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Sovereign Wealth Funds Briefing 21.Aug 2014

Posted on 21 August 2014 by VRS |  Email |Print

The effect on European equities of tensions between Russia and the West could pose a challenge to Norway’s $890 billion sovereign-wealth fund, its chief executive said Wednesday. Yngve Slyngstad also told The Wall Street Journal that the fund has retained its holdings in Russian banks and oil companies despite the tensions, and U.S. and European sanctions against Russia.
“The biggest challenge regarding Russia is of course how it leads to a pricing of other assets, first and foremost our European stockholdings, and we have a huge share of our equity holdings in Europe,” he said………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, returned 192 billion kroner ($31 billion) in the second quarter as energy stocks and emerging markets led a rally amid turmoil in Iraq and Ukraine. The Government Pension Fund Global gained 3.3 percent in the quarter, the Oslo-based investor said today. The $880 billion fund’s stock holdings returned 4 percent and its bonds 2 percent. Real estate returned 3 percent.
“Equity markets rose in the second quarter and emerging markets performed best,”Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which runs the fund, said in a statement. “Considerable liquidity flowed into the market, which pushed asset prices up.”……………………………………….Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Norway’s massive sovereign wealth fund yesterday announced that it was likely to hang on to its $8.2bn (£4.93bn) worth of Russian assets des­pite Western sanctions on Moscow. However, the $885bn fund – one of te world’s biggest investors said it did not plan further purchases because of political risk.
The fund has $8.2 billion invested in Russian bonds and stocks, and kept that holding broadly unchanged in recent months, chief executive, Yngve Slyngstad told a news conference. During that time, western countries imposed sanctions on Russia, accusing it of backing separatist rebels in eastern Ukraine. Moscow, denying the charge, hit back by stopping imports of many food products………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Norway’s $885bn oil fund is doubling the number of its senior executives in the latest sign it is restructuring itself to tackle its ever-increasing size and its shifting responsibilities as an investor. Norges Bank Investment Management, the arm of the Norwegian central bank that manages the fund, is creating a number of new positions to help manage its nascent property portfolio, as well as appointing three chief investment officers.
These three officers will be responsible for different investment strategies rather than specific asset classes as the oil fund merges its equities and corporate credit analysis functions………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund is shaking up its leadership, doubling the number of top executives to 12 and hiring more staff as it prepares a significant boost to its investments in high-end office and retail properties in cities such as London, Paris, and New York.
“Looking at our real-estate purchases in the recent three years, we’ve barely kept pace with the fund’s growth,” Norges Bank Investment Management Chief Executive Yngve Slyngstad told The Wall Street Journal in an interview Wednesday………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Norway’s US$880 billion (RM2.7 trillion) sovereign wealth fund, the world’s largest, is slowing its expansion into emerging markets as it scales back a two-year mission to tap into the fastest growing markets.“We are gradually picking up some new markets but at a less rapid pace than we did at the beginning of the year,” Yngve Slyngstad, the fund’s chief executive officer, said yesterday in an interview after a press conference in Oslo.
The fund has been pouring into emerging markets since 2012, when it won permission to step up its investment. At the time, the government approved a plan to reduce holdings in Europe to 41 per cent from 54 per cent of the total portfolio………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), has launched a scholarship scheme for young Angolans to study business management, banking and finance in Switzerland with a view to improving the country’s capacity to invest its oil revenues wisely.
The programme, in partnership with the School of Management and Law of the Zurich University of Applied Sciences (ZHAW), will send talented young Angolans to Zurich to undertake “an intensive and exclusive management course with a focus on international business management and banking and finance”, according to a joint ZHAW and FSDEA statement………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

The Libyan Investment Authority, the violence-hit North African nation’s $60bn sovereign wealth fund, is likely to name senior World Bank executive Ahmed Ali Attiga as its new chairman by the end of the year, The Daily Telegraph gathers. Attiga, who is currently representing the World Bank’s International Finance Corporation unit in Jordan, hails from a high-profile Libyan family associated with King Idris, the ruler before the late Muammar Gaddafi.
Separately, it emerged on Tuesday that Goldman Sachs had withdrawn a summary judgment application it filed in April at the UK High Court, requesting the quashing of a lawsuit filed against the investment bank by the LIA. The state-backed investment fund had charged Goldman Sachs with mis-selling it second-rate investment products that cost the LIA billions………………………………………..Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

Pension and sovereign wealth funds are not traditionally big investors in ETFs because of concerns over cost, flexibility and restrictions on buying listed securities. But that may be about to change as providers look to woo big institutional investors.
Of the 3,367 institutional buyers of exchange-traded funds (ETFs) across 50 countries in 2012 only 1% was a pension fund, while investment advisers accounted for 60%, according to consultancy ETFGI. Meanwhile few sovereign wealth funds admit to buying ETFs and some are decidedly negative about the products. For example, the $850 billion Government Pension Fund of Norway - the world’s largest sovereign wealth fund - states: “The fund does not invest through ETFs.”……………………………………….Full Article: Source

Posted on 21 August 2014 by VRS |  Email |Print

JP Morgan has set up a dedicated equities salesforce in London to serve its hedge fund clients and sovereign wealth funds, as part of the bank’s push to become a top three cash equities house globally.
Simon Taylor, who re-joined the bank in 2012 after a stint as head of equity sales trading at Royal Bank of Scotland, has been tasked with leading the new 10-strong cash equity hedge fund sales team. He will report to Michael Wilson, head of equity sales in Europe, the Middle East and Africa………………………………………..Full Article: Source

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