Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Wed, 22 Oct 2014 03:31:48 +0000 http://wordpress.org/?v=2.5.1 en Future Fund focuses on finding the best people http://www.opalesque.com/SWF_Briefing/?p=16161 http://www.opalesque.com/SWF_Briefing/?p=16161#comments Fri, 17 Oct 2014 05:18:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16161 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16161>Article Link</a> Australia’s sovereign wealth fund, the A$101 billion Future Fund, has just upped the stakes in not only attracting the best co-investment deals from fund managers, but in its bid to attract the world’s best investment professionals. Two months ago the fund’s long serving chief investment officer, David Neal, become chief executive in name (following the resignation of the previous CEO Mark Burgess, who held the role for nearly three years), but he might more accurately be described as the fund’s chief big picture strategist. (more…)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Norway’s opposition wants wealth fund to invest in infrastructure http://www.opalesque.com/SWF_Briefing/?p=15996 http://www.opalesque.com/SWF_Briefing/?p=15996#comments Wed, 24 Sep 2014 01:29:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15996 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15996>Article Link</a> Norway’s $870-billion sovereign wealth fund should be allowed to directly invest in infrastructure such as wind farms and solar plants, the country’s opposition Labour party will propose, a plan gaining the support of the majority of parties. (more…)

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World’s Biggest Wealth Fund to Shift Away From Standard Indexing http://www.opalesque.com/SWF_Briefing/?p=15987 http://www.opalesque.com/SWF_Briefing/?p=15987#comments Tue, 23 Sep 2014 03:20:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15987 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15987>Article Link</a> Norway’s $880 billion sovereign wealth fund, the world’s largest, said traditional global indexes are no longer an appropriate model on which to base its investments. “A new framework for the management of the fund may facilitate a development where we as the management take greater responsibility by defining a tailor-made reference portfolio,” Yngve Slyngstad, the fund’s chief executive officer, said. (more…)

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“A company like no other”: President Tony Tan lauds Temasek Holdings as it celebrates 40th anniversary http://www.opalesque.com/SWF_Briefing/?p=15983 http://www.opalesque.com/SWF_Briefing/?p=15983#comments Tue, 23 Sep 2014 03:19:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15983 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15983>Article Link</a> From humble beginnings, the value of assets held and grown by Temasek Holdings has contributed to the wealth of the nation, and supports present and future generations, said President Tony Tan Keng Yam. He spoke at the 40th-anniversary celebration dinner held for the investment firm at the Istana on Monday (Sep 22). The full text of his speech is presented below: (more…)

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Russia’s sovereign fund head struggles to stay above politics http://www.opalesque.com/SWF_Briefing/?p=15972 http://www.opalesque.com/SWF_Briefing/?p=15972#comments Mon, 22 Sep 2014 04:22:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15972 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15972>Article Link</a> Kirill Dmitriev, the 39-year-old, boyish-looking head of Russia’s sovereign wealth fund, was supposed to change the face of Russian capitalism. Mr Dmitriev was going to overcome western funds’ reluctance to invest in a country many viewed as corrupt, prone to state meddling and plagued by a law-of-the-jungle legal system. In return, Russia’s economy would become more vibrant and less reliant on oil and gas. (more…)

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Nigeria: Sovereign Wealth Fund: Between Legality and Desirability http://www.opalesque.com/SWF_Briefing/?p=15967 http://www.opalesque.com/SWF_Briefing/?p=15967#comments Mon, 22 Sep 2014 04:21:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15967 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15967>Article Link</a> Nigeria’s Supreme Court will be entertaining a suit filed by the 36 states of the federation against the federal government on the legality of the Nigeria’s Sovereign Wealth Fund (SWF). But the legality and desirability of the institution of a SWF in Nigeria are not one and the same thing. (more…)

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SEC probing Goldman Sachs internship for brother of Libyan ex-official: WSJ http://www.opalesque.com/SWF_Briefing/?p=15964 http://www.opalesque.com/SWF_Briefing/?p=15964#comments Mon, 22 Sep 2014 04:20:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15964 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15964>Article Link</a> U.S. regulators are investigating a Goldman Sachs Group Inc (GS.N) internship for the brother of a former official at Libya’s sovereign wealth fund and perks allegedly offered by the bank to the fund, the Wall Street Journal reported on Thursday, citing people familiar with the matter. (more…)

