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Sovereign Wealth Funds Briefing - Archive | December, 2014

1MDB says repatriating funds from Caymans will expose cash to market fluctuation

Posted on 23 December 2014 by VRS  |  Email |Print

Under fire over its billion ringgit funds parked at the Cayman Islands, 1Malaysia Development Berhad (1MDB) said repatriating it back to Malaysia would have exposed the money to fluctuations on the foreign exchange market.
This follows the decline of ringgit by 6.5% in the past nine months to RM3.48 against the US dollar. In a statement tonight, its board of directors chairman Tan Sri Lodin Wok Kamaruddin said to maintain a strong liquidity position with a truly diversified global portfolio, the funds were invested in a 1MDB subsidiary that was registered in the Cayman Islands………………………………………..Full Article: Source

Najib met Dr Mahathir over 1MDB, say sources

Posted on 23 December 2014 by VRS  |  Email |Print

Datuk Seri Najib Razak has met Tun Dr Mahathir Mohamad to discuss the former PM’s criticisms of national strategic investor 1Malaysia Development Berhad (1MDB), say sources. The prime minister met Dr Mahathir on Saturday but details of the meeting have not been revealed.
“It was cordial. The PM is satisfied with the meeting,” a source told The Malaysian Insider. The meeting comes after the country’s longest serving prime minister had repeatedly raised questions about the heavy debt and usage of funds at 1MDB in his blog and had complained about its operations via his blog as well as at various media conferences………………………………………..Full Article: Source

For the record… a statement from 1MDB – Lodin Wok Kamaruddin

Posted on 23 December 2014 by VRS  |  Email |Print

As the chairman of the Board of Directors of 1MDB, I have viewed with surprise recent statements, both in the media and by certain individuals, suggesting that the company has failed to respond to various questions that have been directed at it over the past months.
As the Board of Directors, we welcome debate, and as a company that is wholly-owned by the Ministry of Finance – and by extension, the people – we believe that public scrutiny of 1MDB is a good thing, and will only serve to strengthen the company and its governance………………………………………..Full Article: Source

Singapore’s GIC expected to invest in China-based Xiaomi

Posted on 23 December 2014 by VRS  |  Email |Print

China’s Xiaomi is raising over US$1 billion (RM3.48 billion) from investors including Singapore sovereign wealth fund GIC that would value the smartphone maker at over US$45 billion, a person familiar with the deal said.
The fund raising was first reported by the Wall Street Journal, which also said this round was led by tech fund All-Stars Investment and included Russian tech fund DST Global and Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd Executive Chairman Jack Ma………………………………………..Full Article: Source

Mumtalakat has ‘appetite and funds for investment’

Posted on 23 December 2014 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has appetite and funds available for investment, its top official has said. Chief executive Mahmood Al Kooheji said he expects next year to be positive for the GCC region, Bahrain and the company which will build on continuing good performance of its portfolio companies, said a report.
“We continue to take a prudent approach to new investments and constantly monitor our assets and will consider new investments to expand the portfolio and monetisation initiatives if and when appropriate,” Al Kooheji said………………………………………..Full Article: Source

Fitch Revises Outlook on Mumtalakat to Negative

Posted on 23 December 2014 by VRS  |  Email |Print

Fitch Ratings has revised the Outlook on Bahrain Mumtalakat Holding Co’s (Mumtalakat) Long-term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR and senior unsecured rating at ‘BBB’ . Fitch has also affirmed Mumtalakat’s Short-term IDR at ‘F3′.
The rating action also affects Mumtalakat’s USD750m 5% notes, due 30 June 2015, MYR300m notes due 2017,Sukuk certificates issued under Mumtalakat Sukuk Holding Company, and the EMTN programme of the issuer. The revision of the Outlook follows the rating action on Bahrain’s sovereign ratings (see ‘Fitch Revises Bahrain’s Outlook to Negative; Affirms at ‘BBB’ dated 19 December 2014. In line with Fitch’s “Parent and Subsidiary Rating Linkage” methodology, Mumtalakat’s ratings are aligned with the Kingdom of Bahrain’s (BBB/Negative/F3), reflecting their strong relationship………………………………………..Full Article: Source

