Central Banking

POLITICAL CHAOS: Maldives Monetary Authority Governor Resigns

Governor Zeema Adam of the Maldives Monetary Authority has resigned from her post with immediate effect. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Since 2014, ISIS Had Stolen Over $750 Million Worth from Iraqi Banks

The Central Bank of Iraq (CBI) declared that the Islamic State, also referred to as ISIS, had plundered roughly US$ 101 million and 856 billion Iraqi dinars to a total estimate of US$ 750 million over the past three years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


Since 2017 SOFAZ Sold Nearly $1 Billion to Azerbaijani Banks

In July 2017, the State Oil Fund of Azerbaijan (SOFAZ) sold US$ 253.2 million at currency auctions. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


tibbles

SWFI First Read, July 30, 2017

Former CIC Executive to Joins Neuberger Berman Bin Yu is bringing his team from CloudRidge Capital, a firm that he formed in 2014, to Neuberger Berman. Bin Yu was named a Portfolio Manager at Neuberger Berman. Bin Yu was formerly at the China Investment Corporation (CIC), running a US$ 10 billion plus global equity portfolio. […]


ECB debt

ECB Staff Pensions Award Mandates to SSgA and UBS

The European Central Bank (ECB), on behalf of its pension funds, awarded two mandates in total to UBS Asset Management (UBS Asset Management (Deutschland) GmbH) and State Street Global Advisors (State Street Global Advisors GmbH). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Portion of CIC Funding Bonds to be Rolled Over

China’s Ministry of Finance had issued roughly 1.55 trillion RMB of notes back in 2007 to help establish the China Investment Corporation (CIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


The RDIF Could be Getting Bigger

With the Russian Direct Investment Fund (RDIF) closing more strategic deals with outside partners and other sovereign funds, the Russian government is looking to funnel more capital into it. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SOFAZ Swaps $1 Billion in Debt for 7-Year IBA Bond

Creditors holding 93.9% of the affected credits of the International Bank of Azerbaijan (IBA) have approved of a US$ 3.3 billion restructuring plan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


BNY Mellon Manhattan

BNY Mellon Names Charles W. Scharf as CEO

Bank of New York Mellon Corporation hired Charles W. Scharf as its new chief executive officer. Scharf is joining immediately and will become chairman of the bank effective January 1, 2018. Gerald L. Hassell will continue to serve as chairman until his retirement at the end of December. Hassell has served as BNY Mellon’s CEO […]


Brazilian SWF Sells 12.7 Million Shares of Banco do Brasil

In May 2017, the Brazilian government announced its sovereign fund would be selling shares of Banco do Brasil SA, a state-owned bank, over the next 24 months to shore up resources. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Else Bos Leaves PGGM for De Nederlandsche Bank

De Nederlandsche Bank is the central bank of The Netherlands and has officially named a new executive director and chairwoman for prudential supervision. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Russia’s National Welfare Fund Wants its Ukrainian Loan Money Back

In December 2013, when pro-Russia-leaning Ukrainian President Viktor Yanukovich held executive power, Russia’s National Welfare Fund, purchased US$ 3 billion worth of Ukraine government Eurobonds. The Ukrainian government had paid the first three Eurobond coupons. However, as the relationship between Ukraine and Russia quickly deteriorated and further exacerbated due to the annexation of Crimea by […]


Mubadala’s Telecoms Experiment in Nigeria Proves a Headache

Abu Dhabi-based Mubadala has made a number of strategic investments in markets such as Brazil and Nigeria betting on sectors that prosper with an expanding middle class. In 2008, Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria, was formed by Mubadala and Abu Dhabi-based Etisalat Group, a giant telecommunications services provider with strong […]


qatar

Qatar Sovereign Fund Moves More Domestic Holdings to MoF

In the midst of the economic blockade, the Qatar Investment Authority (QIA) had moved US$ 30 billion worth of its domestic equity holdings to the Ministry of Finance of Qatar. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 12, 2017

Public Investment Corporation Supports Vodacom Group Deal South Africa’s Public Investment Corporation (PIC) is a major shareholder in many South African companies including Vodacom Group. PIC holds a 15.63% ownership stake in Vodacom Group. PIC has supported Vodacom Group’s proposal to buy a 34.94% stake in Safaricom. Vodacom Group is funding the deal by issuing […]


LIA Generates Some Revenue as Thick Clouds Surround Governance

The Libyan Investment Authority (LIA) is doing its best operating in an environment of political turmoil. On May 8, 2017, Ali Mahmoud Hassan, the Head of the Faiez Serraj-led Steering Committee at LIA was able to return to the LIA headquarters in Tripoli Tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. […]


BNY Mellon Manhattan

BNY Mellon Solidifies Domination in the U.S. Tri-Party Repo Business

In July 2016, J.P. Morgan Chase & Co. (JP Morgan) announced its intention to exit the U.S. tri-party U.S. Treasury repurchase agreement (repo) business, an important market function. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Goldman Sachs Under Fire on Venezuelan Bond Investment

As Venezuela struggles to feed its people and is in the midst of a political crisis stemmed from out-of-control socialist policies draining public coffers, institutional investors have been reluctant to invest in the country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, May 13, 2017

Standard & Poor’s Lowers Oman Credit Rating to Junk Standard & Poor’s, one of the major ratings agencies, chopped Oman’s credit rating down to BBB- from BB+ on May 12, 2017. BBB- is junk status. Progress on Proposed St. Kitts and Nevis Sovereign Fund [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. […]


SWFI First Read, May 12, 2017

Temasek Participates in Another Investment Round in Virtual Reality Startup Japan-based SoftBank Group Corporation is leading a group of investors to invest in London-based Improbable Worlds Limited, a virtual reality startup. It is a US$ 502 million investment. Returning investors include Temasek Holdings, Andreessen Horowitz and Hong Kong-based Horizon Ventures. These returning investors participated in […]