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Sovereign Wealth Funds Briefing 11.Jul 2014

Posted on 11 July 2014 by VRS |  Email |Print

President Vladimir Putin’s government is blowing a hole in Russia’s finances by unsealing one of its rainy-day funds, all for a growth spurt that will fizzle out, according to the Finance Ministry’s debt chief.
By tapping into the $88 billion stockpile to finance infrastructure, Russia is eroding the defenses that helped it weather a slump five years ago, Konstantin Vyshkovsky said. The tradeoff is that Russia will be at risk of “running on empty” after a “sharp and very brief acceleration,” he said………………………………………..Full Article: Source

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Aggregated international reserves of Kazakhstan comprising the gold and FX reserves of the Central Bank and assets of the National Oil Fund grew from January 2014 to June 2014 from $95.507 billion to $103.078 billion, according to the Central Bank’s Press Service.
The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. Tengrinews.kz reported earlier this year that $2.7 billion out of the National Oil Fund is to be allocated in 2014 to stimulate the country’s economy growth……………………………………….Full Article: Source

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Sound corporate governance and a clear business mandate have helped Temasek Holdings and government-linked companies (GLCs) in Singapore perform better than the market, said a report on Friday. The study, entitled “The State as a shareholder: The case of Singapore,” was done before Temasek released its results.
On Tuesday, Temasek reported its portfolio rose to S$223 billion, from S$215 billion the year before. Its total shareholder return (TSR), in Singapore dollars, was 1.5 per cent on a one-year basis, mainly due to weakness in the Singapore and China markets………………………………………..Full Article: Source

Posted on 11 July 2014 by VRS |  Email |Print

Temasek Holdings Pte’s performance was helped by a S$5 billion (RM112.78 billion) capital injection from Singapore’s Ministry of Finance, according to the state-owned investment firm’s annual report.
Temasek’s portfolio rose by S$8 billion to S$223 billion as of March 31, the company said in its review on July 8. The gain included the funds from the ministry, its only shareholder, “as part of their asset allocation decision,” it said………………………………………..Full Article: Source

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Kazkommertsbank (KKB), one of the largest banks in Central Asia, has announced it has completed the acquisition of BTA Bank, the Times of Central Asia reports. On June 30, 2014, as per their earlier agreements, Kazkommertsbank and Kenes Rakishev, a 34-year-old businessman and venture investor, each bought a 46.5% share in BTA Bank from Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund, KKB said.
Simultaneously, Samruk-Kazyna handed over its remaining 4.26% share in BTA Bank to KKB, according to the Trust Agreement. This provided KKB with over 50% of voting rights and operational control of BTA………………………………………..Full Article: Source

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Tanzania is on course to establish a Sovereign Wealth Fund to manage proceeds from oil and gas finds, but experts caution that to reap maximum benefits from its resources, the country must have in place effective mechanisms to foster good governance and transparency.
The mining sector’s contribution to Tanzania’s GDP more than tripled between the mid-1990s and 2012, reaching 3.5 per cent. However, since the mining boom started in the early 1990s, the East African country has failed to transform this into wealth for communities near the mines, critics say, hence the need for the government to rectify mistakes and ensure the Sovereign Wealth Fund works for the population from grassroots………………………………………..Full Article: Source

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Sovereign wealth fund Qatar Holding has sold 260.1 million pounds ($442.6 million) worth of shares in London Stock Exchange Group (LSE), a source familiar with the matter said on Thursday, ahead of the LSE’s impending $1.6 billion rights issue.
Qatar sold the shares at 1,915 pence each as part of its portfolio management, the source said, adding that Qatar remained a supportive shareholder of the LSE. The disposal leaves Qatar with a stake of around 10.3 percent in the company………………………………………..Full Article: Source

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The Libyan Investment Authority (LIA), the sovereign wealth fund of the North African oil producer, has appointed a new chief after his predecessor stepped down over a controversial political law, according to a statement on Wednesday.
Former Oil Minister Abdulrahman Benyezza has taken over as acting head of the fund, the LIA said. His predecessor Abdulmagid Breish quit after an investigation under a law which bans people from taking a public office if they had a function in the regime of late strongman Muammar Gaddafi, who was deposed and killed by rebels after an eight-month uprising in 2011………………………………………..Full Article: Source

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Last month, the Nigeria Sovereign Investment Authority (NSIA), Nigeria’s Sovereign Wealth Fund (SWF) announced that it made capital gains of N1.2 billion ($7.75 million) in the first quarter of 2014 – a return of 0.5 percent on a total capital of $1.55 billion.
If the entire $1.55 billion was shared among an estimated 174.5m Nigerians each of us would get $8.88, according to the Sovereign Wealth Fund Institute. For majority of Nigerians who live on $1.25 a day this is a pittance. In Norway, each of 5.06m Norwegians would get $173,518. Though the Norway Government Pension Plan was set up much earlier than the NSIA (it was established in 1990) it’s size and performance is testimony to how surplus oil wealth can be managed………………………………………..Full Article: Source

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K9 Natural’s chief executive, Calvin Smith, says the Super Fund’s expansion capital strategy is a no-brainer, as there is a serious funding gap in New Zealand for high growth companies.
“The Super Fund is all about growth and yield over the long term … and if you look at our economy, it’s the small- to medium-sized businesses that are growing the fastest so they should be offering the best investment return.”……………………………………….Full Article: Source

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