Nigeria: Confronting the Challenges

Posted on 23 December 2014 by VRS  |  Email |Print

The nation is not even so badly hit today because we eventually listened the CME’s sustained call for savings at all levels. I recall having attended many meetings as then governor of Anambra, during which she reminded everyone that the price of oil could fall at any time and that we needed to boost national savings, presenting establishment of the Sovereign Wealth Fund (SWF) as another way of achieving targeted saving and long term investment. But the voice of the majority initially drowned her repeated pleas about saving for the rainy day.
The louder chorus was “Let’s spend now! The rainy day is already here! In fact is already flooding!” Meanwhile, it was only drizzling at the time! Fortunately, the Nigerian Sovereign Investment Authority was set up after a long and has financed the Abuja-Kaduna rail, the Lagos-Ibadan Expressway and the Second Niger Bridge, among other projects………………………………………..Full Article: Source

Azerbaijani State Oil Fund announces volume of revenues from Shah Deniz project

Posted on 22 December 2014 by VRS  |  Email |Print

As of December 1, 2014, the revenues of the State Oil Fund of Azerbaijan from the implementation of the Shah Deniz oil and gas condensate field project in the Azerbaijani sector of the Caspian Sea amounted to about $2.088 billion since 2007, the SOFAZ told Trend.
Shah Deniz’s reserves are estimated at 1.2 trillion cubic meters of gas. A contract was signed on June 4, 1996 to develop the Shah Deniz offshore field. SOFAZ received $491 million within the Shah Deniz project from January 1 to December 1, 2014, SOFAZ reported………………………………………..Full Article: Source

Norway finalises oil fund’s RI framework and appoints new ethical council

Posted on 22 December 2014 by VRS  |  Email |Print

The Norwegian finance ministry has finalised new guidelines for responsible investment at the Government Pension Fund Global (GPFG), which include setting up a new advisory Council of Ethics.
In April this year, the Ministry of Finance said in its proposals on the matter that it was disbanding the existing Council of Ethics, which had been in place for 10 years, and that current ethical exclusion criteria would be integrated into the management mandate given to Norges Bank………………………………………..Full Article: Source

Mumtalakat bullish

Posted on 22 December 2014 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has appetite and funds available for investment, its top official has said. Chief executive Mahmood Al Kooheji said he expects next year to be positive for the GCC region, Bahrain and the company which will build on continuing good performance of its portfolio companies.
‘We continue to take a prudent approach to new investments and constantly monitor our assets and will consider new investments to expand the portfolio and monetisation initiatives if and when appropriate,’ Mr Al Kooheji said. He said ‘the independent holding company mandated with growing the wealth of Bahrain’ would continue to look into ‘local, regional and international investment opportunities that play to our points of strength……………………………………….Full Article: Source

Oman sovereign fund boosts buying of local stocks

Posted on 22 December 2014 by VRS  |  Email |Print

Oman’s State General Reserve Fund (SGRF) has boosted its buying of shares in the local stock market as prices have slid to attractive levels, the fund’s executive president said.
The Muscat Securities Market’s (MSM) main index is down 20 percent from its November peak, hit by concern that the plunge in global oil prices will crimp government spending and therefore corporate profit growth………………………………………..Full Article: Source

CVC, Singapore’s GIC to cut stake in HKBN listing

Posted on 22 December 2014 by VRS  |  Email |Print

HKBN Ltd, the second-largest broadband Internet provider in Hong Kong, filed late on Friday for an initial public offering, with shareholders including private equity firm CVC Capital Partners Ltd set to cut their stakes as part of the deal.
Singapore’s sovereign wealth fund GIC Pte Ltd, AlpInvest Partners, a unit of Carlyle Group LP, HKBN Chief Executive William Yeung and a company holding the stakes of several HKBN employees will also sell part of their stakes, the filing showed without giving a detailed breakdown………………………………………..Full Article: Source

Xiaomi mobilises more than $1 bn in funding

Posted on 22 December 2014 by VRS  |  Email |Print

China’s top smartphone seller Xiaomi Corp. is raising more than USD 1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion. It was being led by tech investment fund All—Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign—wealth fund GIC, the report said.
Private—equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part………………………………………..Full Article: Source

