Opalesque Sovereign Wealth Funds Briefing http://www.opalesque.com/SWF_Briefing Thu, 03 Sep 2015 01:26:22 +0000 http://wordpress.org/?v=2.5.1 en Singapore wealth fund GIC to invest $300 mn in DLF projects http://www.opalesque.com/SWF_Briefing/?p=18203 http://www.opalesque.com/SWF_Briefing/?p=18203#comments Thu, 03 Sep 2015 01:26:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18203 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18203>Article Link</a> DLF, India’s largest real estate company, has formed a 50-50 joint venture with GIC, Singapore’s sovereign wealth fund, to develop two residential projects in New Delhi. While GIC will invest $300 million (around Rs 1,990 crore), DLF will develop the projects. The investment, which needs to be approved by the Competition Commission of India (CCI), has come at a time when the Indian real estate sector continues to be sluggish. (more…)

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Canada fund, GIC eye Tata Technologies stake http://www.opalesque.com/SWF_Briefing/?p=18202 http://www.opalesque.com/SWF_Briefing/?p=18202#comments Thu, 03 Sep 2015 01:26:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18202 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18202>Article Link</a> The Canada Pension Plan Investment Board (CPPIB), one of the world’s biggest pension funds, and Singapore’s sovereign wealth fund GIC are serious candidates to buy a significant minority stake in Tata Technologies, the automotive and aerospace engineering design services unit of the Tata Group. (more…)

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The Future Fund brushes off a divestment push http://www.opalesque.com/SWF_Briefing/?p=18201 http://www.opalesque.com/SWF_Briefing/?p=18201#comments Thu, 03 Sep 2015 01:25:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18201 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18201>Article Link</a> For all the attention that ethical investing has received in recent times, with super funds and city councils alike casting an increasingly wide interpretation over environmental, social and governance issues, the Future Fund appears disinterested. (more…)

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Future Fund boosts cash levels above $20 billion as risks rise http://www.opalesque.com/SWF_Briefing/?p=18200 http://www.opalesque.com/SWF_Briefing/?p=18200#comments Thu, 03 Sep 2015 01:25:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18200 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18200>Article Link</a> Australia’s sovereign wealth fund, the Future Fund, has shifted more of its assets into cash as it fears rising investment risks that won’t be matched by higher returns. In a portfolio update released on Wednesday, the fund showed it had moved an extra $5 billion into cash since its March update to make it more than 20 per cent of the total portfolio. (more…)

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Future Fund: Peter Costello pins hopes on fossil fuels http://www.opalesque.com/SWF_Briefing/?p=18199 http://www.opalesque.com/SWF_Briefing/?p=18199#comments Thu, 03 Sep 2015 01:25:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18199 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18199>Article Link</a> The Future Fund has snubbed the environment movement and fossil-fuel divestment activists, vowing it will continue to invest in the non-renewable energy sector and the banks that support it until the federal parliament directs the $117 billion fund to sell out. Announcing a 15.4 per cent ­investment return for 2015, chairman Peter Costello said that as long as a case existed to invest in companies such as BHP Billiton and Rio Tinto, as well as the banks that lend to them, the fund would ­continue to do so. (more…)

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Australia’s giant Future Fund has been ditching stocks in favour of cash http://www.opalesque.com/SWF_Briefing/?p=18198 http://www.opalesque.com/SWF_Briefing/?p=18198#comments Thu, 03 Sep 2015 01:25:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18198 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18198>Article Link</a> Australia’s future fund is hoarding cash, and ditching stocks, amidst renewed market volatility. The fund, created in 2006 and chaired by former Australian treasurer Peter Costello, released its latest portfolio update earlier today, revealing the fund upped its allocation to cash as at the end of the June quarter. (more…)

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Liquidity’s their happy place as fund managers cut risk and wait for bargains http://www.opalesque.com/SWF_Briefing/?p=18197 http://www.opalesque.com/SWF_Briefing/?p=18197#comments Thu, 03 Sep 2015 01:24:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18197 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18197>Article Link</a> Cash is king for now, according to Australian fund managers, who say stock buying opportunities will abound once the battered Australian market dives into official bear territory. Wilson Asset Management investment analyst Martin Hickson, Beulah Capital chief investment officer Peter Mavromatis​, Peak Asset Management executive director Niv Dagan​ and Prime Value Asset Management co-chief investment officer ST Wong all say they have moved heavily into cash in recent months. (more…)

