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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 09.Dec 2015

Posted on 09 December 2015 by VRS |  Email |Print

Norway’s sovereign-wealth fund should be given the leeway to plow more money into real estate and further diversify its portfolio by investing a chunk of its $850 billion in infrastructure, a government-commissioned expert group said. The fund, managed by Norway’s central bank and commonly referred to as the oil fund, should be allowed to invest up to 10% of its value in infrastructure and to raise its real-estate portfolio to 10% from a current ceiling of 5%, the group said in a report published Tuesday.
The government “should open up for unlisted infrastructure investment in the management mandate to Norges Bank to take advantage of investment opportunities unavailable in the listed space,” said the group, which was led by Prof. Stijn Van Nieuwerburgh at New York University………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s largest, would invest in renewable energy, transport and grids if it were allowed to put money into unlisted infrastructure projects, the fund’s CEO told Reuters on Tuesday.
His comments came after the Norwegian central bank recommended the fund should be allowed to invest in such projects and to put a higher share of its assets in real estate, changes that could represent the biggest shift in the fund’s strategy since it was allowed to invest in real estate in 2010. “From our point of view the focus will be on the energy transition, renewable energy,” Yngve Slyngstad said in an interview on the margins of the Paris global climate talks, when asked what kind of infrastructure projects the fund could consider………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

The world’s biggest sovereign wealth fund says it has recovered from the losses it suffered in the second and third quarters thanks to a strategy of dumping bonds and buying up stocks and real estate. The fund “has been reducing dramatically” its bond holdings over the past five years, Yngve Slyngstad, its chief executive officer, said in an interview in Paris on Tuesday.
There is still a “challenging investment environment” ahead of next week’s Federal Reserve decision. But the fund has nonetheless “got everything we lost in the third quarter back in the fourth quarter — so it’s going to be another positive year,” he said………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

Acting as a cornerstone investor in bond deals is helping GIC Pte boost returns on its fixed-income portfolio as yields persist near record lows and risks start to increase in the bond market, according to Singapore’s sovereign-wealth fund.
Companies that issue bonds directly to GIC when it acts as an anchor investor save on underwriting fees and part of those savings are passed on to the wealth fund, Chief Investment Officer Lim Chow Kiat said in an interview with the London-based Sovereign Wealth Center published Tuesday………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

GIC Pvt Ltd and the Jardine Matheson Group are both said to be showing keen interest in Malaysian Resources Corp Bhd (MRCB), and could each be taking up a stake in the company via its recent proposed private placement exercise, according to a source close to the matter.
“There has of course been interest shown in MRCB’s placement shares by local funds such as Kumpulan Wang Persaraan (Diperbadankan) and local banks, but a game changer is these two international firms are said to be showing a keen interest in taking up a piece of MRCB in their ongoing discussions with the company,” the source told The Edge Financial Daily………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

In the latest chapter to sell-off its debt ridden assets, Singapore’s S$266 billion (US$189 billion) sovereign wealth fund Temasek agreed this week to relinquish its 67% stake in shipping company Neptune Orient Lines (NOL) to French container shipping giant CMA CGM for an estimated US$2.4 billion.
Once clear of antitrust regulations, CMA CGM will launch an offer price of S$1.30 (US$0.92) per share which represents a 49% premium to NOL’s unaffected share price and a 33% premium to NOL’s three-month, volume-weighted average share price. This will be the biggest transaction for the container shipping industry since Maersk bought Royal P&O Nedlloyd NV for US$2.9 billion in 2005……………………………………….Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

The Bank of Thailand is not pursuing a path towards the creation of a sovereign wealth fund, but rather seeking greater flexibility in managing foreign reserves to cope with volatility in the year ahead. Like his predecessor, Prasarn Trairatvorakul, newly appointed BOT Governor Veerathai Santiprabhop does not support the idea of financing government projects with foreign reserves.
“The reserves do not belong to any government,” he bluntly said in an interview, when asked about the possibility. “Rather, it is the money of all Thais, aimed at maintaining the stability of international transactions.” Reserves are accumulated in line with foreign inflows, therefore all parties must be mindful when the capital exits the country, he added………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

Secretary in the Office of President and Cabinet, Ambassador Stuart Combabach says Zimbabwe’s Sovereign Wealth Fund is ill-timed because the country has no surplus resources to invest in the fund. The Act setting up the SWF was assented to by President Mugabe on November 6, 2014 and legislation was officially gazetted on June 26, this year.
The SWF board was put together on the first of July this year. Ambassador Combabach said while the concept of a sovereign wealth fund for Zimbabwe was welcome and endorsed, there are question marks over the wisdom and practicality of launching it at this point. He said, since a SWF functions or is funded on the basis of budget surplus and or trade surplus, Zimbabwe has not been able to attain such a situation for a long time………………………………………..Full Article: Source

Posted on 09 December 2015 by VRS |  Email |Print

Supreme Court yes­terday adjourned till March 8, 2016, the suit filed by 36 states of the fed­eration against the Federal Government over a dispute arising from the mainte­nance of Excess Crude Ac­count and the transfer of one billion dollars from the account to the Sovereign Wealth Fund, SWF.
The 36 states are praying the court to decide whether the states had a share in the SWF. The Supreme Court had earlier granted a re­quest by the parties to settle the matter out of court and to explore an amicable reso­lution of the disagreement. When the matter came up for hearing yesterday, the Federal Government through its counsel from Wole Olanipekun and Aus­tin Alegeh’s chambers informed the court that a new Attorney General of the Federation had just re­sumed office and will need time to study the case file for necessary action………………………………………..Full Article: Source

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