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Sovereign Wealth Funds Briefing - Archive | October, 2016

Norway’s wealth fund removes Brexit uncertainty from UK property portfolio valuation

Posted on 31 October 2016 by VRS  |  Email |Print

Norway’s $870 billion sovereign wealth fund, the world’s largest, has removed the valuation risk premium it had placed on its British property portfolio following Britain’s vote to leave the EU, it said on Friday when publishing its full third-quarter results.
The fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and holding $11 billion in government bonds. It also co-owns Regent Street, one of London’s premier shopping streets. In August, the fund cut the value of its UK property portfolio by 5 percent, or 1.9 billion crowns ($230 million), prompted by external assessors reporting greater uncertainty in their valuation after the Brexit vote……………………………………..Full Article: Source

SOFAZ to lift its cap on investment in stocks

Posted on 31 October 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) aims to soon lift its cap on investment in stocks, including private equity, from 15 percent to 25 percent, SOFAZ Deputy CEO Israfil Mammadov said in an interview with The Nikkei Veritas.
SOFAZ had $33.7 billion in assets under management at the end of June, of which bonds and short-term financial instruments made up roughly 80 percent. He added that SOFAZ plans to increase the share of its portfolio devoted to real estate to 10 percent from the current 5.5 percent……………………………………..Full Article: Source

Sovereign wealth investor backs €500m Italian opportunity fund

Posted on 31 October 2016 by VRS  |  Email |Print

Italian fund manager Coima has launched a €500m opportunity fund with cornerstone investment coming from an unnamed sovereign wealth fund. Coima Opportunity Fund II has attracted €150m from the investor in a first closing.
Coima SGR, which was created following the sale of Hines’ Italian fund management subsidiary in last year, said it was the fourth sovereign wealth fund the company had worked with. Qatar’s sovereign wealth fund participated in the listing of Coima Res, Italy first new real estate investment trust (REIT), earlier this year……………………………………..Full Article: Source

Why is Ireland’s sovereign wealth fund not putting money into our telecoms infrastructure?

Posted on 31 October 2016 by VRS  |  Email |Print

Who would want to invest in an Irish utility right now? Well, Anchorage Capital, for one. Last week, Anchorage, an Australian hedge fund, took control of Eir. It already held 36 per cent of Eir’s shares and controlled as much as 49 per cent of its voting rights, but last week it was placed firmly in the driving seat when York Capital announced that it was selling off its 9.8 per cent holding.
That holding would be divided up between Anchorage, Singapore’s sovereign wealth fund GIC (which owns 16.3 per cent) and hedge fund Davidson Kempner (which owns 11.8 per cent). The deal means that Eir, formerly Eircom, formerly Telecom Eireann, has now had eight controlling shareholders in the past 18 years……………………………………..Full Article: Source

How the Future Fund faces a returns squeeze

Posted on 31 October 2016 by VRS  |  Email |Print

The Future Fund is being slugged by the low interest rate environment, and chairman Peter Costello says its investment strategy may have to change to meet its commitments over Commonwealth public service pensions.
The Fund, set up in 2006 to pay for the unfunded superannuation liabilities of Commonwealth public servants in now closed defined benefit schemes, returned 4.8 per cent in the year to June 30, 2016. That is well below its targeted return of at least 6 per cent in the current inflation environment……………………………………..Full Article: Source

Future Fund adds US property names, swapping out Australian REITs

Posted on 31 October 2016 by VRS  |  Email |Print

The $120 billion Future Fund nailed its timing around the reduction of some key listed property exposures in 2015-16, with its portfolio disclosures showing that Stockland, Federation Centres and Goodman exited its top-100 holdings ahead of a steep correction in property stocks, making way for American names.
The sovereign wealth fund’s list of its largest listed shareholdings as of June 30 also indicates the Future Fund either quit or heavily sold down its exposure to Groupe Eurotunnel, which was hard hit by the Brexit vote, and Google……………………………………..Full Article: Source

