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Sovereign Wealth Funds Briefing - Archive | April, 2014

Bahrain SWF boosts Russian President with deal to co-operate on investments

Posted on 30 April 2014 by VRS  |  Email |Print

In a blow for the US efforts to galvanise international support for economic sanctions on Russia, Moscow has announced a new investment deal with Bahrain’s sovereign wealth fund - whose assets include the British sports car maker McLaren Group. The Russian Direct Investment Fund (RDIF) said on Tuesday that it had reached an agreement with Mumtalakat - the investment arm of the Persian Gulf state - to promote investment co-operation.
The deal is potentially an embarrassing snub for the US government and President Barack Obama, given the vital role Bahrain plays in American defence strategy in the region. Manama, the capital of Bahrain, serves as the main operating base of the US Fifth Fleet in the Gulf and a vital American military facility in the region………………………………………..Full Article: Source

Singapore fund was ‘core’ Royal Mail investor

Posted on 30 April 2014 by VRS  |  Email |Print

State-backed funds from Kuwait and Singapore were among 16 investors given large allocations of Royal Mail shares as part of the company’s contentious £3.3bn privatisation.
Sky News can reveal that the Kuwait Investment Office and the Government Investment Corporation of Singapore (GIC) were among the funds labelled by the National Audit Office (NAO) as ‘priority investors’ in a report which criticised ministers’ handling of the postal operator’s sell-off……………………………………….Full Article: Source

Kazakhstan’s state wealth fund plans sell-offs, debt issues

Posted on 30 April 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020. Companies within Samruk-Kazyna also plan to borrow about $8 billion on domestic and foreign markets in the next two years to help fund their projects, the fund’s Financial Director Nurlan Rakhmetov told Reuters in an interview.
Samruk-Kazyna manages nearly 600 assets worth around $100 billion. Its assets include national oil and gas company KazMunaiGas, state uranium company Kazatomprom and state railway company Kazakhstan Temir Zholy………………………………………..Full Article: Source

Future Fund ranked 12th biggest in the world

Posted on 30 April 2014 by VRS  |  Email |Print

The taxpayer-owned Future Fund is on the cusp of passing the $100 billion threshold for assets under management, cementing its position as one of the world’s largest sovereign wealth funds. Propelled by rising equity markets, the fund returned 9.8 per cent in the year to March, with quarterly returns of 1.1 per cent, it said on Tuesday.
The rise meant it held $97.6 billion in assets at the end of last month. The federal government has contributed $60.5 billion to the fund since its formation in 2006, and the rest of its assets have come from investment returns………………………………………..Full Article: Source

Khazanah buys 8pct stake in Philippines’ mass housing developer for RM215mln

Posted on 30 April 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd has agreed to be a cornerstone investor in Philippine-listed mass housing developer 8990 Holdings Inc, paying 2.93bil pesos (RM215mil) for an 8% stake. This is its first investment into a Filipino company.
The sovereign wealth fund said it had signed a cornerstone investment agreement, via special purpose vehicle Pasir Salak Investments Ltd, for 8990’s upcoming follow-on share offering. According to Khazanah, 8990 Holdings caters to the low-income group with homes priced between RM33,000 and RM92,000 in districts such as Cebu, Davao, Iloilo, Cavite and Pampanga………………………………………..Full Article: Source

1MDB says most of its funds invested overseas already back home

Posted on 30 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) says substantial portions of its overseas funds have gradually made their way back to Malaysia to be reinvested in energy projects and real estate, and meet financial obligations.
The funds had been earmarked for the development and acquisition of specific assets, 1MDB said yesterday in response to allegations it had been involved in questionable deals, and amid calls that it should bring home RM18.1 billion parked overseas, as claimed by certain news reports. The sovereign wealth fund said the monies invested abroad is an interim measure, such as the funds in Cayman Islands that is regulated by the Cayman Monetary Authority………………………………………..Full Article: Source

