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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 06.Oct 2015

Posted on 06 October 2015 by VRS |  Email |Print

For Norway, the future may already be here. The nation could as soon as next year start making withdrawals from its massive $830 billion sovereign wealth fund, which it has built over the past two decades as a nest egg for “future generations.” The minority government will reveal its budget plans on Wednesday and has flagged new spending measures and tax cuts.
Prime Minister Erna Solberg is trying to avoid a recession as a slump in the nation’s key commodity takes its toll on the $500 billion oil-reliant economy. Norway has already spent recent years using a growing chunk of its oil revenue to plug deficits while at the same time building the wealth fund. Now, with tax revenue from petroleum extraction down 42 percent on last year, budget spending in 2016 will probably outstrip income………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

Debt-burdened Glencore has entered early discussions with a number of sovereign wealth funds and commodities traders as it moves to offload a minority stake in its agricultural business, a division that owns more than 30,000ha of cropping land across NSW, Victoria and South Australia. Singapore’s sovereign wealth fund GIC and Japanese conglomerate Mitsui have already been linked to the sale process, which is being run by Citi and Credit Suisse.
The sale of a stake in the agricultural business, which would value the operation at as much as $US12 billion ($17bn), follows the announcement of an aggressive debt-reduction program by the Switzerland-based company. That program will include selling $US2.5bn of new shares, asset sales and a suspension of dividend payments, targeting $US10bn in debt reduction………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

The Korea Investment Corporation (KIC) has come under criticism due to its extravagant spending despite its worsening performance. In an annual National Assembly inspection of the country’s sovereign wealth fund on Oct. 2, KIC Chairman and CEO Ahn Hong-chul was questioned about the fund’s expenditures for his business trips and declining investment gains.
Ahn spent a total of 250 million won ($213,000) for 32 business trips from January 2014 to August of this year. He received 408 million won in annual salary last year, topping his fellow CEOs at 310 other public organizations, according to representatives from both the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy (NPAD)………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

A fund controlled by the Chinese government is said to be eyeing a bid for London City Airport, which has been valued at around £2bn. Gingko Tree Investment, the London-registered investment arm of China’s foreign exchange regulator, is reported to be in talks with Aust­ralian financial group Macquarie about making a joint offer for the airport. An agreement has not yet been reached, The Sunday Telegraph said.
It comes after it emerged that the sovereign wealth fund of Kuwait was preparing a bid for the airport as part of a consortium with Canada’s Ontario Teachers’ Pension Plan and investment firm Hermes. City Airport, which is owned by Global Infra­structure Partners and Oak­tree Capital, has been growing rapidly thanks to its popularity with business travellers commuting to and from other European cities………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

Malaysia’s sovereign wealth fund Khazanah Nasional Bhd is not in a rush to sell its 30% stake in Bank Muamalat Malaysia Bhd in the proposed merger with Malaysia Building Society Bhd (MBSB). Khazanah managing director Tan Sri Azman Mokhtar said yesterday its decision is dependent on the negotiated amount its non-core holdings in the bank would garner out of the merger talks.
“We have a policy that if it’s not a core holding, we don’t really need to hold [it]. [But] we are not in a rush to sell either. It has to be at the right price, right configuration and so on,” he told reporters on the sidelines of Khazanah Nasional’s Megatrends Forum 2015………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

The Qatar Investment Authority, the world’s ninth biggest sovereign wealth fund, is selling part of its stake in French builder Vinci through a private placement. The QIA, which has been a shareholder of Vinci SA for five years, is selling more than 6m Vinci shares, representing approximately 1.1 per cent of share capital in the company. Based on Monday’s closing price that represents a €380m stake in the company.
The news comes as Qatar’s sovereign wealth fund suffered heavy losses on Volkswagen, Glencore and Agricultural Bank of China, three of the biggest equity investments of its fund last month. The QIA has hired Societe Generale for the sale and will have a 3.9 per cent stake left in Vinci after the sale is completed………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

The Nigerian SWF, managed by the Nigerian Soveriegn Investment Authority (NSIA) still has about $1.5 billion assets under its management since inception in 2011. According to various media reports, the Federal Government is proposing to raise Nigeria’s Sovereign Wealth Fund (SWF) to $4.5 billion by 2018, canceling out earlier fears that the fund may not receive additional capital due to falling oil prices.
But the new proposal, which is coming some weeks after fund managers raised concerns about weak oil prices dampening hopes of additional contributions to the Fund, is really aimed at injecting at least $1 billion each year for the next three years into the Fund………………………………………..Full Article: Source

Posted on 06 October 2015 by VRS |  Email |Print

Principal Global Investors, the asset manager that oversees about $346 billion, hired Madelyn Antoncic as executive director of institutional investment solutions. Antoncic previously worked as treasurer for the World Bank where she oversaw $140 billion in assets, including holdings for sovereign wealth funds, central banks and pension funds, according to a statement Monday from the unit of Principal Financial Group Inc.
She will seek to build relationships with such institutions for PGI in her new role, according to the statement. Antoncic will be based in New York and report to PGI Chief Executive Officer Jim McCaughan………………………………………..Full Article: Source

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