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Sovereign Wealth Funds Briefing 05.Feb 2014

Posted on 05 February 2014 by VRS |  Email |Print

Norway needs to ease control over its $810 billion sovereign wealth fund to allow it to pursue greater returns, according to the head of the Liberal Party, which supports the minority government in parliament.
“To create very strong lines for what the oil fund should do makes it very difficult,” Trine Skei Grande said in a Jan. 31 interview at parliament in Oslo. “We should put some goals but not instruct it very directly.”……………………………………….Full Article: Source

Posted on 05 February 2014 by VRS |  Email |Print

Kuwait’s sovereign wealth fund will invest 500 million euros in Italian companies in coordination with Italy’s own strategic investment fund, Prime Minister Enrico Letta said. The deal follows similar agreements with Qatar’s investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a separate deal with the Russian Direct Investment Fund.
Kuwait and Italy will create a company with capital of 2.5 billion euros, of which 80 percent will come from Italy’s strategic investment fund, the FSI, and the remainder from the Kuwait Investment Authority………………………………………..Full Article: Source

Posted on 05 February 2014 by VRS |  Email |Print

The Nigerian Sovereign Investment Authority (NSIA), the country’s $1bn SWF that started investing in June last year, is hiring. After setting up the executive team last year, the fund is starting to recruit lower down the career ladder.
Last year hired Uche Orji, a former managing director at UBS in New York, as CEO, ex-Barclays operation risk head, Stella Ojekwe-Onyejeli, as chief risk officer, Tom Northover as an in-house economist, and Aminu Umar-Sadiq, formerly a London-based SocGen M&A associate, as a portfolio manager, and is still looking to recruit………………………………………..Full Article: Source

Posted on 05 February 2014 by VRS |  Email |Print

In line with the Zimbabwe Agenda for Sustainable Socio-Economic Transformation blue print (Zim-Asset), the Zimbabwean Government recently gazetted the Sovereign Wealth Fund Bill that seeks to establish a fund whose noble objective is to reserve income from the country’s mineral resources for the benefit of future generations.
There is no broad accepted definition of what a Sovereign Wealth Fund (SWF) is. However, many Government funds fall under the category. SWFs are most common in resource-rich countries and usually serve two purposes. The first use of SWFs is for stability of Government revenue during periods of fluctuations in commodity prices………………………………………..Full Article: Source

Posted on 05 February 2014 by VRS |  Email |Print

Documents reviewed by Bloomberg News revealed that Credit Suisse Group AG and the sovereign wealth fund of Abu Dhabi has launched strategic steps to exit from its $35 million investment in Mongolia. The investors, betting on the promise of the Central Asian country’s $1.3 trillion mineral wealth, offered Golomt Bank LLC funds in convertible loans beginning 2007.
Under the terms of the agreement, Credit Suisse and the Abu Dhabi Investment Council were set to obtain shares as part of a proposed initial public offering in one of the biggest lenders in Mongolia within five years of each deal. Moreover, the loan agreements, as reviewed by the news agency, required Golomt to provide audited financial statements promptly to the investors………………………………………..Full Article: Source

Posted on 05 February 2014 by VRS |  Email |Print

The Al Habtoor Group has announced the appointment of a former Abu Dhabi Investment Authority executive to its board. The Dubai-based conglomerate said in a statement that Ahmed Al Otaiba has been hired as a company director and member of the board.
The position is a new role within the Group’s executive team, with Al Otaiba working closely with all business units including Al Habtoor Motors, Habtoor Hotels, Diamondlease, Emirates International Schools, Dubai National Insurance and Reinsurance (DNIRC), Real Estate, and Construction……………………………………….Full Article: Source

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