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Sovereign Wealth Funds Briefing 23.Oct 2015

Posted on 23 October 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund says there’s a need for new rules to limit the risks spreading from the growth in exchange-traded funds. The $860-billion fund is concerned over the growing impact ETFs have on the underlying securities they are connected to, said Oeyvind Schanke, chief investment officer for allocation strategies at Norges Bank Investment Management, the department in the central bank in Oslo that runs the fund.
A good step has been imposing circuit breakers on exchanges, “but the interaction between ETFs and underlying securities is also important,” he said in an interview after participating at a conference in Qatar. The interaction between futures and the ETFs underlying securities is increasing “so we probably need some set of rules that take care of that inter- connectivity.”……………………………………….Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest by assets, has decided to impose tougher requirements on how businesses it invests in manage water resources. The fund, which is run by Norges Bank Investment Management, an arm of Norway’s central bank, will ask companies to come up with clear strategies and risk-management plans for water resources.
Until now, the fund only required companies to report on their water use. “We want our expectations to be very clear,” William Ambrose, a senior manager at NBIM told The Wall Street Journal………………………………………..Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

Chairman of the National EITI Commission, a member of the EITI International Board and the Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov is attending the 30th Extractive Industries Transparency Initiative (EITI) Board Meeting in Bern, Switzerland.
Azerbaijan joined EITI in 2003. Azerbaijan was awarded the “2009 EITI Award” for its commitment to EITI principles and criteria and achievements in EITI Implementation, AzerTag reports. The EITI is an international organization which maintains a standard, assessing the levels of transparency regarding countries’ oil, gas and mineral resources………………………………………..Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

It’s high time someone talks about the elephant(s) in the room (Singapore) that has been the talk of this election and conspiracy theorists: Temasek Holdings and GIC. Sovereign wealth funds (SWFs) have been accused of having hidden agendas, being state economic weapons. At the same time, they’ve also been hailed as saviors, buoying up banks during the financial crisis when capital markets were frozen.
Singapore isn’t the only nation with a SWF; many other nations (mainly net exporters) that enjoy current account surpluses and hoard reserves have a SWF as well. SWFs manage vast amounts of money, also often seen as the true lender of last resort in its home country. The below table shows the world’s largest SWFs:……………………………………….Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund, GIC, has signalled its confidence in India’s commercial real estate market, with a 50% stake in an office development in Hyderabad. The investment is a 50/50 joint venture with Tishman Speyer, a U.S. real estate development firm.
The Waverock development is located near Gachibowli, the IT hub of Hyderabad. Waverock is in its third and final phase of development and will be completed over the next two years. The already completed office segments are fully leased and includes major companies such as DuPont and TCS Accenture. Upon completion, the entire development will be 2.5 million square feet and house more than 20,000 professionals………………………………………..Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

A bit of AAA-rated endorsement can go a long way for a little-known junk bond issuer. Dollar notes in India’s Greenko Group Plc have gained 28 per cent in 2015 after Singapore sovereign wealth fund GIC agreed to take full control of one of the renewable energy firm’s businesses. It’s the best performing high-yield bond in India in a Bank of America Merrill Lynch index of dollar notes that’s lost 1.3 per cent this year.
Greenko isn’t the first Asian company to benefit from Singapore’s intervention. Holders of Olam International’s unrated notes also profited after state investment arm Temasek Holdings Pte made a takeover offer for the commodity trader once attacked by Muddy Waters LLC………………………………………..Full Article: Source

Posted on 23 October 2015 by VRS |  Email |Print

When the Edo State Governor and Chairman of the National Economic Council (NEC) Ad-hoc Committee on the management of the Excess Crude Account (ECA) and related federation accounts issues, Comrade Adams Oshiomhole, recently threw a big dart at the Sovereign Wealth Fund (SWF), I was not one bit surprised.
However, given the season we are in, there is the temptation for some people to believe that the Nigeria Sovereign Investment Authority (NSIA) is being accused of corruption or mismanagement of fund. That is not the case even though President Muhammadu Buhari has a serious problem on his hands on the issue………………………………………..Full Article: Source

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