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Sovereign Wealth Funds Briefing - Archive | July, 2013

Norway: New government may split oil fund

Posted on 31 July 2013 by VRS  |  Email |Print

Norway’s enormous sovereign wealth fund, known as the “oil fund,” looks set to be split up into several different funds if a new, non-socialist government takes over after the September 9 national election. All of its potential members think some fund spin-offs can boost earnings and competition.
Today’s oil fund, officially known as Statens pensjonsfond – utland (the state pension fund that invests abroad), is made up of revenues from Norway’s oil and gas production that are stashed away for future generations. It’s grown enormously since being formed in the 1990s, thanks in part to high oil prices, and is expected to have average annual returns of 4 percent………………………………………..Full Article: Source

China wealth fund sees new challenges with slowing QE

Posted on 31 July 2013 by VRS  |  Email |Print

China Investment Corp. is anticipating new challenges for institutional investors as developed economies start to taper their quantitative easing programmes, according to its latest annual report.
Chairman and CEO Ding Xuedong said: “As major developed economies embark on tapering their Quantitative Easing programmes, volatility of global financial markets will be further increased, creating new challenges for institutional investors.”……………………………………….Full Article: Source

Malaysia’s Khazanah: Not just a SWF but a “nation building institution”

Posted on 31 July 2013 by VRS  |  Email |Print

Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia, stands out among global sovereign wealth funds (SWF) as a leading example of how such a fund can be an engine of economic development for the country — ”a national building institution,” as it likes to refer to itself. Khazanah — literally meaning treasure — also has the distinction of being actively involved in Islamic finance, widely held as the fastest growing segment in global finance.
Khazanah commenced operations in 1994; at that time its mandate was primarily as passive custodian of the government’s shares in national agencies, which had been privatized………………………………………..Full Article: Source

Foreign investors & SWFs bullish on Indian realty

Posted on 31 July 2013 by VRS  |  Email |Print

Global investors are once again warming up to India’s real estate and have raised nearly $2 billion (Rs 11,854 crore) in the past year despite the economic uncertainties and the scepticism surrounding this sector.
Some of the large investments include Abu Dhabi Investment Authority (ADIA) backing Kotak Realty fund, and Sovereign Fund of Oman investing in HDFC. While realty funds are cautious, they are looking for future opportunities as well. Sovereign wealth fund of Gulf ADIA has invested in the offshore fund of Kotak Realty Funds. ADIA, owned by the Emirate of Abu Dhabi, has also appointed Aditya Bhargava, an India-dedicated investment manager, to look at options to invest in the country………………………………………..Full Article: Source

Alaska Permanent commits $1.75bln to Blackstone, Carlyle

Posted on 31 July 2013 by VRS  |  Email |Print

The Alaska Permanent Fund has made commitments to several private-equity funds run by the Blackstone Group and the Carlyle Group.
The $42 billion fund’s board of trustees committed $1 billion to two Blackstone funds and $750 million Carlyle. Half of the Blackstone commitment will go to the Blackstone Strategic Holdings Fund, and the other half to a no-fee fund that makes co-investments alongside that fund………………………………………..Full Article: Source

Malaysia’s Khazanah to buy Turkish insurer for $250 mln

Posted on 30 July 2013 by VRS  |  Email |Print

A unit of Malaysia’s sovereign wealth fund Khazanah Nasional Bhd will pay $252 million to buy a 90 percent stake in Turkey’s third-largest insurer by market share, Acibadem Sigorta, Khazanah said on Monday.
Acibadem Sigorta is a 50-50 venture between a holding company owned by Dubai-based Abraaj Group and Mehmet Ali Aydinlar, the founder of Turkey’s Acibadem health group. Aydinlar will now own the remaining 10 percent of Acibadem after Khazanah’s unit Avicennia completes the purchase, Khazanah said………………………………..Full Article: Source

