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Sovereign Wealth Funds Briefing - Archive | March, 2013

Qatar eyes Sarkozy to head wealth fund

Posted on 11 March 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund hopes to appoint former French president Nicolas Sarkozy in a senior role at a new private equity fund. London’s Financial Times cited anonymous sources claiming that Qatar Investment Authority alongside other investors were prepared to back Sarkozy, who lost last year’s presidential race to socialist Francois Hollande, with up to €500m to run the new fund.
Sarkozy’s leadership of the potential new fund has been put on hold in recent weeks however as he seeks a return to French politics amid declining public sentiment toward Hollande, two people close to the matter reportedly said………………………………………..Full Article: Source

Securities regulator reluctant on China wealth fund job: sources

Posted on 11 March 2013 by VRS  |  Email |Print

The head of China’s securities regulatory body is reluctant to switch to the top job at the country’s $482 billion sovereign wealth fund as he has only been in the post for around 18 months and still has work to do, two independent sources said.
Reuters reported on Thursday that 56-year-old Guo Shuqing, a seasoned English-speaking chairman of the China Securities Regulatory Commission (CSRC), was tipped to head the state investment vehicle China Investment Corp (CIC) CIC.UL as part of a sweeping reshuffle of top financial portfolios by a new generation of leaders………………………………………..Full Article: Source

Temasek, GIC said to invest in Matahari ahead of CVC share sale

Posted on 11 March 2013 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state investment fund, is among 15 investors that are buying almost one-third of a CVC Capital Partners Ltd.-led offering of PT Matahari Department Store shares, said a person with knowledge of the matter.
Temasek’s Fullerton Fund Management Co. and funds managed by Government of Singapore Investment Corp., Blackrock Inc. (BLK) and Goldman Sachs Group Inc. will be so-called cornerstone investors in the $1.36 billion sale, the person said, asking not to be identified as the information is private………………………………………..Full Article: Source

GIC close to purchasing stake in Brazil’s BR Towers

Posted on 11 March 2013 by VRS  |  Email |Print

Government of Singapore Investment Corp (GIC), manager of more than US$100 billion (RM310.5 billion) of the city’s reserves, is close to a deal to buy a 20% stake in BR Towers SA, the Brazilian operator of cellular towers, two people with direct knowledge of the transaction said.
Singapore’s sovereign wealth fund is making the investment to profit from Brazil’s increased spending on infrastructure, according to one of the people. GIC’s Twickenham Investment Pte Ltd unit is handling the acquisition, the person said………………………………………..Full Article: Source

Singapore’s Temasek to buy stake in Evonik

Posted on 11 March 2013 by VRS  |  Email |Print

Singapore state investor Temasek Holdings will take a stake in Evonik Industries, two sources close to one of the German company’s owners told Reuters.
Temasek will spend more than €600m for 5% of the Essen-based chemicals company, which is preparing for a stock market share listing, the sources said on condition that they not be identified. German magazine Wirtschaftswoche reported on Saturday that Temasek and Evonik had agreed the sale………………………………………..Full Article: Source

Temasek invests in Premji backed Healthcare Global Enterprises

Posted on 11 March 2013 by VRS  |  Email |Print

Singapore government’s investment vehicle, Temasek Holdings, has invested R140 Cr in South India headquartered Healthcare Global Enterprises (HCG).
It also adds a valuation figure of HCG at R1,000 Cr with founder BS Ajaikumar holding back 26-28% stake. With the latest round, Evolvence Capital, which had put in R30 Cr in the firm in 2007, has marked its exit with a return of around 2.3x………………………………………..Full Article: Source

India: FinMin discards sovereign wealth fund proposal

Posted on 08 March 2013 by VRS  |  Email |Print

The finance ministry has scrapped a proposal to set up a sovereign wealth fund (SWF) because there was “no need for it”, at least for now. The ministry said the domestic markets have enough depth for the government to borrow funds to finance the fiscal deficit, and companies can tap external markets for borrowings.
“At the moment, we are not planning an SWF. We don’t think there is a need for it,” Economic Affairs Secretary Arvind Mayaram told Business Standard. There was never a plan to set up an SWF, he said. “There were discussions. Plan means we decided and shelved it.”……………………………………….Full Article: Source

