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Sovereign Wealth Funds Briefing 31.May 2016

Posted on 31 May 2016 by VRS |  Email |Print

Norway’s parliament demanded further study on whether the country’s $850 billion sovereign wealth fund should invest in infrastructure and recommended it start a review of its expectations for investments listed in tax havens.
“It’s very positive that we’ve managed to move the government from wanting to close the door entirely to agreeing to a step forward” on infrastructure, Torstein Tvedt Solberg, a lawmaker for the opposition Labor Party, said by telephone on Monday………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

Norway’s $860-billion sovereign wealth fund, the world’s largest, must develop a policy on how companies in which it has invested declare their taxes, parliament’s finance committee said. The fund, managed by a unit of the central bank, invests the income from Norway’s oil industry. It owns 1.3 percent of the world’s listed company equity, with stakes in some 9,050 firms.
The move is a first step by Norway to use the fund as a tool to combat the use of tax havens. It follows the Panama Papers leaks in April, which revealed details of corporate and individual tax evasion and triggered a global backlash. Two key committee members told Reuters of the move last week………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

The rules governing Norway’s sovereign wealth fund kept it from jumping on board when Facebook asked it to invest in the social media giant ahead of its 2012 IPO. The head of the Norwegian Government Pension Fund told VG that Facebook reached out ahead of its IPO to see if the sovereign wealth fund, the largest of its kind in the world, was interested in becoming an investor.
“It wasn’t at the inception of Facebook, but it was before it was listed. We are not allowed to invest in companies before they are listed so we couldn’t go along when we received the request,” Ynge Slygstad said………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

Ever wondered how the world’s largest sovereign wealth fund, the Government Pension Fund Global, Oslo, is managed? Well, now’s your chance to find out. In tandem with the 200th birthday of Norges Bank’s establishment, following Norway’s separation from Denmark; and the 20th anniversary of Norway’s Ministry of Finance’s first capital transfer to the fund, Norges Bank and the Norwegian Petroleum Museum have launched an anniversary exhibit at the museum in Stavanger, Norway, according to the museum’s website.
“From Oil Wealth to Financial Wealth” provides insight into how Norges Bank manages the fund’s roughly 7 trillion Norwegian kroner ($851 billion) of assets………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

In an attempt to manage a significant amount of capital, the Qatar Investment Authority (QIA) is apparently shuffling up to $100 billion into new investment efforts in what Arabian Business magazine is calling a “major overhaul.” A magazine story in mid-May said the Qatari sovereign wealth fund (SWF) is creating a new internal division called Qatar Investments, to be headed by Ahmed Al Rumaihi, formerly a diplomat in the United States.
Changes also include new hires from Citigroup and other sources. The QIA fund has more than $250 billion in assets. Early this year, reports emerged that the QIA is opening an office in New York as part of an effort to invest $35 million in the United States in the next five years………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

Qatar Holding has lifted its stake in Dubai Parks and Resorts to 11 per cent after a Dh1.68 billion capital increase to fund the construction of a Six Flags amusement park set to open in the fourth quarter of 2019.
The Qatari sovereign wealth fund had not disclosed the size of its stake before the rights issue and is only doing so now because any stake over 5 per cent must be disclosed to the Dubai Financial Market, according to a Dubai Parks spokeswoman. No one at Qatar Holding was immediately available to comment………………………………………..Full Article: Source

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A group including Singapore’s sovereign wealth fund GIC is among suitors that have submitted bids for Sithe Global Power’s stakes in two Philippine power plants, people with knowledge of the matter said.
The consortium, including an infrastructure investment fund managed by Macquarie Group and Malaysian power company Malakoff Corp, submitted a non-binding offer for the stakes, the people said. The Blackstone Group-owned company’s sale could fetch more than US$1 billion, they said, asking not to be identified as the process is private………………………………………..Full Article: Source

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Malaysia’s state-owned 1Malaysia Development Berhad (1MDB) said on Monday that it had made a scheduled coupon payment on an Islamic medium term bond, despite an ongoing multi-billion dollar spat with a UAE sovereign fund.
1MDB said it made a 143.75 million ringgit ($34.96 million) coupon payment due on 5 billion ringgit in Islamic Medium Term Notes (IMTNs) due in 2039. “1MDB has ample liquidity to make interest payments and service its current debt obligations,” 1MDB’s president Arul Kanda Kandasamy said in a statement on Monday………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

Malaysia’s troubled state investment company 1Malaysia Development Bhd. paid the coupon on its Islamic debt after missing two payments on other securities earlier. 1MDB undertook the scheduled payment of 143.8 million ringgit ($34.9 million) on its 5 billion ringgit 5.75 percent notes due 2039, according to an e-mailed statement.
The company had previously missed the coupons for two sets of dollar-denominated bonds amid a dispute with Abu Dhabi’s International Petroleum Investment Co., which had guaranteed the debt………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

One of the worst global financial scandals is taking its toll on the world’s longest bull market run. Deepening concerns over 1Malaysia Development Bhd (1MDB), the embattled state investment fund at the center of probes from Switzerland to Singapore, has spurred the biggest outflow of foreign funds in eight months.
Malaysia’s benchmark stock index has erased most of its gains after climbing to this year’s high in April. The prolonged impact of 1MDB is prompting investors to seek out other markets in Southeast Asia, according to Baring Asset Management………………………………………..Full Article: Source

Posted on 31 May 2016 by VRS |  Email |Print

The decline in oil prices had a trickle-down effect on money managers that run assets for sovereign wealth funds in 2015. Total assets managed for sovereign wealth funds by money managers in Pensions & Investments’ universe were $1.04 trillion as of Dec. 31, down 13.7% from 12 months earlier.
In fact, every manager among the top 10 ranked by sovereign wealth fund assets under management recorded declines in those assets during 2015. State Street Global Advisors had the most sovereign wealth fund assets under management in 2015, at $103.4 billion, but still saw assets fall 8.8% from 2014. BlackRock (BLK) Inc. (BLK) was second in 2015, with $79.7 billion, down 14.4% from a year earlier………………………………………..Full Article: Source

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