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Sovereign Wealth Funds Briefing 01.Oct 2015

Posted on 01 October 2015 by VRS |  Email |Print

Sovereign-wealth fund chiefs who manage hundreds of billions of dollars say outsize fees charged by the finance industry have lowered their investment returns and created “super-profits” for a few asset managers.
Representatives of funds including the Abu Dhabi Investment Authority, China Investment Corp. and the New Zealand Superannuation Fund gathered in Milan Wednesday for the annual meeting of the International Forum of Sovereign Wealth Funds, where investors share information and ideas………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

The Italian government sought to attract investment from sovereign wealth funds at a meeting on Wednesday, as Rome prepares to sell shares in its post office in what is set to be its biggest privatisation in a decade.
“Italy is a land of opportunity … Our public finances are sound, growth (this year) is stronger than expected and … the government is committed to support investments,” Economy minister Pier Carlo Padoan told representatives from more than 30 sovereign wealth funds at a meeting hosted by Italy’s state-owned strategic fund in Milan………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Macerich Co. agreed to sell minority stakes in eight U.S. malls for $2.3 billion to Singapore’s GIC Pte and property investor Heitman LLC, a deal that will allow the landlord to pay a special dividend, buy back shares and cut debt.
GIC, in its first deal with Macerich, will own 40 percent of five malls, and Heitman will have a 49 percent interest in three, Macerich said in a statement Wednesday. The transactions are scheduled to close in phases starting in October and concluding in the first quarter………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Temasek Holdings chief executive Ho Ching is set to return from a six-month sabbatical at the end of this month, while one of the Singapore investment firm’s three presidents will take on a larger role.
Lee Theng Kiat, 62, today assumes the role of chief executive of Temasek International (TI), the management arm of the investment firm, and will take charge of day-to-day investment operations. He will in turn relinquish his role as a Temasek Holdings president………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

China is looking for fresh investment opportunities in Italy, the chief investment officer of the China Investment Corporation (CIC) sovereign fund told Reuters after meeting on Wednesday with Italy’s economy minister.
“We have invested in (Italian infrastructure fund) F2i … we are looking for other opportunities,” Li Keping, head of investments at CIC said on the sidelines of a sovereign wealth fund conference hosted in Milan by Italy’s strategic fund. Li declined to comment about a report in the Italian press saying CIC was ready to buy a stake in Italy’s post office which the government is privatising in a stock market listing next month………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Hong Kong-listed CGN Meiya Power Holdings Co Ltd confirmed that it had been involved in talks to acquire 1Malaysia Development Bhd’s (1MDB) energy assets. However, no binding or definitive acquisition documentation had been entered into, Meiya announced in a recent filing to the Hong Kong Stock Exchange.
“It is CGN Meiya’s strategy to actively search and stay alert for high-quality projects that are in line with the company’s long-term development,” a CGN Meiya representative told The Malaysian Reserve (TMR) via email yesterday. On whether CGN Meiya has been shortlisted as a bidder for 1MDB’s energy assets, the company declined to comment………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Norway’s US$819 billion (S$1.1 trillion) Government Pension Fund, the world’s biggest sovereign wealth fund, is looking to buy properties in Tokyo and Singapore in the coming months, a key executive said on Wednesday.
The fund, built on revenues from the country’s oil and gas production, has previously bought office blocks, shopping malls and other properties in key cities in Europe and North America, and has a stated ambition of expanding its real estate portfolio to Asia………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Less than one-third of the Korean government’s shares in Woori Bank are predicted to be purchased by multiple Middle East sovereign wealth funds early next year. At present, the Korean government has a 48.07 percent share in the bank, along with 2.97 percent for providing against a call option exercise.
According to industry sources, the Financial Services Commission starts negotiations with Abu Dhabi Investment Company (ADIC) next month in order to draw up an investment letter of commitment. The ADIC recently submitted a letter of intent to acquire a 10 percent share. The Korean government is planning to wrap up its contract with ADIC before the end of this year. The sovereign wealth fund of Saudi Arabia also expressed its will to buy a 4 percent share………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Angola’s sovereign wealth fund is looking at opportunities in gold, copper and silver mining in sub-Saharan Africa as the continent’s number two oil producer tries to diversify its sources of revenue, its chairman said on Wednesday.
Jose Filomeno dos Santos, son of long-serving President Jose Eduardo dos Santos, also said fiscal pressure on the government from this year’s collapse in oil revenues may force it to push through long-delayed private sector reforms. “It’s not the best situation for the nation,” dos Santos junior told Reuters. “It’s probably going to be an incentive for reforms to take place to enable the private sector to take part.”……………………………………….Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

