Designing and maintaining an asset allocation consistent with its mandated return and risk objectives. Assets under management: USD 10.24 billion. Assets Under Management… The relevant statistical data pertaining to the SWF should be reported on a timely basis to the owner, or as otherwise required, for inclusion where appropriate in macroeconomic data sets. Primarily set up as a solution to the country’s rapidly aging population, China’s National Social Security Fund currently manages $236bn of assets. Wafra International Investment Company, Kuwait, was established in 1994 as a Kuwaiti shareholding closed company. GRF provides liquidity to the State's Treasury when needed. Serving to “supplement and adjust the social security spending during the peak time period of the ageing of population”, this is one of China’s four SWFs. The Executive Committee is chaired by the Managing Director and is responsible for assisting the Board of Directors to set strategic goals and objectives for KIA. Dealing with third parties for the purpose of the SWFâs operational management should be based on economic and financial grounds, and follow clear rules and procedures. The secretive Kuwait Investment Authority has been showing signs of greater transparency, but it remains at its heart a cautious investor. KIA endeavours to be a world-class investment management organization committed to continuous improvement in the way it conducts business by contributing to the formation of human capital in Kuwait by attracting talented and ambitious young Kuwaitis, participating in the growth of the investment sector in Kuwait and reinforcing sound corporate governance, transparency in all operations, and fair business dealings in Kuwait by holding our business associates and portfolio companies to the highest ethical standards. At least three of the private sector appointees may not hold any other public office. 18. FGF consists of investments outside Kuwait based on an approved Strategic Asset Allocation in various asset classes. The process of funding and withdrawals is outlined by law and publicly disclosed on KIAâs website. Established in 1976, the Abu Dhabi Investment Authority (ADIA) currently manages assets worth $792bn. Wren House Infrastructure. The SAFE Investment Company, established in 1997, is the Hong Kong subsidiary of China’s Administration of Foreign Exchange (SAFE). The SWF should publicly disclose its general approach to voting securities of listed entities, including the key factors guiding its exercise of ownership rights. There should be clear and publicly disclosed policies, rules, procedures, or arrangements in relation to the SWFâs general approach to funding, withdrawal, and spending operations. Board of Directors: KIA is an independent public authority managed by its Board of Directors. This includes the fund’s stake in London City Airport and Dubai Parks. The Board has complete independence in its decision-making process. 18.2. SWFs view shareholder ownership rights as a fundamental element of their equity investmentsâ value. 10. The authority invests the emirate’s assets through an investment strategy focused on long-term value creation. The secretive Kuwait Investment Authority has been showing signs of greater transparency, but it remains at its heart a cautious investor. It receives a minimum of 10% of all. Appointment is conducted through a formal shortlisting and RFP process based on predetermined criteria. The KIA is the world's oldest sovereign wealth fund. Waiting for the effects of its 1970s one-child policy to hit home, China is currently battling with the extra costs of an elderly population. The private sectorâs regeneration is maintained through privatization programs that KIA is committed to undertaking. Save Search . Kuwait Investment Authority Established in 1953, Kuwait Investment Authority (KIA) is the oldest SWF in the world. To know more about this service, … Qatar Investment Authority View Total Assets Sovereign Wealth Fund Middle East 12. Since 1953, the Kuwaiti government has directed investments into Europe, United States and Asia Pacific.As of 2015, the holdings were valued at $592 billion in assets. Accel, … 47 as an autonomous governmental body responsible for the management of the assets of the country. State revenues as well as 10% of the net income of GRF on an annual basis. KIA is audited regularly by the following:Â. To boost its real estate portfolio, the fund has also been investing in properties worldwide over the last few years. It also owns the London headquarter of Deutsche Bank. These findings are presented to the Board of Directors by the Managing Director on a regular basis. Since the GRF is the repository of all income of the State of Kuwait, all State budget expenditures are paid out of the GRF and sanctioned by law. 17. The sovereign wealth fund is divided into the General Reserve Fund and the Future Generations Fund. With a total worth of $847.6bn, Norway has the world’s largest SWF. 10. 