Opalesque Sovereign Wealth Funds Briefing » Financials http://www.opalesque.com/SWF_Briefing Wed, 30 Nov 2016 00:20:03 +0000 http://wordpress.org/?v=2.5.1 en Khazanah Nasional Berhad arm to sell stake in IDFC Bank http://www.opalesque.com/SWF_Briefing/?p=21095 http://www.opalesque.com/SWF_Briefing/?p=21095#comments Wed, 30 Nov 2016 00:19:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21095 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21095>Article Link</a> A unit of Malaysian sovereign wealth fund Khazanah Nasional is selling around USD80 million worth of shares in Indian private lender IDFC Bank, according to a term sheet seen by Reuters on Tuesday. (more…)

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Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company http://www.opalesque.com/SWF_Briefing/?p=21091 http://www.opalesque.com/SWF_Briefing/?p=21091#comments Wed, 30 Nov 2016 00:18:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21091 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21091>Article Link</a> Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including KFC, TGI Friday’s Inc. and Pizza Hut. (more…)

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Taking charge in time of lower returns http://www.opalesque.com/SWF_Briefing/?p=21084 http://www.opalesque.com/SWF_Briefing/?p=21084#comments Tue, 29 Nov 2016 03:03:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21084 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21084>Article Link</a> That the announcement of various changes to the leadership team at GIC - including the elevation of Mr Lim Chow Kiat to chief executive - caused barely a stir speaks of the confidence the general public has in the sovereign wealth fund’s ability to continue managing Singapore’s foreign reserves ably. (more…)

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Alaska Permanent Fund posts 3.86% return for quarter, above its benchmark http://www.opalesque.com/SWF_Briefing/?p=21080 http://www.opalesque.com/SWF_Briefing/?p=21080#comments Tue, 29 Nov 2016 03:02:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21080 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21080>Article Link</a> Alaska Permanent Fund Corp., Juneau, returned 3.86% for the quarter ended Sept. 30, ahead of its 3.51% performance benchmark, said a news release from the $54.8 billion sovereign wealth fund. (more…)

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SOFAZ to obtain about $100bln in next 20 years http://www.opalesque.com/SWF_Briefing/?p=21078 http://www.opalesque.com/SWF_Briefing/?p=21078#comments Thu, 24 Nov 2016 23:31:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21078 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21078>Article Link</a> Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the resource-rich country, is projected to get some $100 billion from the sale of oil and gas in the next 15-20 years. (more…)

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Moody’s affirms Kuwait Investment Company’s Ba2 rating; stable outlook http://www.opalesque.com/SWF_Briefing/?p=21072 http://www.opalesque.com/SWF_Briefing/?p=21072#comments Wed, 23 Nov 2016 23:46:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21072 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21072>Article Link</a> The affirmation primarily reflects Moody’s views that 1) the fundamental credit profile of KIC continues to reflect the company’s profitable business model, access to low cost deposits and a low level of net debt to equity, strengths that are counterbalanced by its high exposure to market risk, high level of debt compared to earnings and narrow asset management franchise, and that 2) KIC’s main shareholder, the Kuwait Investment Authority (KIA), will remain supportive of KIC during the planned divestiture process. (more…)

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Temasek exits Citic Resources with sale http://www.opalesque.com/SWF_Briefing/?p=21063 http://www.opalesque.com/SWF_Briefing/?p=21063#comments Tue, 22 Nov 2016 23:41:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21063 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21063>Article Link</a> Singapore sovereign wealth fund Temasek has sold its entire 10 percent stake in state backed CITIC Resources. The shares were sold to Singaporean private equity fund TIHT Investment at HK$1.235 each, CITIC Resources said in a filing to the local exchange with the acquisition cost is estimated at HK$971 million. (more…)

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Brookfield Ties Up with CIC to Buy IFC Seoul http://www.opalesque.com/SWF_Briefing/?p=21057 http://www.opalesque.com/SWF_Briefing/?p=21057#comments Mon, 21 Nov 2016 23:42:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21057 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21057>Article Link</a> Canadian investment shop Brookfield Asset Management got one over on Stephen Schwarzman and his Blackstone Group beating out the US-based firm to acquire the International Finance Centre Seoul from AIG Global Real Estate. The bid, which is said to be backed by sovereign wealth fund China Investment Corporation, has been valued at $2.7 billion. (more…)

