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Sovereign Wealth Funds Briefing 16.Jul 2014

Posted on 16 July 2014 by VRS |  Email |Print

The Russian Direct Investment Fund, or RDIF, will create a multi-billion dollar infrastructure investment fund together with sovereign wealth funds from the BRICS group of developing countries. he joint fund will invest in the equity capital of BRICS infrastructure projects, the RDIF said Monday on its website, adding that its international partners had pledged their support to the initiative. If final negotiations are successful, the RDIF said the fund should be active by the next BRICS summit in the Russian city of Ufa in summer 2015.
Created in 2011 to provide a partner for foreign investors looking for opportunities in Russia, the state-sponsored RDIF says it and its co-investors have invested $5 billion in Russian projects, and lured $12 billion of foreign capital to Russia through long term strategic partnerships………………………………………..Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has backed out of buying a Tokyo property from Lone Star Funds due to a legal dispute over the property’s ownership, said people familiar with the transaction.
GIC earlier this year agreed to buy Meguro Gajoen, an office complex and a wedding hall, for about US$1.3 billion (S$1.61 billion). If finalised, it would be one of the largest property deals in Tokyo since the 2008 financial crisis. However, GIC is now cautious about completing the sale due to a lawsuit filed in April by the family of Meguro Gajoen’s founder, Mr Rikizo Hosokawa, said the sources………………………………………..Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

Global buyout firm Lone Star Funds is looking for buyers for a complex of buildings in central Tokyo after exclusive talks with Singapore’s sovereign wealth fund GIC Pte Ltd stalled due to a legal dispute over the property’s ownership, according to three people with direct knowledge of the matter.
GIC earlier this year agreed to buy Meguro Gajoen, an office complex and a wedding hall, for about $1.3 billion which, if finalised, would be one of the largest property deals in Tokyo since the 2008 financial crisis. GIC, however, is now cautious about completing the sale due to a lawsuit filed in April by the family of Meguro Gajoen’s founder, Rikizo Hosokawa, said the sources, who declined to be named because the matter remains confidential………………………………………..Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

Real estate is a beneficiary, as is the stock market, and “they are taking money out of the debt markets,” says Barry Sternlicht, chairman and CEO, Starwood Capital. His last point is interesting considering the widespread low yields in government debt and corporate paper (if SWFs are selling, someone is buying). Anyway, like we’ve all heard others warn, Sternlicht brings up the “crowded trade” risk, but concludes that he doesn’t think rates are going anywhere globally because the world’s economies aren’t strong enough.
While some investors such as SWFs, pension funds, and retirees may absolutely need portfolio income, value investors and those that have long-term horizons with no immediate need or preference for income ought to ensure margin of safety first (that goes without saying, to which I will add opportunistically watching for compounders at very reasonable prices ………………………………………….Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

Air Astana (KC, Astana) is considering going public over the next two or three years president Peter Foster, has announced. The Wall Street Journal quotes Foster as saying an IPO had become a necessity given its ambitious expansion plans.
Majority-owned by the Kazakh sovereign wealth fund, Samruk Kazyna, the carrier is a joint-venture with BAe Systems (B1, Warton) which owns the remaining 49%. On the back of growing profitability - the carrier generated a profit of USD46million last year - Air Astana has outlined plans to develop Astana into a regional and international transit hub………………………………………..Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

The balance in the Excess Crude Account (ECA) has increased to $4.05 billion, following the approval by the Federation Account Allocation Committee (FAAC) for the transfer of N50.35 billion into the ECA.
At the end of the FACC meeting for the distribution of June 2013 allocation to the three tiers of government, members of the committee, especially those from the states, kicked against the retention of fuel subsidy. They described the retention of fuel subsidy as a fraud against the country………………………………………..Full Article: Source

Posted on 16 July 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) has received improved rating as a sovereign wealth fund by the Linaburg-Maduell transparency index administered by the Sovereign Wealth Institute. In the official statement announcing the second quarter 2014 ratings, the Institute singled out the NSIA for special mention stating that NSIA has been upgraded to nine points out of a possible 10 from a score of four in the previous rankings.
This rating translates into a leap from a position of joint 33rd to joint 2nd; the only African sovereign wealth fund so ranked. With the latest rankings, NSIA is in credible company alongside sovereign wealth funds from the USA, France, South Korea, Brazil and Malaysia………………………………………..Full Article: Source

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