Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Wed, 10 Feb 2016 01:28:02 +0000 http://wordpress.org/?v=2.5.1 en Sovereign wealth funds playing a leading role http://www.opalesque.com/SWF_Briefing/?p=19169 http://www.opalesque.com/SWF_Briefing/?p=19169#comments Wed, 10 Feb 2016 01:27:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19169 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19169>Article Link</a> The Omani fund has played an important role with the Oman investment arm, Oman Oil, taking equity in the energy sector and other industries to diversify our economy. A SWF is an entity or fund that is state owned and can be considered as a source of surplus cash received from energy receipts, balance of payments, governmental payments, fiscal surplus, foreign currency operations and proceeds of privatisation. (more…)

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Sovereign wealth fund selling a major concern: Credit Suisse http://www.opalesque.com/SWF_Briefing/?p=19165 http://www.opalesque.com/SWF_Briefing/?p=19165#comments Tue, 09 Feb 2016 00:22:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19165 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19165>Article Link</a> While sovereign wealth fund selling continues to be a major concern, US corporate earnings are not really helping investor sentiment either, says Robert Parker of Credit Suisse Asset Management. (more…)

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The World’s Biggest Wealth Fund Is Unhappy With Volkswagen’s Leadership http://www.opalesque.com/SWF_Briefing/?p=19163 http://www.opalesque.com/SWF_Briefing/?p=19163#comments Mon, 08 Feb 2016 03:12:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19163 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19163>Article Link</a> The world’s biggest sovereign wealth fund criticized Volkswagen AG’s ownership structure, saying it concentrates too much power with the Porsche-Piech family and puts minority shareholders at a disadvantage amid the carmaker’s emissions crisis. (more…)

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Norway’s oil fund urges US banks to split CEO-chairman role http://www.opalesque.com/SWF_Briefing/?p=19160 http://www.opalesque.com/SWF_Briefing/?p=19160#comments Mon, 08 Feb 2016 03:11:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19160 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19160>Article Link</a> The world’s largest sovereign wealth fund has warned the biggest US banks that time is running out for them to end the highly contentious practice of combining the roles of chief executive and chairman. (more…)

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India wants to leverage NIIF equity to boost infrastructure http://www.opalesque.com/SWF_Briefing/?p=19139 http://www.opalesque.com/SWF_Briefing/?p=19139#comments Thu, 04 Feb 2016 00:24:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19139 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19139>Article Link</a> How much can Rs 20,000 crore be leveraged to raise more equity? Through an appropriate yet conservative structure, say experts, about 10 times or roughly Rs 2 lakh crore. Sprinkle it a bit thin, and it could be multiplied to over Rs 4 lakh crore. That is the kind of multiplier structure that the Narendra Modi-led NDA government is plotting through the National Infrastructure Investment Fund (NIIF), to obtain the maximum bang out what it can spare from its budget resources, realising that India’s infrastructure development needs more equity or risk capital. (more…)

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Sovereign wealth funds drive turbulent trading http://www.opalesque.com/SWF_Briefing/?p=19128 http://www.opalesque.com/SWF_Briefing/?p=19128#comments Tue, 02 Feb 2016 00:57:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19128 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19128>Article Link</a> Asset managers have blamed outflows from sovereign wealth funds for one of the worst starts to the year for markets. The collapse in the price of oil resulted in state-backed investment vehicles becoming “forced sellers”. The year began with a sharp drop in equity markets. UK and US stocks fell almost 10 per cent in the first few weeks of 2016 and emerging markets were hit even harder. (more…)

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Kazakh large fund’s new staff approved http://www.opalesque.com/SWF_Briefing/?p=19110 http://www.opalesque.com/SWF_Briefing/?p=19110#comments Mon, 01 Feb 2016 03:41:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19110 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19110>Article Link</a> The new staff of the board of the Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company has been approved, the Samruk-Kazyna Corporate Communications Department said Jan. 29. Umirzak Shukeyev retained his post of the chairman of the board. Kaur Baljeet was appointed managing director of strategy and portfolio management. (more…)