GIC of Singapore picks up NTPC shares worth Rs 1,000 cr

Posted on 08 March 2013 by VRS  |  Email |Print

Sovereign wealth fund GIC of Singapore has cornered shares worth Rs 1,000 crore in the NTPC divestment, in which foreign funds bought almost 45 per cent of the shares put on sale. “Foreign institutional investors have been allocated 44.92 per cent of shares, while banks and insurance companies got an allotment of 11.05 per cent and 24.87 per cent respectively,” an official source said.
The cut-off price for the share sale has been fixed at Rs 145.55 apiece and the final realisation of the Government from NTPC disinvestment stands at Rs 11,496.39 crore………………………………………..Full Article: Source

Temasek-backed REIT up after Singapore IPO

Posted on 08 March 2013 by VRS  |  Email |Print

Mapletree Greater China Commercial Trust rose as much as 10.2 percent in its debut Thursday, underscoring demand from yield-hungry investors after the Temasek-backed trust raised $1.3 billion in Singapore’s biggest real estate investment trust (REIT) offering.
The trust, which is backed by Singapore state investor Temasek Holdings Pvt Ltd, rose to S$1.025 ($0.82) in early trading, compared with a 0.1 percent decline in the benchmark Straits Times Index. The REIT consists of office and retail developments in the Chinese mainland and in Festival Walk, an up-market shopping center in Hong Kong’s Kowloon district………………………………………..Full Article: Source

China wealth fund, commerce ministry to get new heads

Posted on 08 March 2013 by VRS  |  Email |Print

China will likely appoint savvy international dealmakers to run its giant sovereign wealth fund and Commerce Ministry in a soft power push to soothe fears over a planned spending spree to boost Beijing’s ownership of strategic global assets.
Securities regulator Guo Shuqing is tipped to take the helm at the $482 billion state investment vehicle, China Investment Corp (CIC) , and China’s chief trade representative, Gao Hucheng, is seen running the Commerce Ministry, two sources with leadership ties told Reuters……………………………………….Full Article: Source

VietNam: How State Capital Investment Corp uses its money

Posted on 08 March 2013 by VRS  |  Email |Print

People may be surprised to learn that the State Capital Investment Corporation (SCIC) puts most of its trillions of dong in capital into bank deposits for interest, rather than any kind of actual investment.
The SCIC was incorporated in 2005 under a bid to enhance the efficiency of state capital utilization during the height of the ongoing economic and SOE reforms. SCIC’s primary objectives are to represent state capital interests in enterprises and invest in key sectors and essential industries in order to strengthen the dominant role of the state sector………………………………………..Full Article: Source

Abu Dhabi sovereign fund may invest significantly in Malaysia’s Tun Razak Exchange

Posted on 08 March 2013 by VRS  |  Email |Print

Aabar Investments PJSC, the Abu Dhabi-based sovereign fund, could be making a significant investment in Malaysia’s Tun Razak Exchange (TRX), the ambitious multi-billion-ringgit property development project by 1Malaysia Development Bhd (1MDB).
Aabar, better known in Malaysia as the fund that bought the 25% stake in RHB Capital Bhd from its sister company Abu Dhabi Commercial Bank in 2011, is known internationally for its holdings in such high-profile names as German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit. If Aabar’s investment in TRX comes to fruition, then it would be a significant new foreign direct investment deal for Malaysia………………………………………..Full Article: Source

Qatar investment arm owns more than 10 pct of Tiffany

Posted on 08 March 2013 by VRS  |  Email |Print

The Qatar Investment Authority now owns more than 10 percent of Tiffany & Co., according to a recent filing with the Securities and Exchange Commission.
The Authority owns 11.27 percent of the iconic retailer, or 14.3 million shares, according to a March 6 filing. This solidifies the position of the Authority, owned by the government of Qatar, as the retailer’s largest shareholder. In prior instances, the Authority owned 8.7 percent and 5.195 percent of the company………………………………………..Full Article: Source

China fund warns Japan against a ‘currency war’

Posted on 07 March 2013 by VRS  |  Email |Print

The president of China’s giant sovereign-wealth fund warned Japan against using its neighbors as a “garbage bin” by deliberately devaluing the yen, joining growing international griping about a potential currency war.
In unusually strong language, Gao Xiqing, president of China Investment Corp., echoed alarms from Latin America to Europe that the new Japanese government is aiming to boost its exports at other countries’ expense via a weaker currency—allegations often leveled at China itself by the U.S. and others………………………………………..Full Article: Source

