Policy

Potential Perils of Single Issues for Norway’s Sovereign Wealth Fund

Montalban Founder Dag Dyrdal, an advisor to financial institutions and corporations, wrote a column in Norwegian newspaper Dagens Naeringsliv titled, “The Oil Fund as a Political Activist” (translated) on May 27, 2015. From 2009 to 2012, Dyrdal was Chief Strategic Relations Officer and a member of the executive management team at Norges Bank Investment Management [...]


ADIA Appoints John Pandtle as Head of U.S. Internal Equities

The Abu Dhabi Investment Authority (ADIA) announced the appointment of John Pandtle in the newly formed role as Head of the U.S. of Internal Equities. Increasingly, large sovereign wealth funds are migrating management of listed equity portfolios in developed markets in-house. Armed as a CFA charterholder, Pandtle will be based out of Abu Dhabi and [...]


COUNTERPOINT: Why Long-Term Investing Can Be Dangerous

Got your attention? Personally, I agree that, in general, large sovereign funds and pensions should invest for the long-term. There are scores of reasons why and thousands of papers produced by asset managers, think tanks and professors who believe so. Nearly every institutional investor with over US$ 100 billion in assets subscribes to the “long-term [...]


JP morgan

JP Morgan Chase CEO Dimon Gets Dough, More Investors Pushback

Increasingly, shareholders are exercising their rights and taking a greater stand against bank executive compensation practices. At J.P. Morgan Chase & Co.’s annual meeting on Tuesday, 61% of shareholder votes cast supported the 2014 compensation of JP Morgan Chase CEO Jamie Dimon and other senior banking executives. [ Content protected for Sovereign Wealth Fund Institute [...]


S&P Dow Jones Indices Launches Brazil Smart Beta Indices with BM&FBOVESPA

S&P Dow Jones Indices LLC, a provider of indices, announced a strategic agreement with BM&FBOVESPA S.A., the biggest equity and futures exchange in Latin America, on creating co-branded Brazilian indices. Index investing is a popular route for many institutional investors including pensions and sovereign wealth funds like the Alaska Permanent Fund Corporation (APFC). In April, [...]


Korea Investment Corporation Beats Fixed Income and Equities Benchmark in 2014

The Korea Investment Corporation (KIC) marks its 10-year milestone, generating a return on assets of 10.03% (on a currency basket basis) for fiscal year 2014. By looking at the return in USD, it goes down to 4.02%. KIC’s return on assets were slightly down from fiscal year 2013 at 11.39%. However, in 2014, the KIC [...]


SWFI Trend Report: A Tale of Two Europes

In terms where sovereign wealth funds and large pensions directly invest, there exist two Europes. In the North, wealth funds are comfortable investing directly. These institutional investors still utilize external managers and commit massive amounts of capital to private funds. Analyzing the Iberian Peninsula and across to Italy, these pension and sovereign investors have a [...]


SOFAZ and Italian Strategic Fund Plan to Sign MoU on LT Investments

The State Oil Fund of Azerbaijan (SOFAZ) is near completing a Memorandum of Understanding with the Fondo Strategico Italiano (FSI), also known as the Italian Strategic Fund. The MoU will highlight a number of new long-term investment projects. Fondo Strategico Italiano is keen on partnering with sovereign wealth funds on investments. The fund has signed [...]


5 Key Takeaways at SWFI’s Institute Fund Summit Asia in Seoul

  In late April, the Sovereign Wealth Fund Institute (SWFI) held its third Asia summit, this time in Seoul, Korea – a vibrant metropolis home to global companies such as Samsung, Hyundai and Lotte. South Korea’s rise to an economic powerhouse is fascinating. In 1957, South Korea and Ghana had nearly the same annual per [...]


