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Sovereign Wealth Funds Briefing - Archive | August, 2016

Norway Readies for Election Budget Battle as Oil Cash Tempts

Posted on 31 August 2016 by VRS  |  Email |Print

As an election nears in Norway, let the oil money fight begin. The government of western Europe’s biggest oil producer is on Tuesday starting its final round of talks to set next year’s budget, which will be presented on Oct. 6.
Prime Minister Erna Solberg will need to navigate conflicting demands of keeping up support for an economy that has been hammered by the plunge in crude and calls for trimming the record use of the nation’s oil wealth that’s threatening to erode its sovereign wealth fund………………………………………Full Article: Source

Norway’s Sovereign Wealth Fund Hampered by Outflows (Video)

Posted on 31 August 2016 by VRS  |  Email |Print

Norway’s government is withdrawing funds from the nation’s $890 billion sovereign wealth fund as it faces lower prices on crude oil and low-to-negative interest rates. Bloomberg’s Jonas Bergman examines how this may hamper the fund’s ability to manage more risk. He speaks on “Bloomberg Markets.……………………………………..Full Article: Source

What Australia could have learnt from Norway’s sovereign wealth bonanza

Posted on 31 August 2016 by VRS  |  Email |Print

Norway built the biggest sovereign wealth fund in the world by investing a share of revenue from its offshore oilfields. Australia should have followed its example with the money from the mining boom.
Had a little smart thinking been applied, Australia’s biggest and longest ride on the resources rollercoaster since the 1850s gold rush could have been very beneficial indeed………………………………………Full Article: Source

Private Equity Firms Struck Hushed Deals With Foreign Funds

Posted on 31 August 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund and Canada pension plan were main beneficiaries. Some U.S. private equity firms are courting their biggest and savviest investors with privileged access to special fee-saving deals without telling other investors, according to people involved in buyout firms’ fundraising.
The U.S. Securities and Exchange Commission (SEC) has signaled its interest in overseeing such deals after fining several private equity firms in recent months for improper disclosure of fees………………………………………Full Article: Source

Vietcombank to sell 7.73 percent stake to Singapore SWF

Posted on 31 August 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC is set to acquire a 7.73 percent stake on a fully enlarged basis in Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietcombank announced on August 29.
The two entities signed a memorandum of agreement, under which GIC will purchase nearly 305.82 million new shares in Vietcombank, Vietnam’s largest bank by market capitalisation………………………………………Full Article: Source

Complex, Obscure Financial Transactions behind 1MDB

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s 1Malaysia Development Berhad (1MDB) scandal reached a crescendo in July 2016. The US Attorney General claimed that more than US$3.5 billion belonging to 1MDB was ‘allegedly misappropriated by high-level officials of 1MDB and their associates’ between 2009 and 2015. The case is officially closed in Malaysia, but Prime Minister Najib Razak’s difficulties remain.
In 2015, evidence reported by The Wall Street Journal and individuals associated with the anti-government website, Sarawak Report, suggested that Najib had received around US$680 million into his personal account………………………………………Full Article: Source

Malaysian newspapers suspended over 1MDB reports can claim damages, court rules

Posted on 31 August 2016 by VRS  |  Email |Print

Malaysia’s Home Minister and the ministry’s secretary-general have been ordered to pay damages to the publisher of two local publications that were suspended last year following its series of reports about the 1Malaysia Development Berhad (1MDB) scandal.
According to The Star, the Court of Appeal ruled that the publisher – The Edge Communications Sdn Bhd – is entitled to claim for damages, after upholding the previous decision of a lower court. “We have reached our unanimous decision. We think that the respondent (the publisher) has passed the threshold under the law to claim for damages,” Justice Mohd Zawawi Salleh, who was chairing a three-man panel, was quoted saying when dismissing the ministry’s case………………………………………Full Article: Source

Abu Dhabi fund ADIA appoints Beaton global operations head

Posted on 31 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund.Beaton joins the fund, which has around $792 billion in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………Full Article: Source

Is East Africa Ready for a Sovereign Wealth Fund?

