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Sovereign Wealth Funds Briefing 08.Apr 2014

Posted on 08 April 2014 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained more than $1.7 billion from 2007 to April 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ received some $115.6 million as part of the Shah Deniz project from January 1 to April 1, SOFAZ said.
The Shah Deniz field, one of the world’s largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe………………………………………..Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Norway will wait to see whether real estate investments by its $850 billion sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity.
“Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said in an April 4 interview. “We will come back to it — it’s not off the table.”……………………………………….Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Norwegian Finance Minister Siv Jensen rejected criticisms the government’s planned changes to the management of the nation’s massive sovereign wealth fund didn’t go far enough to ensure greener, socially responsible investments, saying the “Oil Fund” is a return-oriented investment scheme, and not a environmental or foreign policy tool.
Jensen’s main point was that while the fund aimed to invest responsibly and encourage companies to be good corporate citizens, it always has to focus first and foremost on investments that give the sovereign wealth fund the best possible return………………………………………..Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Norway’s government has disappointed green groups by coming up with proposals for using the country’s $790bn oil fund that fall well short of expectations over increased renewables investments.
Although the government mandated the country’s sovereign wealth fund to invest more in environmentally-related stocks, critics say the new government directive does little to increase the actual impact of those investments with regards to renewable energy. Norway announced that stock investments made by the fund will grow from $5bn to about $8.4bn under the new mandate………………………………………..Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Abu Dhabi-based Mubadala Development Company, and the Investment Corporation of Dubai announced on Monday the official incorporation of Emirates Global Aluminium (EGA), the jointly-owned aluminium company formed by integrating the two shareholders’ interests.
EGA’s core operating entities are Dubai Aluminium (Dubal) and Emirates Aluminium (Emal), whose combined annual production currently accounts for 50 per cent of the total primary aluminium produced within the GCC region………………………………………..Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Mubadala Development Company could team up with Richard Branson’s commercial space flight company, Virgin Galactic, according to George T. Whitesides, CEO and president of Virgin Galactic. Whitesides confirmed to the media on Monday that the American space flight company has held discussions with Abu Dhabi’s Mubadala.
Asked if Mubadala could supply parts or build any part of Virgin Galactic’s commercial spacecraft fleet, Whitesides said, “We’ve had good conversations with Mubadala and other stakeholders in the UAE and we will see where those conversations go.”……………………………………….Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

Hotel and casino czar Sol Kerzner will retire as chairman of Kerzner International Holdings Limited (KIHL) following Investment Corporation of Dubai’s purchase of a stake in the company Kerzner founded in 1994.
“This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well,” Kerzner said. The Dubai sovereign wealth fund announced last week that it had completed the purchase of a “significant equity interest” in KIHL, from the Kerzner family, and several other institutional investors………………………………………..Full Article: Source

Posted on 08 April 2014 by VRS |  Email |Print

The size at which a self-managed superannuation fund (SMSF) becomes a viable alternative to regular funds may be considerably higher than the industry currently estimates due to the impact of scale on performance. The industry typically advises that a minimum balance of between $100,000 and $200,000 is the tipping point at which SMSFs costs match those of pooled superannuation funds.
However, Rainmaker analysis of Australian Taxation Office (ATO) performance data suggests that there is a significant scale effect associated with fund returns which means the SMSFs don’t receive a material benefit until they have much higher balances………………………………………..Full Article: Source

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