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Sovereign Wealth Funds Briefing 07.Mar 2014

Posted on 07 March 2014 by VRS |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s biggest, is being called on by lawmakers to prove it didn’t shirk its own rules with a 2012 investment in Formula One.
Politicians are responding to local media reports questioning whether the state-run fund followed its mandate when it invested in the auto racing group ahead of a planned initial public offering. The fund can only buy private equity if a company is planning to sell shares to the public. Formula One’s IPO was subsequently canceled………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

Norway’s massive sovereign wealth fund is continuing to invest in coal companies that are destroying forests in Indonesia despite divesting from forestry and plantation companies with poor environmental track records, reports the Rainforest Foundation Norway.
Analyzing portfolio data released released by the Norwegian Government Pension Fund Global (GPFG), the environmental group found the fund has $21.5 billion in holdings in companies “from sectors known to be driving deforestation” and $3 billion in companies that run coal mining operations in Indonesia………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The world’s largest pension fund should look to beat wage growth when setting investment goals and no longer needs to focus on domestic bonds given quickening inflation, a Japanese government advisory panel said.
The 128.6 trillion yen ($1.26 trillion) Government Pension Investment Fund should seek yearly returns of 1.7 percent plus the rate of pay increases for workers, according to a draft report from the committee formed to help the health ministry decide on economic assumptions for investment targets………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The Organisation for Economic Co-operation and Development (OECD) has warned Norway that spending down income from its national pension fund is hampering much-needed fiscal reforms.
The comments came in the OECD’s latest economic survey of Norway. Norway’s fiscal policy works within guidelines for the use of revenue from oil and gas production. All government revenues from oil and gas production are paid into the Government Pension Fund Global (GPFG)………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The financial position of the Norwegian government is astonishingly strong. While most other national governments in Europe and North America, especially in recent years, have been posting sizable annual budget deficits and accumulating additional debt, Norwegians have seen their government post sizable annual budget surpluses and add to a rapidly growing fiscal reserve - popularly known as the oil fund - that now has a market value (almost $850 billion) more than 1.5 times larger than Norway’s GDP!
“We are all millionaires now,” declared a Norwegian acquaintance, noting that the market value of the oil fund has risen beyond five trillion krone - for the five million Norwegians………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The Irish government has said it is “essential” the Ireland Strategic Investment Fund (ISIF) act as an alternative source of financing for a broad range of projects – from agriculture, to construction and technology ventures.
Minister for finance Michael Noonan said he was hopeful Parliament would pass a yet-unpublished bill by “the middle of the year” to formally establish the ISIF, allowing the €6.8bn held within the National Pensions Reserve Fund’s (NPRF) discretionary portfolio to be deployed………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The Green Investment Bank (GIB) should eventually open up to outside investment and has already been approached by sovereign wealth funds, chairman Lord Smith of Kelvin said. He also said he would like to diversify beyond equity investing into asset management and banking.
He said that, perhaps in ten years, the board could ask the government to sell down its stake in the bank. He said the GIB would not compromise its guiding principle to invest in the low carbon economy, saying such investments are already viable and will become more attractive. He added: “Sovereign wealth funds have approached us saying ‘can we buy equity’?”……………………………………….Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

Units of the Islamic Development Bank , a multilateral lender, and sovereign wealth fund Kuwait Investment Authority (KIA) have signed an agreement to invest jointly in Morocco’s private sector.
The partnership between the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD) and Casablanca-based Al Ajial Funds was signed on the sidelines of an investment conference in Morocco on Wednesday. The ICD supports its 51 member countries by financing private sector projects which follow Islamic principles; Al Ajial was created in 2006 by KIA to aid Morocco’s economic development………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

Ekiti State House of Assembly, the other day, trivialized an otherwise very serious constitutional issue by calling on the National Assembly to immediately commence impeachment proceedings against President Goodluck Jonathan. The impeachable offence cited? Compulsory deduction, at source, from the revenue allocation due to the states as contribution to an unconstitutional Sovereign Wealth Fund.
Following the resolution of Ekiti State House of Assembly, it is a matter of time for the remaining 35 state houses of assembly to sheepishly pass similar resolution………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The Heritage and Stabilisation Fund (HSF), T&T’s sovereign wealth fund, bounced back up to US$5.154 billion at the end of the third quarter of 2013, the Ministry of Finance and the Economy said in a recent report.
The HSF serves as the national savings account for future generations. It bounced back up to reach US$5.154 billion at the end of the third quarter (Q3) of 2013, improving from the US$4.914 billion to which it had fallen in the second historic loss in its seven-year existence………………………………………..Full Article: Source

Posted on 07 March 2014 by VRS |  Email |Print

The Alaska Permanent Fund Corp. on Thursday expanded its relationship with LaSalle Investment Management by agreeing to give it £250 million ($418 million) to invest in U.K. real estate, the companies said Thursday.
The permanent fund, which recently hit $50 billion under management for the first time, sees opportunities across all U.K. property types between £50 million and £150 million, according to LaSalle. This will be APFC’s first series of European real estate investments………………………………………..Full Article: Source

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