Posted on 31 August 2016 by VRS  |  Email |Print

Kenya, Uganda and Tanzania are among the new frontier economies in the oil and gas industry that have over the last decade announced significant hydrocarbon discoveries.
These East Africa Countries (EAC) countries have introduced laws to manage oil and gas resources for the benefit of all stakeholders. Kenya, for instance, introduced a petroleum act earlier this year; the Act stipulates that 75% of the proceeds from commercial oil and gas produced be retained by the national government, with county governments hosting the deposits receiving 20% and local community receiving 5%………………………………………Full Article: Source

Singapore Sovereign-Wealth Fund to Buy Stake in Top Vietnamese Bank

Posted on 30 August 2016 by VRS  |  Email |Print

Singapore sovereign-wealth fund GIC Pte. Ltd. will acquire a 7.73% stake in Vietcombank, Vietnam’s largest bank by market capitalization, the latest in a series of bids by foreign companies for a slice of one of Asia’s hottest frontier markets.
The deal is in part the result of Vietnam’s increasing openness to outside investment as it looks to liberalize a bloated state sector and streamline regulations. GIC will purchase 305.81 million shares in Vietcombank though a private placement. The joint statement didn’t provide financial details about the stake sale, but people familiar with the process said the deal value was likely to be around $400 million………………………………………..Full Article: Source

Abu Dhabi wealth fund ADIA appoints new global operations head

Posted on 30 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund said in a statement on Monday. Beaton joins the fund, which has around $792bn in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………..Full Article: Source

India, Britain may create joint sub-fund under NIIF: Jaitley

Posted on 30 August 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley here on Monday said that India and Britain are exploring the possibility of creating a joint sub-fund under the National Investment and Infrastructure Fund (NIIF).
“Officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella. We look forward to implementation of this task expeditiously and positively in near future,” Jaitley said during his meeting with visiting British Secretary of State for International Trade Liam Fox………………………………………..Full Article: Source

Norway’s $890 billion sovereign wealth fund outflows are affecting risk strategy

Posted on 30 August 2016 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund is acknowledging that rising withdrawals by the government could hamper its quest to manage more risk and generate greater returns as it takes on more and more negative yielding securities.
The net outflows are “relevant for how we think about the risk-bearing capacity of the fund,” Egil Matsen, the deputy governor at Norway’s central bank who’s in charge of oversight of the fund, said in an interview Friday while attending a central banking conference in Jackson Hole, Wyoming………………………………………..Full Article: Source

Turkey publishes law to set up sovereign wealth fund

Posted on 29 August 2016 by VRS  |  Email |Print

A law to establish a Turkish sovereign wealth fund intended to boost annual growth over the next decade was published in the country’s Official Gazette on Friday. After the defeated July 15 coup attempt, the Turkish government in August introduced a bill to parliament to setting up a wealth fund to keep growth on track and reassure investors unnerved by the upheaval.
Financing for the fund, which aims to lead annual growth of 1.5 percent over next decade, will be provided by government asset sales, cash surpluses from the state privatization fund and other state institutions, the draft law reads………………………………………..Full Article: Source

Turkey seeks to manage $200 bln in sovereign fund soon: Minister

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s target for its newly announced sovereign wealth fund is for it to manage $200 billion as soon as possible, Economy Minister Nihat Zeybekci said on Aug. 26, as a public company has been established to run the process.
“Our aim is to make this fund one which can control a $200-billion asset pool,” he said in an interview with broadcaster NTV, as quoted by Reuters. Turkish lawmakers put forward legislation to create a sovereign wealth fund, which was intended to help boost annual growth over the next decade………………………………………..Full Article: Source

Company to manage Sovereign Wealth Fund established

Posted on 29 August 2016 by VRS  |  Email |Print

A mnagement company for the Sovereign Wealth Fund (SWF), which will be in charge of founding and managing the SWF and its relevant subsidiary funds, has been established. The legislation to establish the SWF Management Inc., as well as amendments to various laws, has taken effect after being published in the official gazette.
The management company is in charge of contributing to instrumental diversity and depth in capital markets, the main activity areas of which are to found and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. The sphere of activity of the SWF management company is to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

