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Sovereign Wealth Funds Briefing 09.Oct 2013

Posted on 09 October 2013 by VRS |  Email |Print

Five years after the signing of the Generally Accepted Principles and Practices (GAPP), only six sovereign wealth funds have been considered compliant, according to a new study. A Swiss political consulting firm GeoEconomica reported that many funds, particularly Russian and Middle Eastern ones, were not meeting basic standards of “good governance, financial disclosure, and accountability.”
The Norwegian Government Pension Fund Global topped the study’s list, with a 94% rating on the 2013 Santiago Compliance Index, while Bahrain’s Future Generations Reserve Fund ranked at the bottom, at 24%………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

Stanbic IBTC has been appointed as the local custodian of the Nigerian Sovereign Wealth Fund (SWF) by the Nigeria Sovereign Investment Authority (NSIA). The appointment was made following a rigorous exercise by NSIA. Stanbic IBTC’s experience and its track record of providing integrated securities services solutions form a key part of the reason for this selection.
The bank’s role as local custodian of the Fund, which is the third largest Sovereign Wealth Fund in sub-Saharan Africa, embraces safekeeping, settlement and other related services for assets in the region of $1 billion. Its appointment will complement NSIA’s appointment of other fund managers for the Sovereign Wealth Fund………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

The new President of the Islamic Republic of Iran has appointed a Canada-educated director to oversee the investments of the county’s sovereign wealth fund (SWF). Safdar Hosseini is the new director of the National Development Fund of Iran, the country’s government said yesterday, replacing Mohammadreza Farzin.
The fund was valued at around $49.9 billion in March and receives 20% of Iran’s oil revenue each year. Reports in the Tehran Times said the government predicted the value to have risen to around $61 billion by the end of March next year, even using the “worst case scenario”………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

Bonds in Kazakhstan’s Alliance Bank tumbled almost 10 cents on the dollar on Tuesday to record lows on fears the lender, owned by the country’s sovereign wealth fund, is headed for its second debt restructuring in three years.
Alliance, owned 67 percent by sovereign fund Samruk Kazyna, was one of several banks in oil-rich Kazakhstan to default on debt after the 2008 financial crisis, and another Samruk-owned bank, BTA, has already restructured a bond it issued after its first 2009 default………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

Early last month, Norway’s sovereign wealth fund announced it would invest $684 million in a 45 percent stake of Boston Properties’s Times Square Tower. No small achievement, the investment is the Norwegian Government Pension Fund’s second real estate play in the United States in a span of just eight months as it seeks to rev up its portfolio to as much as 5 percent of total assets under management.
The uptick in activity, prompted in part by the fund’s desire to reduce its exposure to the bond market, is a welcome development for real estate’s largest institutional players now seeking to realize gains on investments made during the past decade and to deploy capital in other sectors of the market………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

Norway’s incoming government has pledged to draw up a new investment strategy for the country’s vast $720bn sovereign wealth fund, increasing its investments in emerging markets, sustainable companies and renewable energy.
“The government will establish a program of investment in the fund…aiming to invest in sustainable companies and projects in developing countries and emerging markets,” the new government wrote in a 70-page political platform document published on Monday………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will have a budget surplus. According to the forecast of the consolidated budget, in 2014 SOFAZ revenues will amount to AZN 11.626 bn and expenditures AZN 11.29 bn.
“Fund’s transfer to the State Budget will total AZN 9.337 bn and investment expenditures AZN 1.9 bn,” the draft consolidated budget says. As a result, the SOFAZ will have a surplus of AZN 335.1 million in 2014………………………………………..Full Article: Source

Posted on 09 October 2013 by VRS |  Email |Print

New Zealand Superannuation Fund CEO Adrian Orr has been elected to the second-highest post in the International Forum of Sovereign Wealth Funds (IFSWF). Orr will join Kuwait Investment Authority head Bader Al Sa’adin in leading the voluntary organization for the next two years. In 2015, Orr will take over the chairmanship from Al Sa’adin.
“Sovereign wealth funds have been a rapidly growing influence in the global financial landscape, in terms of their proliferation, assets under management and their stabilizing influence as long-term investors,” Orr said, adding that he is proud to serve in the deputy chair role………………………………………..Full Article: Source

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