Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Fri, 19 Dec 2014 03:46:20 +0000 http://wordpress.org/?v=2.5.1 en Despite probe, Najib must answer questions on 1MDB, says DAP leader http://www.opalesque.com/SWF_Briefing/?p=16582 http://www.opalesque.com/SWF_Briefing/?p=16582#comments Mon, 15 Dec 2014 03:30:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16582 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16582>Article Link</a> Prime Minister Datuk Seri Najib Razak cannot turn his back on 1Malaysia Development Berhad (1MDB) just because police have begun their investigations into the alleged improprieties in the management of the sovereign wealth fund, said Lim Kit Siang. (more…)

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Malaysia’s investment fund disaster http://www.opalesque.com/SWF_Briefing/?p=16552 http://www.opalesque.com/SWF_Briefing/?p=16552#comments Thu, 11 Dec 2014 01:35:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16552 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16552>Article Link</a> In 2008, a boisterous young man by the name of Jho Low Taek, a Penang-born Wharton grad with a taste for Cristal champagne and Broadway blondes, approached Malaysia’s Terengganu state government with a proposal to use the state’s authority to sell RM10 billion (US$2.87 billion) in bonds to start a state-backed investment fund. (more…)

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Analysts back Khazanah appointment of Mueller to revive Malaysia Airlines http://www.opalesque.com/SWF_Briefing/?p=16539 http://www.opalesque.com/SWF_Briefing/?p=16539#comments Tue, 09 Dec 2014 01:09:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16539 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16539>Article Link</a> Analysts have backed Khazanah Nasional Bhd’s decision to appoint Christoph Mueller to revive Malaysia Airlines Bhd despite the move drawing flak from politicians. They said that Mueller’s track record in reviving an airline was paramount in the decision to hire him. (more…)

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Malaysia Airline sees new leadership appointments by state fund http://www.opalesque.com/SWF_Briefing/?p=16531 http://www.opalesque.com/SWF_Briefing/?p=16531#comments Mon, 08 Dec 2014 04:16:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16531 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16531>Article Link</a> Malaysian Airline System Bhd (MAS), which is due to be taken private after being hit by two separate air disasters this year, on Friday sees new leadership appointments for the new company that will replace it. (more…)

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Oil Shock: Excess Crude Funds Not Well Managed, Says Obadan http://www.opalesque.com/SWF_Briefing/?p=16527 http://www.opalesque.com/SWF_Briefing/?p=16527#comments Mon, 08 Dec 2014 04:15:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16527 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16527>Article Link</a> A former Director General of the National Centre for Economic Management and Administration (NCEMA), Prof. Mike Obadan, has accused government across the three tiers of misuse and poor management of the nation’s Excess Crude Account (ECA). According to the professor of Economics at the University of Benin, Benin City, “The imprudent use of the ECA funds even at a period of rising prices, has led to it been depleted to the very precarious level of less than $2.0 billion at the beginning of this month. Thus, it appears that the country has found it difficult to reach a political consensus to rein in fiscal expansion and re-accumulate its reserves.” (more…)

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Al-Sayed’s exit shows Qataris operate on a different plane http://www.opalesque.com/SWF_Briefing/?p=16518 http://www.opalesque.com/SWF_Briefing/?p=16518#comments Fri, 05 Dec 2014 00:53:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16518 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16518>Article Link</a> Ahmad al-Sayed was ousted from the top of the Qatar Investment Authority, the £200 billion sovereign wealth fund that holds large stakes in Barclays and Credit Suisse, owns Harrods, and wanted to purchase Canary Wharf. His successor is Sheikh Abdullah bin Mohammed bin Saud al-Thani, a member of the Qatari royal family. (more…)

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How the World’s Largest SWF Gets the Best from Active Managers http://www.opalesque.com/SWF_Briefing/?p=16479 http://www.opalesque.com/SWF_Briefing/?p=16479#comments Tue, 02 Dec 2014 01:01:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16479 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16479>Article Link</a> Norway’s sovereign wealth fund has proposed a new approach to benchmarks that it claims can boost the benefits of investing with active stockpickers. In a discussion note published on its website, Norges Bank Investment Management (NBIM)—which manages the €689 billion ($860 billion) Norway Government Pension Fund Global—explored in depth its use of bespoke equally-weighted benchmarks. (more…)

