Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Fri, 22 May 2015 01:43:54 +0000 http://wordpress.org/?v=2.5.1 en Restructuring plans for 1MDB to be tabled next week to Cabinet http://www.opalesque.com/SWF_Briefing/?p=17492 http://www.opalesque.com/SWF_Briefing/?p=17492#comments Fri, 22 May 2015 01:43:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17492 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17492>Article Link</a> 1Malaysia Development Berhad’s (1MDB) restructuring report is expected to be tabled to the Cabinet next week, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said. He said the restructuring of the alleged debt-ridden government investment arm was possible and he had concrete plans on how to do so. (more…)

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Ahmad Husni: 1MDB’s US$1b assets in BSI Bank was ‘mistaken’ as cash http://www.opalesque.com/SWF_Briefing/?p=17491 http://www.opalesque.com/SWF_Briefing/?p=17491#comments Fri, 22 May 2015 01:43:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17491 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17491>Article Link</a> Second Finance Minister Datuk Seri Ahmad Husni Mohamad says 1Malaysia Development Bhd (1MDB) has made a mistake and misinterpreted the nature of its assets kept in BSI Bank in Singapore. “I feel it was a mistake, a mistake in the nature that it was interpreted when 1MDB said that it had redeemed (US$1.1 billion from Cayman Islands) and kept it in a bank in Singapore,” he told reporters at Parliament lobby. (more…)

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Cash, then assets, 1MDB funds in Singapore now in ‘units’ http://www.opalesque.com/SWF_Briefing/?p=17490 http://www.opalesque.com/SWF_Briefing/?p=17490#comments Fri, 22 May 2015 01:43:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17490 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17490>Article Link</a> 1Malaysia Development Berhad (1MDB) is experiencing “short term” cashflow problem with the ability to pay its debts, said Finance Minister II Datuk Seri Husni Hanadzlah. He assured that the Government would find a solution for the debt-laden government investment arm. (more…)

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Elementum selected as ILS manager for Future Fund of Australia http://www.opalesque.com/SWF_Briefing/?p=17481 http://www.opalesque.com/SWF_Briefing/?p=17481#comments Thu, 21 May 2015 03:40:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17481 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17481>Article Link</a> The Future Fund, an Australian sovereign wealth investor, has selected independent insurance-linked securities (ILS) and reinsurance-linked investment manager Elementum Advisors as its first investment manager to be focused on alternative risk premia. (more…)

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SWFs must grasp ’substantial’ greenfield opportunities http://www.opalesque.com/SWF_Briefing/?p=17478 http://www.opalesque.com/SWF_Briefing/?p=17478#comments Wed, 20 May 2015 03:40:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17478 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17478>Article Link</a> Pension and sovereign wealth funds will in future play a significantly bigger role in building urban spaces in emerging economies, despite the associated regulatory risk, the head of a leading think tank has predicted. (more…)

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Kazakhstan Privatizing Transtelecom http://www.opalesque.com/SWF_Briefing/?p=17468 http://www.opalesque.com/SWF_Briefing/?p=17468#comments Tue, 19 May 2015 03:32:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17468 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17468>Article Link</a> Around 49 percent of the shares in Transtelecom, the large Kazakh communications operating firm, have been sold as part of a new privatization program, the Samruk-Kazyna National Welfare Fund has said, according to Kazinform. (more…)

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Libya’s split SWF: risks torpedoing challenge against Western banks http://www.opalesque.com/SWF_Briefing/?p=17454 http://www.opalesque.com/SWF_Briefing/?p=17454#comments Fri, 15 May 2015 00:08:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17454 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17454>Article Link</a> Rival managements of the $67bn Libyan Investment Authority are set to fight in London courts over claims of Tripoli and Malta. The Libyan Investment Authority’s multi-billion pound claims against Goldman Sachs and Société Générale, both of which underwent pre-trial hearings in late 2014 and are due to go to trial next year, may be undermined by increasingly fractious infighting at the $67bn fund. (more…)