New Mexico earmarks $400m for real estate fund commitments in 2015

Posted on 19 December 2014 by VRS  |  Email |Print

The New Mexico State Investment Council is to allocate $300m-400m (€320.9m) to real estate funds next year. Vince Smith, deputy investment officer for New Mexico, said most of the capital will be placed in a non-core strategy.
“I think that we are pretty set with our core manager lineup,” Smith said. New Mexico will focus on offshore strategies to complement its US-based portfolio, with additional capital allocated to investments Europe………………………………………..Full Article: Source

Angola Sovereign Fund invests in building hotel academy in Benguela

Posted on 19 December 2014 by VRS  |  Email |Print

The Angola Sovereign Fund (FSA) announced that it plans to invest in setting up an academy for training in the hotel business, in Benguela, which should start operating at the end of 2015.
The President of the Board of Directors of the FSA, José Filomeno dos Santos said, as he launched the project in the city on the south coast of Angola, that the Angolan Hospitality Management Academy would be partnered by Lausanne Hospitality Consulting (LHC) and Ecole Hoteliere of Lausanne (EHL)………………………………………..Full Article: Source

Sovereign funds eye Mumbai’s commercial complex

Posted on 19 December 2014 by VRS  |  Email |Print

Global pension and sovereign funds including Canada Pension Plan Investment Board (CPPIB), APG, Abu Dhabi Investment Authority are in talks with private equity firm Milestone Capital to acquire 1.12-million-sq-ft commercial property 247 Park in Mumbai, two persons familiar with the development said. The deal, expected to be valued over Rs 1,000 crore, indicates the rising appetite for income-producing office properties.
Sovereign wealth fund owned by the emirate of Abu Dhabi, according to persons mentioned above, is looking to acquire the asset independently. Last year, ADIA had committed $200 million to Kotak Realty Fund to invest in Indian real estate. Kotak Realty has denied holding any talks for the asset 247 Park on behalf of ADIA………………………………………..Full Article: Source

We’re sorry, Jentayu Danaraksa tells Khazanah Nasional

Posted on 19 December 2014 by VRS  |  Email |Print

Jentayu Danaraksa Sdn Bhd (JD) today expressed its profound regret over events that have transpired since the company’s media briefing on Dec 15. “We sincerely hope we have the opportunity to share, elaborate and explain in greater detail our proposal to Khazanah Nasional Bhd and apologise if we have caused any inconvenience,” JD said in a statement.
On Tuesday, JD said its meeting with Khazanah over the former’s proposal to buy Penerbangan Malaysia Bhd (PMB) and turn it into a global aircraft leasing firm had been called off………………………………………..Full Article: Source

Khazanah rejects Malaysia Airlines’ assets bid

Posted on 19 December 2014 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Berhad has poured cold water on a proposal from Malaysian venture capitalists to buy selected assets of the recently delisted Malaysia Airlines (MAS).
Khazanah, which has pledged to invest up to MYR6billion ($980 million) into the company to bring it back to profitability within three years, has said it wants a complete shakeup of work practices, operating processes and asset management for the carrier, but has not so far mentioned an asset sell-off………………………………………..Full Article: Source

Khazanah brushes off Jentayu plan

Posted on 19 December 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd was dismayed with Jentayu Danaraksa Sdn Bhd’s “unprofessionalism” in presenting its proposed complementary plan to rescue ailing Malaysia Airlines (MAS), describing it as “a very unusual way of conducting business in corporate Malaysia”, sources said.
The sources, familiar with Khazanah’s way of doing business, said it was for this and other reasons that it decided to postpone to a later date a meeting scheduled on Tuesday between the two parties to discuss the plan………………………………………..Full Article: Source

Ahmad Maslan: 1MDB should engage more with the public

Posted on 19 December 2014 by VRS  |  Email |Print

The management of state investment fund 1Malaysia Development Bhd (1MDB) should increase public engagement to be more transparent and avoid any unclear accusations against the company, said Deputy Finance Minister I Datuk Ahmad Maslan.
He was responding to a question on Batu Kawan Umno division vice-head Datuk Seri Paduka Khairuddin Abu Hassan’s move to lodge a police report against 1MDB and its subsidiaries on Dec 12. In the report, the Penang Umno leader had urged the police to conduct a thorough and objective investigation into the “dubious” and “suspicious” nature of the company’s financial transactions and decisions………………………………………..Full Article: Source