Confirmed: Malaysian fund buys 90 pct of Turkey-based insurer

Posted on 30 July 2013 by VRS  |  Email |Print

Malaysia’s state-run investment fund Khazanah Nasional Berhad has bought 90 percent of Turkey-based health insurer Acıbadem Sigorta for $250 million. Emerging markets private equity firm Abraaj Group has agreed to sell its 50 percent stake in Acıbadem Sigorta to Khazanah Nasional Berhad, Abraaj has said in an emailed statement.
Khazanah Nasional also bought a 40 percent stake in the insurance firm held by Turkey’s Aydınlar family for cash, the statement said, without giving further financial details. Mehmet Ali Aydınlar will remain to be the chairman of Acıbadem Sigorta as holding a 10 percent of the company………………………………..Full Article: Source

Dunia’s net profit jumps 91pct on year

Posted on 30 July 2013 by VRS  |  Email |Print

Dunia Finance, an Abu Dhabi-based company in which the emirate’s sovereign wealth fund Mubadala Development Company owns a stake, said yesterday it posted a net income of Dh55.6 million in the first half of 2013, 91 per cent higher than the corresponding period the previous year.
“New customer acquisition, alongside a deepening of relationships with existing customers, helped Dunia deliver strong top line revenue and income growth. During the first half, the company saw revenues of Dh166.4 million, up 27 per cent from Dh131.3 million compared to the first half of 2012,” the finance company said in a statement………………………………..Full Article: Source

Mismanagement clouds Iraq development fund’s future

Posted on 30 July 2013 by VRS  |  Email |Print

Iraq needs to enhance its wealth management policies, especially as the flow of oil revenues is set to fill the government’s coffers over the coming years, according to the International Monetary Fund (IMF). Frank Gunter, an economic advisor at the Multi National Force in Iraq, notes that establishing an SWF was one of the eight objectives of the Financial and Monetary Sector in the National Development Plan 2010-2014.
“A sovereign wealth fund (SWF) could help manage excess fiscal reserves more aggressively,” said the IMF. “Emerging resource exporters also use SWFs to generate returns abroad which cannot be productively invested at home. In addition, SWFs absorb excess liquidity and reduce inflationary pressure, which are typical macroeconomic challenges in natural resource-rich countries due to the size of export revenues.”……………………………….Full Article: Source

China wealth fund CIC returns to profit growth in 2012

Posted on 29 July 2013 by VRS  |  Email |Print

China’s $500 billion sovereign wealth fund, China Investment Corp (CIC), returned to profit growth in 2012, citing growing traction in the global recovery at the end of the year and a steady improvement in risk asset prices.
CIC was created in 2007 to earn higher returns from riskier investments such as commodities, private equity and hedge funds for part of China’s $3.4 trillion foreign exchange reserves. In 2011, the fund reported its first-ever decline in profit due to market weakness amid Europe’s debt crisis………………………………………..Full Article: Source

China wealth fund CIC posts 10.6pct return as equity rally

Posted on 29 July 2013 by VRS  |  Email |Print

China Investment Corp., created to manage part of the nation’s $3.5 trillion of foreign-currency reserves, reported a 10.6 percent return on its overseas investments last year as global equities rallied.
Net income at the $575 billion sovereign wealth fund, which also holds the government’s stakes in China’s biggest banks, rose to $77.4 billion from $48.4 billion in 2011, Beijing-based CIC said in its annual report yesterday. Its overseas investment returns compared with a 4.3 percent loss in 2011 amid declines in global commodity prices………………………………………..Full Article: Source

China wealth fund CIC says net profit up 60 pct y/y in 2012

Posted on 29 July 2013 by VRS  |  Email |Print

China’s sovereign wealth fund, China Investment Corp., reported a 2012 net profit of $77.4 billion, up 60 percent from the previous year when it had posted its first-ever dip in profit.
CIC’s return on overseas investment reached 10.6 percent in 2012, compared to a negative 4.3 percent in 2011. Earlier this month China formally named career bureaucrat Ding Xuedong as the new chairman of CIC, ending a months-long search for a head of the $500 billion fund………………………………………..Full Article: Source