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GCC Economic Council for managing sovereign funds http://www.opalesque.com/SWF_Briefing/?p=19106 http://www.opalesque.com/SWF_Briefing/?p=19106#comments Mon, 01 Feb 2016 03:40:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19106 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19106>Article Link</a> Many questions have been raised about the proper way to overcome the current economic crisis caused by the oil price decline in the global market. Each country in the GCC is presenting a solution that appears suitable, amid the absence of a unified strategy to help the organization as a whole, not only to surpass the current period but also to ensure not to get trapped in it in the future. (more…)

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Norway accepts hostile takeover by Vonovia http://www.opalesque.com/SWF_Briefing/?p=19101 http://www.opalesque.com/SWF_Briefing/?p=19101#comments Fri, 29 Jan 2016 01:09:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19101 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19101>Article Link</a> Norway said its $800billion sovereign wealth fund has accepted Vonovia’s hostile takeover bid for rival Deutsche Wohen. The fund holds 4.6% of the shares in Vonovia and 6.9% in Deutsche Wohen. (more…)

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Govt does not monitor Temasek, GIC’s investments in haze-linked firms: MOF http://www.opalesque.com/SWF_Briefing/?p=19095 http://www.opalesque.com/SWF_Briefing/?p=19095#comments Fri, 29 Jan 2016 01:08:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19095 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19095>Article Link</a> Mr Heng Swee Keat, Singapore’s Finance Minister, says that commercial decisions by GIC and Temasek Holdings are made independent of state involvement. The Government only monitors the performance of haze-linked companies that sovereign wealth fund GIC and investment firm Temasek Holdings have investments in, said finance minister Heng Swee Keat, and not their commercial decisions. (more…)

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Sainsbury’s likely to find support from Qatar Investment Authority for Home Retail Group bid http://www.opalesque.com/SWF_Briefing/?p=19093 http://www.opalesque.com/SWF_Briefing/?p=19093#comments Fri, 29 Jan 2016 01:07:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19093 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19093>Article Link</a> Qatar Investment Authority (QIA), which holds a 25% stake in Sainsbury’s, is believed to have backed the supermarket chain it revises its offer for the Home Retail Group acquisition. This backing from QIA seen as significant is important as the takeover process has to complete before 2 February, reported The Times newspaper. (more…)

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Oxford, Abu Dhabi Investment Authority face off on EB-5 http://www.opalesque.com/SWF_Briefing/?p=19090 http://www.opalesque.com/SWF_Briefing/?p=19090#comments Thu, 28 Jan 2016 01:24:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19090 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19090>Article Link</a> Two of the largest foreign investors in New York City real estate are at odds over the value of EB-5 investment, a funding vehicle popular among developers that provides foreign investors a path to U.S. citizenship. Tom Arnold, head of real estate in the Americas for the Abu Dhabi Investment Authority, warned against falling into “quick assumptions” about the program’s benefits, calling it a “cheap ticket” to American citizenship. (more…)

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Qube seeks passive CIC role http://www.opalesque.com/SWF_Briefing/?p=19076 http://www.opalesque.com/SWF_Briefing/?p=19076#comments Wed, 27 Jan 2016 01:19:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19076 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19076>Article Link</a> Chris Corrigan’s Qube Holdings has sought assurances from its partner Global Infrastructure Partners that Chinese sovereign wealth fund China Investment Corporation will play only a passive role in their joint bid for Asciano in the wake of the backlash against a Chinese company’s lease of the Port of Darwin. (more…)

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South Korea’s new SWF chief sets sights on ‘top ten’ http://www.opalesque.com/SWF_Briefing/?p=19065 http://www.opalesque.com/SWF_Briefing/?p=19065#comments Tue, 26 Jan 2016 03:37:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19065 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19065>Article Link</a> Former World Bank executive director takes office as CEO of the Korea Investment Corporation; sets out desire to grow assets under management beyond $200 billion The new chief executive officer of the Korea Investment Corporation has set his sights on making the sovereign wealth fund (SWF) one of the “top 10″ in the world, since taking office last week. (more…)