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RDIF Funneling More Chinese, Middle Eastern Money Into Russia http://www.opalesque.com/SWF_Briefing/?p=16418 http://www.opalesque.com/SWF_Briefing/?p=16418#comments Fri, 21 Nov 2014 01:22:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16418 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16418>Article Link</a> The $10 billionRussian Direct Investment Fund is funneling more Chinese and Middle Eastern money into Russia’s ailing economy, partly compensating for a decline in Western-led activity in the face of geopolitical tensions. (more…)

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1MDB managed competently http://www.opalesque.com/SWF_Briefing/?p=16399 http://www.opalesque.com/SWF_Briefing/?p=16399#comments Wed, 19 Nov 2014 01:50:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16399 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16399>Article Link</a> Overly leveraged is the oft repeated criticism of detractors of 1Malaysia Development Berhad (1MDB), the nation’s strategic development company. Other accusations include the issue of the company’s lack of transparency, a fair demand on a state-owned investment arm. Once the Terengganu Investment Company, a sovereign wealth fund for the state, it was renamed 1MDB in 2009. (more…)

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Dr. Mahathir:Malaysia can do without 1MDB http://www.opalesque.com/SWF_Briefing/?p=16371 http://www.opalesque.com/SWF_Briefing/?p=16371#comments Thu, 13 Nov 2014 02:55:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16371 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16371>Article Link</a> Tun Dr Mahathir Mohamad said Malaysia does not need a sovereign fund like the 1Malaysia Development Berhad (1MDB), especially if it results in losses for the country. The former prime minister (PM) said Malaysia could do without the 1MDB, which has been criticised for its lack of transparency as well as for racking up big debts to finance its projects. (more…)

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Support letter issued to 1MDB is not ‘explicit government guarantee’, says Ahmad Maslan http://www.opalesque.com/SWF_Briefing/?p=16370 http://www.opalesque.com/SWF_Briefing/?p=16370#comments Thu, 13 Nov 2014 02:54:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16370 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16370>Article Link</a> Deputy Finance Minister Datuk Ahmad Maslan insisted that Putrajaya’s letter of support for 1Malaysia Development Berhad’s (1MDB) fundraising exercise is not an “explicit guarantee”, sidestepping concerns that the federal government will have to foot the sovereign wealth fund’s debt. He stressed that the ministry had only given an explicit guarantee amounting to RM5.8 billion to the sovereign wealth fund. (more…)

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Kazakh leader orders government to open oil fund for projects http://www.opalesque.com/SWF_Briefing/?p=16360 http://www.opalesque.com/SWF_Briefing/?p=16360#comments Wed, 12 Nov 2014 03:31:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16360 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16360>Article Link</a> Kazakhstan’s president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia. (more…)

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Mumtalakat Hires Banks For Potential Dollar Sukuk Issue http://www.opalesque.com/SWF_Briefing/?p=16341 http://www.opalesque.com/SWF_Briefing/?p=16341#comments Tue, 11 Nov 2014 03:19:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16341 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16341>Article Link</a> Bahraini sovereign fund Mumtalakat (BBB from S&P/Fitch) has hired BNP Paribas, Deutsche Bank, MUFG and StanChart to arrange a series of fixed income investor meetings starting on Thursday, Nov. 13. (more…)

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Khazanah open to proposals for MAS restructuring http://www.opalesque.com/SWF_Briefing/?p=16339 http://www.opalesque.com/SWF_Briefing/?p=16339#comments Tue, 11 Nov 2014 03:19:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16339 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16339>Article Link</a> Khazanah Nasional Bhd is open to receive proposals and ideas from various quarters for the restructuring of Malaysian Airline System Bhd (MAS). Khazanah deputy chairman Tan Sri Nor Mohamed Yakcop said the company was prepared to listen and weigh the ideas or proposals so that the restructuring process could proceed smoothly and successfully to enable MAS to get back to become the national airline that is the pride of the rakyat. (more…)

