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Sovereign Wealth Funds Briefing 09.Apr 2014

Posted on 09 April 2014 by VRS |  Email |Print

Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers.
Over a dozen top Dubai officials and executives met about 100 representatives of financial powerhouses including Deutsche Bank, Nomura Holdings and Fidelity Investments for the emirate’s first big investor roadshow since the crisis………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

Last week’s transaction between Investment Corporation of Dubai (ICD) and Kerzner International is a transformational deal on multiple levels. ICD, under its chief executive Mohammed Al Shaibani, bought about 46 per cent of the company that controls the international up-market hotel group.
The global operations of the Atlantis and One & Only chains, as well as the Mazagan beach resort in Morocco, thus fall under the control of Dubai. With another significant shareholding in Kerzner, about 25 per cent, held by Istithmar World, a subsidiary of Dubai World, the emirate becomes the majority shareholder in one of the biggest and most luxurious hotel operators in the world………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

The Libyan Investment Authority (LIA), Libya’s sovereign wealth fund, presented its 2013 annual report to the Audit Bureau last week, the Audit Bureau reports.The presentation was attended by, amongst others, the Audit Bureau head Khalid Shakshak, GNC LIA Committee member Asia Megherbi, Central Bank of Libya Governor Sadik El-Kabir, LIA head Abdulmajid Briesh, as well as representatives of the NOC, the Libyan Foreign Bank and the Administrative Control Authority.
During the presentation, the head of the LIA Abdulmajid Briesh reviewed the activities of the LIA and its international and domestic investments as part of the LIA’s 2013 Annual Report. Briesh also made a presentation of how the LIA would be transformed into a global sovereign wealth fund that would support the future of Libya………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), now has its first audit board that will guarantee the “highest level” of openness in its operations, it emerged on Tuesday.
This audit board was picked by the country’s finance ministry, with José Filomeno dos Santos, Chairman of the Board of Directors at FSDEA, describing the move as another critical milestone in the development of the country’s sovereign wealth fund………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

Companies Commission of Malaysia (SSM) is monitoring 1Malaysia Development Bhd (1MDB) which is yet to notify and update the former on the status of its AGM to table its overdue accounts, as at press time.
“We (SSM) are currently monitoring the situation,” it said. According to SSM, it has issued a notice to the sovereign wealth fund’s company secretary to notify and update it on the status of 1MDB’s AGM as well as on the tabling of its audited accounts for the financial year ended March 31, 2013………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

A unit of Singapore state investor Temasek Holdings is putting its substantial clout behind an app that eases the pain of booking taxis in Singapore and Malaysia, aiming to expand the service in other busy Southeast Asian cities.
Vertex Venture Holdings, a $1.2 billion venture capital firm that focuses on emerging companies and funds in Asia and the United States, said on Tuesday it was leading a group of mostly Malaysian investors putting an unspecified “eight-figure sum” into smartphone app company GrabTaxi………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

The Norwegian finance ministry has adopted a report recommending changes to the way the country’s sovereign wealth fund – the Government Pension Fund Global (GPFG) – is run, including giving more power over its ethical investment policy to the fund managers at the Norwegian central bank.
Norges Bank Investment Management (NBIM), the arm of Norges Bank that runs the fund, will then be responsible for deciding which companies to exclude from its investments on ethical grounds. It will also be expected to report regularly on the scale of its investments in renewable energy and in emerging markets………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

Founded in 1990, Norges Bank Investment Management (a.k.a the Government Petroleum Fund), the fund has since grown to a size in excess of $80B. Over the past two decades, it has undergone dramatic changes in asset mix: up until 1997, the capital was fully invested in government securities, while as of the end of 2013 the fund consists of equities (approximately 60% of portfolio), real estate (not exceeding 5%), and bonds (all known classes, including securitized investment vehicles).
Two years ago, the government decided that the fund was to gradually reduce European equity holdings to 40%, with the decrease to be compensated with extra exposure to emerging markets………………………………………..Full Article: Source

Posted on 09 April 2014 by VRS |  Email |Print

Kazakhstan’s international reserves, including gold and FX reserves of the National Bank and the assets of the National Oil Fund grew from $95.222 billion to $99.304 billion from January to March 2014, according to the country’s National Bank.
The gold and FX reserves of the National Bank for the period grew by 7.45% to reach $26.517 billion, with the assets of the National Oil Fund growing by 3.18% for the period to reach $72.787 billion. February 14 Kazakhstan’s President Nursultan Nazarbayev instructed his Cabinet to allocate $5.4 billion out of the National Oil Fund [accumulating oil windfall revenues] in 2014-2015 as “long money” for the country’s economy………………………………………..Full Article: Source

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