Mon, Nov 24, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Archive | May, 2013

Norway oil fund may sell out of mines that mistreat workers

Posted on 31 May 2013 by VRS  |  Email |Print

Norway’s $740-billion sovereign wealth fund, the world’s largest, is examining labour conditions in the mining industry and may sell out of firms that violate workers’ rights, the head of the fund’s ethics council said.
The fund could also divest from companies involved in cattle ranching, if working conditions on farms are exploitative, and from firms implicated in illegal or unregulated fishing………………………………………..Full Article: Source

Norway ignores IMF by subsidizing asset bubble: Nordic Credit

Posted on 31 May 2013 by VRS  |  Email |Print

Norway revealed it’s tapping cash to subsidize its overheated housing market after proposing a 50 percent increase in mortgage lending to government employees. The plans to spend more on a market already showing signs of imbalance, revealed in this month’s revised budget, come as the International Monetary Fund urges the government to rein in spending.
Norway, which relies on the world’s largest sovereign wealth fund to keep it debt free, has in the past sold bonds to fund government lending programs while tapping the $740 billion wealth fund to plug budget deficits……………………………………….Full Article: Source

Norway’s Government Pension Fund not addressing climate change

Posted on 31 May 2013 by VRS  |  Email |Print

Norway’s Government Pension Fund has neglected to apply best practice in sustainable investments and is not yet fully addressing the impacts of global warming, according to the World Wildlife Fund, Norway (WWF-Norway). The fund, which is based on petroleum revenues, is currently estimated at $381bn, and is the world’s second largest sovereign wealth fund. More than one per cent of all European stocks are owned by Norway’s Government Pension Fund.
Rasmus Hansson, CEO of WWF-Norway, commented: “Loaded with petroleum cash, Norway has a special responsibility in low carbon development and to help mitigate impacts from global warming on hundreds of millions of the world’s poor………………………………………..Full Article: Source

SOFAZ aims to invest in real estate in developed markets

Posted on 31 May 2013 by VRS  |  Email |Print

The state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — as a long-term investor is seeking stability of its real estate investments and thus aims to invest in assets in developed markets with long-term profitability.
SOFAZ Executive Director Shahmar Movsumov said that currently the Fund is studying the possibility of acquiring commercial property in Asia and Australia. “In particular, SOFAZ representatives have visited Seoul and Shanghai, as well as the major Australian cities Melbourne and Sydney in order to find high-quality commercial real estate,” Movsumov said………………………………………..Full Article: Source

China and Qatar can solve construction risk problem, says IUK chief

Posted on 31 May 2013 by VRS  |  Email |Print

Chinese and Qatari sovereign wealth funds are being targeted by the Treasury to offset an “irrational aversion” to construction risk which is delaying projects, the head of Infrastructure UK. Geoffrey Spence has said.
“It’s not because we have a preference for [sovereign wealth funds] investing in these projects, but because in some cases they may be a source of construction equity – certainly I think that’s true for Chinese investors,” he said………………………………………..Full Article: Source

Chinese SWF shifts focus to U.S. real estate; How this will affect home prices

Posted on 31 May 2013 by VRS  |  Email |Print

One of the biggest fears for investors is to buy at the top of any market. This is a natural reaction because most of us were taught since childhood to do the opposite. For example, my parents always emphasized the importance of buying products when they’re on sale.
Some people view the significant rise in home prices with apprehension, believing that these prices have risen too far. While it is true that home prices have risen substantially, as long as interest rates remain low, there is potential for further capital appreciation………………………………………..Full Article: Source

NZ Superannuation Fund appoints Leadenhall to $275mln insurance-linked mandate

Posted on 31 May 2013 by VRS  |  Email |Print

London based insurance-linked securities and reinsurance-linked investment manager Leadenhall Capital Partners has secured a major new $275m investment mandate from the New Zealand Superannuation Fund. It’s not the NZ Superannuation Fund’s first allocation to insurance-linked securities but it is the largest allocation to catastrophe and reinsurance linked assets the Fund has made to date.
The NZ Superannuation Fund has appointed Leadenhall Capital Partners to manage a US$275m mandate which is focused on natural catastrophe reinsurance linked investments, including direct reinsurance linked assets as well as catastrophe bonds………………………………………..Full Article: Source

