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Sovereign Wealth Funds Briefing - Archive | July, 2015

PNG passes Sovereign Wealth Fund Bill

Posted on 31 July 2015 by VRS  |  Email |Print

After a number of stalled attempts Papua New Guinea’s parliament has finally passed a law to establish a Sovereign Wealth Fund. The long-stated aim of the Fund is to manage the revenue generated by liquified natural gas and other resource projects and put it towards economic and social development.
Reporter Wesley Manuai says the legislation shows the fund will be split into two parts, a stabilisation fund and a savings fund………………………………………..Full Article: Source

PNG sovereign fund bill held up by confusion over suspension

Posted on 31 July 2015 by VRS  |  Email |Print

The Papua New Guinea government has failed to pass its major agenda, the Sovereign Wealth Fund bill due to differences in legal opinion between the parliament speaker and government coalition partner, the National Alliance Party.Yesterday’s parliament sitting was marked by confusion over whether one of the National Alliance MPs who has been referred to a leadership tribunal is currently suspended as an MP.
Going on legal advice from his office, the speaker Theo Zurenuoc refused to recognise Bogia MP John Hickey and his right to participate in the vote on the Fund. Pending clarification of his status, Mr Hickey left the chamber, and the government narrowly failed to pass the bill………………………………………..Full Article: Source

Wealth fund banks on Belt and Road to drive growth

Posted on 31 July 2015 by VRS  |  Email |Print

Sovereign wealth fund China Investment Corp, which started its overseas direct investment operations on Monday through CIC Capital Corp, will be among the select group of financial institutions that will participate in the key projects associated with the Belt and Road Initiative.
A report from Caixin.com said that CIC Capital, which was established on January 20, might have got a $100 billion capital infusion from the Ministry of Finance through a bond issue. Neither the sovereign wealth fund manager nor the Ministry of Finance provided further information on Wednesday………………………………………..Full Article: Source

Singapore’s GIC sees opportunities in China market turmoil

Posted on 31 July 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is finding fresh opportunities to invest in the volatile China market amid restrictions imposed by the regulator on investors who own large stakes in Chinese companies. “It did open up some opportunities for people like us which take a longer-term view and we don’t have such kinds of liquidity constraints. That is a clear positive,” Lim Chow Kiat, group chief investment officer, said.
Lim said that in view of the restrictions, some investors were selling shares in which they had minority stakes due to redemption pressure, allowing long-term investors to step in………………………………………..Full Article: Source

Singapore Fund GIC completes exit from Edelweiss Financial Services

Posted on 31 July 2015 by VRS  |  Email |Print

Singapore sovereign fund Government of Singapore Investment Corp (GIC), the second largest public shareholder until now, has completely exited financial services firm Edelweiss Financial Services by selling its 9% stake in tranches to its promoter Rashesh Shah and foreign institutional investors Fidelity International and Nomura.
The move has come at a time when many foreign investors are raising their stake in India’s financial services companies. The Singapore fund, which stayed invested in Edelweiss for more than seven years, sold its 4.5% stake in 2014 in two tranches, and sold the remaining stake on July 24………………………………………..Full Article: Source

Singapore’s GIC shifted focus from Europe to India, China & Southeast Asia in FY15

Posted on 31 July 2015 by VRS  |  Email |Print

Singapore’s GIC, one of the most active sovereign wealth funds in India, raised its exposure to Asia (outside Japan), making the continent its second-biggest geographical bet behind Americas last year, it said in its annual report.
In the previous year ended March 31, 2014, GIC had bet on European recovery with Europe being the sole region where it had hiked its exposure. The Americas region, including the United States (34 per cent), Latin America (4 per cent) and others (4 per cent), accounted for 42 per cent of its portfolio in the year to March 2014, against 44 per cent in FY13………………………………………..Full Article: Source

GIC warns of lower returns on dim global growth outlook

Posted on 31 July 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund, one of the world’s biggest, has warned that it expects lower returns over the next five to 10 years because global economic growth and earnings don’t look promising. GIC said ultra-low interest rates had inflated asset prices in developed markets. It said opportunities remained in developed and emerging markets, although it cut its exposure to Europe in the fiscal year to March 2015.
“The fall in interest rates to historic lows in most advanced economies has caused prices of a broad range of asset classes to rise,” said Lim Chow Kiat, GIC’s group president and chief investment officer in the fund’s annual report for the fiscal year that ended in March………………………………………..Full Article: Source