China sovereign wealth fund rebounds

Posted on 07 March 2013 by VRS  |  Email |Print

China Investment Corp., the country’s main sovereign wealth fund, earned a 10.65% return on its overseas investments last year, CIC Executive Vice President Liang Xiang said, marking a rebound from last year’s loss.
CIC’s total accumulated overseas investment return since it was established in 2007 is now above 5%, Ms. Liang said on the sidelines of the National People’s Congress, the annual meeting of the country’s legislature………………………………………..Full Article: Source

Mumtalakat plans $150mln Bahrain investment

Posted on 07 March 2013 by VRS  |  Email |Print

Bahrain sovereign wealth fund Mumtalakat plans a multi-million pound investment in local projects, joining efforts to bolster the local economy. Chief executive Mahmood Al-Kooheji said the fund was targeting $150 million of investments in the kingdom in 2013 as part of efforts to deploy funds in the country and expand its domestic portfolio.
Mumtalakat, set up in 2006, holds stakes in firms in Bahrain’s non-oil sector, including Bahrain Telecommunications Co, Aluminium Bahrain and airline Gulf Air , and is one of the smaller sovereign wealth funds in the Gulf region………………………………………..Full Article: Source

Bahrain’s SWF to bail out stalled developments

Posted on 07 March 2013 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund is considering investing in some of the country’s stalled property developments to help kick-start them again. Mumtalakat CEO Mahmood Hashim Al Kooheji said the company’s real estate arm, Edamah, would invest in the part-finished projects if they were commercially viable.
At least four significant developments – Bahrain Bay, Marina West, Marina Reef and the Villamar residential complex - have stalled since the onset of the financial crisis, which saw the average value of real estate in the country plummet………………………………………..Full Article: Source

Qatar Investment Authority raises stake in Tiffany

Posted on 07 March 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund, the largest shareholder of Tiffany & Co, further raised its stake in the U.S. luxury jeweler to 11.27 percent, according to a regulatory filing.Qatar Investment Authority, which first disclosed a 5.2 percent stake in Tiffany last April, had raised its holding in the company to 8.7 percent last month.
Vanguard Group Inc, the largest U.S. mutual fund company, and Capital World Investors, a unit of Capital Group Companies Inc, are the next biggest shareholders of Tiffany’s as of Dec. 31………………………………………..Full Article: Source

Nigeria’s excess crude revenue used to finance petrol subsidy payments- Sanusi

Posted on 07 March 2013 by VRS  |  Email |Print

The Central Bank of Nigeria, CBN, Governor, Lamido Sanusi, has described the recent controversy surrounding Nigeria’s management of its excess crude revenue savings and external reserves as unnecessary, saying the Federal Government used part of the savings in the Excess Crude Account, ECA, to finance the controversial petroleum subsidy payments.
Payments by the Federal Government for subsidy on petroleum products supply and distribution, which was only N290 billion in 2009 rose astronomically in controversial circumstances to about N2.1 trillion in 2011, resulting in a national protest by Nigerians in January 2012 after the government announced a hike in the price of petrol………………………………………..Full Article: Source

Alberta’s Heritage Fund an abject failure

Posted on 07 March 2013 by VRS  |  Email |Print

In 1987, the value of Alberta’s Heritage Savings and Trust Fund stood at $12.7 billion. That year, the province faced a massive budget deficit and transfers to the fund from resource revenues were suspended. Such deposits did not resume again until almost two decades later and only lasted two years before being suspended again.
There is little doubt of the severity of the financial difficulties facing Alberta. In many ways it’s the late 1980s all over again. Alberta has again squandered a period of pronounced prosperity and ended up with unsustainable deficits, the likelihood of mounting debt, and no savings. While reform and reduction of spending will have to be undertaken in the short term to achieve a balanced budget, the province should not forget or ignore the need for longer term reform………………………………………..Full Article: Source

Angola: Oil in the president’s family - Keeping it global

Posted on 06 March 2013 by VRS  |  Email |Print

A few months late to this story, the Wall Street Journal published a piece last Wednesday entitled “Angola Wealth Fund is Family Affair.” This was widely reported in the international press back in the fall when the Fundo Soberano de Angola was officially announced.
The Fund, started with $5 billion, now puts Angola in line with other OPEC nations, which also have funds to protect against oil price volatility, to secure the future when oil runs out, to build infrastructure, and/or to diversify the economy. Angola could use all these. According to one prominent member of the board, the emphasis will be on diversification and wealth creation………………………………………..Full Article: Source