China sovereign fund added stocks, cut bonds

Posted on 29 July 2013 by VRS  |  Email |Print

China Investment Corp. significantly increased its public equities holdings while cutting those of fixed-income securities and cash, a strategy that helped the $575 billion sovereign-wealth fund post a 10.60% return on its global portfolio last year compared with a 4.3% loss in 2011.
CIC said in its 2012 annual report released Friday that public equities made up 32.0% of its global portfolio at the end of last year, up from 25% at the end of 2011. Long-term and “absolute return” assets, which include direct investments in non-public companies as well as private equity and hedge funds, together accounted for 45.1% of its portfolio, up from 43.0%………………………………………..Full Article: Source

CIC boosts internal structure as Lou Jiwei bids adieu

Posted on 29 July 2013 by VRS  |  Email |Print

The outgoing chairman of China’s largest sovereign wealth fund has written of experiencing a range of emotions at the helm of the institution in its latest annual report. Lou Jiwei said he was privileged to serve as the founding Chairman of the China Investment Corporation (CIC) alongside its “dedicated staff”.
“My 2,000 days at CIC took me through a wide spectrum of feelings-the joy of achievement, the distress of setbacks and the pride of seeing the company grow, thrive and aspire to greater success,” Lou wrote in the report released today. “I will hold these memories dear to my heart. For a young company like CIC, it is a pioneering effort to build a diversified investment platform and a global multi‑asset portfolio.”……………………………………….Full Article: Source

China wealth fund CIC in talks with Alibaba - official media

Posted on 29 July 2013 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corp. is in unspecified talks with Alibaba Group, the official People’s Daily reported on Friday. The paper said CIC mentioned the discussions at a briefing for Chinese media on Friday, but did not disclose the nature of them and did not give details.
CIC invested in Alibaba in September last year to help the group fund a partial buy-back of Yahoo! Inc’s stake in the e-commerce company. Alibaba is currently preparing an initial public offering, after delisting subsidiary Alibaba.com in 2012………………………………………..Full Article: Source

New role at Temasek “a good challenge”: Lim Boon Heng

Posted on 29 July 2013 by VRS  |  Email |Print

Lim Boon Heng, who will take over as Chairman of Temasek Holdings next month, has described his appointment as “a good challenge”. Mr Lim, a former cabinet minister and ex-NTUC Secretary-General, is currently a board member at Temasek Holdings.
Speaking to reporters on the sidelines of a scholarship presentation ceremony on Saturday morning, Mr Lim said he finds the staff at Temasek Holdings well-qualified, gifted and driven. Mr Lim said: “Working as a team, there is a great alignment of the interest of individual and the interest of the company. And there is good corporate governance, which means that things are done properly, and the systems are such that we ensure that everything is done right to the best of our knowledge.”……………………………………….Full Article: Source

Singapore GIC, Mitsubishi weigh Urenco bid-paper

Posted on 29 July 2013 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and Japanese conglomerate Mitsubishi are considering making a bid for European nuclear fuel maker Urenco, Britain’s Sunday Times reported, without citing sources.
Britain wants to privatise its one-third stake in uranium enrichment firm Urenco. German utilities E.ON and RWE , who together own a third, also want to sell, but the Dutch government is debating what to do with its 33 percent stake………………………………………..Full Article: Source

SWF from Saudi Arabia along with Korean firm to establish venture firm in West Africa

Posted on 29 July 2013 by VRS  |  Email |Print

A sovereign wealth fund from the Kingdom of Saudi Arabia and a diversified industrial Korean firm had signed a memorandum of understanding for the formation of a joint venture enterprise in West Africa. The Islamic Corporation for the Development of the Private Sector, or ICD, signed an agreement with Kolon Group of South Korea to invest in a pharmaceutical plant in Cote d’Ivoire. The ICD is the private sector arm of the Jeddah, Saudi Arabia-based Islamic Development Bank Group.
The group of investors wanted to set up a joint venture company in the Western African region. They will start by investing in a pharmaceutical plant in the Republic of Côte d’Ivoire and by engaging in the marketing of pharmaceutical products in West Africa………………………………………..Full Article: Source

