The Alabama House has given final passage to a bill that requires full repayment of money transferred from an oil and gas revenues savings account to the state’s General Fund budget. The House voted 90-0 Thursday to approve an amendment put on in the Senate that requires repayment of the money even if the Legislature doesn’t appropriate the funds.
An amendment to allow the state to take the money from the Alabama Trust Fund and use it for the cash-strapped General Fund budget was approved by voters in September. Before voters decided on the amendment, Bentley and some legislators promised the money would be repaid…………………………………..Full Article: Source

The Abu Dhabi Investment Authority is close to buying 42 hotels managed by Marriott International Inc. and controlled by the Royal Bank of Scotland Group Plc, according to a person familiar with the matter.
The sovereign wealth fund, also known as ADIA, has been a preferred bidder since last summer and the sale includes hotels in London and Edinburgh, the person said, asking not to be identified because the deal hasn’t been made public……………………………………….Full Article: Source

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China Investment Corp, the country’s sovereign wealth fund, has invested in the pre-IPO of the Moscow Exchange, the fund’s chairman Lou Jiwei said on Sunday. “This is a financial investment rather than a strategic one, and we’ll sell the investment at the appropriate time,” Lou was cited by the Beijing Youth Daily as saying.
He declined to provide the exact amount invested, the paper said.The Moscow Exchange floated shares valued at $500 million on Friday……………………………………….Full Article: Source

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SinoCast Daily Business Beat via COMTEX) –Hu Bing, head of the investment division of China Investment Corporation (CIC), will join the Russian Direct Investment Fund (RDIF) as chief executive officer (CEO), disclosed people in the know.
CIC, on the other hand, has yet to make a comment on the rumored appointment. RDIF, in which CIC invested USD 1 bn, plans to inject not less than 70% of its capital into projects in Russia and the CIS countries and not more than 30% into Russia-related projects in China……………………………………….Full Article: Source

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A person in the know revealed that Mapletree Investments Pte, real estate subsidiary affiliated to Temasek Holdings, plans to kick off an IPO in the form of investment trust based on assets in Hong Kong and China, financing SGD 1.5 billion or USD 1.2 billion.
If everything goes on wheels, Mapletree will kick off a road show next week and get listed on capital market in Singapore next month.Citigroup, Goldman Sachs, DBS Bank and HSBC Holdings will arrange the IPO as the biggest real estate investment trust in Singapore in history……………………………………….Full Article: Source

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A new report says sovereign wealth funds and other not-so-traditional bidders will play an increasingly important role in Australian M&A when it comes to metals and mining. However, sellers need to better understand their limits. Mariner Corporation could be kissing both of its takeover plays goodbye in one go.
Elsewhere, Commonwealth Bank of Australia is joining Westpac Banking Corp and Bendigo and Adelaide Bank back in the RMBS tent, while Inghams Enterprises has apparently set a date for investment banks to pitch floats……………………………………….Full Article: Source

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The New Zealand Superannuation Fund, the nation’s largest fund manager, says stock pickers do best in the domestic market and that’s why it will begin actively managing local equities later this year.
“The nature of the New Zealand market is that those who put the effort into active management get rewarded for it,” Tim Mitchell, general manager of corporate strategy, said in a telephone interview. The Auckland-based fund yesterday appointed him manager of New Zealand equities……………………………………….Full Article: Source

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The Angolan Sovereign Wealth Fund (FSDEA), created by the Executive to promote the country’s socio-economic development and generate wealth for the future generations was mentioned as a reference during a lecture held recently in the Canadian city of Toronto.
Addressing the meeting, Madelaine Drohan, Canadian writer and correspondent for the magazine “The Economist”, said her country has no such a fund, but countries like Norway, East Timor and Angola, being more prudent, have decided to create a sovereign fund. ………………………………………Full Article: Source

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The Government of Azerbaijan has turned into a lazy element and the hope and confidence in stability of the State Oil Fund revenues have transformed the government into club of oligarchs and consumers in the same time, the Azerbaijani information portal Haqqin.az says.
“Since last year, the Oil Fund actively purchases properties in overseas. In the near future more than a billion dollars will be spent on the purchase of real estate. Considering the fact that the global economic crisis continues unabated, new waves of crisis occur each year, and experts say that the real improvement will not arrive up to 2020, these steps of the Fund appear to be very risky. As we know, during the crisis the property prices go down in the first place,” the article says……………………………………….Full Article: Source