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1MDB’s actions do not reflect a sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=16328 http://www.opalesque.com/SWF_Briefing/?p=16328#comments Mon, 10 Nov 2014 03:12:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16328 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16328>Article Link</a> I suspect that one of the aims of 1MDB was to correct the mistakes of the privately owned Independent Power Producers (IPPs) of the past — specifically the first generation IPPs where the agreements were too generous to the private companies. (more…)

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Rafizi to tell all about 1MDB’s Cayman fund next week http://www.opalesque.com/SWF_Briefing/?p=16327 http://www.opalesque.com/SWF_Briefing/?p=16327#comments Mon, 10 Nov 2014 03:12:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16327 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16327>Article Link</a> PKR secretary-general Rafizi Ramli said he will reveal next week the details of 1Malaysia Development Berhad’s (1MDB) funds in the Cayman Islands. “Besides myself, a team from the National Oversight and Whistleblowers (NOW) will reveal the individuals and companies involved in the hiding of public funds in the Cayman Islands.” (more…)

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Saudi Arabia: Wealth fund urged to tackle oil-price slide http://www.opalesque.com/SWF_Briefing/?p=16302 http://www.opalesque.com/SWF_Briefing/?p=16302#comments Wed, 05 Nov 2014 03:47:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16302 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16302>Article Link</a> The fall of crude oil prices points to the need for Saudi Arabia to have an active sovereign wealth fund, said Prince Alwaleed bin Talal, chairman of Kingdom Holding Co. This will be similar to the sovereign funds in Kuwait, Abu Dhabi and Norway, he said. (more…)

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Penang warns 1MDB of tough road to approval for Air Itam project http://www.opalesque.com/SWF_Briefing/?p=16296 http://www.opalesque.com/SWF_Briefing/?p=16296#comments Wed, 05 Nov 2014 03:45:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16296 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16296>Article Link</a> Penang has warned 1Malaysia Development Bhd (1MDB) that it will be an uphill task to gain planning approvals for its development project on the 234 acres land if it deviates from its promise to build affordable housing there. (more…)

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Will 1MDB change auditors again, asks DAP http://www.opalesque.com/SWF_Briefing/?p=16295 http://www.opalesque.com/SWF_Briefing/?p=16295#comments Wed, 05 Nov 2014 03:45:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16295 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16295>Article Link</a> With 1Malaysia Development Bhd (1MDB) yet to submit its financial statements as required under the law, a DAP lawmaker has questioned whether the sovereign fund will change its auditors again. (more…)

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Man Running World’s Biggest Wealth Fund Takes On Riddle of China http://www.opalesque.com/SWF_Briefing/?p=16277 http://www.opalesque.com/SWF_Briefing/?p=16277#comments Mon, 03 Nov 2014 06:55:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16277 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16277>Article Link</a> Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week. Though assets from that country only make up about 1.5 percent of the $860 billion Norwegian wealth fund’s portfolio, Yngve Slyngstad, its chief executive officer, says almost all investment decisions are affected by what happens in China. (more…)

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MP presses Putrajaya for answers as 1MBD, banker contradict each other on fees http://www.opalesque.com/SWF_Briefing/?p=16272 http://www.opalesque.com/SWF_Briefing/?p=16272#comments Mon, 03 Nov 2014 06:52:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16272 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16272>Article Link</a> Putrajaya must clarify questions surrounding fees paid for 1 Malaysia Development Bhd’s (1MDB) fundraising after the sovereign wealth fund and investment banker Goldman Sachs gave conflicting explanations, a DAP lawmaker said. (more…)

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All Change Once More In Libya. Just Who Runs Its $65 Billion Wealth Fund? http://www.opalesque.com/SWF_Briefing/?p=16268 http://www.opalesque.com/SWF_Briefing/?p=16268#comments Mon, 03 Nov 2014 06:51:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16268 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16268>Article Link</a> Regular readers of this blog will know of the travails of the Libyan Investment Authority, the sovereign wealth fund entrusted with $60-65 billion of the country’s oil wealth. Today, it represents something of a split personality. On one hand, it is bold and dynamic, suing Goldman Sachs and SG for billions of dollars over disastrous investments that were sold to it prior to the financial crisis. (more…)