Future Fund sounds warning on returns

Posted on 31 October 2016 by VRS  |  Email |Print

After delivering an impressive 7.7 per cent per annum since its inception in 2006, the Future Fund has sought to manage expectations about returns over the next decade.
The $123 billion Future Fund has released its annual report, laying out its investment strategy and outlook for the future. Future Fund Board of Guardians chairman Peter Costello noted the Future Fund has doubled the investment that originated it in 2006……………………………………..Full Article: Source

Reinsurance allocation primed for growth at Future Fund

Posted on 31 October 2016 by VRS  |  Email |Print

In its 2015-2016 annual report, Australian sovereign wealth investment fund, the Future Fund, confirmed that it’s added a second manager to its reinsurance portfolio, which the fund says will facilitate potential expansion of this exposure in the future.
The Future Fund utilises reinsurance as part of its alternative risk premia strategy, and following its $100 million allocation to Elementum in 2015, the addition of insurance and reinsurance-linked investment manager Kiskadee was announced earlier this year……………………………………..Full Article: Source

‘New debt crisis’ looms at 1MDB-linked SRC

Posted on 31 October 2016 by VRS  |  Email |Print

Government-owned investment company might sell off assets to China firms in return for fresh capital, according to Singapore report. A looming debt crisis hangs over former 1MDB subsidiary SRC International, which borrowed RM4 billion from a civil servants’ pension fund, according to a Singapore news report.
Malaysian government negotiators were seeking a China-led takeover of SRC assets in return for fresh capital that will help finance the 10-year loan from Kumpulan Wang Persaraan (KWAP), according to the Singapore Straits Times……………………………………..Full Article: Source

Abu Dhabi’s sovereign wealth fund opens Hong Kong office

Posted on 28 October 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s richest sovereign wealth funds, said on Thursday it would open an office in Hong Kong to pursue more opportunities in China and other Asian markets. This is ADIA’s first international office after it shut down its London base last year, which at the time was the fund’s only overseas location.
“Our decision to open an office in Hong Kong is a symbol of our confidence in Asia’s continued growth and our long-term commitment to the region,” Sheikh Hamed bin Zayed al-Nahyan, managing director of ADIA, said in a statement……………………………………Full Article: Source

ADIA hires Asia-Pacific representative to lead research in new Hong Kong office

Posted on 28 October 2016 by VRS  |  Email |Print

Dong-Sinh Ngo joined the Abu Dhabi Investment Authority as chief representative, Asia-Pacific, based in the sovereign wealth fund’s new Hong Kong office, said a spokesman. The position is new.
ADIA Hong Kong is a platform for the fund to broaden and deepen its relationships and identify new opportunities in China and other key Asian markets. Professionals in the office will also assist in identifying new cooperation opportunities and growth in the region……………………………………Full Article: Source

HKMA welcomes Abu Dhabi Investment Authority to open Hong Kong Office

Posted on 28 October 2016 by VRS  |  Email |Print

The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) today welcomes the Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the world, to open office in Hong Kong.
The Chief Executive of the HKMA, Mr Norman Chan, said: “I am very pleased that ADIA has chosen Hong Kong to open its first office in Asia Pacific. Hong Kong is the ideal platform for ADIA and other major asset owners to set up and tap into the enormous investment potential in China and the rest of the region. The HKMA looks forward to further collaboration with ADIA.”…………………………………..Full Article: Source

SAMA ‘did not issue warning on expat loans’, says Saudi official

Posted on 28 October 2016 by VRS  |  Email |Print

Industry body said to deny Saudi banks were warned against lending to expats. Reports that Saudi Arabia’s central bank had issued a directive asking banks to stop offering loans to expats amid nationwide austerity cuts have been dismissed, according to local media.
An official from the kingdom’s banking awareness committee told Saudi Gazette that the Saudi Arabian Monetary Agency (SAMA) had “nothing to do” with individual banks’ lending decisions and issued no such circular……………………………………Full Article: Source

