Opalesque Sovereign Wealth Funds Briefing http://www.opalesque.com/SWF_Briefing Tue, 03 May 2016 01:37:35 +0000 http://wordpress.org/?v=2.5.1 en World’s biggest fund will use its power to end boardroom greed http://www.opalesque.com/SWF_Briefing/?p=19701 http://www.opalesque.com/SWF_Briefing/?p=19701#comments Tue, 03 May 2016 01:37:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19701 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19701>Article Link</a> The world’s biggest fund is to use its huge influence to vote against fat cat pay and boardroom bad behaviour. Norway’s sovereign wealth fund - which has £595bn ($NZ1,240 billion) invested around the globe - will break its silence on excessive salaries at major companies and plans to shame the top payers. (more…)

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Norwegian wealth fund to focus on executive pay at AGMs http://www.opalesque.com/SWF_Briefing/?p=19700 http://www.opalesque.com/SWF_Briefing/?p=19700#comments Tue, 03 May 2016 01:37:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19700 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19700>Article Link</a> Head of world’s biggest wealth fund says levels of pay – not just structures – are now becoming a matter for international investor concern. Boardroom bosses have been put on alert that their pay has moved beyond being a focus for UK investors after the biggest wealth fund in the world said it was scrutinising pay deals. (more…)

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World’s largest sovereign fund to weigh in on executive pay controversy http://www.opalesque.com/SWF_Briefing/?p=19699 http://www.opalesque.com/SWF_Briefing/?p=19699#comments Tue, 03 May 2016 01:37:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19699 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19699>Article Link</a> Norway’s sovereign wealth fund, the biggest in the world with shares in more than 9,000 companies, will add its influential voice to those of investors increasingly concerned by executives’ skyrocketing pay. (more…)

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Moody’s rate assets of SOFAZ at Ba1 http://www.opalesque.com/SWF_Briefing/?p=19698 http://www.opalesque.com/SWF_Briefing/?p=19698#comments Tue, 03 May 2016 01:36:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19698 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19698>Article Link</a> Azerbaijan’s state oil fund was rated at Ba1 for the country’s long-term issuer and senior unsecured debt ratings by the international ratings agency Moody’s Investors Service. Moreover, Moody’s confirmed state-guaranteed senior unsecured debt rating of the Southern Gas Corridor’s at Ba1, according to the report of the rating agency posted on its website on April 29. (more…)

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Major Gulf Sovereign Fund Retools Fund Manager Strategy http://www.opalesque.com/SWF_Briefing/?p=19697 http://www.opalesque.com/SWF_Briefing/?p=19697#comments Tue, 03 May 2016 01:36:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19697 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19697>Article Link</a> The oil crisis (for those who produce oil) has shed some light on the practices of Gulf sovereign investors. Sizable fund redemptions by SWFs occurred in 2015. For example, Northern Trust faced major outflows from several sovereign wealth fund clients, between March 2015 and March 2016. (more…)

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Saudi PIF, SAMA Foreign Holdings among largest sovereign wealth funds http://www.opalesque.com/SWF_Briefing/?p=19696 http://www.opalesque.com/SWF_Briefing/?p=19696#comments Tue, 03 May 2016 01:36:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19696 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19696>Article Link</a> Saudi Arabia’s Public Investment Fund (PIF) is now the world’s 13th largest sovereign wealth fund with assets amounting to $160 billion by the end April, the Sovereign Wealth Fund Institute (SWFI) said in its latest report. (more…)

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NSIA retains best transparent African Sovereign Wealth firms’ rating http://www.opalesque.com/SWF_Briefing/?p=19695 http://www.opalesque.com/SWF_Briefing/?p=19695#comments Tue, 03 May 2016 01:36:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19695 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19695>Article Link</a> The Nigerian Sovereign Investment Authority (NSIA) has retained its strong position in the latest first quarter 2016 Linaburg-Maduell Transparency Index concluded by the Sovereign Wealth Fund Institute (SWFI). The Linaburg-Maduell Transparency Index, the internationally-renowned analyst of sovereign wealth funds, was developed at the Sovereign Wealth Fund Institute in 2008 by Carl Linaburg and Michael Maduell. (more…)

