Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Thu, 18 Sep 2014 23:40:38 +0000 http://wordpress.org/?v=2.5.1 en Khazanah to set up outplacement centre for redundant MAS http://www.opalesque.com/SWF_Briefing/?p=15949 http://www.opalesque.com/SWF_Briefing/?p=15949#comments Thu, 18 Sep 2014 23:38:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15949 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15949>Article Link</a> Khazanah Nasional Bhd is to set up a special centre to provide “outplacement support” to some 6,000 Malaysia Airlines (MAS) staff to be made redundant as part of its restructuring process. A source familiar with the restructuring said the focus of the outplacement centre (OPC) would be to extend all relevant and required support to the various groups of employees leaving the national airline. This would include professional, emotional and financial support to assist them as they transition out to the next stage of their career. (more…)

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Look at Norway’s independence example http://www.opalesque.com/SWF_Briefing/?p=15945 http://www.opalesque.com/SWF_Briefing/?p=15945#comments Thu, 18 Sep 2014 01:53:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15945 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15945>Article Link</a> Norway’s oil discovery happened at much the same time, but there was a significant difference in the way the Norwegians dealt with the wealth that came with the striking of black gold. The state has retained control of the Norwegian oil industry, and set up a sovereign wealth fund to use its oil income to best effect. (more…)

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1MDB pioneering a new sovereign investment model http://www.opalesque.com/SWF_Briefing/?p=15920 http://www.opalesque.com/SWF_Briefing/?p=15920#comments Mon, 15 Sep 2014 03:32:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15920 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15920>Article Link</a> Recent reports of state investment body 1Malaysia Development Bhd (1MDB) suggest the business model being pioneered by this outfit could mark a new direction that may be adopted by similar sovereign bodies worldwide. (more…)

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State funds give mixed views on managers http://www.opalesque.com/SWF_Briefing/?p=15918 http://www.opalesque.com/SWF_Briefing/?p=15918#comments Mon, 15 Sep 2014 03:31:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15918 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15918>Article Link</a> Appetite for alternative investments is only set to increase among institutional investors globally, with long-term contrarian external managers very hard to find. But while the evolution of institutional investment models falls into a similar pattern, starting with traditional public market exposures before expansion by geography and asset class, state funds’ views on the use of external managers varies markedly, speakers revealed at our China Investment Forum. (more…)

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No energy $$ deposited in Heritage Fund for 2014 http://www.opalesque.com/SWF_Briefing/?p=15912 http://www.opalesque.com/SWF_Briefing/?p=15912#comments Fri, 12 Sep 2014 03:01:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15912 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15912>Article Link</a> No money from the energy sector was deposited in the Heritage and Stabilisation Fund during fiscal 2014 because oil revenues fell, Finance Minister Larry Howai has said. In 2013, $271 million was transferred to the Fund which was established as a “rainy day” financial relief mechanism if the country becomes economically constrained. (more…)

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Ghana’s Sovereign Wealth Fund management hailed internationally http://www.opalesque.com/SWF_Briefing/?p=15906 http://www.opalesque.com/SWF_Briefing/?p=15906#comments Thu, 11 Sep 2014 03:14:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15906 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15906>Article Link</a> Alongside giants like Norway, arrangements put in place by the Government and People of Ghana, for the management of Oil and Gas Revenues has received international commendation at a public discussion event on Sovereign Wealth Funds organised by Chatham house (The Royal Institute of International Affairs) in London. (more…)

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Close down MAS and overhaul Khazanah, says veteran newsman http://www.opalesque.com/SWF_Briefing/?p=15883 http://www.opalesque.com/SWF_Briefing/?p=15883#comments Tue, 09 Sep 2014 02:50:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15883 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15883>Article Link</a> A veteran journalist today suggested that Malaysia’s sovereign fund Khazanah Nasional Bhd should be restructured while Malaysia Airlines (MAS) should be closed down. In his latest blog posting, Datuk A. Kadir Jasin questioned Khazanah’s ability to manage Malaysia Airlines and revive the fortunes of the ailing national carrier. (more…)