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Kuwait fund staff made ‘deliberately bad’ deals http://www.opalesque.com/SWF_Briefing/?p=17452 http://www.opalesque.com/SWF_Briefing/?p=17452#comments Thu, 14 May 2015 00:26:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17452 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17452>Article Link</a> Kuwait has recalled staff from the London office of its multibillion-pound sovereign wealth fund amid allegations of accounting irregularities and claims that employees deliberately made bad investments. (more…)

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Abu Dhabi removes Jho Low contact http://www.opalesque.com/SWF_Briefing/?p=17343 http://www.opalesque.com/SWF_Briefing/?p=17343#comments Tue, 28 Apr 2015 01:52:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17343 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17343>Article Link</a> The UK-based website Sarawak Report has learnt that Penangite Jho Low’s key contact at Aabar Investments, Abu Dhabi’s sovereign wealth fund, has been removed from the majority of his posts in the Gulf State. (more…)

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Norway to clean up sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=17337 http://www.opalesque.com/SWF_Briefing/?p=17337#comments Tue, 28 Apr 2015 01:50:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17337 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17337>Article Link</a> Norway would bar its state pension fund, the world’s biggest sovereign wealth fund, from investing in the worst climate-polluting companies. In its annual white book on managing the fund, the right-wing government proposed to “introduce a new criterion to exclude companies whose conduct to an unacceptable degree entail greenhouse gas emissions.” (more…)

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Khazanah firm on its turnaround plan for MAS http://www.opalesque.com/SWF_Briefing/?p=17334 http://www.opalesque.com/SWF_Briefing/?p=17334#comments Fri, 24 Apr 2015 01:01:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17334 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17334>Article Link</a> Khazanah Nasional Bhd, the owner of Malaysia Airlines, is firm on its decision to reduce the number of the airline’s employees by 6,000 people, even as it gives more time to incoming chief executive officer (CEO) Christoph Mueller to choose his team. The plan to retrench more than 25% of MAS’ workers is being protested by the airline’s workers’ unions. (more…)

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MAS job cuts needed to avoid yet another rescue, says Khazanah http://www.opalesque.com/SWF_Briefing/?p=17333 http://www.opalesque.com/SWF_Briefing/?p=17333#comments Fri, 24 Apr 2015 01:01:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17333 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17333>Article Link</a> The downsizing at Malaysia Airlines Bhd (MAB) cannot be avoided if the new national carrier is to be sustainable, controlling shareholder Khazanah Nasional Bhd said today amid complaints by staff unions. (more…)

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Khazanah says ‘too early to tell’ if MAS revamp will be successful http://www.opalesque.com/SWF_Briefing/?p=17332 http://www.opalesque.com/SWF_Briefing/?p=17332#comments Fri, 24 Apr 2015 01:01:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17332 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17332>Article Link</a> Malaysian state-owned investment arm Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said it was still “too early to tell” if loss-making Malaysian Airline System (MAS) would be successfully turned around under its restructuring. (more…)

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Abu Dhabi’s IPIC announces major board revamp http://www.opalesque.com/SWF_Briefing/?p=17328 http://www.opalesque.com/SWF_Briefing/?p=17328#comments Fri, 24 Apr 2015 00:59:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17328 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17328>Article Link</a> The UAE energy minister has been appointed the new managing director of Abu Dhabi investment fund International Petroleum Investment Company (IPIC) in a reshuffle of the board. (more…)

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Samruk Kazyna Plans to Open Subsidiary in Silicon Valley http://www.opalesque.com/SWF_Briefing/?p=17326 http://www.opalesque.com/SWF_Briefing/?p=17326#comments Fri, 24 Apr 2015 00:58:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17326 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17326>Article Link</a> The Samruk Kazyna Sovereign Wealth Fund plans to establish a subsidiary in Silicon Valley, California. A working group consisting of the heads of a number of Samruk Kazyna companies, led by Chairman of the organisation Umirzak Shukeyev, visited companies of Silicon Valley on April 9-10, where they were acquainted with the work of Stanford University, Berkeley, as well as such well-known innovative companies as Tesla Motors, SolarCity and other start-up companies. (more…)