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It is not unfair to assert that sovereign wealth funds (SWFs) of the six-nation Gulf Cooperation Council (GCC) states serve as a blessing for the well-being of global economy at large. This declaration reflects some hard facts, namely SWF’s amount on the one hand and willingness of GCC authorities to relocate the wealth in the form of investments in different sectors across the continents. This amounts to sharing wealth of GCC countries with others, clearly an internationally-responsible conduct.
The combined SWFs of the six-nation grouping amounted to a staggering $1.7 trillion by-end 2012. This represents a comfortable 35 per cent of all SWFs in the world, collectively valued at $5.2 trillion. Effectively, GCC countries account for almost all contributions of the Middle East region………………………………………..Full Article: Source

India is wooing some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA), as the private equity funds explore investment opportunities in India. Abu Dhabi Investment Authority (ADIA) is one of the largest sovereign wealth funds in the world with assets reported to be $ 627 billion.
India’s minister of commerce, industry and textiles Anand Sharma today left for a two-day visit to United Arab Emirates (UAE) where he will co-chair the first meeting of a high-level task force on investment with UAE on Monday, apart from substantive bilateral meetings………………………………………..Full Article: Source

Government of India bonds to be issued specifically for funding big ticket infrastructure projects have attracted the interest of the world’s largest sovereign wealth fund, the Abu Dhabi Investment Authority, which has a corpus of over $600 billion.
“The Abu Dhabi Investment Authority has shown interest to invest in the government of India (infra) bonds,” a senior commerce ministry official, who is part of the high-level task force on investment with UAE, said………………………………………..Full Article: Source

The Abu Dhabi Investment Authority is close to buying 42 hotels managed by Marriott International (MAR) Inc. and controlled by the Royal Bank of Scotland, according to a person familiar with the situation.
The sovereign wealth fund, also known as ADIA, has been a preferred bidder since last summer and the sale includes hotels in London and Edinburgh, the person said, asking not to be identified because the deal hasn’t been made public………………………………………..Full Article: Source

Singaporean sovereign fund Temasek is in talks to buy a stake in Markit, the UK-based financial data firm. Singapore’s main sovereign wealth fund is in talks to buy a stake in Markit Group, the fast-growing financial data provider that has become one of Britain’s most successful private companies.
I have learnt that Temasek Holdings, which manages hundreds of billions of dollars of Singaporean state funds, has been approached about taking a minority shareholding in Markit, which provides information across financial asset classes such as credit default swaps………………………………………..Full Article: Source

It’s no surprise, really. That sums up the reaction of analysts to Temasek Holdings becoming the largest shareholder of Olam International. The sovereign investment firm last Friday added a further 0.01 per cent, or 150,000 shares, to its stake in the agricultural commodities trader, bringing its total stake in the firm to 21 per cent.
According to filings on the Singapore Exchange, the purchase was made through market transactions. Temasek paid $247,500, or $1.65 apiece.Olam’s founding firm Kewalram Singapore has now been pushed to second spot in the list of shareholders, with a 20.23 per cent stake, according to Bloomberg data………………………………………..Full Article: Source

The Russian Direct Investment Fund (RDIF) announces that it has invested in the initial public offering (IPO) of the Moscow Exchange and secured leading international investment funds to co-invest in the IPO.
The investment is part of a long-term strategy to promote the development of Russian capital markets and broaden the international appeal of the Moscow Exchange. Prior to the IPO, through its co-investment model, RDIF also attracted other investors to the Exchange; the European Bank of Reconstruction and Development (EBRD), Cartesian Capital, BlackRock and China Investment Corporation (CIC)………………………………………..Full Article: Source

Qatar’s sovereign wealth fund is in advanced talks with Russia’s second-largest bank VTB about injecting between U.S.$3bn and U.S.$3.5bn into the banking giant, the Telegraph reported. VTB will likely issue the Qataris with U.S.$1.5bn of new equity and US$1.5bn of mandatory convertible bonds under the structure of the deal, the daily said citing sources.
The deal may be announced by next week, the paper said. VTB shares jumped as much as 3.76 percent on the report, while the overall Russian market was 0.08 percent down by 0717 GMT. VTB declined to comment on the report. Representatives for Qatar’s sovereign wealth fund were not immediately available for comment………………………………………..Full Article: Source