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Temasek-backed driller amends bonds second time amid oil rout http://www.opalesque.com/SWF_Briefing/?p=18196 http://www.opalesque.com/SWF_Briefing/?p=18196#comments Thu, 03 Sep 2015 01:24:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18196 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18196>Article Link</a> Integradora de Servicios Petroleros Oro Negro, a Mexican oil-rig operator partly owned by Singapore’s Temasek Holdings Pte, is again amending bond covenants as it struggles to win new contracts. (more…)

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Tesco prefers MBK’s $6.6 billion bid for South Korean business http://www.opalesque.com/SWF_Briefing/?p=18195 http://www.opalesque.com/SWF_Briefing/?p=18195#comments Thu, 03 Sep 2015 01:24:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18195 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18195>Article Link</a> Tesco has picked private equity firm MBK Partners as preferred bidder to buy its South Korean unit for as much as $6.6 billion, sources said, as the British supermarket retreats from overseas and focuses on revitalising its domestic business. Its bid is backed by Singapore state investor Temasek Holdings and it is seeking funds from South Korea’s National Pension Service (NPS). (more…)

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Azerbaijan’s oil fund in search of new investing tools http://www.opalesque.com/SWF_Briefing/?p=18194 http://www.opalesque.com/SWF_Briefing/?p=18194#comments Thu, 03 Sep 2015 01:23:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18194 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18194>Article Link</a> Azerbaijan’s oil fund SOFAZ is studying investment opportunities in new markets. SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, implements its investment plan in accordance with the regulations outlined by its management. (more…)

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Row over Libyan sovereign fund LIA reaches UK court http://www.opalesque.com/SWF_Briefing/?p=18193 http://www.opalesque.com/SWF_Briefing/?p=18193#comments Thu, 03 Sep 2015 01:23:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18193 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18193>Article Link</a> A row between Libya’s two rival governments over control of the $67 billion Libyan Investment Authority, the country’s sovereign wealth fund, has escalated with one of the would-be chairmen asking a London court to settle the dispute. Libya is torn between two governments, one based in Tripoli and the second in the east of the country, which have appointed different heads of various institutions, including the LIA, part of the chaos four years after the ousting of Muammar Gaddafi. (more…)

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$700 Million For Second Niger Bridge Missing – Oshiomhole http://www.opalesque.com/SWF_Briefing/?p=18192 http://www.opalesque.com/SWF_Briefing/?p=18192#comments Thu, 03 Sep 2015 01:23:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18192 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18192>Article Link</a> Edo state governor, Adams Oshiomhole has alleged that $700 million (N140 billion) released for the yet to be executed second Niger bridge project is missing. In a statement signed by his chief press secretary, Peter Okhiria and published on Premium times, Oshiomhole said the $700 million for the project was from the sovereign wealth funds. (more…)

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Sovereign Wealth Funds can ease Africa risks, AfDB http://www.opalesque.com/SWF_Briefing/?p=18191 http://www.opalesque.com/SWF_Briefing/?p=18191#comments Thu, 03 Sep 2015 01:22:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18191 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18191>Article Link</a> African nations, stung by plunging commodity prices, should set up more sovereign wealth funds to help withstand the next downturn, said Akinwumi Adesina, the African Development Bank’s new president. (more…)

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Future Fund warns of lower returns ahead http://www.opalesque.com/SWF_Briefing/?p=18190 http://www.opalesque.com/SWF_Briefing/?p=18190#comments Wed, 02 Sep 2015 03:34:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18190 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18190>Article Link</a> Australia’s sovereign wealth fund has warned of lower returns after a strong performance in the past year as the Future Fund reduces risk ahead of the transition to a tightened global monetary policy environment. (more…)