Bahrain’s Mumtalakat says seeking aviation acquisitions

Posted on 31 July 2015 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund plans to create a new subsidiary to invest in the aviation sector and hold assets such as beleaguered national airline Gulf Air. The proposed company, Falcon Holding, would aim to consolidate key aviation assets and implement government plans to increase activity in what it views as a lucrative sector.
Mumtalakat will continue to be the 100% owner of existing aviation assets – Gulf Air, Bahrain Airport Company and Gulf Aviation Academy – and provide “strategic guidance and support”, its chief executive Mahmood Al Kooheji told Gulf Daily News………………………………………..Full Article: Source

Managing Libya’s $67bn Sovereign Wealth Fund

Posted on 31 July 2015 by VRS  |  Email |Print

Libya is complicated. With two rival governments, controlling rival armies that themselves contain competing factions, it’s hardly surprising that control of one of Libya’s biggest assets, its $67-billion sovereign wealth fund, is also contested. To some extent, the battle for control of the Libyan Investment Authority (LIA) mirrors the divisions within Libya itself, while the seemingly random bag of assets that it owns could be a metaphor for the chaos afflicting so many aspects of Libyan society.
Attempting to bring some structure and direction to the fund is the Chairman of the Board of Directors at the LIA’s Tripoli headquarters, AbdulMagid Breish (pictured); also claiming to chair the company is Malta-based Hassan Bouhadi — more on this power struggle later………………………………………..Full Article: Source

Samruk Kazyna Hands-over 10% Stake in KMG to National Bank

Posted on 31 July 2015 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna National Welfare Fund has said it will hand-over 10% of its ordinary shares in NC KazMunaiGas JSC to the National Bank of Kazakhstan, according to Kazinform. As per the relevant government decision, the Sovereign Wealth Fund must transfer 10% of the common shares in KazMunaiGas to the country’s central bank at a cost determined by an independent appraiser.
Samruk has specified it will will divest 58,420,748 tenge worth (1.00 USD = 187.480 KZT – ed.) of the ordinary shares, which account for 10% of the total, plus one common share. The value should be no less than 750,000,000,000 tenge in value, its official statement says……………………………………….Full Article: Source

Test train launched via Baku-Tbilisi-Kars in Turkey

Posted on 31 July 2015 by VRS  |  Email |Print

A test train has been launched via the Baku-Tbilisi-Kars (BTK) railway on the territory of Turkey, Turkish President Recep Tayyip Erdogan said at the Chinese-Turkish business forum in Beijing, TRT Haber TV channel reported July 30.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) finances the project in accordance with the Azerbaijani president’s decree ‘On the implementation of the Baku-Tbilisi-Kars project activities’ dated February 21, 2007. President Erdogan also stressed the importance of the BTK project in the field of cargo transportation. Earlier it was reported that the railway construction project is planned to be implemented in 2015………………………………………..Full Article: Source

Chile fiscal deficit 0.3 pct in first half as copper prices pinch

Posted on 31 July 2015 by VRS  |  Email |Print

Chile posted a fiscal deficit of 0.3 percent of estimated gross domestic product in the first half of 2015, the government’s budget office reported on Thursday, due to weak copper revenue. The deficit was the equivalent of $792 million. Chile is the world No.1 copper producer and has suffered as prices languish at multiyear lows due to worries over demand in key buyer China.
Meanwhile, the country’s rainy day sovereign wealth fund fell in value to just under $14 billion by the end of June, compared to $14.7 billion at the end of last year. The fiscal deficit in the second quarter was 0.4 percent after a slim 0.1 percent surplus in the first three months of the year, the budget office said………………………………………..Full Article: Source

Singapore GIC Reports Higher Return, Cautions on Market Outlook

Posted on 30 July 2015 by VRS  |  Email |Print

GIC Pte, manager of more than $100 billion of Singapore’s reserves, said its key performance measure improved but warned that higher global interest rates could dent future returns. Buoyant global markets helped GIC’s annualized real rate of return rise to 4.9 percent in the 20-year period to March 31, from 4.1 percent in the 20 years that ended in March 2014, according to the sovereign wealth fund’s annual report. GIC doesn’t issue annual performance figures.
GIC warned that global markets have already risen strongly and face possible headwinds as the U.S. Federal Reserve and other central banks start to unwind their low interest rate policies in the years ahead………………………………………..Full Article: Source