Libya’s pursuit of lost billions ‘in limbo’

Posted on 06 March 2013 by VRS  |  Email |Print

The head of Libya’s sovereign wealth fund says his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week.
Mohsen Derregia, head of the Libyan Investment Authority (LIA), told the Financial Times that he believed his pursuit of damages from foreign banks for suspicious deals forged under the regime of Muammer Gaddafi was one of the reasons behind the government’s efforts to replace him………………………………………..Full Article: Source

Total assets of National Fund of Kazakhstan stand at $70 bln by end of 2012

Posted on 06 March 2013 by VRS  |  Email |Print

The total assets of the National Fund of Kazakhstan amounted to $68.9 billion (34 per cent of GDP), the minister of economy and budget planning Erbolat Dosaev said. “The government of Kazakhstan is going to continue the policy of accumulating assets in the National Fund considering the irreducible residue at a rate of 20 per cent of the expected value of GDP,” he said.
Moreover, in order to provide the budget with a stable revenue source and finance the expenditures allocated on an increase of economic activity and employment, the law of the Republic of Kazakhstan ‘on guaranteed transfer from the National Fund of Kazakhstan’ was adopted, Trend was informed………………………………………..Full Article: Source

China CIC exec: 2012 overseas investment return was 10.65pct

Posted on 06 March 2013 by VRS  |  Email |Print

China Investment Corp., the country’s main sovereign wealth fund, earned a 10.65% return on its overseas investments last year, CIC Executive Vice President Liang Xiang said Wednesday. CIC’s total accumulated overseas investment return since it was established in 2007 is now above 5%, Ms. Liang said on the sidelines of the National People’s Congress, the annual meeting of the country’s legislature.
CIC reported a 4.3% loss on its overseas investments in 2011 as its holdings, including energy and resource producers, were hit by volatile global markets. Ms. Liang said the U.S. and Europe would still be the fund’s main markets for investment this year, though the euro-zone crisis remains a major concern………………………………………..Full Article: Source

Singapore wealth fund boosts Spain’s Repsol, recovering from YPF nationalization

Posted on 06 March 2013 by VRS  |  Email |Print

Singapore wealth fund Temasak has bought a 5% stake in Spanish oil group Repsol for just over one billion Euros, raising its total stake in the company to 6.3%, Repsol said in a release. The operation involves the entire portfolio of Repsol treasury stock at 16.01 Euros per share for a total of 1.036 billion Euros (1.35bn dollars).
“The operation, the biggest investment ever made by Singapore in Spain, reflects the confidence which first class international investors have in Repsol’s growth strategy,” it said in a statement………………………………………..Full Article: Source

Citigroup arbitration win in $4 bln Abu Dhabi case upheld

Posted on 06 March 2013 by VRS  |  Email |Print

A Manhattan federal judge on Monday rejected a bid by the Abu Dhabi Investment Authority to overturn an arbitration panel’s ruling favouring Citigroup Inc. in a dispute over a $7.5 billion investment by the fund in the bank. US District Judge George Daniels rejected arguments that the October 2011 ruling by an American Arbitration Association panel, which reviews international disputes, ignored applicable law and was “fundamentally unfair” by depriving the Abu Dhabi fund of a chance to properly present its case.
The sovereign wealth fund had sought to rescind the November 2007 investment, or recover $4 billion in damages over what it called Citigroup’s fraudulent representations to induce it to invest………………………………………..Full Article: Source

Investment Corporation of Dubai to offer at least one flagship asset to the public in 2014

Posted on 06 March 2013 by VRS  |  Email |Print

Dubai expects to offer at least one flagship asset to the public as early as next year to stimulate investment and shore up its role as a global trade hub, a senior government official told Reuters.
Mohammad Al Shaibani, chief executive of the Investment Corporation of Dubai (ICD), told Reuters that Dubai had a plan to deal with debts maturing in coming years and would not see a repeat of the 2009 debt crisis. He declined to provide specifics………………………………………..Full Article: Source