1MDB should clear the air, says Ahmad Maslan

Posted on 19 December 2014 by VRS  |  Email |Print

Putrajaya today urged the top management of embattled 1Malaysia Development Bhd (1MDB) to face the public and clear the air over the company’s finances, theedgemarkets.com reported.
Deputy Finance Minister Datuk Ahmad Maslan said 1MDB has to clearly explain the dynamics of its operations and financials to the public, as it involves taxpayers’ money. Ahmad said this when asked about the police report against 1MDB by Batu Kawan Umno division deputy chief, Datuk Paduka Khairuddin Abu Hassan, last Friday………………………………………..Full Article: Source

Norway Central Bank to Decide Oil Fund Exclusions

Posted on 19 December 2014 by VRS  |  Email |Print

Norway’s government said Thursday that from Jan. 1 the central bank will take over deciding which companies to exclude from the portfolio of the country’s sovereign-wealth fund and that it would no longer have the final word. “The changes in the governing documents are a result of a long-term effort to strengthen the work on responsible investment management in the fund,” Finance Minister Siv Jensen said.
Ms. Jensen said the government wanted “better interaction” between the $845 billion fund’s use of ownership power and the exclusion mechanism. The government has previously said it wants to avoid speculation that the fund is used for political means………………………………………..Full Article: Source

Nigeria: $1bn not missing from ECA account – minister

Posted on 19 December 2014 by VRS  |  Email |Print

Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala, has said that no money is missing from the Excess Crude Account (ECA).Okonjo-Iweala said in Abuja on Wednesday while presenting the proposed 2015 budget that the report that $1 billion was missing from the account was not true.
“Today I had seen a headline that said that there is one billion dollars missing in the Excess Crude Account. I just want to use this occasion to correct that and say that there is absolutely no money missing and I do not know where that notion came from. “One billion dollars from the ECA has been used to pay oil marketers and we published this on 2 December, showing that we put N154.6 billion to pay oil marketers………………………………………..Full Article: Source

Qatar’s New Diversification Fund Attracts Investors

Posted on 19 December 2014 by VRS  |  Email |Print

Qatar is the richest country in the world, when figured on a per capita basis. In 2005, to reduce the risk to its surplus income from oil and gas revenues from fluctuations in energy prices, it launched its sovereign wealth fund the Qatar Investment Authority (QIA), which now reportedly manages as much as $300 billion.
In November QIA launched a $10 billion investment fund together with China’s CITIC Group Ltd. to diversify away from Europe’s slowing economy into Asia and elsewhere. QIA, already hugely invested in Europe. It owns investments ranging from luxury hotels and real estate to financial services firms, automotive companies and high-end retail (and is now looking to Asia to boost growth and to further insulate its investments from volatility………………………………………..Full Article: Source

Qatar Investment Authority picks up $150 Million stake in Flipkart

Posted on 19 December 2014 by VRS  |  Email |Print

Qatar Investment Authority (QIA) has picked up a $150-million stake in India’s e-commerce poster boy Flipkart, which closed a $700-million fund-raising on Wednesday, sources directly involved with the matter said.
QIA is the new investor buying into Flipkart, valued at around $11 billion, taking it among the top five privately held technology startups in the world. TOI had earlier reported that existing investors had committed $500-600 million in fresh financing………………………………………..Full Article: Source

Ex-Wall Street executive founds community for sovereign women

Posted on 18 December 2014 by VRS  |  Email |Print

The founder of a new women-focused organization explains its rationale and goals to Opalesque. Sefi Shliselberg worked on Wall Street, at Moody’s and Deutsche, for many years and got to meet many people from the sovereign financial sector; she realized that the few women working there did not know each other, and there were no networking associations in place for them. So she founded Women in Sovereign Entities (WSE), the first women-focused organization for the sovereign financial sector, in 2011.
She recently explained on Opalesque TV that the “sovereign financial sector” includes organizations such as central banks, ministries of finance, sovereign wealth funds, public pension funds, development banks and multilateral financial institutions………………………………………Full Article: Source