GIC posts 4.9% return in past 20 years; sees tougher times ahead

Posted on 30 July 2015 by VRS  |  Email |Print

The sovereign wealth fund says volatile markets could chip away at its returns in the next five to 10 years, and short-term losses are possible. GIC posted annualised real returns of 4.9 per cent in the past 20 years ending on March 31, 2015 - higher than 2014’s 20-year real return of 4.1 per cent.
The sovereign wealth fund has warned, however, that volatile markets could lower its returns for the next five to 10 years. In its 2014/15 annual report, GIC said the returns between April 1995 and March 2015 have been ahead of global inflation, which has averaged between 2 and 3 per cent………………………………………..Full Article: Source

GIC builds up real estate assets for steady returns

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign wealth fund GIC has been acquiring more real estate assets in recent years, and is keeping its ear to the ground for more deals, even as competition in the sector intensifies. Toppish asset prices and lower returns will define the broader investment environment for the next 10 years, but GIC can use its 30 years’ experience in real estate investing to earn steady returns, said group chief investment officer Lim Chow Kiat yesterday.
“Generally, prices have gone up, so it’s harder to just buy cheap,” he told a media briefing at GIC’s Capital Tower headquarters……………………………………….Full Article: Source

Singapore’s GIC sees opportunities in China market turmoil

Posted on 30 July 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is finding fresh opportunities to invest in the volatile China market amid restrictions imposed by the regulator on investors who own large stakes in Chinese companies. “It did open up some opportunities for people like us which take a longer-term view and we don’t have such kinds of liquidity constraints. That is a clear positive,” Lim Chow Kiat, group chief investment officer, told Reuters as the fund unveiled its annual report.
Lim said that in view of the restrictions, some investors were selling shares in which they had minority stakes due to redemption pressure, allowing long-term investors to step in. China’s securities regulator earlier this month took the drastic step of banning shareholders with stakes of more than 5 percent from selling shares for the next six months in a bid to halt a plunge in stock prices………………………………………..Full Article: Source

CIC Launches Subsidiary to Invest in Overseas Projects

Posted on 30 July 2015 by VRS  |  Email |Print

China’s sovereign wealth fund has launched a subsidiary to handle investment in overseas infrastructure projects as part of government efforts to expand business abroad to shore up growth. China Investment Corp. held a ceremony to launch its new subsidiary, CIC Capital Corp., on July 27. The subsidiary will focus on infrastructure, agricultural, forestry and fishery projects abroad.
CIC Capital, which showed the government it had capital of US$ 5 billion to get a business license, is the result of expanding an old CIC unit that oversaw infrastructure investment abroad, the company said. A slowing economy has prompted the government to be aggressive in looking for business opportunities for state-backed businesses in foreign countries since 2013………………………………………..Full Article: Source

CIC Capital Officially Launched, Targets $100bln In Total Capacity

Posted on 30 July 2015 by VRS  |  Email |Print

An overseas direct investment fund launched by China Investment Corporation earlier this year has officially begun operation, and plans to reach US$100 billion in total investment capacity eventually, according to Chinese media reports.
The new investment platform, named CIC Capital Corporation, was registered in January with US$5 billion in capital. It will be responsible for making direct investments in markets outside of China in partnership with Chinese companies wishing to expand internationally………………………………………..Full Article: Source

Chinese sovereign fund to buy biggest Aussie office assets

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign fund China Investment Corp (CIC) plans to buy Australia’s biggest office block portfolio from Morgan Stanley for US$1.82 billion (S$2.5 billion), highlighting Beijing’s appetite for stable assets offshore as the mainland economy sputters. CIC, which established its international unit in 2011 to invest in overseas assets, will acquire the nine office buildings, held by Investa Property Trust, from Morgan Stanley Real Estate Investing, the US firm said in a statement on Monday.
Blackstone Group, Brookfield Asset Management and Dexus Property Group were also competing to purchase the Investa property assets, people familiar with the matter had said earlier. ……………………………………….Full Article: Source