Find Out what China’s sovereign wealth fund does not like

Posted on 30 April 2014 by VRS  |  Email |Print

China Investment Corporation (CIC) has been a major institutional investor allocating capital to external managers, funds and assets. SWFI staff has compiled a brief list of recent pet peeves from observations through research and financial media.
Trying to chase yield, institutional investors have been gobbling up large illiquid properties globally. In 2013, sovereign wealth funds directly invested US$ 19.25 billion into the real estate sector. Granted in November 2012, the China Investment Corporation bought the 310,000 sqft Winchester House for £245 million from KanAm the Asian sovereign wealth fund is cautious in regard to London’s perceived property bubble……………………………………….Full Article: Source

KIA invests $100 mln in NantHealth, a NantWorks company

Posted on 30 April 2014 by VRS  |  Email |Print

NantHealth LLC, a NantWorks company, announced today that one of the world’s largest sovereign wealth funds, the Kuwait Investment Authority (KIA), has invested $100 million in NantHealth, a cloud-based transformational healthcare IT company converging science and technology through a single integrated clinical platform, to provide actionable health information at the point of care, in the time of need.
The investment will be used by NantHealth to accelerate innovation that will enable better patient care and reduced costs - two key factors affecting health care today. The NantHealth Clinical Operating System (cOS), is the first operating system of its kind in healthcare that is based on supply chain principles and grid service oriented architecture that integrates the knowledge base with the delivery system and the payment system, enabling 21st century coordinated care at a lower cost………………………………………..Full Article: Source

China state investor shifts sights to agribusiness worldwide

Posted on 29 April 2014 by VRS  |  Email |Print

Agriculture-related businesses worldwide, from farms in South America to dairy factories in the Netherlands, may soon find themselves in the sights of a new mega investor – China Investment Corp. The mainland’s US$480 billion sovereign wealth fund is seeking to diversify its portfolio after it encountered hurdles while attempting to invest in other sectors, including real estate and technology, sources said.
CIC has been reviewing opportunities this year to invest in agriculture-related businesses, a field in which it has shown less interest in the past, people with a working relationship with the Beijing-headquartered firm said……………………………………….Full Article: Source

Malaysia’s Khazanah Nasional agrees to invest in Philippines’ 8990 Holdings

Posted on 29 April 2014 by VRS  |  Email |Print

Malaysia’s state investor Khazanah Nasional Bhd said late Monday it will buy an 8% stake in Philippine property developer 8990 Holdings Inc. for 2.93 billion Philippine pesos ($65.87 million). The investment marks Khazanah’s first foray into the Southeast Asian nation.
As part of the deal, Khazanah agreed to be a cornerstone investor for 8990 Holdings’ upcoming share offering, Khazanah said in a statement. 8990 Holdings, which is already listed on the Philippine Stock Exchange, is making a follow-on share offering to raise funds for expansion………………………………………..Full Article: Source

Future Fund and super returns on par

Posted on 29 April 2014 by VRS  |  Email |Print

The Future Fund has achieved rolling 3 year returns of about 9.5% pa, putting the de facto sovereign wealth fund on par with workplace super funds when the Future Fund’s tax-free and member-free status is taken into account. The $98 billion Future Fund has just released its March 2014 portfolio update and advised that so far this financial year it has earned 9.8% and that it is opening up a big gap over CPI+4.5% performance benchmark.
Preliminary super fund performance results from Rainmaker’s March 2014 SelectingSuper survey shows super fund workplace default investment options to be returning 8.4% pa, indicating the Future Fund’s is on par with these leading institutional investors after allowing for tax and fee differences………………………………………..Full Article: Source

Davis’s X2 said to study BHP assets bid with Abu Dhabi support

Posted on 29 April 2014 by VRS  |  Email |Print

Former Xstrata Plc Chief Executive Officer Mick Davis is studying making a bid for BHP Billiton Ltd. thermal coal and nickel assets after raising funds from investors including Abu Dhabi’s sovereign wealth fund, according to a person with knowledge of the matter.
Davis’s X2 Resources is weighing an offer for the BHP assets after raising as much as $3.75 billion from five investors last month, said the person, who asked not to be named as the information isn’t public………………………………………..Full Article: Source

