Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Tue, 02 Sep 2014 03:47:10 +0000 http://wordpress.org/?v=2.5.1 en 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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Call to use Exchange Fund for social policies rejected http://www.opalesque.com/SWF_Briefing/?p=15655 http://www.opalesque.com/SWF_Briefing/?p=15655#comments Tue, 29 Jul 2014 03:24:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15655 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15655>Article Link</a> The Exchange Fund remains the last line of defense for financial stability and should not be used to support social policies or adopt a more aggressive investment strategy, the Hong Kong Monetary Authority chief said. “It is clearly not appropriate for the fund to adopt an overly aggressive investment approach, nor is it appropriate to directly compare the fund with other investment funds or sovereign wealth funds,” Norman Chan Tak-lam said yesterday in his column on the authority’s website. (more…)

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Alaska Permanent Fund hires four Non-U.S. stock managers http://www.opalesque.com/SWF_Briefing/?p=15619 http://www.opalesque.com/SWF_Briefing/?p=15619#comments Wed, 23 Jul 2014 02:26:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15619 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15619>Article Link</a> The APFC has awarded four active Non-U.S. developed markets stock mandates at the conclusion of a several-month search. The mandates are for $100 million each, with a target date of July 25. Selective rebalancing within the Permanent Fund’s stock portfolio will provide the funds for the new mandates, and no managers will be terminated. (more…)

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BRICS Bank Is Mostly a Jointly Managed Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=15618 http://www.opalesque.com/SWF_Briefing/?p=15618#comments Tue, 22 Jul 2014 03:48:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15618 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15618>Article Link</a> Because the credit ratings of Brazil, Russia, South Africa and India are not robust enough to command borrowing on the capital markets at relatively low rates, and it is only China’s economy among the BRICS that can currently support massive borrowing on the capital markets to enable relatively low-interest lending, it again points to the BRICS Bank being a SWF-like entity. (more…)

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State Oil Fund seeks insurer and cleaner for its skyscraper in Baku http://www.opalesque.com/SWF_Briefing/?p=15606 http://www.opalesque.com/SWF_Briefing/?p=15606#comments Mon, 21 Jul 2014 03:21:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15606 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15606>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) is seeking for the insurer and the cleaner for its skyscraper in Baku. The Fund informs that two tender procedures have been announced for this purpose. Both tenders relate to the new SOFAZ administrative building at add: 111A, Heydar Aliyev Avenue, Baku (22 administrative floors, 2 technical floors and underground parking with total area of 35,834 sq m). (more…)

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Sound governance, clear mandate help Temasek beat market: report http://www.opalesque.com/SWF_Briefing/?p=15566 http://www.opalesque.com/SWF_Briefing/?p=15566#comments Fri, 11 Jul 2014 03:51:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15566 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15566>Article Link</a> Sound corporate governance and a clear business mandate have helped Temasek Holdings and government-linked companies (GLCs) in Singapore perform better than the market, said a report on Friday. The study, entitled “The State as a shareholder: The case of Singapore,” was done before Temasek released its results. (more…)

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Heritage fund or Slinky fund? http://www.opalesque.com/SWF_Briefing/?p=15553 http://www.opalesque.com/SWF_Briefing/?p=15553#comments Thu, 10 Jul 2014 01:07:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15553 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15553>Article Link</a> The recent announcement that the Alberta Heritage Savings Trust Fund earned $2.1 billion in 2013 is great news, but don’t break out the champagne yet. While these record earnings will help relieve Alberta’s current budget deficits, they are almost meaningless in the long term — which is, or at least was, the whole point of having a heritage fund. (more…)

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GIC ‘needs to invest over long term’, cannot directly manage CPF http://www.opalesque.com/SWF_Briefing/?p=15542 http://www.opalesque.com/SWF_Briefing/?p=15542#comments Wed, 09 Jul 2014 02:45:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15542 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15542>Article Link</a> Noting that some grassroots leaders and others have questioned why the Government does not get the GIC to directly manage Central Provident Fund (CPF) monies, Deputy Prime Minister Tharman Shanmugaratnam explained yesterday that should the GIC do so, it will need a very conservative portfolio without the ability to invest over the long term and ride out market cycles. (more…)

