Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Tue, 26 Jul 2016 01:34:54 +0000 http://wordpress.org/?v=2.5.1 en The DoJ 1MDB complaint analysed: how the named banks fare http://www.opalesque.com/SWF_Briefing/?p=20311 http://www.opalesque.com/SWF_Briefing/?p=20311#comments Tue, 26 Jul 2016 01:34:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20311 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20311>Article Link</a> The US Department of Justice’s complaint seeking the recovery of assets related to the Malaysian sovereign wealth fund, 1MDB, is compelling reading. In a 136-page filing, a remarkable web of money transfers and illicit purchases is exposed. (more…)

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Singapore Vows Tougher Stance After 1MDB Dents Reputation http://www.opalesque.com/SWF_Briefing/?p=20310 http://www.opalesque.com/SWF_Briefing/?p=20310#comments Tue, 26 Jul 2016 01:34:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20310 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20310>Article Link</a> Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd. (more…)

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Pua: 1MDB ’social welfare’ paid with taxpayers debt http://www.opalesque.com/SWF_Briefing/?p=20306 http://www.opalesque.com/SWF_Briefing/?p=20306#comments Tue, 26 Jul 2016 01:33:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20306 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20306>Article Link</a> Prime Minister Najib Abdul Razak’s claim that 1MDB had contributed immensely to social welfare is a “farce” as it is funded by debt that is borne by taxpayers, Petaling Jaya Utara MP Tony Pua says. Najib yesterday praised 1MDB Foundation for donating RM10.4 million to sponsor 1,100 pilgrims to perform the Haj this year. (more…)

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QIA Makes Good on US Investment Promise—Again http://www.opalesque.com/SWF_Briefing/?p=20304 http://www.opalesque.com/SWF_Briefing/?p=20304#comments Tue, 26 Jul 2016 01:33:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20304 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20304>Article Link</a> In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. in Los Angeles. (more…)

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Who are 1MDB Officers 1, 2, 3 and the others in US list? http://www.opalesque.com/SWF_Briefing/?p=20296 http://www.opalesque.com/SWF_Briefing/?p=20296#comments Mon, 25 Jul 2016 04:28:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20296 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20296>Article Link</a> KiniGuide In the US Department of Justice’s recent filings related to the 1MDB scandal, among the relevant individuals named in the suit are ‘1MDB Officer 1’, ‘1MDB Officer 2’, and ‘1MDB Officer 3’. Like the much-reported ‘Malaysian Official 1’ in the document, the names of these other 1MDB officers are also concealed throughout the document. (more…)

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Were You at the 1MDB Party? http://www.opalesque.com/SWF_Briefing/?p=20292 http://www.opalesque.com/SWF_Briefing/?p=20292#comments Fri, 22 Jul 2016 03:20:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20292 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20292>Article Link</a> The thing with the kind of investigation currently engulfing Malaysia’s sovereign investment fund 1MDB is that it’s hard to assess where the risk for investors ends. Unless you know exactly who was involved and to what extent, you might have to add a premium or a discount for companies with potential dotted lines to the eye of the storm. (more…)

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US$731m siphoned from 1MDB to ‘Malaysian Official 1′ account, says DOJ http://www.opalesque.com/SWF_Briefing/?p=20290 http://www.opalesque.com/SWF_Briefing/?p=20290#comments Fri, 22 Jul 2016 03:19:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20290 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20290>Article Link</a> US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday. (more…)

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Mexican Ambassador to Azerbaijan meets SOFAZ Executive Director http://www.opalesque.com/SWF_Briefing/?p=20278 http://www.opalesque.com/SWF_Briefing/?p=20278#comments Fri, 22 Jul 2016 03:16:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20278 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20278>Article Link</a> Ambassador of Mexico to the Republic of Azerbaijan Rodrigo Labardini accompanied by Head of the Competitive Technical Intelligence Unit of the Mexican Institute of Petroleum (IMP) Victor Ortiz has met with Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov. (more…)

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Russia’s Reserve Fund, National Wealth Fund will not be depleted http://www.opalesque.com/SWF_Briefing/?p=20251 http://www.opalesque.com/SWF_Briefing/?p=20251#comments Tue, 19 Jul 2016 03:38:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20251 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20251>Article Link</a> The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday. (more…)