Alaska Permanent Fund to free up $300mln for real estate

Posted on 31 May 2013 by VRS  |  Email |Print

The Alaska Permanent Fund Corporation has earmarked approximately $300m (€233m) to invest real estate after it increased the maximum leverage allowed in its real estate portfolio from 25% to 35% and adding a 50% leverage maximum on any one property.
Mike Burns, executive director for Alaska, said: “We have seen how low the current interest rates are now, and we wanted to take advantage of this situation………………………………………..Full Article: Source

Norway oil fund may divest from mines that mistreat workers

Posted on 30 May 2013 by VRS  |  Email |Print

Norway’s $740-billion (U.S.) sovereign wealth fund, the world’s largest, is examining labour conditions in the mining industry and may sell out of firms that violate workers’ rights, the head of the fund’s ethics council said.
The fund could also divest from companies involved in cattle ranching, if working conditions on farms are exploitative, and from firms implicated in illegal or unregulated fishing………………………………………..Full Article: Source

Abu Dhabi SWF doubles Chinese equity exposure

Posted on 30 May 2013 by VRS  |  Email |Print

The emerging markets – most notably China – will form a cornerstone of one of the world’s second largest sovereign wealth fund’s investment plans for the coming year, the Abu Dhabi Investment Authority ADIA has announced. In its 2012 annual review, ADIA said it is attempting to reflect a changing ‘economic leadership’ in the world economy, which has seen it reduce its exposure to developed markets.
One of the largest recipients of its allocation shift towards emerging markets is China. ADIA said it will increase its allocation in Chinese equities from $200 million to $500 million having received approval from the Chinese market regulator in 2012………………………………………..Full Article: Source

Abu Dhabi sovereign fund to build currency printing unit

Posted on 30 May 2013 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, will build the first currency printing unit in the emirate, the country’s central bank said on Wednesday.
The central bank first announced plans to set up a currency mint in Abu Dhabi in December 2009, but the project never took off. The currency printing unit, which will be built by ADIA, will cater to demand from other markets, the statement said. No details were given about the cost or when the currency mint would be ready………………………………………..Full Article: Source

Chinese sovereign fund shifts focus to U.S. real estate

Posted on 30 May 2013 by VRS  |  Email |Print

Americans aren’t the only ones considering real estate as part of their investment strategy. Recent reports state that China is considering diversifying its foreign exchange reserves, totaling approximately US$3.4 trillion, into U.S. real estate. With the Chinese investment strategy in the past based primarily on investing in U.S. government debt, considering how little this asset class is currently yielding, it does make sense for the Chinese to look at diversifying into other sectors.
When looking at the potential for home prices to continue rising versus U.S. government debt, this diversification seems quite prudent. The ramifications for American home prices could be substantial. It really depends on how China goes about allocating its investment strategy. There are already shortages in many real estate markets across the U.S., which is part of the reason home prices have moved up so quickly………………………………………..Full Article: Source

Azerbaijan Oil Fund weighs buying yuan after Aussie, Lira, Ruble

Posted on 30 May 2013 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, is considering investing in the Chinese yuan as it broadens expansion into new currencies to diversify reserves.
“We are currently exploring the Chinese currency,” Sofaz Executive Secretary Shahmar Movsumov told reporters today in Baku, the Azeri capital. “There are some institutional problems to resolve. Investors cannot just come and invest in China any time they wish. There are some very strict terms.”……………………………………….Full Article: Source

SOFAZ may restructure its currency portfolio

Posted on 30 May 2013 by VRS  |  Email |Print

The state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — has announced that it is interested in restructuring its currency portfolio. SOFAZ Head Shahmar Movsumov said that the fund is considering the inclusion of Yuan in its currency portfolio.
However, Movsumov said there are certain “problems of institutional nature” with the issue of investing in the Chinese currency, as China has very strict investment conditions, which are currently being considered by the state oil fund………………………………………..Full Article: Source

Why does nobody want China’s top SWF job?

