Connect with us

SWFI First Read, October 27, 2017

Published

on

Saudi PIF Updates Include US$ 400 Billion Goal by 2020

It was revealed at the 2017 Future Investment Initiative event in Riyadh that Saudi Arabia’s Public Investment Fund (PIF) is seeking to nearly double its assets under management to US$ 400 billion by 2020. PIF also released plans for its asset allocation, creating six silos. PIF also revealed that they plan to invest up to US$ 1 billion in The Spaceship Co. and Virgin Orbit (under The Virgin Group of Companies). PIF will also hold an option to invest an additional US$ 480 million in space services. Other investors in the company include Virgin Group and Aabar Investments.

The Saudi government showcased an ambitious US$ 500 billion major industrial city and zone project called NEOM. NEOM will be located in northwest Saudi Arabia. PIF plans to help financially back NEOM as part of the kingdom’s Vision 2030 plan.

Principal Financial Group Moves to Buy MetLife Afore in Mexico

In a bid to get more access to Mexican retirement funds, Principal Financial Group Inc. (PFG) agreed to fully purchase MetLife Afore, S.A. de C.V., MetLife, Inc.’s pension fund management business in Mexico, subject to regulatory approval. The transaction is expected to close in the first quarter of 2018. Principal Financial Group has operated in Mexico for roughly 25 years. The company will integrate MetLife Afore into Principal Afore, S.A. de C.V. Post-deal, Principal Afore will be the fifth biggest pension provider in Mexico.

Alaska Permanent Fund Invests in Renewable Energy Company

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

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

Published

on

South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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

Continue Reading

Ripple Attempts to go the Central Bank Route

Published

on

San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Investment Corporation of Dubai Eyes $1 Billion Loan Deal

Published

on

The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ 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.