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Temasek brings in top European advisers http://www.opalesque.com/SWF_Briefing/?p=19037 http://www.opalesque.com/SWF_Briefing/?p=19037#comments Thu, 21 Jan 2016 03:28:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19037 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19037>Article Link</a> Temasek, the Singaporean state investment company, has established a panel of European corporate luminaries to advise it on dealmaking in the region. Ian Davis, chairman of Rolls-Royce, and the chairmen of Diageo and Italian insurer Generali are among members of the European advisory panel, which first met in London on Tuesday, writes Joseph Cotterill, private equity correspondent. (more…)

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Korea Investment Corp. taps World Bank executive as CEO http://www.opalesque.com/SWF_Briefing/?p=19028 http://www.opalesque.com/SWF_Briefing/?p=19028#comments Wed, 20 Jan 2016 00:50:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19028 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19028>Article Link</a> Sung-Soo Eun joined Korea Investment Corporation Tuesday as CEO as well as chairman of the sovereign wealth fund’s board of directors, said Jeongjin Lim, a spokeswoman for the $85 billion, Seoul-based fund. (more…)

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Korean Sovereign-Wealth Fund Names New CEO http://www.opalesque.com/SWF_Briefing/?p=19022 http://www.opalesque.com/SWF_Briefing/?p=19022#comments Tue, 19 Jan 2016 00:47:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19022 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19022>Article Link</a> South Korea’s sovereign-wealth fund has said it has hired a World Bank director as its new chief executive following the resignation of its previous leader in November. Korea Investment Corp., which had $84.7 billion of assets at the end of 2014, appointed World Bank executive director Sung-Soo Eun to start Tuesday. (more…)

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Kazakh wealth fund fires senior executive http://www.opalesque.com/SWF_Briefing/?p=19013 http://www.opalesque.com/SWF_Briefing/?p=19013#comments Mon, 18 Jan 2016 03:16:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19013 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19013>Article Link</a> Sovereign wealth funds are notoriously secretive. Contact 10 for a story and you are guaranteed that most, if not all, will decline to comment. Even consultants and researchers who specialise in state-owned investment vehicles are often reluctant to speak on the record about specific sovereign funds, which are set up to save money for a rainy day or to ensure stable social and economic growth of a country. (more…)

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What If Norway’s Sovereign Fund Replicated the Yale Endowment Model http://www.opalesque.com/SWF_Briefing/?p=19012 http://www.opalesque.com/SWF_Briefing/?p=19012#comments Mon, 18 Jan 2016 03:16:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19012 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19012>Article Link</a> Sovereign wealth funds are known for their long-term investment horizon and preference toward harvesting the illiquidity premium. Many wealth funds are engaged in co-investments and direct investments such as the Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC Private Limited. (more…)

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TIFF snags another investment exec from Alaska Permanent Fund http://www.opalesque.com/SWF_Briefing/?p=19009 http://www.opalesque.com/SWF_Briefing/?p=19009#comments Mon, 18 Jan 2016 03:15:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19009 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19009>Article Link</a> David R. Fallace was named managing director at The Investment Fund for Foundations, said spokesman Paul Horvitz. It is a new position. Mr. Fallace, who starts Jan. 19, will oversee TIFF’s diversifying strategies, which includes conducting manager research, selectio, and monitoring; directing the hedge fund component of TIFF’s outsourced CIO strategies; and expanding TIFF’s investment efforts across special opportunities. (more…)

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Kazakhstan Fires Wealth Fund Manager Who Criticized Strategy http://www.opalesque.com/SWF_Briefing/?p=19002 http://www.opalesque.com/SWF_Briefing/?p=19002#comments Thu, 14 Jan 2016 03:41:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19002 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19002>Article Link</a> The chief executive of Kazakhstan’s National Investment Corp., which was set up to help manage the country’s $64 billion oil fund, has been fired. Berik Otemurat’s departure comes less than a week after he told The Wall Street Journal that he was concerned the oil fund could run out of money within six or seven years as slumping oil prices cut revenue and the government spends its savings. (more…)

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Norwegian oil fund gives grants for portfolio, engaged ownership research http://www.opalesque.com/SWF_Briefing/?p=19000 http://www.opalesque.com/SWF_Briefing/?p=19000#comments Thu, 14 Jan 2016 03:41:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19000 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19000>Article Link</a> Norway’s sovereign wealth fund has awarded two research grants, one for a project on portfolio choice for long-term investors and another for an investigation of the effectiveness of engaged ownership. (more…)