Russia: Cabinet approves using sovereign fund for stimulus

Posted on 26 July 2013 by VRS  |  Email |Print

The Cabinet on Thursday approved measures to spur economic growth, largely by dipping into a fund that soaks up oil revenues, Economic Development Minister Alexei Ulyukayev said at a Cabinet meeting. The economy grew just 1.7 percent in the year’s first half.
Investment is in decline, as is export, Ulyukayev said. The only economic stimulus in place is the growth of personal incomes, he said. The stimulus package backed Thursday envisages using the money in the National Welfare Fund, now worth $86.5 billion, to invest in infrastructure projects and support bank lending programs for small businesses………………………………………..Full Article: Source

Abu Dhabi wealth fund may be interested in Batista EBX assets

Posted on 26 July 2013 by VRS  |  Email |Print

Mubadala Development Co., the Abu Dhabi sovereign wealth fund that restructured a $2 billion investment in Eike Batista’s EBX Group Co., may be interested in more of the billionaire’s businesses after their value slumped.
Many of the commodities holding company’s assets have significant value to a number of parties including Mubadala, according to an e-mailed response to questions today from a fund spokesman, who asked not to be identified citing company policy………………………………………..Full Article: Source

NSIA, IFC to Partner on Infrastructure Development

Posted on 26 July 2013 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA), operator of the Sovereign Wealth Fund (SWF), is to partner the International Finance Corporation (IFC), a member of the World Bank Group, to develop, finance, and implement infrastructural projects that would contribute to economic growth, job creation and social development in Nigeria.
The partnership, which has been consummated with the signing of a Memorandum of Understanding (MoU) between the NSIA and the IFC, will help mobilise public and private resources that will open the Nigerian market for infrastructure investments in sectors such as housing, healthcare, transport, power and gas………………………………………..Full Article: Source

Qatar, Kuwait said to eye stake in Lloyds Bank

Posted on 26 July 2013 by VRS  |  Email |Print

Qatar and Kuwait are said to be interested in buying a stake in Lloyds Banking Group when the UK government sells its 39 percent holding, worth about £20bn ($30.7bn). The government plans to sell its stake in the UK’s largest bank by market share in three tranches.
The first is expected to be released within weeks but only offered to existing institutional investors including L&G, Blackrock, Norges, Fidelity, Schroders and Standard Life, at a 5-10 percent discount, according to London’s Daily Mail………………………………………..Full Article: Source

Qatar Luxury Group to launch first boutique

Posted on 26 July 2013 by VRS  |  Email |Print

Qatar Luxury Group will launch the first boutique for its luxury brand Qela in Doha in late September, selling leather goods, shoes, jewellery and made-to-measure clothing designed with Qatari heritage in mind. It will be followed by a unit in Paris in coming months, a company statement said. An opening in New York is also being considered, a spokeswoman said.
Qatar’s sovereign wealth fund has been one of the world’s most active investors with assets ranging from stakes in German sports car maker Porsche to shares in British bank Barclays. It bought the London department store Harrods in 2010 from Egyptian-born businessman Mohamed Al Fayed in a deal reported to be worth around £1.5bn………………………………………..Full Article: Source

Africa’s sovereign wealth fund - Part 1(Video)

Posted on 26 July 2013 by VRS  |  Email |Print

In recent months sovereign wealth funds have been opening.…………………………………………Full Article: Source