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An SWF’s SWF http://www.opalesque.com/SWF_Briefing/?p=15962 http://www.opalesque.com/SWF_Briefing/?p=15962#comments Mon, 22 Sep 2014 04:19:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15962 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15962>Article Link</a> From a place quite opposite of the sun-dappled Polish terrace, the young staff of New Zealand’s first sovereign fund approach the US$22 billion portfolio innocent of institutional legacy and with clear-eyed discipline to its vision. (more…)

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Khazanah to set up outplacement centre for redundant MAS http://www.opalesque.com/SWF_Briefing/?p=15949 http://www.opalesque.com/SWF_Briefing/?p=15949#comments Thu, 18 Sep 2014 23:38:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15949 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15949>Article Link</a> Khazanah Nasional Bhd is to set up a special centre to provide “outplacement support” to some 6,000 Malaysia Airlines (MAS) staff to be made redundant as part of its restructuring process. A source familiar with the restructuring said the focus of the outplacement centre (OPC) would be to extend all relevant and required support to the various groups of employees leaving the national airline. This would include professional, emotional and financial support to assist them as they transition out to the next stage of their career. (more…)

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Look at Norway’s independence example http://www.opalesque.com/SWF_Briefing/?p=15945 http://www.opalesque.com/SWF_Briefing/?p=15945#comments Thu, 18 Sep 2014 01:53:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15945 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15945>Article Link</a> Norway’s oil discovery happened at much the same time, but there was a significant difference in the way the Norwegians dealt with the wealth that came with the striking of black gold. The state has retained control of the Norwegian oil industry, and set up a sovereign wealth fund to use its oil income to best effect. (more…)

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1MDB pioneering a new sovereign investment model http://www.opalesque.com/SWF_Briefing/?p=15920 http://www.opalesque.com/SWF_Briefing/?p=15920#comments Mon, 15 Sep 2014 03:32:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15920 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15920>Article Link</a> Recent reports of state investment body 1Malaysia Development Bhd (1MDB) suggest the business model being pioneered by this outfit could mark a new direction that may be adopted by similar sovereign bodies worldwide. (more…)

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State funds give mixed views on managers http://www.opalesque.com/SWF_Briefing/?p=15918 http://www.opalesque.com/SWF_Briefing/?p=15918#comments Mon, 15 Sep 2014 03:31:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15918 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15918>Article Link</a> Appetite for alternative investments is only set to increase among institutional investors globally, with long-term contrarian external managers very hard to find. But while the evolution of institutional investment models falls into a similar pattern, starting with traditional public market exposures before expansion by geography and asset class, state funds’ views on the use of external managers varies markedly, speakers revealed at our China Investment Forum. (more…)

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No energy $$ deposited in Heritage Fund for 2014 http://www.opalesque.com/SWF_Briefing/?p=15912 http://www.opalesque.com/SWF_Briefing/?p=15912#comments Fri, 12 Sep 2014 03:01:31 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15912 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15912>Article Link</a> No money from the energy sector was deposited in the Heritage and Stabilisation Fund during fiscal 2014 because oil revenues fell, Finance Minister Larry Howai has said. In 2013, $271 million was transferred to the Fund which was established as a “rainy day” financial relief mechanism if the country becomes economically constrained. (more…)

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Ghana’s Sovereign Wealth Fund management hailed internationally http://www.opalesque.com/SWF_Briefing/?p=15906 http://www.opalesque.com/SWF_Briefing/?p=15906#comments Thu, 11 Sep 2014 03:14:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15906 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15906>Article Link</a> Alongside giants like Norway, arrangements put in place by the Government and People of Ghana, for the management of Oil and Gas Revenues has received international commendation at a public discussion event on Sovereign Wealth Funds organised by Chatham house (The Royal Institute of International Affairs) in London. (more…)

