Opalesque Sovereign Wealth Funds Briefing » Fund Management/Administration http://www.opalesque.com/SWF_Briefing Tue, 21 Apr 2015 01:18:55 +0000 http://wordpress.org/?v=2.5.1 en Norway Angers Investors in Pipeline Network http://www.opalesque.com/SWF_Briefing/?p=17306 http://www.opalesque.com/SWF_Briefing/?p=17306#comments Tue, 21 Apr 2015 01:18:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17306 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17306>Article Link</a> One risk the Canada Pension Plan Investment Board didn’t see coming was that the government of Norway, which prides itself on being one of the world’s safest corners for investors, would slash the rates the pipeline can charge for carrying natural gas. (more…)

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IPIC Governance in the Spotlight http://www.opalesque.com/SWF_Briefing/?p=17302 http://www.opalesque.com/SWF_Briefing/?p=17302#comments Tue, 21 Apr 2015 01:17:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17302 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17302>Article Link</a> Sovereign Wealth Center View: It’s been a turbulent week for the International Petroleum Investment Corp. and its chief executive, Khadem al-Qubaisi. On a sunny afternoon in October 2014, the Real Madrid football team strode out onto the pristine turf of the Santiago Bernabéu stadium, its historic home ground. But this was a commercial occasion, not a sporting one — the players were wearing smart suits in place of their usual gleaming white kit. (more…)

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Norway manages its oil wealth better than Alberta http://www.opalesque.com/SWF_Briefing/?p=17297 http://www.opalesque.com/SWF_Briefing/?p=17297#comments Mon, 20 Apr 2015 02:37:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17297 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17297>Article Link</a> Alberta Premier Jim Prentice has stated the worst is yet to hit his province. He is warning that in two years their $16 billion Heritage Oil Fund, that was started around 1976, could be gone. With Alberta’s bubble burst, there is much to learn from the major petroleum producer Norway. (more…)

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Norway oil fund to disclose voting http://www.opalesque.com/SWF_Briefing/?p=17287 http://www.opalesque.com/SWF_Briefing/?p=17287#comments Thu, 16 Apr 2015 01:36:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17287 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17287>Article Link</a> Norway’s $US880 billion oil fund will this week usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor. (more…)

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Norway oil fund begins policy of revealing how it votes http://www.opalesque.com/SWF_Briefing/?p=17275 http://www.opalesque.com/SWF_Briefing/?p=17275#comments Wed, 15 Apr 2015 01:49:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17275 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17275>Article Link</a> Norway’s $880bn oil fund will on Wednesday usher in a new era in corporate governance when it begins to disclose in advance how it will vote at companies’ shareholder meetings, in a bid to become a more active investor. (more…)

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Govt appoints Future Fund board members http://www.opalesque.com/SWF_Briefing/?p=17274 http://www.opalesque.com/SWF_Briefing/?p=17274#comments Wed, 15 Apr 2015 01:49:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17274 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17274>Article Link</a> The federal government has appointed Carolyn Kay and Jane Wilson as new board members of Australia’s $100 billion sovereign wealth fund. Finance Minister Mathias Cormann said today that Ms Kay and Dr Wilson had been made members of the Future Fund Board of Guardians for the next five years. (more…)

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Deals raise oversight concerns at Abu Dhabi wealth fund http://www.opalesque.com/SWF_Briefing/?p=17261 http://www.opalesque.com/SWF_Briefing/?p=17261#comments Tue, 14 Apr 2015 03:24:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17261 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17261>Article Link</a> The managing director of one of Abu Dhabi’s sovereign wealth funds used his private shell companies to secure deals with businesses closely connected to the fund, raising concerns about corporate governance. Khadem al-Qubaisi, managing director of state-owned International Petroleum Investment Company, used a Luxembourg-based company to take out a lease in Spain’s tallest building, according to documents seen by the Financial Times. (more…)

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SGRF joins sovereign wealth fund forum http://www.opalesque.com/SWF_Briefing/?p=17245 http://www.opalesque.com/SWF_Briefing/?p=17245#comments Mon, 13 Apr 2015 01:19:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17245 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17245>Article Link</a> The State General Reserve Fund (SGRF) has joined the International Forum of Sovereign Wealth Funds (IFSWF) with full membership, after being a permanent observer since the forum’s inception. Founded in 2009, IFSWF is a voluntary group of sovereign wealth funds (SWFs) which meets to exchange views on issues of common interest and to facilitate adoption by members and a greater understanding of the Santiago Principles and SWF activities internationally. (more…)