Future Fund hopes to scale reinsurance allocation

Posted on 28 October 2016 by VRS  |  Email |Print

Australia’s Future Fund confirmed that it had added a second manager to its reinsurance portfolio, saying this gave it the potential to increase its exposure in the future.
The sovereign wealth fund includes reinsurance in its alternative risk premia strategy, which made up 10 percent or A$1.68bn ($1.24bn) of its A$16.8bn broader alternatives portfolio as of 30 June 2016, according to its newly released 2015-16 annual report……………………………………Full Article: Source

Here’s how Australia’s Future Fund performed last financial year

Posted on 28 October 2016 by VRS  |  Email |Print

Australia’s sovereign wealth fund, the Future Fund, released its 2015/16 annual report on Thursday, a 188-page behemoth detailing what it got up to last financial year, overall performance, and its views on the outlook for asset markets.
This nifty infographic from the fund shows how it performed, and performance over time compared to its set mandate, along with the asset allocation mix at June 30……………………………………Full Article: Source

Hermes joins China’s sovereign wealth fund in National Grid bid

Posted on 28 October 2016 by VRS  |  Email |Print

Hermes Investment Management has joined a bid led by the Chinese government for a stake in the National Grid’s gas pipe network. City A.M. understands that people working on the deal have become increasingly wary of government scrutiny.
Theresa May’s administration announced recently that it would be making reforms to its approach to “the ownership and control of critical infrastructure to ensure that the full implications of foreign ownership are scrutinised for the purposes of national security.”…………………………………..Full Article: Source

1MDB yet to find new auditor

Posted on 28 October 2016 by VRS  |  Email |Print

This means 1MDB is unable to submit its financial statement despite being given two six-month extensions by the Companies Commission of Malaysia, says report. 1MDB has yet to appoint a new auditor to take over from Deloitte Malaysia, which resigned in July, Second Finance Minister Johari Abdul Ghani said.
The state investment arm’s failure to find a new auditor also means that it is unable to submit its financial statement ending March 31, 2015 despite being given two six-month extensions by the Companies Commission of Malaysia (CCM), Malaysiakini reported……………………………………Full Article: Source

High Returns? No(r)way!

Posted on 28 October 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund, known as the Oil Fund, is the largest sovereign wealth fund in the world, commanding around US$900b of surplus wealth produced by Norwegian petroleum income. With a current allocation to equities of 60%, up from 40% in 2007, the Oil Fund is also a key player in global financial markets.
The Financial Times estimates that on average the Oil Fund owns 1.3% of every listed company in the world and 2.5% in Europe. The Oil Fund’s significance to world equity markets is poised to increase……………………………………Full Article: Source

Kazak SWF chief looks to increase pace of privatisation

Posted on 27 October 2016 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, is looking to finally privatise many of its assets, after a series of false starts. The current privatisation push entails the transition of assets currently belonging to [the country’s sovereign wealth fund] Samruk-Kazyna towards a more competitive environment.
The 44 largest companies in our portfolio will be largely privatised through initial public offerings [IPOs], in both the local and foreign markets. The percentage of capital on sale will vary case by case. It could be about 20% to 25%; although for assets where foreign investors are already part of the ownership structure, as is the case with [flagship air carrier] Air Astana, we will be looking to become minority shareholders…………………………………..Full Article: Source

HKMA says cybersecurity is not a barrier to digitalization

Posted on 27 October 2016 by VRS  |  Email |Print

With the launch of Hong Kong’s Cybersecurity Fortification Initiative (CFI), financial services insiders believe cybersecurity should no longer be viewed as a barrier that must be hurdled along the road to digitalization.
Raymond Tsui, risk manager, Sia Partners“I think Fintech and cybersecurity are not necessarily on opposite sides, because with the growing awareness, cyber protection is part of fulfilling customer needs,” said Raymond Tsui (photo right), risk manager at global management consulting firm Sia Partners…………………………………..Full Article: Source