Moscow’s stock exchange has attracted foreign investors including China’s sovereign wealth fund to its flotation, but the pricing of Friday’s sale, expected to value the bourse at $4 billion, is now at the lower end of a forecast range, two financial market sources said.
The success of the Moscow exchange sale is politically and economically sensitive because President Vladimir Putin sees it as a way to help transform Moscow into an international financial centre………………………………………Full Article: Source

The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s initial public offering with China’s sovereign wealth fund CIC investing.
China Investment Corp is seeking to match the amount the state-backed Russian Direct Investment Fund is investing, which could see both take around 20 percent of the shares, or around US$100 million each (HK$778 million), sources said. CIC was reportedly seeking up to 25 percent of the shares………………………………………Full Article: Source

Qatar’s sovereign wealth fund is in advanced talks with Russia’s second-largest bank VTB about injecting between US$3bn and US$3.5bn into the banking giant, the Telegraph reported.
VTB will likely issue the Qataris with US$1.5bn of new equity and US$1.5bn of mandatory convertible bonds under the structure of the deal, the daily said citing sources………………………………………Full Article: Source

VTB Group led gains on Russia’s Micex Index, jumping to a two-week high, on a report Qatar’s sovereign wealth fund is in advance talks to invest as much as $3.5 billion in the nation’s second-biggest lender.
As part of the deal, the details of which may be announced next week, VTB will issue $1.5 billion in new equity and $1.5 billion of mandatory convertible bonds to the wealth fund, the Telegraph reported, citing unidentified people familiar with the deal. Russian First Deputy Prime Minister Igor Shuvalov said in an interview on Jan. 21 VTB is meeting sovereign wealth funds and other investors to sell new shares totaling at least $3 billion. VTB shares slumped 8.8 percent last year………………………………………Full Article: Source

The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s IPO, with China’s sovereign wealth fund CIC joining Russia’s state private equity fund in investing. China Investment Corp (CIC) is seeking to match the amount the state-backed Russian Direct Investment Fund (RDIF) is investing, which could see both take around 20 percent of the shares, or around $100 million each, the sources said. One of the sources said CIC was seeking up to 25 percent of the shares.
The rest of the book is being filled with US, UK and Scandinavian investors, one of the sources said. Success of the issue is politically and economically sensitive given President Vladimir Putin sees it as part of his efforts to transform Moscow into an international financial hub………………………………………Full Article: Source

The International Monetary Fund says Canada could better manage boom-and-bust commodities cycles by stashing away more tax revenue in good times.
Both Ottawa and the resource-rich provinces should make better use of so-called “stabilization funds” to manage the inevitable volatility in the price of oil, natural gas, coal and other commodities, the Washington-based lender said in its annual report on the Canadian economy………………………………………Full Article: Source

Azerbaijan’s $US34 billion sovereign wealth fund plans to buy commercial real estate in Australia as part of a strategy to grow its assets Down Under, including shares in major companies and government bonds.
“We plan to travel to Australia in order to meet with the leading market participants including regulators, developers, asset owners, and overseas investors to gain deeper understanding of the market,” said the State Oil Fund of the Republic of Azerbaijan, or Sofaz, in an emailed response to questions from The Wall Street Journal. “This trip is planned to take place during the course of this year.”……………………………………..Full Article: Source

The Kremlin’s sovereign wealth fund is seeking to bring China’s $480 billion counterpart into the Moscow Exchange’s initial public offering as an anchor investor, three people with knowledge of the matter said.
Chengdong Investment Corp., a unit of CIC International Co., may get as much as 25 percent of the shares being offered in the IPO, which the Moscow Exchange plans to complete tomorrow, said the people, who asked not to be identified because the information isn’t public………………………………………..Full Article: Source

President Ilham Aliyev said Azerbaijan, an energy-rich former Soviet nation, is considering investing in Asian and Latin American markets given its close political ties with countries in each region.
“Our relations with Asian countries are developing very successfully, based on mutual respect and non-interference in each other’s affairs,” Aliyev said in comments published on his website today. “Asia and Latin America look attractive in terms of diversifying our investment portfolio.”……………………………………….Full Article: Source