GIC to develop two projects near Delhi

Posted on 18 December 2014 by VRS  |  Email |Print

Sovereign wealth fund GIC continues to have a strong appetite for real estate - turning its sights on India for its latest deal. It has entered into a joint venture with Indian property firm Vatika Group to develop two residential projects in Gurgaon near the nation’s capital New Delhi. The two firms said in a joint statement yesterday that the projects will meet demand for high-quality residential units.
Vatika, which is involved in a wide spectrum of real estate, including residential, commercial, township and facilities management projects, will be the developer. The two projects have a development potential of more than 2.3 million sq ft and are set to generate revenues of some 20 billion rupees (S$420 million) when completed by the 2018-2019 financial year. No other financial details were made known………………………………………Full Article: Source

India HDFC’s fund targets raising $500 million for real estate: sources

Posted on 18 December 2014 by VRS  |  Email |Print

A private equity fund set up by Housing Development Finance Corp Ltd (HDFC.NS), India’s biggest mortgage lender, is targeting raising $500 million to invest in residential real estate projects, said people directly involved in the process.
HDFC Property Fund plans to raise part of the funding from investors, including Government of Singapore Investment Corp (GIC), investment firm Temasek Holdings and Oman’s State General Reserve Fund, one of the people said. HDFC, GIC, Temasek and Oman’s State General Reserve Fund declined to comment. The sources declined to be named as the fundraising plan is not public yet………………………………………Full Article: Source

Adyen raises S$326m in new funds from investors

Posted on 18 December 2014 by VRS  |  Email |Print

Adyen, a payments processor, has raised US$250 million (S$326 million) in new funds from a group of investors including Singapore’s Temasek Holdings, global growth equity investor General Atlantic, Index Ventures and Felicis Ventures. This is one of the largest amounts raised so far this year in the sector.
Adyen, a start-up based in Amsterdam, said it plans to use the new funds to expand globally, in particular in North America and the Asia Pacific. The firm serves as a middleman for websites such as Facebook, Spotify, Airbnb and other merchants, enabling them to accept credit card payments, as well as transactions in nearly 187 currencies………………………………………Full Article: Source

Putin’s Secret Gamble on Reserves Backfires Into Currency Crisis

Posted on 18 December 2014 by VRS  |  Email |Print

Kremlin insiders gathered in secret last February to answer a crucial question for Vladimir Putin: Could Russia afford the economic blowback from taking over Crimea? Moscow said yes. Markets aren’t so sure.
About 40 percent of Russia’s reserves are held in two sovereign wealth funds that are controlled by the Finance Ministry. The government is looking for ways to tap these funds to help cash-strapped enterprises while maintaining as much international currency as possible. The Finance Ministry has already said it will use the other sovereign fund, the $89 billion Reserves Fund, which was meant to be used to fight inflation, to cover at least half a projected 1 trillion-ruble budget shortfall next year………………………………………Full Article: Source

The only cure for what plagues Russia

Posted on 18 December 2014 by VRS  |  Email |Print

Belatedly, financial markets have realised that July 16 was Russia’s Lehman moment. On that day, the US imposed sectoral sanctions on Russia because of its military aggression in eastern Ukraine. Two weeks later the EU introduced similar sanctions. However, it was only in December that the markets recognised the severity and tenacity of the financial sanctions.
Officially, the international reserves of the Central Bank of Russia (CBR) are $416bn, but not all of it is liquid. Gold reserves represent $45bn. The official reserves include the two sovereign wealth funds, the National Wealth Fund ($82bn) and the Reserve Fund ($89bn), which are held by the finance ministry and spoken for………………………………………Full Article: Source

$1 bn excess crude money “missing” as FAAC meeting ends in confusion

Posted on 18 December 2014 by VRS  |  Email |Print

The Federation Accounts Allocation Committee, FAAC, meeting for November ended in confusion Tuesday as representatives of Nigeria’s 36 states and the Federal Capital Territory accused the federal government of not accounting for about $1billion(N168 billion) of excess crude oil money.
The Chairman of State Commissioners of Finance, Timothy Odaah, told reporters after the meeting which ended Tuesday night, that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about………………………………………Full Article: Source