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Super fund governance overdue for overhaul http://www.opalesque.com/SWF_Briefing/?p=15881 http://www.opalesque.com/SWF_Briefing/?p=15881#comments Tue, 09 Sep 2014 02:49:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15881 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15881>Article Link</a> When the Coalition came to power a year ago it promised a big shake-up in the corporate governance standards of the country’s $1.6 trillion superannuation. Fast forward to today and the Abbott government has made haste to dilute the Future of Financial Advice (FOFA) reforms after some heavy lobbying by the big financial institutions. (more…)

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Kazakhstan approves program of Samruk-Kazyna National Welfare Fund http://www.opalesque.com/SWF_Briefing/?p=15880 http://www.opalesque.com/SWF_Briefing/?p=15880#comments Tue, 09 Sep 2014 02:49:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15880 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15880>Article Link</a> The board of directors approved a program to transform the Samruk-Kazyna National Welfare Fund, the press service of the fund said Sept.8. The Board of Directors of Samruk-Kazyna JSC at a meeting under the chairmanship of the prime minister of Kazakhstan Karim Massimov in Astana endorsed the program of transformation. (more…)

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The Fed Is Looking Like a Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15878 http://www.opalesque.com/SWF_Briefing/?p=15878#comments Mon, 08 Sep 2014 03:19:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15878 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15878>Article Link</a> The Federal Reserve recently made clear it is planning to maintain its enormous balance sheet—roughly $4.5 trillion in Treasurys and mortgage-backed securities—for many years, while keeping interest rates near zero at least into 2015. Far from being neutral or stimulative, these policies have caused huge distortions in financial markets, contributing to slow growth and falling median incomes. (more…)

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Future Fund names CIO, mulls staff additions http://www.opalesque.com/SWF_Briefing/?p=15845 http://www.opalesque.com/SWF_Briefing/?p=15845#comments Tue, 02 Sep 2014 03:46:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15845 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15845>Article Link</a> Australia’s $94 billion sovereign wealth fund has promoted internally to fill the role of chief investment officer vacated by David Neal when he became managing director on August 4. The Future Fund is also likely to add two investment posts to its 40-strong team in the next few months. (more…)

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New GPIF investment manager drawn to cheap Japan mid-caps http://www.opalesque.com/SWF_Briefing/?p=15835 http://www.opalesque.com/SWF_Briefing/?p=15835#comments Mon, 01 Sep 2014 03:48:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15835 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15835>Article Link</a> A new investment manager responsible for a small chunk of the $1.2 trillion portfolio held by Japan’s giant public pension fund says it expects to buy stocks in midsize companies that appear cheap relative to the broader market and have decades of steady profits. (more…)

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Mumtalakat training push for executives http://www.opalesque.com/SWF_Briefing/?p=15834 http://www.opalesque.com/SWF_Briefing/?p=15834#comments Mon, 01 Sep 2014 03:47:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15834 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15834>Article Link</a> Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of Bahrain, has launched the Mumtalakat-INSEAD International Directors Programme, in partnership with international business school INSEAD. It is a corporate governance training initiative for its nominee directors appointed to the boards of its portfolio companies. (more…)

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Norway oil fund to double number of top executives http://www.opalesque.com/SWF_Briefing/?p=15796 http://www.opalesque.com/SWF_Briefing/?p=15796#comments Thu, 21 Aug 2014 03:14:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15796 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15796>Article Link</a> Norway’s $885bn oil fund is doubling the number of its senior executives in the latest sign it is restructuring itself to tackle its ever-increasing size and its shifting responsibilities as an investor. Norges Bank Investment Management, the arm of the Norwegian central bank that manages the fund, is creating a number of new positions to help manage its nascent property portfolio, as well as appointing three chief investment officers. (more…)

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Libyan sovereign wealth fund expected to hire new chief http://www.opalesque.com/SWF_Briefing/?p=15792 http://www.opalesque.com/SWF_Briefing/?p=15792#comments Thu, 21 Aug 2014 03:13:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15792 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15792>Article Link</a> The Libyan Investment Authority, the violence-hit North African nation’s $60bn sovereign wealth fund, is likely to name senior World Bank executive Ahmed Ali Attiga as its new chairman by the end of the year, The Daily Telegraph gathers. Attiga, who is currently representing the World Bank’s International Finance Corporation unit in Jordan, hails from a high-profile Libyan family associated with King Idris, the ruler before the late Muammar Gaddafi. (more…)