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Russia empties Reserve Fund, makes priority to defense sector http://www.opalesque.com/SWF_Briefing/?p=21053 http://www.opalesque.com/SWF_Briefing/?p=21053#comments Mon, 21 Nov 2016 23:41:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21053 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21053>Article Link</a> Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports. (more…)

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Oil Fund to cease to be main financial source for Azerbaijan’s budget since 2017 http://www.opalesque.com/SWF_Briefing/?p=21052 http://www.opalesque.com/SWF_Briefing/?p=21052#comments Mon, 21 Nov 2016 23:40:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21052 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21052>Article Link</a> The State Oil Fund (SOFAZ) is unlikely to be the main financial source for the budget of Azerbaijan. Presenting State Budget 2017, the Ministry of Finance of Azerbaijan reported that the transfer to the budget from SOFAZ will reduce from AZN 7.615 bn to AZN 6.1 bn, and the Ministry of Taxes, revenues from which are expected to increase from AZN 7.01 bn up to AZN 7.21 bn will be ahead of it on the significance for the State Budget. (more…)

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HSF falls to US$5.4b http://www.opalesque.com/SWF_Briefing/?p=21051 http://www.opalesque.com/SWF_Briefing/?p=21051#comments Mon, 21 Nov 2016 23:40:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21051 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21051>Article Link</a> Trinidad and Tobago’s sovereign wealth fund, the Heritage and Stabilisation Fund (HSF), fell 5.7 per cent on poor choices (negative security selection effects) and the US$377.5 million withdrawal by Finance Minister Colm Imbert in May, the latest report from the HSF showed on Friday. (more…)

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HK Exchange Fund’s income more than doubles as stock gains surge http://www.opalesque.com/SWF_Briefing/?p=21044 http://www.opalesque.com/SWF_Briefing/?p=21044#comments Mon, 21 Nov 2016 00:01:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21044 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21044>Article Link</a> The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income. (more…)

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Norway should tighten fiscal spending rule on its wealth fund-IMF http://www.opalesque.com/SWF_Briefing/?p=21037 http://www.opalesque.com/SWF_Briefing/?p=21037#comments Thu, 17 Nov 2016 23:50:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21037 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21037>Article Link</a> Norway should limit what it spends from its $860 billion wealth fund to avoid creating economic imbalances, the International Monetary Fund said on Thursday, after the fund grew faster than the economy in the last 20 years. (more…)

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Norway Will Withdraw a Worth of $15 Billion Right From Its Wealth Fund In Which Can Eventually Put Bitcoin In Portfolio? http://www.opalesque.com/SWF_Briefing/?p=21036 http://www.opalesque.com/SWF_Briefing/?p=21036#comments Thu, 17 Nov 2016 23:50:05 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21036 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21036>Article Link</a> Norway was at this very moment planning to withdraw a worth of over and around NOK 121 billion in which is nearly closed to $15 billion US Dollars right from its sovereign wealth fund in order to cover its losses right from the oil revenue. (more…)

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Alaska lawmaker plans appeal in dividend case http://www.opalesque.com/SWF_Briefing/?p=21033 http://www.opalesque.com/SWF_Briefing/?p=21033#comments Thu, 17 Nov 2016 23:49:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21033 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21033>Article Link</a> A state senator who challenged Gov. Bill Walker’s cut to the Alaska Permanent Fund dividend this year plans to appeal a judge’s decision that found that Walker acted within his authority. Sen. Bill Wielechowski of Anchorage said it was always expected that the case would be decided by the Alaska Supreme Court. (more…)

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SOFAZ reveals profits from major energy projects http://www.opalesque.com/SWF_Briefing/?p=21032 http://www.opalesque.com/SWF_Briefing/?p=21032#comments Thu, 17 Nov 2016 02:07:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21032 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21032>Article Link</a> Azerbaijan’s state oil fund SOFAZ has revealed the volume of profits it received from the major energy projects in January-October 2016. Thus, SOFAZ received $64 million from the sale of profit oil from profitable gas condensate field “Shah Deniz”. (more…)