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Norway’s SWF flexes its muscles http://www.opalesque.com/SWF_Briefing/?p=17321 http://www.opalesque.com/SWF_Briefing/?p=17321#comments Thu, 23 Apr 2015 01:14:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17321 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17321>Article Link</a> Norway’s $890bn fund is flexing its muscles in corporate governance matters by revealing it will vote against US power company AES over proxy access. It marks only the second time that the world’s largest sovereign wealth fund has revealed its voting intention ahead of a company’s annual meeting, a tactic that the Norwegian investor is hoping to use more and more in the future writes the FT’s Richard Milne in Oslo. (more…)

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Norway Angers Investors in Pipeline Network http://www.opalesque.com/SWF_Briefing/?p=17306 http://www.opalesque.com/SWF_Briefing/?p=17306#comments Tue, 21 Apr 2015 01:18:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17306 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17306>Article Link</a> One risk the Canada Pension Plan Investment Board didn’t see coming was that the government of Norway, which prides itself on being one of the world’s safest corners for investors, would slash the rates the pipeline can charge for carrying natural gas. (more…)

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IPIC Governance in the Spotlight http://www.opalesque.com/SWF_Briefing/?p=17302 http://www.opalesque.com/SWF_Briefing/?p=17302#comments Tue, 21 Apr 2015 01:17:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17302 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17302>Article Link</a> Sovereign Wealth Center View: It’s been a turbulent week for the International Petroleum Investment Corp. and its chief executive, Khadem al-Qubaisi. On a sunny afternoon in October 2014, the Real Madrid football team strode out onto the pristine turf of the Santiago Bernabéu stadium, its historic home ground. But this was a commercial occasion, not a sporting one — the players were wearing smart suits in place of their usual gleaming white kit. (more…)

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Norway manages its oil wealth better than Alberta http://www.opalesque.com/SWF_Briefing/?p=17297 http://www.opalesque.com/SWF_Briefing/?p=17297#comments Mon, 20 Apr 2015 02:37:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17297 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17297>Article Link</a> Alberta Premier Jim Prentice has stated the worst is yet to hit his province. He is warning that in two years their $16 billion Heritage Oil Fund, that was started around 1976, could be gone. With Alberta’s bubble burst, there is much to learn from the major petroleum producer Norway. (more…)

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Norway oil fund to disclose voting http://www.opalesque.com/SWF_Briefing/?p=17287 http://www.opalesque.com/SWF_Briefing/?p=17287#comments Thu, 16 Apr 2015 01:36:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17287 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17287>Article Link</a> Norway’s $US880 billion oil fund will this week usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor. (more…)

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Norway oil fund begins policy of revealing how it votes http://www.opalesque.com/SWF_Briefing/?p=17275 http://www.opalesque.com/SWF_Briefing/?p=17275#comments Wed, 15 Apr 2015 01:49:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17275 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17275>Article Link</a> Norway’s $880bn oil fund will on Wednesday usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor. (more…)

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Govt appoints Future Fund board members http://www.opalesque.com/SWF_Briefing/?p=17274 http://www.opalesque.com/SWF_Briefing/?p=17274#comments Wed, 15 Apr 2015 01:49:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17274 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17274>Article Link</a> The federal government has appointed Carolyn Kay and Jane Wilson as new board members of Australia’s $100 billion sovereign wealth fund. Finance Minister Mathias Cormann said today that Ms Kay and Dr Wilson had been made members of the Future Fund Board of Guardians for the next five years. (more…)

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Deals raise oversight concerns at Abu Dhabi wealth fund http://www.opalesque.com/SWF_Briefing/?p=17261 http://www.opalesque.com/SWF_Briefing/?p=17261#comments Tue, 14 Apr 2015 03:24:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17261 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17261>Article Link</a> The managing director of one of Abu Dhabi’s sovereign wealth funds used his private shell companies to secure deals with businesses closely connected to the fund, raising concerns about corporate governance. Khadem al-Qubaisi, managing director of state-owned International Petroleum Investment Company, used a Luxembourg-based company to take out a lease in Spain’s tallest building, according to documents seen by the Financial Times. (more…)