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Norway SWF Urged to Upgrade Oversight Before Diversifying http://www.opalesque.com/SWF_Briefing/?p=15777 http://www.opalesque.com/SWF_Briefing/?p=15777#comments Tue, 19 Aug 2014 00:55:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15777 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15777>Article Link</a> The Labor Party in Norway has called for the $880 billion Government Pension Fund—Global to up its governance game before moving into private equity and infrastructure. Norway’s biggest political party has challenged the country’s $880 billion sovereign wealth fund to improve its governance before hiking exposure to riskier assets. (more…)

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Tanzania sets up special unit to scrutinise gas revenues and wealth fund http://www.opalesque.com/SWF_Briefing/?p=15763 http://www.opalesque.com/SWF_Briefing/?p=15763#comments Fri, 15 Aug 2014 02:37:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15763 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15763>Article Link</a> Tanzania’s government is forming a special unit to monitor its natural resource revenues from major gas discoveries that promise to lift the country from poverty and free it from dependency on foreign aid in the coming decades. (more…)

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Norway defends how its wealth fund is run http://www.opalesque.com/SWF_Briefing/?p=15762 http://www.opalesque.com/SWF_Briefing/?p=15762#comments Thu, 14 Aug 2014 03:20:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15762 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15762>Article Link</a> Norway Finance Minister Siv Jensen has said that a probe into the world’s biggest sovereign wealth fund’s purchase of Formula One shares shouldn’t be used as an excuse to tighten oversight of the investor. “We do have control mechanisms to oversee that everything is done in a proper manner - the control board is doing their job,” Ms Jensen said. “Governing of the bank and of the fund has served us very well.” (more…)

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CIC Set to be ‘Picky’ and ‘Stingy’ with Asset Managers, Says Consultant http://www.opalesque.com/SWF_Briefing/?p=15761 http://www.opalesque.com/SWF_Briefing/?p=15761#comments Thu, 14 Aug 2014 03:20:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15761 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15761>Article Link</a> Asset managers shouldn’t expect ‘easy money’ from China Investment Corp., even though the world’s fourth largest sovereign wealth fund last week reported a rise in net profit and a healthy increase in its top-line assets that grew to $652 billion in 2013 from $575 billion. (more…)

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CIC Pays ‘Astonishingly Low’ Money Management Fees – Z-Ben http://www.opalesque.com/SWF_Briefing/?p=15760 http://www.opalesque.com/SWF_Briefing/?p=15760#comments Thu, 14 Aug 2014 03:20:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15760 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15760>Article Link</a> Money managers hoping to win a coveted contract to manage a slice of China’s sovereign wealth have their work cut out for them. China Investment Corp., one of the largest sovereign wealth funds in the world with about $600 billion under management, on Friday reported a 9.3% return on its overseas investments in 2013, compared with a 10.6% return in 2012. (more…)

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SWFs sidestep fund managers with more direct deals http://www.opalesque.com/SWF_Briefing/?p=15735 http://www.opalesque.com/SWF_Briefing/?p=15735#comments Tue, 12 Aug 2014 02:49:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15735 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15735>Article Link</a> The world’s sovereign wealth funds (SWFs) are allocating the highest volume of assets via direct deals and co-investing since the global financial crisis, research showed, as the mega-rich institutional investors increasingly bypassed fund managers. (more…)

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Norway’s sovereign wealth fund to reveal voting intentions http://www.opalesque.com/SWF_Briefing/?p=15722 http://www.opalesque.com/SWF_Briefing/?p=15722#comments Fri, 08 Aug 2014 03:24:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15722 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15722>Article Link</a> Norway’s sovereign wealth fund will start issuing public statements, to declare which way it intends to vote on issues being presented at companies’ annual meetings, the fund told the Financial Times. “We think this (move) will contribute to the transparency of how we manage the fund and assess questions for voting,” the paper quoted the institution as saying. (more…)

