News/Sovereign Wealth
Former Temasek chairman makes switch to GIC board
S Dhanabalan returns to the GIC board which he left in 2005 to become Temasek chairman; Temasek's head of Europe has also quit the fund
Nigeria SWF to manage $350m for national electricity buyer
Finance minister backs deal, saying Nigeria Sovereign Investment Authority will deliver a better return than the central bank
Kazakh central bank fund seeks advisers on managing $110bn reserves
Consultants sought to help direct country's reserve management strategy and SWF's growth in the alternative assets space
Sovereign bonds offer ‘return-less risk' says GIC's head of fixed income
The returns on offer from the biggest sovereign bond issuers offer too little return even for the small level of risk associated, says GIC's managing director in charge of fixed income
Ethical investment may not mean higher returns, says Norway fund chief economist
Ethical investment is ‘consistent with earning good returns' and suits a long-term strategy, but there is no evidence linking higher returns with avoiding unethical sectors
New Zealand SWF to invest in catastrophe reinsurance
Catastrophe insurance's strong liquidity and cyclical nature makes it a good fit for New Zealand sovereign wealth fund, investment strategist tells Central Banking conference
OECD warns taper hits developing-world growth prospects
Paris-based club of advanced economies warns taper will combine with declining commodity cycle and anaemic eurozone growth to hurt the growth prospects of developing countries
Bank of Russia sells half its stake in Moscow bourse to SWF-led investor group
Sovereign funds and institutional investors lead purchase of 11% stake in Moscow stock exchange as central bank proceeds with mandated divestment
Temasek takes stake in Santander custody business
Singaporean SWF joins with private equity firm Warburg Pincus to buy half of Santander's custody business - giving the Spanish bank's balance sheet a welcome boost
Norwegian SWF plans $27bn expansion into real estate
New focus on real estate investments part of Norway's sovereign wealth fund strategy through 2016, which will see it hire 230 more staff and employ more external managers
Expanding SWF forum to fly IMF nest and land in London next month
International Forum of Sovereign Wealth Funds welcomes new members ahead of relocation from the IMF's headquarters to its own premises in London in July
Australian sovereign wealth fund appoints new head
Chief investment officer David Neal picked to head up the management company behind Australia's $90 billion Future Fund
Norges Bank poised to complete shift from FX buyer to seller before year's end
The Norwegian central bank sends strong signal it will make no foreign exchange purchases this year; analysts predict bank will make ‘symbolic shift' to net-seller in Q4
Bank of Tanzania praised for ‘skilfully’ lowering inflation
The IMF praises Tanzania authorities for generating ‘rapid’ growth while clamping down on inflation and encouraging development of sovereign wealth fund
Cyprus finance ministry to publish SWF framework this year
Cypriot finance minister Harris Georgiades says he will finalise plans for a sovereign wealth fund this year, but monetising the country’s gas deposits remains a distant prospect
Norway SWF axes JP Morgan as global custodian
Citi has secured custody responsibility for Norway's Government Pension Fund Global's $850 billion global equities portfolio
Iran takes transparency lesson from Azerbaijan's SWF
Iran's sovereign wealth fund managers travelled to Azerbaijan to discuss improving fund transparency and international co-operation
Central banks and SWFs must upskill to face new investment challenges
Study commissioned by State Street finds central banks, sovereign wealth funds and public pension funds preparing for a broader investment universe
Norway hands SWF ethical investment responsibilities to central bank
Finance ministry disbands external ethical investment committee, putting responsibility for decisions with Norges Bank Investment Management
Norway oil fund sets sights on more real estate
The Government Pension Fund Global saw 16% return in 2013, driven by equities gaining 26.3% while fixed income didn't budge; real estate is a growth area
Norwegian governor backs SWF rotation into higher-yielding equities and real estate
Øystein Olsen says it is ‘natural' for the country's pension fund to invest in different types of real assets; talks up the possibility of an above-average market return
Sovereign wealth fund could help fiscal discipline in Algeria, says IMF
Fund suggests setting up a SWF and implementing a ‘full-fledged' fiscal rule to help manage volatile hydrocarbon revenues and curb inflationary pressures
Norges Bank should make ethical investment decisions for SWF, say government advisers
Report sets out ways for pension fund to boost influence over responsible investments, aiming to increase long-run returns; recommends concentrating decision-making power at Norges Bank
People: Stanley Fischer joins US think-tank; Hungarian central bank official moves to EIB
Fischer takes post at US think-tank after leaving the Bank of Israel; László Baranyay joins the European Investment Bank; sovereign wealth fund managers on the move