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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 01.Dec 2015

Posted on 01 December 2015 by VRS |  Email |Print

The collapse in the price of oil has compounded the problems for Aberdeen Asset Management, with Europe’s third-largest listed fund house reporting its 10th consecutive quarter of net fund outflows. The Scottish-based asset manager, which specialises in emerging market and Asian funds, has been battling with investor nervousness over the continued turmoil in those regions, but net redemptions have been exacerbated by oil-producing countries pulling money from their wealth funds to make up for a loss of export earnings.
Aberdeen suffered net outflows of almost £13bn during the three months to the end of September, worse than analysts had expected. The company said the outflows were “compounded by a number of sovereign wealth funds reducing their market exposure in response to the low oil price”………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

Macau’s sovereign wealth fund will be called the MSAR Investment and Development Fund, Secretary of the Economy and Finance Lionel Leong Vai Tac has said. Mr Leong told the Legislative Assembly that a government corporation would manage the fund.
He said the money in the fund would come from the extraordinary fiscal reserve. But Mr Leong failed to say how much money the fund would contain………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

Chinese buyers are running a rule over FTSE 100 hotels group IHG, according to weekend reports, sending its shares higher in early morning trade today.The sovereign wealth fund, China Investment Corp, along with Shanghai Jin Jiang International Hotels Group and airline owner HNA Group are cited as possible suitors.
In opening deals, IHG shares topped the FTSE 100 leader board, up 28p, or 1.1 per cent, to 2,517p. IHG, which owns the Crowne Plaza and Holiday Inn brands, is thought to be exposed after rival Starwood Hotels & Resorts Worldwide recently agreed to a takeover by Marriott………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC has entered an agreement to acquire Grupo BTG Pactual SA’s 12 per cent stake in Rede D’Or São Luiz SA, Brazil’s largest hospital chain. This increases its equity stake in the hospital chain to 28 per cent.
The consideration for this acquisition by GIC Pte Ltd amounts to almost 2.5 billion reais ($633 million), according to Reuters, which cited a source directly involved in the deal, who also claimed that an official announcement would be taking place………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

The Reserve Bank of India on Monday revamped the external commercial borrowing (ECB) regime and long-term foreign currency borrowing with “a more liberal approach, fewer restrictions on end uses and higher all-in-cost ceiling.” The RBI will allow offshore insurance companies, pension funds and sovereign wealth funds (SWFs) to lend to Indian companies for the long term in a bid to attract more inflows.
The central bank raised the limit for small value ECBs with minimum average maturity (MAM) of three years to $50 million from the existing $20 million and alignment of the list of infrastructure entities eligible for ECB with the harmonised list of the government………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

Japan’s public pension reserve fund, the largest of its kind in the world, posted its biggest quarterly loss since the financial crisis for the quarter through September, dragged down by a global stock selloff. The Government Pension Investment Fund lost ¥7.89 trillion ($64.22 billion) in the three months to September, or 5.59%, bringing the value of its total assets to ¥135.1 trillion. That was the largest percentage-point fall on quarter since 2008.
The release gives a view of how pension funds, endowments and sovereign-wealth funds around the world were hit by a global selloff that erased trillions of dollars in value from financial markets amid concerns about growth in China and expectations for an interest-rate increase in the U.S. Norway’s sovereign-wealth fund, the largest in the world, lost 4.9% in the third quarter, its worst quarter in four years………………………………………..Full Article: Source

Posted on 01 December 2015 by VRS |  Email |Print

Norway’s central bank will sell foreign exchange equivalent of 600 million Norwegian crowns per day from Dec 1-11 after selling 700 million crowns a day throughout November. Norges Bank limits the number of days it conducts foreign exchange transactions in the month of December to avoid year-end market volatility.
The bank is selling the currency because the government’s transfers to its $852 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil-related income. The bank usually puts foreign currency to be given to the fund into a “buffer portfolio”, which had become bigger than necessary and has said it would gradually reduce the size of this buffer this year by selling foreign exchange in the market………………………………………..Full Article: Source

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