Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Fri, 30 Sep 2016 00:12:31 +0000 http://wordpress.org/?v=2.5.1 en SOFAZ to reduce transfers to state budget in 2017 http://www.opalesque.com/SWF_Briefing/?p=20727 http://www.opalesque.com/SWF_Briefing/?p=20727#comments Fri, 30 Sep 2016 00:10:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20727 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20727>Article Link</a> Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry. (more…)

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National Investment and Infrastructure Fund http://www.opalesque.com/SWF_Briefing/?p=20693 http://www.opalesque.com/SWF_Briefing/?p=20693#comments Mon, 26 Sep 2016 05:52:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20693 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20693>Article Link</a> Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources. (more…)

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UK sovereign fund appoints two on ARM Cement board http://www.opalesque.com/SWF_Briefing/?p=20686 http://www.opalesque.com/SWF_Briefing/?p=20686#comments Thu, 22 Sep 2016 23:22:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20686 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20686>Article Link</a> UK’s sovereign wealth fund CDC Group has appointed two directors to the board of cement manufacturer ARM in which it recently acquired a 40.6 per cent stake for Sh14.1 billion. The fund appointed Pepe Meijer and Ketso Gordhan to the board of the Nairobi Securities Exchange-listed company. (more…)

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Alaska Permanent Fund board rejects idea of investing in oil-tax credits http://www.opalesque.com/SWF_Briefing/?p=20683 http://www.opalesque.com/SWF_Briefing/?p=20683#comments Thu, 22 Sep 2016 23:20:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20683 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20683>Article Link</a> The corporation that manages the $54 billion Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state. The corporation does not view the idea as “an attractive investment opportunity,” said Paulyn Swanson, communications manager for the Alaska Permanent Fund Corp., in an email on Tuesday. (more…)

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Papua New Guinea: Manage SWF well, economist says http://www.opalesque.com/SWF_Briefing/?p=20673 http://www.opalesque.com/SWF_Briefing/?p=20673#comments Wed, 21 Sep 2016 23:21:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20673 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20673>Article Link</a> Economist Paul Barker says a Sovereign Wealth Fund (SWF) is only valuable if and when it operates to the highest standard of performance and accountability to the people. Barker, the executive director of the Institute of National Affairs, said this was to avoid poor management and governance as had been the case of major State associated funds. (more…)

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A mountain of cash: How Norway spends its $882 billion global fund http://www.opalesque.com/SWF_Briefing/?p=20672 http://www.opalesque.com/SWF_Briefing/?p=20672#comments Wed, 21 Sep 2016 23:20:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20672 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20672>Article Link</a> It’s tough for a small democracy to run the world’s biggest sovereign-wealth fund. Two decades after Norway’s government paid a first deposit into its sovereign-wealth fund, the country is learning how to manage a behemoth. (more…)

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HKMA to add cyber security, anti-money laundering knowledge to bankers’ certification http://www.opalesque.com/SWF_Briefing/?p=20663 http://www.opalesque.com/SWF_Briefing/?p=20663#comments Wed, 21 Sep 2016 03:31:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20663 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20663>Article Link</a> Starting in December, new programmes will be added to the HKMA’s Enhanced Competency Framework (ECF) for local bankers. The Hong Kong Monetary Authority said it will require bankers operating in the city to be trained and certified to deal with cyber security and money laundering, beefing up its regulations to prepare for competition with Singapore to be the Asian hub for financial technology. (more…)

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Tripoli and Malta LIA handover to PC/GNA Interim Steering Committee http://www.opalesque.com/SWF_Briefing/?p=20612 http://www.opalesque.com/SWF_Briefing/?p=20612#comments Mon, 12 Sep 2016 01:16:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20612 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20612>Article Link</a> The management of the Libya Investment Authority (LIA) in both Malta and Tripoli handed over the administration of the sovereign wealth investment body yesterday to the Interim Steering Committee appointed by the Faiez Serraj Presidency Council/Government of National Accord (PC/GNA). (more…)

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Presidential Council Appoints Steering Committee to manage LIA http://www.opalesque.com/SWF_Briefing/?p=20605 http://www.opalesque.com/SWF_Briefing/?p=20605#comments Fri, 09 Sep 2016 01:18:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20605 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20605>Article Link</a> The Presidential Council recently issued an order to establish a temporary Steering Committee to manage the Libyan Investment Authority (LIA). The motive behind the decision seems sincere – to unite the leadership of our nation’s sovereign wealth fund. However on closer inspection, the decision is bad for the LIA, and bad for Libya. (more…)