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Norway’s wealth fund voted against Fiat-Chrysler merger http://www.opalesque.com/SWF_Briefing/?p=15721 http://www.opalesque.com/SWF_Briefing/?p=15721#comments Fri, 08 Aug 2014 03:24:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15721 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15721>Article Link</a> Norway’s sovereign wealth fund was the single largest shareholder to vote against Italian carmaker Fiat’s merger with its U.S. unit Chrysler, according to minutes of the Aug. 1 shareholder meeting. (more…)

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GIC manages pool of Govt funds, not just SSGS or CPF monies: DPM Tharman http://www.opalesque.com/SWF_Briefing/?p=15701 http://www.opalesque.com/SWF_Briefing/?p=15701#comments Tue, 05 Aug 2014 03:36:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15701 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15701>Article Link</a> The GIC is not managing the Special Singapore Government Securities (SSGS) or CPF monies on their own, but a combined pool of Government funds including a significant sum of unencumbered assets, said Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam on Monday (Aug 4).
“That is why the GIC’s mandate is to take calculated investment risks aimed at achieving good, long-term returns on the Government’s funds, without regard to the Government’s liabilities,” he said. (more…)

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Kazakhstan Grapples With Reform of Sovereign-Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15696 http://www.opalesque.com/SWF_Briefing/?p=15696#comments Tue, 05 Aug 2014 03:35:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15696 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15696>Article Link</a> When Astana launched its sovereign-wealth fund in 2008, authorities asserted that Samruk-Kazyna would modernize Kazakhstan’s economy and help attract foreign investors. Six years later, critics say the fund is bloated and lethargic, and privatization plans are stoking concerns among employees and analysts. (more…)

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S Dhanabalan rejoins GIC as board director http://www.opalesque.com/SWF_Briefing/?p=15678 http://www.opalesque.com/SWF_Briefing/?p=15678#comments Fri, 01 Aug 2014 01:52:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15678 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15678>Article Link</a> Mr S Dhanabalan will rejoin the board of GIC as a director with effect from Friday, the investment company said on Friday morning. “We are very pleased to welcome Mr Dhanabalan to the GIC Board,” said GIC group president Lim Siong Guan in a statement. (more…)

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Nigeria SWF to manage $350m for national electricity buyer http://www.opalesque.com/SWF_Briefing/?p=15677 http://www.opalesque.com/SWF_Briefing/?p=15677#comments Fri, 01 Aug 2014 01:52:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15677 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15677>Article Link</a> A Nigerian government agency charged with buying electricity in bulk from new power producers has engaged the country’s sovereign wealth fund manager to take custody of $350 million in liquid assets, as opposed to leaving it “sitting in the central bank” where it will “earn next to nothing”, according to the Nigerian finance minister. (more…)

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Norway Says $890 Billion Fund Likely to Follow EU Sanctions http://www.opalesque.com/SWF_Briefing/?p=15675 http://www.opalesque.com/SWF_Briefing/?p=15675#comments Thu, 31 Jul 2014 03:15:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15675 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15675>Article Link</a> Norway’s government, which sets the strategy for the world’s biggest sovereign wealth fund, signaled it will probably abide by sanctions against Russia agreed by the European Union and the U.S. “In such a situation we have to react,” Foreign Minister Boerge Brende said in a statement today. The government of Norway, which isn’t an EU member, will now “study the measures carefully” before arriving at a final conclusion, he said. (more…)

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Kazakh central bank fund seeks advisers on managing $110bn reserves http://www.opalesque.com/SWF_Briefing/?p=15657 http://www.opalesque.com/SWF_Briefing/?p=15657#comments Tue, 29 Jul 2014 03:25:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15657 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15657>Article Link</a> Kazakhstan’s National Investment Corporation (NIC), a sovereign wealth fund managed by the country’s central bank, is looking to appoint consultants to help it pick external investment managers to manage around $110 billion of the country’s wealth. (more…)