Posted on 29 May 2013 by VRS  |  Email |Print

China’s $500 billion sovereign wealth fund is reportedly struggling to fill its head position due to the pressure of handling what the Chinese press are calling ‘the hot potato’.
Previous media reports had suggested Tu Guangshao, Shanghai’s vice-mayor and a man who has a strong background in securities management, had been cast as the shoe-in replacement for the outgoing chairman of the China Investment Corporation (CIC) Lou Jiwei. But it appears the former Bank of China and Shanghai Stock Exchange employee is now reluctant to take the top job………………………………………..Full Article: Source

China names key banker to head sovereign fund

Posted on 29 May 2013 by VRS  |  Email |Print

China’s massive sovereign wealth-fund has named a senior executive at the country’s largest bank, the Industrial & Commercial Bank of China (ICBC), as the head of its supervisory board. China Investment Corp. said on Monday that the decision was “rendered by the State Council of the People’s Republic of China on May 17th, 2013”.
“Mr. Li Xiaopeng has been appointed Chairman of Board of Supervisors of China Investment Corporation (CIC) and Mr. Jin Liqun will no longer serve as Chairman of the Supervisory Board of CIC,” the statement said………………………………………..Full Article: Source

China’s SAFE eyes American real estate, reports say

Posted on 29 May 2013 by VRS  |  Email |Print

China’s official overseer of foreign-currency reserves is considering real estate and other investments in the United States. Bloomberg News on Monday cited two people with direct knowledge of the situation as saying that the State Administration of Foreign Exchange, or SAFE, began studying the possibility of investing in US real estate after noting signs of a recovery in the country’s property market.
China may acquire real estate, invest in real estate funds or buy stakes in property companies, according to Bloomberg’s sources, who requested anonymity because they weren’t authorized to speak publicly about the matter. The safety of the investments will be SAFE’s top priority, the sources said………………………………………..Full Article: Source

Abu Dhabi moves further from external fund managers…

Posted on 29 May 2013 by VRS  |  Email |Print

One of the largest pools of institutional assets has moved a considerable part of its capital away from external asset managers over the last 12 months and increased its internal team.
The Abu Dhabi Investment Authority (ADIA) has brought five percentage points of its considerable assets under the auspices of its in-house investment team, its 2012 annual report has revealed this week. ADIA said at the end of 2012, some 75% of its assets were managed internally, down from approximately 80% a year earlier………………………………………..Full Article: Source

Wealth funds buy into VTB $3.3bln share issue

Posted on 29 May 2013 by VRS  |  Email |Print

Norway’s sovereign wealth fund is now the second-largest investor after the state in VTB, Russia’s state bank, following the privatisation of a 14 per cent government stake this month.
It was the second significant stake in a state bank to be sold as part of plans to privatise Russian banks announced in June 2012. In September, the central bank sold a 7.6 per cent share in Sberbank, Russia’s largest bank, bringing the government ownership to 50 per cent plus one share………………………………………..Full Article: Source

Abu Dhabi Investment Authority cuts exposure to developed market equities in 2012 review

Posted on 28 May 2013 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund by assets under management, in a review on Monday of its 2012 performance said that up to 42 per cent of its portfolio was invested in developed market equities. The figure marked a cut in its exposure to the developed markets, compared to a year earlier.
In its 2011 performance review, Adia had said that up to 45 per cent of its overall portfolio had been invested in developed market equities……………………………………..Full Article: Source

Abu Dhabi shifting gears

Posted on 28 May 2013 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is lowering its targeted exposures to developed markets as it takes a more active role in managing its own investments, according to an annual review released Monday.
The fund, which is estimated by the Sovereign Wealth Fund Institute to have assets in excess of $600 billion, cut its allocation targets to developed-market equities to between 32% and 42% of its portfolio, the review said. The range had been between 35% and 45% since the fund started publishing annual reviews in 2009, giving outsiders their first peek at its investment strategies and returns……………………………………..Full Article: Source

Abu Dhabi Investment Authority went through vendor selection process in 2012

Posted on 28 May 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority’s (Adia) Fixed Income & Treasury Department went through a successful vendor selection process in 2012 to install a new market-leading technology system that will be specifically tailored to ADIA’s needs.
“The new system will support the Department’s portfolio management and decision-making activities, including risk management and performance attribution, and is due to be fully implemented during 2013 and 2014,” Adia said in its latest review……………………………………..Full Article: Source