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Slow Progress on SWF Governance Standards http://www.opalesque.com/SWF_Briefing/?p=16250 http://www.opalesque.com/SWF_Briefing/?p=16250#comments Fri, 31 Oct 2014 02:39:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16250 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16250>Article Link</a> Governance and transparency standards at some of the world’s largest sovereign wealth funds (SWFs) are still falling below agreed levels, according to a study. Geneva-based political risk consultancy GeoEconomica found that only nine of 31 SWFs surveyed had complied with a “good governance and financial disclosure standards” agreement laid out in 2008, known as the Santiago Principles. (more…)

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Sovereign-wealth funds are cutting out the middleman http://www.opalesque.com/SWF_Briefing/?p=16249 http://www.opalesque.com/SWF_Briefing/?p=16249#comments Fri, 31 Oct 2014 02:39:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16249 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16249>Article Link</a> Sovereign-wealth funds and other big institutional investors from Ottawa to Oslo and—if icefishing isn’t your thing—Abu Dhabi to Auckland are hiring. The intention is to lure talent from private-equity firms and hedge funds in order to make the same sort of investments in-house. Sovereign-wealth funds made direct investments of around $186 billion last year, nearly triple the level of 2012, according to the Sovereign Wealth Fund Institute, a consultancy. (more…)

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Stronger Board, More Effective Government Interaction to Mark Samruk Kazyna Transformation http://www.opalesque.com/SWF_Briefing/?p=16241 http://www.opalesque.com/SWF_Briefing/?p=16241#comments Thu, 30 Oct 2014 01:40:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16241 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16241>Article Link</a> Kazakhstan’s Samruk Kazyna Sovereign Wealth Fund will redistribute responsibilities within the fund and change its portfolio structure and approach to investment as part of its recently announced transformation, Chairman of the Board of Samruk Kazyna Umirzak Shukeyev recently told The Astana Times in an exclusive interview. This will require internal changes, including training and incorporating foreign expertise, as well as legislative changes in Kazakhstan. (more…)

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Khazanah invites bids for advisory role in MAS restructuring plan http://www.opalesque.com/SWF_Briefing/?p=16237 http://www.opalesque.com/SWF_Briefing/?p=16237#comments Thu, 30 Oct 2014 01:39:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16237 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16237>Article Link</a> Sovereign fund Khazanah Nasional Bhd has asked select investment banks to bid for a role in overseeing the restructuring process of Malaysia Airlines (MAS), Bloomberg reported, citing sources familiar with the matter. (more…)

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Top sovereign funds fail on governance http://www.opalesque.com/SWF_Briefing/?p=16234 http://www.opalesque.com/SWF_Briefing/?p=16234#comments Wed, 29 Oct 2014 03:22:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16234 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16234>Article Link</a> A majority of the world’s largest sovereign wealth funds lack transparency and adequate governance, with those in the Gulf region scoring particularly low, according to a report published by political risk group GeoEconomica. eneva-based GeoEc-onomica, an independent political-risk research firm, assessed 31 sovereign wealth funds with a total of $4 trillion worth of assets for their compliance with the Santiago Principles, a voluntary code of practice on governance and transparency. (more…)

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The Temasek story: Growing with Singapore http://www.opalesque.com/SWF_Briefing/?p=16231 http://www.opalesque.com/SWF_Briefing/?p=16231#comments Wed, 29 Oct 2014 03:21:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16231 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16231>Article Link</a> Temasek Holdings works for a better tomorrow as a responsible and trusted steward, said its executive director and CEO Ho Ching, who was awarded the Asian Business Award by London-based business think-tank Asia House. Below is an extract of her speech at the award ceremony dinner in London on Monday. (more…)

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The Alaska Permanent Fund: Socialism in a Republican State http://www.opalesque.com/SWF_Briefing/?p=16229 http://www.opalesque.com/SWF_Briefing/?p=16229#comments Wed, 29 Oct 2014 03:21:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16229 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16229>Article Link</a> Alaska is a land of rugged individualists – Republicans all the way. However, a little known fact is that Alaska taxes the oil and gas corporations operating there and distributes the proceeds on an annual basis equally among every man, woman and child living in the state. (more…)