Azerbaijan’s $34 billion sovereign-wealth fund plans to buy commercial real estate in Australia as part of a strategy to add assets down under. “We plan to travel to Australia in order to meet with the leading market participants including regulators, developers, asset owners, and overseas investors to gain deeper understanding of the market,” said the State Oil Fund of the Republic of Azerbaijan, or Sofaz.
“This trip is planned to take place during the course of this year.” The former Soviet republic, known for caviar and oil, is among a growing number of foreign investors seeking out higher returns from commercial real estate in Australia………………………………………..Full Article: Source

Azerbaijan is planning to take some of its $34 billion in state oil wealth on a trip Down Under, where it will shop for real estate (paywall), as the sovereign wealth fund told the Wall Street Journal. That makes the Azeri fund the latest sovereign wealth fund to board the property investment bandwagon.
Norges Bank Investment Management—the world’s biggest sovereign wealth fund, which manages Norway’s pension fund—got this bandwagon rolling last year, when it announced that it was carving out room in its traditionally bond- and equities-heavy portfolio to make room for a 5% allocation toward real estate investments. The $703-billion fund has since snapped up properties—most of them office complexes and malls—in London, Paris, Frankfurt, Berlin, Zurich and Sheffield………………………………………..Full Article: Source

Qatar’s sovereign wealth fund raised its stake in luxury jeweler Tiffany & Co by one percentage point to 8.7 percent. Qatar Investment Authority (QIA) was already the single largest shareholder in Tiffany. Shares in the company increased 0.4 percent to US$ 63.32 on the New York Stock Exchange following the announcement.
In 2012 QIA has been buying minority equity stakes in other large companies, including in oil companies as Shell and Eni………………………………………..Full Article: Source

The Australian Greens have again raised concerns about the Future Fund investing in tobacco companies. The government-owned fund, run by an independent board, has investments of $221 million in 15 tobacco companies, a Senate Estimates hearing was told on Tuesday.
It last purchased tobacco stock in May 2012 in the Czech Republic division of Philip Morris. Greens deputy leader Adam Bandt said it was “outrageous” taxpayers’ money was being used this way………………………………………..Full Article: Source

Two former senior dealmakers at London-based buyout group Permira have re-emerged on the private equity scene without a fund to invest. Instead, they will be adopting a deal-by-deal model that many in the industry are increasingly turning to.
The partners will not be trying to raise a traditional buyout fund, they said, but rather tap a handful of sovereign wealth funds and high net worth individuals for every deal they find. They are entering formal talks with two sovereign wealth funds to sell a minority stake in their company, in a move to tighten the ties with the investors, they told the Financial Times………………………………………..Full Article: Source

Qatar’s sovereign wealth fund, which was already the single largest shareholder in Tiffany & Co, has raised its stake in the US luxury jeweller by one percentage point, according to a regulatory filing. The fund, the Qatar Investment Authority (QIA), increased its holding in Tiffany at the end of December, bringing its stake to 8.7 percent, according to the filing.
QIA first disclosed a stake in Tiffany, of 5.2 percent, last April. The sovereign wealth fund has been looking increasingly to buy minority equity stakes in large companies since last year. It has taken small stakes in companies such as Royal Dutch Shell, luxury conglomerate LVMH and oil company Total………………………………………..Full Article: Source

Qatar boosted holdings in Tiffany & Co., the world’s second-largest luxury jewelry retailer, as the country uses its energy wealth to snap up stakes in companies such as Credit Suisse Group AG, Xstrata Plc and Volkswagen AG.
Qatar Investment Authority, the Persian Gulf nation’s sovereign wealth fund, increased its stake to 8.7 percent at the end of last year, according to a regulatory filing. The fund previously had a 7.8 percent stake, according to a Dec. 17 filing. Tiffany gained 0.3 percent to $63.10 yesterday in New York Stock Exchange Trading, valuing the Persian Gulf nation’s 11 million-share stake at about $700 million………………………………………..Full Article: Source

Arabtec Holding, Dubai’s largest construction company, has moved employees to neighbouring Abu Dhabi after a firm backed by the UAE capital increased its stake and took seats on the board last year.
Aabar Investments, backed by one of Abu Dhabi’s sovereign wealth funds, last year raised its stake in Arabtec to 21.6 per cent. The company has won large projects in Abu Dhabi in the past year, including construction of a branch of the Louvre museum and the Midfield terminal at Abu Dhabi airport. Aabar, which dropped a $1.74 billion takeover offer for Arabtec almost three years ago, was delisted from Abu Dhabi’s stock exchange in 2010………………………………………..Full Article: Source