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SGRF joins sovereign wealth fund forum http://www.opalesque.com/SWF_Briefing/?p=17245 http://www.opalesque.com/SWF_Briefing/?p=17245#comments Mon, 13 Apr 2015 01:19:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17245 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17245>Article Link</a> The State General Reserve Fund (SGRF) has joined the International Forum of Sovereign Wealth Funds (IFSWF) with full membership, after being a permanent observer since the forum’s inception. Founded in 2009, IFSWF is a voluntary group of sovereign wealth funds (SWFs) which meets to exchange views on issues of common interest and to facilitate adoption by members and a greater understanding of the Santiago Principles and SWF activities internationally. (more…)

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Accounts Chamber to inspect Oil Fund http://www.opalesque.com/SWF_Briefing/?p=17229 http://www.opalesque.com/SWF_Briefing/?p=17229#comments Thu, 09 Apr 2015 01:33:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17229 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17229>Article Link</a> The Accounts Chamber has approved the plan of control measures for the nearest future. According to the Chamber, its Board has sanctioned inspections in a number of state organizations. The State Oil Fund (SOFAZ) will be inspected for budget execution, the State Committee for Standardization, Metrology and Patient – for budgetary and extra-budgetary funds. (more…)

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Outlook for the Alberta Heritage Savings Trust Fund http://www.opalesque.com/SWF_Briefing/?p=17221 http://www.opalesque.com/SWF_Briefing/?p=17221#comments Wed, 08 Apr 2015 03:13:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17221 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17221>Article Link</a> Our mandate on the Heritage Fund is purely economic, to get the highest return we can on investable assets, and that continues. Our biggest client is quite flexible in how we invest those assets and has continued to relax constraints. We can invest [the Heritage Fund] globally in whatever assets we see fit and we’ll continue to do that. (more…)

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Future Fund refuses to appear before Senate tax avoidance inquiry http://www.opalesque.com/SWF_Briefing/?p=17217 http://www.opalesque.com/SWF_Briefing/?p=17217#comments Tue, 07 Apr 2015 03:28:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17217 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17217>Article Link</a> The $100bn Future Fund has refused to give evidence to a Senate inquiry into corporate tax avoidance despite being named in leaked documents last year among scores of companies using secret Luxembourg deals to reduce tax by routing profits through tax havens. (more…)

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Future Fund board’s double withdrawal http://www.opalesque.com/SWF_Briefing/?p=17208 http://www.opalesque.com/SWF_Briefing/?p=17208#comments Thu, 02 Apr 2015 03:26:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17208 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17208>Article Link</a> The $100 billion Future Fund is down two members of its board of guardians today, with former Suncorp CEO John Mulcahy and funds management veteran Susan Doyle finishing their terms without replacements being announced. (more…)

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NZ Superfund CIO Whineray on Change and Risk http://www.opalesque.com/SWF_Briefing/?p=17153 http://www.opalesque.com/SWF_Briefing/?p=17153#comments Wed, 25 Mar 2015 03:31:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17153 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17153>Article Link</a> New Zealand Superannuation Fund(NZ Super) was founded in 2001 as a means to help smooth the tax burden associated with rising universal pension costs among the island nation’s generations. Later, it helped pioneer an innovative portfolio management policy to “tilt” toward better prospects within its allocation strategy. With $21.5 billion in assets under management, the fund is viewed as an exemplar of governance and investment acumen among sovereign wealth funds. (more…)

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Sack MAS, Khazanah bosses instead of staff, unions say http://www.opalesque.com/SWF_Briefing/?p=17152 http://www.opalesque.com/SWF_Briefing/?p=17152#comments Wed, 25 Mar 2015 03:31:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17152 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17152>Article Link</a> Six worker unions demanded that top officials of Malaysia Airlines (MAS) and owner Khazanah Nasional be removed in place of the 6,000 workers that will be made redundant in the flag carrier’s restructuring. (more…)

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Future Fund Names Infrastructure Chief http://www.opalesque.com/SWF_Briefing/?p=17134 http://www.opalesque.com/SWF_Briefing/?p=17134#comments Mon, 23 Mar 2015 02:40:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17134 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17134>Article Link</a> Australia’s sovereign wealth fund has promoted an internal candidate to lead its growing infrastructure and timberland portfolio. Wendy Norris, who joined the Future Fund in 2010, has replaced Raphael Arndt at the helm of the $8 billion portfolio, the institution has announced. Arndt was promoted to CIO in September last year. (more…)

