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Sovereign Wealth Funds Briefing 18.Feb 2016

Posted on 18 February 2016 by VRS |  Email |Print

The new chief of Korea’s sovereign wealth fund on Wednesday stressed risk control in an era of global financial volatility, saying its return on investment this year could remain negative after a near 3 percent loss last year.
“The outlook for our investment returns is not bright this year in light of the weakness in global markets, with the New York Stock Exchange down nearly 10 percent,” Eun Sung-soo, CEO of Korea Investment Corp. told reporters at its head office in Seoul. The former World Bank director and long-time Korean Finance Ministry official took charge of the $91.8 billion national wealth fund last month………………………………………..Full Article: Source

Posted on 18 February 2016 by VRS |  Email |Print

Having reported a negative return last year, South Korea’s sovereign wealth fund Korea Investment Corp. (KIC) decided to up the scale of asset trust by 2.5 times from current levels to $200 billion by 2020. The corporation will install the offices of auditor and risk management officer to reinforce oversight of the state asset agency.
KIC CEO Eun Sung-soo said KIC will incrementally increase its asset from last year’s $80 billion to $200 billion by 2020 to raise efficiency in asset management………………………………………..Full Article: Source

Posted on 18 February 2016 by VRS |  Email |Print

What does 1MDB stand for and when was it set up? It stands for 1 Malaysia Development Berhad. “Berhad” is a Malay word meaning “private” and is used to describe a limited company in Malaysia.
It was created as a sovereign wealth fund in 2009, not long after Nijib Razak became Malaysia’s prime minister. The government said it was set up to promote economic development, to promote foreign direct investment and to turn Kuala Lumpur into a global financial hub………………………………………..Full Article: Source

Posted on 18 February 2016 by VRS |  Email |Print

Temasek Holdings Pte pared its holdings in China’s biggest online retailer Alibaba Group Holding Ltd. in the fourth quarter while buying shares of other Chinese online companies, including Alibaba’s biggest competitor, JD.com Inc. Singapore’s state-owned investment firm sold 548,769 American depositary receipts in Alibaba, leaving it with 47.5 million.
The value of the holding increased by $1.03 billion to $3.86 billion as the shares gained 38 percent in the period. Among Temasek’s new acquisitions were 6.1 million ADRs in Chinese online retailer JD.com and 8.2 million ADRs in Chinese online travel company Tuniu Corp………………………………………..Full Article: Source

Posted on 18 February 2016 by VRS |  Email |Print

Canada’s Brookfield Asset Management has reportedly teamed up with Qatar’s sovereign wealth fund to launch a fresh $6.4bn bid for Australian port and rail firm Asciano. The firm said it was dumping Brookfield’s initial offer of AUD 8.9bn ($6.3bn) on Tuesday in favour of a higher AUD 9bn bid from Australian freight rival Qube Holdings Ltd and China Investment Corp.
Sources told Reuters that Brookfield would combine with Qatar Investment Authority and pension fund PSP Investments for a new offer of AUD 9.05bn as early as Thursday. The deal would be QIA’s first in Australia after buying assets around the world including a 44 per cent stake in a $4.5bn Brookfield property development in New York last year………………………………………..Full Article: Source

Posted on 18 February 2016 by VRS |  Email |Print

While the debate on Nigeria’s sovereign wealth fund debacle raged sometime in December, 2013, available statistics on the spiraling figures did not add up then with reasons adduced in government circles.
A member of the committee then, Senator Ita Enang and former Coordinating Minister for the Economy and Finance Minister, Mrs. Ngozi Okonjo-Iweala, had quoted different figures of funds accruing to the Excess Crude Account (ECA) during the Joint Senate Committee of Finance and Appropriations on the 2013 budget and federal revenue-generating agencies………………………………………..Full Article: Source

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