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Call to use Exchange Fund for social policies rejected http://www.opalesque.com/SWF_Briefing/?p=15655 http://www.opalesque.com/SWF_Briefing/?p=15655#comments Tue, 29 Jul 2014 03:24:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15655 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15655>Article Link</a> The Exchange Fund remains the last line of defense for financial stability and should not be used to support social policies or adopt a more aggressive investment strategy, the Hong Kong Monetary Authority chief said. “It is clearly not appropriate for the fund to adopt an overly aggressive investment approach, nor is it appropriate to directly compare the fund with other investment funds or sovereign wealth funds,” Norman Chan Tak-lam said yesterday in his column on the authority’s website. (more…)

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Alaska Permanent Fund hires four Non-U.S. stock managers http://www.opalesque.com/SWF_Briefing/?p=15619 http://www.opalesque.com/SWF_Briefing/?p=15619#comments Wed, 23 Jul 2014 02:26:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15619 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15619>Article Link</a> The APFC has awarded four active Non-U.S. developed markets stock mandates at the conclusion of a several-month search. The mandates are for $100 million each, with a target date of July 25. Selective rebalancing within the Permanent Fund’s stock portfolio will provide the funds for the new mandates, and no managers will be terminated. (more…)

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BRICS Bank Is Mostly a Jointly Managed Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15618 http://www.opalesque.com/SWF_Briefing/?p=15618#comments Tue, 22 Jul 2014 03:48:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15618 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15618>Article Link</a> Because the credit ratings of Brazil, Russia, South Africa and India are not robust enough to command borrowing on the capital markets at relatively low rates, and it is only China’s economy among the BRICS that can currently support massive borrowing on the capital markets to enable relatively low-interest lending, it again points to the BRICS Bank being a SWF-like entity. (more…)

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State Oil Fund seeks insurer and cleaner for its skyscraper in Baku http://www.opalesque.com/SWF_Briefing/?p=15606 http://www.opalesque.com/SWF_Briefing/?p=15606#comments Mon, 21 Jul 2014 03:21:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15606 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15606>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) is seeking for the insurer and the cleaner for its skyscraper in Baku. The Fund informs that two tender procedures have been announced for this purpose. Both tenders relate to the new SOFAZ administrative building at add: 111A, Heydar Aliyev Avenue, Baku (22 administrative floors, 2 technical floors and underground parking with total area of 35,834 sq m). (more…)

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Sound governance, clear mandate help Temasek beat market: report http://www.opalesque.com/SWF_Briefing/?p=15566 http://www.opalesque.com/SWF_Briefing/?p=15566#comments Fri, 11 Jul 2014 03:51:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15566 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15566>Article Link</a> Sound corporate governance and a clear business mandate have helped Temasek Holdings and government-linked companies (GLCs) in Singapore perform better than the market, said a report on Friday. The study, entitled “The State as a shareholder: The case of Singapore,” was done before Temasek released its results. (more…)

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Heritage fund or Slinky fund? http://www.opalesque.com/SWF_Briefing/?p=15553 http://www.opalesque.com/SWF_Briefing/?p=15553#comments Thu, 10 Jul 2014 01:07:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15553 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15553>Article Link</a> The recent announcement that the Alberta Heritage Savings Trust Fund earned $2.1 billion in 2013 is great news, but don’t break out the champagne yet. While these record earnings will help relieve Alberta’s current budget deficits, they are almost meaningless in the long term — which is, or at least was, the whole point of having a heritage fund. (more…)

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GIC ‘needs to invest over long term’, cannot directly manage CPF http://www.opalesque.com/SWF_Briefing/?p=15542 http://www.opalesque.com/SWF_Briefing/?p=15542#comments Wed, 09 Jul 2014 02:45:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15542 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15542>Article Link</a> Noting that some grassroots leaders and others have questioned why the Government does not get the GIC to directly manage Central Provident Fund (CPF) monies, Deputy Prime Minister Tharman Shanmugaratnam explained yesterday that should the GIC do so, it will need a very conservative portfolio without the ability to invest over the long term and ride out market cycles. (more…)

