Connect with us

Egypt President El Sisi Directs Finalizing Measures for Sovereign Wealth Fund

Published

on

On November 10, 2018, Egyptian President Abdel Fattah El Sisi issued an order to finalize the remaining measures needed to create Egypt’s sovereign wealth fund, the Misr Fund, and have it comply with globally-recognized standards. President Sisi issued the directive at a meeting with Egyptian Prime Minister Moustafa Madbouli and Minister of Planning, Follow-up and Administrative Reform Hala El Sayed.

Somewhat similar to Saudi Arabia, Egypt has a Vision 2030 plan. Egypt seeks to leverage its elephantine pool of state-owned companies and investments to diversify the economy. Egypt is keen on boosting private sector investment, while growing the real economy with more structural reforms.

Recently, the International Monetary Fund (IMF) dispersed another US$ 2 billion to Egypt. Egypt inked a massive US$ 12 billion, 3-year IMF loan in 2016.

The increased natural gas production at Zohar gas field has helped with Egypt’s fiscal situation. At the end of October 2018, Egypt’s foreign currency reserves increase to US$ 44.501 billion versus being at US$ 44.459 billion at the end of September 2018, according to the Central Bank of Egypt (CBE).

White House Nominates Heath Tarbert for CFTC Chairman

Published

on

The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

Continue Reading

KIA Could Sell Stake in North Sea Energy Business

Published

on

The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

Continue Reading

Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

Published

on

Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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.