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Sovereign Wealth Funds Briefing 04.Nov 2015

Posted on 04 November 2015 by VRS |  Email |Print

Some of the world’s largest investors, including sovereign wealth funds (SWFs), have brought asset management in house in recent years, putting pressure on external managers’ revenues. However, newly established sovereign wealth funds (SWFs) still require help accessing traditional investment strategies and mainstream asset classes, according to Cerulli Associates.
The company cited Nigeria’s planned trio of SWFs: “It is likely that much of that [work] will need the assistance of external managers,” said Barbara Wall, Europe research director. Saudi Arabia has reportedly begun work on a second wealth fund, while Papua New Guinea, Mexico, Angola, Bangladesh, and Egypt are all at various stages of launching their own SWFs. Wall said such funds could be “lucrative sources of outsourcing mandates in their early years.”……………………………………….Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

The venture capital arm of Singapore’s Temasek Holdings Pte. is shifting its focus in India to software makers that service small and medium businesses, as it sees the e-commerce sector becoming “overheated” with funds rushing to invest in unprofitable companies.
Vertex Venture Holdings Ltd., a unit of the Singapore state investment company, is hunting for startups making cheap software for the nation’s hordes of small businesses that could range from a supply chain app to a payroll processing system, said Ben Mathias, its managing director for India………………………………………..Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

Chinese sovereign fund China Investment Corporation is ready to invest €1bn in property and infrastructure developments within the Grand Paris regional renewal project, the office of French President François Hollande said.
“CIC would be ready to commit €1bn to Grand Paris, particularly for property operations and infrastructure,” the presidential office said during a recent visit to China by Hollande. French state financing body CDC (Caisse des Dépôts et Consignations) would co-invest 20%-40% of the sum provided by CIC. Its investment would be made through the CDC International Capital unit which specialises in direct investments in partnership with sovereign funds and international institutions………………………………………..Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

Although that $160 billion stockpile is nowhere near China’s at close to $4 trillion, it still puts Thailand at number 14 in the world, just below Germany’s $193 billion and above Great Britain’s $156 billion. As $160 billion is equivalent to over eight months of Thailand’s goods imports in 2014, it is judged excessive by many economists who consider keeping international reserves to about three months of imports sufficient to weather any unexpected events.
That government was also reported to have considered putting part of the reserves into a newly created sovereign wealth fund, whose investments could include buying shares and bonds of companies that would build and operate infrastructure projects in the kingdom. Nothing along those lines came to fruition following strong resistance from various quarters………………………………………..Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

The debate on 1Malaysia Development Berhad (1MDB) can be held this Friday at Studio 1 of Radio Televisyen Malaysia (RTM) without an audience, said Communication and Multimedia Minister Datuk Seri Dr Salleh Said Keruak.
He said RTM had proposed that the debate between 1MDB President and Group Executive Director Arul Kanda Kandasamy and Public Accounts Committee (PAC) member Tony Pua which would be broadcast “live” be held over an hour from 9pm. “RTM as the host broadcaster will contact them to get their consent on this proposal,” he told a press conference after opening the 19th International Linguistics and Malay Culture Seminar at Universiti Putra Malaysia (UPM) here………………………………………..Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

Revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profit oil of oilfield block Azeri-Chirag-Gunashli (ACG) and gas from Shah Deniz gas condensate field totaled $6.135 bn for Jan-Oct 2015.
According to the Fund, of this amount, $5.856 bn accounted for income from the sale of Azerbaijan’s profit oil from ACG and $279 million from the sale of profit gas extracted from Shah Deniz field. “In general from 2001 to 1 November 2015 SOFAZ received $116 bn from sale of Azerbaijan’s profit oil from Azeri-Chirag-Gunashli and since 2007 - $2.4 bn from sale of gas from Shah Deniz,” the Fund said………………………………………..Full Article: Source

Posted on 04 November 2015 by VRS |  Email |Print

In response Umirzak Shukeyev, chief executive of Samruk-Kazyna, the national sovereign wealth fund, announced on Tuesday a privatisation programme that would involve selling some of the most valuable state-owned assets. These include KazMunaiGas, the oil and gas company; Kazakhtelecom, the largest telecoms company; Kazakhstan Temir Zholy, the railway company; Kazatomprom, the nuclear holding company; and the Samruk-Energy company.
“We are just about to launch a large-scale privatisation programme,” said Mr Shukeyev. Other officials, who declined to be identified, said a preliminary list of some 60 Kazakhstan companies is to be included in the privatisation programme. There were no price details given of the assets being offered………………………………………..Full Article: Source

Posted on 04 November 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

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