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Abu Dhabi’s IPIC Posts Loss After $1 Billion UniCredit Writedown http://www.opalesque.com/SWF_Briefing/?p=21023 http://www.opalesque.com/SWF_Briefing/?p=21023#comments Thu, 17 Nov 2016 02:05:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21023 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21023>Article Link</a> Abu Dhabi sovereign fund International Petroleum Investment Co. posted a first-half loss after its shares in UniCredit SpA slumped. IPIC recorded a loss of $91 million compared with a $1.25 billion profit a year earlier, the Abu Dhabi-based company said. (more…)

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Saudi Fund Says It Has No Plans to Sell Off Local Equity Stakes http://www.opalesque.com/SWF_Briefing/?p=21020 http://www.opalesque.com/SWF_Briefing/?p=21020#comments Tue, 15 Nov 2016 23:31:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21020 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21020>Article Link</a> Saudi Arabia’s sovereign wealth fund said it has no plans to sell down the equity stakes it holds in local companies. “The Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the fund said in an e-mailed statement Tuesday, reacting to a Bloomberg report that it’s considering options for its holdings as it looks at ways to diversify its portfolio. (more…)

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Saudi fund said to explore asset sales for overseas deals http://www.opalesque.com/SWF_Briefing/?p=21019 http://www.opalesque.com/SWF_Briefing/?p=21019#comments Tue, 15 Nov 2016 23:30:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21019 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21019>Article Link</a> Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private. (more…)

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Hong Kong Exchange Fund’s income more than doubles as stock gains surge http://www.opalesque.com/SWF_Briefing/?p=21014 http://www.opalesque.com/SWF_Briefing/?p=21014#comments Tue, 15 Nov 2016 23:29:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21014 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21014>Article Link</a> In the first three quarters of the year, fund posts an investment profit of HK$86.8 billion. Its total assets worth HK$3.57 trillion by end of September. The Exchange Fund, the reserve designed to defend the Hong Kong currency, has reported an investment gain of HK$42.5 billion in the third quarter, more than double that of the previous three-month period, thanks to a large increase in stock investment income. (more…)

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Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk http://www.opalesque.com/SWF_Briefing/?p=21013 http://www.opalesque.com/SWF_Briefing/?p=21013#comments Tue, 15 Nov 2016 23:28:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21013 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21013>Article Link</a> A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin’s distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities. (more…)

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1MDB: Malaysia’s extraordinary financial scandal http://www.opalesque.com/SWF_Briefing/?p=21010 http://www.opalesque.com/SWF_Briefing/?p=21010#comments Tue, 15 Nov 2016 23:27:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21010 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21010>Article Link</a> Malaysian Prime Minister Najib Razak has been under fire since 2014 over allegations that billions of dollars were looted from state investment fund 1MDB in an audacious campaign of fraud and money-laundering. (more…)

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Temasek says Alibaba remains key part of its portfolio http://www.opalesque.com/SWF_Briefing/?p=21009 http://www.opalesque.com/SWF_Briefing/?p=21009#comments Tue, 15 Nov 2016 23:26:13 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21009 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21009>Article Link</a> Temasek Holdings, the Singapore state-owned investment giant which pared its stake in Alibaba Group Holding in the third quarter, said yesterday that China’s biggest online retailer remains an essential part of its portfolio. (more…)

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Singapore’s Temasek cuts stake in Alibaba in the third quarter http://www.opalesque.com/SWF_Briefing/?p=21008 http://www.opalesque.com/SWF_Briefing/?p=21008#comments Tue, 15 Nov 2016 23:25:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21008 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21008>Article Link</a> Temasek Holdings Pte pared its investment in Alibaba Group Holding Ltd. in the third quarter, as shares of China’s biggest online retailer rallied, while emerging as a shareholder of software maker Dell Technologies. (more…)

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Temasek Cut Stake in Alibaba in Third Quarter, Filing Shows http://www.opalesque.com/SWF_Briefing/?p=21003 http://www.opalesque.com/SWF_Briefing/?p=21003#comments Tue, 15 Nov 2016 00:41:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21003 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21003>Article Link</a> Temasek Holdings Pte pared its holding in China’s biggest online retailer, Alibaba Group Holding Ltd., in the third quarter as the shares rallied, while buying stock in Internet travel agency Ctrip.com International Ltd., biopharmaceutical company AC Immune SA and Dell Technologies Inc. (more…)