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Australia’s Future Fund Boosts Cash Levels as Global Risks Mount http://www.opalesque.com/SWF_Briefing/?p=18189 http://www.opalesque.com/SWF_Briefing/?p=18189#comments Wed, 02 Sep 2015 03:33:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18189 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18189>Article Link</a> Australia’s sovereign wealth fund boosted its cash holdings to a six-year high to curb risks and said returns may be lower going forward amid concerns about the global economic outlook. (more…)

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Peter Costello says Future Fund won’t join fossil fuel divestment http://www.opalesque.com/SWF_Briefing/?p=18188 http://www.opalesque.com/SWF_Briefing/?p=18188#comments Wed, 02 Sep 2015 03:33:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18188 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18188>Article Link</a> Future Fund chairman Peter Costello strongly backed fossil fuel miners and said the $117 billion sovereign wealth fund will not join the global fossil fuel divestment push. Announcing a 15.4 per cent return on the fund’s $100 billion-plus portfolio, Mr Costello said the fund would continue to be a big holder in mining giants BHP Billiton and Rio Tinto and the banks that fund them. (more…)

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Future Fund boosts cash levels above $20 billion as risks rise http://www.opalesque.com/SWF_Briefing/?p=18187 http://www.opalesque.com/SWF_Briefing/?p=18187#comments Wed, 02 Sep 2015 03:33:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18187 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18187>Article Link</a> Australia’s sovereign wealth fund The Future Fund has shifted more of its assets into cash as it fears rising investment risks that won’t be matched by higher returns. In a portfolio update released on Wednesday, the fund showed it had moved an extra $5 billion into cash since its March update to make it more than 20 per cent of the total portfolio. (more…)

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Canada fund, GIC eye Tata Tech stake http://www.opalesque.com/SWF_Briefing/?p=18186 http://www.opalesque.com/SWF_Briefing/?p=18186#comments Wed, 02 Sep 2015 03:33:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18186 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18186>Article Link</a> The Canada Pension Plan Investment Board (CPPIB), one of the world’s biggest pension funds, and Singapore’s sovereign wealth fund GIC are serious candidates to buy a significant minority stake in Tata Technologies, the automotive and aerospace engineering design services unit of the Tata Group. (more…)

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Kazakhstan, China sign 25 deals worth $23 billion http://www.opalesque.com/SWF_Briefing/?p=18185 http://www.opalesque.com/SWF_Briefing/?p=18185#comments Wed, 02 Sep 2015 03:33:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18185 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18185>Article Link</a> Kazakhstan and China have signed 25 agreements worth $23 billion, aiming to move cooperation dominated by raw materials to products with greater added value, the official site of the Kazakh president and the state-run wealth fund said on Tuesday. (more…)

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African Nations Should Set Up More Sovereign Wealth Funds To Avert Economic Crisis http://www.opalesque.com/SWF_Briefing/?p=18184 http://www.opalesque.com/SWF_Briefing/?p=18184#comments Wed, 02 Sep 2015 03:32:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18184 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18184>Article Link</a> 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. (more…)

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Oshiomhole Asks Onolemhemen to Explain $700m Spent on Second Niger Bridge http://www.opalesque.com/SWF_Briefing/?p=18183 http://www.opalesque.com/SWF_Briefing/?p=18183#comments Wed, 02 Sep 2015 03:32:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18183 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18183>Article Link</a> Edo State Governor, Mr. Adams Oshiomhole, monday asked the former Minister of Works, Mr. Mike Onolemhemen, to explain how a whopping sum of $700 million meant for second Niger Bridge was expended. The governor also lamented the grave conditions of federal roads in Edo State, which he said, had become impassable due to what he attributed to the failure of the Jonathan administration to make critical interventions. (more…)

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State General Reserve Fund, Oman Oil Company sign pact to focus on human capital development, SMEs http://www.opalesque.com/SWF_Briefing/?p=18182 http://www.opalesque.com/SWF_Briefing/?p=18182#comments Wed, 02 Sep 2015 03:32:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18182 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18182>Article Link</a> The State General Reserve Fund (SGRF), Oman’s sovereign wealth fund and Oman Oil Company (OOC) , the government’s investment arm in the energy sector, have signed a strategic cooperation partnership pact. A press release stated that the pact comes in light of the commitment of both sides to contribute in developing the economy through diversifying the national income and enhancing in-country value (ICV). (more…)