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Close down MAS and overhaul Khazanah, says veteran newsman http://www.opalesque.com/SWF_Briefing/?p=15883 http://www.opalesque.com/SWF_Briefing/?p=15883#comments Tue, 09 Sep 2014 02:50:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15883 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15883>Article Link</a> A veteran journalist today suggested that Malaysia’s sovereign fund Khazanah Nasional Bhd should be restructured while Malaysia Airlines (MAS) should be closed down. In his latest blog posting, Datuk A. Kadir Jasin questioned Khazanah’s ability to manage Malaysia Airlines and revive the fortunes of the ailing national carrier. (more…)

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Super fund governance overdue for overhaul http://www.opalesque.com/SWF_Briefing/?p=15881 http://www.opalesque.com/SWF_Briefing/?p=15881#comments Tue, 09 Sep 2014 02:49:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15881 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15881>Article Link</a> When the Coalition came to power a year ago it promised a big shake-up in the corporate governance standards of the country’s $1.6 trillion superannuation. Fast forward to today and the Abbott government has made haste to dilute the Future of Financial Advice (FOFA) reforms after some heavy lobbying by the big financial institutions. (more…)

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Kazakhstan approves program of Samruk-Kazyna National Welfare Fund http://www.opalesque.com/SWF_Briefing/?p=15880 http://www.opalesque.com/SWF_Briefing/?p=15880#comments Tue, 09 Sep 2014 02:49:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15880 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15880>Article Link</a> The board of directors approved a program to transform the Samruk-Kazyna National Welfare Fund, the press service of the fund said Sept.8. The Board of Directors of Samruk-Kazyna JSC at a meeting under the chairmanship of the prime minister of Kazakhstan Karim Massimov in Astana endorsed the program of transformation. (more…)

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The Fed Is Looking Like a Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15878 http://www.opalesque.com/SWF_Briefing/?p=15878#comments Mon, 08 Sep 2014 03:19:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15878 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15878>Article Link</a> The Federal Reserve recently made clear it is planning to maintain its enormous balance sheet—roughly $4.5 trillion in Treasurys and mortgage-backed securities—for many years, while keeping interest rates near zero at least into 2015. Far from being neutral or stimulative, these policies have caused huge distortions in financial markets, contributing to slow growth and falling median incomes. (more…)

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Future Fund names CIO, mulls staff additions http://www.opalesque.com/SWF_Briefing/?p=15845 http://www.opalesque.com/SWF_Briefing/?p=15845#comments Tue, 02 Sep 2014 03:46:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15845 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15845>Article Link</a> Australia’s $94 billion sovereign wealth fund has promoted internally to fill the role of chief investment officer vacated by David Neal when he became managing director on August 4. The Future Fund is also likely to add two investment posts to its 40-strong team in the next few months. (more…)

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New GPIF investment manager drawn to cheap Japan mid-caps http://www.opalesque.com/SWF_Briefing/?p=15835 http://www.opalesque.com/SWF_Briefing/?p=15835#comments Mon, 01 Sep 2014 03:48:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15835 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15835>Article Link</a> A new investment manager responsible for a small chunk of the $1.2 trillion portfolio held by Japan’s giant public pension fund says it expects to buy stocks in midsize companies that appear cheap relative to the broader market and have decades of steady profits. (more…)

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Mumtalakat training push for executives http://www.opalesque.com/SWF_Briefing/?p=15834 http://www.opalesque.com/SWF_Briefing/?p=15834#comments Mon, 01 Sep 2014 03:47:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15834 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15834>Article Link</a> Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of Bahrain, has launched the Mumtalakat-INSEAD International Directors Programme, in partnership with international business school INSEAD. It is a corporate governance training initiative for its nominee directors appointed to the boards of its portfolio companies. (more…)

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Norway oil fund to double number of top executives http://www.opalesque.com/SWF_Briefing/?p=15796 http://www.opalesque.com/SWF_Briefing/?p=15796#comments Thu, 21 Aug 2014 03:14:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15796 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15796>Article Link</a> Norway’s $885bn oil fund is doubling the number of its senior executives in the latest sign it is restructuring itself to tackle its ever-increasing size and its shifting responsibilities as an investor. Norges Bank Investment Management, the arm of the Norwegian central bank that manages the fund, is creating a number of new positions to help manage its nascent property portfolio, as well as appointing three chief investment officers. (more…)