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Leakages, political bickering threaten Nigeria SWF goals http://www.opalesque.com/SWF_Briefing/?p=15540 http://www.opalesque.com/SWF_Briefing/?p=15540#comments Wed, 09 Jul 2014 02:44:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15540 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15540>Article Link</a> The goals of Nigeria’s Sovereign Wealth Fund (SWF), which include providing a countercyclical rainy day fund, as well as savings for future generations is being threatened by political bickering and oil revenue leakages. (more…)

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Chan defends fund at length http://www.opalesque.com/SWF_Briefing/?p=15539 http://www.opalesque.com/SWF_Briefing/?p=15539#comments Tue, 08 Jul 2014 03:44:03 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15539 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15539>Article Link</a> The market should disregard the short- term performance of the Exchange Fund, said Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. HKMA yesterday revealed the latest official foreign currency reserve assets stand at US$320.9 billion (HK$2.5 trillion) at the end of June, up from US$320.2 billion in May. (more…)

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Norway Outlines Staff Plan to Boost Real Estate Holdings http://www.opalesque.com/SWF_Briefing/?p=15534 http://www.opalesque.com/SWF_Briefing/?p=15534#comments Tue, 08 Jul 2014 03:42:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15534 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15534>Article Link</a> The Norway Pension Fund-Global has begun recruiting for the team that will oversee an eventual 5% allocation of its $825 billion capital pool to real estate. Norges Bank Investment Management (NBIM), which oversees the asset allocation and implementation of strategy for the world’s largest sovereign wealth fund, has advertised three positions on its website—and the closing date is drawing near. (more…)

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Nigeria: Akwa Ibom top contributor to Sovereign Wealth Fund in 2013- MD http://www.opalesque.com/SWF_Briefing/?p=15529 http://www.opalesque.com/SWF_Briefing/?p=15529#comments Mon, 07 Jul 2014 01:24:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15529 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15529>Article Link</a> Akwa Ibom State remains the highest contributor to Sovereign Wealth Fund in the Country for 2013, it has been revealed. The Managing Director/Chief Executive of the Nigerian Sovereign Wealth Investment Authority (NSIA), Mr. Uche Orji, who stated this Friday when he and his team paid Governor Godswill Akpabio a courtesy visit at Governor’s Office, Uyo, hinted that Akwa Ibom Government contributed the highest to the fund particularly counterpart funding. (more…)

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Appointing Najib’s brother to Khazanah ’smacks of NEPOTISM’ http://www.opalesque.com/SWF_Briefing/?p=15526 http://www.opalesque.com/SWF_Briefing/?p=15526#comments Mon, 07 Jul 2014 01:24:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15526 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15526>Article Link</a> The appointment of outgoing CIMB Group chief executive officer Datuk Seri Nazir Razak to Khazanah Nasional Berhad’s board of directors has drawn fire from Pakatan Rakyat. PAS central committee member and Kuala Krai Member of Parliament Dr Hatta Ramli described the appointment, effective Sept 1, as a daring move that smacks of nepotism by Prime Minister Datuk Seri Najib Razak. (more…)

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The Abu Dhabi Investment Authority will be hiring in these areas in 2014 http://www.opalesque.com/SWF_Briefing/?p=15501 http://www.opalesque.com/SWF_Briefing/?p=15501#comments Wed, 02 Jul 2014 03:07:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15501 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15501>Article Link</a> The Abu Dhabi Investment Authority (ADIA) has added over 100 employees across its equities, infrastructure and private equity teams during the past year and is planning to expand throughout 2014 in both the front and back office. (more…)

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Oil Fund’s relations with budget of Azerbaijan may change drastically http://www.opalesque.com/SWF_Briefing/?p=15483 http://www.opalesque.com/SWF_Briefing/?p=15483#comments Thu, 26 Jun 2014 00:49:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15483 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15483>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) can change the system of relations with the state budget, known as the system of annual transfers. The new format of SOFAZ ties is still considering by government experts. (more…)

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How Alberta turned its Heritage Fund into a cash machine for big-spending politicians http://www.opalesque.com/SWF_Briefing/?p=15472 http://www.opalesque.com/SWF_Briefing/?p=15472#comments Thu, 26 Jun 2014 00:47:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15472 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15472>Article Link</a> Alberta’s Heritage Savings Trust Fund stands as an excellent example of how governments waste opportunity, fritter away money and undermine the long-term interests of taxpayers, even as they claim to be working in the public interest. (more…)

