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Sovereign Wealth Funds Briefing 26.Feb 2015

Posted on 26 February 2015 by VRS |  Email |Print

For several years, now, Sub-Saharan Africa’s largest oil producing states have been working to create sovereign wealth funds (SWFs). But as oil prices and production decline, such funds may not be able to deliver the benefits they once promised. Since 2007 Angola, Ghana, Nigeria and Mauritania have joined Equatorial Guinea and Gabon in the club of oil-producing countries with SWFs. Currently, four of sub-Saharan Africa’s five largest oil producers maintain some sort of SWF.
Attracted, perhaps, by the success of similar funds in the Middle East and North Africa (MENA) region, sub-Saharan governments are looking to capture oil revenues in rainy day funds in order to smooth fiscal expenditures during suppressed commodity cycles………………………………………..Full Article: Source

Posted on 26 February 2015 by VRS |  Email |Print

Samruk-Kazyna National Wealth Fund of Kazakhstan has instructed its subsidiaries to abstain from making unnecessary foreign currency transactions, Tengrinews reports citing the head of the Fund Umirzak Shukeyev as saying at the press-briefing in the Central Communication Service’s headquarters on February 20.
“To support the Kazakh national currency we have introduced a special corporate standard that prohibits all of our subsidiaries from making unnecessary foreign exchange transactions. Unless there is a specific business need for such a transaction they will have to justify it to us that they really need the foreign currency,” he said………………………………………..Full Article: Source

Posted on 26 February 2015 by VRS |  Email |Print

David George, Head of Debt & Alternatives at the Future Fund, Australia’s sovereign wealth fund, has joined the board of the Hedge Fund Standards Board (HFSB). This appointment emphasises the important role of sovereign wealth funds in promoting better practices in the hedge fund industry, particularly in Asia Pacific.
Dame Amelia Fawcett, Chairman of the HFSB, said: “We are thrilled to welcome our new Australian member to the board. It sends another powerful signal about the global importance of the HFSB mission for the investor community worldwide and particularly in Asia Pacific.” David George said: “I am very pleased to join the Board. The HFSB is an important platform for promoting better industry practice to the benefit of end investors, managers and policymakers. I look forward to working with the other Trustees and to progressing this effort.”……………………………………….Full Article: Source

Posted on 26 February 2015 by VRS |  Email |Print

The Malaysian ringgit declined by about 12 per cent against the US Dollar between September last year and February 10 this year. On February 18, when 1MDB announced its plan to break up its assets and wind down, the ringgit rose 0.2 per cent. The reason for the positive response was because the move will subsequently reduce its US$11.6 billion (RM42 billion) debt.
1MDB said it would make no new investments or take on new projects and stop borrowing money unnecessarily to refinance current debts. It also said it might sell assets and land development rights and enter into profit sharing joint ventures. A few days earlier, 1MDB settled a RM2 billion (US$550 million) loan it owed local banks, one of which was Maybank. The fund had three times requested and been granted extensions on repayment deadlines for the loan………………………………………..Full Article: Source

Posted on 26 February 2015 by VRS |  Email |Print

The consortium comprising the Russian Direct Investment Fund (RDIF), a $10 billion fund established to make equity investments into Russian economy, Changi Airports International (CAI), a wholly-owned subsidiary of the world’s leading airport operator Changi Airport Group, and Basic Element, one of Russia’s diversified industrial groups, has been announced as the winner of the tender to acquire shares in Vladivostok International Airport in Russia’s Far East. Each member will hold an equal share in the consortium.
The consortium’s bid was recognised as the best based on the strength of the technical, legal and financial components in the submission. The transaction will be closed after regulatory approvals are received. Vladivostok International Airport is strategically important for the development of the air transportation system in the region due to its geographical location - the crossing of two air routes between the Russian Far East and the Asia Pacific region. (Press Release)

Posted on 26 February 2015 by VRS |  Email |Print

Hassad Food, the agricultural arm of Qatar’s sovereign wealth fund, said it was looking at possible purchases of Brazilian sugar and poultry assets as structural problems in those industries in the South American country created opportunities.
“We have a lot of stuff in our pipeline and Brazil is definitely part of that, not only sugar but also poultry,” Youssef Hegazy, vice president for business development at Hassad Food, said on Wednesday. Hassad Food, wholly owned by the Qatar Investment Authority, was set up in 2008 to boost the Gulf country’s food security………………………………………..Full Article: Source

Posted on 26 February 2015 by VRS |  Email |Print

Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, low political risk, assurances from government and opportunities to earn stable financial returns.
According to our research, Asia and Europe top the list as the largest recipients of direct infrastructure investment by sovereign wealth funds, followed by Australia and New Zealand. The Americas ranks dead last, even behind Africa. Breaking apart the Americas, South America has few large direct infrastructure investments by sovereign funds, the bulk going to North America………………………………………..Full Article: Source

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