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LIA Board of directors convene first 2015 meeting regarding Libyan investments around the world http://www.opalesque.com/SWF_Briefing/?p=17132 http://www.opalesque.com/SWF_Briefing/?p=17132#comments Fri, 20 Mar 2015 01:46:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17132 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17132>Article Link</a> The Board of Directors of the Libyan Investment Authority (LIA) convened their first 2015 meeting in Malta early this week to discuss Libyan investments around the world. The Libyan Investment Authority was established in August 2006 after the Libyan government decided to consolidate six extra-budgetary funds financed by its oil revenues under one sovereign wealth fund. The value of the investment fund is estimated by the LIA at US$ 67 billion. (more…)

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NZ Super underlines long-term views amid criticism http://www.opalesque.com/SWF_Briefing/?p=17130 http://www.opalesque.com/SWF_Briefing/?p=17130#comments Fri, 20 Mar 2015 01:46:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17130 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17130>Article Link</a> The chief executive of the New Zealand Superannuation Fund, Adrian Orr, has reiterated his ‘unshakeable belief’ in taking a long-term view for investment. It comes after - although not in response to - media criticism of losses the fund suffered in a loan investment to a Portuguese bank. (more…)

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Ghana to use part of $600m sovereign wealth fund to manage shortfall in crude revenue http://www.opalesque.com/SWF_Briefing/?p=17128 http://www.opalesque.com/SWF_Briefing/?p=17128#comments Thu, 19 Mar 2015 02:40:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17128 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17128>Article Link</a> The Minister of Finance, Seth Terkper says the country would use part of its sovereign wealth fund, which has accumulated $600 million to manage current economic challenges brought about by the shortfall in projected oil revenue. Speaking at the opening of the Financing the Future Conference in Accra, Ghana, March 17, 2015, he said the stabilisation fund has accumulated $600 million so far. (more…)

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An alternative home for super http://www.opalesque.com/SWF_Briefing/?p=17125 http://www.opalesque.com/SWF_Briefing/?p=17125#comments Thu, 19 Mar 2015 02:39:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17125 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17125>Article Link</a> Saving for retirement is all about saving for the long term, so it is continually surprising to see the extent to which individual investors and advisers favour short-term, highly liquid assets in their portfolios. Large allocations to equities and cash are typical of self-managed funds and much higher than across the managed funds industry in general. (more…)

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Everyone in Norway is a millionaire… on paper at least http://www.opalesque.com/SWF_Briefing/?p=17093 http://www.opalesque.com/SWF_Briefing/?p=17093#comments Mon, 16 Mar 2015 03:36:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17093 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17093>Article Link</a> If you are dreaming of becoming a millionaire, getting the Norwegian nationality might be a good step. The Norwegian public pension fund, the largest sovereign fund in the world, posted last year a 7.6% yield, almost doubling its value in three years, announced Friday the Bank of Norway, which manages the fund. (more…)

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Twin ghosts haunt Malaysia’s sovereign fund http://www.opalesque.com/SWF_Briefing/?p=17089 http://www.opalesque.com/SWF_Briefing/?p=17089#comments Fri, 13 Mar 2015 03:44:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17089 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17089>Article Link</a> Malaysia’s 1MDB faces a daunting task. The six year-old sovereign fund was set up to finance big national projects but expanded too fast, took on heavy debts and is now at the centre of a growing controversy. An ambitious restructuring brings both political and financial risks. The fund which counts Prime Minister Najib Razak as chairman of its board of advisors has pledged to dismantle itself following a strategic review led by new chief executive Arul Kanda. (more…)

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We do not pay foreigners for nothing: Samruk Kazyna CEO http://www.opalesque.com/SWF_Briefing/?p=17071 http://www.opalesque.com/SWF_Briefing/?p=17071#comments Wed, 11 Mar 2015 01:14:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17071 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17071>Article Link</a> The Chief Executive Officer of Samruk Kazyna National Welfare Fund Umirzak Shukeyev has spoken about the wages of the foreigners employed at the Fund, Tengrinews reports. Samruk-Kazyna National Wealth Fund is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana airlines, and numerous financial groups. (more…)