Sanusi: Nigeria never had $67bln foreign reserves

Posted on 06 March 2013 by VRS  |  Email |Print

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has stressed the need for a thorough governance review of transparency and accountability in the oil sector. Sanusi said this while presenting a speech at a forum organised by members of the Metropolitan Club in Lagos Tuesday.
Responding to questions on Nigeria’s external reserves, the CBN helmsman who apparently was making reference to a recent feud between the Federal Government and a former vice-president of the World Bank, Mrs. Oby Ezekwesili, said the country never had $67 billion reserves in its history………………………………………..Full Article: Source

CIC saw 10.6pct investment return ratio in 2012

Posted on 05 March 2013 by VRS  |  Email |Print

China Investment Corporation, China’s sovereign wealth fund, registered a 10.6 percent return ratio on its investments last year, said Liang Xiang, executive vice-president of CIC on Monday. “The performance is very comforting amid the backdrop of a complicated economic situation and financial markets last year,” she said.
Liang said that half of CIC’s portfolio was invested in the open market, while the other half was invested in long-term projects in the real economy. “Real estate will not be a major target for our investments, but it will continue to be a part of our portfolio that provides sound returns,” Liang said………………………………………..Full Article: Source

Temasek buys 5 pct in Spanish energy giant Repsol for $1.35 bln

Posted on 05 March 2013 by VRS  |  Email |Print

Temasek Holdings, Singapore’s sovereign wealth fund, bought a 5-per cent stake in Repsol SA, for €1.04 billion ($1.35 billion), lifting its holding in the Spanish oil giant to 6.3 per cent.
Temasek, one of the world’s biggest investors with over €115 billion of assets, paid €16.01a share, or a 1.7 per cent discount to Friday’s close. The Madrid-based company sold its entire portfolio of treasury stock at a discount and booked a €148 million loss on the transaction………………………………………..Full Article: Source

Repsol sells stake to Temasek Holdings

Posted on 05 March 2013 by VRS  |  Email |Print

Singapore state investment company Temasek Holdings said Monday it acquired 5% of Repsol SA for 1.04 billion euros ($1.35 billion), as part of a strategy to increase its exposure to the energy sector.
The share sale further boosts Repsol’s balance sheet, following an agreement last week to sell most of its liquefied natural gas assets to Royal Dutch Shell PLC for $4.4 billion in cash, plus the assumption of $2.3 billion in debt………………………………………..Full Article: Source

GIC unveils mini asset management reshuffle

Posted on 05 March 2013 by VRS  |  Email |Print

In a mini-reshuffle, Singapore’s sovereign wealth fund GIC announced it had appointed Jeffrey Jaensubhakij as president of its asset management business, which manages public market investments.
The 46-year-old, who joined GIC in 1998 as a senior economist covering the US, relinquishes his position as the firm’s Europe president and will relocate from London to Singapore to take up the role, effective from April 1………………………………………..Full Article: Source

Libya premier asks wealth fund head to step aside after firing

Posted on 05 March 2013 by VRS  |  Email |Print

Libyan Prime Minister Ali Zaidan said the head of the country’s sovereign wealth fund should step aside and allow his successor to take over after he was fired. “We are hoping that Mr Derregia will do the right thing and step down,” Prime Minister Ali Zaidan told reporters yesterday in Tripoli, referring to Mohsen Derregia, Chairman and Chief Executive Officer of the fund, who was fired recently.
Derregia is refusing to leave his post and hasn’t given a reason for his attempts to remain in his position. Ali Mohamed Salem Hebri, deputy governor of the Central Bank of Libya, is set to take over………………………………………..Full Article: Source

Citi wins Abu Dhabi arbitration challenge

Posted on 05 March 2013 by VRS  |  Email |Print

The Abu Dhabi Investment Authority lost its legal challenge to an 2011 arbitration ruling in favor of Citigroup Inc. (C) over the sovereign-wealth fund’s investment during the financial crisis.
Judge George Daniels of the U.S. District Court of the Southern District of New York denied the investment authority’s motion to vacate a ruling from 2011, which had denied Abu Dhabi’s claim for $4 billion in damages resulting from its investment in Citi. Abu Dhabi had invested $7.5 billion in Citi in 2007, just as the financial crisis began to unfold. The authority claimed the investment was made on the basis of fraudulent statements by Citi………………………………………..Full Article: Source