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Temasek’s Fullerton Unit Hires JPMorgan’s Singapore Head http://www.opalesque.com/SWF_Briefing/?p=20229 http://www.opalesque.com/SWF_Briefing/?p=20229#comments Mon, 18 Jul 2016 02:56:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20229 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20229>Article Link</a> Singapore state investor Temasek Holdings’ Fullerton Financial Holdings has hired Yeo Hong Ping, JPMorgan & Co’s Singapore head of investment banking, as a senior member of its management team. (more…)

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JPMorgan’s Singapore investment bank head to join Temasek unit http://www.opalesque.com/SWF_Briefing/?p=20226 http://www.opalesque.com/SWF_Briefing/?p=20226#comments Fri, 15 Jul 2016 03:26:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20226 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20226>Article Link</a> Fullerton Financial Holdings, an arm of Singapore investment company Temasek Holdings, has hired Yeo Hong Ping for a senior management role. Yeo is joining from JPMorgan Chase & Co, where he has worked since 2000, most recently as head of Singapore investment banking, according to a person with knowledge of the matter. (more…)

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Wealth fund’s investment circuit breaker http://www.opalesque.com/SWF_Briefing/?p=20202 http://www.opalesque.com/SWF_Briefing/?p=20202#comments Wed, 13 Jul 2016 03:29:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20202 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20202>Article Link</a> A leading Philippine power-generation corporation has effectively been blacklisted from access to the world’s biggest sovereign wealth fund, Norway’s Government Pension Fund Global (GPFG), an oil fund with assets of US$847.6 billion. (more…)

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‘Short-term’ brexit volatility had ‘fairly modest’ impact: Temasek http://www.opalesque.com/SWF_Briefing/?p=20176 http://www.opalesque.com/SWF_Briefing/?p=20176#comments Fri, 08 Jul 2016 01:26:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20176 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20176>Article Link</a> Temasek said on Thursday (July 7) that market volatility post-Brexit had only a “fairly modest” impact on its portfolio, and that it was not overly concerned about the short-term gyrations in the markets, given that its focus is on the long term. (more…)

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Head of State Oil Fund of Azerbaijan remains in Supervisory Board of VTB Bank http://www.opalesque.com/SWF_Briefing/?p=20163 http://www.opalesque.com/SWF_Briefing/?p=20163#comments Thu, 07 Jul 2016 03:48:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20163 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20163>Article Link</a> The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013. (more…)

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Russia On Course to Drain $87 Billion Fund in 2017 http://www.opalesque.com/SWF_Briefing/?p=20162 http://www.opalesque.com/SWF_Briefing/?p=20162#comments Thu, 07 Jul 2016 03:47:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20162 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20162>Article Link</a> At some point in 2017, Russia will deplete one of its two sovereign funds, after running through some $87 billion since 2014, according to a Finance Ministry spending proposal seen by Reuters. (more…)

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Iran’s National Development Fund loses director and executive board http://www.opalesque.com/SWF_Briefing/?p=20145 http://www.opalesque.com/SWF_Briefing/?p=20145#comments Mon, 04 Jul 2016 01:36:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20145 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20145>Article Link</a> Iranian President Hassan Rouhani has accepted the mass resignation of those on the board of trustees of Iran’s sovereign wealth fund as revelations about high compensation packages at state-owned firms take new casualties. (more…)

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Executives on top Iran fund resign en masse http://www.opalesque.com/SWF_Briefing/?p=20144 http://www.opalesque.com/SWF_Briefing/?p=20144#comments Mon, 04 Jul 2016 01:36:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20144 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20144>Article Link</a> “Minutes ago, the board of trustees of the National Development Fund held a session with President Rouhani in attendance, where the mass resignation of the director and executive board members was accepted,” the Fars news agency said Saturday. (more…)

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The 1MDB Affair: Malaysia Delegation in Abu Dhabi to Resolve Dispute http://www.opalesque.com/SWF_Briefing/?p=20133 http://www.opalesque.com/SWF_Briefing/?p=20133#comments Fri, 01 Jul 2016 01:54:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20133 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20133>Article Link</a> The two government investment funds at the heart of a Malaysian financial scandal are disappearing as the two sides try to put the situation behind them even as they battle over billions of dollars that have gone missing. (more…)