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Leakages, political bickering threaten Nigeria SWF goals http://www.opalesque.com/SWF_Briefing/?p=15540 http://www.opalesque.com/SWF_Briefing/?p=15540#comments Wed, 09 Jul 2014 02:44:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15540 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15540>Article Link</a> The goals of Nigeria’s Sovereign Wealth Fund (SWF), which include providing a countercyclical rainy day fund, as well as savings for future generations is being threatened by political bickering and oil revenue leakages. (more…)

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Chan defends fund at length http://www.opalesque.com/SWF_Briefing/?p=15539 http://www.opalesque.com/SWF_Briefing/?p=15539#comments Tue, 08 Jul 2014 03:44:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15539 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15539>Article Link</a> The market should disregard the short- term performance of the Exchange Fund, said Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. HKMA yesterday revealed the latest official foreign currency reserve assets stand at US$320.9 billion (HK$2.5 trillion) at the end of June, up from US$320.2 billion in May. (more…)

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Norway Outlines Staff Plan to Boost Real Estate Holdings http://www.opalesque.com/SWF_Briefing/?p=15534 http://www.opalesque.com/SWF_Briefing/?p=15534#comments Tue, 08 Jul 2014 03:42:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15534 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15534>Article Link</a> The Norway Pension Fund-Global has begun recruiting for the team that will oversee an eventual 5% allocation of its $825 billion capital pool to real estate. Norges Bank Investment Management (NBIM), which oversees the asset allocation and implementation of strategy for the world’s largest sovereign wealth fund, has advertised three positions on its website—and the closing date is drawing near. (more…)

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Nigeria: Akwa Ibom top contributor to Sovereign Wealth Fund in 2013- MD http://www.opalesque.com/SWF_Briefing/?p=15529 http://www.opalesque.com/SWF_Briefing/?p=15529#comments Mon, 07 Jul 2014 01:24:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15529 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15529>Article Link</a> Akwa Ibom State remains the highest contributor to Sovereign Wealth Fund in the Country for 2013, it has been revealed. The Managing Director/Chief Executive of the Nigerian Sovereign Wealth Investment Authority (NSIA), Mr. Uche Orji, who stated this Friday when he and his team paid Governor Godswill Akpabio a courtesy visit at Governor’s Office, Uyo, hinted that Akwa Ibom Government contributed the highest to the fund particularly counterpart funding. (more…)

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Appointing Najib’s brother to Khazanah ’smacks of NEPOTISM’ http://www.opalesque.com/SWF_Briefing/?p=15526 http://www.opalesque.com/SWF_Briefing/?p=15526#comments Mon, 07 Jul 2014 01:24:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15526 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15526>Article Link</a> The appointment of outgoing CIMB Group chief executive officer Datuk Seri Nazir Razak to Khazanah Nasional Berhad’s board of directors has drawn fire from Pakatan Rakyat. PAS central committee member and Kuala Krai Member of Parliament Dr Hatta Ramli described the appointment, effective Sept 1, as a daring move that smacks of nepotism by Prime Minister Datuk Seri Najib Razak. (more…)

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The Abu Dhabi Investment Authority will be hiring in these areas in 2014 http://www.opalesque.com/SWF_Briefing/?p=15501 http://www.opalesque.com/SWF_Briefing/?p=15501#comments Wed, 02 Jul 2014 03:07:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15501 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15501>Article Link</a> The Abu Dhabi Investment Authority (ADIA) has added over 100 employees across its equities, infrastructure and private equity teams during the past year and is planning to expand throughout 2014 in both the front and back office. (more…)

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Oil Fund’s relations with budget of Azerbaijan may change drastically http://www.opalesque.com/SWF_Briefing/?p=15483 http://www.opalesque.com/SWF_Briefing/?p=15483#comments Thu, 26 Jun 2014 00:49:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15483 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15483>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) can change the system of relations with the state budget, known as the system of annual transfers. The new format of SOFAZ ties is still considering by government experts. (more…)

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How Alberta turned its Heritage Fund into a cash machine for big-spending politicians http://www.opalesque.com/SWF_Briefing/?p=15472 http://www.opalesque.com/SWF_Briefing/?p=15472#comments Thu, 26 Jun 2014 00:47:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15472 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15472>Article Link</a> Alberta’s Heritage Savings Trust Fund stands as an excellent example of how governments waste opportunity, fritter away money and undermine the long-term interests of taxpayers, even as they claim to be working in the public interest. (more…)