Malaysia’s Khazanah reportedly eyes stake in Turkeys Acibadem Sigorta

Posted on 26 July 2013 by VRS  |  Email |Print

Three global firms are in the race to buy a stake in leading Turkish health insurer Acibadem Sigorta, sources familiar with the matter said, underscoring appetite among international investors for the fast-growing sector.
Sompo Japan Insurance, Malaysia’s state-run investment firm Khazanah Nasional Berhad and British medical services group Bupa are involved in an auction process for a stake in the Turkish insurer, three banking sources said………………………………………..Full Article: Source

Infratil, Super Fund stand to triple money on Z investment

Posted on 26 July 2013 by VRS  |  Email |Print

Infratil and the New Zealand Superannuation Fund stand to at least triple their money on Z Energy in next month’s initial public offering, having used their financial strength to buy the former Shell assets when markets were still reeling from the global financial crisis.
The Wellington-based investment funds contributed about $210 million each toward the $696.5 million purchase price, with the balance funded by debt that has since been repaid or transferred to Z Energy’s books. They plan to list up to 50 per cent-to-60 per cent of the company next month on the NZX and ASX………………………………………..Full Article: Source

GIC switches to shorter name

Posted on 26 July 2013 by VRS  |  Email |Print

The Government of Singapore Investment Corporation has officially shortened its name to GIC Private Limited, the investment company said on Tuesday. It was previously known as the “Government of Singapore Investment Corporation Private Limited”.
This “formalises the widely used brand name of ‘GIC’ in the global investment community and markets that GIC operates in”, the investment firm noted in a statement. “The operations of the company remain unchanged and the name change does not affect the identity of the company or its rights or obligations,” it added………………………………………..Full Article: Source

State oil fund allocated over $430 mln for regional railway project

Posted on 26 July 2013 by VRS  |  Email |Print

Some $435 million was allocated for the project on the construction of the Baku-Tbilisi-Kars railway from the start of financing of the project by Azerbaijan’s state oil fund SOFAZ until July 1, 2013, a statement posted on the Fund’s website said.
In the first half of 2013, SOFAZ allocated $3.7 million for the project. Last year, the figure made up $151.5 million. Funds were allocated to the Azerbaijani Ministry of Transport through the International Bank of Azerbaijan in accordance with the agreement signed by the governments of Azerbaijan and Georgia………………………………………..Full Article: Source

More foreigners may join Temasek’s board: Dhanabalan

Posted on 25 July 2013 by VRS  |  Email |Print

Temasek Holdings, which is taking on a new chairman in former labour union chief Lim Boon Heng, may see more changes with future board directors boasting a more global profile. On Monday, outgoing chairman S. Dhanabalan spoke of plans to add more non-Singaporeans to the Temasek board.
Aside from himself, Mr Lim and chief executive Ho Ching, the board has seven other members, all are well-established industry figures. Of these, only Swedish banker Marcus Wallenberg is not Singaporean………………………………………..Full Article: Source

China needs market discipline to manage its foreign exchange wealth

Posted on 25 July 2013 by VRS  |  Email |Print

Hu Shuli says the government must look at restructuring its sovereign investment companies to compete on the global stage for better returns. The inception of the China Investment Corporation six years ago marked the birth of a true sovereign wealth fund for China. Though it is undoubtedly heading in the right direction, the CIC is hobbled by the terms of its inception.
For its funds, it relies on the foreign exchange reserves bought with the special bonds issued by the Ministry of Finance. The cost of this money is high, while it may invest only in low-risk, low-return financial products. This mismatch has limited its operations………………………………………..Full Article: Source

Chinese state to fund new London airport

Posted on 25 July 2013 by VRS  |  Email |Print

China is set to add another British asset to its portfolio, as London mayor, Boris Johnson, is preparing to approach China and South Korea for state funds to build the Isle of Grain airport in north Kent. The Mayor’s advisers have reportedly held talks with Chinese sovereign investment fund, China Investment Corporation (CIC), and officials in Seoul to fund the project.
Other institutional investors, including City-based pension funds and infrastructure firms, have also said that they would consider funding the Isle of Grain scheme, which has been called the Thames Hub Airport. CIC is already a minority shareholder in Heathrow Airport Holdings………………………………………..Full Article: Source