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Goldman Sachs Executive Says Libya Understood Derivatives http://www.opalesque.com/SWF_Briefing/?p=20129 http://www.opalesque.com/SWF_Briefing/?p=20129#comments Fri, 01 Jul 2016 01:53:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20129 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20129>Article Link</a> In $1.2 billion lawsuit, country’s sovereign-wealth fund accuses Goldman of leading novices into disastrous investment. A Goldman Sachs Group Inc. executive testified that Libya’s sovereign-wealth fund knew what it was doing when it bought derivatives from the bank that later soured, disputing allegations that Goldman led an inexperienced buyer into a disastrous investment. (more…)

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Libya wealth fund boss ‘screamed and cursed’ at Goldman bankers http://www.opalesque.com/SWF_Briefing/?p=20117 http://www.opalesque.com/SWF_Briefing/?p=20117#comments Thu, 30 Jun 2016 00:48:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20117 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20117>Article Link</a> The Libyan wealth fund’s former deputy chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives trades made on the bank’s advice that ultimately turned out to be worthless, a witness told a court on Tuesday. (more…)

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Libyan fund officials didn’t understand Goldman trades: lawyer http://www.opalesque.com/SWF_Briefing/?p=20116 http://www.opalesque.com/SWF_Briefing/?p=20116#comments Thu, 30 Jun 2016 00:48:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20116 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20116>Article Link</a> Libya’s sovereign wealth fund was “astonished to learn” it hadn’t acquired any actual shares through derivatives trades arranged by Goldman Sachs, according to a former lawyer for the fund who gave evidence in the High Court in London on Tuesday. (more…)

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What does the Nigeria Sovereign Investment Authority (NSIA) think about the government’s planned $25 billion infrastructure fund? http://www.opalesque.com/SWF_Briefing/?p=20115 http://www.opalesque.com/SWF_Briefing/?p=20115#comments Thu, 30 Jun 2016 00:48:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20115 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20115>Article Link</a> Nigeria’s Vice President, Yemi Osinbajo has released a statement that the Buhari administration intends to spend $25 billion on an infrastructure fund to invest in the transport and energy sector as a way to develop the country’s failing road, rail and power structures to boost economic growth. (more…)

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Ministerial committee to conduct studies on sovereign wealth fund Amlak http://www.opalesque.com/SWF_Briefing/?p=20102 http://www.opalesque.com/SWF_Briefing/?p=20102#comments Wed, 29 Jun 2016 04:22:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20102 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20102>Article Link</a> A ministerial committee is set to work with local and international advisory bodies to conduct economic, financial, and administrative studies on Egypt’s proposed sovereign wealth fund Amlak, Al Borsa reported on Monday. (more…)

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The State Oil Fund of the Republic of Azerbaijan successfully completes implementation of SimCorp Dimension http://www.opalesque.com/SWF_Briefing/?p=20094 http://www.opalesque.com/SWF_Briefing/?p=20094#comments Tue, 28 Jun 2016 01:22:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20094 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20094>Article Link</a> SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension. (more…)

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Bahrain’s SWF has no plans to borrow this year-CEO http://www.opalesque.com/SWF_Briefing/?p=20063 http://www.opalesque.com/SWF_Briefing/?p=20063#comments Tue, 21 Jun 2016 03:27:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20063 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20063>Article Link</a> Bahrain’s sovereign wealth fund Mumtalakat plans to finance its projects this year using income from investments and will not seek loans or government assistance, its chief executive said. (more…)

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Miner Kenmare plots to raise 10 times its market cap with £250m turnaround plan http://www.opalesque.com/SWF_Briefing/?p=20057 http://www.opalesque.com/SWF_Briefing/?p=20057#comments Tue, 21 Jun 2016 03:25:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20057 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20057>Article Link</a> Dublin-based miner Kenmare Resources intends to raise 10 times its £26m market cap in an ambitious capital raising that could see it eliminate debt and restore its share price from penny-stock status. (more…)

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Libya SWF adviser says execs who invested in derivatives were financially “illiterate” http://www.opalesque.com/SWF_Briefing/?p=20046 http://www.opalesque.com/SWF_Briefing/?p=20046#comments Fri, 17 Jun 2016 01:04:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20046 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20046>Article Link</a> Top decision makers at Libya’s $67 billion sovereign wealth fund were “illiterate” in terms of investment with little knowledge of the derivatives instruments purchased on the advice of Goldman Sachs, an adviser to the fund told a court on Thursday. (more…)