Sovereign wealth funds step up property investments in Asia

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign wealth funds around the world are pouring money into Asian property to diversify their portfolios as real estate prices surge in major Western cities. The looming U.S. interest rate hike has prompted investors to shift from short-term investments in Asia into the region’s real estate.
The Abu Dhabi Investment Authority is one fund investing in real estate aggressively. It is the world’s second-largest sovereign wealth fund, with operating assets of $679 billion. The fund has reportedly invested more than $50 billion, nearly 10% of its asset holdings, in real estate. In May, it acquired three hotels in Hong Kong for $2.4 billion, the largest real estate investment by a sovereign wealth fund in Asia………………………………………..Full Article: Source

Fifth of Libya’s wealth fund untraced since Gaddafi

Posted on 30 July 2015 by VRS  |  Email |Print

An estimated 20 percent of Libya’s $67bn-plus sovereign wealth fund, the Libyan Investment Authority (LIA), has yet to be fully traced since the death of Colonel Gaddafi. The LIA appointed Deloitte in 2012 to conduct an audit of all of its assets – many of which are tied up in investments outside the country.
The auditor’s report was sent to the LIA in 2013 but has never been made public. The only detail the LIA released was the fund’s total value, estimated by Deloitte to be around $67 billion………………………………………..Full Article: Source

LAP preparing ‘‘aggressive’’ rescue plan for LAP GreenN: to invest in new technology and growth

Posted on 30 July 2015 by VRS  |  Email |Print

The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP GreenN, Libya Herald has learnt. LAIP is a wholly-owned subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund entity.
Sources have informed this publication that the shareholders of LAP GreenN are working on a restructuring plan. The plan will find solutions for the company to ensure its continuity and its ability to deliver better service and value for money for businesses and individuals across the countries where LAP GreenN has investments in the African market………………………………………..Full Article: Source

Qatar-Backed Mining Fund Said to Scrap Expansion Plans on Rout

Posted on 30 July 2015 by VRS  |  Email |Print

QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly and backed by Qatar’s sovereign wealth fund, has scrapped plans to expand amid a plunge in commodities, according to four people familiar with the situation.
QKR won’t make any new investments, the people said, who asked not to be named because the matter is confidential. The fund, which made its only acquisition in July last year, struggled to gain support from its Qatari backer for further deals following management changes at the country’s $100 billion sovereign wealth fund earlier this year, they said………………………………………..Full Article: Source

QIA JV to build 57-storey residential tower in London

Posted on 30 July 2015 by VRS  |  Email |Print

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority , has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).
The 57-storey building will comprise 468 apartments ranging from studios to large three bedroom family units. It will occupy a prominent waterfront location on the edge of South Dock, directly to the east of the existing Canary Wharf estate. Designed by world-renowned Swiss architects Herzog & de Meuron who created the Beijing Olympics’ Bird’s Nest stadium and the Tate Modern, the cylindrical residential tower will form a key part of the new residential offering at Canary Wharf………………………………………..Full Article: Source

Ireland Strategic Investment Fund forms residential lending platform with KKR

Posted on 30 July 2015 by VRS  |  Email |Print

The Ireland Strategic Investment Fund, Dublin, Ireland, formed a €500 million ($549 million) joint venture with KKR Credit, which will lend to Irish residential development projects. The joint venture, Activate Capital, is a lending platform that could finance the construction of more than 11,000 new homes in Ireland. The platform will lend on a commercial basis to projects, providing companies with loans for up to 90% of the total financing needed.
The €7.6 billion ISIF is contributing €325 million toward the joint venture — the biggest single investment yet by the ISIF, it said in a statement on its website. KKR will provide the remaining €175 million. Robert Gallagher, director at KKR responsible for the firm’s investing activities in Ireland, becomes CEO of Activate Capital………………………………………..Full Article: Source