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Kadir backs calls for forensic audit of 1MDB http://www.opalesque.com/SWF_Briefing/?p=17061 http://www.opalesque.com/SWF_Briefing/?p=17061#comments Mon, 09 Mar 2015 03:47:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17061 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17061>Article Link</a> Former NSTP chief editor A Kadir Jasin has backed deputy prime minister Muhyiddin Yassin’s call for the Public Accounts Committee to investigate the financial affairs of the troubled 1Malaysia Development Bhd, saying a true forensic audit would reveal the true story behind the figures. (more…)

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Exec reveals how Brookfield, Qatar conquered Canary Wharf http://www.opalesque.com/SWF_Briefing/?p=17044 http://www.opalesque.com/SWF_Briefing/?p=17044#comments Thu, 05 Mar 2015 01:13:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17044 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17044>Article Link</a> Brookfield Property Partners’ chief executive has lifted the lid on the three-month long battle for Canary Wharf, which culminated in the largest UK property deal for a decade. Canada’s Brookfield and the Qatar Investment Authority (QIA), the state’s sovereign wealth fund, first launched their £2.6bn bid for Songbird, the estate’s owner, in November. (more…)

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Polye Queries LNG Revenue Commitments Outside Of Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=17041 http://www.opalesque.com/SWF_Briefing/?p=17041#comments Thu, 05 Mar 2015 01:12:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17041 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17041>Article Link</a> Opposition Leader Don Polye is concerned about the government’s prior usage of the LNG revenues without the establishment of Sovereign Wealth Fund. “When the work on the set-up of SWF was still in progress, advance payments were made to purchase oil search shares and CUE Energy purchase. (more…)

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UK Pensions Told to Copy Canada, SWFs http://www.opalesque.com/SWF_Briefing/?p=17033 http://www.opalesque.com/SWF_Briefing/?p=17033#comments Wed, 04 Mar 2015 01:04:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17033 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17033>Article Link</a> UK pensions should be able to compete on the international stage, and can draw inspiration from major overseas investors, London’s pensions body believes. The UK’s public sector pensions should be competing for infrastructure assets alongside sovereign wealth funds and other major international investors, the deputy chairman of the London Pension Fund Authority (LPFA) has said. (more…)

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Oil Price Slump: NSIA Rules Out Withdrawal from SWF http://www.opalesque.com/SWF_Briefing/?p=17031 http://www.opalesque.com/SWF_Briefing/?p=17031#comments Wed, 04 Mar 2015 01:03:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17031 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17031>Article Link</a> The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to make withdrawals worthwhile, the organisation’s Managing Director/Chief Executive, Mr. Uche Orji, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. Withdrawals will be an option in future years once the fund is larger, Orji said. (more…)

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Transparency International joins calls for probe of Malaysia fund 1MDB http://www.opalesque.com/SWF_Briefing/?p=17028 http://www.opalesque.com/SWF_Briefing/?p=17028#comments Wed, 04 Mar 2015 01:02:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17028 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17028>Article Link</a> Anti-graft watchdog Transparency International on Tuesday (Mar 3) joined mounting calls for Malaysia’s prime minister to launch an investigation into a sovereign wealth fund hit by reports of murky deals and missing millions. The state-backed fund, 1Malaysia Development Bhd (1MDB), has quickly emerged as a major liability for premier Najib Razak, who championed its launch in 2009 and chairs its board of advisors. 1MDB is widely reported to be struggling to pay off more than US$11 billion in debt, raising fears it could collapse and wreak havoc on Malaysia’s financial system. (more…)

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Future Fund seeks global tax consultant http://www.opalesque.com/SWF_Briefing/?p=17024 http://www.opalesque.com/SWF_Briefing/?p=17024#comments Tue, 03 Mar 2015 01:27:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17024 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17024>Article Link</a> The $110 billion Future Fund is in the market for a global tax consultant to help the sovereign wealth fund put its tax affairs in order following the Lux Leaks scandal that erupted last year. The tender for the Future Fund’s new Melbourne tax service comes just months after the group was revealed to have used tax haven Luxembourg and entities in the Cayman Islands to minimise taxes. (more…)