Libyan Investment Authority’s Solicitor Resigns from Goldman Sachs and SocGen Suits

The Libyan Investment Authority (LIA), which pursued legal actions against Goldman Sachs and Société Générale, plans to find a new lawyer in its fight to recover damages in the Commercial and Chancery Courts in London. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


BEST QUARTER: Norway’s SWF Posts 5.3% Quarterly Return

Norway’s Government Pension Fund Global (GPFG) posted a 5.3% return for the first quarter of 2015 – earning a quarterly record of 401 billion kroner. The previous best performing quarters were in 2009, when the wealth fund generated 270 billion kroner in the second quarter and 325 billion in the third quarter. A key contributor [...]


australia infrastructure

Future Fund Boosts Assets, Chairman Gives Warning

Australia’s Future Fund posted positive returns for the first nine months of Fiscal Year 2014-2015. As of March 31, 2015, the Future Fund stands at A$ 117 billion in assets, posting a 15.1% return for the first nine months of the fiscal year. Asset owners such as sovereign wealth funds and large pensions are concerned [...]


Bahrain’s Parliament to Probe Sovereign Wealth Fund Over Financial Affairs

Members of Bahrain’s parliament have launched a formal probe into Mumtalakat Holdings, a sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ireland

ISIF May Allocate €1 Billion to Irish Projects for 2015

Irish Strategic Investment Fund (ISIF), a strategic development sovereign wealth fund (SDSWF), plans to allocate between €500 million and €1 billion to projects and investments in Ireland for the remaining part of the year. The ISIF has a number of mandates which include generating commercial returns, boosting Ireland’s economy and domestic job creation. The ISIF [...]


oil

Corporate Governance and Executive Shuffles at IPIC

Sheikh Khalifa bin Zayed Al Nahyan, ruler of Abu Dhabi, issued an emiri decree naming Suhail Mohammed Al Mazrouei as managing director of International Petroleum Investment Company (IPIC). Suhail Mohammed Al Mazrouei served as United Arab Emirates’ Minister of Energy since 2013. Al Mazrouei replaces Khadem Al Qubaisi. [ Content protected for Sovereign Wealth Fund [...]


Sovereign Wealth Funds Have an Active First Quarter 2015

CORRECTION – April 29, 2015: GIC invested in the TCW Direct Lending Fund and did not take a stake in the firm TCW. With recent noteworthy deals of sovereign wealth funds buying up massive real estate assets such as Norway’s SWF deal with Prologis on acquiring KTR Capital for US$ 5.9 billion or the Abu [...]


Australia FinMin Cormann Appoints 2 for Future Fund Board

Australian Finance Minister Mathias Cormann has appointed two members to the Future Fund’s Board of Guardian. These are 5-year terms. These members replace founding members Susan Doyle and John Mulcahy. See who works at the Future Fund Jane Wilson and Carloyn Kay have been appointed to the board of the Future Fund. Wilson is an [...]


Sovereign Wealth and Pensions Enticed by Collateral and CP Business

With expanded capital restrictions, especially when it comes to derivatives, traditional banking institutions are dealing with tighter balance sheets. The European Market Infrastructure Regulation (EMIR) and U.S. Dodd-Frank Act have modified the requirements for clearing and collateral. These laws promote the central clearing of standardized over-the-counter (OTC) derivatives contracts. The forced move toward central clearing [...]


RELEASED: 2015 Best Business Schools for Public Institutional Investors

Brief Summary Since our last issue, SWFI has engaged in an ambitious research project developing a rankings table specifically geared toward the top business schools for public investors. The inspiration for the project came from our fund profiles. What we noticed was, along with the top accustomed schools, several prominent executives came from smaller universities, [...]


NSSF

Second Province: Shandong Moves Retirement Fund to NSSF

China’s National Council for Social Security Fund (NSSF) just got slightly larger in terms of assets under management. China’s Shandong province, a province of just under 100 million people, has given a Rmb 100 billion (US$ 16.3 billion) mandate to NSSF to help augment investment returns. [ Content protected for Sovereign Wealth Fund Institute Standard [...]