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Abu Dhabi Investment Authority hires head of private equities http://www.opalesque.com/SWF_Briefing/?p=18992 http://www.opalesque.com/SWF_Briefing/?p=18992#comments Thu, 14 Jan 2016 03:39:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18992 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18992>Article Link</a> Sherwood Dodge was named global head of private equities at the Abu Dhabi Investment Authority, said a spokesman for the sovereign wealth fund. The role was previously held by James Kester, who left in 2013. Further details could not be learned by press time. (more…)

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Sovereign Wealth Funds Can Be Management Leaders http://www.opalesque.com/SWF_Briefing/?p=18991 http://www.opalesque.com/SWF_Briefing/?p=18991#comments Thu, 14 Jan 2016 03:39:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18991 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18991>Article Link</a> The rise of the activist investor is typically seen as a challenge to existing management. An outside investment fund, often coming in as part of a hostile takeover, forces management to cut costs and reins in the company’s ambition, frequently seeking to boost its stock price and sell. (more…)

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Use GIC returns as component in CPF OA rate: NUS prof http://www.opalesque.com/SWF_Briefing/?p=18990 http://www.opalesque.com/SWF_Briefing/?p=18990#comments Wed, 13 Jan 2016 03:23:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18990 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18990>Article Link</a> The Singapore government can consider partially pegging the interest rate paid by the Central Provident Fund (CPF) Ordinary Account (OA) to returns generated by sovereign wealth fund GIC, an academic has suggested. (more…)

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Is it okay to include GIC returns when determining CPF interest rate? http://www.opalesque.com/SWF_Briefing/?p=18989 http://www.opalesque.com/SWF_Briefing/?p=18989#comments Wed, 13 Jan 2016 03:23:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18989 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18989>Article Link</a> Experts believe the interest rate for the Central Provident Fund (CPF) Ordinary Account (OA) could be tweaked in the light of rising interest rates in the United States. One option raised at a forum yesterday was to include the returns of the sovereign wealth fund GIC when devising the formula that determines the OA rate. (more…)

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Sovereign Wealth Fund Samruk-Kazyna announces changes in composition of Board of Directors http://www.opalesque.com/SWF_Briefing/?p=18980 http://www.opalesque.com/SWF_Briefing/?p=18980#comments Tue, 12 Jan 2016 03:42:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18980 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18980>Article Link</a> Sovereign Wealth Fund Samruk-Kazyna JSC (Astana), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE) has by an official letter of December 31, 2015 informed the KASE of the following: (more…)

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Norway Group to Study Equity-Share Change for $815 Billion Fund http://www.opalesque.com/SWF_Briefing/?p=18972 http://www.opalesque.com/SWF_Briefing/?p=18972#comments Mon, 11 Jan 2016 03:15:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18972 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18972>Article Link</a> Norway set up a committee to review whether to change the $815 billion sovereign wealth fund’s equity share and possibly allow the investor to boost the current 60 percent allocation as it struggles to reach return targets. (more…)

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Sovereign Wealth Funds for critical infrastructure http://www.opalesque.com/SWF_Briefing/?p=18971 http://www.opalesque.com/SWF_Briefing/?p=18971#comments Mon, 11 Jan 2016 03:15:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18971 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18971>Article Link</a> Nigeria got to a giddy height of low crude oil prices which negatively affected our economy and the currency. Foreign Sovereign Wealth Funds (SWF) are now being sought to upgrade critical mass transit and energy infrastructure worth about N25 billion. (more…)

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Dubai-Based SWF Hunts for Public Markets Chief http://www.opalesque.com/SWF_Briefing/?p=18959 http://www.opalesque.com/SWF_Briefing/?p=18959#comments Thu, 07 Jan 2016 03:28:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18959 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18959>Article Link</a> A multi-billion sovereign wealth fund in the United Arab Emirates is seeking a director of public markets to be based in Dubai. According to a job posting on eFinancialCareers, the unnamed fund is looking to hire a “highly strategic” investor with extensive experience in global equities to take over its public investments in more than 30 countries. (more…)