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Accounts Chamber to inspect Oil Fund http://www.opalesque.com/SWF_Briefing/?p=17229 http://www.opalesque.com/SWF_Briefing/?p=17229#comments Thu, 09 Apr 2015 01:33:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17229 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17229>Article Link</a> The Accounts Chamber has approved the plan of control measures for the nearest future. According to the Chamber, its Board has sanctioned inspections in a number of state organizations. The State Oil Fund (SOFAZ) will be inspected for budget execution, the State Committee for Standardization, Metrology and Patient – for budgetary and extra-budgetary funds. (more…)

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Outlook for the Alberta Heritage Savings Trust Fund http://www.opalesque.com/SWF_Briefing/?p=17221 http://www.opalesque.com/SWF_Briefing/?p=17221#comments Wed, 08 Apr 2015 03:13:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17221 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17221>Article Link</a> Our mandate on the Heritage Fund is purely economic, to get the highest return we can on investable assets, and that continues. Our biggest client is quite flexible in how we invest those assets and has continued to relax constraints. We can invest [the Heritage Fund] globally in whatever assets we see fit and we’ll continue to do that. (more…)

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Future Fund refuses to appear before Senate tax avoidance inquiry http://www.opalesque.com/SWF_Briefing/?p=17217 http://www.opalesque.com/SWF_Briefing/?p=17217#comments Tue, 07 Apr 2015 03:28:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17217 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17217>Article Link</a> The $100bn Future Fund has refused to give evidence to a Senate inquiry into corporate tax avoidance despite being named in leaked documents last year among scores of companies using secret Luxembourg deals to reduce tax by routing profits through tax havens. (more…)

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Future Fund board’s double withdrawal http://www.opalesque.com/SWF_Briefing/?p=17208 http://www.opalesque.com/SWF_Briefing/?p=17208#comments Thu, 02 Apr 2015 03:26:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17208 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17208>Article Link</a> The $100 billion Future Fund is down two members of its board of guardians today, with former Suncorp CEO John Mulcahy and funds management veteran Susan Doyle finishing their terms without replacements being announced. (more…)

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NZ Superfund CIO Whineray on Change and Risk http://www.opalesque.com/SWF_Briefing/?p=17153 http://www.opalesque.com/SWF_Briefing/?p=17153#comments Wed, 25 Mar 2015 03:31:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17153 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17153>Article Link</a> New Zealand Superannuation Fund(NZ Super) was founded in 2001 as a means to help smooth the tax burden associated with rising universal pension costs among the island nation’s generations. Later, it helped pioneer an innovative portfolio management policy to “tilt” toward better prospects within its allocation strategy. With $21.5 billion in assets under management, the fund is viewed as an exemplar of governance and investment acumen among sovereign wealth funds. (more…)

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Sack MAS, Khazanah bosses instead of staff, unions say http://www.opalesque.com/SWF_Briefing/?p=17152 http://www.opalesque.com/SWF_Briefing/?p=17152#comments Wed, 25 Mar 2015 03:31:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17152 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17152>Article Link</a> Six worker unions demanded that top officials of Malaysia Airlines (MAS) and owner Khazanah Nasional be removed in place of the 6,000 workers that will be made redundant in the flag carrier’s restructuring. (more…)

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Future Fund Names Infrastructure Chief http://www.opalesque.com/SWF_Briefing/?p=17134 http://www.opalesque.com/SWF_Briefing/?p=17134#comments Mon, 23 Mar 2015 02:40:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17134 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17134>Article Link</a> Australia’s sovereign wealth fund has promoted an internal candidate to lead its growing infrastructure and timberland portfolio. Wendy Norris, who joined the Future Fund in 2010, has replaced Raphael Arndt at the helm of the $8 billion portfolio, the institution has announced. Arndt was promoted to CIO in September last year. (more…)

