Posted on 21 March 2016 by VRS  |  Email |Print

Should Prime Minister Andrew Holness desire vindication for his promise to honour Jamaica’s agreement with the International Monetary Fund (IMF), including the programme of fiscal consolidation, he might look to Trinidad and Tobago (T&T), the English-speaking Caribbean’s economic powerhouse, where the Fund has just completed its annual Article IV consultation on the country’s economy.
The positive news of the Port-of-Spain government is that the country has foreign reserves of around US$9.6 billion. There is another US$5.6 billion in sovereign wealth fund - the Heritage and Stabilisation Fund - the kind of investment that Jamaica was expected to make when it imposed its bauxite levy but was mostly consumed in general spending………………………………………..Full Article: Source

Commonwealth makes proposal on Sovereign Wealth Fund

Posted on 17 March 2016 by VRS  |  Email |Print

The Commonwealth Secretariat made a proposal to the Guyana Government on the establishment of a Sovereign Wealth Fund (SWF) which puts Parliament at the apex of its management.
A release from the Ministry of the Presidency said that Minister of Natural Resources, Raphael Trotman along with Finance Secretary, Dr. Hector Butts and other officials from the Finance Ministry and the Guyana Revenue Authority (GRA), met with Economic Adviser at the Oceans and Natural Resources Division of the Commonwealth Secretariat, Dr. Daniel Wilde who proposed a model for Guyana’s SWF………………………………………..Full Article: Source

Infrastructure Giants Line Up For New UK Fund

Posted on 16 March 2016 by VRS  |  Email |Print

Some of the world’s most successful infrastructure investors have been lured to spearhead a new British vehicle created from billions of pounds of local government and public sector pension funds. British Infrastructure Club (BIC)‎, which will seek to replicate the track record of leading state-backed investment funds, will be headed by Graeme Bevans, the architect of Canada Pension Plan Investment Board’s (CPPIB) infrastructure wing.
he Mayor of London has been a staunch advocate of the creation of a UK sovereign wealth fund with sufficient firepower to invest in British transport, housing and other critical national infrastructure………………………………………..Full Article: Source

Taiwan’s government keen to establish a stated-owned investment vehicle

Posted on 10 March 2016 by VRS  |  Email |Print

Taiwan’s president-elect, Tsai Ing-wen, is reportedly looking to establish a state-owned investment entity as a means of propelling local innovative industries. Capital for the fund is expected to be raised from local pensions, local sovereign funds and insurance funds.
Ms. Tsai’s financial adviser, Kung Ming-hsin, told local media that the new government would be the entity’s largest shareholder with holdings of about 50%, while local and foreign investors will hold the remainder. Mr. Kung explained that a stated-owned investment vehicle was preferred over a sovereign wealth fund because the latter’s threshold is considered to be too high at amounts of between US$20 billion and $30 billion………………………………………..Full Article: Source

Taiwan: Tsai mulling wealth fund

Posted on 07 March 2016 by VRS  |  Email |Print

The incoming administration is moving to establish a new quasi-sovereign wealth fund with local and overseas cash to finance emerging industries, a top adviser to president-elect Tsai Ing-wen said.
According to a plan she is considering, the government would be the largest shareholder in the fund, with ownership at less than 50 percent, while the rest would be comprised of local and foreign investors, said Kung Ming-hsin , Tsai’s top adviser on industry policy. The fund would help nurture the development of key industries such as biotechnology and smart machinery, Kung said………………………………………..Full Article: Source

Care needed for sovereign fund plan

Posted on 07 March 2016 by VRS  |  Email |Print

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

Osborne unveils sovereign wealth fund

Posted on 07 March 2016 by VRS  |  Email |Print

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

Taiwan’s Tsai mulls new quasi-sovereign fund to boost industries

Posted on 04 March 2016 by VRS  |  Email |Print

Taiwan’s incoming administration is moving to establish a new quasi-sovereign wealth fund with local and overseas cash to finance emerging industries, according to a top adviser to President-elect Tsai Ing-wen.
Under a plan she is now considering, the government will be the largest shareholder in the fund with ownership below 50 per cent, while the rest will be comprised of local and foreign investors, said Kung Ming-Hsin, Ms Tsai’s top adviser on industry policy. The fund will help nurture the development of key industries such as biotechnology and smart machinery, he said………………………………………..Full Article: Source

Sabah setting up sovereign wealth fund

Posted on 01 March 2016 by VRS  |  Email |Print

Sabah is looking to develop its own sovereign wealth fund — Sabah Development Bhd — in the fashion of Khazanah Nasional Bhd, which is wholly owned by the federal government, sources say. It is understood that the final details — such as what assets will be injected into the entity — are being discussed now, and the plan has been gestating for more than a year.
“The plan is for the Ministry of Finance of Sabah to control the entity. The initial plan [involves Sabah Development having] a presence in a few sectors such as oil and gas, financial services and infrastructure, and possibly even one unit conducting strategic investments,” a source says………………………………………..Full Article: Source

Malaysian 1MDB scandal: What you need to know about corruption probe rocking global finance

Posted on 18 February 2016 by VRS  |  Email |Print

What does 1MDB stand for and when was it set up? It stands for 1 Malaysia Development Berhad. “Berhad” is a Malay word meaning “private” and is used to describe a limited company in Malaysia.
It was created as a sovereign wealth fund in 2009, not long after Nijib Razak became Malaysia’s prime minister. The government said it was set up to promote economic development, to promote foreign direct investment and to turn Kuala Lumpur into a global financial hub………………………………………..Full Article: Source

Arun Jaitley invites UAE to invest in India’s wealth fund NIIF

Posted on 11 February 2016 by VRS  |  Email |Print

Seeking investments from the UAE, Finance Minister Arun Jaitley on Wednesday said investors from the Gulf region could participate in India’s maiden sovereign wealth fund NIIF, which has been set up to fund infrastructure projects.
This was emphasised by Jaitley during his meeting with the visiting UAE Minister of Economy Sultan Al Mansoori here. Both the countries also stressed on need for increasing cooperation in the fields of innovation and small and medium enterprises, a finance ministry statement said………………………………………..Full Article: Source

Public gets say on sovereign wealth fund

Posted on 09 February 2016 by VRS  |  Email |Print

Residents soon will have the opportunity to voice their opinions on plans for the establishment of a sovereign wealth fund (SFW). The fund is aimed creating a mechanism for future budgetary surpluses that will ensure future economic prosperity of the Turks and Caicos Islands.
According to Premier Rufus Ewing further consideration, to a draft paper for wider consultation to establish a SWF for the TCI, will commence shortly. The Premier who was speaking at a recent press conference said the public will have the chance to give their comments on the development of the fund………………………………………..Full Article: Source

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