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Sovereign Wealth Funds Briefing 03.Nov 2016

Posted on 03 November 2016 by VRS |  Email |Print

Global Logistic Properties Ltd., the $6 billion owner of industrial property, has attracted takeover interest from an investor group that includes China’s sovereign fund, people with knowledge of the matter said.
China Investment Corp., Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for Singapore-based GLP, according to the people. The suitors have reached out to potential partners to weigh their interest in joining the consortium, one of the people said, asking not to be identified because the information is private…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday. The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price.
“It will all depend on the final pricing of the IPO,” the source said. SPAVI filed a registration statement with the Securities and Exchange Commission last month to raise as much as P5.5 billion from the sale of 352 million primary and secondary shares, including 46 million shares to meet extra demand at a maximum price of P15.58 apiece…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

Australia’s Future Fund is moving away from riskier assets, in a sign that major institutional investors are becoming more conservative. Australia’s sovereign wealth fund declared on Monday that it made a 1.5% gain in the quarter through September, bringing total assets to A$124.7 billion ($95 billion).
“Like all investors across major global economies, we are facing a low-return environment,” said the fund’s chairman, Peter Costello, previously the treasurer of the Liberal Party. He said the fund is performing “well,” but is taking a “disciplined and prudent approach” to new investment…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

The Future Fund is using a combination of active managers and smart beta strategies to direct more capital into companies that have been identified as merger targets.
Future Fund manager of debt and alternatives John O’Keeffe told Investment Magazine that he had deployed a plan earlier this year to allocate more capital into investment strategies designed to capture “merger arbitrage”. The opportunity set had been particularly attractive in recent months because a number of large international merger deals had either failed to get over the line or suffered lengthy delays…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

Australia’s sovereign wealth fund Future Fund has noted that the challenging economic and market conditions globally have made it attractive to diversify into areas not linked to traditional equity or debt market, highlighting the role of private equity in its investment portfolio.
With 10.4 per cent of its current asset allocations in the private equity category, Future Fund said, in its annual report 2015-2016, venture capital and growth equity accounted for around 46 per cent of its private equity programe, which itself is valued at around $12.8 billion…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

The Government will announce the establishment of the Sovereign Wealth Fund board to manage the Fund in early 2017. Treasurer Patrick Pruaitch, when delivering his 2017 Budget speech in Parliament yesterday, said an independent firm has been engaged to carry out a comprehensive executive search in the domestic and international labour market. This is to identify and recommend suitable candidates for appointment as chairman and members of the PNGSWF board.
He said the SWF board’s primary focus in the short term will be to develop a framework and arrangements for Fund Investment. It will also include the establishment of the administrative secretariat to support its operational and administrative functions…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

The Monetary Authority of Singapore has come out fighting after its private banking industry was immersed in the 1MDB scandal. A tax amnesty with Indonesia has posed further difficult questions about disclosure and privacy. Now the MAS has to show its teeth without wrecking an industry the country relies on.
1MDB is the scandal that keeps on taking. Having crippled institutional and political trust in Malaysia, brought down senior figures across the Middle East and triggered intensive investigations from Switzerland to the US, it has now given Singapore’s private banking industry its greatest test in a generation…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

Further details were revealed in court on Wednesday (Nov 2) about the complex web of relationships involving former employees of Swiss bank BSI who allegedly had a hand in the money laundering operation linked to 1MDB, and how the illicit dealings went on at the expense of the bank.
BSI entered into an agreement with fund management company Bridge Partners International Management in 2012, involving US$2.3 billion from 1MDB-owned Brazen Sky…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

SoftBank Group is calling on sovereign wealth funds in the United Arab Emirates and Qatar to invest in a $100 billion technology fund the Japanese company is setting up with Saudi Arabia.
SoftBank plans to pour at least $25 billion into the SoftBank Vision Fund over the next five years, with Saudi Arabia’s sovereign wealth fund expected to contribute $45 billion. The UAE and Qatar are said to be interested in chipping in…………………………………….Full Article: Source

Posted on 03 November 2016 by VRS |  Email |Print

Qatar Investment Authority also said be in talks to join the Saudi-backed investment fund. Abu Dhabi’s Mubadala Development Company is in discussions with Japan’s SoftBank Group Corporation for a potential multi-billion dollar investment in its new technology fund, according to a report.
In October, Saudi Arabia’s Public Investment Fund and SoftBank announced plans to launch $100 billion (AED367 billion) SoftBank Vision Fund appealing to Middle Eastern investors and sovereign wealth funds…………………………………….Full Article: Source

Posted on 03 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 03 November 2016 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the country, sold some $371 million at currency auctions in October 2016. The Fund is expected to continue the sale of currency at auctions organized by the Central Bank of Azerbaijan.
The sale of currency is implemented within the framework of transfers of SOFAZ to the state budget of Azerbaijan. The transfers of the Fund are forecasted to hit 7.61 billion manat ($ 4.64 billion) in 2016, while the forecasted index for 2017 stands at 6.1 billion manat ($3.7 billion)…………………………………….Full Article: Source

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