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LIA Board of directors convene first 2015 meeting regarding Libyan investments around the world http://www.opalesque.com/SWF_Briefing/?p=17132 http://www.opalesque.com/SWF_Briefing/?p=17132#comments Fri, 20 Mar 2015 01:46:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17132 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17132>Article Link</a> The Board of Directors of the Libyan Investment Authority (LIA) convened their first 2015 meeting in Malta early this week to discuss Libyan investments around the world. The Libyan Investment Authority was established in August 2006 after the Libyan government decided to consolidate six extra-budgetary funds financed by its oil revenues under one sovereign wealth fund. The value of the investment fund is estimated by the LIA at US$ 67 billion. (more…)

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NZ Super underlines long-term views amid criticism http://www.opalesque.com/SWF_Briefing/?p=17130 http://www.opalesque.com/SWF_Briefing/?p=17130#comments Fri, 20 Mar 2015 01:46:26 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17130 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17130>Article Link</a> The chief executive of the New Zealand Superannuation Fund, Adrian Orr, has reiterated his ‘unshakeable belief’ in taking a long-term view for investment. It comes after - although not in response to - media criticism of losses the fund suffered in a loan investment to a Portuguese bank. (more…)

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Ghana to use part of $600m sovereign wealth fund to manage shortfall in crude revenue http://www.opalesque.com/SWF_Briefing/?p=17128 http://www.opalesque.com/SWF_Briefing/?p=17128#comments Thu, 19 Mar 2015 02:40:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17128 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17128>Article Link</a> The Minister of Finance, Seth Terkper says the country would use part of its sovereign wealth fund, which has accumulated $600 million to manage current economic challenges brought about by the shortfall in projected oil revenue. Speaking at the opening of the Financing the Future Conference in Accra, Ghana, March 17, 2015, he said the stabilisation fund has accumulated $600 million so far. (more…)

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An alternative home for super http://www.opalesque.com/SWF_Briefing/?p=17125 http://www.opalesque.com/SWF_Briefing/?p=17125#comments Thu, 19 Mar 2015 02:39:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17125 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17125>Article Link</a> Saving for retirement is all about saving for the long term, so it is continually surprising to see the extent to which individual investors and advisers favour short-term, highly liquid assets in their portfolios. Large allocations to equities and cash are typical of self-managed funds and much higher than across the managed funds industry in general. (more…)

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Everyone in Norway is a millionaire… on paper at least http://www.opalesque.com/SWF_Briefing/?p=17093 http://www.opalesque.com/SWF_Briefing/?p=17093#comments Mon, 16 Mar 2015 03:36:46 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17093 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17093>Article Link</a> If you are dreaming of becoming a millionaire, getting the Norwegian nationality might be a good step. The Norwegian public pension fund, the largest sovereign fund in the world, posted last year a 7.6% yield, almost doubling its value in three years, announced Friday the Bank of Norway, which manages the fund. (more…)

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Twin ghosts haunt Malaysia’s sovereign fund http://www.opalesque.com/SWF_Briefing/?p=17089 http://www.opalesque.com/SWF_Briefing/?p=17089#comments Fri, 13 Mar 2015 03:44:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17089 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17089>Article Link</a> Malaysia’s 1MDB faces a daunting task. The six year-old sovereign fund was set up to finance big national projects but expanded too fast, took on heavy debts and is now at the centre of a growing controversy. An ambitious restructuring brings both political and financial risks. The fund which counts Prime Minister Najib Razak as chairman of its board of advisors has pledged to dismantle itself following a strategic review led by new chief executive Arul Kanda. (more…)

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We do not pay foreigners for nothing: Samruk Kazyna CEO http://www.opalesque.com/SWF_Briefing/?p=17071 http://www.opalesque.com/SWF_Briefing/?p=17071#comments Wed, 11 Mar 2015 01:14:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17071 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17071>Article Link</a> The Chief Executive Officer of Samruk Kazyna National Welfare Fund Umirzak Shukeyev has spoken about the wages of the foreigners employed at the Fund, Tengrinews reports. Samruk-Kazyna National Wealth Fund is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana airlines, and numerous financial groups. (more…)

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Kadir backs calls for forensic audit of 1MDB http://www.opalesque.com/SWF_Briefing/?p=17061 http://www.opalesque.com/SWF_Briefing/?p=17061#comments Mon, 09 Mar 2015 03:47:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17061 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17061>Article Link</a> Former NSTP chief editor A Kadir Jasin has backed deputy prime minister Muhyiddin Yassin’s call for the Public Accounts Committee to investigate the financial affairs of the troubled 1Malaysia Development Bhd, saying a true forensic audit would reveal the true story behind the figures. (more…)

