Archive | September, 2013

BNY Mellon Becomes Latest SWFI Member

BNY Mellon is the latest organization to join as a member of the Sovereign Wealth Fund Institute. The global Sovereign Wealth Fund Institute membership program is for leading asset managers and service providers engaged in the public investor community. Some of our members include the largest asset managers in the world. BNY Mellon is a […]

Sovereign Wealth Fund Money Invests in Cambodian Banking Industry

Regional institutional investors are becoming a stanchion for the underdeveloped banking industry in Cambodia. In 1975, during Khmer Rouge’s rule, all banks were shut down – money was abolished. After their downfall in 1979, the Riel, Cambodia’s currency, was introduced. The National Bank of Cambodia (NBC) was created as the central bank. Today, more than […]

Future Fund Appoints Korn Ferry for Executive Search

On September 25, 2013, Australia’s Future Fund announced that it would appoint executive search firm Korn Ferry to assist in the search for a president and managing director for the sovereign fund. The Future Fund is looking both externally and internally for a qualified candidate. The announcement comes directly on the heels of the Fund’s […]

Trinidad and Tobago’s Sovereign Wealth Fund Reaches the US$ 5 Billion Mark

Although Trinidad and Tobago’s annual Heritage and Stabilisation Fund (HSF) report isn’t due for another few months, Finance Minister Larry Howai has been quoting the fund value in a number of reports. The first notable mention was in a budget report issued on September 9th, 2013. Howai credited “consistent and strong earnings” for the sovereign […]

Norwegian Ethics Council Chair Mestad Cautions on Insincere ESG Compliance

Currently, Ola Mestad is the chair of the Council on Ethics for Norway’s Government Pension Global (GPFG) and a professor of law at the University of Oslo. It has been reported that Ola Mestad is not as enthusiastic about the efficacy of Norway’s sovereign wealth fund in recent days, specifically its responsible investment criteria. The […]

More Sovereign Wealth Funds in Australia’s Future

Australia has been rife with talk about establishing new sovereign wealth funds. South Australian Premier Jay Weatherill publicized the development of a future fund for South Australia’s state government. Western Australia launched its future fund in 2012. On the national front, in the past week, Labor party leadership candidate Bill Shorten supported an idea proposed […]

khazanah nasional

Khazanah Opens up San Francisco Office

Khazanah Nasional, Malaysia’s strategic development sovereign wealth fund, has opened up an office in San Francisco on California Street. This is the third regional office for Khazanah, first in the United States. Officials at Khazanah perceive San Francisco as an epicenter of innovation and technology. Prime Minister of Malaysia, Dato’ Sri Mohd Najib Tun Abdul […]

China Investment Corp Converts Bonds in Uralkali

The Chinese Investment Corporation (CIC), through its wholly-owned subsidiary Chengdong Investment Corporation, converted its bonds in Uralkali, one of the world’s largest potash producer, to a 12.5% equity stake. The news comes in the form of a press release issued by Uralkali on September 24th, 2013. According to the statement, the massive institutional investor converted […]

A Sovereign Wealth Fund for South Australia

South Australian Premier Jay Weatherill has announced the establishment of a future fund for South Australia’s state government. The public fund’s objectives, according to a statement, will be to quarantine “money to be spent on infrastructure, children, families and the workforce.” The Sovereign Wealth Fund Institute reported the idea of a South Australian wealth fund […]

Qatar Petroleum: Major IPO Updates in Doha

In May of 2013, the Sovereign Wealth Fund Institute posted a story about Doha Global Investment Co., the investment company partially backed by Qatar Holding LLC, noting the investment company’s decision to postpone its initial public offering until regulatory approval could be met. Qatar Holding LLC is a subsidiary of the Qatar Investment Authority. It […]

Sovereign Wealth Fund Scope of Direct Energy-Related Transactions

According to the Sovereign Wealth Fund Institute’s transaction database, from the beginning of 2008 till August 2013, over US$ 76.3 billion has been directly invested in energy-related assets and companies. This illustrates the story of a five-year trend of sovereign wealth funds plowing billions into energy – betting heavily on world energy demands. The US$ […]

Khazanah Rallies for Westports Holdings Bhd IPO

Westports Holdings Bhd could be the biggest initial public offering in Malaysia this year – targeting US$ 700 million. The deal was initiated years ago by Malaysian sovereign wealth fund, Khazanah Nasional, which aims to move state-linked companies toward stock market capitalization. The sovereign wealth fund owns a 7.52% stake through Lankayan Ventures Sdn Berhad, […]

OTPP Preferred Bidder for Busy Bees from Junk Bond King

The Ontario Teachers’ Pension Plan (OTPP) is in advanced discussions with Michael Milken (often referred to as the junk bond king) to acquire his and his brother’s stake in UK-based nursery operator Busy Bees. The deal is valued at £220 million. The cross-border purchase would represent a burgeoning trend among Canadian institutional investors of bypassing […]

Bernanke Surprises Investors with No Tapering

The Federal Open Market Committee issued a release today stating that although it has seen improvement in the labor market and economic activity since the beginning of its bond buying program, it will hold off on tapering its purchases. “The Committee sees the improvement in economic activity and labor market conditions since it began its […]

Norway’s Sovereign Fund Increases Tech Stock Holdings

In a pair of recent SEC filings, Norges Bank Investment Management (NBIM), the institutional investor in charge of Norway’s sovereign wealth fund, has significantly increased ownership in two technology companies: Itron Inc. and GT Advanced Technologies Inc. According to an amended 13G filing made on September 12th, 2013, Norges Bank upped its stake in Itron […]

Libya Protests, No Raiding Sovereign Wealth Fund

Libyan Central Bank Governor Saddek Omar Ali Elkaber said that he would not be using any of the cash or assets held by Libya’s US$ 65 billion sovereign wealth fund to offset a plunge in oil production in recent months. Governor Elkaber characterized the idea of fund raiding as “wrong” saying that internal struggles (like […]

Fortum’s Energy Asset Sale Catches Sovereign Wealth Interest

Sovereign wealth funds, infrastructure funds and public pensions have been investors of power grids and other energy infrastructure assets in Europe. As of July 31, 2013, the Finnish State controls 50.8% of Finnish utility Fortum. Fortum is publicly traded on the Helsinki Stock Exchange. The power generation and electricity distribution are highly fragmented in the […]

Central Bank of Russia’s Repo Rate Unchanged

On September 13th, the Central Bank of Russia announced that they would leave the one-day auction repo rate, its main policy rate, unchanged. Despite a sluggish economic wave, Elvira Nabiullina, newly-minted central bank governor, stated that interest rates would remain unchanged until inflation levels reached a rate of between 5 to 6 percent. The Central […]

Larry Summers Withdraws, Probable Boost for Equities

In a letter addressed to U.S. President Barack Obama on September 15th, Lawrence “Larry” Summers withdrew his name from consideration to succeed Federal Reserve Chairman Ben Bernanke, whose term is to end on January 31st. Mr Summers served in both the Clinton and Obama administrations. In the letter, Mr Summers cites as his reason for […]

Singaporean Sovereign Wealth Fund Hires Wu Yibing

Singapore’s Temasek Holdings has hired Wu Yibing to be head of China. Wu Yibing will be replacing Ding Wei who will take on an advisory role for China. Wu Yibing was a senior managing director at China’s CITIC Group. Wu Yibing will join Temasek Holdings on October 1, 2014 linking with Chia Song Hwee, the […]