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Sovereign Wealth Funds Briefing 24.Nov 2016

Posted on 24 November 2016 by VRS |  Email |Print

As millions took to the streets throughout North Africa during the Arab Spring of 2011, the Kingdom of Morocco, untouched but not unshaken, devised a plan to revamp the country’s infrastructure and promote tourism.
That year the government launched the $1.8 billion Moroccan Fund for Tourism Development. It also asked for help from a who’s who of Gulf sovereign wealth funds - the Kuwait Investment Authority, Abu Dhabi’s International Petroleum Investment Co., Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority - with combined assets estimated to top $1 trillion…………………………………Full Article: Source

Posted on 24 November 2016 by VRS |  Email |Print

The affirmation primarily reflects Moody’s views that 1) the fundamental credit profile of KIC continues to reflect the company’s profitable business model, access to low cost deposits and a low level of net debt to equity, strengths that are counterbalanced by its high exposure to market risk, high level of debt compared to earnings and narrow asset management franchise, and that 2) KIC’s main shareholder, the Kuwait Investment Authority (KIA), will remain supportive of KIC during the planned divestiture process.
The stable outlook on KIC’s rating reflects Moody’s expectation that the divestiture process will take longer than expected and will likely not conclude before the end of 2017…………………………………Full Article: Source

Posted on 24 November 2016 by VRS |  Email |Print

New Zealand Super Fund senior investment strategist Sue Brake has left the NZ$31.6 (AU$29.5) billion sovereign wealth fund to join Willis Towers Watson as a senior investment consultant. Brake is bucking a trend that has seen consultants, such as Leigh Gavin and Robb Hogg, move to in-house roles with institutional investors over the past two years reflecting the trend for more super funds to increase their internal capacities.
Director of investments for Willis Towers Watson in Australia, Martin Goss said Brake has specialist experience in organisational design and governance, strategy and portfolio construction. Brake has also worked as an external expert to the International Monetary Fund, advising nations on the establishment and the management of sovereign wealth funds…………………………………Full Article: Source

Posted on 24 November 2016 by VRS |  Email |Print

The Government Investment Corporation of Singapore (GIC) has an estimated US$350bn (€321bn) of assets – although others with knowledge of the sovereign wealth fund (SWF) believe the figure to be substantially higher.
What is certain is that GIC, the eighth largest SWF according to the SWF Institute, is big and so has needed to be innovative over the years to deploy its capital effectively. GIC has often been a trendsetter. In real estate, for example, the fund moved into student housing in 2007, before it became established as an institutional asset class. Today, global investors are vying to build portfolios in the sector…………………………………Full Article: Source

Posted on 24 November 2016 by VRS |  Email |Print

Lim Chow Kiat has been appointed as the new chief executive officer (CEO) of Singaporean sovereign wealth fund (SWF) GIC Private Ltd (GIC), effective from January 1, 2017. Lim is currently the deputy group president and group chief investment officer (CIO) at the SWF. “As I take on this bigger role, I will continue to be guided by the values of our pioneers, particularly that of long-termism,” the new CEO told Singapore’s Business Times.
Lim joined GIC in 1993 as a portfolio manager upon graduation at Singapore’s Nanyang Technological University. He was then promoted to head of fixed income, currency and commodities, before becoming deputy president of GIC Asset Management in 2008…………………………………Full Article: Source

Posted on 24 November 2016 by VRS |  Email |Print

US President Barack Obama alluded to the 1MDB case during his speech at the Lima Convention Centre, in Peru, on Nov 20, former prime minister Dr Mahathir Mohamad said today. In talking about the need to improve and maintain the world order, Obama said everyone had to do their part as there were limits to the reach of the US into other countries which oppressed their people or “siphon all development funds into Swiss bank accounts because they are corrupt”.
Obama, however, did not mention 1MDB or Malaysia. In his latest blog posting, Mahathir said Prime Minister Najib Razak, who was also there, “must have heard it…………………………………Full Article: Source

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