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QIA leads fund rankings for missing Santiago governance standards http://www.opalesque.com/SWF_Briefing/?p=16223 http://www.opalesque.com/SWF_Briefing/?p=16223#comments Tue, 28 Oct 2014 03:47:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16223 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16223>Article Link</a> The world’s most active sovereign wealth funds are also among the least transparent and least likely to comply with corporate governance norms, according to a review by consultancy GeoEconomica. The Geneva-based political risk group ranked 31 funds against principles of good governance and financial disclosure standards that they all signed up to in Santiago in 2008, and found that many of the most active groups fell short. (more…)

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Putrajaya must explain how 1MDB benefits Malaysians, says Dr M http://www.opalesque.com/SWF_Briefing/?p=16220 http://www.opalesque.com/SWF_Briefing/?p=16220#comments Tue, 28 Oct 2014 03:46:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16220 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16220>Article Link</a> Tun Dr Mahathir Mohamad today urged Putrajaya to explain how the 1Malaysia Development Berhad (1MDB) had benefited Malaysians, after a news report exposed the extent of the sovereign wealth fund’s debts. (more…)

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The first in the history VTB Bank Supervisory Council meeting outside of RF held in Baku http://www.opalesque.com/SWF_Briefing/?p=16199 http://www.opalesque.com/SWF_Briefing/?p=16199#comments Fri, 24 Oct 2014 03:38:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16199 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16199>Article Link</a> The first in the history of VTB Bank Supervisory Council meeting outside of RF was held in Baku. According to the State Oil Fund of Azerbaijan (SOFAZ), the meeting was held on October 22. (more…)

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Korea Investment Corp. Learns Hard Lesson http://www.opalesque.com/SWF_Briefing/?p=16196 http://www.opalesque.com/SWF_Briefing/?p=16196#comments Thu, 23 Oct 2014 02:55:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16196 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16196>Article Link</a> Korea Investment Corp. , South Korea’s $72 billion sovereign-wealth fund, found out the hard way that cutting out the middleman isn’t always easy. The fund began doing deals on its own, or “direct investing,” in the late 2000s, a shift from its practice of using private-equity firms to handle the deal making. (more…)

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PNG think tank slams government handling of sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=16195 http://www.opalesque.com/SWF_Briefing/?p=16195#comments Thu, 23 Oct 2014 02:55:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16195 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16195>Article Link</a> Papua New Guinea’s National Research Institute has raised serious concerns about the level of secrecy they says surrounds the creation of the country’s Sovereign Wealth Fund. The NRI says there needs to be more open debate on how the fund will operate, and on how it will be accountable if all Papua New Guineans are to benefit from new revenue streams as the government has promised. (more…)

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1MDB striving for strategic development http://www.opalesque.com/SWF_Briefing/?p=16194 http://www.opalesque.com/SWF_Briefing/?p=16194#comments Thu, 23 Oct 2014 02:54:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16194 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16194>Article Link</a> 1MDB is a company that can’t seem to keep itself out of the news. Everyone, from politicians and business figures to the man on the street, seems to have a view on it and the impending initial public offering (IPO) of its energy business is only likely to increase the scrutiny the company faces. For a company that so often makes the headlines, few seem to understand what exactly it does. (more…)

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KIA resumes share transfer program to private sector http://www.opalesque.com/SWF_Briefing/?p=16187 http://www.opalesque.com/SWF_Briefing/?p=16187#comments Thu, 23 Oct 2014 02:53:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16187 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16187>Article Link</a> The Board of Directors of Kuwait Investment Authority has approved resumption of its program regarding transferring its shares from local companies to the private sector, KIA stated Wednesday. (more…)

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Future Fund focuses on finding the best people http://www.opalesque.com/SWF_Briefing/?p=16161 http://www.opalesque.com/SWF_Briefing/?p=16161#comments Fri, 17 Oct 2014 05:18:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16161 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16161>Article Link</a> Australia’s sovereign wealth fund, the A$101 billion Future Fund, has just upped the stakes in not only attracting the best co-investment deals from fund managers, but in its bid to attract the world’s best investment professionals. Two months ago the fund’s long serving chief investment officer, David Neal, become chief executive in name (following the resignation of the previous CEO Mark Burgess, who held the role for nearly three years), but he might more accurately be described as the fund’s chief big picture strategist. (more…)