Consortium denies suspension of work on second Niger bridge

Posted on 29 April 2014 by VRS  |  Email |Print

The preferred bidder for the development of the second River Niger Bridge Project, Julius Berger-NSIA Motorways Investment Company (JB-NMIC), has debunked some media reports suggesting that work on the bridge has been suspended due to non-compliance with environmental laws.
A statement jointly issued by the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), otherwise known as Sovereign Wealth Fund (SWF), Mr. Uche Orji, and his Julius Berger counterpart, Wolfgang Goetsch, on behalf of JB-NMIC Consortium, said the reports represented ‘inaccurate and misconstrued information.’……………………………………….Full Article: Source

“Ghana’s natural resource funds well-governed” - RWI

Posted on 29 April 2014 by VRS  |  Email |Print

The Revenue Watch Institute, (RWI), a New York-based non-governmental organisation with an office in Accra, has stated that, the natural resource fund that the Ghanaian government uses to manage oil revenues is relatively well-governed. A research released by the Institute indicates that the Ghana Petroleum Funds met 13 out of 16 good governance fundamentals.
A Statement from the RWI signed by Lee Bailey, Director of Communications said researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance………………………………………..Full Article: Source

See how much the largest sovereign wealth fund has invested in Russia

Posted on 29 April 2014 by VRS  |  Email |Print

Yngve Slyngstad, CEO of NBIM Norway’s massive sovereign wealth fund is reviewing its portfolio allocation and risk profile on Russia. NBIM Chief Executive Officer Yngve Slyngstad told reporters in Oslo that in regard to Russian investments, “We are at any given time also considering conditions that have dimensions of geopolitics and geopolitical risk.”
Given the threat of sanctions from the West, institutional investors are growing cautious about their Russian investments. For example, in July 2013, the California Public Employees’ Retirement System (CalPERS) acquired a stake in Moscow’s 2.2 million-sqft Metropolis Shopping and Entertainment Mall through the Hines CalPERS Russia Long Term Hold Fund………………………………………..Full Article: Source

Angola state fund keen on Hong Kong capital markets

Posted on 28 April 2014 by VRS  |  Email |Print

Angola’s sovereign wealth fund, Fundo Soberano de Angola, is looking to invest in Hong Kong’s capital market and seeking Chinese partners to co-invest in Africa, said fund chairman Jose Filomeno dos Santos. “We are considering co-investing in the Hong Kong capital market. Hong Kong is a bridge to [the mainland] and it allows repatriation of profits and more flexibility of capital movements. That is important for us as a foreign investor,” said dos Santos, a son of Angolan President Jose Eduardo dos Santos.
The fund’s international investments in Hong Kong would be mainly in government bonds, bonds issued by the mainland’s state-owned enterprises and currency instruments, he said. “Hong Kong is a platform for investment in the yuan. We will see whether it is a good investment avenue.”……………………………………….Full Article: Source

Norway oil fund reassessing risk on significant Russian holdings

Posted on 28 April 2014 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s biggest, is reviewing risk in Russia, where it has “significant” holdings, Chief Executive Officer Yngve Slyngstad said.
“We observe that there’s a different risk profile,” Slyngstad told reporters in Oslo yesterday, after testifying to lawmakers on the fund’s investment strategy. “We are at any given time also considering conditions that have dimensions of geopolitics and geopolitical risk.”……………………………………….Full Article: Source

Ukraine situation has altered Russia investment risks -Norway wealth fund head

Posted on 28 April 2014 by VRS  |  Email |Print

The situation in Ukraine has altered the risks affecting the Norwegian sovereign wealth fund’s investments in Russia, the head of the fund - the world’s largest of its kind - said on Friday.
The fund is one of the world’s biggest investors with holdings of $860 billion in some 8,000 companies across 82 countries. “We see that there is a different risk profile,” Yngve Slyngstad told reporters after speaking at a parliamentary hearing. “We have significant investments in Russia.”……………………………………….Full Article: Source