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Alaska Permanent taps DHR International to conduct search for CIO http://www.opalesque.com/SWF_Briefing/?p=18948 http://www.opalesque.com/SWF_Briefing/?p=18948#comments Wed, 06 Jan 2016 03:11:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18948 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18948>Article Link</a> Alaska Permanent Fund Corp., Juneau, hired DHR International to conduct a search for a new chief investment officer, said a spokeswoman for the $52 billion sovereign wealth fund. Jay Willoughby, CIO, left the fund in the fall to become CIO of the The Investment Fund for Foundations, which manages about $11 billion. (more…)

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The Overblown Threat to Money Managers http://www.opalesque.com/SWF_Briefing/?p=18947 http://www.opalesque.com/SWF_Briefing/?p=18947#comments Tue, 05 Jan 2016 03:14:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18947 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18947>Article Link</a> The sound of sovereign wealth funds sucking money back home is whistling through the asset management industry. But the direst forecasts for asset managers may be overblown. Sovereign funds have ballooned, from $3.3 trillion in 2007 to $7.2 trillion by the middle of 2015, according to the Sovereign Wealth Fund Institute, a research firm. (more…)

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Have the sovereign wealth billions been found? http://www.opalesque.com/SWF_Briefing/?p=18943 http://www.opalesque.com/SWF_Briefing/?p=18943#comments Tue, 05 Jan 2016 03:13:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18943 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18943>Article Link</a> While the debate on Nigeria’s sovereign wealth fund debacle raged sometime in December, 2013, available statistics on the spiraling figures did not add up then with reasons adduced in government circles. (more…)

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Oman to raise tax and cut subsidies as oil rout hits sultanate hard http://www.opalesque.com/SWF_Briefing/?p=18939 http://www.opalesque.com/SWF_Briefing/?p=18939#comments Mon, 04 Jan 2016 01:32:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18939 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18939>Article Link</a> Unlike the UAE, which has reserves of more than 275 per cent of its GDP, and Saudi Arabia, with reserves of about 100 per cent of GDP, the Oman Investment Fund, the sultanate’s sovereign wealth fund, has 5.4 billion rials (Dh5.28bn) in assets under management, equivalent to 40 per cent of GDP. (more…)

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The key to the success of NIIF, India’s new SWF, will be governance http://www.opalesque.com/SWF_Briefing/?p=18929 http://www.opalesque.com/SWF_Briefing/?p=18929#comments Wed, 30 Dec 2015 01:10:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18929 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18929>Article Link</a> India now has a sovereign wealth fund. The National Investment and Infrastructure Fund (NIIF) will soon get a chief executive even as negotiations are on with strategic investors to put in capital above the Rs.20,000 crore a year that the government has promised. This money will be leveraged through debt. (more…)

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SOFAZ not to cut expenditures http://www.opalesque.com/SWF_Briefing/?p=18925 http://www.opalesque.com/SWF_Briefing/?p=18925#comments Wed, 30 Dec 2015 01:09:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18925 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18925>Article Link</a> Azerbaijan’s oil fund SOFAZ has no plans to cut budget expenditures for 2016, the fund told Trend. “The budget of the fund, as well as the state budget, is approved by the decree of the president of Azerbaijan in manats and is a financial document, expenditures of which should be executed,” the fund said. “In this regard, regardless of income level in the next year, SOFAZ is obliged to fulfill the expenditure budgeted.” (more…)

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ADIA, Portuguese insurer garner bulk of QFII quota awards for December http://www.opalesque.com/SWF_Briefing/?p=18920 http://www.opalesque.com/SWF_Briefing/?p=18920#comments Tue, 29 Dec 2015 03:22:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18920 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18920>Article Link</a> China’s State Administration of Foreign Exchange extended another $1 billion in quota capacity to the Abu Dhabi Investment Authority on Dec. 25, lifting the sovereign wealth fund’s total under the state’s qualified foreign institutional investor program to $2.5 billion, according to SAFE’s latest monthly listing of QFII quotas Monday. (more…)