India may draw SWFs to invest in infrastructure bonds

Posted on 25 July 2013 by VRS  |  Email |Print

Apparently, the government of India may permit a direct line of investment for sovereign wealth funds to invest in in tax-free infrastructure bonds. Sovereign funds have expressed interest in India and desire allocating to investments that provide substantial yield. Several large state-owned institutions have had infrastructure bond-issuances in which cash has yet to be spent.
Bonded by red tape, many large-scale infrastructure projects are clogged up, preventing further cash disbursements. The Indian finance ministry reprimanded several projects for leaving bond-issued funds sitting in bank deposits………………………………………..Full Article: Source

Qatar Holding picks ex-BofA banker for senior M&A role

Posted on 25 July 2013 by VRS  |  Email |Print

Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, has hired former Bank of America Merrill Lynch employee Michael Cho to take a senior role in its mergers and acquisitions (M&A) team.
Cho, who was co-head of Asia mergers and acquisitions at BofA Merrill until early last year, will be the point man for what is one of the world’s most aggressive investors, an organisation tasked with building a portfolio of major assets, banking sources said………………………………………..Full Article: Source

Nigeria’s sovereign funds and IFC to support Nigerian Infrastructure Development

Posted on 25 July 2013 by VRS  |  Email |Print

The Nigerian Sovereign Investment Authority (NSIA) is partnering with the International Finance Corporation (IFC) to develop, finance and implement infrastructure projects that will stimulate job creation, economic growth and social development in Nigeria. This was in parallel in the signing of a Memorandum of Understanding (MoU) between the IFC and NSIA.
The NSIA and IFC want to channel investment in areas such as housing, healthcare infrastructure, transport, power and gas. By structuring commercially viable investments, the two entities are trying to entice and encourage private investment in much needed infrastructure. Nigeria is one of the largest economies in Africa……………………………………….Full Article: Source

Azerbaijan allocates over $ 430 mln for construction of Georgian section of Baku-Tbilisi-Kars

Posted on 25 July 2013 by VRS  |  Email |Print

Nearly $431.3 million has been allocated between the time the State Oil Fund of Azerbaijan (SOFAZ) began financing the Baku-Tbilisi-Kars railway project and January 1, 2013, according to a statement posted on the official website of the Fund. According to the report, over the last year this figure hit $151.5 million.
Funds allocated to the Ministry of Transport of Azerbaijan through the International Bank of Azerbaijan in accordance with an agreement signed between the governments of Azerbaijan and Georgia were transferred to Marabda-Kartsakhi Ltd. Marabda-Kartsakhi was founded to design, construct, rehabilitate, renovate and operate the Marabda railway on the border with Turkey and relevant infrastructure objects………………………………………..Full Article: Source

Deputy executive director appointed at Azerbaijan’s State Oil Fund

Posted on 25 July 2013 by VRS  |  Email |Print

Israfil Mammadov was appointed deputy executive director of the State Oil Fund of Azerbaijan (SOFAZ) upon Azerbaijani President Ilham Aliyev’s order, SOFAZ said.
Up to now Mammadov has headed the asset management department in SOFAZ. Earlier, he worked as an attache in International Economic Relations Department at the Azerbaijani Foreign Ministry, the first, second, and third secretary of the Azerbaijani embassy in the UK, as well as a SOCAR representative in the UK. SOFAZ was established in 1999………………………………………..Full Article: Source

GIC announces name change

Posted on 24 July 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund has changed its legal name from “Government of Singapore Investment Corporation Private Limited” to “GIC Private Limited”. In a statement, GIC said the name change formalises the widely-used brand name of “GIC” in the global investment community and markets that GIC operates in.
The change will have no effect on the operations, rights or obligations of the company. According to its website, GIC has invested “well over” US$100 billion in a wide range of assets. Analysts estimate GIC’s investment portfolio to be worth around US$300 billion………………………………………..Full Article: Source

