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Sovereign Wealth Funds Briefing 02.Oct 2015

Posted on 02 October 2015 by VRS |  Email |Print

Sovereign wealth funds spent a total of $24.9 billion on overseas acquisitions during the third quarter of 2015, almost double the previous quarter as they chased after trophy assets. Thomson Reuters data shows that sovereign wealth funds, which invest windfall revenues from oil and other commodity exports for future generations, were involved in 28 deals during the July-September period, down 10 from the previous quarter.
Deal volumes are still shy of the $30.6 billion peak reached in the last quarter of 2014, when sovereign funds were buying up assets at their fastest rate since the financial crisis. But it marks a significant rebound from the first quarter when deal value slipped to $5.4 billion for 32 transactions………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Sovereign wealth funds must begin exerting collective pressure on the financial industry over costs, New Zealand Super’s chief told members of the International Forum of Sovereign Wealth Funds (IFSWF). “The days of opaque fee structures—enabled by asymmetric information and as a shield for the supply of ill-defined skill—must be curtailed,” said Adrian Orr, IFSWF chair, at the group’s annual meeting on Wednesday.
Nearly 80% of global SWF capital belongs to members of the group, including the Abu Dhabi, Kuwait, and Qatar investment authorities, Norway’s Government Pension Fund, and the China Investment Corporation. Orr, speaking in Milan, told these global players they together “pose credible pressure on the established investment model.”……………………………………….Full Article: Source

Posted on 02 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 02 October 2015 by VRS |  Email |Print

The Libyan Investment Authority (LIA) is happy with its investments in Italy and intends to keep its stakes in blue-chip companies such as UniCredit and Eni, the chairman of the sovereign fund told Reuters on Wednesday. Set up in 2006 to manage Libya’s oil revenue surplus, the LIA is the largest sovereign wealth fund in Africa.
But four years after the fall of Muammar Gaddafi, Libya is in turmoil with two rival governments and their armed forces battling for control, creating uncertainty over its investments. The LIA is also at the centre of a bitter power struggle………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Bahrain’s sovereign wealth fund, Mumtalakat, has weathered economic and political uncertainty both at home and throughout the wider Middle Eastern region, and is now back on a path to growth, with its aviation holdings being at the forefront of this turnaround.
More diversified than its Gulf Co-operation Council (GCC) peers, Bahrain’s economy has weathered the oil price downturn relatively well. Though government revenues have been slashed, the resilience of the country’s non-oil economy is expected to see gross domestic product growth (GDP) hit 3.6% by the end of 2015, according to the Bahrain Economic Development Board………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

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. Marzooqi replaces Ali al-Hammadi, who left the position earlier this month after being appointed to the position in July 2014. He remains an advisor to TDIC Chairman Ali Majed al-Mansoori, the spokesman added………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has entered into a joint venture with US-listed retail real estate investment trust (Reit) Macerich to invest in a 40 per cent interest in five retail assets in the US. The transactions are subject to closing conditions and are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016, GIC said in a press release.
The five joint venture retail assets are: Washington Square in Portland, Oregon; Los Cerritos Centre in Cerritos, California; Arrowhead Towne Centre in Glendale, Arizona; Lakewood Centre in Lakewood, California; and South Plains Mall in Lubbock, Texas………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Temasek Holdings Ltd appointed Lee Theng Kiat as chief executive of Temasek International effective Oct. 1. Lee, currently president of Temasek International, will oversee the company’s commercial strategies and portfolio as CEO, the investment company said.
Ho Ching, who returns from her part-time sabbatical in late October, will be appointed chairman of Temasek International on Oct. 1 and will remain chief executive and executive director of Temasek, the company said………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Arul Kanda, the head of the Malaysian state investment fund 1MDB has an impressive track record of restructuring ailing companies and making a profit from them. A former banker, he’s worked in the UK and in the Middle East, and has had a string of successes.
So it did seem surprising to me that he would be willing to stake his reputation on turning around the scandal hit fund 1MDB, after it amassed more than $11bn (£7bn) worth of debts. And what a way to hit the ground running. Within the first six months of him taking on the job, 1MDB was hit by allegations that $700m from companies linked to 1MDB were transferred to Prime Minister Najib Razak’s personal bank account………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Strategic investment fund 1Malaysia Development Bhd (1MDB) will focus on monetising its assets and delivering value directly to its shareholders, said its president and group executive director Arul Kanda Kandasamy in an exclusive interview with the BBC.
Speaking to BBC’s Asia business correspondent Karishma Vaswani, Arul made it clear that the sovereign wealth fund would not be entangled in a war of words with “politicians and former politicians”, despite the negative public perception cast on it. “Perceptions, I agree, are poor. And a lot of effort needs to be made to fix that………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

Norway’s $820 billion sovereign wealth fund is so far coping with the near halt in the inflow of oil cash by using its growing investment income to implement portfolio shifts. With Brent crude this year down about 50 percent from a year ago, the Norwegian government is injecting less cash into the fund. Inflows were just 17 billion kroner ($2 billion) in the first half of this year, compared with a quarterly average of 60 billion kroner over the past 10 years.
The decline has been manageable so far, said Oeyvind Schanke, chief investment officer for asset strategies, at the Oslo-based fund. “We can raise cash from the coupons coming from the fixed income side or the dividends coming from the equity side,” Schanke said……………………………………….Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

The job of Norway’s $820bn sovereign wealth fund, the largest of those that fess up to the amount of assets in their care, is to prepare for the day when the oil money stops rolling in. Such a day may arrive sooner than expected as, while the country still has ample reserves of crude, the collapse in its price has slowed the cash to a trickle, a mere $2bn in the first half of this year.
Adjustments to Norway’s holdings, which include a noticeable percentage of the world’s stock markets, will have to come from reinvesting dividends and coupons, its manager said this week. At least Norway does not have to sell assets, yet. Saudi Arabia, as the Financial Times reported on Monday, has redeemed tens of billions of dollars from fund managers………………………………………..Full Article: Source

Posted on 02 October 2015 by VRS |  Email |Print

The State Oil Fund of Azerbaijan participated in the 7th meeting of the International Forum of Sovereign Wealth Funds (IFSWF), held in Milan, Italy, on 29-30 September 2015.The Fund reports that it was represented by SOFAZ director Shahmar Movsumov.
At the meeting IFSWF expanded discussion on the knowledge sharing among IFSWF members, investment and risk management practices, as well as making progress on its internal governance issues. The forum selected its new Board members (Abu Dhabi Investment Authority, Qatar Investment Authority, GIC Private Limited and China Investment Corporation) and made a decision to hold the 9th annual meeting in 2017 by JSC Samruk-Kazyna in Kazakhstan. In 2016 the event will be organized in New Zealand………………………………………..Full Article: Source

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