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SOFAZ has no plans to increase gold reserves http://www.opalesque.com/SWF_Briefing/?p=18181 http://www.opalesque.com/SWF_Briefing/?p=18181#comments Tue, 01 Sep 2015 02:41:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18181 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18181>Article Link</a> Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has no plans to increase its gold reserves. A source at SOFAZ told Trend on August 29 that as of today, the fund’s reserves portfolio includes 30,175 kilograms of gold, which is about 3.5 percent of its total assets. (more…)

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Zomato eyes up to $80m in Temasek-led round http://www.opalesque.com/SWF_Briefing/?p=18180 http://www.opalesque.com/SWF_Briefing/?p=18180#comments Tue, 01 Sep 2015 02:40:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18180 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18180>Article Link</a> Online restaurant review and food ordering platform Zomato is in advanced stages of talks with Singapore’s Temasek Holdings for raising fresh funds to the tune of $60-80 million, sources told TOI. “The final details of the deal are being worked out,” a person close to the development said. (more…)

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AustralianSuper hires property veteran from Future Fund http://www.opalesque.com/SWF_Briefing/?p=18179 http://www.opalesque.com/SWF_Briefing/?p=18179#comments Tue, 01 Sep 2015 02:40:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18179 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18179>Article Link</a> 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. (more…)

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Investors shy away from greenfield infrastructure http://www.opalesque.com/SWF_Briefing/?p=18178 http://www.opalesque.com/SWF_Briefing/?p=18178#comments Tue, 01 Sep 2015 02:40:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18178 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18178>Article Link</a> When Australia pioneered infrastructure as an asset class in the 1990s, the first generation of projects produced internal rates of return (IRRs) of 30% to 35%. Those returns, combined with the low correlation to equities and bonds, have made infrastructure very popular among global institutions with long-term mandates, from Asian sovereign wealth funds to Middle East family offices to Canadian pension funds. (more…)

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Jonathan’s Minister of Works collected $700m for 2nd Niger Bridge, Oshiomhole insists http://www.opalesque.com/SWF_Briefing/?p=18177 http://www.opalesque.com/SWF_Briefing/?p=18177#comments Tue, 01 Sep 2015 02:40:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18177 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18177>Article Link</a> 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. (more…)

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2nd Niger Bridge: Apologise to Nigerians now, not me, Oshimhole tells Onolememen http://www.opalesque.com/SWF_Briefing/?p=18176 http://www.opalesque.com/SWF_Briefing/?p=18176#comments Tue, 01 Sep 2015 02:40:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18176 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18176>Article Link</a> 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. (more…)

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The Role of Sovereign Wealth Funds as Activist or Passive Fund Managers http://www.opalesque.com/SWF_Briefing/?p=18175 http://www.opalesque.com/SWF_Briefing/?p=18175#comments Tue, 01 Sep 2015 02:39:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18175 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18175>Article Link</a> Sovereign Wealth Funds (SWF) have attracted a lot media attention with recent investments in publicly listed companies. Repeatedly, concerns have been raised, such as the fear of industrial espionage or geopolitical threats. We analyze whether SWF managers acquire stakes in foreign publicly listed firms 1) to play an active role which would support concerns or 2) passively select investments to increase the portfolio diversification, for instance. (more…)

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Abu Dhabi fund interested in Woori http://www.opalesque.com/SWF_Briefing/?p=18174 http://www.opalesque.com/SWF_Briefing/?p=18174#comments Mon, 31 Aug 2015 03:33:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18174 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18174>Article Link</a> Abu Dhabi’s sovereign wealth fund has shown interest in buying a stake in Woori Bank, Korea’s second-largest lender by assets, the Financial Services Commission (FSC) said. The FSC controls Woori through the state-run Korea Deposit Insurance Corp., which holds a 51 percent stake in the bank. (more…)

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DLF ends flat on possible stake sale to Singapore’s sovereign wealth fund GIC http://www.opalesque.com/SWF_Briefing/?p=18173 http://www.opalesque.com/SWF_Briefing/?p=18173#comments Mon, 31 Aug 2015 03:33:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18173 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18173>Article Link</a> Shares of DLF rallied over 3 per cent in trade today as India’s largest real estate developer is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The share ended the session at Rs 115.05, up 0.52 per cent. (more…)