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Norway’s SWF Lays Out Three-Year Strategic Plan http://www.opalesque.com/SWF_Briefing/?p=15467 http://www.opalesque.com/SWF_Briefing/?p=15467#comments Wed, 25 Jun 2014 03:14:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15467 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15467>Article Link</a> Norway’s $888 billion sovereign wealth fund plans to bring more of its real estate portfolio under in-house management as part of a move to broaden its portfolio. Laying out its plan for 2014-16 in a strategy report published this morning, Norges Bank Investment Management (NBIM)—the group responsible for the management of the Government Pension Fund Global—said it would add “new frontier markets” to its equity portfolio, as well as include more currencies in its fixed income allocation and take larger stakes in companies. (more…)

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Reforms open up opportunities in Chinese asset management http://www.opalesque.com/SWF_Briefing/?p=15455 http://www.opalesque.com/SWF_Briefing/?p=15455#comments Mon, 23 Jun 2014 03:20:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15455 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15455>Article Link</a> China’s efforts to liberalise its currency and open its capital markets are also creating job opportunities for people in the asset management industry. This is particularly true of sales and investment management, recruiters say. (more…)

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China’s CIC Vows to Improve Management After Irregularities Uncovered http://www.opalesque.com/SWF_Briefing/?p=15450 http://www.opalesque.com/SWF_Briefing/?p=15450#comments Fri, 20 Jun 2014 01:08:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15450 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15450>Article Link</a> China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses. (more…)

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Audits hit home at CIC http://www.opalesque.com/SWF_Briefing/?p=15449 http://www.opalesque.com/SWF_Briefing/?p=15449#comments Fri, 20 Jun 2014 01:08:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15449 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15449>Article Link</a> China Investment Corp, the nation’s US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said. (more…)

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Closer Look: Audit of CIC Shows Its Corporate Governance Must Be Enhanced http://www.opalesque.com/SWF_Briefing/?p=15447 http://www.opalesque.com/SWF_Briefing/?p=15447#comments Fri, 20 Jun 2014 01:07:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15447 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15447>Article Link</a> China Investment Corp. (CIC), the country’s US$ 575 billion sovereign wealth fund, has been blamed by the state auditor for flaws in its management of both domestic and overseas investment projects, leading to losses. On June 18, the National Audit Office issued a report on CIC’s operations in 2012. It criticized CIC for a series of irregularities in investment assessments, subsidiary operations, and personnel and financial management. (more…)

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Japan readies to unshackle huge pension fund http://www.opalesque.com/SWF_Briefing/?p=15413 http://www.opalesque.com/SWF_Briefing/?p=15413#comments Mon, 16 Jun 2014 03:48:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15413 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15413>Article Link</a> Japan’s government is readying to unfetter its huge public pension fund, freeing managers to dump low-yield sovereign bonds and go in search of higher, but riskier returns, in a move that could see cash flood global markets. The nation’s pension programme, into which almost all citizens pay, is supported by the world’s largest investment fund, worth a staggering USD 1.26 trillion equivalent to one-quarter of the country’s entire economy. (more…)

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Billions at risk if tax act amended to allow investment panel, says PKR lawmaker http://www.opalesque.com/SWF_Briefing/?p=15407 http://www.opalesque.com/SWF_Briefing/?p=15407#comments Fri, 13 Jun 2014 01:07:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15407 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15407>Article Link</a> Billions of taxpayers’ money are at risk of being used to buy stocks, bonds, debts and properties under a proposed amendment to a tax law allowing for an investment panel that could be as secretive as 1MDB, PKR lawmaker Wong Chen (PKR- Kelana Jaya) said. (more…)

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Saudi’s Shoura Council Debates Sovereign Wealth Fund Plan http://www.opalesque.com/SWF_Briefing/?p=15393 http://www.opalesque.com/SWF_Briefing/?p=15393#comments Thu, 12 Jun 2014 01:40:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15393 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15393>Article Link</a> A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the Kingdom’s influential Shura council advisory body but failed to yield a result. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the Kingdom’s vast hydrocarbon wealth, would build on its financial stability. (more…)

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Saudi sovereign wealth fund plan attracts debate in advisory body http://www.opalesque.com/SWF_Briefing/?p=15380 http://www.opalesque.com/SWF_Briefing/?p=15380#comments Wed, 11 Jun 2014 00:55:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15380 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15380>Article Link</a> A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom’s influential Shura council advisory body but failed to yield a result, state media reported on Tuesday. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the kingdom’s vast hydrocarbon wealth, would build on its financial stability. (more…)

