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Sovereign Wealth Funds Briefing 02.Apr 2014

Posted on 02 April 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC Private Ltd said on Tuesday it has opened an office in Brazil as it looks to increase its investments in Latin America. Based in Sao Paolo, the new office will focus on investments in real estate, healthcare, financial and business services, and natural resources and infrastructure, GIC said in a statement.
The fund’s chief investment officer, Lim Chow Kiat, said he is confident of the long-term growth prospects in Latin America despite the recent volatility in emerging market economies……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC has joined IFM and Borealis to form a new consortium that will bid next month for Queensland Motorways, a 62-kilometre network of tolled roads, bridges and infrastructure around Brisbane that may be worth about $4 billion.
Melbourne-based IFM and Austria’s Borealis were looking for a third party to join their consortium following the departure of Canada’s Ontario Teachers’ Pension Plan. The group is being advised by Rothschild……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Whenever Temasek Holdings opens a new office outside of Singapore, it is “not indicative of some radical shift” in the investment company’s approach, said its chairman Lim Boon Heng.
“Coming from a little island nation with no natural resources except for some granite rocks, we are not a sovereign wealth fund in the normal sense of the term,” he said. “Instead, we invest capital accumulated from generations of hard work and commitment by everyone in Temasek and the Temasek portfolio companies,” said Mr Lim in a speech at the Millennium Mayfair Hotel……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Sovereign wealth funds emerged as the top investors among global funds that bet on Indian equities last year, indicating strong faith in the long-term prospects of the Indian economy that’s currently in a slump and yet to show definitive signs of a recovery.
Regulatory data showed the share of long-term funds such as sovereign wealth funds and pension funds in total foreign institutional investor, or FII, inflows into Indian equities topped 16% in December 2013 from 9% in May 2013. In absolute terms, it rose by $14 billion, according to data from the Securities and Exchange Board of India (Sebi)……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Libya’s sovereign wealth fund has filed a $1.5bn lawsuit against Societe Generale, accusing it of funnelling bribes worth tens of millions of dollars to associates of Saif Al Islam, the son of former Libyan leader Muammar Gaddafi.
“Societe Generale contests the unfounded allegations in the Libyan Investment Authority’s (LIA) complaint,” a spokeswoman for France’s second-biggest bank said in an emailed statement, without giving more details……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

French bank Société Générale paid a middleman $58 million in alleged bribes to secure almost $2 billion in business from Libya’s main sovereign-wealth fund during the final years of dictator Moammar Gadhafi’s rule, according to a lawsuit filed by the fund, the Libyan Investment Authority.
The fund is suing Société Générale in London for restitution of money lost in deals completed between 2007 and 2009. It accuses the French bank of defrauding the institution through a series of complex financial derivative deals that were unprofitable for the LIA, according to new court documents filed last week. The new documents detail allegations in a suit filed earlier this month at London’s High Court……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.
According to the Sovereign Wealth Fund Institution, an American organisation that tracks SWF performance, some $174 billion of direct transactions took place during the year, way ahead of 2012’s $65.09bn……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013.
According to the results audited by PricewaterhouseCoopers and made available to THISDAY, NSIA recorded a gross operating income of N1.466 billion and non-operating income of N495 million, bringing the total gross income to N1.961billion……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Nigeria, with its prodigious wealth of people and natural resources, may after all be recognised as the largest economy in Africa. However, this size does not reflect in the way she manages her economy, or her investment strategy. Notably, in the management of Nigeria’s huge and idle pension funds and that of her Sovereign Wealth Fund there are useful lessons to draw from South Africa.
Though PIC is not a SWF, its investment strategy is instructive. SWFs are state-owned investment vehicles that invest surpluses generated from a natural resource e.g. oil. PIC manages the pension of South African civil servants……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

Norway’s central bank will not purchase any foreign currency for the country’s sovereign wealth fund in April, the bank said on Monday on its page, in line with its practice over the past several months.
The fund, the world’s largest sovereign wealth fund, invests Norway’s saved up wealth from oil and gas production for future generations. The central bank, which manages the fund, frequently converts surplus tax revenues into foreign currency to buy stocks, bonds and real estate. However, it has made no currency purchases since the end of October……………………………..Full Article: Source

Posted on 02 April 2014 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has acquired prime office complex, Pine Avenue Tower A in Seoul, South Korea for USD 447 million, a message from the Fund said on April 1.
The purchase of the property has been realised through a competitive auction process organized by Mirae Asset Management on behalf of the four owners (NongHyup Bank, NongHyup Life insurance, Woori Bank and KDB Life Insurance)……………………………..Full Article: Source

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