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Sultanate’s sovereign wealth fund, Oman Oil join hands http://www.opalesque.com/SWF_Briefing/?p=18172 http://www.opalesque.com/SWF_Briefing/?p=18172#comments Mon, 31 Aug 2015 03:33:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18172 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18172>Article Link</a> State General Reserve Fund (SGRF), Oman’s sovereign wealth fund, and Oman Oil Company (OOC), the government’s investment arm in the energy sector, have signed a cooperation agreement to build a strategic cooperation partnership. (more…)

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Saudi Arabia can circumvent its challenges http://www.opalesque.com/SWF_Briefing/?p=18171 http://www.opalesque.com/SWF_Briefing/?p=18171#comments Mon, 31 Aug 2015 03:33:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18171 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18171>Article Link</a> The SWF (Sovereign Wealth Fund) Institute puts the value the of Saudi Arabia’s sovereign wealth fund at $677 billion, the fourth highest in the world. The June number represents some 9.4 per cent of total SWFs in the world and the second largest within the Gulf after the UAE. (more…)

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Fitch Affirms Qatar at ‘AA’ http://www.opalesque.com/SWF_Briefing/?p=18170 http://www.opalesque.com/SWF_Briefing/?p=18170#comments Mon, 31 Aug 2015 03:33:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18170 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18170>Article Link</a> Fitch Ratings-London-28 August 2015: Fitch Ratings has affirmed Qatar’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’ with a Stable Outlook. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F1+’. (more…)

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The world’s biggest sovereign wealth fun is getting roughed up http://www.opalesque.com/SWF_Briefing/?p=18169 http://www.opalesque.com/SWF_Briefing/?p=18169#comments Mon, 31 Aug 2015 03:32:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18169 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18169>Article Link</a> Norway’s sovereign wealth fund, the biggest in the world, is getting chewed. In the past month, the $US840 billion fund lost more than 5% on its investments, the fund’s CEO Yngve Slyngstad said, according to Bloomberg’s Saleha Mohsin. (more…)

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State pension fund takes €10m hit as Chinese shares slump http://www.opalesque.com/SWF_Briefing/?p=18168 http://www.opalesque.com/SWF_Briefing/?p=18168#comments Mon, 31 Aug 2015 03:32:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18168 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18168>Article Link</a> The Irish Strategic Investment Fund, the new name for the National Pension Reserve fund, had €39m invested in Chinese stocks at the end of last year, with millions more invested in other emerging markets. These investments have taken a beating in the past two weeks, as Chinese stocks plummeted following the publication of worse-than- expected Chinese economic data. (more…)

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$7.1 Trillion In Global Sovereign Wealth Fund Assets http://www.opalesque.com/SWF_Briefing/?p=18167 http://www.opalesque.com/SWF_Briefing/?p=18167#comments Mon, 31 Aug 2015 03:32:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18167 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18167>Article Link</a> As Credit Suisse notes, “oil exporting countries hold about $1.7trn of official reserves but as much as $4.3trn in sovereign wealth fund assets.” And while the composition of the SWF asset pool is likely to be far more multifarious than the makeup of official FX reserves making it more difficult to assess i) how quickly they could be liquidated in a pinch, and ii) what effect that liquidation would have on USD assets, especially USTs, the important point is that if we have indeed entered a new era in which crude and commodities are destined to trade at comparatively depressed levels, the pressure on exporters to adapt to the new reality could force them to begin drawing down the vast store of SWF assets. (more…)

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Norway’s Wealth Fund Lost More Than 5% in Past Month, CEO Says http://www.opalesque.com/SWF_Briefing/?p=18166 http://www.opalesque.com/SWF_Briefing/?p=18166#comments Fri, 28 Aug 2015 02:37:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18166 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18166>Article Link</a> Norway’s sovereign wealth fund, the world’s biggest, lost more than 5 percent on its investments in the past month, the head of the $840 billion fund said. The revelation follows the biggest selloff in Chinese stocks in two decades. The most recent developments suggest China’s transition to a more consumer-driven economy is proving difficult, Chief Executive Officer Yngve Slyngstad said Wednesday in the Staavi and Valebrokk podcast for newspaper VG. (more…)