LG partner joins Abu Dhabi Investment Authority

Posted on 05 March 2013 by VRS  |  Email |Print

Former Lawrence Graham (LG) technology partner Peter Brudenall has joined the Abu Dhabi Investment Authority (ADIA) in its in-house legal team.
Brudenall co-ordinated LG’s technology, outsourcing and data protection practice out of London, with this portfolio now passed on to partner Jonathan Riley, working under projects head Christopher Tite………………………………………..Full Article: Source

Alaska Permanent Fund amends investment guidelines in infrastructure

Posted on 05 March 2013 by VRS  |  Email |Print

The board of trustees at the Alaska Permanent Fund Corporation (APFC) amended guidelines for investing in infrastructure. Listed infrastructure is now an allowable infrastructure investment which will increase liquidity in the infrastructure portfolio. The board also approved the co-investment process for infrastructure investments.
According to APFC’s press release, “Our internal staff has put together a detailed review process for analyzing infrastructure co-investment opportunities that ensures each investment will see a thorough review,”said Board Chair Bill Moran………………………………………..Full Article: Source

Libya’s sovereign fund cooperating with SEC on Goldman probe

Posted on 04 March 2013 by VRS  |  Email |Print

The Libyan Investment Authority, the nation’s sovereign wealth fund, is cooperating with the U.S. Securities and Exchange Commission on its probe into the fund’s dealings with Goldman Sachs Group Inc. (GS)
The LIA is also considering legal action against Goldman Sachs, the fifth-biggest U.S. bank by assets, to recover losses on its investments, the fund said.
The SEC has been investigating possible violations of U.S. anti-corruption laws by Goldman Sachs for more than a year……………………………………….Full Article: Source

Libya to replace head of sovereign wealth fund

Posted on 04 March 2013 by VRS  |  Email |Print

Libya will replace the head of its sovereign wealth fund, Mohsen Derregia, after the government deemed his performance unsatisfactory, Prime Minister Ali Zeidan said. Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the Libyan Investment Authority (LIA) until a permanent replacement was found.
“The head of the LIA will be changed. This is the government’s policy. Whoever cannot do their job properly will be replaced,” Zeidan said………………………………………..Full Article: Source

Dubai group sells $57mln Onic stake to Omani fund

Posted on 04 March 2013 by VRS  |  Email |Print

An Omani sovereign wealth fund has bought a 41.1 per cent stake in Oman National Investment Corp Holding (ONIC) from a unit of the Dubai ruler’s personal investment firm, the state funds said in a joint statement.
The holding represents 71.3 million shares in ONIC, the statement said. At the last market price of the shares, the stake was worth RO22.1 million ($57.6 million). The stake was sold by Dubai Insurance Group (DIG), which is owned by Dubai Group, part of Sheikh Mohammed bin Rashid al-Maktoum’s Dubai Holding conglomerate………………………………………..Full Article: Source

Omani fund buys ONIC stake

Posted on 04 March 2013 by VRS  |  Email |Print

Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company. ONIC is a leading diversified financial services holding company in Oman and an established player in the field of life and general insurance.
Hassan Al Nabhani, CEO of Oman Investment Fund said; “We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund’s focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development………………………………………..Full Article: Source

Gulf fund buys hotels once owned by Irish investors

Posted on 04 March 2013 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund has paid more than €760 million for a chain of hotels that cost Irish investors £92 million when their bank took control of the business in 2011. The Abu Dhabi Investment Authority (ADIA), a fund operated by the oil-rich gulf state, has bought 42 Marriott-branded hotels in Britain from administrators appointed by Royal Bank of Scotland for $992 million (€761 million).
Irish investors led by the now defunct Quinlan Private and a company controlled by Israeli businessman Igal Ahouvi bought the hotels from Royal Bank of Scotland in 2007 for £1.1 billion………………………………………..Full Article: Source

Qatar’s investments in UK reach QAR 124 bln

Posted on 04 March 2013 by VRS  |  Email |Print

Qatar’s investments in the UK now total over QAR 124 billion, with investments such as stakes in iconic stores Harrods and Sainsbury. The Qatari-British relations are witnessing rapid development, and an increase in bilateral investments.
The volume of trade exchange has registered a rapid growth and reached (QAR 38.5 billion) during six months, particularly between January and July 2012, said a statement cited by the Peninsula. Qatar Investment Authority also owns 20 per cent of Camden Market 95 per cent of the Shard Tower………………………………………..Full Article: Source

