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Sovereign Wealth Funds Briefing 06.Feb 2015

Posted on 06 February 2015 by VRS |  Email |Print

GIC has snapped up a 5 per cent stake in Nielsen, a leading provider of TV audience ratings data, the Singapore sovereign wealth fund said in a United States regulatory filing late on Wednesday, in a deal estimated at more than US$800 million (S$1.1 billion).
GIC said in the filing with the US Securities and Exchange Commission that it had bought 18.7 million shares in New York-listed Nielsen, giving it slightly more than 5 per cent of the firm, which has a market capitalisation of US$16.7 billion. GIC spokesperson confirmed the investment, but declined to disclose further details, including the price paid for the shares………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

A powerful Singaporean state fund is plotting a takeover bid for Misys, one of the UK’s biggest software companies. Sky News understands that Temasek Holdings is among a number of potential acquirers examining offers for Misys, which was a member of the FTSE-250 index before it was taken private in 2012.
Misys specialises in the sale of software to banks, and counts 47 of the world’s biggest lenders among its customer base, according to the company’s website. The UK-based business endured a troubled period before its sale nearly three years ago to Vista Equity Partners, a private equity firm which focuses on acquiring software companies, in a deal worth more than £800m………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Singapore’s Temasek Holdings has told Standard & Poor’s in 29 pages why it shouldn’t mess with the state-owned investor’s AAA rating. Temasek, which managed S$223 billion (US$165 billion) of assets as of last March, said the rating firm’s proposed new rules for grading investment holding companies lump Singapore with riskier nations such as Greece and Jamaica, according to a Feb 2 response to the changes.
S&P’s new criteria take into account the firms’ lack of direct ownership of assets, the challenges they face when selling in illiquid markets and volatility of assets they hold………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Chennai based Jain Housing and Construction has raised R220 Cr from Singapore government’s investment arm, GIC Private Limited. The investment was made by subscribing to NCD’s issued by the company carrying a coupon of 15.25% pa with a tenor of 48 months.
GIC has subscribed to NCD’s worth R220 Cr and the balance would be subscribed later. The company has successfully executed around 150 residential projects aggregating close to 7.0 Mn.sq.ft and has a total of 6.9 msf of residential projects under construction (Crisil Rating)………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Australian sovereign wealth fund, the Future Fund, said a dramatic fall in the local currency helped it return 13 percent in calendar 2014, as it moves to de-risk its portfolio to offset volatile commodity and equity markets. The fund set up in 2006 to cover public servant pensions, grew by nearly A$13 billion ($10 billion) to A$109 billion by Dec. 31, partly by boosting cash to 12.8 percent of its portfolio from 9 percent a year earlier.
The fund reduced its investments in equities over the year due to increased market volatility, said managing director David Neal. Developed global equities were cut to 20.9 percent of the portfolio from 24.5 percent a year earlier, and Australian equities to 8.8 percent from 10.1 percent………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Australia’s Future Fund assets have swelled to $109 billion after investments in private equity and infrastructure and a shift into US dollars, and away from the Australian dollar, helped it generate a 13.2 per cent return in 2014. But as interest rates fall and central banks hit their limits the fund’s investment team is warning of lower returns and rising economic and investment risks as it moved more than $5 billion of assets into cash.
Stephen Gilmore, the head of risk and investment strategy warned that the investment environment was becoming more challenging as risks are rising when falling interest rates are reducing returns……………………………………….Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

China has appointed top officials to manage a USD 40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road - to build major infrastructure projects aimed to enhance its strategic influence and blunt the US’ big push into Asia-Pacific.
China Investment Corp, the country’s sovereign wealth fund, will hold 15 per cent stake in the Silk Road Fund. Two other State-owned financial institutions - the Export-Import Bank of China and China Development Bank Capital Co - will hold the rest of the stake, the daily said………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Norway’s sovereign-wealth fund on Thursday said it divested itself from 49 risky assets in 2014 due to uncertainty about the sustainability of their business models. The world’s biggest fund, which has been built on the country’s oil and gas revenues, said it divested from companies that could be exposed to new climate and environmental regulations. The companies were predominantly in coal and gold mining.
“We have gradually increased the scope of risk-based divestments, both geographically and thematically,” said the fund’s Chief Executive Yngve Slyngstad. “In total, we have divested from 114 companies in the past three years.”……………………………………….Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Norway’s $860 billion sovereign wealth fund, the world’s biggest, will put extra pressure on companies to behave more responsibly on social and environmental matters, its chief executive said on Thursday, targeting coal users in particular.
The fund has been accused of having too large exposure to coal by both environmental groups and some Norwegian politicians calling for the fund to revamp its portfolio. Yngve Slyngstad told Reuters on Thursday after a presentation of the fund’s first annual report on responsible investments that it is systematically divesting companies delivering coal to power generation companies, but that it is still exposed to those using coal for steel production………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings.
Yngve Slyngstad, chief executive of what is the world’s biggest sovereign wealth fund, said it had divested from 49 companies last year — predominantly in coal and gold mining — as it worried about the sustainability of their business models. Since 2012, it has sold out of 114 companies………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

The world’s richest sovereign wealth fund removed 40 coal mining companies from its portfolio in 2014, citing the risk they face from regulatory action on climate change. Norway’s Government Pension Fund Global (GPFG), worth $850bn (£556bn) and founded on the nation’s oil and gas wealth, revealed a total of 114 companies had been dumped on environmental and climate grounds in its first report on responsible investing, released on Thursday.
The companies divested also include tar sands producers, cement makers and gold miners. As part of a fast-growing campaign, over $50bn in fossil fuel company stocks have been divested by 180 organisations on the basis that their business models are incompatible with the pledge by the world’s governments to tackle global warming. But the GPFG is the highest profile institution to divest to date………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

As Russia grapples with plunging oil prices and Western sanctions, attention is focusing on a $74 billion National Wealth Fund used to help the country weather crises. The NWF was used heavily in 2009 to fund emergency measures for banks and companies during the economic downturn, and it has been tapped in recent months to help firms cope with sanctions imposed over the Ukraine conflict - leading some to dub it an “anti-crisis fund”.
Last week, Russia announced a $35 billion “anti-crisis” spending plan to help the economy. But conflicting government statements have sown confusion about how exactly Moscow will finance the new measures as the country heads for recession and companies struggle to refinance their debts………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, may invest in a Frankfurt property development set to cost more than 1 billion euros ($1.1 billion).
ADIA, which owns stakes in construction projects in London and Lucerne, Switzerland, is examining the site known as the Deutsche Bank Triangle, said Ralf Klann, a manager in ADIA’s real estate and infrastructure department. The site, which once contained the headquarters for Germany’s largest bank, spans 20,000 square meters (215,000 square feet)………………………………………..Full Article: Source

Posted on 06 February 2015 by VRS |  Email |Print

Qatar’s sovereign wealth fund and Brookfield Property Partners said on Thursday that they had received enough support from investors to move ahead with their $3.9 billion offer for the owner of the Canary Wharf office and retail development.
Investors holding more than 94 percent of the outstanding shares of Songbird Estates have agreed to accept the offer, including a 28.6 percent stake held by the wealth fund, the Qatar Investment Authority. Songbird Estates is the controlling owner of Canary Wharf Group, which operates the complex in the east of London………………………………………..Full Article: Source

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