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Norway oil fund hit by China - CEO http://www.opalesque.com/SWF_Briefing/?p=18165 http://www.opalesque.com/SWF_Briefing/?p=18165#comments Fri, 28 Aug 2015 02:36:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18165 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18165>Article Link</a> Norway’s $830 billion sovereign wealth fund has shrunk by more than five percent in the past month in a global stock market rout led by uncertainty over the health of China’s economy, the fund’s chief executive said. He said 2015 so far had been “rather special” with currency swings and falls in commodity prices including oil. “Now there’s a lot happening in China, and that has big consequences for the whole world economy,” he said. (more…)

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Nordea Asset Management Hunts Global Sustainability in New Fund http://www.opalesque.com/SWF_Briefing/?p=18164 http://www.opalesque.com/SWF_Briefing/?p=18164#comments Fri, 28 Aug 2015 02:36:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18164 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18164>Article Link</a> Nordea Asset Management, which oversees about $320 billion, is creating a new fund to target ethical assets globally as appetite for sustainable investments rises. Nordea Asset Management, one of the biggest investors in the Nordic region, is by no means alone in carving out ethical return goals. (more…)

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Russian train plans could be derailed as Kremlin withholds $1.8bn from operator http://www.opalesque.com/SWF_Briefing/?p=18163 http://www.opalesque.com/SWF_Briefing/?p=18163#comments Fri, 28 Aug 2015 02:36:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18163 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18163>Article Link</a> The Russian government has refused the state rail operator’s request for $1.83bn in funding next year, casting doubt on ambitious rail infrastructure plans. Russian Railways had asked for $1.83bn in 2016 from the federal budget and from Russia’s $75bn oil-revenue-fuelled sovereign wealth fund, the National Wealth Fund, to maintain its financial stability, saying it would otherwise need to raise tariffs by 17.7%. (more…)

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Temasek said to be in bid for Tesco’s S Korean business http://www.opalesque.com/SWF_Briefing/?p=18162 http://www.opalesque.com/SWF_Briefing/?p=18162#comments Fri, 28 Aug 2015 02:36:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18162 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18162>Article Link</a> Temasek Holdings has teamed up with South Korean private equity firm MBK Partners to bid for the South Korean arm of British supermarket operator Tesco, two people familiar with the deal said. Asia-focused MBK has already entered the race for the business, valued at about US$6 billion (S$8.4 billion). It is vying against United States private equity giant Carlyle Group and a rival consortium comprising Affinity Equity Partners and KKR. (more…)

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Temasek joins MBK in bid for Tesco’s South Korea business http://www.opalesque.com/SWF_Briefing/?p=18161 http://www.opalesque.com/SWF_Briefing/?p=18161#comments Fri, 28 Aug 2015 02:34:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18161 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18161>Article Link</a> Singapore state investor Temasek Holdings (Private) Ltd has partnered Asia-focused private equity firm MBK Partners to bid for the South Korea arm of British supermarket operator Tesco PLC, two people familiar with the matter told Reuters. MBK has already entered the race for the business, valued at $6 billion. It is vying against Carlyle Group LP and a consortium comprising Affinity Equity Partners and KKR & Co. (more…)

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Mitsubishi to buy at least 10 percent of Temasek-controlled Olam http://www.opalesque.com/SWF_Briefing/?p=18160 http://www.opalesque.com/SWF_Briefing/?p=18160#comments Fri, 28 Aug 2015 02:34:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18160 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18160>Article Link</a> Japanese trading house Mitsubishi will buy a stake of at least 10 percent in agri-trader Olam International in a deal worth $500 million or more, people familiar with the matter said. Reuters earlier reported that the Singapore-based firm was set to announce a strategic partnership with a Japanese peer, after Olam, majority-controlled by state investor Temasek Holdings, halted trading of its stock on Thursday. (more…)

