Central Banking
sovereign wealth india

Bangladesh to Ponder Sovereign Wealth Fund

Will Bangladesh be the next South Asian country to launch a sovereign wealth fund? [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Wealth Fund Releases: The GIC Story

Source: GIC Singapore’s GIC Private Limited created a video showing its background and history. It is being released as Singapore celebrates 50 years of independence. The GIC released their annual report on July 30th to the public. Institutional Investor Profile of GIC


Why SNB Lost $51.8 Billion in 1H 2015

Swiss National Bank (SNB), the country’s central bank, reported a first half 2015 loss of 50.1 billion CHF (US$ 51.79 billion). Foreign reserve management places a high premium on capital preservation and liquidity. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, July 31, 2015

GIC a Cornerstone Investor in Syngene International Singapore’s GIC Private Limited became a cornerstone investor in Syngene International Ltd, the research and development subsidiary of Indian pharmaceutical company Biocon Ltd. Essentially, Syngene is a contract research organization. GIC kicked in Rs 25 crore, other investors such as funds managed by Morgan Stanley, Deutsche Bank and [...]


DELAY: Federal Reserve Not Ready to Let Go

Asset managers, sovereign wealth funds, pensions and other institutional investors are prepping themselves for an increase in U.S. interest rates. The question is when and today the Federal Reserve’s Federal Open Market Committee released its latest monetary policy decision – no change. The press release points out the raising of rates depends on the incoming [...]


Fundo Soberano do Brasil Sold Shares in Banco do Brasil

Fundo Soberano do Brasil (FSB), also called The Sovereign Fund of Brazil, profited 134 million BRL (US$ 39 million) from the selling of 5.625 million shares of Banco do Brasil SA between the period of June 29 through July 15. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


roads

Euroclear Reports Increased Usage, Collateral Highway Expands

With providers of open post-trade infrastructure like Brussels-based Euroclear embracing technology, forming joint ventures and expanding services for financial institutions, country capital markets are becoming more connected. Post-trade processing is an essential market function that verifies the details of buyers and sellers in transactions. Euroclear is the biggest international central securities depository (ICSD) in the [...]


Obama Selects Kathryn Dominguez to Fed Board

According to the White House, U.S. President Barack Obama plans to nominate Kathryn Dominguez to the Federal Reserve Board of Governors. Kathryn Dominguez is a public policy and economics professor at the University of Michigan. Earlier in her career, Dominguez had stints at the World Bank, the International Monetary Fund, and the Bank for International [...]


Friday SWFI News Roundup, July 17, 2015

China Widens Access in its Interbank Bond Market to Foreign Central Banks and Sovereign Funds The People’s Bank of China issued new rules that permit foreign central banks, sovereign wealth funds and global financial organizations the ability to no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements. These institutions would be [...]


Central Bank of Iceland Plans to Permit Pensions to Invest Overseas Again

The Central Bank of Iceland plans to lift capital controls for its domestic pensions to invest abroad again. The capital controls were put in place in November 2008 which followed Iceland’s disastrous banking crisis. Three of Iceland’s privately-owned commercial banks: Kaupthing, Landsbanki and Glitnir ended up failing during the crisis. Iceland has rebounded since the [...]


REVEALED: Libyan SWF Considered Investing in Bank of Ireland

John Corrigan, the former head of Ireland’s National Treasury Management Agency (NTMA), gave testimony at an Oireachtas banking inquiry on July 15, 2015. Corrigan confirmed the NTMA met with the Libyan Investment Authority (LIA) in December 2010. This was in regard to the LIA possibly investing €1.4 billion in Bank of Ireland. The LIA eventually [...]


Constitutional Change Passes, Temasek to Share More Income with Government

Earlier this year, the Singapore government announced publicly their plans to include Temasek Holdings as a contributor to its Net Investment Returns (NIR) framework. This would essentially transfer more of Temasek’s income into the state’s coffers. The Singapore government is augmenting spending on social and infrastructure development and programs. [ Content protected for Sovereign Wealth [...]


Gulf Sovereign Wealth Funds Navigate Low Oil Prices

The Kingdom of Saudi Arabia has issued its first sovereign bonds since 2007, facing a significant budget gap that exceeds 145 billion riyals (US$ 38.6 billion) according to Saudi officials. To date, over 244 billion riyals (US$ 65 billion) has been transferred out of foreign reserves in 2015 to cover deficit spending. The reason for [...]


Saudi Public Investment Fund to Allocate $10 Billion in Russia

Saudi Arabia’s Public Investment Fund (PIF) reached an agreement to invest US$ 10 billion in Russia toward investments in agricultural, infrastructure, retail, real estate and logistics for a period of up to five years. The PIF inked a deal with the Russian Direct Investment Fund (RDIF), a strategic development sovereign vehicle that co-invests with institutional [...]


Kuwait Parliament Analyzes Options Regarding Deficit

Last week, Kuwait’s parliament approved a state budget, giving the country a budget deficit of 8.18 billion KWD (US$ 27 billion). With slashed export earnings, low oil prices have negatively affected the state’s finances. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Greek Voter Majority Rejects Bailout Referendum

With nearly all ballots tabulated, results from the Greek referendum show voters strongly rejected the terms of an international bailout. Greece’s interior ministry posted figures of 61% voting “No” and 39% voting “Yes”. Syriza, the governing party of Greece, campaigned for a “No” to voters. Greek Prime Minister Alexis Tsipras addressed his country on television [...]


FinMin Wants to End Bank of Ghana Management Fees for Petroleum Funds

The Bank of Ghana, the country’s central bank, manages and holds the nations’ petroleum account and transfers funds to the finance ministry. Ghana’s Deputy Finance Minister Cassiel Ato Baah Forson has informed that the government will halt the paying of management fees to the Bank of Ghana in regard to the management of the Ghana [...]


SAFE Investment Company Expanded Equity Allocation to Italy

SAFE Investment Company operates as an investment arm of China’s State Administration of Foreign Exchange (SAFE). SAFE is controlled by the People’s Bank of China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Greece Defaults on Debt

Greece has become the first developed country to technically default on its debt or fall into arrears on payments to the International Monetary Fund (IMF) since 2001. Zimbabwe fell into arrears in 2001. Greece passed through the midnight deadline for repayment of the €1.6 billion bundled loans due to the IMF. Playing brinkmanship politics, Greece [...]


CSRC Approves QFII Quota for Brunei Investment Agency

The China Securities Regulatory Commission (CSRC) added four more organizations to the large list of 285 firms approved in the Qualified Foreign Institutional Investors (QFII) program. One of those newly-added organizations is the Brunei Investment Agency (BIA) – the country’s only sovereign wealth fund. Increasingly, sovereign wealth funds, pensions and other institutional investors want more [...]