Telstra chairman John Mullen rips into critics, Future Fund chairman

Posted on 27 October 2016 by VRS  |  Email |Print

It’s getting ugly at the big end of town. Telstra Corp chairman John Mullen has launched a spirited defence of his predecessor Catherine Livingstone giving former Future Fund chairman David Murray a broadside in the process.
At the Australian Financial Review’s Chanticleer lunch in Melbourne, Mr Mullen called for a greater unity of voice from the business community in the face of growing populism…………………………………..Full Article: Source

Bangladesh: Sovereign Wealth Fund on the cards

Posted on 27 October 2016 by VRS  |  Email |Print

For the first time, the government has decided to create a state-owned agency, named Sovereign Wealth Fund to provide loans, guarantees and grants to the state and to businessmen to develop the countrys economy. A committee has been formed in this respect, headed by Bangladesh Bank (BB) deputy governor Shitangshu Kumar Sur Chowdhury.
The committee also includes Policy Research Institute (PRI) Executive Director Dr Ahsan H Mansur and has been tasked with the preparation of a proposal to create the fund, disclosed sources in the central bank and in the Banking Division…………………………………..Full Article: Source

1MDB: High Court adjourns Azmin’s judicial review application

Posted on 27 October 2016 by VRS  |  Email |Print

The High Court here today adjourned the hearing of Selangor Menteri Besar Datuk Seri Azmin Ali’s judicial review application to challenge the classification of the Auditor-General’s Report on 1Malaysia Development Berhad (1MDB) as official secret on Nov 18.
Justice Datuk Hanipah Farikullah set the date in chambers after senior federal counsel Shamsul Bolhassan told the court that the respondents only received the documents on the application on Monday. The SFC when met said the court also fixed Nov 3 for case management…………………………………..Full Article: Source

Muhyiddin: 1MDB debts threaten 2017 Budget

Posted on 27 October 2016 by VRS  |  Email |Print

The government is paying for 1MDB’s debts, so former DPM wonders whether it can afford to fulfil all promises made in Budget. Former Deputy Prime Minister Muhyiddin Yassin has questioned the government’s ability to make good promises made in the 2017 Budget as issues related to 1MDB remain unresolved.
In stating so, the Pagoh lawmaker noted that the state investment arm was not mentioned in the recently tabled budget, specifically debts incurred by 1MDB, which he argued would exceed the prescribed limit of 55 per cent of the gross domestic product (GDP)…………………………………..Full Article: Source

Norges acquires 50% stake in CEE logistics portfolio

Posted on 27 October 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has acquired a 50 percent interest in a logistics portfolio comprising eight buildings and developable land in Poland, the Czech Republic and Hungary, in a joint venture with Prologis. During the same period, three logistics properties in France have been sold.
The agreements for the new acquisitions were signed on 14 September 2016 and completed on 16 September and 19 September 2016. Norges Bank Real Estate Management paid €55.3 million for its 50 percent interest, valuing the portfolio of eight buildings at €110.5 million. The transactions did not include any debt financing…………………………………..Full Article: Source

OIF launches $200mn technology fund

Posted on 26 October 2016 by VRS  |  Email |Print

Government-owned Oman Investment Fund (OIF) has launched a US$200mn Oman Technology Fund (OTF) to invest in startup technology companies around the region and the world. Officials said the fund is expected to attract technology companies to Oman and help build the country as a tech hub. It is part of the government’s economic diversification strategy.
“We commend the launch of the OTF as an innovative investment vehicle that will help us achieve our development objectives to grow the ICT sector in Oman,” said H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry…………………………………..Full Article: Source

