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Sovereign Wealth Funds Briefing 05.May 2014

Posted on 05 May 2014 by VRS |  Email |Print

The Kuwait Investment Office has joined the consortium that will own a significant minority stake in the Royal Bank of Scotland’s resurrected high street bank Williams & Glyn’s.
Kuwait’s sovereign wealth fund has emerged as a surprise backer of Williams & Glyn’s, the new “challenger” bank being relaunched by former owner the Royal Bank of Scotland………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Citigroup has been chosen to safeguard the securities of the world’s biggest sovereign wealth fund after wooing away one of the largest custodian mandates from its rival JPMorgan. The transfer of the Norwegian oil fund’s $865bn portfolio to its US competitor is a setback for JPMorgan, which is one of the top three competitors in the rapidly growing custodian business.
The award of a seven-year contract, set to be announced this week, comes as both US banks have been integrating their securities holding businesses more closely with their investment banks as a way to reduce costs and cross-sell products………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

The Sovereign Wealth Fund returned ‘a moderate’ NOK 78bn (1.7%) in the first quarter of 2014, according to a statement. Fixed-income investments returned 2 per cent and equity investments 1.5 per cent, say Norges Bank Investment Management.
The return on these investments was just 0.01 per cent higher than the return on benchmark indices, whilst investments in real estate returned 2 per cent. “All asset classes contributed positively to the result, and there were only minor differences between them. The return was boosted by lower interest rates in the fund’s main markets,” said NBIM managing director Yngve Slyngstad………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

The deputy CEO of Kazakhstan’s sovereign wealth fund tells Emerging Markets she is optimistic about the imminent sale of three banks nationalised during the recent financial crisis. The deputy chief executive of Kazakhstan’s sovereign wealth fund has claimed that the sale of three banks that were nationalised during the country’s financial crisis is “almost done”.
“For Temir, for 16% of ALB [Alliance Bank] and for 93% of shares in BTA Bank, the deals will be finalised within the next two months,” Yelena Bakhmutova, deputy CEO of Samruk-Kazyna, the sovereign fund, said………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

French utility GDF Suez and Suez Environnement on Sunday denied a report that Spanish group La Caixa would take a stake in the environmental services firm, replacing lead shareholder GDF Suez.
Suez competitor Veolia has started talks with Norway’s sovereign wealth fund, which could double the fund’s three percent stake in the group and give it a seat on the board. It also said Saudi Arabia’s sovereign wealth fund was interested in taking a Veolia stake. Norway’s fund has a 2.98 percent stake in Veolia, making it the fifth-largest shareholder after the sovereign wealth fund of Qatar, which has 4.51 percent, Thomson Reuters data show………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

The sovereign wealth fund of Qatar is emerging as a prime contender for the 5.2 per cent stake of the Asian Development Bank in the country’s natural gas importer Petronet LNG Ltd. India is keen that the stake sale results in additional gas at a lower price.
“There are a lot of people interested in buying the stake. Sovereign wealth funds of Qatar, Abu Dhabi and Oman as well as multinationals such as Mitsui are all interested besides some private equity investors,” industry sources said………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Bahrain’s national holding company and sovereign wealth fund has weathered several years of losses and is about to see spectacular growth, the charismatic Chief Executive Officer Mahmoud Hashim Al Kooheji told Gulf News. He says that Mumtalakat’s major loss maker Gulf Air is being turned round, Alba remains on track with substantial profit, and the whole group is benefiting from the discipline of Mumtalakat’s insistence on good governance and transparency.
Al Kooheji backs his infectious optimism with hard numbers, and says that despite Mumtalakat’s assets dropping from just over 5 billion Bahraini dinars (Dh48.71 billion) in 2012 to just over 4 billion dinars in 2010, he expects them to double to 8 billion dinars in 2019………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