Turkey’s Sovereign Wealth Fund to ease financing for megaprojects

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s Sovereign Wealth Fund (SWF) will aim to eliminate financing issues for megaprojects, often the biggest obstacle a project can face. It is also expected to turn domestic firms into global players in the fields of defense, aviation and software.
Following the publication of the government’s decision to create a SWF in the official gazette, the Prime Ministry-led Turkish Wealth Sovereign Fund Management Inc. was established with an estimated capital of TL 50 million ($16.93 million)………………………………………..Full Article: Source

Region’s wealthy to continue diversification into overseas property

Posted on 29 August 2016 by VRS  |  Email |Print

The price of oil may have fallen but Middle Eastern property investors are set to continue to pump billions of dirhams into big-name properties overseas, despite slowing global growth. Analysts predict that although property prices locally are falling, the amount of money raised by sovereign wealth funds, private companies and high net worth individuals in the region to spend on bricks and mortar in Europe and North America is set to rise this year.
Qatar Investment Authority (QIA), which already owns stakes in Europe’s tallest building, The Shard, the Canary Wharf Estate, Harrods and the Olympic Park in London, said that it had bought a 9.9 per cent stake in Empire State Realty Trust, acquiring 29.6 million shares in the group at US$21 each………………………………………..Full Article: Source

Biggest Wealth Fund Warns Outflows Are Affecting Risk Strategy

Posted on 29 August 2016 by VRS  |  Email |Print

Norway’s $890 billion sovereign wealth fund is acknowledging that rising withdrawals by the government could hamper its quest to manage more risk and generate greater returns as it takes on more and more negative yielding securities.
The net outflows are “relevant for how we think about the risk-bearing capacity of the fund,” Egil Matsen, the deputy governor at Norway’s central bank who’s in charge of oversight of the fund, said in an interview Friday while attending a central banking conference in Jackson Hole, Wyoming……………………………………….Full Article: Source

Azerbaijan: Aiming to please

Posted on 29 August 2016 by VRS  |  Email |Print

The need for western funds in order to complete big energy projects is forcing Baku to tackle corruption. Despite holding more than $30bn of savings in its sovereign wealth fund, it briefly explored the possibility of borrowing from the IMF.
An official in Baku says demand for dollars in the banking sector is five to six times higher than supply through regular sales from the sovereign wealth fund………………………………………..Full Article: Source

Kuala Lumpur rally calls for arrest of 1MDB’s ‘Malaysian Official 1′

Posted on 29 August 2016 by VRS  |  Email |Print

As many as 1,000 protesters marched in Malaysia’s capital on Saturday to protest the scandal surrounding 1MDB, the country’s troubled sovereign wealth fund. The protesters called for the arrest of “Malaysian Official 1,” an unnamed official who appeared repeatedly in a U.S. Department of Justice (DOJ) lawsuit in July in relation to a series of alleged thefts from the fund, which was set up by Prime Minister Najib Razak in 2009 to invest in strategically important assets.
The civil lawsuit alleged that more than $3.5 billion was looted from 1Malaysia Development Berhad (1MDB) and laundered through various shell companies by officials and others connected with the wealth fund………………………………………..Full Article: Source

Firm that received 1MDB funds invested in Italian F1 team

Posted on 29 August 2016 by VRS  |  Email |Print

The name ‘Vasco’ came into Malaysian public consciousness after US investigations concluded that US$472.75 million out of the US$3.657 billion allegedly misappropriated from 1MDB went to Vasco Investments Services SA. Vasco Investments Services SA is the management firm of Vasco Trust, the vehicle of United Arab Emirates (UAE) tycoon Khadem Al-Qubaisi.
According to Sarawak Report, 1MDB funds is not the only sovereign wealth fund which became a target of Khadem’s Vasco Trust as International Petroleum Investment Company (IPIC), UAE’s sovereign wealth fund, also found its money being funnelled into Khadem’s interests………………………………………..Full Article: Source