More than half of Kuwait’s sovereign wealth funds invested in US: Counselor

Posted on 26 October 2016 by VRS  |  Email |Print

Senior Commercial Counselor at the US Department of Commerce Jeff Hamilton revealed that more than half of Kuwait’s sovereign wealth funds are invested in the United States. Recently, the Kuwait Investment Authority (KIA) disclosed that over $300 billion of its funds is invested in the US.
“Many of its investments are in real estate. This was during the time when US real estate was on the downside. But Kuwait and China took advantage and purchased several commercial properties in the US. Earlier in the year, a number of Kuwaitis purchased several hotels in the Midwest along with townhouses…………………………………..Full Article: Source

Kuwait looks to issue $9.9b bonds

Posted on 26 October 2016 by VRS  |  Email |Print

Kuwait is still considering the issuance of international bonds worth around 3 billion dinars ($9.90 billion), a finance ministry official told Al Arabiya TV. Finance Ministry Undersecretary Khalifa Hamada said the country’s sovereign wealth fund, the Kuwait Investment Authority (KIA), would start to look at the measures that needed to be taken to complete an offering at the end of October.
“We will look at the economic feasibility and the cost on the country for the issuance, as it is very important to take this into consideration,” Hamada said…………………………………..Full Article: Source

What does the Nigeria Sovereign Investment Authority (NSIA) think about the government’s planned $25 billion infrastructure fund?

Posted on 26 October 2016 by VRS  |  Email |Print

Nigeria’s Vice President, Yemi Osinbajo has released a statement that the Buhari administration intends to spend $25 billion on an infrastructure fund to invest in the transport and energy sector as a way to develop the country’s failing road, rail and power structures to boost economic growth.
Although, the Vice President did not state the timeline guiding the fund, he said the fund would be set up with contributions from local and international sources including Nigeria’s sovereign wealth fund and domestic pension funds. The NSIA was actually set up for the purpose of managing and investing funds on behalf of the Nigerian government. He further stated that other sovereign wealth funds have already indicated an interest in the fund…………………………………..Full Article: Source

Was Husni kept in the dark over 1MDB too? asks Tony Pua

Posted on 26 October 2016 by VRS  |  Email |Print

The fact that the former second finance minister had to ask parliament 1MDB-related questions suggests that only the prime minister has all the answers on the state investment firm. Commenting on Ahmad Husni Hanadzlah’s 1MDB-related queries in the Dewan Rakyat yesterday, DAP lawmaker Tony Pua said he found it strange that the former minister had to raise the matter in parliament.
“Wouldn’t he have known all the facts as he was the second finance minister during the time? Does this mean that he was never even briefed about 1MDB? “1MDB seems to be a top secret operation that only one person in the cabinet knows, the prime minister, who is also the finance minister,” the Petaling Jaya Utara member of parliament said…………………………………..Full Article: Source

State sits on rare funding source

Posted on 25 October 2016 by VRS  |  Email |Print

As New Mexico legislators grappled with budget deficits, they raided cash reserves from various accounts just to pay the bills, some of which were past due. But New Mexico also is one of a few states with a sovereign endowment from energy and mineral deposits that locks away money for future generations.
Severance tax funds in the United States hold a combined value of $70 billion, according to the Pew report. The 77 sovereign wealth funds outside the United States in countries such as Russia, Kuwait, China and France have $8.2 trillion in assets. A severance tax-based sovereign wealth fund is one tool policymakers could consider to answer the challenges posed from a high reliance on these taxes, as it can help transform this volatile, finite tax stream into more permanent, revenue-generating assets………………………………….Full Article: Source

Bahrain’s Mumtalakat to invest in the real estate sector: CEO

Posted on 25 October 2016 by VRS  |  Email |Print

Mumtalakat, Bahrain’s sovereign wealth fund, is planning to invest heavily in the country’s real estate sector in the coming years, the company’s chief executive officer said. New hotels, shopping malls and spas would be constructed to boost tourism, Mahmood H Al Kooheji said, adding that the total investment in the projects would be about $500 million (Dh1.84 billion) over the next five years.
“There is a huge demand for real estate and tourism related projects in Bahrain due to large number of Saudis travelling to the country to spend time. The supply is not matching the demand and we hope to fill the gap with the new projects,” said Al Kooheji………………………………….Full Article: Source