Norwegian fund nibbling at Malaysian small and mid caps

Posted on 28 April 2014 by VRS  |  Email |Print

Norway-based Norges, one of the largest foreign funds investing in Malaysian equities, has been nibbling small to mid cap stocks that offer exciting upside. It has taken up small stakes in 53 Bursa Malaysia-listed companies, with total investments of around RM1.7bil, according to a fund manager.
Norges has a market value of 5,038 billion kroner (RM2.73 trillion) as of end-2013. Norges began investing heavily in the Malaysian market since 2010 and is now sitting on a paper gain of some RM600mil, giving its entire holdings in Malaysia a value of some RM2.3bil………………………………………..Full Article: Source

Troubled 1MDB to raise RM15 bln through public offering

Posted on 28 April 2014 by VRS  |  Email |Print

Malaysia’s troubled sovereign fund, 1Malaysia Development Bhd (1MDB), is planning to raise US$4.6 billion (RM15 billion) in what analysts say will be Asia’s biggest public offering of this year, the Edge Review reported.
According to the report, 1MDB is hoping to ease its crippling debt burden by listing its power-generation assets through an initial public offering (IPO) scheduled for November. Cornerstone investors will include state-owned entities from Abu Dhabi (20%) and Qatar-based investor groups (5%)………………………………………..Full Article: Source

Azerbaijani prime minister re-elected chairman of SOFAZ supervisory board

Posted on 25 April 2014 by VRS  |  Email |Print

A meeting of Azerbaijani State Oil Fund (SOFAZ) supervisory board decided to recommend the fund’s 2013 budget execution project for the approval by Azerbaijani President, according to a message from SOFAZ.
SOFAZ said on Thursday, April 24 that the supervisory board meeting chaired by Artur Rasizadeh, Azerbaijan’s Prime Minister and the Supervisory Board’s Chairman, discussed the fund’s annual report and audited financial statements for 2013 and the report on execution of the 2013 budget. “The supervisory board approved the SOFAZ’s 2013 annual report and Auditor’s (PricewaterhouseCoopers) Report as submitted by the executive director of the fund,” according to the message from SOFAZ………………………………………..Full Article: Source

Kuwait MPs ask to quiz PM over mismanagement in SWF

Posted on 25 April 2014 by VRS  |  Email |Print

Three opposition MPs on Thursday sought to question Kuwait’s prime minister, accusing him of giving cash handouts to lawmakers and mismanagement in sovereign wealth fund investments. The request, filed by Riyadh Al Adasani, Abdul Karim Al Kundari and Hussain Al Mutairi, could lead to a no-confidence vote that may force Prime Minister Shaikh Jaber Mubarak Al Sabah’s dismissal.
The lawmakers said Kuwait’s sovereign wealth fund had posted losses in recent years in a number of major foreign investments, and despite that billions of dollars more were pumped into them………………………………………..Full Article: Source

Angola sovereign wealth fund starts hotel, infrastructure pools

Posted on 25 April 2014 by VRS  |  Email |Print

The Fundo Soberano de Angola, the $5 billion sovereign wealth fund of Africa’s second-largest oil producer, is starting investments in hotels and commercial infrastructure in sub-Saharan Africa. The fund, based in Luanda, may invest in 50 sub-Saharan African hotels over three years, including in its home country, Chairman Jose Filomeno dos Santos said in an interview in Hong Kong.
In addition to the hotel fund, it is also setting up an infrastructure fund that will participate in projects including ports, airports and power plants, added the 36-year-old eldest son of the nation’s President Jose Eduardo dos Santos………………………………………..Full Article: Source

