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Sovereign Wealth Funds Briefing 08.Nov 2016

Posted on 08 November 2016 by VRS |  Email |Print

The Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks, which has investments in Romania, following a deal worth 2.4 billion Euro, the biggest real estate deal in Europe this year. P3, one of the biggest owners, developers and administrators of logistics assets across Europe, will be acquired by GIC from TPG Real Estate and its partner Ivanhoe Cambridge.
The sellers had taken over P3 in 2013. Since then, the group has expanded and reached a portfolio of 3.3 million square meters of logistics space. The international transaction is expected to close by the end of 2016, pending regulatory approvals………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

Singapore’s sovereign-wealth fund has agreed to pay €2.4 billion ($2.7 billion) for a portfolio of European warehouses, a sector that is thriving as investors bet on internet shopping.
GIC Pte. will buy P3 Logistic Parks, which owns and manages 163 warehouses in nine countries, from private-equity firm TPG Capital and Ivanhoé Cambridge, the property arm of Quebec’s state pension fund, the firms said in a joint statement on Monday………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

New Zealand’s sovereign wealth fund plans to protect its portfolio from climate change risks by cutting fossil fuel exposure and seeking greener investments, its chief executive said. The NZ$31 billion ($22.71 billion) fund, established to support New Zealand’s retirees, is hosting an annual meeting for some of the world’s biggest sovereign funds in Auckland on Nov 8-11.
Climate change policy risks are expected to figure high on the agenda of the meeting, which will be attended by International Forum of Sovereign Wealth Funds (IFSWF) members such as China’s CIC, Singapore’s GIC and the Gulf’s Abu Dhabi Investment Authority………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

China Investment Corporation (CIC), the country’s sovereign wealth fund, will set up a research institute to promote international trade and investment. Starting on Saturday, CIC will hold four recruitment sessions for overseas Chinese talent in Chicago, New York, Boston and San Francisco.
Qi Bin, the CIC’s executive vice president, will be hosting these sessions, talking about the challenges and opportunities China is facing, and what role the CIC research institute is going to play in facilitating the country’s growing overseas investments………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

Bank Negara Malaysia took action against Ambank staff Cheah Tek Kuang and Joanna Yu over a 1MDB-linked case, the Finance Ministry said. However, it did not specify what action was taken in the written parliamentary reply to Tony Pua (DAP-Petaling Jaya).
“Bank Negara investigated financial institutions involved in the 1MDB case under the Financial Services Act 2013, Islamic Financial Services Act 2013 and Anti Money-Laundering and Anti-Terrorism Financing Act 2001 and Proceeds of Unlawful Activities Act 2001………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

Qatar’s sovereign wealth fund is considering an anchor investor role in the world’s oldest bank. Qatar’s sovereign wealth fund has expressed a preliminary interest in backing Monte dei Paschi di Siena’s 5 billion euro ($5.56 billion) emergency cash call, two sources familiar with the matter said, although the response from investors in general has been lukewarm.
Qatar Investment Authority (QIA), estimated by industry tracker Sovereign Wealth Fund Institute to hold $256 billion of assets, has made investments in high-profile European assets such as Credit Suisse and Volkswagen………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

Libya’s $67 billion sovereign wealth fund will turn to the UK Court of Appeal, a source said on Friday, after a high court judge denied it permission to appeal her judgment in a $1.2 billion case against Goldman Sachs.
Responding to the fund’s request, Judge Vivien Rose denied it permission to appeal her October judgment in which she dismissed the Libyan Investment Authority’s (LIA) case against Goldman Sachs over nine equity derivatives trades made in 2008………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

The Libyan Investment Authority tried to resurrect its lawsuit against Goldman Sachs Group Inc. by adding new accusations of bribery, less than a month after a crushing courtroom defeat in London.
But Judge Vivien Rose said at a hearing Friday that the appeal had no chance of success and ordered the sovereign wealth fund to pay Goldman at least 8.5 million pounds ($10.6 million) for legal costs. The LIA has one last chance to keep its lawsuit alive, by making a direct application to the appeals court………………………………………Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

The decision to leave the European Union creates an opportunity to ask fundamental questions about our future for the first time in 40 years. In particular, we are historically worse at long-term planning than many other developed nations: we save less, invest less, and build less economically-vital growth-promoting infrastructure (roads, rail, ports etc) than they do.
Other oil-rich countries like Norway have built up large sovereign wealth funds, but we have not. Can we resolve these weaknesses, using the spur of our newly-won freedoms to change the way we work once separation from the EU is complete?……………………………………..Full Article: Source

Posted on 08 November 2016 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ has managed to enter the top five of the most transparent sovereign wealth funds of the world. The Fund ranked the fourth among 60 sovereign wealth funds with overall score of 92 out of 100 in the fourth edition of Sovereign Wealth Fund Transparency and Accountability scoreboard published in October 2016.
The rating, prepared by Peterson Institute for International Economics put Norway Government Pension Fund to the top of the list followed by New Zealand Superannuation Fund (2nd place), Permanent Wyoming Mineral Trust Fund, United States (3rd place), SOFAZ (4th place) and Alberta Heritage Savings Trust Fund, Canada (5th place)………………………………………Full Article: Source

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