Gulf can cope with low oil: IMF

Posted on 18 December 2014 by VRS  |  Email |Print

The Arab energy exporting states of the Gulf can cope comfortably with sliding oil prices, an International Monetary Fund official said on Tuesday, as a plunge in regional stock markets showed some local investors were panicking. Most of the GCC countries have quite significant buffers in the form of foreign assets in sovereign wealth funds or central banks, plus most of these countries have a capacity to borrow, so there is no need now for a very steep and quick reduction of spending, which would not necessarily be desirable.
Abu Dhabi’s largest sovereign wealth fund is believed to have nearly $800 billion of assets, roughly twice the UAE’s entire annual gross domestic product, so it could cover many years of budget deficits………………………………………Full Article: Source

Russian oil major Rosneft to get aid from Welfare Fund for at least 2 projects — CEO

Posted on 17 December 2014 by VRS  |  Email |Print

The Russian government will support at least two out of oil major Rosneft’s seven projects for financing from the National Welfare Fund, Rosneft CEO Igor Sechin said on Tuesday.
“We have submitted the list of projects to the government and we know that a number of the projects will be supported,” Sechin said. Rosneft will not give up the proejcts that will be financed from the National Welfare Fund, he added…………………………………..Full Article: Source

China: CIC’s opaque offshore investment plans

Posted on 17 December 2014 by VRS  |  Email |Print

In early September, Li Jiange, the vice-chairman of Central Huijin Investment, said something rather puzzling while speaking at a banking conference in Germany. “When we invest in China, efficiency and investment return has gone down,” he said, through a translator. “If we can then expand abroad, then we are highly interested in looking into European banks.”
It may not sound much, but it was an important statement. Central Huijin is a unit of China’s $653bn sovereign wealth fund, China Investment Corp. CIC is powerful but opaque. Outside asset managers find its inner workings and objectives difficult to fathom…………………………………..Full Article: Source

1MDB In RM42 Billon Debt - Is Malaysia On The Verge Of Financial Turmoil?

Posted on 17 December 2014 by VRS  |  Email |Print

For the more political-aware and savvy people of Malaysia, the name Datuk Seri Khairuddin Abu Hassan would probably ring a bell. He was propelled into the limelight when he published the controversial book “50 Dalil Kenapa Anwar Ibrahim Tidak Boleh Jadi PM” that was used against Anwar and eventually contributed to the former Deputy Prime Minister’s sacking from the government in 1998.
Last Friday, the Batu Kawan Umno division deputy chief managed to make the headlines once again when he lodged a police report against 1Malaysia Development Bhd (1MDB). Khairuddin, who said he was acting for the sake of public interest, called for ‘detailled and comprehensive’ investigation, and urged the authorities to interrogate 1MDB’s directors as well as representatives of any company that might be implicated in its scandals…………………………………..Full Article: Source

Why table hudud bill now, PKR asks Kelantan PAS

Posted on 17 December 2014 by VRS  |  Email |Print

PKR today questioned the timing of a special state assembly meeting to discuss the implementation of hudud in Kelantan, just as Umno and Barisan Nasional were thrust firmly under the 1Malaysia Development Berhad (1MDB) spotlight.
Its central committee member, Latheefa Koya, asked why the issue was brought up at the same time when the controversial sovereign wealth fund was dominating the headlines in the country…………………………………..Full Article: Source

Jentayu, Khazanah meet on MAS takeover postponed

Posted on 17 December 2014 by VRS  |  Email |Print

The highly anticipated meeting between Jentayu Danaraksa Sdn Bhd and Khazanah Nasional Bhd to discuss the unknown firm’s RM8.75 billion plan to save ailing Malaysia Airlines (MAS) have been postponed indefinitely.
The Malaysian Insider understood no reason was given by the state sovereign fund for the delay. The directors of the three-month company, led by its chairman, former MAS managing director Tan Sri Abdul Aziz Abdul Rahman, were to meet Khazanah officials at 5pm today to present its proposal, which it insisted is complementary to the national sovereign wealth fund’s 12-point restructuring plan aimed at turning the flag carrier around…………………………………..Full Article: Source