Angola to put sovereign funds toward commercial property investment

Posted on 25 April 2014 by VRS  |  Email |Print

Angola’s Sovereign Fund, which was set up with initial capital of U.S. $5 billion, plans to start investing in hotels and commercial facilities in sub-Saharan Africa, its chairman José Filomeno dos Santos said.
Speaking to financial news agency Bloomberg in Hong Kong, dos Santos said that the Fund may invest in 50 hotel units in sub-Saharan African countries, including Angola………………………………………..Full Article: Source

QIA said to plan fund to invest in healthcare companies

Posted on 25 April 2014 by VRS  |  Email |Print

The Qatar Investment Authority, which owns stakes in banks including Barclays and Credit Suisse Group, plans to start a fund to invest in healthcare companies, two people with knowledge of the matter said.
The sovereign wealth fund is in talks to appoint a financial adviser to assist with the process, one of the people said, asking not to be identified as the information is private. The QIA is seeking to profit from growth prospects in the healthcare industry and also diversify its investments, the people said………………………………………..Full Article: Source

SAFE: Two-way fluctuation conventional

Posted on 25 April 2014 by VRS  |  Email |Print

China’s foreign exchange settlement rose in the first quarter, but at an easing rate. Officials say China’s slower economic growth and the U.S. central bank’s tapering may bring more volatility to cross border capital flows, it will be conventional for the Chinese yuan to float either way.
A solid rise from January to March, yet the tempo is falling month by month. China’s foreign exchange settlement and sale surplus comes in a downward trend, from more than 70 billion US dollars in the beginning, to just over 40 billion US dollars at the quarter end, according to China’s foreign exchange regulator………………………………………..Full Article: Source

Temasek’s Olam offer turns unconditional, deadline extended to May 23

Posted on 25 April 2014 by VRS  |  Email |Print

Investment firm Temasek Holdings’ offer that values Olam International at S$5.3 billion has turned unconditional and the deadline for acceptances has been extended by two weeks to May 23, according to a regulatory filing by the commodities giant on Thursday.
Temasek’s unit, Breedens Investments, offered earlier this month to buy all the outstanding shares in Olam that it and its concert parties did not already own at S$2.23 per share, representing an 11.8 per cent premium to the last traded price………………………………………..Full Article: Source

Singaporean funds pour more money into attractive Vietnamese businesses

Posted on 25 April 2014 by VRS  |  Email |Print

FPT, Vietnam’s biggest technology group, has received two new institutional shareholders, Cashew Investments, which holds 3.6 percent of FPT’s chartered capital, and GIC, with 3 percent.
GIC, managing the investment portfolio worth $100 billion, is an institution under the management of the Singaporean government. Meanwhile, Cashew Investments is a branch of Temasek Holdings, an investment corporation of the government. The stake transfer deals, worth of millions of dollars, were only recently revealed to the public, when FPT released its annual report, disclosing its 10 largest shareholders………………………………………..Full Article: Source

Formula One backlash haunts Norway wealth fund as hearing starts

Posted on 24 April 2014 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund needs to prepare its arguments to persuade lawmakers it can handle an expansion into private equity after an investment in Formula One backfired.
Yngve Slyngstad, the fund’s chief executive officer, and central bank Governor Oeystein Olsen, who oversees the fund, have been summoned to testify tomorrow at a Finance Committee hearing at the Oslo parliament………………………………………..Full Article: Source

Transurban group to pay $7.05bln for Qld Motorways

Posted on 24 April 2014 by VRS  |  Email |Print

Transurban, Australian Super and a unit of Abu Dhabi’s sovereign wealth Tawreed Investments are the new owners of Queensland Motorways after agreeing to pay $7.05 billion for the 70-kilometre network of roads in the Brisbane area, according to an email statement sent to Data Room.
The Transurban-led group beat out another bidding group led by Melbourne-based infrastructure investors Hastings, Spanish infrastructure operator and investor Abertis, the Kuwait Investment Authority and Dutch pension fund APG after the two groups were asked to submit their best and final offers for Queensland Motorways at 5 pm this afternoon, Data Room reporting has discovered………………………………………..Full Article: Source