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Libyan sovereign wealth fund expected to hire new chief http://www.opalesque.com/SWF_Briefing/?p=15792 http://www.opalesque.com/SWF_Briefing/?p=15792#comments Thu, 21 Aug 2014 03:13:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15792 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15792>Article Link</a> The Libyan Investment Authority, the violence-hit North African nation’s $60bn sovereign wealth fund, is likely to name senior World Bank executive Ahmed Ali Attiga as its new chairman by the end of the year, The Daily Telegraph gathers. Attiga, who is currently representing the World Bank’s International Finance Corporation unit in Jordan, hails from a high-profile Libyan family associated with King Idris, the ruler before the late Muammar Gaddafi. (more…)

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Norway SWF Urged to Upgrade Oversight Before Diversifying http://www.opalesque.com/SWF_Briefing/?p=15777 http://www.opalesque.com/SWF_Briefing/?p=15777#comments Tue, 19 Aug 2014 00:55:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15777 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15777>Article Link</a> The Labor Party in Norway has called for the $880 billion Government Pension Fund—Global to up its governance game before moving into private equity and infrastructure. Norway’s biggest political party has challenged the country’s $880 billion sovereign wealth fund to improve its governance before hiking exposure to riskier assets. (more…)

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Tanzania sets up special unit to scrutinise gas revenues and wealth fund http://www.opalesque.com/SWF_Briefing/?p=15763 http://www.opalesque.com/SWF_Briefing/?p=15763#comments Fri, 15 Aug 2014 02:37:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15763 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15763>Article Link</a> Tanzania’s government is forming a special unit to monitor its natural resource revenues from major gas discoveries that promise to lift the country from poverty and free it from dependency on foreign aid in the coming decades. (more…)

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Norway defends how its wealth fund is run http://www.opalesque.com/SWF_Briefing/?p=15762 http://www.opalesque.com/SWF_Briefing/?p=15762#comments Thu, 14 Aug 2014 03:20:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15762 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15762>Article Link</a> Norway Finance Minister Siv Jensen has said that a probe into the world’s biggest sovereign wealth fund’s purchase of Formula One shares shouldn’t be used as an excuse to tighten oversight of the investor. “We do have control mechanisms to oversee that everything is done in a proper manner - the control board is doing their job,” Ms Jensen said. “Governing of the bank and of the fund has served us very well.” (more…)

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CIC Set to be ‘Picky’ and ‘Stingy’ with Asset Managers, Says Consultant http://www.opalesque.com/SWF_Briefing/?p=15761 http://www.opalesque.com/SWF_Briefing/?p=15761#comments Thu, 14 Aug 2014 03:20:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15761 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15761>Article Link</a> Asset managers shouldn’t expect ‘easy money’ from China Investment Corp., even though the world’s fourth largest sovereign wealth fund last week reported a rise in net profit and a healthy increase in its top-line assets that grew to $652 billion in 2013 from $575 billion. (more…)

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CIC Pays ‘Astonishingly Low’ Money Management Fees – Z-Ben http://www.opalesque.com/SWF_Briefing/?p=15760 http://www.opalesque.com/SWF_Briefing/?p=15760#comments Thu, 14 Aug 2014 03:20:09 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15760 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15760>Article Link</a> Money managers hoping to win a coveted contract to manage a slice of China’s sovereign wealth have their work cut out for them. China Investment Corp., one of the largest sovereign wealth funds in the world with about $600 billion under management, on Friday reported a 9.3% return on its overseas investments in 2013, compared with a 10.6% return in 2012. (more…)

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SWFs sidestep fund managers with more direct deals http://www.opalesque.com/SWF_Briefing/?p=15735 http://www.opalesque.com/SWF_Briefing/?p=15735#comments Tue, 12 Aug 2014 02:49:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15735 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15735>Article Link</a> The world’s sovereign wealth funds (SWFs) are allocating the highest volume of assets via direct deals and co-investing since the global financial crisis, research showed, as the mega-rich institutional investors increasingly bypassed fund managers. (more…)

