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Sovereign Wealth Funds Briefing 29.Jan 2015

Posted on 29 January 2015 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is planning to invest $500 million in Chinese yuan assets. SOFAZ also is looking to diversify its assets within real estate markets in Asia, the U.S.-Azerbaijan Chamber of Commerce said Monday. “We’ll continue to look at South Korea for properties,” SOFAZ Executive Director Shahmar Movsumov said.
“We’re looking at Japan, Hong Kong, Singapore and China. All the main hubs in Europe are in our agenda. We’re looking for very prime assets, which are intended to actually replace our very low-yield bonds that we have in our portfolio.” China has one of the largest economies on the global stage. The yuan has multiple prospects as an attractive investment currency………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

A joint venture between Qatar’s sovereign wealth fund and Canadian developer Brookfield Property Partners is poised to take control of Canary Wharf for $4bn after the three largest shareholders in the present owner, Songbird Estates, accepted the deal.
Songbird conceded defeat after New York investor Simon Glick, the China Investment Corporation and Morgan Stanley said they would support the deal. As the Qatar Investment Authority (QIA) is the largest shareholder with 29% of Songbird’s shares, the deal had 86% support………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

The owner of the Canary Wharf office and retail development said on Wednesday that its largest shareholders had voiced support for a hostile bid for the company by Qatar’s sovereign wealth fund and Brookfield Property Partners.
With the show of support, Brookfield and the wealth fund, the Qatar Investment Authority, are likely to succeed in their bid to acquire Songbird Estates, which has a controlling stake in the Canary Wharf Group development. They made a final, all-cash offer last month for all of Songbird’s outstanding shares that valued the company at 2.6 billion pounds, or about $3.9 billion………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC, has bet highly on Indian real estate in the recent months. GIC, which manages assets worth $100 billion globally, has invested or committed Rs 2,500 crore in the many deals it has done in the past six months. GIC is ahead of Blackstone, another prolific global investor in Indian real estate, which has reportedly done deals worth about Rs 1,500 crore in six months.
Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPPIB) are also active in the sector, GIC does deals on its own besides “platform deals” with developers, says the head of a US-based private equity (PE) fund, on condition of anonymity………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC is in talks with Gurgaon-based realty developer Vatika Group to form an exclusive alliance to invest in residential and commercial properties in north India. GIC is looking to infuse around $150 million in this platform in addition to its recent investments in two residential projects of Vatika Group in Gurgaon, said two persons familiar with the development.
In December, GIC had invested Rs 150 crore in a joint venture with Vatika Group to develop two projects with a development potential of over 2.3 million sq ft in Gurgaon. GIC is betting big on the Indian real estate market and has been actively scouting for assets. In December, the fund had signed an agreement to acquire a 39% stake in Nirlon that owns 3.3-million-sq-ft IT park in the Goregaon suburb of Mumbai………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

Malaysian state investor Khazanah Nasional Bhd is selling 112 million shares worth up to $454 million in Malaysia’s largest power group Tenaga Nasional Bhd, according to a term sheet seen by Reuters on Wednesday.
The shares are being priced at between 14.40 and 14.60 ringgit per share, according to the sheet, which is equivalent to a discount of about 1.35 to 2.7 percent to the closing price of Tenaga’s shares on Wednesday………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion kept in the Cayman Islands by 1Malaysia Development Berhad (1MDB) had indeed returned to Malaysia as claimed by the sovereign wealth fund and entered the local financial system.
“The Governor should probe which financial institutions are holding the reported RM7 billion,” said Rafizi in the statement which also called on the Governor to give some time to the Opposition MPs to hear their views on the issue. “She should also ensure that 1MDB has sufficient funds to repay the RM2 billion owing to Maybank and RHB Bank, since the repayment has been twice postponed.”……………………………………….Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

The New Zealand Superannuation Fund returned 13.89 percent during 2014, ending the year worth $27.54 billion, but it’s warning of lower returns in the future. The sovereign wealth fund was set up to help fund universal superannuation for future generations but the Government suspended annual capital contributions in July 2009 in order to pay down debt.
The Guardians of the Fund calculate that if government contributions had continued as set out in the legislation the fund would now be worth $43.4b. As at December 31, 2014, capital contributions not made totalled around $11.68b. They are forecast to re-start in 2020/21………………………………………..Full Article: Source

Posted on 29 January 2015 by VRS |  Email |Print

The Securities and Exchange Commission (SEC) has recommended disciplinary action against one of the world’s largest custodian banks and asset managers for alleged violations of the US Foreign Corrupt Practices Act.
BNY Mellon noted in an 8-K filing to the government agency this month that it had received a Wells notice “in connection with the provision of a limited number of internships to relatives of sovereign wealth fund officials” in the third quarter of last year………………………………………..Full Article: Source

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