Dismissed head of Libya sovereign wealth fund stays put

Posted on 01 March 2013 by VRS  |  Email |Print

Libya will replace the head of its sovereign wealth fund, Mohsen Derregia, after the government deemed his performance unsatisfactory, Prime Minister Ali Zeidan said, but so far he has refused to step down despite being told to do so days ago.
Speaking at a news conference on Thursday, Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the Libyan Investment Authority (LIA) until a permanent replacement was found. “The head of the LIA will be changed. This is the government’s policy. Whoever cannot do their job properly will be replaced,” Zeidan said. “Up until now he has declined to step down but he needs to do that.”……………………………………….Full Article: Source

Libyan fund helping SEC in Goldman probe

Posted on 01 March 2013 by VRS  |  Email |Print

Libya’s sovereign-wealth fund said it is cooperating with the U.S. Securities and Exchange Commission in its ongoing investigation into Goldman Sachs Group Inc. over the securities firm’s dealings with the fund when Col. Moammar Gadhafi was in power.
The Libyan Investment Authority said in a statement that it also hired a law firm to discuss possible actions to recover losses it suffered from investments made in structured-finance products. Before the financial crisis, Goldman and other financial firms sold complex investments to Libya as officials there looked for ways to put some of the fund’s $50 billion in assets to work. Many of the investments plunged in value during the crisis………………………………………..Full Article: Source

Oman Investment Fund acquires 41.13pct stake in Oman National Investment

Posted on 01 March 2013 by VRS  |  Email |Print

Oman Investment Fund (OIF) a sovereign wealth fund of the Sultanate of Oman, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding SAOG (ONIC Holding) from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company.
“We are very pleased that the Oman Investment Fund is acquiring our interest in ONICH and we believe that they are the right partner to support the Group in its next phase of growth in Oman and other GCC countries………………………………………..Full Article: Source

Africa will soon be the hlobal leader in SWFs

Posted on 01 March 2013 by VRS  |  Email |Print

In the coming decade, Africa will become the largest sponsor of sovereign wealth funds (SWFs) on the planet.You probably find it a bit odd that the poorest continent in the world would have the highest number of sovereign wealth funds. But this popularity specifically reflects the struggles that African countries have had with their resource revenue management and, moreover, their desire to break free of the resource curse and grow.
Indeed, the countries above have made the decision to create these special purpose investment vehicles to help them more professionally manage their sovereign assets, and, personally, I think they’re absolutely right to do so. A sovereign wealth fund is an important part of a broad institutional toolkit for resource revenue management………………………………………..Full Article: Source

GIC names Jaensubhakij head of asset management as of April 1

Posted on 01 March 2013 by VRS  |  Email |Print

Government of Singapore Investment Corp., manager of more than $100 billion of the city’s reserves, named Jeffrey Jaensubhakij, 46, as the president of GIC Asset Management.
Jaensubhakij will replace Lim Chow Kiat, who became chief investment officer in February, as of April 1, GIC said in an e- mailed statement today. Jaensubhakij, who joined GIC in 1998, will relinquish his current role as the president Europe and relocate from London to Singapore, according to the statement………………………………………..Full Article: Source

Future Fund gives the flick to tobacco shares

Posted on 01 March 2013 by VRS  |  Email |Print

The Future Fund will drop tobacco producers from its investment portfolio. The chairman of the fund’s board, David Gonski, announced on Thursday that primary tobacco producers would be excluded after a review of investments by the board’s governance committee.
”The board noted tobacco’s very particular characteristics, including its damaging health effects, addictive properties and that there is no safe level of consumption,” Mr Gonski said. ”In doing so, the board also considered its investment policies and approach to environmental, social and governance issues.” ……………………………………….Full Article: Source

Future Fund drops tobacco: Should fossil fuels be next?

Posted on 01 March 2013 by VRS  |  Email |Print

After a year long public campaign, the Future Fund has today announced plans to end its $222 million investment in tobacco.The decision follows much debate about whether the Future Fund should engage in ethical or socially responsible investments. In announcing the move today, the chair of the Future Fund David Gonski commented:
The board noted tobacco’s very particular characteristics including its damaging health effects, addictive properties and that there is no safe level of consumption. In doing so the board also considered its investment policies and approach to environmental, social and governance issues. As a result, the board determined that in this instance it is appropriate to exclude primary tobacco product manufacturers………………………………………..Full Article: Source

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March 2013
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