Abu Dhabi fund turning to emerging markets

Posted on 28 May 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority is reducing target exposures to developed market stocks and looking for growth in emerging markets, the sovereign wealth fund that is one of the world’s biggest investors said on Monday.
In an annual review which provides rare insights into the strategy of ADIA’s executives, it also gave an ominous signal to asset management firms hoping for its business - it is handling more of its investment in-house and relying less on index funds……………………………………..Full Article: Source

Abu Dhabi wealth fund cutting reliance on external managers

Posted on 28 May 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority, among the world’s biggest sovereign wealth funds, is curbing reliance on outside fund managers and reducing holdings in developed- world shares in favor of emerging market investments.
The fund counts on external investors to manage about 75 percent of assets, down from 80 percent in 2011, it said in its annual report for last year released today. ADIA, as the fund is known, also reported that 55 percent of its assets are invested in so-called index-replicating strategies, down from 60 percent, as it boosts investments in alternative assets……………………………………..Full Article: Source

China wealth fund appoints ICBC executive to key post

Posted on 28 May 2013 by VRS  |  Email |Print

China’s massive sovereign wealth-fund named a longtime senior executive at China’s largest bank as the head of its supervisory board, in the latest reshuffling of China’s key government and corporate posts.
China Investment Corp. said on Monday that Chinese leaders had appointed Li Xiaopeng, a vice president at Industrial & Commercial Bank of China Ltd., as head of the board, which is responsible for monitoring the behavior of the fund’s directors and executives. The CIC appointment announced on Monday was made by the State Council, China’s cabinet……………………………………..Full Article: Source

Abu Dhabi fund ADIA turning to emerging markets

Posted on 28 May 2013 by VRS  |  Email |Print

China Investment Corp (CIC) has not had a chairman for about three months Former chairman Lou Jiwei was promoted to finance minister Candidates most likely are: Jiang Jianqing (chairman of Industrial and Commercial Bank of China), Huang Qifan (mayor of Chongqing,currently), Gao Xiqing (currently CIC’s vice-chairman and president), Tu Guangshao (who is now deputy mayor of Shanghai, overseeing the development of the finance industry there) CIC manages around US$480 billion.……………………………………Full Article: Source

Qatar fund eyes $200mln RMZ deal

Posted on 28 May 2013 by VRS  |  Email |Print

An affiliate of Qatar Investment Authority is holding discussions to invest about $200 million, Rs 1,200 crore, in RMZ Corp, one of south India’s largest commercial developers, said people directly involved with the talks.
The deal could be a combination of equity and debt, split equally, into a special purpose vehicle housing the Bangalore based developer’s commercial projects under development. The discussions are routed through Qatar Investment Company, a part of the oil rich Middle East nation’s sovereign wealth fund (SWF), added sources cited earlier in this report……………………………………..Full Article: Source

Qatar wins green light for London Shell Centre

Posted on 28 May 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has secured local government approval to build almost 900 homes and eight office blocks at the site of Royal Dutch Shell’s London headquarters.
Qatari Diar Real Estate Investment, the property unit of the gas-rich Gulf state’s wealth fund, has been given the nod for the project by the UK capital’s Lambeth Borough Council. It will be built alongside Canary Wharf Group, which owns the financial district of the same name……………………………………..Full Article: Source

Nigeria: Sovereign investment authority swings into action

Posted on 28 May 2013 by VRS  |  Email |Print

The Federal Government may have scored a big point with the recent inauguration of the board of the Sovereign Wealth Authority, the investment arm of the Sovereign Wealth Fund, which last week expressed its readiness to go anywhere in the world to get the best deals for the country to justify the investment of the Nigerian people.
The Sovereign Wealth Fund, inaugurated in October, was set up to invest savings made from the difference between budgeted oil prices and actual market prices……………………………………..Full Article: Source

Nigeria: 1 South Africa: 0

Posted on 28 May 2013 by VRS  |  Email |Print

A principal African country is to begin investing its new sovereign wealth fund (SWF) next month, but another of the continent’s major economies cannot find the spare cash to start one. After much debate and discussion, the Nigerian SWF is to take shape next month, government officials have said.
After months of “will-they, won’t-they?” posturing, the Nigeria Sovereign Investment Authority, the body to manage the fund, has announced plans to kick off its activities, the country’s Guardian newspaper reported……………………………………..Full Article: Source