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LIA in Tripoli dismisses claims of handover to steering committee as “simply untrue” http://www.opalesque.com/SWF_Briefing/?p=20604 http://www.opalesque.com/SWF_Briefing/?p=20604#comments Fri, 09 Sep 2016 01:18:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20604 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20604>Article Link</a> The Libyan Investment Authority (LIA) in Tripoli has dismissed reports today of a handover of power to an interim steering committee, confirming that AbdulMagid Breish remains Chairman of the sovereign wealth fund. (more…)

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Mubadala chief signals more oil deals as Ipic merger advances http://www.opalesque.com/SWF_Briefing/?p=20595 http://www.opalesque.com/SWF_Briefing/?p=20595#comments Thu, 08 Sep 2016 01:18:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20595 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20595>Article Link</a> Mubadala Development Company, the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co (Ipic), said potential energy deals are more attractive after the slump in oil prices drove down asset prices. (more…)

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Norway’s central bank to publish minutes of board meetings http://www.opalesque.com/SWF_Briefing/?p=20586 http://www.opalesque.com/SWF_Briefing/?p=20586#comments Wed, 07 Sep 2016 04:10:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20586 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20586>Article Link</a> Norway’s central bank will start publishing the minutes of its board meetings and aims to become more transparent even though discussions on monetary policy will remain exempt, the bank said on Tuesday. (more…)

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SMRT shareholders to vote on Temasek offer on Sept 29 http://www.opalesque.com/SWF_Briefing/?p=20582 http://www.opalesque.com/SWF_Briefing/?p=20582#comments Tue, 06 Sep 2016 04:18:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20582 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20582>Article Link</a> The move to take listed SMRT private will face a public test at the end of the month, when minority shareholders vote on whether to approve the acquisition by Temasek Holdings, the Republic’s investment firm. (more…)

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Company to manage Sovereign Wealth Fund established http://www.opalesque.com/SWF_Briefing/?p=20527 http://www.opalesque.com/SWF_Briefing/?p=20527#comments Mon, 29 Aug 2016 01:47:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20527 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20527>Article Link</a> A mnagement company for the Sovereign Wealth Fund (SWF), which will be in charge of founding and managing the SWF and its relevant subsidiary funds, has been established. The legislation to establish the SWF Management Inc., as well as amendments to various laws, has taken effect after being published in the official gazette. (more…)

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Libyan Investment Authority issue statement regarding the Interim Steering Committee http://www.opalesque.com/SWF_Briefing/?p=20500 http://www.opalesque.com/SWF_Briefing/?p=20500#comments Wed, 24 Aug 2016 03:25:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20500 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20500>Article Link</a> Abdulmagid Breish, Chairman and Chief Executive Officer of the Libyan Investment Authority (LIA), takes note of the purported appointment by the Tobruk-based Board of Trustees of Mr Ali Shamekh as chief executive officer of the Tobruk parallel operation. Mr Breish also takes note of the presentation by Mr Hassan Bouhadi of his resignation as purported chairman of the Tobruk parallel operation. (more…)

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Turkey: Sovereign Wealth Fund to be fully transparent http://www.opalesque.com/SWF_Briefing/?p=20495 http://www.opalesque.com/SWF_Briefing/?p=20495#comments Tue, 23 Aug 2016 01:26:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20495 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20495>Article Link</a> Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget. (more…)

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New Zealand SWF awards factor investing mandates to Northern Trust http://www.opalesque.com/SWF_Briefing/?p=20492 http://www.opalesque.com/SWF_Briefing/?p=20492#comments Tue, 23 Aug 2016 01:25:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20492 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20492>Article Link</a> The New Zealand Superannuation (NZ Super) fund has appointed Northern Trust Asset Management to manage two new factor investing mandates, extending a relationship first established in 2007, the sovereign wealth fund (SWF) announced. (more…)

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Multiple reshuffles stir up Libyan sovereign wealth fund http://www.opalesque.com/SWF_Briefing/?p=20484 http://www.opalesque.com/SWF_Briefing/?p=20484#comments Mon, 22 Aug 2016 01:48:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20484 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20484>Article Link</a> The Libyan Investment Authority is undergoing drastic changes, as key members resigned last week followed by Libya’s unity government appointing a new management team for the country’s main sovereign wealth fund Monday. The Presidency Council of the Tripoli-based Government of National Accord on Monday appointed a steering committee to temporarily assume the leadership of the LIA, Libya’s largest state fund worth approximately $67 billion. (more…)