Manager growth linked to SWFs

Posted on 24 July 2013 by VRS  |  Email |Print

The assets up for grabs from sovereign wealth funds are vast. According to a May report from PricewaterhouseCoopers LLC, New York, called “U.S. Asset Management: Strategic Imperatives for Asset Managers,” wealth fund assets have jumped 59% since 2007 to $5.184 trillion as of Dec. 31, citing data from the Sovereign Wealth Fund Institute.
Continued asset gains will present what the report called “massive growth prospects” for money managers. The PwC report said the increase in sovereign wealth funds was one of five macro trends in money management along with demographic change, social and behavioral changes, changes in technology and increasing interconnectivity of emerging markets………………………………………..Full Article: Source

India: Sovereign wealth funds to get access to tax-free infra bonds

Posted on 24 July 2013 by VRS  |  Email |Print

The government is set to allow a direct line of investment for sovereign wealth funds (SWFs) in the tax-free infrastructure bonds as part of measures to shore up forex reserves and stem rupee slide.
The government may also ask state-owned infra finance firm such as IIFCL, PFC, IRFC and IREDA to raise funds overseas in larger quantum. “Some sovereign wealth funds have shown interest in picking up a substantial chunk in infrastructure bonds of state-owned entities….we are looking at how this can be worked out,” a senior finance ministry official told ET………………………………………..Full Article: Source

Alaska to invest $750mln in Abu Dhabi-backed equity firm

Posted on 24 July 2013 by VRS  |  Email |Print

Alaska has agreed to invest $750m in funds managed by the Carlyle Group, the US private-equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, with the focus mainly on investments in the natural resource, metals, energy and agricultural sectors.
The Alaska Permanent Fund Corporation, an independently managed, state-owned company with an estimated capital of around $46.8bn, will invest in a number of funds through the Carlyle Group………………………………………..Full Article: Source

RMZ Corp receives investment from QIA fund

Posted on 24 July 2013 by VRS  |  Email |Print

Qatar Investment Authority, a sovereign wealth fund is investing $300 million in RMZ Corp, a Bangalore based commercial space developer. The capital will be invested into RMZ’s SPV in which Baring Private Equity Partners, also had invested R500 Cr in 2012. The investment will be equally split into a combination of equity and debt.
QIA Fund will back RMZ to buy IT parks worth R3,000 Cr and jointly, both partners will look at acquiring commercial spaces across Bangalore, Hyderabad, Chennai and Pune………………………………………..Full Article: Source

Qatar fund QIA to invest $300 mln in realtor RMZ in one of largest investment deals

Posted on 23 July 2013 by VRS  |  Email |Print

In one of the largest investment deals in the Indian real estate sector, sovereign wealth fund Qatar Investment Authority (QIA) is investing $300 million ( Rs 1,800 crore) in Bangalore-based real estate developer and South India’s largest office space builder RMZ Corp, said three people with direct knowledge of the development.
“The deal is in advance stage. QIA has committed to give money, and it will be based on project requirements. The investment will be equally split into a combination of equity and debt,” said the first person………………………………………..Full Article: Source

Kuwait’s Arabi Group says it wins health insurance co stake

Posted on 23 July 2013 by VRS  |  Email |Print

Kuwaiti investment firm Arabi Group Holding Co. said on Monday it had won a bid for a 26 percent stake in Kuwait Health Assurance Co which was auctioned by the country’s sovereign wealth fund. Kuwait Investment Authority, the country’s wealth fund, set the conditions for the sale and launched the bidding process in April.
In a statement to the Kuwait bourse, Arabi Group said it had been selected as the strategic partner and would begin steps to establish the company, which is being set up to privatise expatriate health insurance and associated medical care………………………………………..Full Article: Source

