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Sovereign Wealth Funds Briefing 12.Nov 2015

Posted on 12 November 2015 by VRS |  Email |Print

Sovereign wealth funds (SWFs) are less likely to be activist investors than their institutional peers due to their size and legal restrictions, according to research. The amount of money available to SWFs means their intentions when making investments are “important for politicians, unions, and regulatory authorities” to understand, wrote Mark Mietzner (Zeppelin University, Friedrichshafen), Dirk Schiereck (Darmstadt University of Technology), and Denis Schweizer (Concordia University, Montreal).
However, their analysis of 147 companies owned by SWFs showed that these groups probably shouldn’t be too concerned with investors’ ulterior motives: the focus instead is on companies with “higher return on assets, dividend payments, and yields”………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

The decision by the Knesset as part of the Sheshinski 2 bill has surprised the Bank of Israel, which expected the fund to operate from 2020. The target date for putting a sovereign wealth fund into operation has been advanced by three whole years as a result of the anticipated approval by the Knesset of the Sheshinski 2 bill for imposing an excess profits tax on the production of natural resources.
In recent months, the Bank of Israel has slowed its preparations for establishing the new fund, under the assumption that it would not be needed before 2020. It now appears, however, that the fund is slated to begin operating in 2017. The Knesset approved the sovereign wealth fund, officially called the Israeli Citizens Fund, in July 2014. The fund is scheduled to go into operation when the cumulative excess profits tax collected by the state reaches NIS 1.2 billion………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

Byron Trott, the former Goldman Sachs Group Inc. banker who arranged a deal in 2008 for billionaire Warren Buffett to inject capital in the firm, said the bank also sought financing from a sovereign wealth fund at the depths of the credit crisis.
“There was a second leg of that deal that never got done,” Trott said Wednesday at an event in New York celebrating Buffett’s 50 years running Berkshire Hathaway Inc. “We were trying to get, actually, a sovereign wealth fund to write Goldman Sachs a $10 billion line of credit behind it.”……………………………………….Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

The Ascott’s serviced residence global fund with 50:50 partner Qatar Investment Authority (QIA) has acquired two prime properties in Paris and Tokyo for US$104 million (S$148 million). The Ascott is the wholly-owned subsidiary of mainboard-listed Singapore property heavyweight CapitaLand.
The fund will invest another US$33 million to convert the office building in Paris, previously the private residence of the famous Hennessy family, into a luxury serviced residence as well as embark on asset enhancement to reposition the serviced residence in Tokyo, bringing the total investment to US$137 million, CapitaLand and The Ascott said yesterday in a joint release………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

The estimated $140 billion that will go into the Federal Government’s Future Fund over the next 15 years may not be managed by external fund managers, but controlled internally by specialists selected by Treasury. When contacted by Money Management this morning, a spokesperson for Treasury would not confirm or deny wide speculation that the money in the future fund would be managed by the Government through what it has dubbed the Future Fund Board of Guardians.
Legislation attached to the fund, which is being established to meet the superannuation liabilities of pubic servants, is due to be finalised within the next six weeks. Speculation external companies would be denied the chance to manage the fund arose after the Federal Treasurer, Peter Costello, announced in a statement earlier today that former Commonwealth Bank chief executive David Murray had been appointed as chairman of the Future Fund………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

With its 10th birthday looming, the Future Fund is entering its next incarnation complete with a new investment team structure. When David Neal, the inaugural chief investment officer of the Future Fund, became its managing director on August 4 last year, his previous role was split in two. Long-time head of timberland and infrastructure Raphael Arndt became the chief investment officer responsible for leading the investment team in developing the research, due diligence and selection and monitoring processes for assets and investment managers.
Stephen Gilmore, previously the Future Fund’s head of investment strategy, became the chief investment strategy and risk officer. In doing so he took on additional responsibility for managing and monitoring total portfolio risk settings and continuing to focus on portfolio design, and understanding the macroeconomic and market environment. Both report to Neal………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB), in a joint statement today with DuSable Capital Management LLC, said while the two entities had discussed working together to jointly develop a proposed 50MW solar power plant in Kedah, no definitive agreement was ever reached about the project or any other solar power projects.
According to the statement titled Factual Clarification on 50MW solar power plant in Kedah, Malaysia, 1MDB engaged US private equity firm DuSable in 2013 to assist with project development of utility-scale grid connected solar power generation capability, “for which DuSable was remunerated US$506,000 for costs and expenses”………………………………………..Full Article: Source

Posted on 12 November 2015 by VRS |  Email |Print

There is grounds for a charge against 1Malaysia Development Bhd (1MDB) for cheating the central bank, Parti Amanah Negara’s legal bureau chief Mohamed Hanipa Maidin said today, urging the Attorney-General (A-G) to reconsider the case against the state investment firm.
The Sepang MP said that the A-G’s clearance of 1MDB from any offence was only in the context of the Exchange Control Act 1953 (ECA) in relation to non-disclosure or incomplete disclosure of information to Bank Negara Malaysia (BNM) for permissions to make overseas transfers of money. But this did not mean that 1MDB was innocent of the crime of cheating which made the state firm liable to be charged under the Penal Code, Hanipa said………………………………………Full Article: Source

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