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Sovereign Wealth Funds Briefing 01.Nov 2016

Posted on 01 November 2016 by VRS |  Email |Print

Africa has experienced a growth spurt in the last decade largely because of rising commodity prices. But that can’t last forever, and it hasn’t. Partly as a hedge and partly as an economic development vehicle, several African nations started sovereign wealth funds (SWFs) to occasional controversy.
Global SWF assets have doubled since the 2008 financial collapse to more than $7.2 trillion in 2015. SWFs in Africa are blooming and now manage assets over $160 billion, which represent more than 6 percent of the continent’s Gross Domestic Product. Angola’s SFW is one of the continent’s largest. Launched in October 2012, Fundo Soberano de Angola, or FSDEA, was endowed with $5 billion in assets and a mandate to promote economic and social development in Angola and Sub-Saharan Africa………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Oman’s State General Reserve Fund (SGRF) agreed to buy 32.2 percent of Mecanizados Escribano, a family-owned Spanish company making precision mechanical components for the aerospace, defence and other sectors, the sovereign fund said on Monday.
The deal is part of a drive by Oman to use its sovereign fund assets to help diversify the economy beyond oil and gas exports; under the deal, Escribano will set up a local manufacturing entity in Oman, although details were not given………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

The Future Fund has scaled back its exposure to property in the first quarter as it reported returns in line with its mandated target. For the three months to September 30, the sovereign wealth fund recorded a 1.5 per cent return, pushing its funds above $124 billion.
The breakdown of asset allocation at the end of the quarter showed a significant move away from property, with its share of assets sliding 0.5 percentage points to 6.5 per cent. Private equity as a share of assets also declined significantly, from 10.4 per cent to 10 per cent………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Future Fund managing director David Neal has said the nation’s sovereign wealth fund will continue to shun risk amid a shift away from property assets through the first quarter and an eight-year peak in cash holdings.
The Future Fund booked a 1.5 per cent return for the three months to September 30, matching its mandated target and ­pushing funds under management above $124 billion for the first time. Figures on the breakdown of assets revealed a 0.4 percentage point rise in cash to 22.1 per cent, the second-highest share since the final quarter of 2009………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Australia’s sovereign wealth manager, the Future Fund, on Monday posted a return of 1.5 percent for the last quarter, in line with its target, following a disappointing annual performance in the 2015/16 financial year.
“Like all investors across major global economies, we are facing a low-return environment,” said Peter Costello, chairman of the A$124 billion ($94.17 billion) Future Fund. In June, it posted a return of 4.8 percent for the last financial year, versus an expected 5.5 percent, as the fund lowered its exposure to risk assets due to global growth uncertainty………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

The Future Fund stood at just over $124 billion at the end of the September quarter, returning 5.8 per cent in the past year and beating its target. Former Liberal treasurer and now chairman of the fund Peter Costello says the fund - which aims to cover the unfunded liabilities of public service superannuation - continues to perform well and has met its benchmark since its inception in May 2006 with a return of 7.6 per cent.
“Like all investors across major global economies, we are facing a low-return environment. We are maintaining a disciplined and prudent approach to finding opportunities,” Costello said……………………………………..Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Melbourne’s banking and finance credentials are impressive. Its financial sector directly employs more than 100,000; the city is home to two of Australia’s four largest banks, the ANZ Banking Group and National Australia Bank;
Australia’s A$122.79 billion sovereign wealth fund, known as the Future Fund, operates out of Melbourne, as do the Australian arms of a range of global banks and fund managers; while Victoria is also a global leader in best-practice infrastructure procurements………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Assets at the Exchange Fund, which is used to back the Hong Kong dollar, totalled HK$3,573.8 billion ($460.84 billion) at the end of September, the Hong Kong Monetary Authority (HKMA) said on Monday.
The figure was HK$14.1 billion higher than the total at the end of August, with foreign currency assets and Hong Kong dollar assets rising HK$11.1 billion and HK$3.0 billion respectively, the city’s de facto central bank said in a statement………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Singapore has begun the trial of a former private banker charged with money laundering and other offenses in connection with the indebted Malaysian state fund 1MDB. Yeo Jiawei, a former wealth planner at Swiss private bank BSI, is facing 11 charges for allegedly obstructing the course of justice, money laundering, cheating, and forgery.
BSI was closed down in May due to serious breaches of anti-money laundering requirements, among other problems. Investigators in Singapore, Switzerland, Hong Kong and the U.S. have been probing allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from 1MDB, or 1Malaysia Development Bhd………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

Prime Minister Najib Abdul Razak has said that debts accumulated by 1MDB are not considered government debts. “Debts (accumulated) by 1MDB and their related projects are not classified as federal government debts.
“Therefore, debts accumulated by 1MDB and their related projects do not contribute to government debts,” said the finance minister. Najib said this in a written parliamentary reply to Seputeh MP Teresa Kok, who had asked the finance minister to state the debt-to-GDP ratio for both 2015 and 2016, and also to state the debts contributed by 1MDB and related projects………………………………………Full Article: Source

Posted on 01 November 2016 by VRS |  Email |Print

The State Oil Fund of Azerbaijan, better known as Sofaz, is looking to take on more risk, according to Deputy CEO Israfil Mammadov. The fund aims to soon lift its cap on investment in stocks, including private equity, from 15% to 25%, Mammadov recently told The Nikkei Veritas.
Sofaz had $33.7 billion in assets under management at the end of June, of which bonds and short-term financial instruments made up roughly 80%. The fund acquired Kirarito Ginza, a shopping mall in Tokyo’s ritzy Ginza district, from Japanese leasing giant Orix last year for 52.3 billion yen ($496 million at current rates). Sofaz has also invested in funds involved in Japanese real-estate development, including logistics facilities and properties in outlying cities, Mammadov said……………………………………..Full Article: Source

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