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Norway’s sovereign wealth fund to reveal voting intentions http://www.opalesque.com/SWF_Briefing/?p=15722 http://www.opalesque.com/SWF_Briefing/?p=15722#comments Fri, 08 Aug 2014 03:24:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15722 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15722>Article Link</a> Norway’s sovereign wealth fund will start issuing public statements, to declare which way it intends to vote on issues being presented at companies’ annual meetings, the fund told the Financial Times. “We think this (move) will contribute to the transparency of how we manage the fund and assess questions for voting,” the paper quoted the institution as saying. (more…)

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Norway’s wealth fund voted against Fiat-Chrysler merger http://www.opalesque.com/SWF_Briefing/?p=15721 http://www.opalesque.com/SWF_Briefing/?p=15721#comments Fri, 08 Aug 2014 03:24:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15721 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15721>Article Link</a> Norway’s sovereign wealth fund was the single largest shareholder to vote against Italian carmaker Fiat’s merger with its U.S. unit Chrysler, according to minutes of the Aug. 1 shareholder meeting. (more…)

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GIC manages pool of Govt funds, not just SSGS or CPF monies: DPM Tharman http://www.opalesque.com/SWF_Briefing/?p=15701 http://www.opalesque.com/SWF_Briefing/?p=15701#comments Tue, 05 Aug 2014 03:36:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15701 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15701>Article Link</a> The GIC is not managing the Special Singapore Government Securities (SSGS) or CPF monies on their own, but a combined pool of Government funds including a significant sum of unencumbered assets, said Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam on Monday (Aug 4).
“That is why the GIC’s mandate is to take calculated investment risks aimed at achieving good, long-term returns on the Government’s funds, without regard to the Government’s liabilities,” he said. (more…)

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Kazakhstan Grapples With Reform of Sovereign-Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15696 http://www.opalesque.com/SWF_Briefing/?p=15696#comments Tue, 05 Aug 2014 03:35:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15696 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15696>Article Link</a> When Astana launched its sovereign-wealth fund in 2008, authorities asserted that Samruk-Kazyna would modernize Kazakhstan’s economy and help attract foreign investors. Six years later, critics say the fund is bloated and lethargic, and privatization plans are stoking concerns among employees and analysts. (more…)

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S Dhanabalan rejoins GIC as board director http://www.opalesque.com/SWF_Briefing/?p=15678 http://www.opalesque.com/SWF_Briefing/?p=15678#comments Fri, 01 Aug 2014 01:52:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15678 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15678>Article Link</a> Mr S Dhanabalan will rejoin the board of GIC as a director with effect from Friday, the investment company said on Friday morning. “We are very pleased to welcome Mr Dhanabalan to the GIC Board,” said GIC group president Lim Siong Guan in a statement. (more…)

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Nigeria SWF to manage $350m for national electricity buyer http://www.opalesque.com/SWF_Briefing/?p=15677 http://www.opalesque.com/SWF_Briefing/?p=15677#comments Fri, 01 Aug 2014 01:52:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15677 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15677>Article Link</a> A Nigerian government agency charged with buying electricity in bulk from new power producers has engaged the country’s sovereign wealth fund manager to take custody of $350 million in liquid assets, as opposed to leaving it “sitting in the central bank” where it will “earn next to nothing”, according to the Nigerian finance minister. (more…)

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Norway Says $890 Billion Fund Likely to Follow EU Sanctions http://www.opalesque.com/SWF_Briefing/?p=15675 http://www.opalesque.com/SWF_Briefing/?p=15675#comments Thu, 31 Jul 2014 03:15:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15675 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15675>Article Link</a> Norway’s government, which sets the strategy for the world’s biggest sovereign wealth fund, signaled it will probably abide by sanctions against Russia agreed by the European Union and the U.S. “In such a situation we have to react,” Foreign Minister Boerge Brende said in a statement today. The government of Norway, which isn’t an EU member, will now “study the measures carefully” before arriving at a final conclusion, he said. (more…)

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Kazakh central bank fund seeks advisers on managing $110bn reserves http://www.opalesque.com/SWF_Briefing/?p=15657 http://www.opalesque.com/SWF_Briefing/?p=15657#comments Tue, 29 Jul 2014 03:25:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15657 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15657>Article Link</a> Kazakhstan’s National Investment Corporation (NIC), a sovereign wealth fund managed by the country’s central bank, is looking to appoint consultants to help it pick external investment managers to manage around $110 billion of the country’s wealth. (more…)

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