Temasek appoints former minister as chairman

Posted on 23 July 2013 by VRS  |  Email |Print

Temasek Holdings Pte. Ltd. has named a former minister, Lim Boon Heng, as chairman, replacing S. Dhanabalan who retires next month after being with the Singapore state investment company for 17 years. Mr. Lim joined the Temasek board in June last year and his appointment will take effect Aug. 1, Temasek said Monday.
The move isn’t expected to have an impact on the company’s operations as the position of chairman is a non-executive post. The running of the company is mostly left to the chief executive………………………………………..Full Article: Source

Temasek Holdings appoints new chairman

Posted on 23 July 2013 by VRS  |  Email |Print

Temasek Holdings, Singapore’s sovereign wealth fund, said on Monday that Lim Boon Heng, a former politician, was appointed to succeed outgoing chairman S Dhanabalan. Effective from August 1, Lim will be the fourth chairman of the city-state’s sovereign wealth fund.
According to the company’s press release, Dhanabalan has been the chairman for nearly 17 years since September 1996. He will turn 76 years old shortly after his retirement early next month. He is the longest serving chairman of Temasek………………………………………..Full Article: Source

Appointment of new Temasek chairman revives talk of new CEO

Posted on 23 July 2013 by VRS  |  Email |Print

The appointment of a new chairman at Temasek Holdings has revived talk of a new CEO as well. Former Cabinet minister Lim Boon Heng has been appointed chairman of Temasek Holdings.
Observers say any board and management changes that come along are all part of succession planning for the Singapore investment firm. Taking over as Temasek’s chairmanship from a predecessor that held the post for 17 years could be a tough act to follow, especially for someone who joined the board only a year ago………………………………………..Full Article: Source

Dhanabalan an exemplar and inspiration: PM Lee

Posted on 23 July 2013 by VRS  |  Email |Print

Prime Minister Lee Hsien Loong, in a letter of appreciation, credits outgoing Chairman of Temasek Holdings, Mr S Dhanabalan, for leading Temasek through storms, helping it seize new opportunities after each one, and instilling a forward-looking culture.
Prime Minister Lee Hsien Loong has described the outgoing Chairman of Temasek Holdings, Mr S Dhanabalan, as an exemplary Chairman. In a letter of appreciation, PM Lee said Mr Dhanabalan provided strong leadership and steady support to the Temasek Board and management………………………………………..Full Article: Source

Temasek sells its entire stake in China’s Huaneng Renewables

Posted on 23 July 2013 by VRS  |  Email |Print

Temasek Holdings Pte., Singapore’s state-owned investment company, sold its 5.34 percent stake in Huaneng Renewables Corp. on July 18.
Temasek sold 155.5 million shares at an average HK$2.8 (36 U.S. cents) each, according to a Hong Kong exchange filing. FIL Ltd. this month bought 3.14 million shares in Huaneng Renewables at the same price, raising its stake to 13.11 percent………………………………………..Full Article: Source

China sees no major forex withdrawal: regulator

Posted on 23 July 2013 by VRS  |  Email |Print

Chinese banks bought less foreign exchanges than they sold in its bank-to-client forex transactions in June, registering a deficit of $400 milliondollars, latest data showed Monday.
It is the first such deficit since September, according to the State Administration of Foreign Exchange (SAFE). Bank-to-client foreign exchange transactions are a major source of fluctuation in China’s foreign exchange reserves………………………………………..Full Article: Source

Azerbaijan’s Oil Fund: South Caucasus gas corridor important for region

Posted on 23 July 2013 by VRS  |  Email |Print

After the Contract of the Century the Southern Gas Corridor is an important event in the social-economical life of the region, the head of the State Oil Fund of Azerbaijan Shahmar Movsumov said.
He was commenting on the importance of selection of the Trans Adriatic Pipeline (TAP), which is a part of Southern Gas Corridor, as a route for Azerbaijani gas supplies to Europe. Movusmov said this event also shows that Azerbaijan, which is situated in a quite difficult geopolitical region, is an important and trusted partner………………………………………..Full Article: Source

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