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Norway’s SWF Lays Out Three-Year Strategic Plan http://www.opalesque.com/SWF_Briefing/?p=15467 http://www.opalesque.com/SWF_Briefing/?p=15467#comments Wed, 25 Jun 2014 03:14:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15467 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15467>Article Link</a> Norway’s $888 billion sovereign wealth fund plans to bring more of its real estate portfolio under in-house management as part of a move to broaden its portfolio. Laying out its plan for 2014-16 in a strategy report published this morning, Norges Bank Investment Management (NBIM)—the group responsible for the management of the Government Pension Fund Global—said it would add “new frontier markets” to its equity portfolio, as well as include more currencies in its fixed income allocation and take larger stakes in companies. (more…)

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Reforms open up opportunities in Chinese asset management http://www.opalesque.com/SWF_Briefing/?p=15455 http://www.opalesque.com/SWF_Briefing/?p=15455#comments Mon, 23 Jun 2014 03:20:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15455 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15455>Article Link</a> China’s efforts to liberalise its currency and open its capital markets are also creating job opportunities for people in the asset management industry. This is particularly true of sales and investment management, recruiters say. (more…)

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China’s CIC Vows to Improve Management After Irregularities Uncovered http://www.opalesque.com/SWF_Briefing/?p=15450 http://www.opalesque.com/SWF_Briefing/?p=15450#comments Fri, 20 Jun 2014 01:08:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15450 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15450>Article Link</a> China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses. (more…)

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Audits hit home at CIC http://www.opalesque.com/SWF_Briefing/?p=15449 http://www.opalesque.com/SWF_Briefing/?p=15449#comments Fri, 20 Jun 2014 01:08:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15449 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15449>Article Link</a> China Investment Corp, the nation’s US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said. (more…)

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Closer Look: Audit of CIC Shows Its Corporate Governance Must Be Enhanced http://www.opalesque.com/SWF_Briefing/?p=15447 http://www.opalesque.com/SWF_Briefing/?p=15447#comments Fri, 20 Jun 2014 01:07:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15447 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15447>Article Link</a> China Investment Corp. (CIC), the country’s US$ 575 billion sovereign wealth fund, has been blamed by the state auditor for flaws in its management of both domestic and overseas investment projects, leading to losses. On June 18, the National Audit Office issued a report on CIC’s operations in 2012. It criticized CIC for a series of irregularities in investment assessments, subsidiary operations, and personnel and financial management. (more…)

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Japan readies to unshackle huge pension fund http://www.opalesque.com/SWF_Briefing/?p=15413 http://www.opalesque.com/SWF_Briefing/?p=15413#comments Mon, 16 Jun 2014 03:48:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15413 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15413>Article Link</a> Japan’s government is readying to unfetter its huge public pension fund, freeing managers to dump low-yield sovereign bonds and go in search of higher, but riskier returns, in a move that could see cash flood global markets. The nation’s pension programme, into which almost all citizens pay, is supported by the world’s largest investment fund, worth a staggering USD 1.26 trillion equivalent to one-quarter of the country’s entire economy. (more…)

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Billions at risk if tax act amended to allow investment panel, says PKR lawmaker http://www.opalesque.com/SWF_Briefing/?p=15407 http://www.opalesque.com/SWF_Briefing/?p=15407#comments Fri, 13 Jun 2014 01:07:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15407 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15407>Article Link</a> Billions of taxpayers’ money are at risk of being used to buy stocks, bonds, debts and properties under a proposed amendment to a tax law allowing for an investment panel that could be as secretive as 1MDB, PKR lawmaker Wong Chen (PKR- Kelana Jaya) said. (more…)