SWFs pull $16.2 billion in H1

Posted on 29 August 2016 by VRS  |  Email |Print

Sovereign wealth funds (SWF), including the state-owned investment funds in the GCC region, pulled 16.2 billion from third-party asset managers in the second quarter, up from a revised 10.1 billion in the first quarter, according to the latest data from research firm eVestment.
The outflows, according to the data, were the second largest in five years, exceeded only by the 22 billion withdrawn by sovereign wealth funds in the third quarter of 2015, when oil prices tumbled around 25 per cent. Peter Laurelli, global head of esearch at eVestment, which collates data from 4,400 firms managing money on behalf of institutional investors, said SWF flows to external money managers appeared “highly correlated” to global commodity prices, particularly oil prices………………………………………..Full Article: Source

GIC’s and Temasek’s investee company Xiaomi lost $40 billion in value

Posted on 26 August 2016 by VRS  |  Email |Print

It was recently reported that Chinese smartphone company Xiaomi, once dubbed the “Apple of the East”, has lost US$40 billion in value over a period of 18 months. In Dec 2014, Xiaomi announced a funding round of US$1.1 billion giving it a valuation of US$45 billion. In the US$45 billion round, it wasreported that investors included the Singapore sovereign wealth fund GIC, which is tasked to manage Singapore’s reserves.
GIC’s investment in Xiaomi comes after Temasek purchased a small stake in the smartphone maker in an earlier funding exercise. It was also reported that Temasek had gone on an investment spree together with Xiaomi and its founder Lei Jun, to invest in dozens of firms across China’s mobile internet eco-system………………………………………..Full Article: Source

GIC keeping close tabs on cash-strapped Arrium

Posted on 26 August 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is closely monitoring its investment in cash-strapped Australian steel and iron ore supplier Arrium, it told The Straits Times yesterday. Arrium went into voluntary administration in April after lenders rejected its US$927 million (S$1.3 billion) recapitalisation plan.
GIC declined to comment on the size of its investment and the prospects of its recovery. The Straits Times understands that it holds around 8.21 per cent of the firm. Arrium is among a number of steel mills around the world that are struggling to compete with cheap exports from China, which accounts for about half of global output………………………………………..Full Article: Source

Temasek to meet Prayut on future of satellite

Posted on 26 August 2016 by VRS  |  Email |Print

Executives of Temasek Holding, a major shareholder of Thailand’s InTouch Holdings, plan to meet Prime Minister Gen Prayut Chan-o-cha on the future of the country’s satellite industry and the Thaicom case.
An executive at InTouch who asked not to be named told the Bangkok Post that Temasek leaders have made an appointment to meet the prime minister to introduce themselves as well as to talk about the Singapore investment company’s long-term investment plans in Thailand. The planned meeting follows the government’s scheme to formulate a new investment model for the satellite industry to replace the licensing regime. Four options are being considered………………………………………..Full Article: Source

Najib’s 1MDB stolen bullions used to fund night-club

Posted on 26 August 2016 by VRS  |  Email |Print

Khadem Al Qubaisi Owned Hakkasan (HKK) Entertainment Empire As Part of the Vasco Trust Web Of Companies. On 24th October 2013 a team of lawyers from the New York law firm Greenberg Traurig (‘gtlaw’) emailed the Abu Dhabi based New Zealand lawyer, Jim Sullivan, at the time a Board Member of the wealth fund IPIC and also of its subsidiary Falcon Bank.
The CEO of IPIC, of course, was Khadem Al Qubaisi (KAQ), who is currently under arrest in Abu Dhabi and the subject of extensive anti-money laundering investigations in a number of countries. The subject of the email was the purchase of a $50 million penthouse in New York’s Walker Tower, one of the properties subject to a seizure notice by the US Department of Justice, owing to the fact that it was purchased through KAQ’s Vasco Investment Services SA (manager of his Vasco Trust in Luxembourg), which received over half a billion dollars stolen from Malaysia’s development fund 1MDB………………………………………..Full Article: Source

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.
The troubles surrounding 1Malaysian Development Berhad (1MDB), a state investment fund created by the Malaysian government to promote economic development in the country, has garnered increased headlines in recent days after it was discovered that actor Leonardo DiCaprio’s foundation is linked to the foreign entity………………………………………..Full Article: Source