Abu Dhabi sovereign fund managers keen in buying completed highway stretches

Posted on 25 October 2016 by VRS  |  Email |Print

Managers of sovereign wealth fund of Abu Dhabi are keen to invest in buying of completed highway projects for 30 years and operate them, highways minister Natin Gadkari said. Last week, India showcased its plan for monetising completed highway projects and undertaking development of inland waterways to attract investment from gulf countries.
“They wanted if we can adopt government-to-government route to get this investment. But we have told them that we will invite bids and if they offer best price, nothing like it,” Gadkari said…………………………………..Full Article: Source

CIC invests in German homes

Posted on 25 October 2016 by VRS  |  Email |Print

China’s sovereign wealth fund CIC has made a large investment in German residential real estate, adding to a string of recent buys of Chinese groups in Europe’s largest economy, sources close to the deal said.
German property group BGP has been sold to vehicles advised by Morgan Stanley Real Estate Investing (MSREF) at a value of more than 1.1 billion euros ($1.2 billion) including debt, BGP said in a statement. The bulk of the money involved in the deal came from CIC, two people close to the transaction said…………………………………..Full Article: Source

Former 1MDB spokesman Ahmad Husni now queries Putrajaya on fund’s deals

Posted on 25 October 2016 by VRS  |  Email |Print

Former second finance minister Datuk Seri Ahmad Husni Mohamad Hanadzlah, who reportedly said handling 1MDB issues previously made him ill, has turned around to question the fund’s dealings in Parliament.
Ahmad Husni, who is also the MP for Tambun, said he was questioning its dealings because he was concerned allegations of financial wrongdoings linked to the state-owned investment fund, would negatively impact global perception of Malaysia…………………………………..Full Article: Source

SOFAZ reveals its investment portfolio

Posted on 25 October 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which is engaged in accumulation and management of oil and gas revenues of the country, revealed the structure of its investment portfolio. Some 69.8 percent of the total investment portfolio was placed in financial instruments with the term of up to 5 years in January-September 2016.
The total volume of the portfolio amounted to $3.95 billion, which makes some 94.8 percent of the total volume of assets. About 36.1 percent of the portfolio was placed with the term of up to one year, while some 19.2 percent with the term ranging from one to three years, 14.5 percent from three to five years and some 9.5 percent with the term exceeding the period of five years…………………………………..Full Article: Source

Norwegian sovereign fund boosts exposure to CEE logistics

Posted on 25 October 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has further grown its logistics holdings after acquiring stakes in a €110m portfolio owned by Prologis. The Government Pension Fund Global bought a 50%, €55.3m stake in an eight-strong portfolio spread across three cities in Poland, the Czech Republic and Hungary from Pologis, while also selling three properties in France previously acquired through its joint venture with the real estate developer.
Norges Bank Real Estate Management, the property arm of the NOK7.1trn (€788bn) oil fund, said the acquisition of the eight Central and Eastern European properties did not include debt financing…………………………………..Full Article: Source

Norway’s wealth fund bought real estate in Poland, Hungary, Czech Republic

Posted on 24 October 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, has bought a 50 percent stake in a portfolio of logistics properties in Poland, the Czech Republic and Hungary, the fund said in a statement. The stake was bought from Prologis, which retains a 50 percent sake.
“Norges Bank Real Estate Management paid 55.3 million euros ($60.20 million) for its 50 percent interest, valuing the portfolio of eight buildings at 110.5 million euros,” the fund said………………………………………Full Article: Source