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The Trouble With Sovereign-Wealth Funds http://www.opalesque.com/SWF_Briefing/?p=18911 http://www.opalesque.com/SWF_Briefing/?p=18911#comments Mon, 28 Dec 2015 03:38:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18911 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18911>Article Link</a> Kazakhstan’s $55 billion sovereign-wealth fund helped pull the country through the global financial crisis and offered funding for the country’s bid to host the 2022 Winter Olympics. But the collapse in oil prices has hit Kazakhstan and its fund, Samruk-Kazyna JSC, hard. (more…)

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SOFAZ not to cut expenditures in 2016 http://www.opalesque.com/SWF_Briefing/?p=18910 http://www.opalesque.com/SWF_Briefing/?p=18910#comments Mon, 28 Dec 2015 03:38:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18910 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18910>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) has no plans to cut budget expenditures for 2016, the fund told Trend. “The budget of the fund, as well as the state budget, is approved by the decree of the president of Azerbaijan in manats and is a financial document, expenditures of which should be executed,” the fund said. “In this regard, regardless of income level in the next year, SOFAZ is obliged to fulfill the expenditure budgeted.” (more…)

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Gov’t, private reps likely to manage Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=18902 http://www.opalesque.com/SWF_Briefing/?p=18902#comments Mon, 28 Dec 2015 03:36:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18902 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18902>Article Link</a> The David Granger administration hopes that the proposed Sovereign Wealth Fund (SWF) will be managed by a hybrid of government and private individuals, according to Minister of Governance Raphael Trotman. (more…)

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How 1MDB overpaid for its power assets http://www.opalesque.com/SWF_Briefing/?p=18896 http://www.opalesque.com/SWF_Briefing/?p=18896#comments Mon, 21 Dec 2015 01:17:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18896 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18896>Article Link</a> Most of 1MDB’s power assets were acquired within a 16-month time frame between March 2012 and July 2013. The spending spree raised many questions at the time, which remain unsatisfactorily unanswered as at writing time. The underlying logic of buying over independent power producers (IPPs), as understood by market observers, would likely be the strong cash flow. (more…)

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Samruk Kazyna Top Management to Be Reduced by Nearly Half as Fund Undergoes Transformation http://www.opalesque.com/SWF_Briefing/?p=18894 http://www.opalesque.com/SWF_Briefing/?p=18894#comments Mon, 21 Dec 2015 01:17:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18894 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18894>Article Link</a> The top management of the Samruk Kazyna Sovereign Wealth Fund will shrink from 16 to 9 managing directors as part of its transformation process, Chair of the Samruk Kazyna Board Umirzak Shukeyev announced Dec. 8 at the congress dedicated to transformation of the state-owned fund, its website reported. (more…)

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The Future Fund should not be used to pay off deficits http://www.opalesque.com/SWF_Briefing/?p=18889 http://www.opalesque.com/SWF_Briefing/?p=18889#comments Fri, 18 Dec 2015 01:09:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18889 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18889>Article Link</a> The government’s budget update was an occasion to despair about the point of the Future Fund, Australia’s $118 billion sovereign wealth fund set up by the Howard government in 2006 mainly from the proceeds from the sale of Telstra. It seems it’s going to be largely wasted, and not invested in the proper sense of the word. (more…)

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Top investor Temasek willing to give StanChart time for turnaround http://www.opalesque.com/SWF_Briefing/?p=18879 http://www.opalesque.com/SWF_Briefing/?p=18879#comments Thu, 17 Dec 2015 02:36:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18879 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18879>Article Link</a> Temasek is willing to give Standard Chartered time to work on its turnaround before deciding on the fate of its underperforming $4 billion (3 billion pounds) stake in the UK bank as part of a portfolio reshuffle, people familiar with the matter said. (more…)

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China to Move Wealth Fund HQ to N.Y., Signaling Increased Focus on U.S. http://www.opalesque.com/SWF_Briefing/?p=18866 http://www.opalesque.com/SWF_Briefing/?p=18866#comments Tue, 15 Dec 2015 01:12:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18866 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18866>Article Link</a> China Investment Corp, the government’s $747bn (£493.2bn) sovereign wealth fund, is shifting its focus to US investments and broader global ambitions as it prepares to move its North American headquarters to New York from Toronto early next year, according to reports. (more…)