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Restructuring Libya’s SWF http://www.opalesque.com/SWF_Briefing/?p=15366 http://www.opalesque.com/SWF_Briefing/?p=15366#comments Fri, 06 Jun 2014 01:54:16 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15366 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15366>Article Link</a> The outlook for Libya is grim as it slides further into anarchy, but the African Development Bank believes that one promising area is the country’s formidable financial resources and a sovereign wealth fund that could be leveraged to help the economy. (more…)

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President Park meets Singapore’s Temasek executives http://www.opalesque.com/SWF_Briefing/?p=15330 http://www.opalesque.com/SWF_Briefing/?p=15330#comments Mon, 02 Jun 2014 02:46:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15330 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15330>Article Link</a> President Park Geun-hye met with executives from Temasek Holdings, Singapore’s sovereign wealth fund, and discussed expanding the fund’s investments in Korea and other matters of mutual interest. “I am glad that the Temasek Connection conference is being held in Korea this year, after it was postponed last year due to the deterioration of South Korea-North Korea relations,” said President Park. (more…)

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Permanent Fund director finds way to get his employees a raise http://www.opalesque.com/SWF_Briefing/?p=15285 http://www.opalesque.com/SWF_Briefing/?p=15285#comments Fri, 23 May 2014 00:28:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15285 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15285>Article Link</a> The Alaska Permanent Fund Corp. has figured out a way to get raises for its staff that other state employees are aren’t getting, said Mike Burns, the state-owned corporation’s executive director. (more…)

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Alaska Permanent Fund Calls for Less Aggressive Private Equity Pacing Plan http://www.opalesque.com/SWF_Briefing/?p=15260 http://www.opalesque.com/SWF_Briefing/?p=15260#comments Wed, 21 May 2014 02:52:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15260 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15260>Article Link</a> The Alaska Permanent Fund Corp. wants to cut its commitments to private equity in the fiscal year beginning July 1, dialing down the target amount slated for commitments to $800 million from the $1.23 billion a year earlier . (more…)

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CBN seeks compulsory contribution to SWF http://www.opalesque.com/SWF_Briefing/?p=15223 http://www.opalesque.com/SWF_Briefing/?p=15223#comments Thu, 15 May 2014 03:30:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15223 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15223>Article Link</a> As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders. (more…)

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Give up control in state banks: Nayak panel to govt http://www.opalesque.com/SWF_Briefing/?p=15216 http://www.opalesque.com/SWF_Briefing/?p=15216#comments Wed, 14 May 2014 03:30:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15216 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15216>Article Link</a> A Reserve Bank of India (RBI)-appointed panel, headed by former Axis Bank chairman PJ Nayak, has recommended radical reforms for Indian banks. It suggested the government transfer all its stake and powers in public sector banks (PSBs) to a separate entity, to be known as bank investment company (BIC). (more…)

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Norway SWF axes JP Morgan as global custodian http://www.opalesque.com/SWF_Briefing/?p=15186 http://www.opalesque.com/SWF_Briefing/?p=15186#comments Thu, 08 May 2014 02:59:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15186 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15186>Article Link</a> Norges Bank Investment Management (NBIM) has hired Citi to provide global custody services for the $850 billion investment portfolio held by Norway’s Government Pension Fund Global (GPFG), replacing JP Morgan Chase, which had inherited the mandate from Chase Manhattan Bank when it bought JP Morgan in 2000. (more…)

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Citigroup Wins Custody Contract From Biggest Sovereign Fund http://www.opalesque.com/SWF_Briefing/?p=15172 http://www.opalesque.com/SWF_Briefing/?p=15172#comments Tue, 06 May 2014 03:42:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15172 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15172>Article Link</a> Citigroup Inc. won a contract to deliver custody and securities-lending services to Norway’s $866 billion sovereign wealth fund, the world’s biggest, displacing previous provider JPMorgan Chase & Co. (more…)

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France’s GDF Suez, Suez Environnement deny report of stake swap deal with Spain’s La Caixa http://www.opalesque.com/SWF_Briefing/?p=15164 http://www.opalesque.com/SWF_Briefing/?p=15164#comments Mon, 05 May 2014 03:49:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15164 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15164>Article Link</a> French utility GDF Suez and Suez Environnement on Sunday denied a report that Spanish group La Caixa would take a stake in the environmental services firm, replacing lead shareholder GDF Suez. (more…)