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1MDB on PAC’s radar but no scheduled interview yet, chief says http://www.opalesque.com/SWF_Briefing/?p=16141 http://www.opalesque.com/SWF_Briefing/?p=16141#comments Wed, 15 Oct 2014 01:34:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16141 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16141>Article Link</a> The 1Malaysia Development Bhd (1MDB) is now on the Public Accounts Committee (PAC) “radar” but the influential panel has no plan to haul up executives from the sovereign fund despite opposition claims of financial improprieties. Committee chief Datuk Nur Jazlan Mohamed said today that PAC’s priority was to investigate issues raised by the Auditor General and said it cannot haul up government agencies or state-linked companies based on individual allegations. (more…)

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Transparency key to Zim’s wealth fund http://www.opalesque.com/SWF_Briefing/?p=16131 http://www.opalesque.com/SWF_Briefing/?p=16131#comments Tue, 14 Oct 2014 03:42:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16131 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16131>Article Link</a> Zimbabwe must be transparent and accountable to its citizens with the newly established Sovereign Wealth Fund (SWF), a leading South African banker has said. Nesbert Ruwo, an investment banker said the country needs to engage its people first before it rushes to create the wealth fund. (more…)

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Norway is right to reassess its sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=16117 http://www.opalesque.com/SWF_Briefing/?p=16117#comments Mon, 13 Oct 2014 03:53:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16117 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16117>Article Link</a> Norway’s sovereign wealth fund is large (Ministry of Finance 2013). At $890 billion, it is the largest sovereign wealth fund in existence, holding over 1% of almost every listed stock in the world. However, as the fund approaches $180,000 for every man, woman, and child in Norway, there have been calls to reassess the way it is managed – from divesting oil and gas stocks to reducing the amount spent each year. (more…)

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Officials Unveil Details of Samruk Kazyna Transformation http://www.opalesque.com/SWF_Briefing/?p=16116 http://www.opalesque.com/SWF_Briefing/?p=16116#comments Mon, 13 Oct 2014 03:52:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16116 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16116>Article Link</a> The Samruk Kazyna Sovereign Wealth Fund officially unveiled its transformation programme Oct. 6. The programme is designed to help modernise Kazakhstan’s economy and bring an additional $11 billion to the country’s gross domestic product by 2020 through the reorganised fund. (more…)

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Sovereign fund chaired by PM Najib, yet 1MDB cannot furnish its accounts in time! http://www.opalesque.com/SWF_Briefing/?p=16107 http://www.opalesque.com/SWF_Briefing/?p=16107#comments Fri, 10 Oct 2014 03:14:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16107 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16107>Article Link</a> After 1Malaysia Development Berhad (1MDB)’s lengthy delay in submitting its financial statements, its subsidiaries are now in the spotlight for still failing to submit their own financial statements since 2012. (more…)

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Doing God’s Work With The Devil: Goldman Sachs’ Business With Gadhafi’s Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=16104 http://www.opalesque.com/SWF_Briefing/?p=16104#comments Fri, 10 Oct 2014 03:14:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16104 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16104>Article Link</a> Minutes after the death of Colonel Muammar al-Gadhafi, Libya’s brutal dictator for more than four decades, images depicting his opulence surfaced on television stations across the world. A young rebel with a gold-plated pistol, reputedly Gadhafi’s, celebrated the death of the despot. (more…)

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Norway to Spend More Oil Wealth, Cut Taxes http://www.opalesque.com/SWF_Briefing/?p=16098 http://www.opalesque.com/SWF_Briefing/?p=16098#comments Thu, 09 Oct 2014 03:18:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16098 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16098>Article Link</a> Norway’s right-wing minority government on Wednesday proposed cutting taxes and spending more “oil cash” from the country’s sovereign-wealth fund to counter a slowdown in economic growth. (more…)