Kazakhstan backs 2022 bid promises with oil fund

Posted on 30 July 2015 by VRS  |  Email |Print

Kazakhstan will break into its $70 billion sovereign wealth fund to help pay the bills if it wins the 2022 Winter Olympics, Prime Minister Karim Massimov said yesterday ahead of an IOC vote. The International Olympic Committee, which will vote between the former Kazakh capital of Almaty and Beijing on Friday, has said the Central Asian republic’s reliance on oil revenues is a risk.
But Massimov told a small group of journalists including AFP that Kazakhstan was planning on oil staying at its weakened price of $50 a barrel. He said Kazakhstan’s fund was modelled on one used by Norway to hold its oil and gas revenues. Kazakhstan’s oil and gas accounted for about a quarter of its gross domestic product in 2013, according to the Extractive Industries Transparency Initiative………………………………………..Full Article: Source

Kazakh wealth fund to sell 10 pct in state oil firm KMG to central bank

Posted on 30 July 2015 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund will sell 10 percent of shares in state oil firm KazMunaiGas to the central bank, the government said on Wednesday, in a move aimed at easing the debt burden of a company hit by low oil prices.
Samruk-Kazyna, which manages the Central Asian nation’s largest state-owned assets, is to sell a package of 10 percent plus one ordinary share to the central bank for a price not less than 750 billion tenge ($4 billion), the government said in a statement signed by Prime Minister Karim Masimov………………………………………..Full Article: Source

Southern Gas Corridor’s capitalization increases by over 7 times

Posted on 30 July 2015 by VRS  |  Email |Print

The Southern Gas Corridor CJSC’s registered capital increased up to $725 million upon the decisions of the Supervisory Board and the Shareholders’ Meeting, the State Oil Fund of Azerbaijan (SOFAZ) said. The company’s initial capital amounted to $100 million. But its capital increased to $300 million in February 2015 as a result of changes in the nominal share of the company.
“SOFAZ transferred $318.75 million to the treasury account of the country’s Ministry of Economy and Industry in the first half of 2015,” the statement said. “As a result, the share of the fund’s capital of the company has reached $369.75 million (51 percent).”……………………………………….Full Article: Source

The major role of sovereign investors in the global economy: A European perspective

Posted on 30 July 2015 by VRS  |  Email |Print

The global economy has witnessed the emergence of a new set of key actors over the last two decades. Sovereign Wealth Funds (SWFs) and Pension Funds (PFs) – or Sovereign Investors – have become pivotal players in global financial markets thanks to their liquidity, and continue to grow rapidly in number and in size. This group of highly heterogeneous funds has different backgrounds, structures, and missions, but shares an ultimate goal: to preserve capital and maximize the return on investments.
While the economic crisis and subsequent cash constraints in developed economies quickly brought these investors to the forefront, the global economic recovery is intensifying the competition for high returns. The Asset Management industry is expecting a number of fundamental shifts; hence the way many asset managers operate in 2020 will be significantly different from the current model (PwC 2014)………………………………………..Full Article: Source

Sovereign wealth funds pick up in popularity

Posted on 30 July 2015 by VRS  |  Email |Print

In recent years, sovereign wealth funds have grown in popularity, and subsequently, so too have their investment credentials. First appearing around the midpoint of last century, sovereign wealth funds (SWFs) have long occupied a significant space in financial markets. However it’s only in recent years that these rainy-day funds have come into their own.
Speaking at the 68th CFA Institute Annual Conference in May, the former CIO of the Korea Investment Corporation (South Korea’s SWF) Scott Kalb offered up some choice statistics on what he called an “active and powerful” opportunity. First was that at the end of 2014 the world’s 74 highest ranking SWFs held a colossal $7.7trn in assets, $3.3tn greater than in 2010 and significantly more than the $500bn held in 1990, according to the IMF………………………………………..Full Article: Source

Will Goodman bear the cost of China’s $2.45bn Investa swoop?

Posted on 29 July 2015 by VRS  |  Email |Print

China Investment Corporation’s $2.45 billion outlay on Investa’s portfolio of Australian skyscrapers has revived expectations the ­sovereign wealth fund will shed its $1bn-plus exposure to listed warehouser Goodman Group. While the Chinese heavyweight is not short on capital — its total assets under management climbed by $US93bn ($127bn) to $US750bn last year — the fund dislikes stakes in publicly owned property managers.
In 2012, CIC offloaded a 6.9 per cent slice in Sydney-based Goodman Group, crystallising a profit on its initial and much larger investment, which was made in the midst of the global financial crisis. The sovereign wealth fund, which proved a white knight for Goodman Group, also helped prop up Morgan Stanley when the developed world’s financial system threatened to collapse………………………………………..Full Article: Source

