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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 30.Oct 2015

Posted on 30 October 2015 by VRS |  Email |Print

The 46 countries that have at least one sovereign wealth fund have largely set them up for a rainy day. Now that day has come for most of them. Commodity prices are so depressed that governments need to unseal their piggy banks and with profitable investment opportunities scarce there is little incentive not to. This could end up putting downward pressure on global financial markets.
Of the top 30 sovereign funds, 18 are filled with revenues from oil and gas. The largest of the funds, set up in 1990 to safeguard Norway’s oil wealth for future generations, posted its biggest loss in four years this week. It shed $32 billion in the third quarter, all in the stock market, which accounts for 60 percent of its investments………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

For Norway’s $860 billion wealth fund, selling assets represents a cost it would rather avoid. The world’s biggest sovereign wealth fund says it won’t resort to divestments even as the government prepares to make withdrawals for the first time next year.
That development and the fund’s dwindling returns had fueled speculation it will need to sell assets in Europe if it’s to follow a strategy of increasing its emerging market holdings. But for now, the fund’s cash flow of about 200 billion kroner ($24 billion) from its investments provides a buffer as the environment in which it operates is turned on its head………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, has posted $32 billion in losses in the quarter ended September 2015 — the biggest loss in the last four years mainly due to the falls in China’s stock market and Volkswagen AG. Norway’s wealth fund is one of the biggest foreign institutional investors in India with assets under management of at least Rs 19,000 crore in listed stocks.
Total assets under management by sovereign wealth funds in India as on August 2015 were at Rs 1.7 lakh crore. The fund’s CEO recently told Bloomberg that there won’t be a need to sell anything at this juncture, but investors could keep a watch on its portfolio………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Norwegian experts suggested the idea several months ago and have since been collecting data, deputy finance minister U Maung Maung Thein told The Myanmar Times. Meanwhile, the finance ministry has formed a committee, he said.
A natural resource fund is a type of sovereign wealth fund – a special-purpose investment vehicle owned by a government, and financed by revenues from oil, gas or mineral sales. The money can be used in a number of ways including covering unexpected budget deficits, ring-fencing resource revenues or saving for future generations, according to non-profit Natural Resource Governance Institute (NRGI)………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

The world’s largest sovereign wealth fund, which is Norwegian, has posted its biggest loss in four years, just as the government is preparing to make its first ever withdrawals to plug budget deficits. The fund lost 273bn kroner (€29.4bn) in the third quarter, or 4.9%, as stocks declined 8.6% and bonds rose 0.9%, the Oslo-based fund said yesterday.
Real-estate holdings rose 3%. It was the first back-to-back quarterly loss in six years. “We have to expect fluctuations in the value of the fund, when there are large movements in the market,” Yngve Slyngstad, chief executive of the fund, said………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Russia’s Ministry of Finance released a draft budget for 2016, which relies heavily on the country’s sovereign fund to bridge its growing deficit gap. According to Russia’s Finance Minister Anton Siluanov, the country’s sovereign fund will no longer be able to serve as the main source to finance the budget deficit following 2016, reports TASS.
“Our reserves volume [in 2015] will decrease by approximately 2.6 trillion rubles ($40.85 billion) – more than half. This means that 2016 is the last year when we are able to spend our reserves that way. After that we will not have such resources,” he said………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Nigeria plans to set up a $25 billion infrastructure fund to invest in the transport and energy sectors in Africa’s most populous nation, a spokesman for Vice President Yemi Osinbajo said on Thursday. Laolu Akande said money for the planned fund would come from local and international sources including Nigeria’s sovereign wealth fund and domestic pension funds.
“The vice president disclosed that other sovereign wealth funds have already indicated an interest in the fund, which would be used to address the nation’s decaying road, rail and power infrastructures,” said Akande………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Brookfield Property Partners LP and Qatar Investment Authority formed a joint venture on Manhattan West, an $8.6 billion (Dh31.6 billion) mixed-use project under construction on New York’s far west side. Plans for the 650,000-square-metre development call for five buildings, including a 62-story, 844- unit residential tower that’s already in progress and a 67-story office skyscraper that will be anchored by the law firm Skadden, Arps, Slate, Meagher & Flom LLP and is scheduled for completion in 2019.
Qatar Investment Authority will acquire a 44 per cent stake in the project, the companies said in a statement Wednesday. The deal expands the sovereign wealth fund’s global investments, which include acquisitions this year of London’s Canary Wharf Group and parent Songbird Estates Plc, both in partnership with Brookfield………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Oman’s largest sovereign wealth fund has hired Freshfields Bruckhaus Deringer to take Bulgaria to arbitration over its role in the collapse in Balkan bank KTB, while the Bulgarian government has instructed Arnold & Porter to defend the claim ahead of preferred law firm White & Case.
Freshfields partners Boris Kasolowsky in Frankfurt and Willibald Plesser in Vienna have been handed the task of recouping losses suffered by the State General Reserve Fund of Oman after KTB closed in June 2014. The arbitration claim, understood to be valued at more than $100m including interest, has been filed at the World Bank’s arbitration court, the International Centre for Settlement of Investor Disputes (ICSID)………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Zambia, Africa’s second largest copper producer seeks to formalize the operationalization of the Sovereign Wealth Fund as the Southern African state grapples with resolving the escalating debt burden, feared by many to have hit a ceiling. According to Wikipedia, the fund is a state-owned investment fund investing in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.
Most SWFs, by definition, are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. By historic convention, the United States’ Social Security Trust Fund, with $2.8 trillion of assets in 2014, is not considered a sovereign wealth fund………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Unorthodox, resilient and with an enviable earnings record, sovereign wealth fund Temasek is not frightened by the equities roller-coaster. When the Singapore sovereign wealth fund Temasek unveiled an almighty 19.2 per cent one-year return to shareholders in July this year, many questions followed.
Aren’t sovereign funds supposed to be staid and boring, aiming for a shade over inflation? How much risk are they taking to come out with a number like that? How do we do the same? Numbers like these – a total shareholder return of 16 per cent a year since inception in 1974 and 9 per cent annualised over the deeply troubled past 10 years – cause many new sovereign vehicles to look to Temasek as a role model………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

The saga at Malaysia’s beleaguered sovereign wealth fund 1Malaysia Development Berhad (1MDB) has taken another turn, with the fund’s top executive agreeing Thursday to a live television debate.
Arul Kanda, 1MDB’s president and group executive director, announced in a statement that he was willing to a verbal sparring session with opposition leader Tony Pua, but on one condition: Pua must resign from the Public Accounts Committee, which is investigating 1MDB………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

China’s sovereign wealth fund and two big Chinese companies have expressed interest in Starwood Hotels & Resorts Worldwide, joining other potential suitors from around the world, a source familiar with the matter said.
Starwood Hotels, the owner of St Regis and Sheraton hotel brands, has indicated it is considering a sale, and its highly prized collection of properties has also garnered interest from wealthy Middle Eastern investors and other global firms, the person said………………………………………..Full Article: Source

Posted on 30 October 2015 by VRS |  Email |Print

Gov. Bill Walker’s administration says it wants to leverage the Permanent Fund to help balance the state budget in the long-term. His office says it isn’t a final proposal, but an idea it wants to present to the Legislature. Attorney General Craig Richards gave a presentation on the concept to lawmakers Tuesday afternoon.
The administration said it wants to create a new fund, called a Sovereign Wealth Fund (SWF). Under the plan, the amount of royalty oil revenue flowing into the permanent fund would be doubled. That money would be combined with other revenues to create a steady stream of money for the budget, regardless of oil prices………………………………………..Full Article: Source

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