Connect with us

Angola Launches Their Sovereign Wealth Fund

Published

on

fsdeaThe Sovereign Wealth Fund Institute concluded their Asia summit Tuesday afternoon in Singapore. Representatives from Angola’s new sovereign wealth fund called the Fundo Soberano de Angola (FSDEA) attended the summit. Mr José Filomeno de Sousa dos Santos, a member of the fund’s board, keynoted a session introducing Angola’s sovereign wealth fund to sovereign wealth peers, long-term public investors, government officials, and major firms in the investment industry.

“We are honored to have Mr José Filomeno de Sousa dos Santos speak at our summit in Singapore and share stories about social and economic developments occurring in Angola today,” said Michael Maduell, President of the Sovereign Wealth Fund Institute. “The government of Angola is passionately determined to invest, stimulate and create opportunities for the citizens of their country. Angola has allocated a substantial portion of money and future oil revenue to move forward an agenda of strategic development.”

Angola’s new sovereign wealth fund debuts with US$ 5 billion dollars. Nigeria’s sovereign wealth funds have started with US$ 1 billion.

Executives of the Fundo Soberano de Angola are keen on complying with the Santiago Principles and scoring high on the Linaburg-Maduell Transparency Index (LMTI), a global transparency system for sovereign funds.

The FSDEA will balance financial and social return objectives. One major area of focus is the hotel industry, in which financial returns look attractive for the African continent and at the same time can have an aggregate demand impact in the construction, tourism, and real estate sectors. In the past years, a small number of sovereign funds have invested African hotels. Social investments will be guided by the fund’s social charter which will initially focus on income generation, energy and education investments.

In December 2007, Angola reached a historic high of 23.2% GDP growth.

Over a period of time, the FSDEA will grow by a portion of collected oil revenue and financial returns on investments. Angola is a major sub-Saharan oil producer, pumping out around 1.8 million barrels of crude oil a day. Above 95% of its export earnings are accounted by the oil industry. The fund will receive inflows equivalent to the prevailing value of 100,000 oil barrels per day. Initially the FSDEA was planned to launch in 2009, but was delayed by effects from the North-Atlantic financial crisis of 2007.

NZ Super Names Three New Board Members

Published

on

New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

Continue Reading

AIMCo Names Former Talisman Energy Executive to Board

Published

on

The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

Published

on

Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.