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HKMA digs deeper into blockchain technology, releases white paper http://www.opalesque.com/SWF_Briefing/?p=20999 http://www.opalesque.com/SWF_Briefing/?p=20999#comments Tue, 15 Nov 2016 00:40:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20999 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20999>Article Link</a> The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), has released a new white paper on distributed ledger technology (DLT), commonly known as blockchain. (more…)

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Auckland hosts $5tn room as sovereign funds mobilise http://www.opalesque.com/SWF_Briefing/?p=20991 http://www.opalesque.com/SWF_Briefing/?p=20991#comments Mon, 14 Nov 2016 00:39:53 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20991 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20991>Article Link</a> Despite his engaging introductory monologue, NZ Superannuation Fund chief, Adrian Orr, faced tough competition for the attention of the 250 plus International Forum of Sovereign Wealth Fund (IFSWF) delegates assembled at the Auckland Viaduct Centre last week. (more…)

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Norwegian sovereign wealth fund buys into Australian billboards http://www.opalesque.com/SWF_Briefing/?p=20990 http://www.opalesque.com/SWF_Briefing/?p=20990#comments Mon, 14 Nov 2016 00:39:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20990 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20990>Article Link</a> In a surprising note from the stock market on Friday Norway’s Central Bank popped up with a significant stake in APN Outdoor Group. Norges Bank Investment Management informed the ASX it owns 8.4 million shares in APN Outdoor (APO) or 5 per cent, which is worth about $45.3 million at the current price. Shares in APN Outdoor dropped 2.5 per cent to $5.26 on Friday. (more…)

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Investcorp plans talks with Abu Dhabi’s ADIA http://www.opalesque.com/SWF_Briefing/?p=20986 http://www.opalesque.com/SWF_Briefing/?p=20986#comments Fri, 11 Nov 2016 01:08:57 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20986 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20986>Article Link</a> Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said. (more…)

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Under financial strains, Turkey designs “parallel budget” http://www.opalesque.com/SWF_Briefing/?p=20985 http://www.opalesque.com/SWF_Briefing/?p=20985#comments Fri, 11 Nov 2016 01:08:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20985 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20985>Article Link</a> Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through parliament the following month. (more…)

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Freshies, Kirkland star in GIC’s $2.7 bln real estate deal http://www.opalesque.com/SWF_Briefing/?p=20980 http://www.opalesque.com/SWF_Briefing/?p=20980#comments Fri, 11 Nov 2016 01:07:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20980 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20980>Article Link</a> Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer. (more…)

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Investcorp eyes big health and tech deals http://www.opalesque.com/SWF_Briefing/?p=20973 http://www.opalesque.com/SWF_Briefing/?p=20973#comments Wed, 09 Nov 2016 23:25:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20973 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20973>Article Link</a> Investcorp is considering a US$2.5 billion private equity deal and plans to launch two funds next year as the Bahrain-listed company seeks to boost its assets. The alternative investment company is also planning to cooperate with UAE partners such as Mubadala, said Mohammed Alardhi, Investcorp’s chairman. (more…)

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Norway’s pipeline stakes deepen http://www.opalesque.com/SWF_Briefing/?p=20971 http://www.opalesque.com/SWF_Briefing/?p=20971#comments Wed, 09 Nov 2016 00:03:47 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20971 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20971>Article Link</a> Not only are Norway’s huge sovereign wealth fund and its biggest bank involved in the controversial Dakota Access pipeline, its largest life insurance firm and pension fund for local government- and other employees also has stakes in it. So does Norway’s second-largest bank, Nordea. (more…)

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Credit Suisse hired to sell RBS’s Saudi Hollandi Bank stake http://www.opalesque.com/SWF_Briefing/?p=20970 http://www.opalesque.com/SWF_Briefing/?p=20970#comments Wed, 09 Nov 2016 00:03:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20970 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20970>Article Link</a> Credit Suisse has been appointed to sell Royal Bank of Scotland’s 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion. (more…)

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Goldman in Hot Water? Libyan Fund May Appeal Ruling http://www.opalesque.com/SWF_Briefing/?p=20969 http://www.opalesque.com/SWF_Briefing/?p=20969#comments Wed, 09 Nov 2016 00:03:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20969 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20969>Article Link</a> The Goldman Sachs Group, Inc. has been yet again accused by the Libyan Investment Authority (LIA) as the fund is intending to approach the UK Court of Appeal. The move comes after the Wall Street banking giant won the $1.2 billion suit last month over a series of derivatives transactions entered between LIA and Goldman in 2008. (more…)

