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Sovereign Wealth Funds Briefing 23.Nov 2016

Posted on 23 November 2016 by VRS |  Email |Print

The Norwegian wealth fund’s chief investment officer for asset strategies, Oeyvind Schanke, is to leave the fund to head Norwegian investment fund Skagen, Skagen said in a statement on Tuesday.
Schanke had been in his current position since Oct. 2014, joining the fund, the world’s largest sovereign wealth fund in 2001 as a trader. He will begin at Skagen on Feb. 1 2017, said the statement………………………………………Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

Norway’s sovereign wealth fund is set to lose one of its most senior investment executives, as Øyvind Schanke becomes the new chief executive at the country’s best-known active investment manager.
Schanke has been with Norges Bank Investment Management, which runs the $858 billion sovereign fund, since 2001 and was promoted to chief investment officer for asset strategies in 2014; a role giving him broad oversight of the fund’s equity and fixed income portfolios………………………………………Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

Rising political risk exemplified by such events as the election of Donald Trump and the U.K. vote to leave the European Union will be boon to managers that make active choices when managing their bond and stock portfolio, said the incoming chief executive officer of Norway’s Skagen Funds.
“The time has come again to think active management,” Oyvind Schanke, who’s currently one of three chief investment officers at Norway’s $850 billion sovereign wealth fund, said in a phone interview from Stavanger. “We’re getting to a crossroads here, with more and more opportunities. The more money that goes into passive management, the bigger opportunities for very active funds like Skagen.”……………………………………..Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has appointed a new Chief Executive Officer and calibrated its management structure both in Singapore and overseas. With effect from 1 January 2017, Lim Chow Kiat will take on the role of Chief Executive Officer (CEO). He is currently the Deputy Group President and the Group Chief Investment Officer.
Current Group President Lim Siong Guan will retire, and be appointed Advisor to the GIC Group Executive Committee on 1 January 2017………………………………………Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

Singapore sovereign wealth fund Temasek has sold its entire 10 percent stake in state backed CITIC Resources. The shares were sold to Singaporean private equity fund TIHT Investment at HK$1.235 each, CITIC Resources said in a filing to the local exchange with the acquisition cost is estimated at HK$971 million.
CITIC Resources said Temasek will cease to be a shareholder while TIHT is to become a substantial shareholder. One fourth or 25 percent of Temesek’s portfolio was in China as of March 31, its published review shows. In 2015, it was 27 percent………………………………………Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

Yeo Jiawei, a former BSI banker had amassed S$26m ($14.7m) in the 15 months after he left the Swiss private bank in Singapore, a court was told on Tuesday (22 November). Prior to that, Yeo’s net worth was only S$2m.
Prosecutors claim that the wealth Yeo had amassed came through funds earned via “illicit means” and the “taking of secret profits” in transactions linked to the Malaysian state fund 1Malaysia Development Berhad (1MDB)………………………………………Full Article: Source

Posted on 23 November 2016 by VRS |  Email |Print

The only way former BSI banker Yeo Jiawei could earn $23.9 million in less than 15 months was by taking “secret profits” linked to a money-laundering scam involving 1Malaysia Development Berhad (1MDB), prosecutors contended.
The allegations came on the final day of Yeo’s 12-day trial on four charges of obstructing justice. District Judge Ng Peng Hong will deliver the verdict on Dec 21. The prosecution’s cross-examination of Yeo focused on the “illicit” wealth he allegedly accumulated during and after leaving BSI………………………………….Full Article: Source

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