Nobody wants to be in charge of spending $500 bln in China’s sovereign wealth fund

Posted on 28 May 2013 by VRS  |  Email |Print

Running China’s main sovereign wealth fund is a powerful job that a series of powerful leaders and executives don’t seem to want. The chairman’s position has been left open at the China Investment Corporation since Lou Jiwei left in March to become China’s finance minister. “Those with the right qualifications don’t want the job. Those who want the job don’t have the right qualifications,” one CIC executive told the Financial Times (paywall).
Several candidates seem to think the job is cursed, in part because CIC’s hasty investments in its first few years of operation from 2007 may include some potential disasters—and that doesn’t include well-known debacles like the fund’s investments in Morgan Stanley and Blackstone. Potential CIC bosses are worried that the blame for additional losses will be pinned on them……………………………………..Full Article: Source

Power struggle in Beijing leaves CIC leaderless

Posted on 28 May 2013 by VRS  |  Email |Print

Empty chair in sovereign wealth fund’s corner office worries investment industry observers and casts shadow over economic reform plans. China’s US$480 billion sovereign wealth fund may well have to wait a few more months before it gets its new chairman, thanks to a power struggle in Beijing.
The chairman’s office at China Investment Corp (CIC) has been empty for about three months since former chairman Lou Jiwei , who helped establish CIC in 2007, was promoted to become finance minister as part of the Communist Party’s once-a-decade leadership transition earlier this year……………………………………..Full Article: Source

China struggles to find head for CIC sovereign wealth fund

Posted on 28 May 2013 by VRS  |  Email |Print

China is struggling to find a new head for its $500bn sovereign wealth fund after two leading candidates declined the job out of fear it would prove a poisoned chalice, according to people with knowledge of the situation.
China Investment Corporation has been without a chairman since March when its former head Lou Jiwei became finance minister. The search for a replacement appears set to continue as the latest nominee, Shanghai vice-mayor Tu Guangshao, is very reluctant to take the job, the people said. They added that Yi Gang, a central bank deputy governor, had already declined the post……………………………………..Full Article: Source

Norway oil fund rebuked over OECD guidelines breach

Posted on 28 May 2013 by VRS  |  Email |Print

Norway’s oil fund will on Monday be officially rebuked for violating OECD guidelines over its investment in South Korean steelmaker Posco, in an embarrassment for the world’s largest sovereign wealth fund.
In a sign of the growing scrutiny the Norwegian government-backed fund is facing, the local contact point for the OECD guidelines on multinational enterprises will conclude that it “lacks a strategy for identifying and handling possible violations of human rights in the company [it] invests [in]”……………………………………..Full Article: Source

OECD monitor criticises Norway wealth fund on ethical investment policy

Posted on 28 May 2013 by VRS  |  Email |Print

Norway’s oil fund, the world’s largest sovereign wealth fund, has no strategy for dealing with possible violations of human rights by the companies in which it invests, an independent committee set up to safeguard OECD ethical guidelines said.
The Norwegian committee pointed to the fund’s investment in South Korean steel maker POSCO, which plans to build a $12 billion steel plant in India, saying the fund was not doing enough to protect against human rights breaches……………………………………..Full Article: Source

Kazakhstan’s National Oil Fund could be a possible source to finance infrastructure projects

Posted on 28 May 2013 by VRS  |  Email |Print

Asian Development Bank believes the Kazakhstan’s National Oil Fund could be a possible source to finance infrastructure projects in Kazakhstan, Newskaz.ru reports, citing Lakshmi Venkatachalam, ADB Vice-President for Private Sector and Cofinancing Operations, as saying.
“Regardless of the impressive development of Kazakhstan for the last two decades, the country’s infrastructure still calls for vast investments - the country’s National Oil Fund, Samruk-Kazyna Sovereign Wealth Fund, pension funds, as well as the internal and external money markets can be sources to finance infrastructure projects”, Ms. Venkatachalam said when speaking at the sitting of the Foreign Investors Council held in Astana……………………………………..Full Article: Source