The Norwegian Wealth Fund’s Political Unity is Cracking

Posted on 24 October 2016 by VRS  |  Email |Print

The five million people of Norway are currently sitting on a great pile of cash thanks to their sovereign wealth fund, in charge of investing abroad the income generated by the country’s oil and gas sales. Although “publicly-owned,” the fund is an institutional financial investor driven both by a long-term perspective and ethical concerns. Yet, current circumstances are breaking the existing political consensus about the fund.
In 2016, the Norwegian government breached for the first time the budgetary rule which states that the government can’t withdraw more than 4% of the fund’s value to its budget………………………………………Full Article: Source

China sovereign wealth fund CIC invests in German homes

Posted on 24 October 2016 by VRS  |  Email |Print

China’s sovereign wealth fund CIC has made a large investment in German residential real estate, adding to a string of recent buys of Chinese groups in Europe’s largest economy, sources close to the deal said.
German property group BGP has been sold to vehicles advised by Morgan Stanley Real Estate Investing (MSREF) at a value of more than 1.1 billion euros ($1.2 billion) including debt, BGP said in statement. The bulk of the money involved in the deal came from CIC, two people close to the transaction said. CIC was not available for comment after regular business hours………………………………………Full Article: Source

China Sovereign Wealth Fund Brings in More New Blood

Posted on 24 October 2016 by VRS  |  Email |Print

China’s sovereign wealth fund has appointed a former China Everbright Group veteran as its vice president, Caixin has learned. Liu Jun, former deputy general manager of China Everbright Group, joined China Investment Corp. (CIC) on Friday, according to people with knowledge of the matter.
Liu, 44, first joined China Everbright Bank, which is controlled by China Everbright Group, in the 1990s as a currency trader and rose through the ranks over two decades. He was appointed as executive vice president of the bank in 2010, the youngest vice president in the bank’s history. In 2014, he was promoted to deputy general manager of the group………………………………………Full Article: Source

Australian SWF exceeds expectations

Posted on 24 October 2016 by VRS  |  Email |Print

Australian sovereign wealth fund (SWF) and long-term savings vehicle Future Fund has secured investment returns of A$62 billion (US$47.3 billion) in the financial year ended June 30, 2016, boosting the fund’s total AUM to A$122.8 billion.
David Neal, managing director of the Future Fund, pointed out that the board considers returns over ten-year rolling periods as a suitable performance measure for the fund, given its long-term investment mandate. “As we were set up in 2006, this was the first time we were able to report a ten-year return,” he remarked, adding that the returns had exceeded the initial benchmark target of 6.9% per annum to reach 7.7%………………………………………Full Article: Source

Rod Oram: The climate change shift

Posted on 24 October 2016 by VRS  |  Email |Print

Two reports released on Wednesday, outline New Zealand’s opportunities and risks in two crucial areas of the global transformation to a low carbon economy. The NZ Superannuation Fund described how it would apply climate change assessments to its entire investment strategy; and the Parliamentary Commissioner for the Environment detailed our issues with agricultural greenhouse gases.
NZ Super was in the group of such funds that commissioned analysis on climate risks and opportunities last year from Mercer, the global investment advisor. This week, the Super Fund described its four-part approach, which it said was “a significant and fundamental shift” in its strategy………………………………………Full Article: Source

Temasek-linked companies given access to unlimited tax dollars?

Posted on 24 October 2016 by VRS  |  Email |Print

Temasek-linked companies seem to have access to unlimited tax dollars. In June last year, TLC Surbana Jurong (SJ) acquired KTP Consultants and Sinosun Architects & Engineers. Surbana Jurong intends to continue acquiring companies to morph into a global player and money will not be an issue. CEO Wong Heang Fine confirmed this when he said “..there’s no limit to the amount that we are willing to spend as long as it fits our growth strategies.”
It is strange for Temasek-linked companies to be acquiring companies as if there’s no tomorrow because ample warnings – inflated asset prices and weaker returns – have been sounded. Even by its sister company, GIC………………………………………Full Article: Source

