Connect with us

ECB Ditches Steinhoff Bonds, Swallowing Steep Losses

Published

on

The European Central Bank (ECB) has offloaded its bond holdings in scandal-ridden Steinhoff International Holdings NV, swallowing losses potentially in the tens of millions on debts that at the time of their purchase only six months ago carried an investment grade rating from Moody’s. The news comes just days after Steinhoff’s chief financial officer, Ben la Grange, stepped down from his executive responsibilities in order to resolve the “accounting irregularities” affecting some € 6 billion worth of assets on the company’s balance sheet.

Some large equity shareholders on the public asset owner side of Steinhoff include Norges Bank Investment Management, APG Asset Management, South Africa’s Public Investment Corporation (PIC), bcIMC and GIC Private Limited.

ECB Purchase

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Saudi Aramco and PIF See Opportunities in Russia

Published

on

Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

HNA Group Aims to Shrink and Sell

Published

on

Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Central Bank of Hungary Buys Mounds of Gold

Published

on

In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ 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.