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Qatar’s sovereign wealth fund shifts focus to Asia http://www.opalesque.com/SWF_Briefing/?p=19694 http://www.opalesque.com/SWF_Briefing/?p=19694#comments Tue, 03 May 2016 01:35:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19694 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19694>Article Link</a> Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is boosting its focus on investments in Asia and the United States, while cutting its allocations in Europe. The QIA, which reportedly holds USD256bn of assets, is now placing more money with external managers focused on Asia and the United States after its internal review showed sharp falls in the prices of some of the European assets it owns strongly suggest that the fund is over committed in Europe. (more…)

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Sovereign funds ignore climate risk http://www.opalesque.com/SWF_Briefing/?p=19693 http://www.opalesque.com/SWF_Briefing/?p=19693#comments Mon, 02 May 2016 03:26:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19693 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19693>Article Link</a> World’s largest investors warned that environmental change will affect returns. The world’s largest government-backed investment funds have been accused of ignoring the risks climate change poses to their portfolios despite warnings it could hurt returns and make high-carbon investments worthless. (more…)

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Global Growth to Influence Wealth Fund Withdrawals, ADS Says http://www.opalesque.com/SWF_Briefing/?p=19692 http://www.opalesque.com/SWF_Briefing/?p=19692#comments Mon, 02 May 2016 03:26:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19692 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19692>Article Link</a> Global economic growth will determine whether sovereign wealth funds withdraw further funds from global markets, according to ADS Holding LLC Chairman Mahmood Al Mahmood. Funds are “there to act as a tool for governments when they’re needed,” Al Mahmood, who is also a board member at Abu Dhabi sovereign investment fund Mubadala Development Co., said. (more…)

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SNB Chair Jordan: Swiss National Bank Rejects Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=19691 http://www.opalesque.com/SWF_Briefing/?p=19691#comments Mon, 02 May 2016 03:25:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19691 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19691>Article Link</a> 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. (more…)

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Norway’s sovereign fund to focus on high executive pay http://www.opalesque.com/SWF_Briefing/?p=19690 http://www.opalesque.com/SWF_Briefing/?p=19690#comments Mon, 02 May 2016 03:25:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19690 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19690>Article Link</a> Norway’s $870-billion sovereign wealth fund is focusing on executive pay, targeting high salaries at companies around the world as it seeks to exert more influence on this issue, the FT.com reported on Sunday. (more…)

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Norway’s Government Pension Fund Global reports first-quarter loss http://www.opalesque.com/SWF_Briefing/?p=19689 http://www.opalesque.com/SWF_Briefing/?p=19689#comments Mon, 02 May 2016 03:25:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19689 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19689>Article Link</a> Norway’s giant sovereign wealth fund lost NOK85bn (€9.2bn), or 0.6%, in the first three months of this year, with investments in two of the fund’s three asset classes shrinking in overall value during the the period. (more…)

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Norway’s sovereign fund posts negative return http://www.opalesque.com/SWF_Briefing/?p=19688 http://www.opalesque.com/SWF_Briefing/?p=19688#comments Mon, 02 May 2016 03:25:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19688 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19688>Article Link</a> Norway’s sovereign wealth fund, the world’s biggest, posted a negative return in the first quarter after being tapped by the government to balance its budget for the first time ever. The fund registered a negative return of 0.6 percent, or 85 billion kroner ($10.4 billion, 9.2 billion euros), putting its value at 7.07 trillion kroner ($867 billion, 753 billion euros) at the end of the quarter, the central bank said on Thursday. (more…)