A Labor backbencher says he would like the Future Fund to make more moral investments, but understands it’s not a perfect world. The Australian Greens have again raised concerns about the Future Fund investing in tobacco companies.
The government-owned fund, run by an independent board, has investments of $221 million in 15 tobacco companies, a Senate Estimates hearing was told on Tuesday. It last purchased tobacco stock in May 2012 in the Czech Republic division of Philip Morris………………………………………..Full Article: Source

Australian private equity firm Ironbridge Capital and Government of Singapore Investment Commission have appointed Credit Suisse to consider exit options including an initial public offering of their co-owned leasing and fleet management business FleetPartners, Ironbridge joint chief executive officer Greg Ruddock told Deal Journal Australia.
“It’s been a great asset for us, and there’s plenty of growth opportunities left so we’re in no hurry to sell it,” Mr. Ruddock said on Wednesday………………………………………..Full Article: Source

Norway’s sovereign wealth fund – currently worth 3.9 trillion kroner ($0.71 billion) – has purchased American property for the first time as it continues to expand its real estate holdings. The Norwegian Government Pension Fund Global announced it had bought a 49.9% stake in five office properties along the east coast of the United States: two each in New York City and Washington, DC, and one in Boston.
The properties, valued at $1.2 billion, will be managed by majority owner Tiaa-Cref, which oversees a host of retirement equity funds. The joint venture is seeking to purchase additional office properties, initially in “key east coast cities”, the announcement said………………………………………..Full Article: Source

Norway’s Government Pension Fund, the world’s largest sovereign wealth fund, has entered the US real estate market by investing $600m (¤448m) in five office properties. The fund bought a 49.9 percent stake in five office buildings in Washington DC, New York and Boston after forming a joint venture with the seller, TIAA-CREF, a pension fund.The US fund will retain a 50.1 percent holding and will be responsible for managing the properties, it said.
“As the world’s largest real estate market, the US will be an important part of the fund’s long-term property portfolio,” said Karsten Kallevig, chief investment officer for real estate at the Norwegian central bank unit responsible for managing the fund’s assets………………………………………..Full Article: Source

TIAA-CREF plans to follow its sale of stakes in five U.S. office properties to Norway’s sovereign- wealth fund with joint investments in more U.S. real estate, an executive of the New York-based retirement account manager said.
The Norwegian fund was “interested in coming into the United States with an office mandate, targeting certain gateway cities which are very high on our target-market list,” Suzan Amato, managing director and head of TIAA-CREF’s global real estate joint ventures, said in a telephone interview. “So we started with these five buildings, but we plan to go shopping together with them immediately.”……………………………………….Full Article: Source

Talks are at an early stage and more detail is expected to emerge in the coming weeks about how the Investment Corporation of Dubai (ICD) plans to handle the loan’s maturity. The loan is the second tranche of a $6 billion facility that the ICD raised in September 2008.
Unfavourable market conditions meant that the ICD did not take up a refinancing package for the previous $4 billion, opting instead to repay the full amount, but bankers believe that improved sentiment towards Dubai as a borrower will make the pricing more attractive and a new loan more likely this time………………………………………..Full Article: Source

In recent years, Qatar Holding has emerged as one of the world’s most dynamic sovereign wealth funds, buying trophy assets such as Harrods in London and more recently playing kingmaker in the vast merger of Xstrata and Glencore.
While the government and members of the ruling family have invested through different vehicles, Qatar Holding has made the lion’s share of publicly-disclosed investments. Acting more like a hedge fund than the traditional perception of a sovereign wealth fund, bankers familiar with Qatar Holding say that the state-backed fund does few deals without a loan to pay for the acquisition………………………………………..Full Article: Source

The assets of Kazakhstan national fund exceeded 10 trillion tenge ($67 billion) by the end of 2012, Tengrinews.kz reports citing Finance Minister Bolat Zhamishev as saying at the expanded meeting of Finance Ministry attended by Prime-Minister Serik Akhmetov.
“As of the end of 2012 the funds of the National Fund were over 10 trillion tenge ($67 billion) net of investment profits. The share of undrawn balance in the overall expenses made 0.7 percent or 41.6 billion tenge ($277 million), which is 0.1 percent less than in 2011,” Bolat Zhamishev said………………………………………..Full Article: Source