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Japan’s Mitsubishi buys 20% stake in Olam http://www.opalesque.com/SWF_Briefing/?p=18159 http://www.opalesque.com/SWF_Briefing/?p=18159#comments Fri, 28 Aug 2015 02:34:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18159 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18159>Article Link</a> Japan’s Mitsubishi Corporation has bought a 20 per cent stake in global-agri business Olam through two transactions as the companies launch a strategic partnership. Singapore’s sovereign wealth fund Temasek Holding retains a majority stakeholding of 51.4 per cent in Olam. While it has sold no shares, its position has been diluted from 58.4 per cent by the issuance of the new shares. (more…)

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DLF plans to sell a majority stake in Delhi project to Singapore’s GIC http://www.opalesque.com/SWF_Briefing/?p=18158 http://www.opalesque.com/SWF_Briefing/?p=18158#comments Fri, 28 Aug 2015 02:34:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18158 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18158>Article Link</a> DLF, India’s largest real estate developer, is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore. (more…)

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Norway sovereign wealth fund joins bidding for tower owned by Blackrock http://www.opalesque.com/SWF_Briefing/?p=18157 http://www.opalesque.com/SWF_Briefing/?p=18157#comments Thu, 27 Aug 2015 01:58:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18157 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18157>Article Link</a> Norway’s sovereign wealth fund is among bidders for BlackRock’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter. (more…)

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Where to put money divested from fossil fuels http://www.opalesque.com/SWF_Briefing/?p=18156 http://www.opalesque.com/SWF_Briefing/?p=18156#comments Thu, 27 Aug 2015 01:58:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18156 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18156>Article Link</a> Three months ago, the Norwegian government committed to divesting 100 percent of its coal holdings from its sovereign wealth fund — the largest in the world with $900 billion in assets. (more…)

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Swedish Funds Target €4B Real Estate Investment http://www.opalesque.com/SWF_Briefing/?p=18155 http://www.opalesque.com/SWF_Briefing/?p=18155#comments Thu, 27 Aug 2015 01:58:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18155 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18155>Article Link</a> Two of Sweden’s national pensions have collaborated with asset manager TIAA-CREF to create a €2.2 billion ($2.5 billion) real estate joint venture. AP1 and AP2—which between them run roughly €57 billion within Sweden’s national pension system—and TIAA-CREF aim to invest a further €2 billion into real estate through the arrangement in the next three years. (more…)

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Dr Mahathir still believes 1MDB funds went to Najib’s accounts, says report http://www.opalesque.com/SWF_Briefing/?p=18154 http://www.opalesque.com/SWF_Briefing/?p=18154#comments Thu, 27 Aug 2015 01:58:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18154 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18154>Article Link</a> 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). (more…)

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Abu Dhabi firms to rethink deal to cut 1MDB debts, says report http://www.opalesque.com/SWF_Briefing/?p=18153 http://www.opalesque.com/SWF_Briefing/?p=18153#comments Thu, 27 Aug 2015 01:58:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18153 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18153>Article Link</a> Abu Dhabi’s International Petroleum Investment Co (Ipic) is considering pulling out of a plan to help restructure 1Malaysia Development Bhd’s debts, Singapore’s Business Times (BT) reported. Citing a source, the paper said Ipic and its subsidiary, Aabar Investment, which signed an agreement last May to help 1MDB cut its debts by RM16 billion, are now having second thoughts about the plan. (more…)

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Norway Fund Said Among Bidders for BlackRock Singapore Tower http://www.opalesque.com/SWF_Briefing/?p=18152 http://www.opalesque.com/SWF_Briefing/?p=18152#comments Wed, 26 Aug 2015 02:56:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18152 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18152>Article Link</a> Norway’s sovereign wealth fund is among bidders for BlackRock Inc.’s Asia Square Tower 1, an office building in Singapore’s central business district, according to people familiar with the matter. (more…)

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As deals dry up more Singapore bankers seek exit to sovereign wealth funds http://www.opalesque.com/SWF_Briefing/?p=18151 http://www.opalesque.com/SWF_Briefing/?p=18151#comments Wed, 26 Aug 2015 02:56:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18151 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18151>Article Link</a> As deals dry up in Southeast Asia, an increasing number of Singapore-based investment bankers are contacting recruiters about moving to GIC, the Singaporean sovereign wealth fund, or Temasek, the state investment company. (more…)

