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Sovereign Wealth Funds Briefing 20.Oct 2015

Posted on 20 October 2015 by VRS |  Email |Print

Australia’s Future Fund has money invested in funds based in a notorious tax haven. Future Fund Management Agency managing director David Neal told a Senate estimates hearing on Tuesday the fund - which stood at $117.8 billion at the end of September - had money invested in funds that used the Cayman Islands.
“We’ve got a number of vehicles in the Cayman Islands and I think it would be standard practice,” Mr Neal said. Finance Minister Mathias Cormann said the Future Fund did not pay any tax so it would be wrong to suggest the Caymans were being used to minimise tax. “It’s related to their overall risk management strategy not seeking a particular tax outcome,” the minister told the hearing………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

Australia’s sovereign wealth fund, the Future Fund, released its quarterly portfolio update earlier today with the value of assets under management increasing by $610 million to $117.83 billion as of September 30.
While small, the increase of 0.52% came despite significant stock market declines, both domestically and abroad. Over the September quarter Australia’s benchmark ASX 200 index fell by 8.01%, its largest quarterly decline in four years. One of the most interesting features of the Future Fund portfolio update is just that – what assets it invested in………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

The $118 billion Future Fund moved some of its cash into new hedge funds in the September quarter, as the fund’s managers continued to avoid risk in choppy markets. The national sovereign wealth fund also switched about $1.5 billion from emerging market global equities to developed market equities during the three months to 30 September.
Separately, the federal government made its first contribution of $1.01 billion to the Medical Research Future Fund established by former treasurer Joe Hockey during the quarter………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

An affiliate of Singapore’s sovereign wealth fund GIC will invest about £162.8 million (S$350 million) to buy over clean energy assets in India. This will be done via the proposed acquisition of Greenko Group PLC’s majority interest in Greenko Mauritius, which is the holding company for Greenko’s business in India. Greenko operations in India include wind power, run-of-river hydropower, natural gas and biomass assets.
Mr Stuart Baldwin, global head of Infrastructure at GIC, said in a statement on Monday (Oct 19): “We look forward to working closely with Greenko’s management to develop the company to be the leading owner and operator of clean energy projects in India.”……………………………………….Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund (SWF) GIC has increased its exposure in the UK property market with the grant of a £90-million ($139.1 million) loan to a private equity firm, Maya Capital. Maya Capital, a pan-European realty investment firm and advisory, said that the GIC loan would help fund acquisitions in areas outside London and the London Orbital Motorway (M25) which have seen a resurgence in activity on the back of better economic conditions and employment.
According to a report in UK business publication City A.M., Maya Capital’s ‘regional strategy plan’ is already backed by independent financial firm GWM Capital Advisors, with the firm completing several other transactions in townships surrounding London. According to Maya Capital and GWM, the capital commitment for this initiative is £50 million (US$77.3 million)………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

China may be the world’s second-largest economy behind the US, but it has more money in the bank than any other country. Indeed three of the world’s 10 biggest sovereign wealth funds are Chinese, together holding more than $1.5tn (£988bn) in assets.
And despite the slowdown in the Chinese economy in the past five years, the government has been putting this money to good use, particularly so since it recovered from the global economic slowdown sparked by 2008’s financial crisis. In fact, overseas investments have grown from $20bn in 2005 to $171bn last year. And, as the chart below shows, the UK is one of China’s favourite places to invest………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) took a swipe at DAP publicity secretary Tony Pua for recycling incorrect statements for cheap political gain. The government investment arm criticised Pua for also using unverified information from a discredited foreign blog to level baseless allegations against it.
1MDB said it had given authentic documents, including the minutes of the board of directors meeting, to the police and the Auditor-General to facilitate investigations. “But Pua has continuously used selective information to discredit 1MDB,” it said………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

Norway’s Green Party is forcing the capital city’s $9.3 billion pension manager to sell out of fossil fuel companies, building on momentum from helping re-shape guidelines for the nation’s $860 billion sovereign wealth fund.
The party surged in municipal elections last month, winning 8.1 percent of votes in Oslo, making it the third largest party. They will now for the first time form a government with the Labor Party and the Socialist Left. “Oslo will take responsibility for the climate, both through our own policies and our investments,” Lan Marie Nguyen Berg, first candidate for the city’s Green Party, said in an e-mailed statement………………………………………..Full Article: Source

Posted on 20 October 2015 by VRS |  Email |Print

Norway’s Green Party is forcing the capital city’s $9.3 billion pension manager to sell out of fossil-fuel companies, building on momentum from helping reshape guidelines for the nation’s $860 billion sovereign wealth fund, Government Pension Fund Global, Oslo.
Officials at Oslo Pensjonsforsikring AS, the city’s pension fund, are working on how they will implement the proposed ban and are compiling a list of companies the fund will need to sell, CEO Aamund Lunde said by phone. Mr. Lunde declined to say how much will be sold or how many companies would be covered………………………………………..Full Article: Source

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