South Korea’s state fund plans to double alternative investments

Posted on 24 April 2014 by VRS  |  Email |Print

Korea Investment Corp., the nation’s $72 billion sovereign wealth fund, plans to double alternative investments over the next 10 years to compensate for declining returns from stocks and bonds.
“We’ll have to embrace the lower return expectation from traditional assets and that will continue for a considerable period,” Choo Heung Sik, 56, the chief investment officer of the state fund, known as KIC, said in an interview in Seoul on April 21. “Considering such an environment, expanding into alternatives is one of the most efficient way to protect yield in the mid-to-longer term.”……………………………………….Full Article: Source

Malaysian co 1MDB & JSW Energy lead race for Lanco’s Udupi power plant

Posted on 24 April 2014 by VRS  |  Email |Print

State-owned 1 Malaysia Development Bhd (1MDB), the second-largest independent power producer in the Southeast Asian country, has emerged as the frontrunner to acquire Lanco Infratech’s 1,200 mw coal-fired power plant at Udupi in Karnataka, underscoring the growing interest of global utilities in the battered Indian power sector.
The transaction, valued in excess of $1 billion, is poised to be the largest thermal power asset sale in the country and will help cash-strapped power and road developer Lanco pare debt, multiple sources with direct knowledge of the development said. Lanco’s debt, taken on to build power plants and roads and to purchase overseas coal mines, has swelled more than fourfold since March 2010. ……………………………………….Full Article: Source

Sovereign wealth funds eyeing alternative investments: Pro (Video)

Posted on 24 April 2014 by VRS  |  Email |Print

Rod Ringrow, senior executive officer at State Street, says sovereign wealth funds are looking at long-term alternative investments.……………………………………….Full Article: Source

The fascinating business empire behind Temasek Holdings

Posted on 23 April 2014 by VRS  |  Email |Print

Temasek is one of the world’s largest sovereign wealth funds with assets of more than S$200 billion and investments in over six continents. Temasek’s investments are classified under five different categories: 1) Financial services; 2) Telecommunication, media, and technology; 3) Transportation and industrials; 4) Life sciences, consumer, and real estate; and 5) Energy and resources.
Shipping, airlines, defence, power generation – you name it, Temasek has it. In Singapore, the fund’s most notable investment in this space is Keppel Corporation, which by itself is a huge conglomerate with business interests in shipbuilding, rig-building, construction, and property development among others………………………………………..Full Article: Source

Property gains drove 2012-13 profits for Malaysia state investor 1MDB accounts

Posted on 23 April 2014 by VRS  |  Email |Print

Malaysian state investment fund 1Malaysia Development Bhd (1MDB) relied on a sharp revaluation of its property assets to drive profit growth in its last financial year, accounts released today showed. The improvement came despite 1MDB paying more than RM10 billion to buy power businesses in the past two years.
1MDB, whose board of advisers is chaired by Prime Minister Najib Razak and which has been criticised for a lack of transparency, last week reported a net profit of RM778 million for the year through March 2013, up from RM44.7 million the previous year……………………………………….Full Article: Source

Angola sovereign wealth fund starts hotel, infrastructure pools

Posted on 23 April 2014 by VRS  |  Email |Print

The Fundo Soberano de Angola, the $5 billion sovereign wealth fund of Africa’s second-largest oil producer, is starting investments in hotels and commercial infrastructure in sub-Saharan Africa. The fund, based in Luanda, may invest in 50 sub-Saharan African hotels over three years, including in its home country, Chairman Jose Filomeno dos Santos said.
In addition to the hotel fund, it is also setting up an infrastructure fund that will participate in projects including ports, airports and power plants, added the 36-year-old eldest son of the nation’s President Jose Eduardo dos Santos………………………………………..Full Article: Source