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SOFAZ assets help cushion low oil prices’ negative effect on Azerbaijani economy http://www.opalesque.com/SWF_Briefing/?p=19687 http://www.opalesque.com/SWF_Briefing/?p=19687#comments Mon, 02 May 2016 03:25:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19687 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19687>Article Link</a> The international ratings agency Moody’s Investors Service has confirmed Azerbaijan’s long-term issuer ratings and senior unsecured debt ratings at Ba1. Moody’s also confirms that Azerbaijan’s large stock of foreign currency assets held in the State Oil Fund (SOFAZ), the country’s sovereign wealth fund, helps cushion the economy and government balance sheet, and gives Azerbaijan time to adjust to lower oil prices. (more…)

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Qatar fund uses more external managers, cuts focus on Europe http://www.opalesque.com/SWF_Briefing/?p=19686 http://www.opalesque.com/SWF_Briefing/?p=19686#comments Mon, 02 May 2016 03:24:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19686 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19686>Article Link</a> Qatar’s sovereign wealth fund is reducing its focus on investments in Europe and placing more of its money with external managers following an internal review, sources familiar with the matter told Reuters. (more…)

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Abu Dhabi fund ‘paid interest on bonds’ after 1MDB default http://www.opalesque.com/SWF_Briefing/?p=19685 http://www.opalesque.com/SWF_Briefing/?p=19685#comments Mon, 02 May 2016 03:24:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19685 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19685>Article Link</a> Abu Dhabi fund International Petroleum Investment Company (IPIC) said yesterday that it had paid interest due on bonds issued by a unit of 1Malaysia Development Berhad (1MDB) after the troubled Malaysian state investor defaulted on payments. (more…)

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Sovereign Wealth Funds Uplift Muslim World with Fajr Capital http://www.opalesque.com/SWF_Briefing/?p=19684 http://www.opalesque.com/SWF_Briefing/?p=19684#comments Mon, 02 May 2016 03:24:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19684 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19684>Article Link</a> Fajr - Arabic for “dawn,” to symbolize hope - has a modest $700 million in capital, but its founding shareholders have much deeper pockets. Three sovereign wealth funds - the $111 billion Abu Dhabi Investment Council, Brunei Investment Agency, the sovereign fund of the oil-rich Southeast Asian sultanate, and Malaysia’s $35 billion Khazanah Nasional - joined forces with Mohammed Alsubeaei & Sons Investments Co. (MASIC) to create and nurture the young firm. (more…)

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Sovereign funds remain positive on India http://www.opalesque.com/SWF_Briefing/?p=19683 http://www.opalesque.com/SWF_Briefing/?p=19683#comments Mon, 02 May 2016 03:23:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19683 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19683>Article Link</a> Concerns that falling oil prices would trigger a sell-off by sovereign wealth funds (SWFs) in the domestic market seem to have been unfounded. SWF assets in the equities market have risen 14 per cent to Rs 1.76 lakh crore during 2015-16, despite a nine per cent decline in the Sensex. (more…)

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Australian super fund comes second in global green rankings http://www.opalesque.com/SWF_Briefing/?p=19682 http://www.opalesque.com/SWF_Briefing/?p=19682#comments Mon, 02 May 2016 03:23:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19682 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19682>Article Link</a> Some of Australia’s largest superannuation funds rank among the best in the world in protecting their members from the adverse effects of climate change. In a survey of superannuation funds and other “asset” managers, such as insurers and sovereign wealth funds, the Australian industry super fund for NSW public servants, Local Government Super, ranks second in the world. (more…)

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Norway’s sovereign wealth fund posts $US10b quarterly loss http://www.opalesque.com/SWF_Briefing/?p=19681 http://www.opalesque.com/SWF_Briefing/?p=19681#comments Fri, 29 Apr 2016 03:27:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19681 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19681>Article Link</a> Norway’s $US870 billion sovereign wealth fund, the world’s biggest, returned to losses in the first quarter amid some of the most turbulent markets since the financial crisis as the government started withdrawals. (more…)

