Archive | February, 2014

Need a Job? Libyan Investment Authority is Hiring a CIO

The $60 billion Libyan Investment Authority (LIA) is moving forward on reigniting investment operations. One of the funds from the LIA is the new Future Generation Fund (FGF) which will invest overseas and use external fund managers. The FGF is a long-term savings fund that will be a diversified portfolio of non-Libyan assets.[ Content protected […]


See the Main Reason Why Norway’s Sovereign Wealth Fund Likes Equities

The US$ 838 billion sovereign fund had a 26.28% return in its equity portfolio versus a 0.1% return in the fixed income portfolio. In total, the sovereign fund posted a 15.9% return in 2013. In recent news, the mega sovereign fund became a net seller of stocks to comply with its limit on public equity […]


infrastructure

Japan’s GPIF Partners with OMERS and DBJ on Infrastructure

Japan’s Government Pension Investment Fund (GPIF) is moving forward with its infrastructure investment program by partnering with the Development Bank of Japan (DBJ) and the Ontario Municipal Employees’ Retirement System (OMERS). OMERS is a major public institutional investor involved in infrastructure investing globally. Approaching US$ 1.3 trillion in assets, the world’s biggest pool of retirement […]


UPDATE – Norway’s Sovereign Wealth Fund Seeks to Double Sector Specialists

Norway’s Government Pension Fund Global (GPFG) is growing professional staff in its internal equities department, leading a major trend occurring in large sovereign wealth funds to minimize external manager costs. Sovereign wealth funds like Singapore’s GIC and the Abu Dhabi Investment Authority follow a similar strategy of spending internal resources on in-house management. Equity portfolio […]


NatGas Revenues to Flow into PNG Sovereign Wealth Fund

Liquefied Natural Gas (LNG) will drive growth in Papua New Guinea (PNG) this year with the ExxonMobil-led PNG-LNG Project on track to begin exporting in the second half of 2014. The PNG Sovereign Wealth Fund will be the sole beneficiary of the government’s natural resource windfall, PNG Treasury Minister Don Polye has reportedly declared. The […]


Delegate Breakout – Institute Fund Summit 2014 Asia

April 22-23, Hong Kong – The Peninsula Hotel The Premier Global Summit for Sovereign Wealth Funds, Public Pensions, Superannuation Funds, Central Banks and Long-Term Public Investors Delegate Breakout Date: 28 Feb 2014 6 continents are represented by our current delegates. Learn, network and participate in an interactive forum. Event Website For an agenda, please email […]


CalPERS CIO Passes After Cancer

Joseph Dear passed away at age 62 from prostate cancer according to a statement from CalPERS. His illness was made public in June 2013. Dear was the chief investment officer of CalPERS, taking the helm in March 2009 when the fund suffered a US$ 96 billion loss. Under Dear’s investment watch, pension assets surpassed pre-recession […]


EQT Consortium to Acquire I-MED

Sweden-based EQT Holdings AB, Caisse de dépôt et placement du Québec and the Singapore sovereign wealth fund GIC Private Limited are purchasing I-MED, Australia’s largest radiology provider for A$ 400 million. EQT is a Swedish private equity firm founded by the Wallenberger family. EQT approached I-MED in November 2013 after the company refinanced US$ 240 […]


Four Key Vatican Financial Reforms

Pope Francis recently announced plans to revamp the Vatican’s financial system, consolidating management and increasing transparency. The papacy issued a press release Monday outlining the restructuring process, which included four notable reforms. 1. Creation of a new Council for the Economy composed of 8 cardinals or bishops and 7 “lay experts of different nationalities with […]


REVEALED: Sovereign Wealth Funds and Pensions Boost Real Assets in February

In recent times, sovereign wealth funds and public pensions have boosted exposure to real assets. According to research by the Sovereign Wealth Fund Institute, more large public investors will augment allocation to real assets while lowering allocations to domestic equity and fixed income. For example, near the end of 2013, Australia’s Future Fund has planned […]


