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Sovereign Wealth Funds Briefing 01.Mar 2013

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

Posted on 01 March 2013 by VRS |  Email |Print

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

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