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Exec reveals how Brookfield, Qatar conquered Canary Wharf http://www.opalesque.com/SWF_Briefing/?p=17044 http://www.opalesque.com/SWF_Briefing/?p=17044#comments Thu, 05 Mar 2015 01:13:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17044 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17044>Article Link</a> Brookfield Property Partners’ chief executive has lifted the lid on the three-month long battle for Canary Wharf, which culminated in the largest UK property deal for a decade. Canada’s Brookfield and the Qatar Investment Authority (QIA), the state’s sovereign wealth fund, first launched their £2.6bn bid for Songbird, the estate’s owner, in November. (more…)

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Polye Queries LNG Revenue Commitments Outside Of Sovereign Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=17041 http://www.opalesque.com/SWF_Briefing/?p=17041#comments Thu, 05 Mar 2015 01:12:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17041 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17041>Article Link</a> Opposition Leader Don Polye is concerned about the government’s prior usage of the LNG revenues without the establishment of Sovereign Wealth Fund. “When the work on the set-up of SWF was still in progress, advance payments were made to purchase oil search shares and CUE Energy purchase. (more…)

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UK Pensions Told to Copy Canada, SWFs http://www.opalesque.com/SWF_Briefing/?p=17033 http://www.opalesque.com/SWF_Briefing/?p=17033#comments Wed, 04 Mar 2015 01:04:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17033 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17033>Article Link</a> UK pensions should be able to compete on the international stage, and can draw inspiration from major overseas investors, London’s pensions body believes. The UK’s public sector pensions should be competing for infrastructure assets alongside sovereign wealth funds and other major international investors, the deputy chairman of the London Pension Fund Authority (LPFA) has said. (more…)

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Oil Price Slump: NSIA Rules Out Withdrawal from SWF http://www.opalesque.com/SWF_Briefing/?p=17031 http://www.opalesque.com/SWF_Briefing/?p=17031#comments Wed, 04 Mar 2015 01:03:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17031 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17031>Article Link</a> The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to make withdrawals worthwhile, the organisation’s Managing Director/Chief Executive, Mr. Uche Orji, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. Withdrawals will be an option in future years once the fund is larger, Orji said. (more…)

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Transparency International joins calls for probe of Malaysia fund 1MDB http://www.opalesque.com/SWF_Briefing/?p=17028 http://www.opalesque.com/SWF_Briefing/?p=17028#comments Wed, 04 Mar 2015 01:02:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17028 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17028>Article Link</a> Anti-graft watchdog Transparency International on Tuesday (Mar 3) joined mounting calls for Malaysia’s prime minister to launch an investigation into a sovereign wealth fund hit by reports of murky deals and missing millions. The state-backed fund, 1Malaysia Development Bhd (1MDB), has quickly emerged as a major liability for premier Najib Razak, who championed its launch in 2009 and chairs its board of advisors. 1MDB is widely reported to be struggling to pay off more than US$11 billion in debt, raising fears it could collapse and wreak havoc on Malaysia’s financial system. (more…)

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Future Fund seeks global tax consultant http://www.opalesque.com/SWF_Briefing/?p=17024 http://www.opalesque.com/SWF_Briefing/?p=17024#comments Tue, 03 Mar 2015 01:27:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17024 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17024>Article Link</a> The $110 billion Future Fund is in the market for a global tax consultant to help the sovereign wealth fund put its tax affairs in order following the Lux Leaks scandal that erupted last year. The tender for the Future Fund’s new Melbourne tax service comes just months after the group was revealed to have used tax haven Luxembourg and entities in the Cayman Islands to minimise taxes. (more…)

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Nigerian Sovereign Fund Doesn’t Expect State to Tap It for Funds http://www.opalesque.com/SWF_Briefing/?p=17020 http://www.opalesque.com/SWF_Briefing/?p=17020#comments Tue, 03 Mar 2015 01:27:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=17020 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=17020>Article Link</a> The government of Nigeria is unlikely to make withdrawals from the sovereign wealth fund in Africa’s largest oil producer, even as the price of crude declines. The Nigeria Sovereign Investment Authority, set up in 2012, isn’t yet large enough to make withdrawals worthwhile, Uche Orji, managing director and chief executive officer, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. (more…)

