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Sovereign Wealth Funds Briefing 04.Feb 2014

Posted on 04 February 2014 by VRS |  Email |Print

The U.S. Justice Department is investigating whether financial firms made improper payments to secure investments from sovereign wealth funds, according to two people familiar with the matter.
The probe, which grew out of a Securities and Exchange Commission inquiry, looks at firms including Goldman Sachs Group Inc. that sought business from Libya’s sovereign wealth fund before Muammar Qaddafi’s regime was toppled in 2011, said one of the people, who asked not to be identified because the investigation isn’t public………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

The U.S. Department of Justice is investigating banks, private equity firms and hedge funds that may have violated anti-bribery laws in their dealings with Libya’s government-run investment fund, the Wall Street Journal reported, citing people familiar with the matter. Federal investigators are examining Goldman Sachs Group Inc, Credit Suisse Group AG, JPMorgan Chase & Co, Societe Generale, private equity firm Blackstone Group and hedge fund Och-Ziff Capital Management Group LLC, the Journal said.
The Libyan Investment Authority (LIA) invested up to $1 billion in funds run by all the firms under scrutiny except Blackstone, according to a 2010 audit of the sovereign wealth fund by KPMG, the Journal said………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

Former federal Liberal treasurer Peter Costello has been appointed head of the Future Fund. Mr Costello, who was treasurer for more than 11 years in the Howard government (1996-2007), has been acting chairman of the fund since January 11 following the resignation of David Gonski to become chairman of ANZ Bank.
As treasurer he was responsible for the establishment of the Future Fund in 2006. “Mr Costello’s unique experiences and background at the most senior levels in government and in business will be a great asset to the Future Fund board,” Treasurer Joe Hockey and Finance Minister Mathias Cormann said in a joint statement on Tuesday………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

Australia’s Future Fund, the nation’s sovereign wealth manager, returned a record 17.2% in 2013 after it invested more in global equities and less in debt securities.
The A$96.56bn (£52bn, $85bn, €63bn) Melbourne-based fund increased its allocation in stocks worldwide to 33.1% in the fourth quarter of 2013 from 23.4% a year ago, the fund said in a statement………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

The $96.5 billion Australian sovereign wealth fund has outlined its mission to enlarge the “tangible” allocation in its portfolio, cutting exposure to listed equities, cash, and alternatives.
In its portfolio round-up of 2013, the Future Fund’s executive outlined plans to turn its current allocation into a “mature portfolio”. In a bar chart, it showed this transition would mean a reduction to various previously core asset classes and an increase to just real assets………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

Government of Singapore’s investment arm Temasek is looking at exiting its near 7 year old investment in courier and express delivery firm First Flight Couriers.
First Flight, a public limited unlisted company became a part of Temasek’s portfolio when the latter picked up 27.74% for R107.5 Cr in 2007 through its investment vehicle Dunearn Investment………………………………………..Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

A high-level Qatari delegation will visit Italy soon to explore investment opportunities in key sectors, including the Italian energy giant Eni and an Islamic museum in Venice. Addressing a joint press conference with visiting Italian Prime Minister Enrico Letta, HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada said the Qatari side was “happy” to invest in the Italian market in key sectors.
“We are happy to say that a delegation from the Qatar Investment Authority (QIA) will visit Italy shortly to meet directly with key people at different sectors there and explore possible investments,” al-Sada announced……………………………………….Full Article: Source

Posted on 04 February 2014 by VRS |  Email |Print

Société Générale is next on the Libyan Investment Authority’s (LIA) legal hitlist, The Independent has learnt. The newspaper reports that it emerged last week that the LIA was suing Goldman Sachs for $1bn in losses made on a series of trades in derivatives linked to shares plus $350m in profits made on fees and interest.
The LIA is, however, planning multiple legal assaults on banks which dealt with the sovereign fund when it was run by placemen of the country’s since overthrown dictator, Colonel Muammar Gaddafi, with the French bank next in line………………………………………..Full Article: Source

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