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Sovereign Wealth Funds Briefing 17.Nov 2015

Posted on 17 November 2015 by VRS |  Email |Print

One of the architects of the world’s biggest sovereign wealth fund says pension plans face increasingly complex decisions over responsible investment, particularly in energy. Martin Skancke, now board chairman of the United Nations Principles for Responsible Investment, helped devise the framework for the oil-fuelled Norwegian pension fund in the mid-1990s.
The fund has grown to the equivalent of $1.25 trillion and owns about 1.3 per cent of equities around the world - including in New Zealand - and is branching into real estate. Its holdings include a 25 per cent share of all of Regent St in London. Skancke, in Auckland for a briefing on responsible investment, said energy companies were challenging for pension funds which adhered to principles of responsible investment……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

With its 10th birthday approaching, the Future Fund is entering its next incarnation complete with a new investment team structure. Investment Magazine spoke to Raphael Arndt, Stephen Gilmore and David Neal. 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……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Indian realty major DLF Ltd on Monday said it has received approval from the Competition Commission of India for a joint-venture with Singapore’s sovereign wealth fund GIC, which is investing close to Rs.1,990 crore in two projects in Delhi. “DLF Home Developers Ltd (DHDL), a wholly-owned subsidiary of DLF Ltd and GIC, Singapore’s sovereign wealth fund, have signed an agreement to enter into a joint venture to invest in two upcoming projects located in central Delhi,” the company said in a regulatory filing with the Bombay Stock Exchange.
The statement said GIC would invest a sum of approximately Rs.1,990 crore in the two projects, subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

The government is looking to set up a special fund to tackle the issue of stressed assets. This is expected to be part of the National Investment and Infrastructure Fund (NIIF), which would be like India’s sovereign wealth fund. Although banks are seeing a slowdown in growth of fresh non-performing assets (NPAs), they are grappling with a huge pile of bad debt due to problems in certain companies and some sectors such as metals, and inability of several infrastructure projects to take off.
In an interview, minister of state for finance Jayant Sinha told TOI that the proposed special situations fund will deal only with projects that are viable and can be nursed back to health……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Stats ChipPac Ltd., Southeast Asia’s biggest semiconductor assembler, is seeking to refinance $400 million of debt in the first test of its credit strength without the implicit AAA backing of the government of Singapore.
The planned note offering comes after Temasek Holdings Pte, the Singapore sovereign wealth fund, cashed out from Stats ChipPac as Chinese firm Jiangsu Changjiang Electronics Technology Co. completed its takeover bid in October. Temasek’s departure triggered two rating downgrades by Standard & Poor’s just as the financing costs of lower-rated borrowers in Asia are rising amid renewed global market jitters……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Stats ChipPac, Southeast Asia’s biggest semi-conductor assembler, is seeking to refinance US$400 million (S$570 million) of debt in the first test of its credit strength without the implicit AAA backing of the Singapore Government.
It plans to sell US dollar-denominated debt that is due in five years to help repay part of an US$890 million bridge loan, Stats ChipPac CEO Woo Kwek Kiong said. The company is currently seeking a US$500 million syndicated loan to pare the bridge loan from DBS Group Holdings……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

The value of Temasek Holdings Pte’s US listed securities fell to the lowest level this year as it sold some of its assets and the Standard & Poor’s 500 Index slumped the most since 2011. Singapore’s state-owned investment firm reported US$10.5 billion of holdings as of September 30 in a filing with the US Securities and Exchange Commission on Monday.
That’s a decline of US$5.4 billion from the previous quarter and the lowest since the three months to December, when holdings were US$9.6 billion. The US benchmark index fell 6.9 per cent in the third quarter amid uncertainty over the Federal Reserve’s rate tightening policy and concerns that an economic slowdown in China will curb demand for commodities and crimp global growth……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