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Nigerian Sovereign Fund Doesn’t Expect State to Tap It for Funds http://www.opalesque.com/SWF_Briefing/?p=17020 http://www.opalesque.com/SWF_Briefing/?p=17020#comments Tue, 03 Mar 2015 01:27:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17020 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17020>Article Link</a> The government of Nigeria is unlikely to make withdrawals from the sovereign wealth fund in Africa’s largest oil producer, even as the price of crude declines. The Nigeria Sovereign Investment Authority, set up in 2012, isn’t yet large enough to make withdrawals worthwhile, Uche Orji, managing director and chief executive officer, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. (more…)

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Temasek talks up board action after StanChart shake-up http://www.opalesque.com/SWF_Briefing/?p=16997 http://www.opalesque.com/SWF_Briefing/?p=16997#comments Fri, 27 Feb 2015 01:26:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16997 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16997>Article Link</a> Singaporean sovereign fund Temasek underlined the importance of boardroom renewal in a strong statement delivered in response to the radical shake-up at Standard Chartered Bank, which was announced yesterday. (more…)

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Standard Chartered Overhaul Gets Temasek Stamp of Approval http://www.opalesque.com/SWF_Briefing/?p=16996 http://www.opalesque.com/SWF_Briefing/?p=16996#comments Fri, 27 Feb 2015 01:26:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16996 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16996>Article Link</a> Temasek Holdings Pte. Ltd., the Singapore state investment company, which is the biggest shareholder of Standard Chartered PLC, said Thursday it welcomed Bill Winters as the new chief executive of the emerging markets bank. Mr. Winters, a former co-chief executive of the investment bank at J.P. Morgan Chase, was named as the group chief executive of Standard Chartered, replacing Peter Sands. (more…)

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Singapore Temasek says welcomes StanChart new CEO http://www.opalesque.com/SWF_Briefing/?p=16995 http://www.opalesque.com/SWF_Briefing/?p=16995#comments Fri, 27 Feb 2015 01:25:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16995 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16995>Article Link</a> Singapore state investor Temasek Holdings has welcomed the appointment of Bill Winters as Standard Chartered’s new chief executive. “We take this opportunity to welcome Bill Winters as the next CEO of Standard Chartered, to build on and grow its excellent franchise,” Temasek said in a statement. (more…)

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Kazakhstan’s sovereign wealth fund to optimize its costs http://www.opalesque.com/SWF_Briefing/?p=16976 http://www.opalesque.com/SWF_Briefing/?p=16976#comments Tue, 24 Feb 2015 01:24:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16976 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16976>Article Link</a> Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna in 2014 commissioned 13 projects worth US $2.9 billion and created more than 5.6 thousand temporary and 1.2 thousand permanent jobs, the Fund’s CEO Umirzak Shukeyev said last Friday while reporting on measures to implement the head of state’s instructions and Nurly Zhol program, and on the Fund’s financial results for the past year. (more…)

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Kazakh state wealth fund considers up to $2.5 bln borrowing in 2015 http://www.opalesque.com/SWF_Briefing/?p=16965 http://www.opalesque.com/SWF_Briefing/?p=16965#comments Mon, 23 Feb 2015 01:44:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16965 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16965>Article Link</a> Kazakhstan’s sovereign wealth fund Samruk-Kazyna is considering borrowing up to $2.5 billion this year abroad or domestically, depending on market conditions, fund chief Umirzak Shukeyev said on Friday. “We will probably need to borrow $2 billion or up to $2.5 billion this year,” Shukeyev told a news briefing. “We are now thinking where to borrow. It will all depend on conditions.” (more…)

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Jonathan Still The Best Man To rule Nigeria – Ex-Gov Obi http://www.opalesque.com/SWF_Briefing/?p=16961 http://www.opalesque.com/SWF_Briefing/?p=16961#comments Mon, 23 Feb 2015 01:43:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16961 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16961>Article Link</a> Nigerians have been urged to give another four years to President Goodluck Jonathan because he is head and shoulder above his All Progressives Congress, (APC) rival, Major General Muhammadu Buhari. Former Anambra State Governor, Peter Obi, who is also the Deputy Chairman of the Jonathan/ Sambo Campaign Organisation, made the appeal. (more…)