Alaska Permanent looks to boost internal staff to bring some investments in-house

Posted on 28 May 2013 by VRS  |  Email |Print

Alaska Permanent Fund Corp. will create three internally managed investment programs, confirmed spokeswoman Laura Achee. The $47.1 billion Juneau-based sovereign wealth fund will create programs to internally manage public equity as well as absolute-return and private equity co-investments.
The private equity program will be implemented first, but the fund first needs legislative approval to add staff for each program, Ms. Achee said in a telephone interview……………………………………..Full Article: Source

Singapore’s Temasek bought some of Goldman’s ICBC shares, lifting stake

Posted on 22 May 2013 by VRS  |  Email |Print

Singapore sovereign wealth fund Temasek has again taken up shares in the Industrial and Commercial Bank of China (ICBC) that Goldman Sachs wanted to unload. Temasek’s stake in the bank rose to 7.04 per cent from 6.71 per cent after it paid HK$1.54 billion for 280 million ICBC shares. Hong Kong stock exchange data showed that Temasek paid an average of HK$5.50 per share.
Goldman raised US$2.5 billion from the sale of ICBC H shares in April last year. Temasek bought most of them, some US$2.3 billion worth. The sovereign wealth fund is keen to invest in mainland banks, and it has allocated more than half its portfolio to Asia………………………………….Full Article: Source

Temasek Increases ICBC Stake as Goldman Exits

Posted on 22 May 2013 by VRS  |  Email |Print

Temasek Holdings Pte (TMSK), Singapore’s state-owned investment company, boosted its stake in Industrial & Commercial Bank of China Ltd. for the third time in a year as Goldman Sachs Group Inc. (GS) ended an investment in the lender.
Temasek bought 280 million shares in the world’s largest bank by market value at an average price of HK$5.50 a share, or a total of HK$1.54 billion ($198 million), according to a Hong Kong stock exchange statement………………………………….Full Article: Source

Temasek takes 10pct stake in Markit

Posted on 22 May 2013 by VRS  |  Email |Print

Singapore state investment company Temasek Holdings Pte. Ltd. has bought a significant stake in U.K. financial data provider Markit Group Ltd., according to a press release by Markit. Temasek will take an approximately 10% stake in the investment of about $500 million, a person familiar with the matter said.
Markit was initially founded by a group of investment banks as a provider of credit default swap pricing and has since branched out into other financial markets. The original shareholders have since sold down their stakes to a variety of private equity firms and investment funds………………………………….Full Article: Source

Handling the hot potato

Posted on 22 May 2013 by VRS  |  Email |Print

The presumed next leader of China’s sovereign wealth fund may look inward for growth. Although still not officially confirmed, it has been widely reported that Tu will take over as chairman of CIC. Most of the foreign press coverage has focused on CIC’s role in investing a major portion of China’s US$3.2 trillion in foreign exchange reserves overseas.
The US$482 billion fund has made many high profile investments, such as one in London’s Heathrow Airport last year………………………………….Full Article: Source

Nigeria: Investment in sovereign wealth fund starts June with $200mln

Posted on 22 May 2013 by VRS  |  Email |Print

Barely seven months after the inauguration of the board of the Nigerian Sovereign Investment Authority (NSIA), the organisation has said it would commence investment of the $1 billion Sovereign Wealth Fund with initial $200 million from next month.
The managing director the NSIA, Dr Uche Orji, stated yesterday in Abuja that the NSIA is now fully operational and that the board has already met three times to approve the Investment Policy Statement as well as make allocation to the three different funds, namely the Stabilisation Fund, the Future Generation Fund and the Nigerian Infrastructure Fund………………………………….Full Article: Source

Nigeria: ‘sovereign wealth fund to invest $850mln’

Posted on 22 May 2013 by VRS  |  Email |Print

The investment arm of the Sovereign Wealth Fund (SWF) – the Nigeria Sovereign Investment Authority (NSIA) – has approved an investment allocation of $850 million for the three investment windows of the SWF.
Managing Director/CEO of NSIA, Mr. Uche Orji, said the Future Generations Fund and the Nigeria Infrastructure Fund will each get $325 million or 32.5 per cent while the Stabilisation Fund will receive $200 million or 20 per cent. He spoke yesterday on the commencement of the operations of the NSIA. The remaining 15 per cent of $150 million, he said “will be kept as unallocated for now, and used to top up each of the ring-fenced funds, as opportunities arise.”…………………………………Full Article: Source