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Temasek talks up board action after StanChart shake-up http://www.opalesque.com/SWF_Briefing/?p=16997 http://www.opalesque.com/SWF_Briefing/?p=16997#comments Fri, 27 Feb 2015 01:26:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16997 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16997>Article Link</a> Singaporean sovereign fund Temasek underlined the importance of boardroom renewal in a strong statement delivered in response to the radical shake-up at Standard Chartered Bank, which was announced yesterday. (more…)

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Standard Chartered Overhaul Gets Temasek Stamp of Approval http://www.opalesque.com/SWF_Briefing/?p=16996 http://www.opalesque.com/SWF_Briefing/?p=16996#comments Fri, 27 Feb 2015 01:26:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16996 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16996>Article Link</a> Temasek Holdings Pte. Ltd., the Singapore state investment company, which is the biggest shareholder of Standard Chartered PLC, said Thursday it welcomed Bill Winters as the new chief executive of the emerging markets bank. Mr. Winters, a former co-chief executive of the investment bank at J.P. Morgan Chase, was named as the group chief executive of Standard Chartered, replacing Peter Sands. (more…)

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Singapore Temasek says welcomes StanChart new CEO http://www.opalesque.com/SWF_Briefing/?p=16995 http://www.opalesque.com/SWF_Briefing/?p=16995#comments Fri, 27 Feb 2015 01:25:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16995 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16995>Article Link</a> Singapore state investor Temasek Holdings has welcomed the appointment of Bill Winters as Standard Chartered’s new chief executive. “We take this opportunity to welcome Bill Winters as the next CEO of Standard Chartered, to build on and grow its excellent franchise,” Temasek said in a statement. (more…)

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Kazakhstan’s sovereign wealth fund to optimize its costs http://www.opalesque.com/SWF_Briefing/?p=16976 http://www.opalesque.com/SWF_Briefing/?p=16976#comments Tue, 24 Feb 2015 01:24:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16976 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16976>Article Link</a> Kazakhstan’s Sovereign Wealth Fund Samruk-Kazyna in 2014 commissioned 13 projects worth US $2.9 billion and created more than 5.6 thousand temporary and 1.2 thousand permanent jobs, the Fund’s CEO Umirzak Shukeyev said last Friday while reporting on measures to implement the head of state’s instructions and Nurly Zhol program, and on the Fund’s financial results for the past year. (more…)

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Kazakh state wealth fund considers up to $2.5 bln borrowing in 2015 http://www.opalesque.com/SWF_Briefing/?p=16965 http://www.opalesque.com/SWF_Briefing/?p=16965#comments Mon, 23 Feb 2015 01:44:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16965 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16965>Article Link</a> Kazakhstan’s sovereign wealth fund Samruk-Kazyna is considering borrowing up to $2.5 billion this year abroad or domestically, depending on market conditions, fund chief Umirzak Shukeyev said on Friday. “We will probably need to borrow $2 billion or up to $2.5 billion this year,” Shukeyev told a news briefing. “We are now thinking where to borrow. It will all depend on conditions.” (more…)

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Jonathan Still The Best Man To rule Nigeria – Ex-Gov Obi http://www.opalesque.com/SWF_Briefing/?p=16961 http://www.opalesque.com/SWF_Briefing/?p=16961#comments Mon, 23 Feb 2015 01:43:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16961 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16961>Article Link</a> Nigerians have been urged to give another four years to President Goodluck Jonathan because he is head and shoulder above his All Progressives Congress, (APC) rival, Major General Muhammadu Buhari. Former Anambra State Governor, Peter Obi, who is also the Deputy Chairman of the Jonathan/ Sambo Campaign Organisation, made the appeal. (more…)

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1MDB belongs to the people, says veteran journalist http://www.opalesque.com/SWF_Briefing/?p=16953 http://www.opalesque.com/SWF_Briefing/?p=16953#comments Fri, 20 Feb 2015 00:51:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16953 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16953>Article Link</a> 1MDB belongs to the people, said veteran journalist Datuk A Kadir Jasin, who argued that the troubled sovereign wealth fund cannot hide behind a technicality to justify its secret business dealings. (more…)