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1MDB scandal: Ex-BSI banker bought $1.36m Mayweather-Pacquiao Las Vegas fight tickets http://www.opalesque.com/SWF_Briefing/?p=20963 http://www.opalesque.com/SWF_Briefing/?p=20963#comments Wed, 09 Nov 2016 00:00:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20963 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20963>Article Link</a> As the Singapore court case probing the 1Malaysia Development Berhad (1MDB) sovereign fund scandal unfolds, a former BSI banker has beeen accused of siphoning off millions from the state fund through bank accounts setup for several shell companies. (more…)

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Qatar SWF mulls Monte dei Paschi’s $5.5bn cash call http://www.opalesque.com/SWF_Briefing/?p=20957 http://www.opalesque.com/SWF_Briefing/?p=20957#comments Tue, 08 Nov 2016 00:34:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20957 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20957>Article Link</a> Qatar’s sovereign wealth fund is considering an anchor investor role in the world’s oldest bank. Qatar’s sovereign wealth fund has expressed a preliminary interest in backing Monte dei Paschi di Siena’s 5 billion euro ($5.56 billion) emergency cash call, two sources familiar with the matter said, although the response from investors in general has been lukewarm. (more…)

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Abu Dhabi’s Mubadala weighs Tabreed stake sale: sources http://www.opalesque.com/SWF_Briefing/?p=20952 http://www.opalesque.com/SWF_Briefing/?p=20952#comments Thu, 03 Nov 2016 23:33:37 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20952 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20952>Article Link</a> Abu Dhabi state investment vehicle Mubadala Development Co is considering the sale of a least part of its stake in Dubai’s National Central Cooling Co (Tabreed), three sources familiar with the matter told Reuters. (more…)

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1MDB-related charges and bank closure in Singapore http://www.opalesque.com/SWF_Briefing/?p=20947 http://www.opalesque.com/SWF_Briefing/?p=20947#comments Thu, 03 Nov 2016 23:31:55 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20947 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20947>Article Link</a> Two senior private bankers of Swiss bank BSI Bank Ltd in Singapore were slapped with a total of 14 charges on Oct 10, 2016, for allegedly being involved in illegal transactions of large amounts of money that originated from 1Malaysia Development Bhd (1MDB). (more…)

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CIC Said Bidding for $6 Bil Warehouse Developer GLP http://www.opalesque.com/SWF_Briefing/?p=20945 http://www.opalesque.com/SWF_Briefing/?p=20945#comments Wed, 02 Nov 2016 23:38:30 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20945 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20945>Article Link</a> Global Logistic Properties Ltd., the $6 billion owner of industrial property, has attracted takeover interest from an investor group that includes China’s sovereign fund, people with knowledge of the matter said. (more…)

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GIC to sell shares in Shakey’s http://www.opalesque.com/SWF_Briefing/?p=20944 http://www.opalesque.com/SWF_Briefing/?p=20944#comments Wed, 02 Nov 2016 23:38:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20944 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20944>Article Link</a> Singapore’s sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday. The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price. (more…)

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Ex-BSI bankers set up US$2.3b deal with 1MDB firm, pocketed millions in profit: Witness http://www.opalesque.com/SWF_Briefing/?p=20938 http://www.opalesque.com/SWF_Briefing/?p=20938#comments Wed, 02 Nov 2016 23:36:32 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20938 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20938>Article Link</a> Further details were revealed in court on Wednesday (Nov 2) about the complex web of relationships involving former employees of Swiss bank BSI who allegedly had a hand in the money laundering operation linked to 1MDB, and how the illicit dealings went on at the expense of the bank. (more…)

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SOFAZ implements sale of currency at auctions http://www.opalesque.com/SWF_Briefing/?p=20934 http://www.opalesque.com/SWF_Briefing/?p=20934#comments Wed, 02 Nov 2016 23:35:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20934 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20934>Article Link</a> Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the country, sold some $371 million at currency auctions in October 2016. The Fund is expected to continue the sale of currency at auctions organized by the Central Bank of Azerbaijan. (more…)