In the past two days, the Umno/BN owned or controlled media and their legion of cybertroopers have been carrying glowing reports about what a superb performance the 1MDB CEO Arul Kanda Kandasamy gave at the briefing for Umno divisional leaders at the Putra World Trade Centre (PWTC) on Saturday about the 1MDB scandal, and that the participants, which included representatives from NGOs and government agencies, were satisfied with Arul’s explanations which gave “a better picture of the real situation”.
The immediate question that comes to mind is whether the cabinet of Prime Minister Najib Abdul Razak is so intellectually-challenged that none of the Ministers could explain the intricacies and complexities of the 1MDB scandal to Parliament for the past month, when Arul could so easily explain away the RM50 billion 1MDB scandal at the Umno briefing to its divisional leaders and pliable NGOs at PWTC last Saturday - as if Arul is such a superb performer that he is capable of getting birds to eat food from his hands?………………………………………Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) president and CEO Arul Kanda Kandasamy said the company will have at least RM10 billion worth of assets after undergoing a rationalisation plan to clear its debts. Speaking in a public forum on Saturday, Arul Kanda also said the government is supportive of the plan, including selling its assets.
Among the assets that the company owns include the land in Tun Razak Exchange as well as a 40% stake in Bandar Malaysia Sdn Bhd worth between RM4 billion and RM5 billion, land in Ayer Itam, Penang (RM1 billion) and Pulau Indah (RM300 million). “1MDB took loans to purchase assets. The payment of debts is made through generating our assets,” said Arul Kanda in a packed public briefing at Putra World Trade Centre (PWTC) on Saturday……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Khazanah Nasional Bhd is among the key outfits helping to analyse various benefits and pitfalls for Malaysians with the nation’s participation in the Trans-Pacific Partnership Agreement (TPPA). “We hope the analyses would show in terms of what the benefits are and in terms of what the costs are and whether the benefits outweigh the costs,” said Khazanah Research Institute managing director Datuk Charon Mokhzani.
The highly publicised 12-country trade agreement has received both praises and criticisms in Malaysia and TPPA member nations, based on details leaked earlier and initial impressions after the full text was made public last week. “It’s a 6,000 page document and it’s very hard for us today to tell you what the overall impact (just yet). To be able to make a proper comment on this is too early. We need time to understand the document.”………………………………………Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Korea Investment Corp increased its stake in Fireeye Inc by 1042.56% based on its latest Q3 2015 regulatory filing with the SEC. Korea Investment Corp bought 399,300 shares as the company’s stock declined 34.41% while stock markets rallied. The institutional investor held 437,600 shares of the technology company at the end of Q3, valued at $13.92 million, up from 38,300 at the end of the previous reported quarter.
Korea Investment Corp who had been investing in Fireeye Inc since many months, is probably bullish the $3.57B market cap company. The stock increased 0.09% or $0.02 on November 13, hitting $22.25. About 5.44 million shares traded hands. FireEye Inc has declined 46.72% since April 14, 2015 and is downtrending. It has underperformed by 43.25% the S&P500……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Mumtalakat plans to buy a 49 percent stake in Spanish aluminium products group Aleastur, an executive at the Bahraini sovereign fund said on Monday. “We are taking a minority stake and helping the company to expand into the Gulf,” Joseph Kirikian, head of industries and services at Mumtalakat, told Reuters on the sidelines of an aluminium conference.
He declined to give a value for the investment but said the deal would hopefully close soon……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

The Oman India Joint Investment Fund is targeting to make the first close of its second fund in the first quarter of 2016, The Economic Times reported on Monday citing its CEO Srinath Srinivasan. The private equity firm sponsored by Oman’s sovereign wealth fund, State General Reserve Fund, and top Indian lender State Bank of India is looking to raise $300 million (Rs 1,980 crore) in its second outing, the report said.
Last year, the investment firm was reported to be eyeing $350 million for the second fund. An emailed query to the company on whether it has cut the fund size did not elicit any response till the time of filing this article………………………………………Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

The Qatar Investment Authority, the Gulf state’s sovereign wealth fund, has divested $1 billion worth of shares in Royal Dutch Shell Plc and BG Group, casting doubts on whether the proposed mega-merger has the support of major shareholders within the two companies.
The QIA, which holds about 4.88 percent of Shell and 1.76 percent in BG Group, has sold 43 million shares in BG and a further 24 million in Shell over a period of less than three weeks near the end of October. “The market is concerned that these sales have been discriminatory towards BG, and therefore suggesting some underlying reason which might be worrying for the fate of the transaction,” analysts at Olivetree Financial said as quoted by The Telegraph……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, has bought a stake in Tokyo Cement of Sri Lanka, the company’s interim filed in Colombo Stock Exchange shows. Norges Bank has bought 2,078,857 voting shares of Tokyo Cement, amounting to a 0.93 percent stake, and 6,269,466 non-voting shares or a 5.63 percent stake, according to the firm’s September quarter results.
The Norges Bank bought 7.5 million shares in knit fabric maker Textured Jersey Lanka, in the month of October this year. Norges Bank Investment Management has close to a trillion dollars invested in global assets, a fund built from the country’s oil revenues. The fund is currently valued at 7.2 trillion Norwegian Kroner, or 835 billion dollars……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Ireland’s sovereign wealth fund will pull several billion euro from global asset managers over the next five years as the Government tries to use the fund’s assets to bolster the domestic economy.
Some €3 billion of the sovereign fund’s €7.9 billion of investible asset is in global equities, bonds, commodities, infrastructure and absolute return funds run by international asset managers. It will divest from these holdings by 2020 as part of its new mandate to invest in projects and companies with the potential to create jobs in Ireland and boost the economy……………………………………….Full Article: Source

Posted on 17 November 2015 by VRS |  Email |Print

Fears that sovereign wealth funds would pull out of equity markets - say, as some countries tried to shore up their public finances in the face of lower oil prices - and the impact that might have on asset managers and banks were “overblown,” analysts at Morgan Stanley found.
Only 60% of SWF’s assets, totalling approximately $7tn (£4.64bn), are held by oil producing nations and the pressures on their state finances vary depending on the economy in question, they argued in a research report sent to clients. An “extreme” bear-case suggested potential earnings risk of 0.1-7.1% (average: 2.1%) if all SWFs redeemed all externally managed assets, the broker said……………………………………….Full Article: Source

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