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Temasek sets up panel of advisers for Americas http://www.opalesque.com/SWF_Briefing/?p=20041 http://www.opalesque.com/SWF_Briefing/?p=20041#comments Fri, 17 Jun 2016 01:03:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20041 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20041>Article Link</a> Temasek Holdings announced the formation of an advisory panel yesterday that comprises some of the most eminent business figures in the Americas. The Temasek Americas Advisory Panel (TAAP), which held its first meeting this week in New York, has seven members, including PepsiCo chairman and chief executive Indra Nooyi, Honeywell International chairman and CEO David Cote, and former US treasury secretary Timothy Geithner, who also chairs TAAP. (more…)

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New CIO Named at Korea Investment Corp http://www.opalesque.com/SWF_Briefing/?p=20032 http://www.opalesque.com/SWF_Briefing/?p=20032#comments Wed, 15 Jun 2016 01:48:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20032 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20032>Article Link</a> Days after news broke of CIO Heung-sik Choo’s departure for the World Bank, the Korea Investment Corporation (KIC) has announced its next investment chief. As of June 13, Shinwoo Kang leads investments for KIC, the $91.8 billion sovereign wealth fund said Tuesday. Kang is the fifth CIO since the fund’s 2005 launch. (more…)

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Former Goldman Sachs executive denies paying for ‘improper entertainment’ in LIA case http://www.opalesque.com/SWF_Briefing/?p=20027 http://www.opalesque.com/SWF_Briefing/?p=20027#comments Wed, 15 Jun 2016 01:47:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20027 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20027>Article Link</a> A Goldman Sachs executive at the centre of a $1.2 billion (£850 million) claim brought by Libya’s sovereign wealth fund has denied allegations he paid for “improper entertainment” for himself and the younger brother of a key decision-maker at the fund on a business trip. (more…)

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Libyan fund alleges Goldman took advantage of its inexperience http://www.opalesque.com/SWF_Briefing/?p=20026 http://www.opalesque.com/SWF_Briefing/?p=20026#comments Wed, 15 Jun 2016 01:46:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20026 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20026>Article Link</a> Libya’s sovereign wealth fund, in a long-awaited trial that started on June 13, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades. Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. “They are very unsophisticated – and anyone could ‘rape’ them,” one executive wrote in 2008. (more…)

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ANZ Strategist Sam Tuck Quits to Join Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=20004 http://www.opalesque.com/SWF_Briefing/?p=20004#comments Mon, 13 Jun 2016 01:56:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20004 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20004>Article Link</a> Sam Tuck, a senior currency strategist at ANZ Bank New Zealand Ltd. in Auckland, said he is leaving the company to join the country’s sovereign wealth fund. “Today is my last day at ANZ,” he wrote in an e-mail Friday. Tuck, 38, said via instant message he will join the New Zealand Superannuation Fund. (more…)

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India Says National Infra Fund CEO To Be Appointed Shortly http://www.opalesque.com/SWF_Briefing/?p=20001 http://www.opalesque.com/SWF_Briefing/?p=20001#comments Fri, 10 Jun 2016 02:49:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20001 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20001>Article Link</a> The National Investment and Infrastructure Fund (NIIF), India’s maiden sovereign wealth fund, will in “imminent” future get its chief executive, an appointment that was holding up the roll-out of investment proposals. (more…)

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How to Manage $2 Trillion If You’re New at It http://www.opalesque.com/SWF_Briefing/?p=19994 http://www.opalesque.com/SWF_Briefing/?p=19994#comments Fri, 10 Jun 2016 02:48:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19994 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19994>Article Link</a> Saudi Arabia is about to confront a serious challenge: Where and how to invest the money in a gigantic new sovereign wealth fund created as part of an effort to diversify its economy and pivot away from its dependence on oil. (more…)

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Indian FM Arun Jaitley reviews sovereign wealth fund’s status http://www.opalesque.com/SWF_Briefing/?p=19991 http://www.opalesque.com/SWF_Briefing/?p=19991#comments Thu, 09 Jun 2016 01:49:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19991 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19991>Article Link</a> A panel headed by Finance Minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), including the selection of its CEO and projects shortlisted for making initial investments. (more…)