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Norway reduces Russian investments from oil fund http://www.opalesque.com/SWF_Briefing/?p=15149 http://www.opalesque.com/SWF_Briefing/?p=15149#comments Fri, 02 May 2014 01:14:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15149 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15149>Article Link</a> Norway’s chief executive said the country has decreased investments in Russia from its oil fund worth $860 billion, citing tensions in Ukraine, Reuters reported. At the end of 2013, Russia held $3.67 billion in stocks and government bonds from Norway’s Government Pension Fund Global (GPFG), which is the biggest sovereign wealth fund in the world. (more…)

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National Development Fund of Iran agrees on cooperation with Azerbaijan’s Oil Fund http://www.opalesque.com/SWF_Briefing/?p=15144 http://www.opalesque.com/SWF_Briefing/?p=15144#comments Fri, 02 May 2014 01:13:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15144 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15144>Article Link</a> The delegation of National Development Fund (NDFI) of Iran headed by Mr. Seyed Ghasem Hosseini, the Alternate Chair and Member of Board of Executive Directors of NDFI is finishing his visit to Azerbaijan. (more…)

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1MDB says most of its funds invested overseas already back home http://www.opalesque.com/SWF_Briefing/?p=15133 http://www.opalesque.com/SWF_Briefing/?p=15133#comments Wed, 30 Apr 2014 03:44:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15133 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15133>Article Link</a> 1Malaysia Development Bhd (1MDB) says substantial portions of its overseas funds have gradually made their way back to Malaysia to be reinvested in energy projects and real estate, and meet financial obligations. (more…)

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“Ghana’s natural resource funds well-governed” - RWI http://www.opalesque.com/SWF_Briefing/?p=15125 http://www.opalesque.com/SWF_Briefing/?p=15125#comments Tue, 29 Apr 2014 03:26:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15125 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15125>Article Link</a> The Revenue Watch Institute, (RWI), a New York-based non-governmental organisation with an office in Accra, has stated that, the natural resource fund that the Ghanaian government uses to manage oil revenues is relatively well-governed. A research released by the Institute indicates that the Ghana Petroleum Funds met 13 out of 16 good governance fundamentals. (more…)

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Kuwait MPs ask to quiz PM over mismanagement in SWF http://www.opalesque.com/SWF_Briefing/?p=15116 http://www.opalesque.com/SWF_Briefing/?p=15116#comments Fri, 25 Apr 2014 03:26:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15116 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15116>Article Link</a> Three opposition MPs on Thursday sought to question Kuwait’s prime minister, accusing him of giving cash handouts to lawmakers and mismanagement in sovereign wealth fund investments. The request, filed by Riyadh Al Adasani, Abdul Karim Al Kundari and Hussain Al Mutairi, could lead to a no-confidence vote that may force Prime Minister Shaikh Jaber Mubarak Al Sabah’s dismissal. (more…)

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The fascinating business empire behind Temasek Holdings http://www.opalesque.com/SWF_Briefing/?p=15104 http://www.opalesque.com/SWF_Briefing/?p=15104#comments Wed, 23 Apr 2014 02:51:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15104 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15104>Article Link</a> Temasek is one of the world’s largest sovereign wealth funds with assets of more than S$200 billion and investments in over six continents. Temasek’s investments are classified under five different categories: 1) Financial services; 2) Telecommunication, media, and technology; 3) Transportation and industrials; 4) Life sciences, consumer, and real estate; and 5) Energy and resources. (more…)

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Libyan wealth fund mulls hiring external managers http://www.opalesque.com/SWF_Briefing/?p=15096 http://www.opalesque.com/SWF_Briefing/?p=15096#comments Tue, 22 Apr 2014 02:55:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15096 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15096>Article Link</a> Abdulmagid Breish, the chairman of Libya’s $66 billion sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. The Libyan Investment Authority (LIA), valued at about $66 billion by Deloitte, will split its assets into three distinct funds starting as soon as next year, Breish said in an interview in London on Thursday. (more…)

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Norway to examine return on $850bln wealth fund before restructuring http://www.opalesque.com/SWF_Briefing/?p=15045 http://www.opalesque.com/SWF_Briefing/?p=15045#comments Thu, 10 Apr 2014 00:57:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=15045 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=15045>Article Link</a> Norway will wait to see whether property investments by its $850bn (€616bn) sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity. “Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said. “We will come back to it – it’s not off the table.” (more…)

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