Investa acquisition just another day at the office for CIC

Posted on 29 July 2015 by VRS  |  Email |Print

It may be the biggest direct real estate transaction in Australia ever but China Investment Corporation’s acquisition of the $2.45 billion Investa portfolio of office towers is just the latest purchase in a $7 billion global property spend by the Chinese sovereign fund this year alone.
The Australian Financial Review first reported on Monday night that the CIC International had won the Investa Property Group portfolio of office towers with a bid just shy of $2.5 billion. It is the biggest direct real estate transaction in Australia to date and represents an extremely sharp initial yield of 5 per cent. But CIC, which was set up in 2007 to manage China’s foreign exchange reserves, has been making headlines all year for its property acquisitions………………………………………..Full Article: Source

SWF: Temasek rides China wave to near 20% return

Posted on 29 July 2015 by VRS  |  Email |Print

Temasek has always looked a little bit different to other sovereign wealth funds. There’s the fact that it’s pretty much all in equities, for a start, either listed or a pre-listing stake; or that 70% of its portfolio is in Asia, with less than a third in what most investors consider the developed world.
And now there’s the fact that it reported a 19.2% return in the year to March 31. That’s not very sovereign wealth fund behaviour at all: most such funds aim for a fraction above inflation, mitigating risk with painstakingly diversified portfolios, and are delighted if long-term numbers reach 7% or so. So, well done Temasek. But there might be a catch………………………………………..Full Article: Source

Singapore’s GIC comes as anchor investor in Syngene

Posted on 29 July 2015 by VRS  |  Email |Print

Singapore’s GIC, one of the most active sovereign wealth funds in the country, is among the anchor investors which have together invested Rs 150 core in Syngene International Ltd, the research and development subsidiary of Indian biopharmaceutical major Biocon Ltd, as part of an initial public offer (IPO) of the company.
Syngene allocated 6 million equity shares at a price of Rs 250 a piece, the upper end of the IPO price band of Rs 240-250 a share, to around a dozen anchor investors. GIC put in Rs 25 crore while others such as funds managed by Goldman Sachs, Morgan Stanley and Deutsche Bank besides other foreign portfolio investors and a few domestic mutual funds invested the balance Rs 125 crore………………………………………..Full Article: Source

Global Logistic Properties to Buy 200 U.S. Warehouses For $4.6 Billion

Posted on 29 July 2015 by VRS  |  Email |Print

Global Logistic Properties, a warehouse owner part-owned by Singapore’s sovereign-wealth fund, said Tuesday it is acquiring about 200 U.S. warehouses for $4.6 billion in one of the largest real estate deals of the year.
The deal, which has been signed but not yet closed, marks a further expansion of Global Logistic’s foothold in U.S. industrial property. Late last year, the company and GIC Pte. Ltd., the sovereign-wealth fund, joined to buy IndCor Properties, another large warehouse portfolio, from buyout firm Blackstone Group LP for $8.1 billion………………………………………..Full Article: Source

ADIA names head of Japan for the fund’s internal equities department

Posted on 29 July 2015 by VRS  |  Email |Print

Hisashi Kuroda joined the Abu Dhabi Investment Authority’s internal equities department as head of Japan, ADIA announced in a news release Tuesday. Kuroda replaces David Greenhalgh, who left in mid-2014 after more than a decade with ADIA to become chief investment officer of London-based New Chapel Asset Management.
Kuroda comes to ADIA from Meiji Yasuda Asset Management, where he served as general manager of the company’s Japanese equity team. A Meiji Yasuda spokeswoman said Hironobu Kanegae, senior portfolio manager on the firm’s domestic equities team, was promoted to the general manager role………………………………………..Full Article: Source

UAE’s ADIA to buy $170m Irish property

Posted on 29 July 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) will purchase a $170m site spanning seven acres in Dublin, Ireland. The site includes two hotels. ADIA will work with Irish developer Chartered Land to buy the two former Jurys and Berkeley Court hotels, located on one of Ireland’s most valuable properties.
Independent.ie reported that under the deal, which is expected to conclude in the following weeks, ADIA will finance the purchase transaction, while Chartered Land will redevelop and manage the site. ……………………………………….Full Article: Source