Jentayu laments Khazanah cancelling meeting to discuss MAS takeover

Posted on 17 December 2014 by VRS  |  Email |Print

Jentayu Danaraksa Sdn Bhd is disappointed with the sudden cancellation of its meeting with Khazanah Nasional Berhad to discuss its RM8.75 billion plan to save ailing Malaysia Airlines (MAS).
Confirming The Malaysian Insider report on the indefinite postponement of its meeting with the state sovereign fund this afternoon, Jentayu managing director Feriz Omar said they were surprised with this latest development. “At the request of Khazanah, our meeting with them has been cancelled. We are disappointed because we were not given the chance to brief them thoroughly on our proposed plan…………………………………..Full Article: Source

Qatar Fund Acquires HSBC’s London Base From Korean Pension Fund

Posted on 17 December 2014 by VRS  |  Email |Print

Qatar Investment Authority, the sovereign-wealth fund seeking to gain control of London’s Canary Wharf financial district, bought the headquarters of HSBC Holdings Plc from the National Pension Service of Korea.
JPMorgan Chase & Co., which advised NPS, announced the sale of 8 Canada Square in Canary Wharf in a statement yesterday without giving the price. Qatar paid about 1.2 billion pounds ($1.9 billion), according to a person with knowledge of the deal who asked not to be identified because the information is private…………………………………..Full Article: Source

Qatar Replaces Top Dealmaker at $100b Wealth Fund

Posted on 16 December 2014 by VRS  |  Email |Print

Ahmed Al-Sayed, the Qatari dealmaker who played a pivotal role in some of the Gulf state’s biggest overseas investments, has been replaced as chief executive officer of the nation’s $100 billion sovereign-wealth fund. Royal family member Sheikh Abdullah bin Mohamed bin Saud al-Thani was named to head the state-owned Qatar Investment Authority, which owns stakes in companies ranging from European banks to football clubs, the Qatar News Agency said.
Qatar’s emir also shuffled the wealth fund’s board, naming Sheikh Abdullah bin Hamad al-Thani as chairman and Sheikh Ahmed bin Jassim bin Mohamed al-Thani as vice-chairman……………………………………..Full Article: Source

Qatar Fund Buys HSBC’s London Headquarters

Posted on 16 December 2014 by VRS  |  Email |Print

Qatar’s sovereign-wealth fund has completed the purchase of the London headquarters of HSBC Holdings PLC, in the U.K.’s largest-ever real-estate deal, giving Qatar a huge slice of Canary Wharf office space even if it fails in its bid to buy the company that owns much of the rest of the business district.
The Qatar Investment Authority, which manages around $300 billion, bought 8 Canada Square in the Canary Wharf business district—London’s largest office building at more than a million square feet—from the National Pension Service of Korea, or NPS, according to a statement from J.P. Morgan Asset Management, which advised NPS on the deal……………………………………..Full Article: Source

Singapore’s GIC forms venture with Vatika Group

Posted on 16 December 2014 by VRS  |  Email |Print

GIC Pte Ltd, Singapore’s sovereign wealth fund, formed a joint venture with property developer Vatika Group for two residential projects near New Delhi, the two firms said in a statement on Monday.
The projects in Gurgaon, to be developed by Vatika Group, are expected to be completed by financial year 2018-19 and are forecast to generate revenue in excess of 20 billion rupees ($319 million), they said……………………………………..Full Article: Source

Singapore’s GIC enters Indian residential property joint venture

Posted on 16 December 2014 by VRS  |  Email |Print

GIC has entered a joint venture on Indian residential housing.Singapore’s sovereign wealth fund said it agreed to co-invest in the development of two residential projects with local builder the Vatika Group.
The projects, on India’s Dwarka expressway in Gurgaon, are due for completion in 2018. GIC said the schemes were expected to generate IND2000 crore (€252m) in revenues once completed……………………………………..Full Article: Source