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Norway to raise spending from wealth fund -statistics agency http://www.opalesque.com/SWF_Briefing/?p=19955 http://www.opalesque.com/SWF_Briefing/?p=19955#comments Fri, 03 Jun 2016 04:00:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19955 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19955>Article Link</a> Norway will probably continue to increase the spending of money from its $860 billion sovereign wealth fund next year as the government battles an economic downturn, Statistics Norway’s chief forecaster Torbjoern Eika (SSB) predicted on Thursday. (more…)

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India mulls ‘outcome-linked’ incentive for NIIF chief http://www.opalesque.com/SWF_Briefing/?p=19942 http://www.opalesque.com/SWF_Briefing/?p=19942#comments Thu, 02 Jun 2016 02:09:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19942 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19942>Article Link</a> The government is considering an ‘outcome-linked’ payment package as part of incentives for the recruitment of a chief executive of India’s first sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF). (more…)

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New 1MDB board must find out what happened to US$7 billion http://www.opalesque.com/SWF_Briefing/?p=19935 http://www.opalesque.com/SWF_Briefing/?p=19935#comments Thu, 02 Jun 2016 02:04:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19935 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19935>Article Link</a> The new 1MDB board of directors must immediately instruct auditors Deloitte to resume its audit of the firm so as to get a full picture of the company’s financial standing, Petaling Jaya Utara MP Tony Pua said. The audit is on the financial year ending March 31, 2015 and March 31, 2016. (more…)

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Malaysia announces wind-up of 1MDB http://www.opalesque.com/SWF_Briefing/?p=19924 http://www.opalesque.com/SWF_Briefing/?p=19924#comments Wed, 01 Jun 2016 02:13:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19924 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19924>Article Link</a> Malaysia has replaced the board of 1Malaysia Development Berhad with treasury officials, paving the way for the dissolution of the troubled state investment fund. (more…)

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Malaysia appoints new 1MDB directors http://www.opalesque.com/SWF_Briefing/?p=19923 http://www.opalesque.com/SWF_Briefing/?p=19923#comments Wed, 01 Jun 2016 02:13:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19923 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19923>Article Link</a> Malaysia appointed new directors to 1Malaysia Development Berhad (1MDB) after dissolving the advisory board headed by Malaysian Prime Minister Najib Razak, amid global investigations into alleged money laundering and embezzlement at the state fund. (more…)

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Norway Oil Fund Adds External Managers http://www.opalesque.com/SWF_Briefing/?p=19921 http://www.opalesque.com/SWF_Briefing/?p=19921#comments Wed, 01 Jun 2016 02:12:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19921 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19921>Article Link</a> Norway’s sovereign-wealth fund, the world’s largest by assets, said Tuesday that external organizations are managing more of its money compared with three years ago, as the fund continues to add local expertise in emerging markets. (more…)

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Stay Away From Indian Indexes, Biggest Wealth Fund Manager Says http://www.opalesque.com/SWF_Briefing/?p=19920 http://www.opalesque.com/SWF_Briefing/?p=19920#comments Wed, 01 Jun 2016 02:12:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19920 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19920>Article Link</a> Quantum Advisors, which picks Indian stocks for Norway’s $860 billion wealth fund, says investors should stay away from index investing in Asia’s fourth-biggest market. Investing in indexes is a poor place to put money because you don’t necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities. (more…)

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Norway wealth fund needs policy on tax declarations: committee http://www.opalesque.com/SWF_Briefing/?p=19916 http://www.opalesque.com/SWF_Briefing/?p=19916#comments Mon, 30 May 2016 23:57:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19916 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19916>Article Link</a> Norway’s $860-billion sovereign wealth fund, the world’s largest, must develop a policy on how companies in which it has invested declare their taxes, parliament’s finance committee said. The fund, managed by a unit of the central bank, invests the income from Norway’s oil industry. It owns 1.3 percent of the world’s listed company equity, with stakes in some 9,050 firms. (more…)

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Norway’s sovereign wealth fund, its manager get museum treatment http://www.opalesque.com/SWF_Briefing/?p=19914 http://www.opalesque.com/SWF_Briefing/?p=19914#comments Mon, 30 May 2016 23:57:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19914 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19914>Article Link</a> Ever wondered how the world’s largest sovereign wealth fund, the Government Pension Fund Global, Oslo, is managed? Well, now’s your chance to find out. In tandem with the 200th birthday of Norges Bank’s establishment, following Norway’s separation from Denmark; and the 20th anniversary of Norway’s Ministry of Finance’s first capital transfer to the fund, Norges Bank and the Norwegian Petroleum Museum have launched an anniversary exhibit at the museum in Stavanger, Norway, according to the museum’s website. (more…)