The Fundo Soberano de Angola (FSDEA), Angola’s sovereign wealth fund, has announced the audited results for 2014, reflecting the Fund’s fiscal position and investment activity for the year. Deloitte & Touche independently audited the financial statements of the sovereign wealth fund for the second consecutive year.
The financial statements of the FSDEA show total assets of $4.88 billion as of 31 December 2014. Highlights of the investment portfolio of FSDEA at the end of the period are as follows: Fixed Income Assets were $2.7 billion representing 56 per cent of the investment portfolio; Investment funds in private equity, for infrastructure and hotels, accounted for $1.6 billion, equivalent to 34 per cent of the investment portfolio; 37 per cent of the investment portfolio was allocated in Europe, 34 per cent in Sub Saharan Africa, 18 per cent in North America and 11 per cent in the rest of the world………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Qatar Investment Authority has committed to investing $35bn in the United States over the next five years. The Qatari sovereign wealth fund made the announcement following the opening of its first office in the United States to develop and expand its portfolio in the country.
QIA said the New York office would give it better access to new and existing public and private sector investment partners and “illustrate its confident outlook in the US and wider Americas”. The authority also said the office would contribute to its diversification efforts, while voicing its commitment to existing investments in Europe, Asia and the Middle East………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Qatar Investment Authority’s hit from the slide in Volkswagen and Glencore shares can only underline the sovereign wealth fund’s need to continue to diversify its asset base, industry sources said. The German carmaker has been pummeled over an emission testing scandal while the miner has came under pressure over its debt load, together wiping $5.8 billion off the Qatar fund’s holdings since Sept. 18, according to Thomson Reuters data.
Much has been made of the scale of the Qatar Investment Authority’s (QIA) paper losses at a time lower oil prices are reducing the flow of petrodollars into Gulf sovereign wealth funds. QIA has 8.2 percent of Glencore, 17 percent of Volkswagen ordinary shares and 12.8 percent of its preference shares………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Sufian Hasan al-Marzooqi took charge as CEO of the Abu Dhabi Tourism Development Investment Co in mid-September. Abu Dhabi’s Tourism Development Investment Co (TDIC), builder of local branches of the Louvre and Guggenheim museums, has named a senior official from the emirate’s sovereign wealth fund as chief executive, a spokesman confirmed on Wednesday.
Sufian Hasan al-Marzooqi took charge as CEO of TDIC in mid-September, after 24 years at the Abu Dhabi Investment Authority (ADIA), where he held positions in accounting, investment, human resources and strategy………………………………………..Full Article: Source

Posted on 01 October 2015 by VRS |  Email |Print

Minister of State, Joseph Harmon on Tuesday met with the Canadian High Commissioner to Guyana, Pierre Giroux at the Ministry of the Presidency during which the diplomat related that the University of Calgary, based in Canada, will soon dispatch a team to Guyana to meet with the Government for discussions on the setting up of the Sovereign Wealth Fund (SWF) for the Natural Resources and the Oil and Gas Sector.
In a release the Ministry of the Presidency said, High Commissioner Giroux also disclosed that the team will undertake a study of the legislative policies in place to see how best they can be improved to suit the Oil and Natural resources sectors. Further, the Government of Canada, through the High Commissioner, has offered a training programme, which would benefit Permanent Secretaries and Heads of State Agencies in areas such as department management, best practices and accountability………………………………………..Full Article: Source

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