Emperador OKs issuance of shares to GIC affiliate

Posted on 16 December 2014 by VRS  |  Email |Print

Andrew Tan-led Emperador Inc. has approved the issuance of shares of up to P22 billion to Arran Investment Private Limited, an affiliate of Singapore’s sovereign wealth fund GIC.
In a disclosure to the stock exchange on Monday, Emperador said its stockholders ratified the issuance of common shares and equity linked securities convertible to common shares, which will be taken from the unissued shares of the Emperador, under the terms and conditions approved by the Board of Directors……………………………………..Full Article: Source

Spies drawn by Norway’s wealth

Posted on 16 December 2014 by VRS  |  Email |Print

Norway’s emergence as a wealthy country, with one of the biggest and most powerful investment funds in the world, is being cited as one of the reasons that spies are targeting Norwegian government and business leaders. More reports on Monday of advanced spying equipment detected in and around Oslo puts Norway on the list of countries elsewhere that long have been subject to such espionage attempts.
Oslo’s new commercial and residential complex at Tjuvholmen has also reportedly been targeted by spies keen on tapping into the mobile phones of brokers, lawyers and other members of Norway’s financial elite…………………………………….Full Article: Source

Why Sovereign Wealth Funds Need Private Equity

Posted on 16 December 2014 by VRS  |  Email |Print

According to the Sovereign Wealth Fund Institute (SWFI), direct sovereign wealth fund transactions from the 3rd Quarter of 2014 back 12 months, totaled US$ 203.61 billion. This is an unprecedented amount of sovereign wealth capital flowing toward direct investing in assets and companies. With that being said, sovereign wealth funds are constantly on the prowl, seeking various channels to manage their money on a risk-adjusted basis.
About 15 of the top 25 sovereign wealth funds ranked by assets under management, have an allocation to private equity funds. Private equity is an asset class, where sovereign wealth funds are able to put their capital to work on a long-term, illiquid basis. With increased volatility in U.S. equities, a realization of change with regard to U.S. interest rates and lower expected returns in public markets, public asset owners have augmented allocation to private markets……………………………………..Full Article: Source

Julie Bishop urging PNG to establish a sovereign wealth fund

Posted on 15 December 2014 by VRS  |  Email |Print

Julie Bishop is in Papua New Guinea urging its government to establish a sovereign wealth fund to ensure the whole nation benefits from its natural gas boom. Ms Bishop flew to PNG yesterday with Immigration Minister Scott Morrison, Defence Minister David Johnston and Justice Minister Michael Keenan for talks that will also focus on defence and policing co-operation, the resettlement of asylum-­seekers and help for PNG in providing security when it hosts the 2018 APEC summit.
PNG is also looking for ways to strengthen its public service through improved education and training. Bishop told the Sky News Australian Agenda program yesterday that PNG was going through an energy renaissance, with a huge natural gas project about to come online………………………………………..Full Article: Source

Energy revenues focus of Aust-PNG talks

Posted on 15 December 2014 by VRS  |  Email |Print

Australia will encourage Papua New Guinea to set up a sovereign wealth fund to take advantage of revenues from a new LNG project. Foreign Minister Julie Bishop will on Sunday fly to PNG to chair the annual Australia-Papua New Guinea Ministerial Forum, and she said the country’s booming economy will be a major focus of the talks.
Ms Bishop will be accompanied by Immigration Minister Scott Morrison, Defence Minister David Johnston and Justice Minister Michael Keenan. Ms Bishop said PNG was undergoing a “incredible energy renaissance” thanks to the windfalls from the $19 billion ExxonMobil-led PNG LNG project, which went online earlier in 2014………………………………………..Full Article: Source

National pension fund sells office building in London

Posted on 15 December 2014 by VRS  |  Email |Print

South Korea’s national pension fund said Sunday it has sold a prime office building in London to Qatar’s sovereign wealth fund, reaping a profit of 960 billion won (US$871 million).
The National Pension Service (NPS) said it sold the head office of global banking giant HSBC, which it acquired in 2009 following the 2008 global financial crisis, to the Qatar Investment Authority. The NPS didn’t disclose the sale price, simply saying it has recorded 960 billion won in earnings………………………………………..Full Article: Source

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