Key February Sovereign Wealth Fund and Public Pension Personnel Changes

The California Public Employees’ Retirement System (CalPERS) has appointed Wylie A. Tollette as the pension’s chief operating investment officer (COIO). Tollette starts on March 31, taking over from Janine Guillot who left CalPERS in July 2013. Previously, Tollette was senior vice president for portfolio analysis and investment risk management at Franklin Templeton Investments. He spent […]


South Korea, Australia Ink US$ 4.5 Billion Currency Swap Agreement

The Bank of Korea and Reserve Bank of Australia struck a bilateral local currency swap agreement on Sunday. The deal, which is effective for three years unless extended through mutual consent, allows the exchange of up to 5 trillion won for 5 billion Australian dollars (US$ 4.5 billion). “The agreement will ensure that trade between […]


GMR Restructures Temasek, IDFC Agreement in $183 Million Share Issue

GMR Group, the Bangalore-based infrastructure developer, announced plans last Friday to restructure investments in GMR Energy Limited made by Singapore public investor Temasek Holdings Pvt Ltd and a consortium led by Indian private equity firm IDFC Alternatives Ltd. Subject to satisfaction of conditions precedent, GMR Infrastructure Ltd will issue US$ 183 million worth of compulsorily […]


SAFE and TIC data

2 Reasons Why China Recently Dumped Treasuries

December Treasury International Capital (TIC) data was semi-calamitous for the United States Treasury due to China’s year-end retraction of Treasuries. Maintaining quantitative easing and stepping in, the Federal Reserve became the largest financier of the U.S. government’s deficit in 2013. In total, the U.S. government issued a net US$ 759 billion in Treasury securities to […]


Singapore Sovereign Wealth Fund and Blackstone Nearing Deal on Kronos

Singapore sovereign wealth fund, GIC Private Limited, and the Blackstone Group LP are in key discussions to purchase a minority stake in Kronos Inc. worth US$ 750 million for approximately 44% in equity. Massachusetts-based Kronos is a workforce management software company. The selling parties are Hellman & Friedman LLC and JMI Equity, both private equity […]


President Goodluck Jonathan Suspends Nigerian Central Bank Governor

Controversy has been brewing between Nigeria’s national oil sector and the central bank. Lamido Sanusi who is the central bank governor of Nigeria has been suspended by Nigerian President Goodluck Jonathan for “financial recklessness and misconduct.” Fallout President Jonathan believes Sanusi leaked a private letter about billions in unremitted revenue to the government. Sanusi stated […]


2nd Circuit Court of Appeals Rejects ADIA’s Bid Against Citi

The Abu Dhabi Investment Authority (ADIA) is running out of legal options in their attempt to recover the US$ 7.5 billion investment in Citigroup made in 2007. On February 19, 2014, the 2nd U.S. Circuit Court of Appeals in New York denied ADIA’s bid to void Citigroup’s arbitration. The court stated ADIA failed to meet […]


Update on Vitol and ADIC Bid for Shell’s Australian Downstream Assets

Rotterdam-based Vitol SA and the Abu Dhabi Investment Council seem to have won the bid for Shell’s Geelong oil refinery and local service station network in Australia. The transaction amount is A$ 2.4 billion. The investor group beat out the consortium consisting of Glencore Xstrata and Macquarie Group. Shell Australia listed the Geelong refinery for […]


Temasek Eyes Selling Shin Corp Stake to SingTel

Singapore’s Temasek Holdings is exploring a sale of its US$ 3.1 billion stake in Thailand telecommunications company Shin Corp. Temasek Holdings, through a sovereign wealth enterprise called Aspen Holdings, owns 41.6% of Shin Corp. SingTel is majority-owned by Temasek and may be a possible suitor for the Shin Corp interest. Strategically, Temasek wants to consolidate […]


CalSTRS Committee Approves Staff Discretion in Infrastructure Program

Concluding a February California State Teachers’ Retirement board investment committee meeting, the board revised the system’s infrastructure policy. CalSTRS staff possesses discretion up to US$ 300 million to invest in their US$4 billion allocated infrastructure program. Additional allocations exceeding US$ 750 million by a single firm may be subject to review by the CalSTRS investment […]