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Mumtalakat given highest rating for transparency http://www.opalesque.com/SWF_Briefing/?p=16948 http://www.opalesque.com/SWF_Briefing/?p=16948#comments Thu, 19 Feb 2015 01:23:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16948 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16948>Article Link</a> Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, was ranked among the world’s most transparent sovereign wealth funds as it was rated ten out of ten in the 2015 Linaburg-Maduell Transparency Index. The rankings represent an upgrade from the previous year’s score of 9/10, reflecting the ongoing commitment of Mumtalakat’s Board of Directors led by H.E. Shaikh Khaled bin Abdulla Al Khalifa, Deputy Prime Minister and Chairman of the Board and the company’s management team to transparency. Mumtalakat was one of only 11 funds in the world to be awarded full marks for transparency, out of a total of 52 funds surveyed. (more…)

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ADIA Said to Oppose L&R in Bidding for Former UniCredit Milan HQ http://www.opalesque.com/SWF_Briefing/?p=16938 http://www.opalesque.com/SWF_Briefing/?p=16938#comments Tue, 17 Feb 2015 01:48:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16938 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16938>Article Link</a> Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, and London & Regional Properties Ltd. have bid for the former headquarters of UniCredit SpA in Milan, according to two people familiar with the matter. (more…)

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Prosperity Fund part of wise resource management http://www.opalesque.com/SWF_Briefing/?p=16915 http://www.opalesque.com/SWF_Briefing/?p=16915#comments Fri, 13 Feb 2015 00:53:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16915 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16915>Article Link</a> In 2013, Premier Christy Clark announced an intention to create the B.C. Prosperity Fund using liquefied-natural-gas revenues. Since then, we’ve heard little about it. But as budget season comes around again, we might finally get some details. After all, last year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. (more…)

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Bud Smith: B.C. Prosperity Fund is no golden ticket http://www.opalesque.com/SWF_Briefing/?p=16899 http://www.opalesque.com/SWF_Briefing/?p=16899#comments Wed, 11 Feb 2015 01:24:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16899 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16899>Article Link</a> Lst year’s budget said that the Prosperity Fund wouldn’t move forward until the LNG tax was finalized, and that happened last fall. This makes now a good time to renew the discussion about a sovereign wealth fund in B.C. First off, let’s revisit what a sovereign wealth fund is and why resource-dependent regions use them. When it was first announced, the B.C. Prosperity Fund was pitched as a way for B.C. to pay off its debt, reduce taxes, and pay for social services. (more…)

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Enough with the lies – how involved is Jho Low with 1MDB? http://www.opalesque.com/SWF_Briefing/?p=16893 http://www.opalesque.com/SWF_Briefing/?p=16893#comments Tue, 10 Feb 2015 02:40:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16893 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16893>Article Link</a> DAP National Publicity Secretary Tony Pua has accused 1Malaysia Development Berhad (1MDB) and Jho Low of hiding the truth from Malaysians regarding the latter’s apparent non-involvement in the government’s sovereign wealth fund. Quoting an expose by the New York Times and more shocking revelations by the Sarawak Report that showed otherwise, the MP for Petaling Jaya Utara said, “it is now clear that both Jho Low and 1MDB have at best, been economical with the truth. At worst, they are lying through their teeth to Malaysians. (more…)

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Norway oil fund reveals divestments and resolution rejections http://www.opalesque.com/SWF_Briefing/?p=16871 http://www.opalesque.com/SWF_Briefing/?p=16871#comments Fri, 06 Feb 2015 01:01:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16871 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16871>Article Link</a> Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings. (more…)

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Raub MP: 1MDB has lied to Malaysians http://www.opalesque.com/SWF_Briefing/?p=16851 http://www.opalesque.com/SWF_Briefing/?p=16851#comments Wed, 04 Feb 2015 00:59:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16851 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16851>Article Link</a> Raub MP Ariff Sabri Abdul Aziz declares in his latest blog posting that 1MDB has lied to Malaysians. “It is not a responsible borrower anymore,” he says. Referring to the company’s recent announcement that it has redeemed funds parked in the Cayman Islands and a subsequent news report that tycoon Ananda Krishnan is lending it RM2 billion, he points out that the two developments, taken together, are puzzling. (more…)

