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Sovereign Wealth Funds Briefing 03.Feb 2014

Posted on 03 February 2014 by VRS |  Email |Print

Australia’s Future Fund, the country’s sovereign wealth manager, returned a record 17.2 percent in 2013 as it increased its allocation to global equities at the expense of debt securities.
The A$97 billion ($85 billion) Melbourne-based fund, which was established in May 2006, boosted its allocation in stocks worldwide to 33.1 percent in the fourth quarter of 2013 from 23.4 percent a year earlier, the fund said in an e-mailed statement. It reduced its holdings of bonds to 12.2 percent from 19.1 percent over the same period………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Australia’s Future Fund returned 5.3 per cent in the December quarter of last year - almost enough to hit its 2013 full year target benchmark of 6.8 per cent, its managers report.
The fund grew by 17.2 per cent to $96.56 billion in calendar 2013, said chief executive Mark Burgess, leaving it “very, very close” to an overall long term performance target of seven per cent a year. The fund, set up by the Federal government in 2006 to finance the defined benefit pensions of Commonwealth public servants, now boasts a return of 6.9 per cent per year………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Future Fund managing director Mark Burgess has remained tight-lipped on whether he believes former treasurer Peter Costello will be appointed the fund’s chair, following speculation last week that he was the strong favourite for the role. But while the decision is in the hands of the federal government, Burgess said that if Costello were to become chair, he “would be surprised if there would be much change” at the $96.5 billion sovereign wealth fund.
Speaking to media at the Future Fund’s six monthly portfolio briefing, Burgess also deflected questions about who would replace him as managing director, a role he is due to give up within the next two months………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

The head of the Cyprus Investment Promotion Agency (CIPA) has said that the Qatar Investment Authority (QIA) has shown some interest in investing in property in the Limassol area. QIA has shown interest into investing in property in the Limassol area, said Christodoulos Angastiniotis, head of the Cyprus Investment Promotion Agency (CIPA) on Saturday.
Angastiniotis said that within the coming days a delegation from the QIA will visit the island to discuss the possibility of investments in the Limassol property market………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) through its Nigeria Infrastructure Fund has earmarked $10 million (N1.6 billion) to Agricultural Financing in Nigeria (FAFIN) as one of the three collaborating sponsors, alongside the Federal Ministry of Agriculture and Rural Development and KfW, the German government-owned development bank.
The fund is an innovative initiative designed to transform the agriculture finance landscape in Nigeria. With a $100 million target, FAFIN will provide tailored equity and debt capital and technical support solutions to commercially-viable small and medium-sized enterprises (SMEs) and intermediaries across Nigeria’s agricultural value chain………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Abu Dhabi Investment Authority has become the latest large investor to bolster its direct dealmaking team with the hire of a veteran of European private equity firm Cinven. The sovereign wealth fund confirmed it hired Pascal Heberling, a senior dealmaker at Cinven until last year, as a senior portfolio manager based in the capital of the United Arab Emirates last month.
It is the latest move by SWFs and public pension plans keen to build their direct investment capability to avoid paying fees and a cut of profits to fund managers………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Finance Minister Patrick Chinamasa yesterday tabled the Sovereign Wealth Fund of Zimbabwe Bill in the National Assembly. The Bill seeks to establish a fund administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations.
The Bill was read for the first time and National Assembly speaker, Cde Jacob Mudenda, referred it to the Parliamentary Legal Committee which scrutinises all proposed legislation to ensure it is consistent with the Constitution………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Libya’s sovereign wealth fund is suing banking giant Goldman Sachs for “deliberately exploiting” its position to make $350 million profit on $1 billion worth of failed derivative trades, London’s High Court announced on Thursday.
The Libyan Investment Authority (LIA), which was set up in 2006 to handle the country’s oil revenues, accuses the investment bank of gaining the “trust and confidence” of its inexperienced managers, before advising them to enter into “inadequately documented” derivative trades into companies including Citigroup, EdF, Santander and ENI. The nine deals, totalling $1 billion, were entered into in early 2008 but turned sour during the financial crisis, according to details made available by the High Court on Thursday……………………………………….Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Norway’s central bank will not sell Norwegian crowns in February to buy foreign exchange for the country’s sovereign wealth fund, the bank said on Friday on its page, continuing its January practice.
Last month the central bank said it would refrain from buying foreign exchange so the fund could invest money in foreign stocks and bonds. The fund invests Norway’s revenues from oil and gas production for future generations. It is the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Norway’s finance ministry has told its $810 billion oil fund, the world’s biggest sovereign wealth fund, to stop investing in two Israeli firms and one Indian firm on ethical grounds.
The ministry instructed the fund for a second time to exclude Africa Israel Investments and its construction subsidiary Danya Cebus from its investments and also said it should not invest in Sesa Sterlite, India’s biggest zinc and aluminium maker………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

Norway’s huge sovereign wealth fund, the world’s largest, blacklisted two Israeli companies involved in construction of settlements in annexed East Jerusalem, the country’s finance ministry said.
The ban on investing in the firms revived a three-year prohibition on them that the Government Pension Fund of Norway had dropped in August last year, AFP reported. The companies are Africa Israel Investments, an Israeli real estate developer, and its construction subsidiary Danya Cerbus………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

A significant amount of liquid assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a positive factor for the country’s creditworthiness, says the report of financial services company Standard & Poor’s.
“The assets of SOFAZ are invested abroad, while its assets by the end of 2013 were estimated to be around $35 billion (47 percent of the country’s GDP). That amount was slightly bigger compared to same period of 2012, when the assets were estimated to be about $34 billion,” said the report. The report also indicated that SOFAZ assets give Azerbaijan a considerable reserve for softening possible financial stresses in economy, which, for example can occur due to rapid and continuing falling of oil prices………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has granted $464.1 million for the Baku-Tbilisi-Kars Railway, Business Georgia reports. $151.5 million were granted in 2012, $32.7 million in 2013.
A 105-km railway branch will be built within the framework of the project. Georgia will reconstruct the Akhalkalaki-Marabda-Tbilisi railway section to increase its capacity to 15 million tons of cargo a year. A facility for the switch from the Georgian to the European railway gauge will be opened in Akhalkalaki……………………………………….Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

The Government rejected a Euro500mln approach to buy a stake in AIB from a Gulf-based wealth fund without even asking how big a stake they wanted. Irish Finance Minister Michael Noonan said the “tentative” approach was made six months ago by an unnamed “sovereign wealth fund”.
Sovereign wealth funds manage the savings of wealthy countries. The huge funds of oil-rich Gulf states are major global investors. “We weren’t interested at the time so we simply said: ‘no, there’s nothing for sale.’ We didn’t pursue it………………………………………..Full Article: Source

Posted on 03 February 2014 by VRS |  Email |Print

A power plant tender that sovereign wealth fund 1 Malaysia Development Bhd (1MDB) is keen to win before a US$2 billion IPO of its power assets has been delayed after bids came in too close to call, government sources said.
1MDB, chaired by Prime Minister Najib Razak, has begun the process of choosing underwriters for what is likely to be one of Southeast Asia’s largest initial public offerings of the year. It is expected to bundle 15 power plants it bought over a two-year shopping spree in a bid to capitalise on growing electricity demand in Malaysia, the Middle East and South Asia, financial sources say………………………………………..Full Article: Source

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