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Qatar Investment Authority taking steps to restructure assets http://www.opalesque.com/SWF_Briefing/?p=19913 http://www.opalesque.com/SWF_Briefing/?p=19913#comments Mon, 30 May 2016 23:57:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19913 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19913>Article Link</a> In an attempt to manage a significant amount of capital, the Qatar Investment Authority (QIA) is apparently shuffling up to $100 billion into new investment efforts in what Arabian Business magazine is calling a “major overhaul.” A magazine story in mid-May said the Qatari sovereign wealth fund (SWF) is creating a new internal division called Qatar Investments, to be headed by Ahmed Al Rumaihi, formerly a diplomat in the United States. (more…)

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Norway to regulate $850 billion fund’s tax haven exposure-lawmakers http://www.opalesque.com/SWF_Briefing/?p=19886 http://www.opalesque.com/SWF_Briefing/?p=19886#comments Fri, 27 May 2016 00:30:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19886 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19886>Article Link</a> Norway will take a first step this week towards using its $850 billion sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday. (more…)

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Saudi wealth fund said to weigh US$8b bid for financial hub http://www.opalesque.com/SWF_Briefing/?p=19882 http://www.opalesque.com/SWF_Briefing/?p=19882#comments Thu, 26 May 2016 01:26:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19882 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19882>Article Link</a> Saudi Arabia’s Public Investment Fund is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns. (more…)

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Hong Kong Monetary Authority looks to improve banks’ cyber security http://www.opalesque.com/SWF_Briefing/?p=19876 http://www.opalesque.com/SWF_Briefing/?p=19876#comments Thu, 26 May 2016 01:24:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19876 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19876>Article Link</a> The banking regulator began a three-month consultation into the initiative on Tuesday, designed to ensure banks are ready to face online threats. The banking regulator is considering plans to require banks in the city to assess their resilience to cyber attacks and ways to train more qualified cybersecurity experts. From Tuesday, the Hong Kong Monetary Authority began a three-month consultation into the initiative. (more…)

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Oil Fund wielded its clout over bank executives’ pay http://www.opalesque.com/SWF_Briefing/?p=19849 http://www.opalesque.com/SWF_Briefing/?p=19849#comments Tue, 24 May 2016 00:48:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19849 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19849>Article Link</a> Norway’s sovereign wealth fund known as the Oil Fund has followed through on its decision to start using its clout, as a shareholder in major companies around the world, to oppose huge executive pay packages. Newspaper Dagens Næringsliv (DN) reported that it was part of voting down bonus packages last week, for example, for the bosses of Deutsche Bank in Germany. (more…)

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Sujoy Bose may head India’s quasi-sovereign wealth fund NIIF http://www.opalesque.com/SWF_Briefing/?p=19816 http://www.opalesque.com/SWF_Briefing/?p=19816#comments Wed, 18 May 2016 03:29:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19816 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19816>Article Link</a> Sujoy Bose, the global co-head for infrastructure and natural resources at International Finance Corporation, is likely to be appointed as the first CEO of India’s pioneering quasi-sovereign wealth fund, (SWF) the National Infrastructure and Investment Fund (NIIF), official sources told FE. (more…)

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Malaysia Says Too Early to Conclude Fraud in 1MDB-Abu Dhabi Deal http://www.opalesque.com/SWF_Briefing/?p=19814 http://www.opalesque.com/SWF_Briefing/?p=19814#comments Wed, 18 May 2016 03:29:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19814 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19814>Article Link</a> Malaysia said Tuesday it’s too early to conclude if fraud had occurred in dealings between its troubled state company and an Abu Dhabi sovereign wealth fund. 1Malaysia Development Bhd., which is the subject of global investigations, said last month it could be a victim of fraud if payments of $3.5 billion intended for Abu Dhabi’s International Petroleum Investment Co. never made it there. (more…)

