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Sovereign Wealth Funds Briefing 22.Nov 2016

Posted on 22 November 2016 by VRS |  Email |Print

One of the world’s largest sovereign wealth funds has chosen a new chief executive as it braces for a decade of lower earnings. GIC, the sovereign wealth fund of Singapore, has hired Lim Chow Kiat to be its new boss, overseeing $100bn in assets spanning 40 countries.
Lim is an old hand at the organisation, joining after he graduated from university in 1993 and most recently serving as deputy president and chief investment officer…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC Pte has appointed Lim Chow Kiat as chief executive officer as part of a leadership transition that includes new roles for several managers.
Lim, 46, will assume the newly created CEO role effective Jan. 1 and Jeffrey Jaensubhakij, 50, will replace him as group chief investment officer, GIC said in an e-mailed statement. Lim Siong Guan, 69, will retire as group president and be appointed adviser to the GIC group executive committee…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

The appointment of seasoned investor Lim Chow Kiat as the chief executive officer of GIC comes as the Singapore sovereign wealth fund is facing a slower rate of returns. And a range of challenges lies ahead for Mr Lim, given the increasing volatility across the world.
“We still don’t really know what the fallout from Brexit is going to be like, and we are still speculating about the impact of a Trump presidency on global markets, including Singapore,” said CIMB Private Bank economist Song Seng Wun…………………………………..Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Canadian investment shop Brookfield Asset Management got one over on Stephen Schwarzman and his Blackstone Group beating out the US-based firm to acquire the International Finance Centre Seoul from AIG Global Real Estate. The bid, which is said to be backed by sovereign wealth fund China Investment Corporation, has been valued at $2.7 billion.
The mixed-use IFC Seoul complex features three high-rise office towers, a three-level retail mall, and the five-star Conrad Seoul hotel and is located in Yeouido, one of the city’s business hubs. AIG put the complex up for sale earlier this year with Singapore’s Ascendas also in the mix to purchase the project…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Mediacorp Pte, the broadcaster owned by Singapore state investment firm Temasek Holdings Pte, is considering a sale of its data center unit 1-Net, people with knowledge of the matter said.
The company is inviting suitors to submit non-binding bids for the business, which could fetch about $200 million, according to the people. A sale could take place next year, one of the people said, asking not to be identified as the information is private…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

The Auditor General’s (AG) report on troubled 1Malaysia Development Bhd (1MDB) will continue to be sealed under the Official Secrets Act (OSA), said Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said.
Azalina pointed out that the AG’s report on 1MDB is specially for the use of the Public Accounts Committee (PAC). “The report has been discussed by the PAC before the finalisation [of] the PAC report on the management of 1MDB that has been tabled in Parliament on April 7, 2016,” she wrote…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Kirill Dmitriev hails likely business opportunities. The head of a leading Russian sovereign wealth fund has hailed Donald Trump’s election victory as a new opportunity for Moscow to do business with the US.
“We believe having a businessman in the White House who makes pragmatic decisions is very important,” Kirill Dmitriev, chief executive of the state-run Russian Direct Investment Fund, told the Financial Times in an interview. “We believe what is great about president-elect Trump is that he is open-minded about Russia.”……………………………………Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports.
“Spending on defense is one of the priorities, the volume of purchases of arms and military equipment is not reduced despite all the difficulties,” Siluanov said. The budget envisages a budget deficit of 3,2% of GDP next year while 2019 will se a 2,1% growth…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

The State Oil Fund (SOFAZ) is unlikely to be the main financial source for the budget of Azerbaijan. Presenting State Budget 2017, the Ministry of Finance of Azerbaijan reported that the transfer to the budget from SOFAZ will reduce from AZN 7.615 bn to AZN 6.1 bn, and the Ministry of Taxes, revenues from which are expected to increase from AZN 7.01 bn up to AZN 7.21 bn will be ahead of it on the significance for the State Budget.
The State Customs Committee will remain the third most important financial source. It is expected to increase charge from AZN 1.8 bn up to AZN 2.2 bn…………………………………….Full Article: Source

Posted on 22 November 2016 by VRS |  Email |Print

Trinidad and Tobago’s sovereign wealth fund, the Heritage and Stabilisation Fund (HSF), fell 5.7 per cent on poor choices (negative security selection effects) and the US$377.5 million withdrawal by Finance Minister Colm Imbert in May, the latest report from the HSF showed on Friday.
“The total net asset value of the Fund as at the end of June 2016 was US$5,454.6 million, compared with US$5,787.3 million at the end of the previous quarter. Of this total, the investment portfolio was valued at US$5,452.7 million, while the remaining portion (US$1.9 million) was held in cash to meet the day-to-day expenses that arise from the management of the Fund,” the report said…………………………………….Full Article: Source

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