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Sovereign Wealth Funds Briefing 05.Feb 2015

Posted on 05 February 2015 by VRS |  Email |Print

Australia’s Future Fund, the country’s sovereign wealth manager, moved more of its A$109.2 billion ($85 billion) into cash and pared equity holdings in anticipation of continued volatility in global markets.
The Melbourne-based fund lowered its allocation to global stocks to 30.3 percent as of Dec. 31, down 2.8 percentage points from a year earlier, according to an e-mailed statement today. Cash holdings rose 3.8 percentage points to 12.8 percent. Private equity and property allocations also increased, while the fund reduced investments in debt and Australian shares. The Future Fund posted a 13.2 percent return in 2014………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

When Ananda Krishnan, Malaysia’s second-richest man, sold a collection of power plants to a little-known fund called 1MDB in 2009, few outside Southeast Asia’s third-largest economy paid any attention. But reports that the 76-year-old tycoon, whose fortune is estimated by Forbes at $9.8bn, is close to getting his hands back on some of those assets have catapulted the now heavily indebted state-run 1MDB - or 1Malaysia Development Berhad - into the spotlight.
Set up six years ago, 1MDB has no less a figure than the country’s prime minister, Najib Razak, chairing its advisory board, while Goldman Sachs, the Wall Street bank, has twice arranged multibillion-dollar debt issues for it……………………………………….Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

Jain Housing and Constructions has raised Rs240 crore through debt from Singapore’s sovereign wealth fund GIC Pte Ltd. The company has issued 2,200 non-convertible debentures of Rs10 lakh each to GIC. The issue price was Rs9.89 lakh, at a coupon rate of 15.25 per cent a year. These debentures, redeemable within the next 48 months from the date of allotment, have also been listed on the BSE, said Sandeep Mehta, MD, Jain Housing.
The amount was raised to fund three of its proposed premium residential projects – Jains Inseli Park with 808 apartments, Jains Pebble Brook I with 620 apartments and Jains Pebble Brook II with 356 apartments – on the city’s IT corridor Old Mahabalipuram Road………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

Singapores’s sovereign wealth fund, Teamsek has led an investment round worth R370 Cr in big data analytics firm, Manthan Systems, buying out existing investors IDG Ventures and DFJ eVentures. Other existing investor Norwest Ventures also participated in this fourth round.
Fidelity has partially exited with this investment. The valuation of the current round is not ascertained, however reports previously pegged the latest round’s valuation to be around R5000 Cr. Manthan’s will use the investment to accelerate its focus on consumerization of technology, boost the SaaS adoption of its product portfolio, for product development and to expand its marketing footprint globally………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo. Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in Sharm el-Sheikh next month.
The official, who would not confirm the sums involved, said the “sovereign fund . . . would invest in renewable energy, infrastructure projects and job creation schemes” in Egypt. He added: “It will also fund projects in health and education. There is a lot of attention to the social dimension of the economic reform process”………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

The Federal Government on Tuesday at the Supreme Court denied operating Excess Crude Account (ECA). It therefore challenged the 36 states challenging the legality of the alleged account to prove otherwise. The case came up on Tuesday after several failed attempts for an out-of-court settlement between the warring parties. Federating states are also challenging the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF).
The court, presided by the Chief Justice of Nigeria, Mahmoud Mohammed, adjourned proceedings to March 19, 2015 after the court could not locate some of the processes filed by counsel to the 36 states of the federation, Yusuf Alli………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

The 36 states of the Federation, on Tuesday, told the Supreme Court that the Federal Government has been frustrating every move to settle the disputes on the Sovereign Wealth Fund (SWF) out of court. The court, however, fixed March 19 to hear the suit after all attempts to make the parties settle out court failed.
The panel of Supreme Court justices, headed by the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, had earlier insisted that the parties should go and settle out of court, as there was nothing to adjudicate over by the court. “If lawyers and parties are sincere, then go and settle this matter out of court. The matter is straightforward, there is nothing this court will adjudicate upon,” CJN held………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

Activists have petitioned the world’s largest sovereign wealth fund to drop its investment in a company they say is linked to large-scale corruption in the Malaysian state of Sarawak.
In a letter published this week, the Switzerland-based Bruno Manser Fund (BMF) and Norway-based FIVAS recommended that Norway’s Government Pension Fund Global sell its $11 million stake in Cahya Mata Sarawak (CMS), a Sarawak-based infrastructure majority-owned by relatives of former Sarawak chief minister and current governor Taib Mahmud. The holdings represent 2 per cent of CMS………………………………………..Full Article: Source

Posted on 05 February 2015 by VRS |  Email |Print

The national Samruk Kazyna Sovereign Wealth Fund has allocated about 600 million tenge (US$3.3 million) to implement an action plan and campaign to celebrate the 70th anniversary of the victory in World War II. The programme includes creation of a unified information online platform containing the history of the war, contribution of the Kazakh people to the victory, description of the feats of heroes and information about Kazakh veterans.
Using Internet platform, plans are being considered to hold a charity campaign to raise funds for veterans, whose goals and needs will be identified and agreed with the Organisation of Veterans of Kazakhstan………………………………………..Full Article: Source

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