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Sovereign Wealth Funds Briefing 09.Nov 2015

Posted on 09 November 2015 by VRS |  Email |Print

The head of South Korea’s sovereign-wealth fund has resigned, leaving a cloud over one of the world’s largest national wealth funds. Ahn Hong-chul, the chairman of Korea Investment Corp., which oversees about $85 billion in assets, said in an email to The Wall Street Journal that he was resigning for personal reasons. He didn’t elaborate.
KIC confirmed in a brief statement that Mr. Ahn had submitted his resignation Friday. Mr. Ahn had been a controversial leader during the first two years of his three-year term, which was due to expire in December 2016………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

Korea Investment Corporation (KIC) Chairman and CEO Ahn Hong-chul, the most highly paid public company head in Korea, resigned Friday morning over political comments he posted on social media. Ahn had a year left in his term, which ends in December 2016. He resigned for personal reasons, according to the KIC, the nation’s sovereign wealth fund.
In 2012, while he was serving on Park Geun-hye’s presidential election campaign, Ahn made a Twitter post that accused the late President Roh Moo-hyun and then-presidential candidate Moon Jae-in of being pro-Pyongyang figures. That Twitter post and 9,739 more came up during a parliamentary audit of the KIC early last month………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

Relentless monetary easing across the rich world is driving the biggest sovereign wealth fund away from debt markets as it instead targets real estate investments in mega cities. Chief Executive Officer Yngve Slyngstad says the meager returns bonds offer mean the $860 billion wealth fund needs to look elsewhere to meet its 4 percent return target.
At the same time, a study published on Friday by the fund shows there’s an argument for tripling its real estate investment to 15 percent of the total portfolio. Lars Dahl, chief risk officer for real estate at the wealth fund, says the best property to invest in now is to be found in the world’s biggest cities………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

Norway’s $860 billion sovereign wealth fund may invest more than $4 billion in property worldwide this year, breaking the record it set last year, its chief executive said on Friday, as the fund builds up its portfolio of real estate. The fund invests Norway’s revenues from oil and gas production in stocks, bonds and property. The latter - mostly commercial real estate - represented 3 percent of the fund’s total value at the end of the third quarter but will reach 5 percent over time.
Last year, the fund invested a record 36 billion crowns ($4.23 billion) in net real estate purchases, CEO Yngve Slyngstad told a seminar on Friday, and may be on track this year to do more. “This year we are still below our record of 36 billion last year, but there is … potential that we will actually pass it,” he said. The fund has so far invested some 28 billion crowns in property in 2015, he said………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

Norway’s $860-billion (566.47 billion pounds) sovereign wealth fund is funding all its real estate deals by selling government bonds from its portfolio of foreign fixed income assets, its chief executive said on Friday.
“Every real estate investment deal we do is funded by sales of government bonds,” Yngve Slyngstad told a seminar on real estate investments held at the Norwegian central bank………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

The world’s largest sovereign wealth fund says the optimal level of property investments might mean putting another $86 billion into real estate, singling out Asia as a hot spot for growth.
Norway’s $860 billion Government Pension Fund Global, Oslo, whose mandate is set by the government, was in 2010 allowed to invest 5% in the property market and is now studying whether it should add more to its portfolio. It has snapped up properties in New York, Paris, London and Berlin, among other cities, and is targeting Tokyo and Singapore………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

China investment bank CICC has just debuted in Hong Kong, climbing 6 per cent at the open. The state-backed bank raised $811m in an IPO late last month — a smaller flotation than initially planned as it seeks to convince investors of the potential to expand its sales and trading and wealth management operations.
CICC was formed as a joint venture between Morgan Stanley and China Construction Bank in the 1990s. It now counts China Investment Corporation, the country’s sovereign wealth fund, as its biggest shareholder. Shares sold by CIC accounted for just under 10 per cent of its initial public offering, with 90.1 per cent fresh equity. Other existing investors included private equity groups KKR and TPG who led the group that bought Morgan Stanley’s stake in 2010. After the sale, CIC now holds 30.1 per cent with GIC, Singapore’s sovereign wealth fund, holding 12.3 per cent. TPG and KKR hold 7.7 per cent and 7.5 per cent respectively………………………………………..Full Article: Source

Posted on 09 November 2015 by VRS |  Email |Print

After 11 months of budget uncertainty, Gov. Bill Walker has taken the helm to offer a realistic solution to our fiscal crisis. His Sovereign Wealth Fund proposal should end the boom and bust budget cycles dependent on the price of oil before the state depletes its Constitutional Budget Reserve. The challenge for the Legislature will be to set aside political ideologies and give this idea serious consideration.
If the plan is accepted and implemented, every Alaskan can expect to see our Permanent Fund Dividend cut in half. That could lead to voter backlash against Walker and any legislator who supports it. However, people need to recognize this recommendation is not about taking the easy way out………………………………………..Full Article: Source

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