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Sovereign Wealth Funds Briefing 25.Sep 2014

Posted on 25 September 2014 by VRS |  Email |Print

Korea Investment Corp., the country’s $76 billion sovereign wealth fund, plans to almost double its research staff to pick stocks for two new funds that may eventually comprise 30 percent of its equity holdings.
KIC will probably increase the research unit to about 60 people by 2017 from the current level of 32, said Rhee Keehong, the fund’s deputy chief investment officer and research head. KIC, which only invests overseas, had about $35 billion in stocks and $25 billion in bonds last year, with the remainder in alternative assets and other investments………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

Its beginnings were modest and fraught with risk but when Temasek Holdings held its 40th anniversary dinner last night, it had become, in the words of President Tony Tan Keng Yam, “a company like no other”.
In his keynote speech, Dr Tan said the investment firm was an “experiment born out of necessity” and had transformed itself into a Singapore institution that “epitomises a culture of constant hard work and ceaseless innovation to build for the future”. Last night, plenty of well-wishers gathered to mark that singular achievement over the past 40 ground-breaking years………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

Singapore state investor Temasek-owned Pavilion Energy has signed a second long-term contract to buy liquefied natural gas (LNG) for trading and supply to Asia, taking another step towards its goal of becoming a global company in the fuel.
Pavilion Energy said in a statement yesterday its wholly owned subsidiary Pavilion Gas Pte has struck a deal with BP under which the UK company will supply it with 0.4mn tonnes per year of LNG for 20 years from 2019. It did not say how much Pavilion would pay for the LNG………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

GIC, the Singapore-based sovereign wealth fund, is close to an agreement to buy 50 per cent of RAC from its owner, buyout fund manager Carlyle, in a move that is expected to derail plans to list the British roadside recovery company.
The private equity house is leaning towards a deal whereby it would keep half of RAC, sell the rest to GIC and pay itself a dividend by adding more debt to the company, in a so-called recapitalisation, according to people with knowledge of the discussions. The transaction would value RAC at more than £2bn including its debt………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund, GIC , is in talks to buy the British roadside rescue business RAC from US private equity firm Carlyle Group for more than 2 billion pounds (S$4.1 billion), Sky News reported, citing a person familiar with the talks.
The British broadcaster said the sale to GIC was likely to end an expected share listing of RAC. Sky added that GIC might instead take a large minority stake in RAC before an initial public offering. Sources told Reuters in June that RAC was considering an IPO this year in a deal that media reports have said could value the company at 2 billion pounds………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

The Ireland Strategic Investment Fund (ISIF) will take up to four years to re-deploy its €7bn in assets, according to the head of the National Treasury Management Agency (NTMA).
John Corrigan, who is to retire as chief executive of the NTMA at the end of December, also said the organisation’s chairman Willie Walsh would soon start recruiting members of the ISIF investment committee………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

As head of the world’s biggest sovereign wealth fund Yngve Slyngstad has invested in more than 80 countries. Yet when placing his own money, he sticks to his home country Norway.
The chief executive officer of Norges Bank Investment Management, the unit inside Norway’s central bank that manages the $870 billion fund, owns shares in 14 companies including Statoil ASA (STL) and Telenor ASA (TEL), according to information released by NBIM. Since heading the fund in 2008, Slyngstad has bought stock for 1.6 million kroner ($252,000) and sold shares for about 100,000 kroner………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

Norway, surprisingly, now ranks second among foreign U.S. commercial real estate buyers, topped only by Canada. The sovereign fund that manages the country’s substantial oil wealth made a play for Blackstone Group’s 1095 Sixth Avenue just last week, in a deal that is expected to fetch up to $2.25 billion.
The move followed the Norges Bank Investment Management’s purchase of a 45 percent interest in 601 Lexington for $1.5 billion. In total, the country has spent over $3.2 billion on U.S. real estate so far this year, according to data from research firm Real Capital Analytics cited by Bloomberg News. The push comes as Norway looks to invest as much as 5 percent of its assets in real estate………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

Norway’s Government Pension Fund Global (GPFG) is to replace its current strategic index with a new benchmark meant to offer greater flexibility. The new approach, which Yngve Slyngstad, chief executive of Norges Bank Investment Management (NBIM), said stemmed from a recent review of the fund’s approach to active management, would also encourage “gradual” growth of private investments while allowing for a consistent benchmark approach across all holdings.
Speaking at a seminar at the Norwegian Ministry of Finance, Slyngstad said the review by Andrew Ang of Columbia Business School, Michael Brandt of Duke University and the former president and chief executive of the Canada Pension Plan Investment Board (CPPIB), David Denison, had shown how the GPFG could exploit investment opportunities currently outside the index………………………………………..Full Article: Source

Posted on 25 September 2014 by VRS |  Email |Print

The New Mexico State Investment Council (NMSIC) has embarked on a search for one or more smart beta managers to manage US$ 1 billion. The search is for two different types of smart beta managers: smart beta managers focusing on low volatility, and smart beta managers focusing on fundamental value strategies.
The smart beta allocation is being funded by the replacement of PanAgora Asset Management. PanAgora managed a US$ 572 million domestic large-cap enhanced index portfolio for NMSIC. NMSIC’s investment consultant RVK is helping in the search………………………………………..Full Article: Source

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