Libya versus Goldman Sachs

Posted on 24 October 2016 by VRS  |  Email |Print

A High Court judge in London has cleared Goldman Sachs of tricking Libya’s state investment fund into making vast leveraged investments in 2007-2008 that it didn’t properly understand – investments that were wiped out in the banking crisis.
The dispute centred on Goldman’s dealings with the Libyan Investment Authority (LIA), a body set up at Muammar Gaddafi’s instigation to invest some of the country’s oil wealth as it was reintegrated into the global economy in the 1990s………………………………………Full Article: Source

Singapore’s Temasek invests $350 mln in China health sector JV

Posted on 21 October 2016 by VRS  |  Email |Print

Singapore’s Temasek has said it is investing $347.2 million in the Chinese health care sector. The Singapore sovereign wealth fund will make the investment in the China operations of Columbia Pacific Management, Bloomberg reported.
The fund will partner with Columbia to form a 50-50 joint venture that taps into the growing health care sector in China. The JV will focus on providing health care services to China’s burgeoning middle-class population. The strategy will be to offer affordable services in China, Columbia said in a statement…………………………………….Full Article: Source

GIC, Mega Manunggal to Invest S$1 Billion in Warehouses

Posted on 21 October 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Pte and Indonesian warehouse provider PT Mega Manunggal Property Tbk are spending a total of S$1 billion ($720 million) over the next three years on warehouses in Southeast Asia’s biggest economy.
GIC, through its subsidiary Reco Indolog Pte, and Mega Manunggal formed Mega Khatulistiwa Properti, an investment company which already started construction of three warehouses with over 115,000 square meters of total net leasable area, Mega Manunggal said in a statement to the Jakarta stock exchange on Thursday. The three projects will be completed in 2017…………………………………….Full Article: Source

Art Dealer Claims Monet in 1MDB Scandal

Posted on 21 October 2016 by VRS  |  Email |Print

Justice Department alleges Jho Low bought painting using money stolen from government fund. Sometimes seizing an asset isn’t as easy as taking a painting off the wall, even for the Justice Department.
Since July, U.S. prosecutors have been seeking forfeiture of roughly $1 billion worth of assets—including four artworks by Vincent van Gogh and Claude Monet—allegedly owned by Malaysian financier Jho Low. Investigators say Mr. Low bought the art using money believed to be stolen from 1Malaysia Development Bhd., a government investment fund known as 1MDB, according to court filings. Civil forfeiture suits filed by the Justice Department are pending…………………………………….Full Article: Source

MACC not probing 1MDB, minister says

Posted on 21 October 2016 by VRS  |  Email |Print

The Malaysian Anti Corruption Commission (MACC) is not investigating 1Malaysia Development Berhad (1MDB), Minister in the Prime Minister’s Department Datuk Paul Low said.
In a parliamentary written answer to Sim Tze Tzin (PKR-Bayan Baru), Low said that it is the police that are investigating 1MDB. Sim had earlier asked if MACC had called up Low Taek Jho and Riza Aziz in their 1MDB probe. “MACC is not investigating 1MDB but the investigation is carried by the police,” Low said…………………………………….Full Article: Source

Gulf investors prepared to buy 25 percent Deutsche Bank stake

Posted on 21 October 2016 by VRS  |  Email |Print

Deutsche Bank’s shares jumped 4 percent on Thursday following a report by German business monthly Manager Magazin, which said sovereign wealth funds from Qatar and Abu Dhabi and a Chinese investor could buy a 25 percent stake in the lender.
The magazine, citing banking sources, said Qatar and Abu Dhabi’s sovereign wealth funds and an unnamed investor from China would be prepared to participate in any capital increase to improve the lender’s financial health. The Qatar Investment Authority and the Abu Dhabi Investment Authority sovereign funds both declined to comment…………………………………….Full Article: Source

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