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Najib’s defence of 1MDB, unspinned http://www.opalesque.com/SWF_Briefing/?p=18150 http://www.opalesque.com/SWF_Briefing/?p=18150#comments Wed, 26 Aug 2015 02:56:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18150 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18150>Article Link</a> As more countries launch investigations into alleged fraudulent and money-laundering activities involving 1MDB, and as more illegal assets are frozen, which investors in their right minds would want to have anything to do with 1MDB? PM Najib Razak is trying to mislead poorly-informed Malaysians and portray himself as a ‘saviour’ when the exact opposite is true. Qatar has not put a cent into 1MDB yet. (more…)

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Sovereign wealth funds: cashing in? http://www.opalesque.com/SWF_Briefing/?p=18149 http://www.opalesque.com/SWF_Briefing/?p=18149#comments Wed, 26 Aug 2015 02:56:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18149 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18149>Article Link</a> Sovereign wealth funds offer countries with great natural resources the chance to capitalise on their reserves of wealth and establish diversity and stability in their economies. Global oil prices are making this harder than it used to be. (more…)

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Oman, Bahrain most vulnerable to oil slump: S&P http://www.opalesque.com/SWF_Briefing/?p=18148 http://www.opalesque.com/SWF_Briefing/?p=18148#comments Wed, 26 Aug 2015 02:55:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18148 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18148>Article Link</a> Oman and Bahrain are the most vunerable Gulf countries due to a prolonged slump in the oil prices, according to Standard and Poor’s credit rating agency. The agency attributed this to the low fiscal reserves and lack of economic diversification. Moreover, Oman’s sovereign wealth fund (SWF) has assets of $13 billion, far smaller than other Gulf SWFs. (more…)

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Decarbonize Norway’s sovereign wealth fund in this year’s Business for a Better World MBA case competition http://www.opalesque.com/SWF_Briefing/?p=18147 http://www.opalesque.com/SWF_Briefing/?p=18147#comments Wed, 26 Aug 2015 02:55:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18147 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18147>Article Link</a> Team registration is now open for the third-annual CK-Schulich Business for a Better World case competition, a partnership between Corporate Knights magazine and York University’s Schulich School of Business. Student teams will be asked this year to decarbonize the holdings of the Norway Government Pension Fund Global, the largest sovereign fund in the world with a value of $940 billion (USD). (more…)

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It’s Often a Curse to Be Blessed With Commodities http://www.opalesque.com/SWF_Briefing/?p=18146 http://www.opalesque.com/SWF_Briefing/?p=18146#comments Wed, 26 Aug 2015 02:55:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18146 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18146>Article Link</a> Nowadays the lessons of Indonesia and Norway are widely known. Lots of resource-rich countries and other jurisdictions put commodity earnings aside in sovereign wealth funds. But the temptation of a commodities boom is still hard to resist, especially when it’s the first time. (more…)

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Norway Fund Could Suffer Heavy Loss From Stock-Market Rout http://www.opalesque.com/SWF_Briefing/?p=18145 http://www.opalesque.com/SWF_Briefing/?p=18145#comments Tue, 25 Aug 2015 03:20:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18145 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18145>Article Link</a> With stocks forming nearly two-thirds of its $836 billion portfolio, Norway’s sovereign wealth fund, the world’s biggest, could stand among the day’s biggest losers by the closing bell on the New York Stock Exchange on Monday. If the stock-market rout continues, the fund’s third-quarter results will be poor, said Nordea Markets analyst Erik Bruce. “The fund’s strategy may be questioned,” he said. (more…)

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Norway’s ‘oil fund’: Is it making businesses behave better? http://www.opalesque.com/SWF_Briefing/?p=18144 http://www.opalesque.com/SWF_Briefing/?p=18144#comments Tue, 25 Aug 2015 03:20:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18144 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18144>Article Link</a> Norway’s sovereign wealth fund has taken a proactive approach to encouraging businesses to improve their practices, and the scale of its holdings could give it a unique ability to influence investors and businesses. Norway, the small Scandinavian nation that boasts of glaciers and mountains and cavernous coastal fjords, says businesses and investors should take ethical and environmental considerations into account, and it’s putting its vast oil resources where its mouth is. (more…)

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