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This is the secret strategy behind GIC’s million-dollar returns http://www.opalesque.com/SWF_Briefing/?p=18861 http://www.opalesque.com/SWF_Briefing/?p=18861#comments Tue, 15 Dec 2015 01:11:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18861 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18861>Article Link</a> Acting as a cornerstone investor in bond deals is helping GIC Pte boost returns on its fixed-income portfolio as yields persist near record lows and risks start to increase in the bond market, according to Singapore’s sovereign-wealth fund. (more…)

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Saudi eyes spending cuts, new revenue sources http://www.opalesque.com/SWF_Briefing/?p=18851 http://www.opalesque.com/SWF_Briefing/?p=18851#comments Mon, 14 Dec 2015 00:49:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18851 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18851>Article Link</a> Saudi Arabia’s government is expected to announce spending cuts and a drive to raise revenue from new sources as it lays out a strategy to cope with an era of cheap oil, people familiar with Saudi policy-making said. (more…)

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Chaos in Libya: It’s the oil, stupid http://www.opalesque.com/SWF_Briefing/?p=18850 http://www.opalesque.com/SWF_Briefing/?p=18850#comments Mon, 14 Dec 2015 00:49:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18850 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18850>Article Link</a> There is seems no end to the bad news coming out of Libya. UN-led negotiations to unite the divided country — it has two parliaments, two governments, two militia coalitions that have been competing for control of a rapidly failing state since summer 2014 — are stalling. Fighting continues apace in Benghazi, the city that was the first to rebel against the rule of Muammar al-Gaddafi in 2011 and is now a byword for extremism. (more…)

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Bypassing investment banks in bond sales helps GIC boost returns http://www.opalesque.com/SWF_Briefing/?p=18836 http://www.opalesque.com/SWF_Briefing/?p=18836#comments Thu, 10 Dec 2015 01:35:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18836 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18836>Article Link</a> Acting as a cornerstone investor in bond deals is helping GIC boost returns on its fixed-income portfolio as yields persist near record lows and risks start to increase in the bond market, according to Singapore’s sovereign-wealth fund. (more…)

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How Norway’s SWF Plans to Benchmark Real Assets http://www.opalesque.com/SWF_Briefing/?p=18832 http://www.opalesque.com/SWF_Briefing/?p=18832#comments Thu, 10 Dec 2015 01:34:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18832 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18832>Article Link</a> The world’s biggest sovereign wealth fund has published proposals to overhaul its benchmarking process in preparation for entering infrastructure markets for the first time. Norges Bank Investment Management (NBIM), which runs the $846 billion Norwegian Government Pension Fund—Global, has also formally recommended that the country’s finance ministry permit doubling the SWF’s real estate allocation and buy infrastructure assets. (more…)

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The Strategy Helping Boost Returns for Singapore State Fund GIC http://www.opalesque.com/SWF_Briefing/?p=18824 http://www.opalesque.com/SWF_Briefing/?p=18824#comments Wed, 09 Dec 2015 01:31:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18824 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18824>Article Link</a> Acting as a cornerstone investor in bond deals is helping GIC Pte boost returns on its fixed-income portfolio as yields persist near record lows and risks start to increase in the bond market, according to Singapore’s sovereign-wealth fund. (more…)

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Temasek looking to clean-up its portfolio http://www.opalesque.com/SWF_Briefing/?p=18822 http://www.opalesque.com/SWF_Briefing/?p=18822#comments Wed, 09 Dec 2015 01:31:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18822 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18822>Article Link</a> In the latest chapter to sell-off its debt ridden assets, Singapore’s S$266 billion (US$189 billion) sovereign wealth fund Temasek agreed this week to relinquish its 67% stake in shipping company Neptune Orient Lines (NOL) to French container shipping giant CMA CGM for an estimated US$2.4 billion. (more…)

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Thailand: Sovereign wealth fund not a goal for central bank http://www.opalesque.com/SWF_Briefing/?p=18821 http://www.opalesque.com/SWF_Briefing/?p=18821#comments Wed, 09 Dec 2015 01:31:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18821 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18821>Article Link</a> The Bank of Thailand is not pursuing a path towards the creation of a sovereign wealth fund, but rather seeking greater flexibility in managing foreign reserves to cope with volatility in the year ahead. Like his predecessor, Prasarn Trairatvorakul, newly appointed BOT Governor Veerathai Santiprabhop does not support the idea of financing government projects with foreign reserves. (more…)