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Norway’s sovereign wealth fund returns -0.6% in quarter; government makes first withdrawal http://www.opalesque.com/SWF_Briefing/?p=19680 http://www.opalesque.com/SWF_Briefing/?p=19680#comments Fri, 29 Apr 2016 03:27:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19680 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19680>Article Link</a> Norway’s Government Pension Fund Global, Oslo, returned -0.6% in the quarter ended March 31, with assets falling 5.3% to 7.08 trillion Norwegian kroner ($848 billion) as market volatility hit, and the government withdrew money for the first time. (more…)

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Norway’s wealth fund cautious on property deals http://www.opalesque.com/SWF_Briefing/?p=19679 http://www.opalesque.com/SWF_Briefing/?p=19679#comments Fri, 29 Apr 2016 03:26:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19679 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19679>Article Link</a> Norway’s sovereign wealth fund sees signs of declining prices in prime real estate markets around the world but not yet enough to trigger a buying spree, the fund’s head of real estate investments told Reuters. (more…)

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Norway’s Wealth Fund Doubles Money on Central London Properties http://www.opalesque.com/SWF_Briefing/?p=19678 http://www.opalesque.com/SWF_Briefing/?p=19678#comments Fri, 29 Apr 2016 03:26:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19678 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19678>Article Link</a> Norway’s $870 billion sovereign-wealth fund said the value of its first real estate investments, stakes in London’s Regent Street and a cluster of offices, shops and apartments nearby, more than doubled in value since they were purchased in 2011 and 2013. (more…)

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Norway’s sovereign wealth fund hit by global stock turmoil http://www.opalesque.com/SWF_Briefing/?p=19677 http://www.opalesque.com/SWF_Briefing/?p=19677#comments Fri, 29 Apr 2016 03:26:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19677 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19677>Article Link</a> Norway’s $870bn oil fund recorded its third quarter of negative returns in the past year as weak stock markets from China to Europe weighed on its results. The world’s largest sovereign wealth fund had a negative return of 0.6 per cent in the first quarter, writes Richard Milne, Nordic correspondent. (more…)

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Norway’s wealth fund: China growth will not slow down too harshly http://www.opalesque.com/SWF_Briefing/?p=19676 http://www.opalesque.com/SWF_Briefing/?p=19676#comments Fri, 29 Apr 2016 03:26:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19676 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19676>Article Link</a> Norway’s $868-billion sovereign wealth fund, the world’s largest, does not expect the Chinese economy to come to an abrupt standstill, a senior official said on Thursday. (more…)

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Central Bank again becomes a buyer of Oil Fund’s currency, but not key buyer http://www.opalesque.com/SWF_Briefing/?p=19675 http://www.opalesque.com/SWF_Briefing/?p=19675#comments Fri, 29 Apr 2016 03:25:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19675 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19675>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold $42.4 million through the auction. (more…)

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How much would 5% of Saudi Aramco be worth? http://www.opalesque.com/SWF_Briefing/?p=19674 http://www.opalesque.com/SWF_Briefing/?p=19674#comments Fri, 29 Apr 2016 03:25:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19674 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19674>Article Link</a> 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. (more…)

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Vision 2030: Dawn of a new era http://www.opalesque.com/SWF_Briefing/?p=19673 http://www.opalesque.com/SWF_Briefing/?p=19673#comments Fri, 29 Apr 2016 03:25:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19673 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19673>Article Link</a> At first sight, the Saudi Vision 2030 plan, unveiled this week by Deputy Crown Prince Mohammed bin Salman, seems to break with the Kingdom’s evolutionary approach. The implications of a radical realignment of the economy are profound. (more…)

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Libya SWF case against Goldman Sachs back in London court on May 5 http://www.opalesque.com/SWF_Briefing/?p=19672 http://www.opalesque.com/SWF_Briefing/?p=19672#comments Fri, 29 Apr 2016 03:24:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19672 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19672>Article Link</a> A dispute between Libya’s $67 billion sovereign wealth fund and Goldman Sachs over advice given on trades made in 2008 will be back in London’s High Court on May 5, with amended court papers that emerged on Wednesday adding new details. (more…)