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Oslo ruffles feathers as it taps Norway’s oil fund http://www.opalesque.com/SWF_Briefing/?p=20462 http://www.opalesque.com/SWF_Briefing/?p=20462#comments Thu, 18 Aug 2016 01:35:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20462 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20462>Article Link</a> First withdrawal in decades stirs debate over fund’s future and how much level of risk it should take on. This year will prove to be a watershed for the world’s largest sovereign wealth fund as, for the first time in two decades, Norway’s $890bn oil fund will have money taken out by the government in Oslo. (more…)

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Abu Dhabi hires advisers for sovereign fund merger http://www.opalesque.com/SWF_Briefing/?p=20454 http://www.opalesque.com/SWF_Briefing/?p=20454#comments Wed, 17 Aug 2016 02:10:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20454 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20454>Article Link</a> Abu Dhabi’s government has hired Bain & Co and Landor Associates to advise on the merger of two of the oil-rich emirate’s biggest sovereign funds, a source familiar with the matter told Reuters. (more…)

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Libya’s U.N.-backed government appoints panel to run $67 billion wealth fund http://www.opalesque.com/SWF_Briefing/?p=20451 http://www.opalesque.com/SWF_Briefing/?p=20451#comments Wed, 17 Aug 2016 02:09:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20451 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20451>Article Link</a> Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion (52.03 billion pounds) sovereign wealth fund. The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund’s rights and follow all legal cases it is involved in. (more…)

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Libya’s Unity Government Appoints New Wealth Fund Leadership http://www.opalesque.com/SWF_Briefing/?p=20450 http://www.opalesque.com/SWF_Briefing/?p=20450#comments Wed, 17 Aug 2016 02:09:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20450 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20450>Article Link</a> Libya’s government appointed a steering committee to head the country’s $60 billion sovereign wealth fund, where rifts have hindered efforts to unite financial institutions in the fractured North African oil exporter. (more…)

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Greenko takes advantage of its Singapore ownership http://www.opalesque.com/SWF_Briefing/?p=20448 http://www.opalesque.com/SWF_Briefing/?p=20448#comments Wed, 17 Aug 2016 02:08:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20448 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20448>Article Link</a> Indian renewable energy company Greenko has taken advantage of its Singapore ownership and surging demand for Indian credit to price $500 million of Single B rated bonds below 5%. (more…)

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Libya’s U.N.-backed government appoints panel to run $67 bln wealth fund http://www.opalesque.com/SWF_Briefing/?p=20442 http://www.opalesque.com/SWF_Briefing/?p=20442#comments Tue, 16 Aug 2016 00:25:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20442 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20442>Article Link</a> Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion sovereign wealth fund. The Government of National Accord said in a statement that the committee should not dispose of Libyan Investment Authority assets and should protect the fund’s rights and follow all legal cases it is involved in. (more…)

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Turkey: Government making headway with Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=20441 http://www.opalesque.com/SWF_Briefing/?p=20441#comments Tue, 16 Aug 2016 00:25:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20441 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20441>Article Link</a> The Government is making headway in bringing the country`s first Sovereign Wealth fund into fruition. Cabinet on August 3, advised the Attorney General’s Chambers to commence the drafting of the Sovereign Wealth Fund Bill which will bring the fund into effect. (more…)

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Abu Dhabi Officials Linked to ‘Wolf of Wall Street’ Corruption Scandal Investigated in Switzerland http://www.opalesque.com/SWF_Briefing/?p=20440 http://www.opalesque.com/SWF_Briefing/?p=20440#comments Tue, 16 Aug 2016 00:25:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20440 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20440>Article Link</a> Khadem al-Qubaisi, whose investment vehicle owns the Hakkasan group, and Mohamed al-Husseiny, who was put forward by Red Granite as the financier of ‘The Wolf of Wall Street,’ are being investigated. (more…)

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One of two rival chairmen of Libya sovereign fund quits http://www.opalesque.com/SWF_Briefing/?p=20435 http://www.opalesque.com/SWF_Briefing/?p=20435#comments Mon, 15 Aug 2016 03:57:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20435 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20435>Article Link</a> One of two men claiming the chairmanship of Libya’s $67 billion sovereign wealth fund, Hassan Bouhadi, has tendered his resignation, his spokesman said on Friday. Libya’s political infighting made it too difficult to conduct business, Bouhadi said in his resignation letter, seen by Reuters. (more…)