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Samruk-Kazyna Fund development plan approved http://www.opalesque.com/SWF_Briefing/?p=16845 http://www.opalesque.com/SWF_Briefing/?p=16845#comments Tue, 03 Feb 2015 00:39:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16845 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16845>Article Link</a> The Board of Directors of the Samruk-Kazyna Kazakh National Welfare Fund reviewed the results for 2014 and outlined plans for the next five years at the next meeting, chaired by Prime Minister Karim Massimov. (more…)

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ICD takes controlling stake in ailing South Korean construction company http://www.opalesque.com/SWF_Briefing/?p=16838 http://www.opalesque.com/SWF_Briefing/?p=16838#comments Mon, 02 Feb 2015 03:18:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16838 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16838>Article Link</a> Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports. (more…)

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1MDB is turning into a serial borrower http://www.opalesque.com/SWF_Briefing/?p=16830 http://www.opalesque.com/SWF_Briefing/?p=16830#comments Mon, 02 Feb 2015 03:16:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16830 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16830>Article Link</a> Petaling Jaya Utara MP Tony Pua, look at it this way. The PM (as chairman of the sovereign fund) is caught between a rock and a hard place. If the loan is not repaid, those banks that lend the money to 1MDB (1Malaysia Development Berhad) would be in trouble in respect of their capital ratio adequacy caused by the non-performing loan (NPL) and BNM (Bank Negara Malaysia) would be forced to take action. (more…)

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Canary Wharf Group directors to pocket £23m from Qatari-led takeover http://www.opalesque.com/SWF_Briefing/?p=16827 http://www.opalesque.com/SWF_Briefing/?p=16827#comments Fri, 30 Jan 2015 03:39:02 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16827 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16827>Article Link</a> Directors of Canary Wharf Group are in line for a £23m windfall following the £2.6bn Qatari-led takeover of the property firm’s parent. Sir George Iacobescu, the head of Canary Wharf Group, will get the biggest share, £3.8m, from the sale of his Songbird shares to the Qatari Investment Authority and Canadian firm Brookfield Properties. (more…)

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After week-long silence, Pua calls 1MDB chief’s bluff over dialogue proposal http://www.opalesque.com/SWF_Briefing/?p=16800 http://www.opalesque.com/SWF_Briefing/?p=16800#comments Tue, 27 Jan 2015 03:56:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16800 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16800>Article Link</a> DAP MP Tony Pua asked if Arul Kanda Kandasamy no longer felt the need to subject 1 Malaysia Development Bhd (1MDB) to public scrutiny, noting the chief executive has remained silent since his offer to hold a dialogue more than a week ago. (more…)

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Goldman Sachs profit on disputed LIA trades back in focus http://www.opalesque.com/SWF_Briefing/?p=16793 http://www.opalesque.com/SWF_Briefing/?p=16793#comments Tue, 27 Jan 2015 03:54:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16793 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16793>Article Link</a> Goldman Sachs is estimated to have made $82m profit on nine disputed trades which are at the heart of a $1bn lawsuit brought against it by the Libyan Investment Authority — rather than the $350m which has been previously claimed, according to people familiar with the case. (more…)

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Najib duping Malaysians over 1MDB, says DAP http://www.opalesque.com/SWF_Briefing/?p=16779 http://www.opalesque.com/SWF_Briefing/?p=16779#comments Fri, 23 Jan 2015 01:12:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16779 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16779>Article Link</a> DAP today said Prime Minister Datuk Seri Najib Razak was insulting the intelligence of Malaysians with his “incredulous” claims about 1Malaysia Development Berhad (1MDB). Its national publicity chief Tony Pua questioned Najib’s justification that Putrajaya had only committed RM1 million to the controversial sovereign fund. (more…)

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Investment managers doing right by New Mexico http://www.opalesque.com/SWF_Briefing/?p=16765 http://www.opalesque.com/SWF_Briefing/?p=16765#comments Wed, 21 Jan 2015 00:57:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16765 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16765>Article Link</a> It is what New Mexico has that is entirely its own, which is why the money from these revenue flows are called sovereign wealth funds. Worldwide, there are some 50 sovereign wealth funds, led by Norway with $893 billion in assets and followed closely by Abu Dhabi, Saudi Arabia, Kuwait and China. In the United States, there are eight states that have sovereign funds, led by Alaska with $52 billion and Texas at $30 billion. (more…)