Tanzania: Sovereign wealth fund comes aboard in October

Posted on 23 April 2014 by VRS  |  Email |Print

The government is formulating legislation for the establishment of a Sovereign Wealth Fund in a bid to manage the proceeds from natural gas. The upshot is ensuring that the resource benefits current and future generations, President Jakaya Kikwete has said.
The president has revealed that the government would by October, this year or February, next year, move a Bill in the National Assembly for establishment of the fund. The country has so far discovered 43.1 trillion cubic feet (tcf) of natural gas in offshore and onshore gas fields and exploration is still ongoing………………………………………..Full Article: Source

FG, states, LGs share N1.912tn in first quarter

Posted on 23 April 2014 by VRS  |  Email |Print

In his opinion, the Emerging Markets Strategist, Standard Bank Plc, Samir Gadio said the oil revenue, which is continuously monetised and shared among the three tiers of governments, prevents any tangible accumulation of the forex reserves as well as the Excess Crude Account (ECA).
Gadio added: “Clearly, this model is not sustainable. Nigeria is already a distinct laggard in terms of fiscal savings-to-GDP ratio compared to oil producing peers and will most likely be unable to withstand an external shock should oil prices fall in the future.”He stressed the need to make the Sovereign Wealth Fund very effective, adding that there is need for increased fiscal accountability………………………………………..Full Article: Source

Taiwan SWF moves a step closer

Posted on 22 April 2014 by VRS  |  Email |Print

Taiwan’s move to merge the investment activities of its four main public pension funds has renewed speculation that the country plans to set up a sovereign wealth fund.
The four schemes, which have combined assets of some $100bn, have been dogged by performance issues. They will now be managed by a single investment department under the stewardship of the revamped Bureau of Labor Funds………………………………………..Full Article: Source

Karim Massimov appointed chairman of Samruk-Kazyna

Posted on 22 April 2014 by VRS  |  Email |Print

Prime-Minister of Kazakhstan Karim Massimov has been appointed Chairman of the Board of Directors of Samruk-Kazyna Sovereign Wealth Fund, Tengrinews reports citing the website of the Kazakhstan Stock Exchange (KASE).
He was appointed by the governmental decree No. 329 as of April 9, 2014. Serik Akhmetov, former Prime-Minister of Kazakhstan and currently the country’s Defense Minister, chaired the board before the new appointment. He was first replaced by Karim Massimov as Kazakhstan’s Prime-Minister on April 2 and is now replaced as Chairman of Kazakhstan’s Wealth Fund………………………………………..Full Article: Source

Goldman Sachs to seek early dismissal of Libya Wealth Fund suit

Posted on 22 April 2014 by VRS  |  Email |Print

Goldman Sachs Group Inc. (GS) will seek to have a $1 billion lawsuit by the Libyan Investment Authority thrown out before trial. The bank will ask a London judge to decide whether the case has a realistic chance of success and issue a so-called summary judgment, according to court documents released this week.
Libya’s sovereign wealth fund says Goldman made about $350 million selling investments that turned out to be worthless. The LIA said in a statement it “considers this application to be misconceived and looks forward to full and proper determination of all issues by the English court.”……………………………………….Full Article: Source

Libyan wealth fund mulls hiring external managers

Posted on 22 April 2014 by VRS  |  Email |Print

Abdulmagid Breish, the chairman of Libya’s $66 billion sovereign wealth fund, said it plans to hire external companies to manage about $11 billion of its assets under a restructuring plan. The Libyan Investment Authority (LIA), valued at about $66 billion by Deloitte, will split its assets into three distinct funds starting as soon as next year, Breish said in an interview in London on Thursday.
“The LIA is preparing itself to come back to the international fold,” he said. “We will use best-of-breed fund managers, advisers and consultants,” he said, without specifying which companies will be invited to bid for the work………………………………………..Full Article: Source