QIA JV to build 57-storey residential tower in London

Posted on 29 July 2015 by VRS  |  Email |Print

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority, has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).
The 57-storey building will comprise 468 apartments ranging from studios to large three bedroom family units. It will occupy a prominent waterfront location on the edge of South Dock, directly to the east of the existing Canary Wharf estate………………………………………..Full Article: Source

Nigeria: Obi - Only the President Approves ECA Disbursement

Posted on 29 July 2015 by VRS  |  Email |Print

A former Governor of Anambra State, Mr. Peter Obi, has condemned recent allegations that a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, supervised the alleged embezzlement of some funds from the Excess Crude Account (ECA).
According to Obi, the release of funds from the ECA cannot be done without the approval by the president. This he said was the trend not just under former President Goodluck Jonathan, but also during the tenure of former presidents Olusegun Obasanjo and the late Umaru Musa Yar’Adua………………………………………..Full Article: Source

Yuan joins top five basic currencies of Azerbaijan’s Oil Fund

Posted on 29 July 2015 by VRS  |  Email |Print

Chinese yuan joins top five basic currencies of the State Oil Fund of Azerbaijan (SOFAZ). According to SOFAZ, as of July 1, 50.1% of its investment portfolio were denominated in U.S. dollars ($17.889 bn), 34% - in euro (€10.866million), 5.1% - in British pounds (£1.169bn), 1.8% - in Russian rubles (RUB 36.215 bn) and 1.4% - in yuan renminbi (CNY 3 bn).
The top five currencies are followed by Korean won (1.2% of portfolio or KRW 487.760 million), Turkish lira (1.1% or TRY 1.046 bn) and Australian dollar (0.6% or AUD 202.1 million). As of July 1, 2015, the Fund’s investment portfolio was estimated at the level of $35.726 bn and its general assets – at the level of $35.783 bn………………………………………..Full Article: Source

China’s CIC wins $2.45b Investa office portfolio

Posted on 28 July 2015 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corporation (CIC) has won Investa Property Group’s portfolio of nine office towers with a knockout bid of more than $2.45 billion, making it the biggest direct real estate transaction in Australia’s history.
As foreshadowed by The Australian Financial Review, CIC’s acquisition will show an extremely sharp initial yield of 5 per cent, which could trigger a re-rating of the office sector. An agreement was struck early Monday evening. The deal marks the finish of one part of the long-running sale of the $9 billion Investa Property Group. Handled by UBS and Morgan Stanley, it is the biggest sell-side property transaction globally so far in 2015………………………………………..Full Article: Source

China Sovereign Wealth Fund Breaks Record for Office Property Deal

Posted on 28 July 2015 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds has acquired a nine-tower portfolio of office assets for a staggering $2.45 billion sum, in what is believed to be the largest direct property transaction in Australian history. An office deal clinched by sovereign wealth fund China Investment Corporation (CIC) has broken the record for the largest direct real estate transaction in the history of the Australian property market.
CIC’s sealed its acquisition of the portfolio of nine office towers owned by Invest Property Group with a peremptory bid of more than $2.45 billion – the largest ever made on Australian shores as part of a direct real estate deal………………………………………..Full Article: Source

Korea SWF announces its external managers of the year for 2014

Posted on 28 July 2015 by VRS  |  Email |Print

The $86 billion Korea Investment Corp. bestowed its “manager of the year” honor on AQR Capital Management for 2014, the second year in a row the sovereign wealth recognized the firm. But for the first time since the program’s 2010 launch, Seoul-based KIC honored managers in five separate categories instead of choosing a single manager.
For 2014, KIC selected AQR as manager of the year for equities; Western Asset Management Co. as outstanding fixed-income manager; J.P. Morgan Asset Management (JPM), global tactical asset allocation; Partners Group, private equity; and Two Sigma Investments for hedge funds………………………………………..Full Article: Source

No pressure on Temasek to offload NOL, Drewry says

Posted on 28 July 2015 by VRS  |  Email |Print

Singapore’s Temasek may be interested in offloading some of its underperforming companies such as NOL, but there is no pressing need for the immense state investor to do it on the cheap through a distressed sale, Drewry says.
The analyst noted in its Container Insight Weekly that NOL’s prolonged period of losses have not put a scratch on the Temasek juggernaut, which is under no pressure to enter into a fire sale. Temasek owns around 67 percent of NOL, the listed holding company of container carrier APL………………………………………..Full Article: Source

