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Sovereign Wealth Funds Briefing 30.Jan 2014

Posted on 30 January 2014 by VRS |  Email |Print

Federal Cabinet is set to confirm former treasurer Peter Costello’s appointment as chairman of the Future Fund, The Australian Financial Review reports. According to the newspaper, outgoing chairman David Gonski has recommended Mr Costello, who has been acting in the role, as his replacement.
Mr Costello created the $90 billion sovereign wealth fund in 2006 to cover the federal government’s unfunded public service superannuation liabilities. The former treasurer was appointed to the fund’s board in 2009 but the Gillard cabinet ignored the board’s advice that he should be its chair, hoping to resolve board divisions by instead appointing a business outsider, the AFR reports………………………………………..Full Article: Source

Posted on 30 January 2014 by VRS |  Email |Print

Over the past decade, Khazanah Nasional Bhd has seen some hits and some misses in its efforts to transform the government-linked companies (GLCs) in its stable into regional champions. Khazanah expects to see the seven GLCs in its stable — CIMB Group Bhd, Axiata Bhd, Telekom Malaysia Bhd, Malaysia Airports Holdings Bhd, UEM Sunrise Bhd, Tenaga Nasional Bhd and Malaysian Airline System Bhd (MAS) — “graduate” in July 2015 and become high-performing entities.
Many are likely to point out that loss-making MAS has yet to qualify for graduation. The national carrier is still a long way from the finishing line in its transformation journey………………………………………..Full Article: Source

Posted on 30 January 2014 by VRS |  Email |Print

Singapore’s GIC and Australia’s Macquarie Capital said on Wednesday they have formed a joint venture that bought a majority stake in an Australian student accommodation group. The investment into Iglu is the largest transaction of its kind in the Australian student accommodation sector, GIC and Macquarie said in a statement.
The statement, however, did not give the value of the investment. Iglu, a specialist developer of purpose built off-campus student accommodation, currently has three properties in Brisbane and Sydney offering 900 beds………………………………………..Full Article: Source

Posted on 30 January 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, may have to withdraw funding from coal following a likely vote in the Norwegian parliament, fueling the hopes of environmentalists that new mines and infrastructure will struggle to find finance.
If minority parties in Norway’s new coalition government back an opposition motion to withdraw from coal, then the country’s wealth fund would be the latest high profile investor to block funding for an industry that accounts for a third of the world’s power generation and is blamed for being the main cause of climate change………………………………………..Full Article: Source

Posted on 30 January 2014 by VRS |  Email |Print

Oman India Joint Investment Fund (OIJIF), a private equity fund sponsored by Oman’s sovereign wealth fund State General Reserve Fund and India’s largest lender State Bank of India, has picked up another 5.3 per cent stake in India’s largest agri-commodity derivatives exchange National Commodity & Derivatives Exchange Ltd (NCDEX) from Jaypee Capital Services Ltd for Rs 49.56 crore ($7.87 million).
The deal was closed late last month and came as a second leg of a transaction where previously OIJIF teamed up with other investors to buy a stake in NCDEX………………………………………..Full Article: Source

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