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Sovereign Wealth Funds Briefing 13.Aug 2014

Posted on 13 August 2014 by VRS |  Email |Print

The Central Bank of Timor-Leste has released the Quarterly Report of the Petroleum Fund of Timor-Leste for the second quarter of 2014, during which period the fund hit its new target of investing 40% of its assets-under-management in equities. The portfolio return in the quarter was 2.66% compared with the benchmark return of 2.73% – meaning that since the fund’s inception nine years ago, overall returns are exactly in line with the benchmark.
Over the quarter, the fund’s capital grew from $15.7 billion to $16.6 billion. Gross cash inflows to the fund from royalties and taxes were $541.3 million, while cash outflows were $3.87 million for direct external and internal management costs………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Private equity firm CVC is in talks with Singapore’s Government Investment Corporation over possible joint bids for assets of cement firms Holcim and Lafarge, Sky News reported on Tuesday, without naming its sources.
Private equity funds have been queuing up to buy the assets since Holcim of Switzerland and France’s Lafarge announced a merger in April that would create a group with $44 billion in annual sales………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

The private equity firm CVC Capital Partners is joining forces with some of the world’s biggest sovereign wealth funds to bid for £4bn of cement assets that would make it a major player in the building materials sector.
Sky News has learnt that CVC is in discussions with Singapore’s Government Investment Corporation (GIC) about a combined offer for a package of businesses being sold by Holcim and Lafarge , the Swiss and French cement giants, as they look to seal a £32bn merger………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

China Investment Corporation (CIC), a sovereign wealth fund responsible for managing the country’s foreign exchange reserves, has vowed to diversify its portfolio. Interest in overseas investment has been on the rise in China, particularly since it became clear that the renminbi is no longer a one-way bet on appreciation.
Last year, CIC’s assets grew to $652 billion (€486.9 billion) from $575 billion and the fund achieved a 9.33% return, according to a fund report published last Friday………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

The unusually large flows have kept the HKMA busy as it has been forced to inject more than 75 billion Hong Kong dollars (US$9.7 billion) into the foreign exchange market in a bid to cool down the local currency, which has been hitting the strong side of the band that it’s allowed to trade in.
The currency peg permits the Hong Kong dollar to trade between HK$7.75 and HK$7.85 to the U.S. dollar. The HKMA buys or sells the local unit whenever it touches either side of the band………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Former Malaysian prime minister Mahathir Mohamad yesterday criticised the takeover of Malaysia Airlines by Khazanah Nasional, the country’s sovereign wealth fund, saying full ownership of the beleaguered carrier was not likely to make a difference.
Last Friday, the state investment agency made an offer to take the airline private by paying 27 sen apiece or some RM1.4 billion (S$547 million) to buy the remaining shares it does not own. In the coming fortnight, it is expected to detail its proposed complete revamp of the airline………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Influential former prime minister Mahathir Mohamad on Tuesday criticised the takeover of crisis-hit Malaysia Airlines by the country’s sovereign wealth fund as a recipe for more losses by the carrier. Sovereign fund Khazanah Nasional, which has controlled the airline for years via a 70 percent ownership stake, said last Friday it plans to buy all remaining shares, de-list the stock, and take the carrier private before undertaking a “complete overhaul”.
The fund acted after the double tragedies of flights MH370 and MH17 pushed Malaysia Airlines (MAS) — which had already been losing money for years — to the financial brink. “Khazanah has been in full control of Malaysia Airlines all this time. And all this time Malaysia Airlines has been bleeding profusely,” Mahathir, prime minister from 1981-2003, wrote on his blog………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

There are calls for the NZ Superannuation Fund to drop its shareholding in an Israeli chemical company that produces a lethal chemical allegedly used in fighting in Gaza. Labour’s foreign affairs and energy spokesman David Shearer and the Peace Foundation are calling for the NZ Superannuation Fund to immediately drop its shareholding in Israel Chemicals Ltd, a manufacturer of white phosphorus.
NZ Superannuation Fund says they are monitoring the conflict between Israel and Palestine and expect all the companies they invest in to obey international and local laws………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has invested $2.164 billion in Southern Gas Corridor Closed Joint Stock Company in the long term, SOFAZ said.
The investment was made by purchasing the bonds of Southern Gas Corridor CJSC, which issued bonds worth $917,320,800 and $1,246,355,000 within two emissions. In late July, the new issues of the Southern Gas Corridor’s bonds amounting $1.2 billion was put for mass sale at Baku Stock Exchange (BSE), and InvestAZ Company was chosen as the broker of the acquirer………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Norway’s huge sovereign wealth fund that’s fueled by oil revenues has taken another step towards what it calls its “active ownership” in publicly traded companies. Its latest step also addresses critics looking for more openness by fund managers.
The Financial Times reported last week that the fund’s decision to reveal in advance how it will vote on key issues at many companies is likely to also boost shareholder activism in Europe. Thomas Sevang, communications director for the fund, told newspaper Aftenposten that revealing how it will vote ahead of a company’s annual meeting is aimed at “increasing transparency around its active ownership.”……………………………………….Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

The Norwegian sovereign wealth fund invested in real estate in London, buying a 343 million-pound asset in the Mayfair district. According to Norges Bank Investment Management, the fund bought a 57.8% share in estate between Regent Street and Bond Street from the Church Commissioners for England.
‘The consideration is net of the fund’s £36.1 million share of total existing debt. The Crown Estate purchased a 6.4 percent stake at the same time for £38 million. Contracts were completed on 8 August 2014,’ reads a note released on Sunday………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

It is true that Norway is a bit more like the socialist paradise that the Scottish Nationalists imagine. But only a bit. Norway has donned its own version of a golden straitjacket by ensuring that it puts its oil wealth in a gigantic sovereign wealth fund (valued at about £508 billion) rather than spending it on infrastructure or welfare.
Norway is opening its welfare-state to welfare entrepreneurs: the new hospital in Oslo is being built with private money. It is also doing everything it can to promote private-sector entrepreneurs: private companies are selling Norway’s oil extraction skills across the world………………………………………..Full Article: Source

Posted on 13 August 2014 by VRS |  Email |Print

Nigeria Sovereign Investment Authority (NSIA), managers of the nation’s sovereign fund, told BusinessDay that it will release the fund for the construction of the second River Niger Bridge. This fund serves as part of NSIA equity stake in the construction of the bridge.
“We are about to pay Julius Berger for the early works of the bridge,” Managing Director NSIA, Uche Orji told BusinessDay. NSIA has three funds that guide its investment activities; Nigeria Infrastructure Fund which it allocates 40 percent of its assets, Stabilization Fund (20 percent) and future generation fund (40 percent)………………………………………..Full Article: Source

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