Tanzania: Sovereign wealth fund comes aboard in October

Posted on 22 April 2014 by VRS  |  Email |Print

The government is formulating legislation for the establishment of a Sovereign Wealth Fund in a bid to manage the proceeds from natural gas.The upshot is ensuring that the resource benefits current and future generations, President Jakaya Kikwete has said.
The president has revealed that the government would by October, this year or February, next year, move a Bill in the National Assembly for establishment of the fund.The country has so far discovered 43.1 trillion cubic feet (tcf) of natural gas in offshore and onshore gas fields and exploration is still ongoing………………………………………..Full Article: Source

Sovereign wealth fund a well thought idea

Posted on 22 April 2014 by VRS  |  Email |Print

Tanzania will soon establish a sovereign wealth fund (SWF) to safeguard, monitor and safeguard proceeds from the country’s natural resources, especially natural gas. President Jakaya Kikwete revealed the government plans on the proposed fund during talks with editors of various media houses in Dar es Salaam recently.
He rightly underscored the importance of the proposed fund in managing proceeds from the country’s vital resources for the benefit of the current and future generations………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 22 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before.
Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously. However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012………………………………………..Full Article: Source

Global fund assets to top $100 trillion on real estate boom, PwC says

Posted on 22 April 2014 by VRS  |  Email |Print

Global fund assets are projected to grow by 60% to $101.7 trillion by 2020, fuelled by the shift toward individual retirement plans, a surge in high-net-worth individuals in emerging markets and growth in sovereign wealth fund (SWF) assets, PwC says.
Rapid urbanisation and demographic changes, especially within emerging markets, will lead to substantial growth in the real estate investment industry over the next six years. This will prompt institutional investors to raise allocations in real estate more than in other asset classes, according to Real Estate 2020: Building the future, a report from PwC………………………………………..Full Article: Source

HKMA remains vigilant in ‘unstable’ environment

Posted on 17 April 2014 by VRS  |  Email |Print

Hong Kong and emerging markets will likely face continued capital outflows given tapering by the US Federal Reserve and the gradual normalisation of interest rates from a very low level, the top official of the Hong Kong Monetary Authority said.
“In the face of the expected unstable financial and investment environment in 2014, the HKMA will continue to closely monitor market developments to help safeguard monetary stability, and require banks to step up the management of interest rate, liquidity and credit risks,” HKMA chief executive Norman Chan tak-lam wrote in the annual report……………………………………….Full Article: Source

Samruk-Kazyna fund to privatize over 200 state firms

Posted on 17 April 2014 by VRS  |  Email |Print

The Republic of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund plans to place over 200 national companies on the market, Daniyar Mukhtarov writes for Trend. The sell-off is being conducted as part of a privatization program, Chairman of the Board at Samruk Kazyna, Umirzak Shukeev said.
Specifically, those companies working in non-core business will be privatized. An example is companies producing solar panels as part of the Kazatomprom national atomic agency………………………………………..Full Article: Source

SOFAZ investment in Romania exceeds 50 mln euros

Posted on 17 April 2014 by VRS  |  Email |Print

Azerbaijan’s state energy company SOCAR has international experience in implementation of large-scale projects which can contribute to achieving common European targets in the energy field.
This remark was made by SOCAR Head Rovnag Abdullayev during his visit to Romania which took place on the invitation of Romanian Prime Minister Victor Ponta………………………………………..Full Article: Source

1MDB net profit up 74pct to RM778mln

Posted on 17 April 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the government’s sovereign wealth fund, saw its net profit surge 74% to RM778.24 million for the year ended March 31, 2013 from RM44.72 million a year before. Revenue in the same 12-month period grew four times to RM2.59 billion from RM633.2 million previously.
However, its liabilities, basically its debts or obligations, ballooned more than five times to RM42.3 billion from RM8.4 billion as at the end of the financial year March 31, 2012. 1MDB’s balance sheet showed that its non-current liabilities, that could include long-term borrowing, bonds payable and long-term lease obligations, almost quadrupled to RM30.6 billion from RM7.8 billion previously………………………………………..Full Article: Source

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