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Qatar wealth fund ‘to create $100bn unit in revamp’ http://www.opalesque.com/SWF_Briefing/?p=19808 http://www.opalesque.com/SWF_Briefing/?p=19808#comments Wed, 18 May 2016 03:27:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19808 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19808>Article Link</a> Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100bn of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals. About $100bn of the Qatar Investment Authority’s stakes in companies such as Qatar Airways and Qatar National Bank will be placed into a new internal division named Qatar Investments, they said. (more…)

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UAE sovereign wealth funds hiring in-house to cut costs http://www.opalesque.com/SWF_Briefing/?p=19803 http://www.opalesque.com/SWF_Briefing/?p=19803#comments Tue, 17 May 2016 02:32:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19803 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19803>Article Link</a> Measures are seen as a means of reducing the “huge fees” some funds pay to external managers. Sovereign wealth funds in the UAE are increasing in-house recruitment and consolidating their holdings under larger private equity players to cut costs, according to law firm Baker Baker & McKenzie. (more…)

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Companies listen when Norway’s oil fund shouts http://www.opalesque.com/SWF_Briefing/?p=19799 http://www.opalesque.com/SWF_Briefing/?p=19799#comments Tue, 17 May 2016 02:31:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19799 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19799>Article Link</a> When the quiet one in the room suddenly shouts, people tend to listen. On that basis, the reserved and thoughtful Norwegians who run the country’s $850bn oil fund should get a decent hearing next time they visit Wolfsburg, having declared they will sue Volkswagen over the emissions scandal. (more…)

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Norwegian oil fund attacks VW corporate governance http://www.opalesque.com/SWF_Briefing/?p=19794 http://www.opalesque.com/SWF_Briefing/?p=19794#comments Mon, 16 May 2016 03:19:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19794 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19794>Article Link</a> Norway’s $850bn oil fund does not like commenting about individual companies it owns shares in. It usually goes out of its way to avoid saying anything about any of its more than 9,000 investments. (more…)

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1MDB Default Shows Malaysia SOE Debt, Governance Risks http://www.opalesque.com/SWF_Briefing/?p=19792 http://www.opalesque.com/SWF_Briefing/?p=19792#comments Mon, 16 May 2016 03:19:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19792 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19792>Article Link</a> 1Malaysia Development Berhad’s (1MDB) missed bond coupon payment in April highlights ongoing uncertainty around the finances and governance of the state-owned fund. The situation is unlikely to lead to an immediate crystallization of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, Fitch Ratings says. (more…)

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KIC to appoint domestic managers for offshore alternative mandates http://www.opalesque.com/SWF_Briefing/?p=19790 http://www.opalesque.com/SWF_Briefing/?p=19790#comments Mon, 16 May 2016 03:18:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19790 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19790>Article Link</a> Korea’s sovereign wealth fund (SWF), Korea Investment Corporation (KIC), is reportedly planning to select a roster of local asset managers and securities brokerages as general partners responsible for the operation of its overseas alternative investments. (more…)

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KIC to team with local firms for overseas investments: chief http://www.opalesque.com/SWF_Briefing/?p=19789 http://www.opalesque.com/SWF_Briefing/?p=19789#comments Fri, 13 May 2016 03:24:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19789 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19789>Article Link</a> Korea’s sovereign wealth fund is willing to team up with local brokerages and asset management firms to invest in overseas infrastructure projects, its chief said Wednesday. The Korea Investment Corp., which manages about $90-billion assets, has rarely cooperated with local investment firms before. (more…)

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Top SWF alternatives allocator questions hedge funds’ nous http://www.opalesque.com/SWF_Briefing/?p=19779 http://www.opalesque.com/SWF_Briefing/?p=19779#comments Fri, 13 May 2016 03:22:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19779 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19779>Article Link</a> A top allocator to alternative investments at the $750 billion China Investment Corporation, one of the world’s largest state investment funds, is unsure most hedge fund managers are as smart as they think they are. (more…)

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Saudi Arabia to transfer KAFD ownership to state wealth fund http://www.opalesque.com/SWF_Briefing/?p=19751 http://www.opalesque.com/SWF_Briefing/?p=19751#comments Tue, 10 May 2016 02:50:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19751 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19751>Article Link</a> Saudi Arabia is to transfer ownership of Riyadh’s floundering King Abdullah Financial District to the Public Investment Fund (PIF) from the Public Pension Agency (PPA), according to four sources aware of the matter. (more…)

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