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Sovereign Wealth Funds Briefing 16.Feb 2015

Posted on 16 February 2015 by VRS |  Email |Print

China’s securities regulator has handed out a renminbi qualified foreign institutional investor (RFQII) licence to Singapore sovereign wealth fund GIC Pte Ltd, AsianInvestor reported on Friday. It was among 10 new licences announced late Thursday by the China Securities Regulatory Commission (CSRC), five of which went to Korean asset managers and two more to Singapore-incorporated entities, CSAM Asset Management and Neuberger Berman Singapore.
Previously, there were 10 Singapore holders of RQFII permits including Fullerton Fund Management, a unit of Singapore state investment company, Temasek Holdings. Beijing introduced the RQFII programme in 2011 to provide another way for foreign investors to participate in inest in mainland securities, as part of its efforts to speed up the liberalisation of of its currency and financual markets……………………………………….Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

Relations between Beijing and Tokyo may have been tense in recent years, but that didn’t stop a Chinese sovereign fund from teaming up with LaSalle Investment Management of the US to buy a Tokyo mixed-use complex for ¥140 billion ($1.2 billion).
The participation in the real estate deal by China Investment Corporation, one of the funds responsible for managing the country’s estimated $4 trillion in foreign reserves, comes after Chinese buyers have rapidly increased their spending on Japanese property, particularly in the nation’s capital………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

Temasek Holdings Pte sold shares in Alibaba Group Holding Ltd. in the fourth quarter as the Chinese Internet firm’s shares rallied following its initial public offering, and put more money into pharmaceuticals maker Gilead Sciences Inc.
Singapore’s state-owned investment firm sold 7.3 million American depositary receipts in Alibaba, leaving it with 10.7 million shares, according to a Feb. 13 filing with the U.S. Securities and Exchange Commission. The value of its holding in Alibaba declined by $487.5 million, the biggest decrease among the firm’s U.S.-listed holdings………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

The Greens are calling on the New Zealand Super Fund to divest from fossil fuels, as it accuses its guardians of betting on a climate disaster. The fund currently has $676 million in fossil fuel companies - about 2 per cent of the fund’s assets under management. “The guardians are meant to be investing for the long term, but by investing over $676 million into fossil fuel companies, they’re hedging that the world will take no action on the climate - a world for our kids where it’s not worth living to retirement age,” Green Party co-leader Russel Norman said.
“It is now a well-established fact that if all the world’s known reserves of coal, oil, and gas are burned, our climate is toast. At least three-quarters of these reserves will have to stay in the ground, wiping much of the current value of the fossil fuel sector………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

The head of one of the world’s largest investors in private equity believes Calpers, the US’s biggest pension fund, was right to slash the number of private equity managers it uses in what is a further blow to the sector. Calpers, or the California Public Employees’ Retirement System, told the FT last month that it was hoping to cut the number of private equity managers it uses by more than two-thirds to 120 in order to cut costs.
David Neal, managing director of the Future Fund, Australia’s A$109bn sovereign wealth fund, said: “There just are not enough decent private equity managers around to justify the fees. Calpers was right; the fees are just too high to warrant having 300 firms.” The Future Fund, set up in 2006 to provide pensions for public servants, has almost a third of its assets in private equity, alternatives and infrastructure………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd has settled a 2 billion ringgit ($550 million) loan with Malaysian lenders, its president said on Friday, a move that could help the state-backed investor move forward with a $3 billion initial public offering.
According to a media report posted on the fund’s Facebook and Twitter accounts, 1MDB President Arul Kanda said, “the loan was settled in advance of the due date, per the terms of the loan facility agreement………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

The Penang-born financier and businessman Jho Low has no connections to government investment company 1Malaysia Development Bhd, its chief executive told Mingguan Malaysia. Arul Kanda Kandasamy, in his first major newspaper interview since taking over as 1MDB boss, denied a front-page report in the New York Times last week which had linked Jho Low (Low Taek Jho) with 1MDB.
Jho Low is reported to have been instrumental in helping set up 1MDB’s forerunner, the Terengganu Investment Authority, and bringing in Middle Eastern investments through his high-placed connections………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

The Qatar Investment Authority’s most recent acquisition is only the tip of an asset-owning iceberg — one some observers are becoming concerned about. Qatar’s sovereign wealth fund, effectively owned by the Qatari royal family, now has control of London assets that include The Shard, Europe’s tallest office block; the Olympic Village, which is rapidly being redeveloped as a new residential district as well as sporting and leisure venues; the HSBC tower at Canary Wharf; Harrods; a stake in the Shell Centre on the South Bank; the residential redevelopment at Chelsea Barracks; half of the luxury apartment block One Hyde Park, the former US embassy in Grosvenor Square; and an emerging Thames-side development in Chelsea known as Grosvenor Waterside.
Even as market analysts were scratching their heads at the implications of the Canary Wharf deal, Qatar — in the form of Qatar Airways — confounded the City again………………………………………..Full Article: Source

Posted on 16 February 2015 by VRS |  Email |Print

The world’s largest sovereign wealth fund has reached its peak amid a collapse in oil prices, according to the governor of Norway’s central bank. The development means western Europe’s biggest crude producer needs to get used to lower revenue from its petroleum industry, Governor Oeystein Olsen said in the text of a speech delivered in Oslo on Thursday.
“At an oil price of around US$60 per barrel, transfers to” the wealth fund “may come to a halt,” he said. As head of the central bank, Olsen oversees Norway’s US$860 billion Government Pension Fund Global………………………………………..Full Article: Source

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