Libya in legal action on nationalisations

Posted on 28 July 2015 by VRS  |  Email |Print

The Libyan Investment Authority has launched legal action against four African states alleging that they took advantage of Libya’s political turmoil to nationalise assets belonging to the $67bn sovereign wealth fund. Hassan Bouhadi, the LIA’s chairman who was appointed by the internationally recognised Tobruk government in October, said the legal action related to technology assets in Rwanda, Zambia, Chad and Niger.
“There are some individuals every day that are trying to apply false claims against the assets of the LIA and we have a few incidents where some countries have nationalised some of our assets,” Mr Bouhadi alleged………………………………………..Full Article: Source

ADIA in bid for $1.9bn Irish shopping centre portfolio

Posted on 28 July 2015 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund is reportedly in the running to purchase an Irish real estate loan portfolio valued at €1.7 billion ($1.9 billion). Abu Dhabi Investment Authority (ADIA) is understood to be a lead contender to buy Project Jewel – a loan portfolio that includes debt secured on Dundrum Town Centre, a 120,000 sq m shopping centre in Dublin, among others.
Project Jewel is controlled by Ireland’s National Asset Management Agency (Nama), the government body that took over the country’s distressed real estate assets during the downturn………………………………………..Full Article: Source

State Oil Fund of Azerbaijan hasn’t bought physical gold for 5 quarters at a run

Posted on 28 July 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) hasn’t bought physical gold for five quarters in a row (2nd, 3rd, 4th quarters of 2014, and 1st -2nd quarter of 2015). The Fund informs that as of 1 July 2015 it owned physical gold worth $1.14 bn (last quarter it was $1.15 bn) which was equal to 3.2% of its investment portfolio ($35.726 bn).
“By the reported date SOFAZ had 30.17 tons of gold (970,146 ounces of gold),” SOFAZ said in a statement. This level of reserves conformed to the index as of 1 April 2014. The investment rules allow the Fund to invest up to 5% of its portfolio in physical gold………………………………………..Full Article: Source

Azerbaijan Oil Fund’s investment portfolio exceeds limit for 2015 by 32.8%

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By 1 July the State Oil Fund of Azerbaijan exceeded the investment portfolio limit (AZN 28.2 bn) set for 2015 by 32.8%. According to the Fund, in the first half of 2015 its investment portfolio in manats, as the basic currency, grew from AZN 28.79 bn up to AZN 37.459 bn or by 30.1%. In Q2 growth made up AZN 959,000 or 2.6%.
The investment portfolio in euro as the base currency rose from AZN 30.2 bn up to AZN 32.26 bn or by 6.7%. The investment portfolio in US dollar fell from $36.7 bn to $34.8 bn or by 5.1%………………………………………..Full Article: Source

Sovereign, pension funds lose ground for nine months straight

Posted on 28 July 2015 by VRS  |  Email |Print

The latest pension and sovereign wealth fund data shows that they account for a lesser proportion of the overall foreign portfolio investor (FPI) holdings than they did in the previous month. This was also true for the previous month, and the month before that.
In fact, these long-term investors share of the overall investment pie has declined every month since September 2014. They now account for 14.43% of the total FPI holdings. Such funds typically invest for the long-term and are considered a stable source of capital, unlike hedge funds or other investors who quickly move in and out of markets for a profit………………………………………..Full Article: Source

Sovereign Funds: 3 Portfolio Moves They Are Contemplating

Posted on 28 July 2015 by VRS  |  Email |Print

Sovereign wealth funds like the Abu Dhabi Investment Council (ADIC) and GIC Private Limited often take tactical bets while maintaining their long-term investment views. For example, GIC is an investor in Mumbai-based Eros International Plc, an Indian moviemaker – betting on India’s growing consumer class. These institutional investors understand that risk is the price all investors must pay to achieve returns.
From the start of 2015 till July 16, 2015, the Nikkei 225 returned 18.05% versus the S&P500 (similar period) returning 3.48%………………………………………..Full Article: Source

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