14. Explore Deloitte’s 2020 investment management outlook for insight on how investment management firms can capture growth in the year ahead by crossing boundaries and moving out of their comfort zones. All Asset Owners. GRF helps develop the role of local financial companies by giving them the opportunity to manage some of its investments locally and abroad. Â KIA traces its roots to the Kuwait Investment Board that was established in 1953, eight years before Kuwaitâs Independence. The governance framework and objectives, as well as the manner in which the SWFâs management is operationally independent from the owner, should be publicly disclosed. The Code of Conduct is maintained under the supervision of the Director for Legal and Compliance (KIA's General Counsel). The execution of the strategy is delegated to the various sectors within the KIA by the Managing Director and overseen by him. Ministerial Decision No. âThe objective of the Authority is to undertake, in the name and for the account of the State of Kuwait, theÂ management of the General Reserve Fund, the monies allocated for the Future Generations Fund, as well asÂ such other monies that the Minister of Finance may entrust the Authority with its management.âÂ. Qatar Investment Authority View Total Assets Sovereign Wealth Fund Middle East 12. 47 as an autonomous governmental body responsible for the management of the assets of the country. Abu Dhabi Investment Authority. The group also holds stakes in banks in Australia and New Zealand. KIA,Â as the worldâs oldest SWF, has maintained its extremely high ethical, legal, and compliance standards over the past 66 years and will continue to do so in the future.Â Â. The Latest. Professional and ethical standards should be clearly defined and made known to the members of the SWFâs governing body(ies), management, and staff. The world’s 10 biggest sovereign wealth funds, Dubai e-commerce platform Sprii goes into liquidation after failing to raise more capital, Dubai contractor Arabtec to file for liquidation at ‘earliest opportunity’, Burj Khalifa builder Arabtec set to fall into liquidation, Covid-19: All you need to know about Dubai’s Pfizer vaccination campaign, Qatari media ‘undermining’ efforts to end GCC dispute – UAE minister, Abu Dhabi updates entry guidelines for visitors, international tourists, Revealed: Where to catch New Year’s Eve fireworks in Dubai, Government of Singapore Investment Corporation, Hong Kong Monetary Authority Investment Portfolio, Hong Kong’s State Administration of Foreign Exchange Investment Company. The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives. The operational management of the SWF should implement the SWFâs strategies in an independent manner and in accordance with clearly defined responsibilities. The SWF should not seek or take advantage of privileged information or inappropriate influence by the broader government in competing with private entities. Read more. All Asset Owners. GRF focuses its investment in the MENA region. KIAâs investment policy and guidelines provide the framework around the investment objectives and the implementation process.Â. Wafra Investment Advisory Group Companies People Investors Funding Rounds Acquisitions Schools Events Hubs Saved . With a long-term goal to provide “an alternative to oil reserves, which would enable Kuwait’s future generations to face the uncertainties ahead with greater confidence,” as written on its website, the group has invested into various global projects. Any third party relationships are established based on economic and financial grounds. 15. Kuwait Investment Authority . 1.2. Established in 1953, Kuwait Investment Authority (KIA) is the oldest SWF in the world. Currently holding $592bn worth of assets under its management, the fund derives most of its wealth from the state’s surplus oil revenues. Get daily business news from the region delivered straight to your inbox, A drop in oil prices this year suggests that hydrocarbon-funded SWFs are under pressure. During the April 2006 reorganization of KIA, the Consultants also established a Code of Conduct for each staff member at KIA. Kuwait Investment Authority . Selecting investments and investment managers with the ability to outperform the respective index for each asset class. ADAM successfully managed the private placements of several leading companies of TID group including Khabary Holding Company, Manazel … KIA also provides regular and frequent reports to the following concerned parties: 6. KIA has a long term investment horizon and has the ability to bear the risk and accommodate short term volatility. Overall, the fund has extended its investments to 9,000 companies in 75 countries. FGF aims to achieve a rate of return on its investment that, on a three-year rolling average, exceeds its composite benchmarks by: GRF, on the other hand, is the main treasurer for the Government and receives all revenues (including all oil revenues) from which all State budgetary expenditures are paid. No assets can be withdrawn from the FGF unless sanctioned by law. International Forum of Sovereign Wealth Funds (IFSWF), International Forum of Sovereign Wealth Funds, International Forum of Sovereign Wealth Funds Annual Meeting: opening address, International Forum of Sovereign Wealth Funds Publishes New Santiago Principles Case Studies, Sovereign wealth funds focus on governance and investment risk in a climate of uncertainty, The Chairman and the Executive Committee of KIAâs Board of Directors, The Independent State Audit Bureau (whose on-site personnel also provides ongoing monitoring), The Minister of Finance (Chair) [Ex-officio], The Governor of the Central Bank of Kuwait [Ex-officio], The Under Secretary of the Ministry of Finance [Ex-officio], And five other Kuwaiti Nationals from the private sector appointed by Amiri Decree. 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