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Volkswagen holds talks with key investor in Qatar http://www.opalesque.com/SWF_Briefing/?p=18816 http://www.opalesque.com/SWF_Briefing/?p=18816#comments Tue, 08 Dec 2015 03:14:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18816 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18816>Article Link</a> Volkswagen AG said Sunday that its chief executive, chairman and top shareholders are in Qatar for talks with one of the company’s core investors, the Qatar Investment Authority, amid reports that the Qataris are calling for sweeping changes in the German car maker’s management. (more…)

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Sovereign Wealth Funds pull money from asset managers at record pace http://www.opalesque.com/SWF_Briefing/?p=18809 http://www.opalesque.com/SWF_Briefing/?p=18809#comments Tue, 08 Dec 2015 03:12:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18809 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18809>Article Link</a> The drop in commodity prices forced sovereign wealth funds to raid their piggy banks, by dipping into their funds at asset managers at a record pace. The likes of Aberdeen Asset Management, Northern Trust, Franklin Resources and Old Mutual Asset Management were among the firms affected. (more…)

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Sovereign wealth funds desert asset managers http://www.opalesque.com/SWF_Briefing/?p=18807 http://www.opalesque.com/SWF_Briefing/?p=18807#comments Mon, 07 Dec 2015 01:01:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18807 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18807>Article Link</a> The majority of asset managers have been coy about their losses from sovereign wealth funds, but the chief financial officer of Northern Trust, the US financial services company, was very candid. Speaking during a call with analysts in October, Biff Bowman admitted the $887bn asset manager had suffered “significant outflows” from its sovereign wealth fund clients during the third quarter. (more…)

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Asset managers see sovereign wealth funds withdraw $19bn http://www.opalesque.com/SWF_Briefing/?p=18806 http://www.opalesque.com/SWF_Briefing/?p=18806#comments Mon, 07 Dec 2015 01:01:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18806 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18806>Article Link</a> Persian Gulf sovereign wealth funds have withdrawn money from asset managers at a record rate this year as falling oil prices have left gulf economies scrambling to inject cash into their economies, according to a Financial Times report published on Sunday. (more…)

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The trend towards in-sourcing at sovereign wealth funds is hitting passive managers http://www.opalesque.com/SWF_Briefing/?p=18805 http://www.opalesque.com/SWF_Briefing/?p=18805#comments Mon, 07 Dec 2015 01:01:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18805 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18805>Article Link</a> More than two-thirds of non-US sovereign funds located in countries where oil plays a big part in their economy say they expect funding withdrawals due to sustained low prices for the commodity, according to research from Invesco, the $790 billion (Dh2.9 trillion) asset manager. Saudi Arabia, whose deficit widened as oil prices slumped, has already pulled tens of billions of dollars from global asset managers. (more…)

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Qatar urges VW to reduce labour influence - Bild http://www.opalesque.com/SWF_Briefing/?p=18795 http://www.opalesque.com/SWF_Briefing/?p=18795#comments Mon, 07 Dec 2015 00:58:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18795 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18795>Article Link</a> Qatar, the third-largest shareholder in Volkswagen, is urging the German carmaker to reduce the influence of its powerful trade unions as it battles to overcome its emissions scandal, a German newspaper reported on Sunday. Bild am Sonntag, without citing sources, said the Qatar Investment Authority (QIA) would use a meeting on Sunday with VW Chief Executive Matthias Mueller and other top players in the firm to demand a scaling back of the role of the works council. (more…)

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SWF dictates ‘violated’ http://www.opalesque.com/SWF_Briefing/?p=18792 http://www.opalesque.com/SWF_Briefing/?p=18792#comments Fri, 04 Dec 2015 00:28:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=18792 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=18792>Article Link</a> Government might have violated dictates of standard practice across the world in setting up sovereign wealth funds, research findings by a local economic think tank have revealed.The findings are contained in the Zimbabwe Economic Policy Analysis and Research Unit’s study titled Global Best Practice in Establishing and Managing SWF in Zimbabwe. (more…)

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