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Malaysia Central Bank Fines 1MDB for Non-Compliance, Ends Probe http://www.opalesque.com/SWF_Briefing/?p=19671 http://www.opalesque.com/SWF_Briefing/?p=19671#comments Fri, 29 Apr 2016 03:24:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19671 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19671>Article Link</a> Malaysia’s central bank slapped a fine on 1Malaysia Development Bhd. and announced it was ending its investigation into the troubled state fund, drawing one line under months of probes of 1MDB’s finances. (more…)

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1MDB in Default: The Abu Dhabi Dispute and Debt in Contention http://www.opalesque.com/SWF_Briefing/?p=19670 http://www.opalesque.com/SWF_Briefing/?p=19670#comments Fri, 29 Apr 2016 03:24:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19670 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19670>Article Link</a> 1Malaysia Development Bhd. defaulted on a $1.75 billion bond this week. It missed a $50 million interest payment amid a dispute with Abu Dhabi’s sovereign wealth fund over who is required to make the payment. (more…)

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1MDB insists debt reduction plan still on course http://www.opalesque.com/SWF_Briefing/?p=19669 http://www.opalesque.com/SWF_Briefing/?p=19669#comments Fri, 29 Apr 2016 03:24:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19669 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19669>Article Link</a> 1Malaysia Development Berhad (1MDB) is still on track to pay off its RM51 billion (S$17.6 billion) debt pile despite being locked in a dispute with an Abu Dhabi sovereign wealth fund, the state investor’s president Arul Kanda Kandasamy said. (more…)

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Who will prevail in standoff between IPIC and 1MDB? http://www.opalesque.com/SWF_Briefing/?p=19668 http://www.opalesque.com/SWF_Briefing/?p=19668#comments Fri, 29 Apr 2016 03:23:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19668 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19668>Article Link</a> 1MDB was directed in writing by Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) then managing director and Aabar Investment PJS chairperson - Khadem al Qubaisi and Mohamed Al Husseiny respectively - to transfer the money into Aabar Investment Ltd BVI. (more…)

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Kazakh Wealth Fund Eyes Tenge Debt, EBRD Loans as Economy Slumps http://www.opalesque.com/SWF_Briefing/?p=19667 http://www.opalesque.com/SWF_Briefing/?p=19667#comments Thu, 28 Apr 2016 01:26:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19667 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19667>Article Link</a> Kazakhstan’s sovereign wealth fund is weighing asset sales, loans from the European Bank for Reconstruction and Development and a move into local-currency borrowing as it seeks to reduce its $17.3 billion debt load. (more…)

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Future Fund’s David Neal says low rates hurting growth http://www.opalesque.com/SWF_Briefing/?p=19666 http://www.opalesque.com/SWF_Briefing/?p=19666#comments Thu, 28 Apr 2016 01:26:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19666 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19666>Article Link</a> Future Fund chief executive David Neal has warned that a prolonged period of ultra-low interest rates has reduced the probability of the fund achieving its long-term growth targets, while defending the fund’s big move into cash. (more…)

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GIC scoops up buys amid global downturn http://www.opalesque.com/SWF_Briefing/?p=19665 http://www.opalesque.com/SWF_Briefing/?p=19665#comments Thu, 28 Apr 2016 01:25:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19665 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19665>Article Link</a> Sovereign wealth funds are having a tough time finding good investments amid the difficult economic environment, and Singapore’s GIC is no different. Stock market volatility and low yields across various other asset classes amid flagging global growth have combined to create a challenging environment for state investors. (more…)

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State funds Temasek, GIC revamping leadership to navigate volatile markets http://www.opalesque.com/SWF_Briefing/?p=19664 http://www.opalesque.com/SWF_Briefing/?p=19664#comments Thu, 28 Apr 2016 01:25:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19664 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19664>Article Link</a> Singapore’s top state investment firms are shuffling senior management to help navigate choppy global markets. Investment firm Temasek Holdings Pte said on Tuesday that its Americas President Boon Sim is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.” (more…)