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Dutch Failure to Copy Norway on EU265 Billion Gas Gains Queried http://www.opalesque.com/SWF_Briefing/?p=16096 http://www.opalesque.com/SWF_Briefing/?p=16096#comments Thu, 09 Oct 2014 03:17:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16096 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16096>Article Link</a> The Netherlands got about 265 billion euros ($334 billion) in over half a century in proceeds from Slochteren and other gas fields, and has little to show for it. Had the Netherlands followed the Norwegian example of a sovereign wealth fund, about 350 billion euros would have been available as of January 2014, the court said. The Netherlands can still have 150 billion euros by 2035 if it starts putting money aside now and invests like the Norwegians, the Court said. (more…)

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“Get Out Of My Country” Libyan Sovereign Wealth Fund “Screwed” By Goldman http://www.opalesque.com/SWF_Briefing/?p=16080 http://www.opalesque.com/SWF_Briefing/?p=16080#comments Wed, 08 Oct 2014 01:33:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16080 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16080>Article Link</a> You can mess with Greece with only modest repercussions, but, as Bloomberg reports, mess with Libya and trouble comes fast. In a strangely familiar case of deja vu, Libya’s sovereign wealth fund (LIA) sued Goldman Sachs over money-losing investments made in 2008, saying the bank exploited the LIA’s inexperience to sell risky derivatives. (more…)

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Goldman Bankers Threatened by LIA Executive in ‘Tirade’ http://www.opalesque.com/SWF_Briefing/?p=16076 http://www.opalesque.com/SWF_Briefing/?p=16076#comments Tue, 07 Oct 2014 02:12:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16076 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16076>Article Link</a> A Libya Investment Authority executive threatened two Goldman Sachs Group Inc. bankers at a 2008 meeting in Tripoli, telling them the lender had “screwed” the sovereign wealth fund, according to the LIA’s evidence at a London court hearing. (more…)

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Libya’s $1bn hangover – fund’s losses after drinks with Goldman http://www.opalesque.com/SWF_Briefing/?p=16075 http://www.opalesque.com/SWF_Briefing/?p=16075#comments Tue, 07 Oct 2014 02:12:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16075 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16075>Article Link</a> Goldman Sachs bankers took Libyan sovereign wealth fund bosses on a boozy weekend to Marrakesh – befriending them before selling them financial products the clients did not understand, the High Court heard. (more…)

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Nazarbayev speaks of Samruk Kazyna transformation http://www.opalesque.com/SWF_Briefing/?p=16071 http://www.opalesque.com/SWF_Briefing/?p=16071#comments Tue, 07 Oct 2014 02:11:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16071 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16071>Article Link</a> President Nursultan Nazarbayev has spoken at Samruk Kazyna Transformation forum, Tengrinews correspondent reports. Samruk Kazyna welfare fund owns largest strategic national companies of Kazakhstan totally worth around $100 billion. They include KazMunayGas oil and gas company, Kazatomprom nuclear company and Air Astana airlines. It also owns a number of financial groups. (more…)

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Dubai SWF chief urges merger of UAE bourses http://www.opalesque.com/SWF_Briefing/?p=16061 http://www.opalesque.com/SWF_Briefing/?p=16061#comments Mon, 06 Oct 2014 02:31:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16061 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16061>Article Link</a> The head of Dubai’s sovereign wealth fund (SWF) has called for the creation of one stock exchange in the UAE, a merger that officials have unsuccessfully been trying to engineer in the past few years. (more…)

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State to pay $70 million toward Alabama Trust Fund debt as fiscal year ends http://www.opalesque.com/SWF_Briefing/?p=16053 http://www.opalesque.com/SWF_Briefing/?p=16053#comments Fri, 03 Oct 2014 02:47:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16053 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16053>Article Link</a> The state has taken another step toward repaying money it borrowed to prop up the education budget during the recession. Gov. Robert Bentley announced today the state will repay $70 million to the Alabama Trust Fund out of funds from fiscal year 2014, which ended Tuesday. (more…)

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Nigeria’s Opposition Wants to Scrap Sovereign, Oil Funds http://www.opalesque.com/SWF_Briefing/?p=16043 http://www.opalesque.com/SWF_Briefing/?p=16043#comments Wed, 01 Oct 2014 03:35:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16043 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16043>Article Link</a> Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February. “We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.” (more…)