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1MDB belongs to the people, says veteran journalist http://www.opalesque.com/SWF_Briefing/?p=16953 http://www.opalesque.com/SWF_Briefing/?p=16953#comments Fri, 20 Feb 2015 00:51:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16953 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16953>Article Link</a> 1MDB belongs to the people, said veteran journalist Datuk A Kadir Jasin, who argued that the troubled sovereign wealth fund cannot hide behind a technicality to justify its secret business dealings. (more…)

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Mumtalakat given highest rating for transparency http://www.opalesque.com/SWF_Briefing/?p=16948 http://www.opalesque.com/SWF_Briefing/?p=16948#comments Thu, 19 Feb 2015 01:23:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16948 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16948>Article Link</a> Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, was ranked among the world’s most transparent sovereign wealth funds as it was rated ten out of ten in the 2015 Linaburg-Maduell Transparency Index. The rankings represent an upgrade from the previous year’s score of 9/10, reflecting the ongoing commitment of Mumtalakat’s Board of Directors led by H.E. Shaikh Khaled bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of the Board and the company’s management team to transparency. Mumtalakat was one of only 11 funds in the world to be awarded full marks for transparency, out of a total of 52 funds surveyed. (more…)

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ADIA Said to Oppose L&R in Bidding for Former UniCredit Milan HQ http://www.opalesque.com/SWF_Briefing/?p=16938 http://www.opalesque.com/SWF_Briefing/?p=16938#comments Tue, 17 Feb 2015 01:48:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16938 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16938>Article Link</a> Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, and London & Regional Properties Ltd. have bid for the former headquarters of UniCredit SpA in Milan, according to two people familiar with the matter. (more…)

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Prosperity Fund part of wise resource management http://www.opalesque.com/SWF_Briefing/?p=16915 http://www.opalesque.com/SWF_Briefing/?p=16915#comments Fri, 13 Feb 2015 00:53:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16915 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16915>Article Link</a> In 2013, Premier Christy Clark announced an intention to create the B.C. Prosperity Fund using liquefied-natural-gas revenues. Since then, we’ve heard little about it. But as budget season comes around again, we might finally get some details. After all, last year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. (more…)

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Bud Smith: B.C. Prosperity Fund is no golden ticket http://www.opalesque.com/SWF_Briefing/?p=16899 http://www.opalesque.com/SWF_Briefing/?p=16899#comments Wed, 11 Feb 2015 01:24:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16899 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16899>Article Link</a> Lst year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. First off, let’s revisit what a sovereign wealth fund is and why resource-dependent regions use them. When it was first announced, the B.C. Prosperity Fund was pitched as a way for B.C. to pay off its debt, reduce taxes, and pay for social services. (more…)

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Enough with the lies – how involved is Jho Low with 1MDB? http://www.opalesque.com/SWF_Briefing/?p=16893 http://www.opalesque.com/SWF_Briefing/?p=16893#comments Tue, 10 Feb 2015 02:40:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16893 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16893>Article Link</a> DAP National Publicity Secretary Tony Pua has accused 1Malaysia Development Berhad (1MDB) and Jho Low of hiding the truth from Malaysians regarding the latter’s apparent non-involvement in the government’s sovereign wealth fund. Quoting an expose by the New York Times and more shocking revelations by the Sarawak Report that showed otherwise, the MP for Petaling Jaya Utara said, “it is now clear that both Jho Low and 1MDB have at best, been economical with the truth. At worst, they are lying through their teeth to Malaysians. (more…)

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Norway oil fund reveals divestments and resolution rejections http://www.opalesque.com/SWF_Briefing/?p=16871 http://www.opalesque.com/SWF_Briefing/?p=16871#comments Fri, 06 Feb 2015 01:01:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16871 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16871>Article Link</a> Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings. (more…)

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Raub MP: 1MDB has lied to Malaysians http://www.opalesque.com/SWF_Briefing/?p=16851 http://www.opalesque.com/SWF_Briefing/?p=16851#comments Wed, 04 Feb 2015 00:59:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16851 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16851>Article Link</a> Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it RM2 billion, he points out that the two developments, taken together, are puzzling. (more…)

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