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Temasek Holdings reorganises to prioritise investment team http://www.opalesque.com/SWF_Briefing/?p=19663 http://www.opalesque.com/SWF_Briefing/?p=19663#comments Thu, 28 Apr 2016 01:25:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19663 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19663>Article Link</a> Temasek Holdings has reorganised its senior management to refocus its investment team to cope with volatile markets. The reorganisation which sees the promotion of six investment professionals is a move by Temasek International (TI) chief executive Lee Theng Kiat to refine roles and set priorities. (more…)

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Moody’s: 1MDB default raises contingent liability risks to sovereign http://www.opalesque.com/SWF_Briefing/?p=19662 http://www.opalesque.com/SWF_Briefing/?p=19662#comments Thu, 28 Apr 2016 01:24:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19662 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19662>Article Link</a> State-owned fund 1Malaysia Development Bhd’s (1MDB) default has increased the probability that contingent liabilities, particularly through cross-defaults and an associated indemnity, will crystallise on Malaysia’s government balance sheet, a credit negative for the sovereign, according to Moody’s Investors Service. (more…)

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1MDB scandal: Malaysian government ultimately to pay for all of state fund’s obligations http://www.opalesque.com/SWF_Briefing/?p=19661 http://www.opalesque.com/SWF_Briefing/?p=19661#comments Thu, 28 Apr 2016 01:24:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19661 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19661>Article Link</a> The Malaysian government, and eventually taxpayers, will have to foot all of 1Malaysia Development Berhad (1MDB) financial obligations, even though some of them have been guaranteed by Abu Dhabi sovereign fund International Petroleum Investment Co (IPIC). This is because the government had provided a back-to-back guarantee on IPIC’s guarantee. (more…)

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Troubled Malaysian fund defaults on $1.75bn bonds http://www.opalesque.com/SWF_Briefing/?p=19660 http://www.opalesque.com/SWF_Briefing/?p=19660#comments Thu, 28 Apr 2016 01:24:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19660 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19660>Article Link</a> Troubled Malaysian state investment fund 1MDB said yesterday it had defaulted on $1.75bn in company bonds after missing an interest payment, heightening fears of a market-rattling bailout of the scandal-hit company. The fund, founded in 2009 by Prime Minister Najib Razak, is teetering on the brink of collapse amid multiple investigations around the world into allegations that billions were looted from it. (more…)

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1MDB insists debt reduction plan still on course http://www.opalesque.com/SWF_Briefing/?p=19659 http://www.opalesque.com/SWF_Briefing/?p=19659#comments Thu, 28 Apr 2016 01:24:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19659 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19659>Article Link</a> 1Malaysia Development Berhad (1MDB) is still on track to pay off its RM51 billion (S$17.6 billion) debt pile despite being locked in a dispute with an Abu Dhabi sovereign wealth fund, the state investor’s president Arul Kanda Kandasamy said. (more…)

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Alibaba’s Ant Financial raises $5.8bn in largest private tech funding http://www.opalesque.com/SWF_Briefing/?p=19658 http://www.opalesque.com/SWF_Briefing/?p=19658#comments Thu, 28 Apr 2016 01:23:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19658 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19658>Article Link</a> Ant Financial Services Group, the financial services affiliate of e-commerce giant Alibaba Group, closed the world’s largest private fundraising round for an internet company at $US4.5 billion ($5.8bn), valuing it at about $US60bn. It raised its latest funding round from a clutch of investors, including a Chinese sovereign wealth fund and the country’s biggest insurers. (more…)

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Libya fund accuses Goldman Sachs of breaching its own rules http://www.opalesque.com/SWF_Briefing/?p=19657 http://www.opalesque.com/SWF_Briefing/?p=19657#comments Thu, 28 Apr 2016 01:23:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19657 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19657>Article Link</a> The brother of a top Libyan official who secured an internship at Goldman Sachs was paid a pro-rata salary of £36,000 plus a housing allowance — soon after the US bank carried out lossmaking trades on behalf of Libya’s sovereign wealth fund. (more…)