Azerbaijan’s State Oil Fund sells over $340M to banks

Posted on 26 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 25, SOFAZ said in a message. The SOFAZ sold $344.5 million to banks during August 2016.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Oil Fund sells another $50 million through Central Bank’s auction

Posted on 26 August 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $50 million, sold $50 million to 28 banks,” SOFAZ said. At the previous auction it was sold $46 million to 25 banks. The Fund will continue participation in currency auctions………………………………………..Full Article: Source

Iraqi sovereign fund to provide for the future

Posted on 26 August 2016 by VRS  |  Email |Print

Hashimi said economist: The Fund sovereign large economic and financial experience of Iraq needs to be fought by being considered the best way globally accredited to provide investment for future generations, especially as the circumstances require speed up thestudy of this experience and apply them in line with the reality , which is going through the country , especially and he has seen a rise in population by about 3 percent a year would require increased services and financial allocations over time.
he said academic economist , Dr. Essam Mahouelle that Iraq is in dire need to establish a sovereign wealth fund as soon as possible because such investment savings will be for future generations rather than the current generation………………………………………..Full Article: Source

Empire State Building: Now Partially Owned by Qatar

Posted on 26 August 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has made an iconic purchase in America — a stake in the company that owns New York’s Empire State Building. The $622-million purchase by the Qatar Investment Authority comes as the Doha fund increases its investments in the U.S. as the small country on the Arabian Peninsula tries to cope with low global oil and gas prices.
The Empire State Realty Trust Inc., which manages the 102-story, 1,454-foot (443-meter) -tall building, announced the Qatari purchase late Tuesday, saying the fund would gain a 9.9-percent stake in the company. The trust owns a total of 14 office properties and six retail properties around the New York area………………………………………..Full Article: Source

Qatar’s Empire State Building investment is rare move for foreign fund

Posted on 26 August 2016 by VRS  |  Email |Print

The Qatar Investment Authority’s acquisition of a 9.9-percent stake in Empire State Realty Trust, announced Wednesday, is an unusual move for a sovereign wealth fund. But it offers several advantages, analysts say. “It is relatively rare to see [sovereign wealth funds] buy a stock position,” said John Guinee, an analyst at Stifel. Far more often, they buy direct stakes in buildings.
When Norway’s sovereign wealth fund Norges Bank Investment Management invested with publicly traded Boston Properties last year, for example, it didn’t buy its stocks. Instead, it bought a 45-percent joint venture interest in the Citigroup Center at 601 Lexington Avenue for $725 million. In 2013, it had bought a 45-percent stake in Boston Properties’ 7 Times Square for $684 million………………………………………..Full Article: Source

Norway’s sovereign wealth fund supports proposed spin-off in Svenska Cellulosa

Posted on 25 August 2016 by VRS  |  Email |Print

Based upon the terms and conditions in Svenska Cellulosa’s statement and our expectation of sound corporate governance practices in delivery of the proposed spin-off, it is our intention to support the proposal when put to shareholder vote at the next Annual General Meeting. Our final approval will be confirmed once we have reviewed all documentation available to shareholders prior to the next Annual General Meeting.
As at 22 August 2016, NBIM controls the exercise of all rights attaching to, including the ability to procure the vote and transfer of, 8,066,000 class A shares and 31,425,905 class B shares in the capital of Svenska Cellulosa AB, representing 8.7 pct total voting rights of Svenska Cellulosa AB………………………………………..Full Article: Source

Africa’s friends reviewed - A case study of sovereign wealth funds

Posted on 25 August 2016 by VRS  |  Email |Print

Over the years, Africa has had many friends or those who claim to be friends, but who among these is betting her funds on the continent? It’s one thing to hand out grants and another to bet citizens’ funds in a cause or economy you believe in. Going by sovereign wealth funds, Norway is betting a lot on the African continent.
So, what is a sovereign wealth fund? In layman’s terms, a sovereign wealth fund is an investment pool of foreign reserves owned and managed directly or indirectly by a government………………………………………..Full Article: Source

Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

The fund has announced a U.S. investment push of $35 billion in five years. The owner of the Empire State Building has sold 9.9% of its company to a Qatari sovereign wealth fund. The Empire State Realty Trust announced Qatar Investment Authority’s $622 million acquisition on Tuesday afternoon.
The Qatar Investment Authority expanded to New York almost a year ago, announcing a U.S. investment push of $35 billion in five years, according to The Wall Street Journal. COO John Kessler in a statement on Tuesday called QIA “one of the most sophisticated and reliable real estate investors in the world.”……………………………………….Full Article: Source

Qatar fund invests $622 mln in owner of Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the Gulf state’s investment arm, has invested $622 million in the owner of the Empire State Building in New York. The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and the greater New York metropolitan area, ESRT said in a press statement published on their website on Tuesday.
“Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship,” Anthony E. Malkin, chairman and CEO of ESRT, was quoted as saying………………………………………..Full Article: Source

NY State Of Mind: Qatar Wealth Fund Buys Empire State Building Stake

Posted on 25 August 2016 by VRS  |  Email |Print

The sovereign wealth fund Qatar Investment Authority purchased a 9.9% stake in the Empire State Building’s owner, Empire State Realty Trust (ESRT). As Bloomberg’s David Levitt reports, the fund bought 29.6 million newly issued Class A common shares at $21 each, or a $622 million investment. The shares also come with voting interest.
From the report: The investment will help Empire State Realty “plan for the future, now with more capital and one of the most sophisticated and reliable real estate investors in the world as our partner,” John Kessler, the company’s president, said in the statement………………………………………..Full Article: Source

Qatar Wealth Fund Buys 9.9% Stake in Empire State Building Owner

Posted on 24 August 2016 by VRS  |  Email |Print

Qatar Investment Authority, the sovereign wealth fund of the Middle Eastern country, bought a 9.9 percent interest in Empire State Realty Trust, owner of New York’s Empire State Building.
The fund purchased 29.6 million newly issued Class A common shares at $21 each, and will have a 9.9 percent economic and voting interest in the real estate investment trust. The acquisition translates into a new $622 million investment in Empire State Realty, the company said in a statement Tuesday………………………………………..Full Article: Source

Qatar’s financial position ‘will remain strong over next decade’

Posted on 24 August 2016 by VRS  |  Email |Print

Qatar, whose budget will turn back to surplus in 2017, will remain in one of the strongest fiscal positions in the world over the next decade and continue to hold massive financial buffers through its sovereign wealth fund (SWF), according to BMI. “Qatar’s sovereign position will remain one of the strongest in the world,” BMI said, forecasting that the budget surplus is expected to be QR5.3bn in 2017.
Having posted large budget surpluses between 2010 and 2015 on the back of massive hydrocarbon revenues, BMI said it allowed the country to set up a SWF ‘Qatar Investment Authority’, which held $335bn (215% of gross domestic product or GDP) of assets at the end of 2015, equivalent to five times the total stock of public debt issued by the Qatari government………………………………………..Full Article: Source

Libya wealth fund claimant denounces UN-backed govt’s plan

Posted on 24 August 2016 by VRS  |  Email |Print

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.
Last week, the Government of National Accord (GNA) appointed a five-member caretaker committee to run the Libyan Investment Authority (LIA). The announcement was welcomed by Western governments, but it did not list AbdulMagid Breish amongst the panel members. The GNA was designed to resolve a conflict that flared up in 2014, when an armed alliance took control of institutions in Tripoli and the newly elected parliament relocated to the east………………………………………..Full Article: Source

Libyan Investment Authority issue statement regarding the Interim Steering Committee

Posted on 24 August 2016 by VRS  |  Email |Print

Abdulmagid Breish, Chairman and Chief Executive Officer of the Libyan Investment Authority (LIA), takes note of the purported appointment by the Tobruk-based Board of Trustees of Mr Ali Shamekh as chief executive officer of the Tobruk parallel operation. Mr Breish also takes note of the presentation by Mr Hassan Bouhadi of his resignation as purported chairman of the Tobruk parallel operation.
Mr Breish has consistently regretted the establishment of the parallel operation and continues to do so. He has nevertheless made many attempts to find pragmatic solutions in the best interests of the LIA and Libya………………………………………..Full Article: Source