Canary Wharf, Qatar win approval for London Shell Centre Project

Posted on 22 May 2013 by VRS  |  Email |Print

Canary Wharf Group Plc and Qatar’s sovereign-wealth fund won local-government approval to build 877 homes and eight office towers at the site of Royal Dutch Shell Plc (RDSA)’s London headquarters on the banks of the River Thames.
A joint venture between the fund’s Qatari Diar Real Estate Investment unit and Canary Wharf gained Lambeth Borough Council’s permission to construct eight buildings totaling about 76,000 square meters (820,000 square feet) of space and ranging from five to 37 floors at Shell Centre. The tower occupied by Shell since the 1960s will remain part of the development………………………………….Full Article: Source

Gulf wealth funds raising private equity investments: Study

Posted on 21 May 2013 by VRS  |  Email |Print

Sovereign wealth funds in the Gulf Arab region are raising their allocations to private equity investments at a faster rate than other types of investment, US fund manager Invesco says in a new study.
“Contrary to popular perceptions these vast state funds are not piling into global property and global infrastructure projects,” Nick Tolchard, head of Invesco Middle East said. “As well as a rise in co-investment deals, over and above private equity funds we are seeing an emergence of direct private equity investments coming out of SWFs.”………………………………..Full Article: Source

Nigeria sovereign wealth fund to start investing in June

Posted on 21 May 2013 by VRS  |  Email |Print

Nigeria’s $1 billion sovereign wealth fund will start investing in June, as its board has approved the investment policy statements for the three funds it includes, Chief Executive Officer Uche Orji said.
The SWF, inaugurated in October, was set up to invest savings made from the difference between budgeted oil prices and actual market prices. Africa’s biggest oil producer relies on crude exports for more than 90 percent of foreign income and about 80 percent of government revenue, according to the central bank, making it vulnerable to swings in prices…………………………………Full Article: Source

Nigeria sovereign wealth authority unfolds initial $525 mln investment

Posted on 21 May 2013 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) on Monday said it would open its investment portfolio with the injection of $525million for the take-off of projects under the Stabilization Fund and the Future Generation Fund early next month.
NSIA is a savings fund established by the Nigeria Sovereign Investment Authority (Establishment) Act 2011 and financed by the Federal Government to build a savings and investments base from the country’s hydrocarbon wealth…………………………………Full Article: Source

SA scraps sovereign wealth fund plans

Posted on 21 May 2013 by VRS  |  Email |Print

South Africa has shelved plans to set up a sovereign wealth fund - which will manage the country’s foreign reserves - due to declining metal prices.
“The creation of a sovereign wealth fund is best timed with stable or rising commodity prices,” Economic Development Minister Ebrahim Patel said in a written reply to a parliamentary question published on his ministry’s website on Monday…………………………………Full Article: Source

No sovereign wealth fund for SA

Posted on 21 May 2013 by VRS  |  Email |Print

The government has quietly dropped plans to establish a South African sovereign wealth fund originally mooted to help manage the country’s foreign reserves and to stabilise the value of the rand.
Economic Development Minister Ebrahim Patel, in reply to Freedom Front Plus MP Corné Mulder, said the creation of such a fund “is best timed with stable or rising commodity prices. In light of market conditions, no immediate steps are contemplated”………………………………..Full Article: Source

Qatar still showing interest in Versace

Posted on 21 May 2013 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is still looking at making an offer to buy into Italian fashion house Gianni Versace SpA, an Italian business daily reports, citing anonymous financial sources.
Qatar Holding LLC of the Qatar Investment Authority would make an offer alongside Italy’s own state investment fund, Fondo Strategico Italiano, or Fsi, daily Il Sole 24 Ore says in a report published over the weekend…………………………………Full Article: Source

banner
May 2013
M T W T F S S
« Apr   Jun »
 12345
6789101112
13141516171819
20212223242526
2728293031