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Sovereign Wealth Funds Briefing 02.Nov 2016

Posted on 02 November 2016 by VRS |  Email |Print

Fund set to take ownership of Saudi Aramco names none of its investments, institute notes. A Saudi Arabian sovereign-wealth fund being prepared to take ownership of state-owned oil giant Saudi Arabian Oil Co. is less transparent than a fund belonging to Equatorial Guinea that currently ranks as the most opaque in the world, according to a new report.
The fund has a website with one page in Arabic and another in English that says it is “under development.” The fund didn’t respond to a request for comment……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

Abu Dhabi investor Mubadala Development Co. is in talks with SoftBank Group Corp. about a potential multi-billion dollar investment in its technology fund, people familiar with the matter said.
Japan’s SoftBank, run by Masayoshi Son, is also in talks with European and North American investors, one of the people said, asking not to be identified because the deliberations are private. No final agreements have been reached and talks may still falter, the people said. The Qatar Investment Authority sovereign wealth fund is also in discussions to join the project, people familiar with the matter said last month……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

The Minister of Energy, Suhail Al Mazrouei, said he sees big growth opportunities, especially for petrochemicals, in the merger of Mubadala Development Co and International Petroleum Investment Co (Ipic).
“The merger will create an opportunity for us to consolidate our efforts and to forge partnerships that would be capable of enhancing global competitiveness and opening new markets for us and our companies,” said Mr Al Mazrouei, who is also the managing director of Ipic and one of the triumvirate steering the merger through, with Mubadala Development’s chief executive, Khaldoon Al Mubarak, under chairman Sheikh Mansour bin Zayed Al Nahyan……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

Kazakhstan’s reorganised sovereign wealth fund is spearheading the privatisation of the country’s major assets. Stefanie Linhardt finds out how the fund is planning to make privatisation pay for the Kazakh economy.
Has privatisation become an old story? Not in Kazakhstan, where the process of selling off has started but a large share of assets resides in state hands. In most cases, the country’s recently reorganised sovereign wealth fund, Samruk Kazyna, is running the sales. Samruk Kazyna, which has shifted from being an operationally involved fund to being a strategic investor, has embarked on wide-ranging privatisation of Kazakh businesses……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

China Investment Corporation (CIC) decided a little retail therapy was in order after announcing it had recorded a loss on overseas investment in 2015 a few months back. For the sovereign wealth fund this shopping binge meant investing €188 million ($206 million) to buy two French malls — its second set of shopping centres in the country.
As with its previous Gallic retail acquisition, CIC has teamed up with private investment manager AEW to purchase and manage the newly acquired assets……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

A private banker on trial in Singapore for his alleged role in Malaysia’s 1MDB fund scandal worked closely with a friend of Malaysian Prime Minister Najib Razak, a court heard Tuesday.
A prosecution witness told a district court that Singaporean Yeo Jiawei, 33, left his job at the local branch of Swiss bank BSI in 2014 to work with Low Taek Jho, a family friend of the Malaysian leader, and they conducted business in a secretive way……………………………………Full Article: Source

Posted on 02 November 2016 by VRS |  Email |Print

Wealth manager Yeo Jiawei went to work with or for financier Jho Low after leaving BSI Bank, his one-time boss testified. A witness linked a former private banker on trial here to a young financier global investigators say was at the center of the misappropriation of billions of dollars from Malaysian state investment fund 1MDB.
Wealth manager Yeo Jiawei, 33, went to work with or for the financier, Jho Low, after leaving BSI Bank Ltd. in Singapore in 2014, his one-time boss Kevin Swampillai testified in court……………………………………Full Article: Source

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