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Saudi’s Shoura Council Debates Sovereign Wealth Fund Plan http://www.opalesque.com/SWF_Briefing/?p=15393 http://www.opalesque.com/SWF_Briefing/?p=15393#comments Thu, 12 Jun 2014 01:40:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15393 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15393>Article Link</a> A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the Kingdom’s influential Shura council advisory body but failed to yield a result. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the Kingdom’s vast hydrocarbon wealth, would build on its financial stability. (more…)

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Saudi sovereign wealth fund plan attracts debate in advisory body http://www.opalesque.com/SWF_Briefing/?p=15380 http://www.opalesque.com/SWF_Briefing/?p=15380#comments Wed, 11 Jun 2014 00:55:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15380 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15380>Article Link</a> A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom’s influential Shura council advisory body but failed to yield a result, state media reported on Tuesday. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the kingdom’s vast hydrocarbon wealth, would build on its financial stability. (more…)

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Restructuring Libya’s SWF http://www.opalesque.com/SWF_Briefing/?p=15366 http://www.opalesque.com/SWF_Briefing/?p=15366#comments Fri, 06 Jun 2014 01:54:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15366 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15366>Article Link</a> The outlook for Libya is grim as it slides further into anarchy, but the African Development Bank believes that one promising area is the country’s formidable financial resources and a sovereign wealth fund that could be leveraged to help the economy. (more…)

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President Park meets Singapore’s Temasek executives http://www.opalesque.com/SWF_Briefing/?p=15330 http://www.opalesque.com/SWF_Briefing/?p=15330#comments Mon, 02 Jun 2014 02:46:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15330 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15330>Article Link</a> President Park Geun-hye met with executives from Temasek Holdings, Singapore’s sovereign wealth fund, and discussed expanding the fund’s investments in Korea and other matters of mutual interest. “I am glad that the Temasek Connection conference is being held in Korea this year, after it was postponed last year due to the deterioration of South Korea-North Korea relations,” said President Park. (more…)

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Permanent Fund director finds way to get his employees a raise http://www.opalesque.com/SWF_Briefing/?p=15285 http://www.opalesque.com/SWF_Briefing/?p=15285#comments Fri, 23 May 2014 00:28:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15285 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15285>Article Link</a> The Alaska Permanent Fund Corp. has figured out a way to get raises for its staff that other state employees are aren’t getting, said Mike Burns, the state-owned corporation’s executive director. (more…)

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Alaska Permanent Fund Calls for Less Aggressive Private Equity Pacing Plan http://www.opalesque.com/SWF_Briefing/?p=15260 http://www.opalesque.com/SWF_Briefing/?p=15260#comments Wed, 21 May 2014 02:52:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15260 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15260>Article Link</a> The Alaska Permanent Fund Corp. wants to cut its commitments to private equity in the fiscal year beginning July 1, dialing down the target amount slated for commitments to $800 million from the $1.23 billion a year earlier . (more…)

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CBN seeks compulsory contribution to SWF http://www.opalesque.com/SWF_Briefing/?p=15223 http://www.opalesque.com/SWF_Briefing/?p=15223#comments Thu, 15 May 2014 03:30:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15223 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15223>Article Link</a> As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders. (more…)

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Give up control in state banks: Nayak panel to govt http://www.opalesque.com/SWF_Briefing/?p=15216 http://www.opalesque.com/SWF_Briefing/?p=15216#comments Wed, 14 May 2014 03:30:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15216 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15216>Article Link</a> A Reserve Bank of India (RBI)-appointed panel, headed by former Axis Bank chairman PJ Nayak, has recommended radical reforms for Indian banks. It suggested the government transfer all its stake and powers in public sector banks (PSBs) to a separate entity, to be known as bank investment company (BIC). (more…)

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Norway SWF axes JP Morgan as global custodian http://www.opalesque.com/SWF_Briefing/?p=15186 http://www.opalesque.com/SWF_Briefing/?p=15186#comments Thu, 08 May 2014 02:59:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15186 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15186>Article Link</a> Norges Bank Investment Management (NBIM) has hired Citi to provide global custody services for the $850 billion investment portfolio held by Norway’s Government Pension Fund Global (GPFG), replacing JP Morgan Chase, which had inherited the mandate from Chase Manhattan Bank when it bought JP Morgan in 2000. (more…)

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