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Sovereign Wealth Funds Briefing 23.Oct 2014

Posted on 23 October 2014 by VRS |  Email |Print

Korea Investment Corp. , South Korea’s $72 billion sovereign-wealth fund, found out the hard way that cutting out the middleman isn’t always easy. The fund began doing deals on its own, or “direct investing,” in the late 2000s, a shift from its practice of using private-equity firms to handle the deal making.
Direct investing allows sovereign-wealth funds to avoid paying fees to private-equity firms, which typically charge 2% on assets and take 20% of any profit, and an increasing number of funds and other big investors have been doing it. Hongchul Ahn, chairman and chief executive of KIC, said in an email last week that the fund will change its approach to direct investing after “disappointingly lower returns.”……………………………………….Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

Papua New Guinea’s National Research Institute has raised serious concerns about the level of secrecy they says surrounds the creation of the country’s Sovereign Wealth Fund. The NRI says there needs to be more open debate on how the fund will operate, and on how it will be accountable if all Papua New Guineans are to benefit from new revenue streams as the government has promised.
Senior Research Fellow, Dr Osborne Sanida, says the government can’t afford to repeat the mistakes of the past in managing the huge cash flow that will be generated by the multi-million dollar liquified natural gas programme………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

1MDB is a company that can’t seem to keep itself out of the news. Everyone, from politicians and business figures to the man on the street, seems to have a view on it and the impending initial public offering (IPO) of its energy business is only likely to increase the scrutiny the company faces. For a company that so often makes the headlines, few seem to understand what exactly it does.
This has led to question marks being raised, by figures like Tun Dr Mahathir Mohamad no less, as to the rationale for 1MDB’s existence. To truly understand 1MDB, one first has to understand the nature of its business model. It is often described, incorrectly it must be said, as a “sovereign wealth fund” or “another Khazanah”, but the fact of the matter is that 1MDB is neither, nor does it claim to be………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

Singapore-listed private equity fund TIH has completed a $129 million acquisition of assets from Temasek Holdings. The move is part of TIH’s new strategy to move beyond private equity and venture capital investments, TIH chairman Kin Chan said in a statement.
The assets include a minority interest in CEI Contract Manufacturing and the assignment of beneficial ownership in a minority interest of Mitsui Life Insurance Company. Mr Allen Wang, chief executive of TIH Investment Management, which manages TIH, said: “Our expertise lies in corporate finance and cross-border mergers and acquisitions… and we will work with them to see how they can grow their businesses.”……………………………………….Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

International Finance Corporation (IFC), the private sector investment arm of the World Bank, may put in up to Rs 450 crore ($73.6 million) in Mumbai-based Fullerton India Credit Company Ltd (FICCL), a financial services firm owned by Singapore’s sovereign wealth fund Temasek, it said on Tuesday.
IFC seeks to invest through subscription of secured non-convertible debentures (NCD) that would be rated, listed and tradable on the Bombay Stock Exchange. FICCL is a wholly owned subsidiary of Fullerton Financial Holdings Pte. Ltd., which in turn is a wholly owned subsidiary of Temasek Holdings Pte. Ltd., Singapore………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

The New Zealand Superannuation Fund, which was set up to partially cover the cost of a ballooning baby boomer pension bill, has been encouraged to bed in a series of organisational changes over the past few years, and implement a new policy managing its investment in derivative products.
The two recommendations are included in the five-year review of the fund undertaken by Promontory, which found the Guardians of New Zealand Superannuation, which manages the fund, “run a very professional operation” and have “raised the overall standard of their investment activities and governance materially” since the 2009 review. The report stressed that its recommendations didn’t identify fundamental weaknesses, rather that there is always room for improvement………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

State-owned oil major Rosneft has requested more than 2 trillion rubles ($49 billion) from one of Russia’s oil-revenue-funded, rainy-day reserves to help it weather Western sanctions, Finance Minster Anton Siluanov told news agency RIA Novosti on Wednesday.
The sum amounts to over half the cash stored in Russia’s National Welfare Fund, a sovereign wealth fund that was created as a backstop to Russia’s pension system and held 3.2 trillion rubles ($83.2 billion) as of Oct. 10………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

Russian oil and gas companies may seek financial aid from the country’s National Welfare Fund (NWF) amid Western sanctions, Deputy Prime Minister Arkady Dvorkovich said on Wednesday. “The government is ready to consider proposals on projects in the oil and gas sector,” Dvorkovich said at the national oil and gas forum.
The government has received proposals from Russia’s largest independent gas producer Novatek and oil giant Rosneft, Dvorkovich said, adding the “government will consider them seriously.”……………………………………….Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

The country’s revenue fell by N99.55bn in the month of September, thereby causing the three tiers of government on Wednesday to share N2.7bn that should have been transferred to the Excess Crude Account.
The Accountant-General of the Federation, Mr. Jonah Otunla, said the technical meeting of the Federal Accounts Allocation Committee that held earlier had suggested the sharing of the $2.7bn, which ought to have been transferred to the ECA that was established to provide a buffer for the country in the face of fluctuations in international crude oil prices………………………………………..Full Article: Source

Posted on 23 October 2014 by VRS |  Email |Print

The Board of Directors of Kuwait Investment Authority has approved resumption of its program regarding transferring its shares from local companies to the private sector, KIA stated Wednesday.
KIA has decided to sell its shares in three companies; Kuwait Investment Company (KIC), Kuwait Finance House (KFH), and Zain Group, a mobile telecommunications company, in accordance to article (386) of the implementing regulation of Kuwait Capital Market Authority’s (CMA) Law No. 7/2010, KIA said in a press statement during the Board’s meeting, adding that CMA has approved of KIA’s decision……………………………………….Full Article: Source

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