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Mubadala Said to Consider Investing in SoftBank’s Tech Fund http://www.opalesque.com/SWF_Briefing/?p=20932 http://www.opalesque.com/SWF_Briefing/?p=20932#comments Tue, 01 Nov 2016 23:44:59 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20932 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20932>Article Link</a> Abu Dhabi investor Mubadala Development Co. is in talks with SoftBank Group Corp. about a potential multi-billion dollar investment in its technology fund, people familiar with the matter said. (more…)

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Banker in 1MDB case ‘worked with Malaysian PM’s friend’ http://www.opalesque.com/SWF_Briefing/?p=20928 http://www.opalesque.com/SWF_Briefing/?p=20928#comments Tue, 01 Nov 2016 23:43:40 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20928 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20928>Article Link</a> A private banker on trial in Singapore for his alleged role in Malaysia’s 1MDB fund scandal worked closely with a friend of Malaysian Prime Minister Najib Razak, a court heard Tuesday. (more…)

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Australia’s Future Fund returns 1.5 pct in Sept quarter http://www.opalesque.com/SWF_Briefing/?p=20922 http://www.opalesque.com/SWF_Briefing/?p=20922#comments Tue, 01 Nov 2016 01:22:34 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20922 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20922>Article Link</a> Australia’s sovereign wealth manager, the Future Fund, on Monday posted a return of 1.5 percent for the last quarter, in line with its target, following a disappointing annual performance in the 2015/16 financial year. (more…)

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Future Fund grows to $124 billion http://www.opalesque.com/SWF_Briefing/?p=20921 http://www.opalesque.com/SWF_Briefing/?p=20921#comments Tue, 01 Nov 2016 01:22:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20921 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20921>Article Link</a> The Future Fund stood at just over $124 billion at the end of the September quarter, returning 5.8 per cent in the past year and beating its target. Former Liberal treasurer and now chairman of the fund Peter Costello says the fund - which aims to cover the unfunded liabilities of public service superannuation - continues to perform well and has met its benchmark since its inception in May 2006 with a return of 7.6 per cent. (more…)

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Hong Kong Exchange Fund assets HK$3.57 trln end-Sept - HKMA http://www.opalesque.com/SWF_Briefing/?p=20919 http://www.opalesque.com/SWF_Briefing/?p=20919#comments Tue, 01 Nov 2016 01:21:49 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20919 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20919>Article Link</a> Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$3,573.8 billion ($460.84 billion) at the end of September, the Hong Kong Monetary Authority (HKMA) said on Monday. (more…)

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1MDB debt is not gov’t debt, says Najib http://www.opalesque.com/SWF_Briefing/?p=20917 http://www.opalesque.com/SWF_Briefing/?p=20917#comments Tue, 01 Nov 2016 01:20:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20917 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20917>Article Link</a> Prime Minister Najib Abdul Razak has said that debts accumulated by 1MDB are not considered government debts. “Debts (accumulated) by 1MDB and their related projects are not classified as federal government debts. (more…)

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Future Fund sounds warning on returns http://www.opalesque.com/SWF_Briefing/?p=20909 http://www.opalesque.com/SWF_Briefing/?p=20909#comments Mon, 31 Oct 2016 01:54:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20909 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20909>Article Link</a> After delivering an impressive 7.7 per cent per annum since its inception in 2006, the Future Fund has sought to manage expectations about returns over the next decade. (more…)

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Reinsurance allocation primed for growth at Future Fund http://www.opalesque.com/SWF_Briefing/?p=20908 http://www.opalesque.com/SWF_Briefing/?p=20908#comments Mon, 31 Oct 2016 01:54:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20908 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20908>Article Link</a> In its 2015-2016 annual report, Australian sovereign wealth investment fund, the Future Fund, confirmed that it’s added a second manager to its reinsurance portfolio, which the fund says will facilitate potential expansion of this exposure in the future. (more…)

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‘New debt crisis’ looms at 1MDB-linked SRC http://www.opalesque.com/SWF_Briefing/?p=20907 http://www.opalesque.com/SWF_Briefing/?p=20907#comments Mon, 31 Oct 2016 01:53:51 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20907 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20907>Article Link</a> Government-owned investment company might sell off assets to China firms in return for fresh capital, according to Singapore report. A looming debt crisis hangs over former 1MDB subsidiary SRC International, which borrowed RM4 billion from a civil servants’ pension fund, according to a Singapore news report. (more…)