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Sovereign wealth funds move into real estate amid volatile stock markets http://www.opalesque.com/SWF_Briefing/?p=19656 http://www.opalesque.com/SWF_Briefing/?p=19656#comments Thu, 28 Apr 2016 01:23:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19656 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19656>Article Link</a> Real estate is now a prime play for sovereign wealth funds (SWFs) as equity markets remain unpredictable, said an analyst Wednesday. The Sovereign Wealth Fund Institute president Michael Maduell said, “They are looking for long-term investments where they can lock up their capital and not have to continually reinvest that capital.” (more…)

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GIC scoops up buys amid global downturn http://www.opalesque.com/SWF_Briefing/?p=19655 http://www.opalesque.com/SWF_Briefing/?p=19655#comments Wed, 27 Apr 2016 01:14:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19655 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19655>Article Link</a> Sovereign wealth funds are having a tough time finding good investments amid the difficult economic environment, and Singapore’s GIC is no different. Stock market volatility and low yields across various other asset classes amid flagging global growth have combined to create a challenging environment for state investors. (more…)

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Temasek names 2 new presidents in management reshuffle http://www.opalesque.com/SWF_Briefing/?p=19654 http://www.opalesque.com/SWF_Briefing/?p=19654#comments Wed, 27 Apr 2016 01:13:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19654 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19654>Article Link</a> State investment firm Temasek Holdings has appointed two new presidents in a management reshuffle to help it navigate “challenging times”. Mr Chia Song Hwee and Mr Dilhan Pillay have been promoted to presidents, joining president Gregory Curl, the firm said in a statement on its website on Tuesday (Apr 26). (more…)

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Temasek revamps leadership ranks amid volatile markets http://www.opalesque.com/SWF_Briefing/?p=19653 http://www.opalesque.com/SWF_Briefing/?p=19653#comments Wed, 27 Apr 2016 01:13:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19653 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19653>Article Link</a> Singapore’s sovereign wealth funds are shuffling senior management to help navigate choppy global markets. Temasek Holdings said Tuesday that Boon Sim, its Americas president, is leaving as it appointed two new presidents in the latest management reorganization to help it navigate “challenging global times.” (more…)

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Temasek Restructures, Loses Americas Chief http://www.opalesque.com/SWF_Briefing/?p=19652 http://www.opalesque.com/SWF_Briefing/?p=19652#comments Wed, 27 Apr 2016 01:13:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19652 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19652>Article Link</a> Singapore sovereign fund Temasek International is reorganizing its management structure to prepare for “challenging global times,” the fund announced Tuesday. The S$266 billion (US$197 billion) fund said it has appointed Chia Song Hwee and Dilhan Pillay—current joint heads of investments—as presidents. (more…)

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Malaysia’s 1MDB in default as Abu Dhabi dispute escalates http://www.opalesque.com/SWF_Briefing/?p=19651 http://www.opalesque.com/SWF_Briefing/?p=19651#comments Wed, 27 Apr 2016 01:13:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19651 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19651>Article Link</a> Malaysia’s 1MDB defaulted on a $1.75bn bond on Tuesday, triggering cross defaults on two other notes totalling $1.9bn and raising the stakes in a dispute between the troubled state investment fund and an Abu Dhabi counterpart. (more…)

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Malaysia’s Reputation Takes Another Hit as State Fund Defaults http://www.opalesque.com/SWF_Briefing/?p=19650 http://www.opalesque.com/SWF_Briefing/?p=19650#comments Wed, 27 Apr 2016 01:13:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19650 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19650>Article Link</a> The Malaysian government’s reputation took another hit on Tuesday after state-owned 1Malaysia Development Bhd. defaulted on a $1.75 billion bond. The ringgit fell and 1MDB’s dollar debt slumped. (more…)