Turkey’s $200 Billion Wealth Fund to Finance Transport Projects

Posted on 24 August 2016 by VRS  |  Email |Print

Turkey’s proposed national wealth fund, which could total as much as $200 billion, will finance projects including airports, seaports, roads and railroads across the country, according to a government minister.
The fund, approved by parliament last weekend, will be used to carry out projects that don’t have a build-operate-finance model, Transport, Maritime and Communication Minister Ahmet Arslan said on Tuesday. Some sub-funds will provide finance for those infrastructure projects, he said in an interview at the work-site for the third bridge connecting Asia and Europe across the Bosporus waterway that will open Friday………………………………………..Full Article: Source

China Central Huijin To Name Insurance Executive Bai Tao As General Manager

Posted on 24 August 2016 by VRS  |  Email |Print

China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter. Bai Tao, 52, will also become vice general manager at Central Huijin’s parent company, China Investment Corp, in a routine arrangement.
Ding Xuedong, chairman of China Investment Corp, currently serves as the chairman of Central Huijin, an investment holding company managing stakes of China’s biggest state-owned banks on behalf of the government. China Investment Corp, the country’s sovereign wealth fund, has made multiple appointments lately amid volatile management turnover………………………………………..Full Article: Source

Azer Fund sells nearly $50mln to banks

Posted on 24 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $46 million to 25 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 23, SOFAZ said in a message.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

U.K. Property Values? They Are Anyone’s Guess

Posted on 24 August 2016 by VRS  |  Email |Print

Most agree commercial real estate is down since Brexit, but estimates differ over how much. Property broker CBRE estimated that property values across the U.K. fell 3.3% in July. Data-firm MSCI Inc. said values fell 2.8%.
Norway’s sovereign-wealth fund said it took 5% off the value of its U.K. property portfolio because of Brexit. Aberdeen Asset Management, which operates a U.K. property fund, at first knocked its value down 17% to reflect rapid sales but more recently said it is off 5%………………………………………..Full Article: Source

Turkey: Sovereign Wealth Fund to be fully transparent

Posted on 23 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget.
Pointing out that the most important issues related to the SWF are the establishment, operations and audit, Ağbal said the SWF will be fully transparent and subject to all the institutional management regulations under the Capital Market Law as well as all the rules related to the independent audit put forward by the Capital Markets Board (SPK), along with the regulations governing the Public Disclosure Platform (KAK)………………………………………..Full Article: Source

Libya sovereign fund claimant denounces U.N.-backed govt’s management plan

Posted on 23 August 2016 by VRS  |  Email |Print

A claimant to the chairmanship of Libya’s $67 billion sovereign fund on Monday denounced the appointment by the country’s United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.
Last week, the Government of National Accord (GNA) appointed a five-member caretaker committee to run the Libyan Investment Authority (LIA). The announcement was welcomed by Western governments, but it did not list AbdulMagid Breish amongst the panel members. The GNA was designed to resolve a conflict that flared up in 2014, when an armed alliance took control of institutions in Tripoli and the newly elected parliament relocated to the east………………………………………..Full Article: Source

Preserving the UAE’s wealth requires the right balance

Posted on 23 August 2016 by VRS  |  Email |Print

The largest Abu Dhabi sovereign wealth fund, the Abu Dhabi Investment Authority (Adia), recently announced its results with the 20-year average return dropping to 6.5 per cent from 7.4 per cent and the 30-year average dropping to 7.5 per cent from 8.4 per cent the previous year.
The drop was attributed to historical returns dropping off the rolling average, financial speak for saying the 1995 and 1985 returns were outsized ones that had pulled the average up and were now no longer being counted………………………………………..Full Article: Source

New Zealand SWF awards factor investing mandates to Northern Trust

Posted on 23 August 2016 by VRS  |  Email |Print

The New Zealand Superannuation (NZ Super) fund has appointed Northern Trust Asset Management to manage two new factor investing mandates, extending a relationship first established in 2007, the sovereign wealth fund (SWF) announced.
The two new mandates, which are low volatility strategy and value investing strategy mandate, will invest the money Northern Trust has already been investing on behalf of NZ Super in other passive global equities strategies………………………………………..Full Article: Source

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