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Saudi Aramco appoints chief of sovereign wealth fund to board http://www.opalesque.com/SWF_Briefing/?p=20422 http://www.opalesque.com/SWF_Briefing/?p=20422#comments Thu, 11 Aug 2016 03:23:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20422 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20422>Article Link</a> State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices. (more…)

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HKMA: Individuals Act as HKMC Employees to Falsely Solicit Biz; Reported to Police http://www.opalesque.com/SWF_Briefing/?p=20416 http://www.opalesque.com/SWF_Briefing/?p=20416#comments Thu, 11 Aug 2016 03:22:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20416 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20416>Article Link</a> Hong Kong Monetary Authority (HKMA) announced that it has come to the notice of the Hong Kong Mortgage Corporation Limited (HKMC) that there have been cases of individuals posing as its employees to falsely solicit business opportunities. (more…)

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MACC man’s 1MDB ‘not corruption’ logic mind-boggling http://www.opalesque.com/SWF_Briefing/?p=20401 http://www.opalesque.com/SWF_Briefing/?p=20401#comments Tue, 09 Aug 2016 01:53:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20401 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20401>Article Link</a> Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians. (more…)

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MACC man’s 1MDB ‘not corruption’ logic mind-boggling http://www.opalesque.com/SWF_Briefing/?p=20394 http://www.opalesque.com/SWF_Briefing/?p=20394#comments Mon, 08 Aug 2016 01:38:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20394 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20394>Article Link</a> Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians. (more…)

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Inside Ireland’s €8 billion Strategic Investment Fund http://www.opalesque.com/SWF_Briefing/?p=20392 http://www.opalesque.com/SWF_Briefing/?p=20392#comments Mon, 08 Aug 2016 01:38:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20392 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20392>Article Link</a> Abrakebabra; Lily O’Brien’s. The AA. Carrolls Cuisine. House building. Student accommodation. Office blocks. Loans to milk farmers. Life-changing drug treatments and technology R&D. Is there any part of the economy that the state-backed Irish Strategic Investment Fund (ISIF) doesn’t touch? (more…)

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Browne: Heritage & Stabilisation Fund not following best practices http://www.opalesque.com/SWF_Briefing/?p=20383 http://www.opalesque.com/SWF_Briefing/?p=20383#comments Thu, 04 Aug 2016 01:48:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20383 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20383>Article Link</a> Trinidad and Tobago’s sovereign wealth fund (SWF), the Heritage and Stabilisation Fund (HSF), is not following best practices as outlined in the Santiago Principles and exemplified by the Norway’s SWF, Mariano Browne, a former minister of state in the Ministry of Finance said last month. (more…)

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Malaysia forfeits US support with 1MDB graft http://www.opalesque.com/SWF_Briefing/?p=20369 http://www.opalesque.com/SWF_Briefing/?p=20369#comments Wed, 03 Aug 2016 01:50:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20369 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20369>Article Link</a> The US Justice Department’s decision to seize more than $1bn in assets allegedly stolen from Malaysia’s sovereign wealth fund has sent shockwaves through the Southeast Asian nation. Until the US announcement last month, most Malaysians were resigned to creeping authoritarianism in their country as the prime minister, Najib Razak, concentrated power in his hands and eviscerated the last vestiges of independent governance. (more…)

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Deloitte becomes third auditor in a row to quit scandal-hit 1MDB http://www.opalesque.com/SWF_Briefing/?p=20323 http://www.opalesque.com/SWF_Briefing/?p=20323#comments Thu, 28 Jul 2016 00:00:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20323 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20323>Article Link</a> Deloitte has resigned as auditor of 1Malaysia Development Berhad, as the scandal surrounding the Malaysian state investment fund reverberates through the global financial system. (more…)

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Deloitte Resigns as 1MDB Auditor http://www.opalesque.com/SWF_Briefing/?p=20316 http://www.opalesque.com/SWF_Briefing/?p=20316#comments Wed, 27 Jul 2016 03:15:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20316 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20316>Article Link</a> The Malaysian government investment fund says Deloitte Touche Tohmatsu resigned in February. The departure of a second auditor for a Malaysian government investment fund is putting focus on another global company that apparently failed to raise questions about what investigators are calling a large-scale fraud. (more…)

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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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