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Najib Razak 1MDB scandal: Malaysia’s troubled state investment fund defaults on bonds http://www.opalesque.com/SWF_Briefing/?p=19649 http://www.opalesque.com/SWF_Briefing/?p=19649#comments Wed, 27 Apr 2016 01:12:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19649 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19649>Article Link</a> Troubled Malaysian state investment fund 1MDB says it has defaulted on $US1.75 billion ($2.27 billion) in bonds it issued after missing an interest payment, raising fears of financial-market fallout from the scandal-tainted company. (more…)

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Ringgit Declines for Fourth Day as 1MDB Default Drags on Stocks http://www.opalesque.com/SWF_Briefing/?p=19648 http://www.opalesque.com/SWF_Briefing/?p=19648#comments Wed, 27 Apr 2016 01:12:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19648 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19648>Article Link</a> The ringgit fell for a fourth day in its longest stretch of losses since November and stocks dropped to a six-week low as troubled state investment company 1Malaysia Development Bhd. confirmed it’s in default after missing an interest payment on bonds. (more…)

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Malaysia’s 1MDB Scandal Confirmed Investment Funds Defaults on US $1.75 Billion Bond http://www.opalesque.com/SWF_Briefing/?p=19647 http://www.opalesque.com/SWF_Briefing/?p=19647#comments Wed, 27 Apr 2016 01:12:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19647 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19647>Article Link</a> Malaysia’s 1Malaysia Development Berhad (1MDB) confirmed on Tuesday, April 26 that the non-payment of US$ 50.3 million (S $ 68.1 million) in interest over a now defaulted US $ 1.75 billion bond had resulted in cross-defaults for RM 7.4 billion (S $ 2.6 billion) in other bonds. (more…)

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Saudi Arabia plans $2tn sovereign wealth fund in move away from oil http://www.opalesque.com/SWF_Briefing/?p=19646 http://www.opalesque.com/SWF_Briefing/?p=19646#comments Wed, 27 Apr 2016 01:11:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19646 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19646>Article Link</a> 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. (more…)

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Saudi Arabia Can’t Quit Oil http://www.opalesque.com/SWF_Briefing/?p=19645 http://www.opalesque.com/SWF_Briefing/?p=19645#comments Wed, 27 Apr 2016 01:11:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19645 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19645>Article Link</a> Saudi Arabia announced the seemingly impossible. The world’s largest oil producer and owner of an oil company reportedly worth more than $2 trillion, is going to kick its fossil fuel habit, Deputy Crown Prince Mohammed bin Salman said. (more…)

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Is Saudi Arabia the next failed state? http://www.opalesque.com/SWF_Briefing/?p=19644 http://www.opalesque.com/SWF_Briefing/?p=19644#comments Wed, 27 Apr 2016 01:11:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19644 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19644>Article Link</a> Saudi Arabia has been a hot bed of bad news recently. First, there was their horrifying war in Yemen, then their empty threat to start selling off U.S. debt. Most recently, the 30-year-old Deputy Crown Prince Mohammad bin Salman, who heads the Saudi Council for Economic and Development Affairs (and also serves as defense minister) laid out a new plan, dubbed “Vision 2030,” to transition the country away from selling oil. (more…)

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Azerbaijan’s Central Bank buys $30M from State Oil Fund http://www.opalesque.com/SWF_Briefing/?p=19643 http://www.opalesque.com/SWF_Briefing/?p=19643#comments Wed, 27 Apr 2016 01:11:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19643 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19643>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) sold $4.9 million to five banks through the auction held by the Central Bank of Azerbaijan (CBA), SOFAZ’s message said Apr. 26. Meanwhile, the CBA, which obtained $30 million, has become for the first time one of the buyers of SOFAZ’s currency resources. (more…)

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Saudi Arabia to sell less than 5% of Aramco, create $2 trillion fund http://www.opalesque.com/SWF_Briefing/?p=19642 http://www.opalesque.com/SWF_Briefing/?p=19642#comments Tue, 26 Apr 2016 00:21:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19642 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19642>Article Link</a> 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. (more…)

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