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Sovereign Wealth Funds Briefing 11.Nov 2016

Posted on 11 November 2016 by VRS |  Email |Print

Abu Dhabi state investment vehicle Mubadala Development Co may invest in a vegetable oil producer and a rice producer in Russia, a Russian state-backed fund said, in a rare Gulf investment into the country’s commodities sector.
Russia’s agriculture and food production sector has been growing due to Moscow’s decision to ban most Western food imports in 2014 in retaliation for sanctions over Ukraine, which are keeping many Western investors away from Russian assets. “Russian agriculture … is attractive to foreign investors due to the high growth rate in the domestic market and exports,” Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), said………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said.
The investment firm is also planning to approach Abu Dhabi Investment Authority (ADIA), in a bid to broaden its investor base. In July this year, Abu Dhabi state investment fund Mubadala agreed to acquire a 20 percent stake in Investcorp at an undisclosed value………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through parliament the following month.
The world’s largest sovereign wealth funds include Norway’s Government Pension Fund, the United Arab Emirates’ Abu Dhabi Investment Authority, the China Investment Corporation, the Kuwait Investment Authority and the Saudi Arabian Monetary Agency’s holdings. Generally, their revenues come from budgetary surpluses………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

Norway’s sovereign wealth fund has said it will not change its U.S. investment strategy following Donald Trump’s election win. The sovereign wealth fund’s investment returns depend to a large extent on the U.S. economy’s fortunes. Earlier this year, the world’s biggest wealth fund grew its positions in the U.S.; and the country now represents more than a third of the fund’s portfolio.
Governor Oeystein Olsen, the head of Norway’s central bank (which manages the fund), said in an interview with Reuters: “No, we don’t make that sort of connection. The oil fund is a long-term investor. Our perspective goes beyond eight years and we don’t have any particular view on how the outcome of the presidential election impacts the economy,”……………………………………..Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

A number of messages were telegraphed to media from asset owners globally following the conclusion of the U.S. presidential election. In the run up to the election, sovereign wealth funds, such as GIC Private Limited, Korea Investment Corporation (KIC) and Qatar Investment Authority (QIA), continued investing in a wide range of assets from infrastructure to office properties in core cities.
By analyzing the after effects of the Brexit vote, SWFI research believes wealth funds will continue to invest in the United States, but may alter what sectors or asset classes they choose to invest into………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

Singapore’s white-collar crime unit for the first time on Thursday identified Malaysian businessman Low Taek Jho as a key figure in the money laundering investigation linked to scandal-tainted 1MDB fund. The revelation came from an investigator during the trial of a former wealth manager of Swiss private bank BSI in Singapore’s most high-profile money laundering case.
Low is also among the people named in civil lawsuits filed by the U.S. Department of Justice, which alleged that more than $3.5 billion was allegedly misappropriated from 1MDB………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

After seven months in remand and eight days in the dock, former BSI wealth planner Yeo Jiawei had his day in court. Yeo, 33, took the witness stand Thursday (Nov 10) afternoon and immediately distanced himself from former colleagues and business associates also implicated in Singapore’s 1MDB probe.
He insisted he never negotiated secret million-dollar deals or facilitated illicit transactions, “unlike what has been said by the (prosecution’s) witnesses”. “I was just taking instructions. They know I didn’t have negotiating powers … or the authority to negotiate,” Yeo said………………………………………Full Article: Source

Posted on 11 November 2016 by VRS |  Email |Print

Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer.
The acquisition, expected to complete by the end of 2016, is said to be the largest European real estate transaction this year. The Kirkland team was led by London corporate partners Matthew Elliott and Celyn Evans, debt finance partner Michael Steele, competition partner Paula Riedel and tax partners Jonathan Kandel and Frixos Hatjantonas………………………………………Full Article: Source

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