Connect with us

Saudi FinMin Says No Need for Sovereign Wealth Fund

Published

on

Saudi Arabia’s Finance Minister Ibrahim Abdulaziz Al-Assaf said there was no need for the country to create an official sovereign wealth fund to manage its oil reserves. The vast pool of petrodollars are managed by the Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank. The majority of those assets are in liquid securities. The Shura Council, Saudi Arabia’s advisory body, had discussions of creating an official sovereign wealth fund to manage oil reserves, but made no concrete decisions.

Ibrahim Abdulaziz Al-Assaf served as vice governor of SAMA and has been a board member of Saudi Aramco since 1996.

View the Profile of SAMA Foreign Assets

The Saudi Finance Minister spoke on Saudi television on Christmas, saying the reserves are professionally managed by Saudis as well as external fund managers. He also said the investment returns were similar, or at some years higher, compared to Norway’s sovereign wealth fund. Saudi Arabia also has the Public Investment Fund (PIF), which focuses more on domestic investments. The Cabinet of Saudi Arabia on December 25, validated a 2015 fiscal budget, showing a US$ 39 billion deficit.

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

State Street to Buy Charles River Systems

Published

on

State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

Published

on

The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ 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.