Georgia aims to double foreign direct investments to $2 billion this year, helped by a new sovereign wealth fund it is hiring international banks to promote, the fund’s chief executive said.
The vehicle will succeed the state-owned Partnership Fund, created in 2011 to attract investments from abroad, and focus on co-financing projects in the energy agriculture, real estate and industrial sectors. Involving international banks as advisers will help it meet ‘best practice’ investor guidelines, Irakly Kovzanadze – who also runs the Partnership Fund – told Reuters on Monday in an interview………………………………………..Full Article: Source

The Government’s multi-billion dollar Future Fund has revealed it increased its shareholding in tobacco companies in the lead-up to last year’s announcement that it was reviewing its investment strategy.
Figures provided to a Senate committee show the fund had $231.7 million tied up in tobacco company shares as at October 16 last year, up more than $6 million from February………………………………………..Full Article: Source

Samruk-Kazyna Kazakh Sovereign Wealth Fund has implemented investment projects worth $101 billion, Samruk-Kazyna Chairman of Board Umirzak Shukeyev said at an enlarged fund meeting chaired by Kazakh Prime Minister Serik Akhmetov.
“The fund will be actively involved in the implementation of the industrial program in 2013,” he said. “Generally, the common investment program of the fund has 157 projects worth $101 billion. Around 74 investment projects under the program worth $54 billion are being implemented. Four large projects will be introduced creating 5,000 jobs within the Industrialization Map in 2013.”……………………………………….Full Article: Source

The National Investment Corporation of the National Bank of Kazakhstan, a sovereign wealth fund (SWF) managed by the central bank, is seeking a fund-of-hedge-funds manager and a private equity fund-of-funds manager to run parts of its newly launched investment portfolio.
The Investment Corporation, launched last summer with the aim of becoming a major global player, published tenders for the two roles on its website today, specifying that each manager would be responsible for assets worth between $50 million and $150 million………………………………………..Full Article: Source

Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, acquired a 29-per cent stake in Glencore-controlled zinc producer Kazzinc. Without disclosing the financial terms of the acquisition, Samruk-Kazyna’s deputy head, Kuandyk Bishimbayev, told reporters, “The Kazzinc deal is closed, and today we own 29 per cent in this enterprise.”
Bishimbayev said that Samruk-Kazyna bought the stake from Kazakhstan billionaire Bulat Utemuratov controlled investment firm Verny Capital………………………………………..Full Article: Source

Kazakhstan’s sovereign wealth fund, Samruk-Kazyna JSC, acquired a 30% stake in Kazzinc, the Kazakhstan integrated zinc, copper and lead producer, from Verny Capital JSC, a person familiar with the matter said Thursday.
Commodities company Glencore International PLC (Glencore International Plc) owns a 69.61% stake in Kazzinc, while the remainder is owned by Verny and a small number of shareholders………………………………………..Full Article: Source

The funds allocated from the National Fund for anti-crisis measures are being returned and reinvested in Kazakhstan economy, Tengrinews.kz reports citing chairman of Samruk-Kazyna National Welfare Fund Umirzak Shukeyev.
“The fund is monitoring the money of the National Fund injected during the anti-crisis program. In 2008-2009 the National Fund allocated the total of 1.09 trillion tenge ($7.25 billion) for anti-crisis measures, including 487.5 billion tenge ($3.25 billion) for stabilization of the financial sector, 120 billion tenge ($800 million) for implementation of innovative-industrial infrastructure projects, 480 billion tenge ($3.2 billion) for support of small and medium business and 170 billion tenge ($1.1 billion) for refinancing of mortgage loans and support to equity share construction………………………………………..Full Article: Source

Angola’s constitutional court on Friday rejected a claim by an opposition party that President Jose Eduardo dos Santos had overstepped his powers to create the country’s $5 billion sovereign wealth fund.
Angola launched the fund last October to invest in domestic and overseas assets by funnelling the country’s vast oil wealth into infrastructure, hotels and other high-growth projects………………………………………..Full Article: Source