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SAMA ‘did not issue warning on expat loans’, says Saudi official http://www.opalesque.com/SWF_Briefing/?p=20903 http://www.opalesque.com/SWF_Briefing/?p=20903#comments Fri, 28 Oct 2016 01:45:28 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20903 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20903>Article Link</a> Industry body said to deny Saudi banks were warned against lending to expats. Reports that Saudi Arabia’s central bank had issued a directive asking banks to stop offering loans to expats amid nationwide austerity cuts have been dismissed, according to local media. (more…)

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Future Fund hopes to scale reinsurance allocation http://www.opalesque.com/SWF_Briefing/?p=20902 http://www.opalesque.com/SWF_Briefing/?p=20902#comments Fri, 28 Oct 2016 01:45:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20902 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20902>Article Link</a> Australia’s Future Fund confirmed that it had added a second manager to its reinsurance portfolio, saying this gave it the potential to increase its exposure in the future. (more…)

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Here’s how Australia’s Future Fund performed last financial year http://www.opalesque.com/SWF_Briefing/?p=20901 http://www.opalesque.com/SWF_Briefing/?p=20901#comments Fri, 28 Oct 2016 01:44:54 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20901 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20901>Article Link</a> Australia’s sovereign wealth fund, the Future Fund, released its 2015/16 annual report on Thursday, a 188-page behemoth detailing what it got up to last financial year, overall performance, and its views on the outlook for asset markets. (more…)

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1MDB yet to find new auditor http://www.opalesque.com/SWF_Briefing/?p=20899 http://www.opalesque.com/SWF_Briefing/?p=20899#comments Fri, 28 Oct 2016 01:44:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20899 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20899>Article Link</a> This means 1MDB is unable to submit its financial statement despite being given two six-month extensions by the Companies Commission of Malaysia, says report. 1MDB has yet to appoint a new auditor to take over from Deloitte Malaysia, which resigned in July, Second Finance Minister Johari Abdul Ghani said. (more…)

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High Returns? No(r)way! http://www.opalesque.com/SWF_Briefing/?p=20898 http://www.opalesque.com/SWF_Briefing/?p=20898#comments Fri, 28 Oct 2016 01:43:48 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20898 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20898>Article Link</a> Norway’s Government Pension Fund, known as the Oil Fund, is the largest sovereign wealth fund in the world, commanding around US$900b of surplus wealth produced by Norwegian petroleum income. With a current allocation to equities of 60%, up from 40% in 2007, the Oil Fund is also a key player in global financial markets. (more…)

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Kazak SWF chief looks to increase pace of privatisation http://www.opalesque.com/SWF_Briefing/?p=20897 http://www.opalesque.com/SWF_Briefing/?p=20897#comments Wed, 26 Oct 2016 22:24:27 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20897 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20897>Article Link</a> Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, is looking to finally privatise many of its assets, after a series of false starts. The current privatisation push entails the transition of assets currently belonging to [the country’s sovereign wealth fund] Samruk-Kazyna towards a more competitive environment. (more…)

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Muhyiddin: 1MDB debts threaten 2017 Budget http://www.opalesque.com/SWF_Briefing/?p=20892 http://www.opalesque.com/SWF_Briefing/?p=20892#comments Wed, 26 Oct 2016 22:22:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20892 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20892>Article Link</a> The government is paying for 1MDB’s debts, so former DPM wonders whether it can afford to fulfil all promises made in Budget. Former Deputy Prime Minister Muhyiddin Yassin has questioned the government’s ability to make good promises made in the 2017 Budget as issues related to 1MDB remain unresolved. (more…)

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Australian SWF exceeds expectations http://www.opalesque.com/SWF_Briefing/?p=20874 http://www.opalesque.com/SWF_Briefing/?p=20874#comments Mon, 24 Oct 2016 02:49:18 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20874 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20874>Article Link</a> Australian sovereign wealth fund (SWF) and long-term savings vehicle Future Fund has secured investment returns of A$62 billion (US$47.3 billion) in the financial year ended June 30, 2016, boosting the fund’s total AUM to A$122.8 billion. (more…)

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