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How Is it That Norway Is Rich and We Are Not? http://www.opalesque.com/SWF_Briefing/?p=16754 http://www.opalesque.com/SWF_Briefing/?p=16754#comments Tue, 20 Jan 2015 01:08:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16754 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16754>Article Link</a> Norway - A small nation of about five million people nestled in the northwest corner of Europe. Either in this year or next, Norway’s sovereign wealth fund will crest a trillion dollars. Eighteen years ago the sovereign wealth fund sat at a mere $200 million. (more…)

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Norway Sticks to Budget Plan Despite Oil Slump http://www.opalesque.com/SWF_Briefing/?p=16750 http://www.opalesque.com/SWF_Briefing/?p=16750#comments Mon, 19 Jan 2015 01:36:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16750 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16750>Article Link</a> The finance minister of Norway, Western Europe’s biggest oil producer, said on Friday that she would sanction extra fiscal stimulus if the economic outlook were to worsen further but for now her budget plan for 2015 still holds despite the rapid drop in crude prices. (more…)

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Alaska’s fiscal perfect storm http://www.opalesque.com/SWF_Briefing/?p=16745 http://www.opalesque.com/SWF_Briefing/?p=16745#comments Mon, 19 Jan 2015 01:35:15 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16745 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16745>Article Link</a> Alaska depends on oil tax revenue from development on state lands to fund much of state government. Oil prices are volatile, and Alaska’s economy has ridden out ups and downs. With no state income or sales tax and no commitment to tap the $52 billion Permanent Fund, oil dictates most everything in Alaska. (more…)

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SOFAZ draft budget decided to be submitted to Azerbaijani President http://www.opalesque.com/SWF_Briefing/?p=16730 http://www.opalesque.com/SWF_Briefing/?p=16730#comments Thu, 15 Jan 2015 01:32:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16730 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16730>Article Link</a> SOFAZ Supervisory Board holds its following meeting A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on January 8, 2015. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the SOFAZ draft budget for 2015. (more…)

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Malaysia’s Khazanah Got Aboard The Alibaba Gravy Train http://www.opalesque.com/SWF_Briefing/?p=16721 http://www.opalesque.com/SWF_Briefing/?p=16721#comments Thu, 15 Jan 2015 01:30:01 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16721 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16721>Article Link</a> Khazanah, the Malay word for treasure, is also the name of Malaysia’s sovereign wealth fund. Like many major Asian investors, Kazanah saw value ahead of Alibaba’s IPO and invested $400 million in the burgeoning Chinese ecommerce giant back in 2012 and 2013. (more…)

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Super fund execs and trustees split on sponsorships http://www.opalesque.com/SWF_Briefing/?p=16694 http://www.opalesque.com/SWF_Briefing/?p=16694#comments Mon, 12 Jan 2015 03:28:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16694 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16694>Article Link</a> Despite new research suggesting that few superannuation fund members want to see their funds investing in sporting sponsorships, research conducted by Money Management’s sister publication, Super Review, suggests fund executives and trustees are split on whether members should even be asked their views. (more…)

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Why stress that 1MDB new boss is Muslim? http://www.opalesque.com/SWF_Briefing/?p=16690 http://www.opalesque.com/SWF_Briefing/?p=16690#comments Fri, 09 Jan 2015 03:24:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16690 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16690>Article Link</a> 1MDB new boss Arul Kanda Kandasamy is indeed a Muslim but so what? Ahmad Zahid Hamidi is also Muslim, while Idris Jala is a non-Muslim who was recruited for a very important task in Malaysia Airlines (MAS) once. (more…)

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Did 1MDB mislead auditors over Cayman funds, asks DAP http://www.opalesque.com/SWF_Briefing/?p=16689 http://www.opalesque.com/SWF_Briefing/?p=16689#comments Fri, 09 Jan 2015 03:24:04 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=16689 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=16689>Article Link</a> Sovereign fund 1Malaysia Development Bhd (1MDB) is in for questioning again, over US$1.23 billion of its funds in the Cayman Islands which have not yet been repatriated despite a directive to do so. (more…)

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