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SWF: Between constitutional and development imperatives http://www.opalesque.com/SWF_Briefing/?p=16042 http://www.opalesque.com/SWF_Briefing/?p=16042#comments Wed, 01 Oct 2014 03:34:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16042 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16042>Article Link</a> The legality and desirability of the institution of a Sovereign Wealth Fund (SWF) in Nigeria are not one and the same thing. While determination of the former is an exclusive preserve of the law court and at the moment sub judice, the latter which is not a subject of dispute before any adjudicating body is, however, the focus of this piece. (more…)

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Reformed Irish SWF could still be used to pre-fund pension liabilities http://www.opalesque.com/SWF_Briefing/?p=16027 http://www.opalesque.com/SWF_Briefing/?p=16027#comments Tue, 30 Sep 2014 03:52:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16027 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16027>Article Link</a> Using the Ireland Strategic Investment Fund’s (ISIF) assets to pre-fund the country’s pension liabilities should not be ruled out, the head of the Irish debt management office has said. (more…)

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Angola: Sovereign Fund President Checks Projects in Bungo http://www.opalesque.com/SWF_Briefing/?p=16024 http://www.opalesque.com/SWF_Briefing/?p=16024#comments Mon, 29 Sep 2014 03:30:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16024 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16024>Article Link</a> The CEO of the Angola Sovereign Fund (FSDEA), José Filomeno dos Santos, assessed the implementation of agricultural projects funded by his institution in the municipality of Bungo, northern Uige province. (more…)

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Linklaters and Freshfields advise as GIC takes co-ownership of RAC with Carlyle http://www.opalesque.com/SWF_Briefing/?p=16019 http://www.opalesque.com/SWF_Briefing/?p=16019#comments Mon, 29 Sep 2014 03:29:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16019 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16019>Article Link</a> Linklaters and Freshfields Bruckhaus Deringer have taken on key roles as Singapore’s sovereign wealth fund GIC prepares to become co-owner of RAC, the UK’s second largest roadside assistance provider. (more…)

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1MDB land issue in Penang: Guan Eng demands answers http://www.opalesque.com/SWF_Briefing/?p=16018 http://www.opalesque.com/SWF_Briefing/?p=16018#comments Mon, 29 Sep 2014 03:28:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16018 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16018>Article Link</a> As more questions surface about the 1Malaysia Development Board (1MDB) and its lack of transparency, the Penang government is pushing for answers to the sovereign fund’s purchase of land in the state. With debts reportedly amounting to around RM38 billion after operating for five years, Chief Minister Lim Guan Eng said the people have the right to know how IMDB, which is the federal government investment arm, used its funds. (more…)

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KIC to double its research staff http://www.opalesque.com/SWF_Briefing/?p=16011 http://www.opalesque.com/SWF_Briefing/?p=16011#comments Fri, 26 Sep 2014 02:49:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16011 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16011>Article Link</a> Korea Investment Corp., the country’s $76 billion sovereign wealth fund, plans to almost double its research staff to pick stocks for two new funds that may eventually comprise 30 percent of its equity holdings. (more…)

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Zimbabwe: Senate rejects Mugabe as trustee of Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=16009 http://www.opalesque.com/SWF_Briefing/?p=16009#comments Fri, 26 Sep 2014 02:49:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16009 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16009>Article Link</a> Senate passed the Sovereign Wealth Fund (SWF) of Zimbabwe Bill with some Senators demanding the removal of a clause which said President Robert Mugabe should be a trustee of the fund. The Bill, which creates a fund to be set aside for use during crises, was brought before Senate by Finance deputy minister Samuel Undenge. (more…)

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Korea’s Wealth Fund Doubling Staff to Pick Buffett-Style Stocks http://www.opalesque.com/SWF_Briefing/?p=16006 http://www.opalesque.com/SWF_Briefing/?p=16006#comments Thu, 25 Sep 2014 03:10:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16006 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16006>Article Link</a> Korea Investment Corp., the country’s $76 billion sovereign wealth fund, plans to almost double its research staff to pick stocks for two new funds that may eventually comprise 30 percent of its equity holdings. (more…)

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