The Crown Prince’s recent visit to Moscow has upset America. “We have raised these concerns with the Bahraini government,” said a US State Department spokesman. In a statement on Tuesday, the Russian Direct Investment Fund (RDIF) said it had signed a memorandum of understanding with Bahraini sovereign wealth fund Mumtalakat to identify and work together on investment opportunities in their countries.
Mumtalakat chief executive Mahmood Al Kooheji will join the RDIF’s international advisory board, helping to formulate its strategic direction, the statement said. The RDIF is a $10 billion fund created by Russia’s government to make equity investments, mainly in the Russian economy………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Cash-rich sovereign wealth funds of Oman, Qatar, Abu Dhabi and Japan’s Mitsui are keen to buy Asian Development Bank’s 5.2 per cent stake in Petronet LNG, India’s largest natural gas importer.
ADB had in 2011 decided to sell its 5.2 per cent stake in Petronet but could not go ahead as promoter public sector units like gas utility Gas Authority of India Ltd (GAIL) refused to waive off their first right of refusal………………………………………..Full Article: Source

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Assets of the National Development Fund (NDF) of Iran amount to $60 billion, the deputy director general of the fund has announced. “The NDF’s reserves were around $54 billion when president Hassan Rouhani took the office last August, and since then the figure has reached $60 billion, deputy director general of the NDF,” Qasem Hosseini told Trend on May 2.
Hosseini went on to say that the fund isn’t facing any problems, and the situation is desirable. The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Earlier this year the Libyan Investment Authority commenced litigation against Goldman to try to recover up to US$1.3 billion of losses the fund incurred because of equity derivatives sold by the US bank in 2008.
But Goldman is also being investigated by the Securities and Exchange Commission and Department of Justice because of efforts it is alleged to have made to help redress those losses, through a proposed $50 million payment through an Amsterdam-based and Libyan-controlled institution called Palladyne. The circumstances are complicated; follow the link at the top to the Euromoney article to see more, and to learn about a memo at the heart of the DOJ’s case………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

As it approaches its 40th year, Singapore investment giant Temasek is stretching its legs, moving away from its finance-based comfort zone into sectors like retail and African resources to ensure future growth, analysts say.
With worldwide holdings worth Sg$215 billion ($171 billion) as of end March 2013, Temasek is listed as one of the top 10 global players by the US-based Sovereign Wealth Fund Institute. Its wide spectrum of interests spans banking, telecoms, transport, life sciences and property, while more than 70 percent of its investments are in Asia………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has agreed to invest 3.4 billion pesos (S$95.7 million) in Century Pacific Food (CNPF) ahead of the Philippine company’s initial public offering (IPO). The move is a “vote of confidence in the Philippine economy’s strong long-term fundamentals”, GIC said.
It also attests to the “value and management capacity” of CNPF and its parent company, Century Canning Corp, it added. Through its private equity arm, GIC will grant Century Canning Corp an exchangeable loan at an interest rate of 5 per cent………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Following our earlier exclusive expose Sarawak Report has unearthed further exclusive evidence proving the links between the mystery tycoon Jho Low and Malaysia’s sovereign wealth fund One Malaysia Development Berhad (1MDB).
It shows that in 2011 1MDB bankrolled a multi-million euro debt buy-out in Ireland, which formed a key plank in Jho Low’s strategy to get a controlling share of a London Hotel chain for his Wynton private equity group. This new evidence flies in the face of denials as late as last month by Low that he has had any involvement or received any benefit from the public fund………………………………………..Full Article: Source

Posted on 05 May 2014 by VRS |  Email |Print

Normally taciturn businessman Low Taek Jho has issued a rare press statement, challenging a series of reports in websites linking him and Malaysia’s 1MDB to a failed attempt to buy three London hotels in 2011.
The Sarawak Report had posted an August 2012 UK High Court ruling involving a dispute in the purchase of a controlling stake in the Coroin hotel group which the whistleblower site said showed Low’s links to the Malaysian sovereign fund………………………………………..Full Article: Source

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