Mutapa Investment Fund

Last updated
Mutapa Investment Fund
Company type Government owned
Industry Diversified investments
Founded2020
Headquarters,
Area served
Zimbabwe
Key people
Revenuenot disclosed
not disclosed
not disclosed
Total assets $97.5 million (2015 [1] )
Owner Government of Zimbabwe
Number of employees
not disclosed yet
Parent Finance Ministry

Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20). [2] It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023. [3] It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings. [4] It manages 20 parastatal entities. [5]

Contents

History

In 2013, the parliament of Zimbabwe drafted the Sovereign Wealth Fund Bill. It was then passed and the SWFZ come into existence in 2014. [2]

Controversies

There is a lot of outcry among people from various groups[ who? ] concerning the renaming and restructuring of Mutapa Investment Fund. [6]

Entities Managed

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway.

An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked companies, insurers, pension funds, sovereign wealth funds, charities, hedge funds, real estate investment trusts, investment advisors, endowments, and mutual funds. Operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments. In 2019, the world's top 500 asset managers collectively managed $104.4 trillion in Assets under Management (AuM).

<span class="mw-page-title-main">Abu Dhabi Investment Authority</span> Sovereign wealth fund

The Abu Dhabi Investment Authority is a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates, founded to invest funds on behalf of the Government of Abu Dhabi. It manages the emirate's excess oil reserves and is estimated to manage $968 billion. ADIA is one of the largest sovereign wealth funds in the world.

<span class="mw-page-title-main">Public Power Corporation</span> Greek electricity company

The Public Power Corporation S.A. is the largest electric power company in Greece. PPC acquired Enel Romania from the Italian Enel group for €1.24 billion on October 25, 2023.

<span class="mw-page-title-main">GIC (sovereign wealth fund)</span> Singaporean sovereign wealth fund

GIC Private Limited is a Singaporean sovereign wealth fund that manages the country's foreign reserves. Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation, of which "GIC" is derived from as an acronym, its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years.

<span class="mw-page-title-main">Nedbank</span> Financial services group in South Africa

Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.

Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in South Africa by John Fairbairn in 1845 and was demutualised and listed on the London Stock Exchange and other stock exchanges in 1999. It introduced a new strategy, called 'managed separation', that entailed the separation of its four businesses – Old Mutual Emerging Markets, Nedbank, UK-based Old Mutual Wealth and Boston-based Old Mutual Asset Management (OMAM) – into standalone entities in 2018. This led to the demerger of Quilter plc and the unbundling of its shareholding in Nedbank. The business, which is now largely based in South Africa, provides sponsorship and supports bursaries at South African universities.

The Kuwait Investment Authority (KIA) is the Middle East's oldest sovereign wealth fund, managing the state’s reserve and the state’s future generation fund (FGF).

<span class="mw-page-title-main">State Administration of Foreign Exchange</span> Chinese State-owned Agency

The State Administration of Foreign Exchange (SAFE) of the People's Republic of China is an administrative agency under the State Council tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign-exchange reserves, which at the end of December 2016 stood at $3.01 trillion for the People's Bank of China. The current director is Zhu Hexin.

The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances. As of December 31 2023, the fund has $272.3 billion in assets under management.

<span class="mw-page-title-main">Sovereign wealth fund</span> State-owned investment fund

A sovereign wealth fund (SWF), or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank.

Mubadala Investment Company PJSC, or simply Mubadala, is a state-owned global investment management holding company that acts as one of the sovereign wealth funds of the Emirate of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company and the International Petroleum Investment Company (IPIC) merged. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, New York, San Francisco and Beijing.

<span class="mw-page-title-main">Qatar Investment Authority</span> Sovereign wealth fund of Qatar

The Qatar Investment Authority is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In October 2023, the QIA has an estimated $475 billion of assets under management.

<span class="mw-page-title-main">New Zealand Superannuation Fund</span> Sovereign wealth fund of New Zealand

The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds.

<span class="mw-page-title-main">China Asset Management</span> Chinese Asset Management Company

China Asset Management Co., Ltd. is one of China's biggest fund families. The company offers investment managers of National Social Security Fund, corporate annuities, Listed Open-end Fund (LOF), Qualified Domestic Institutional Investor (QDII) funds and Qualified Foreign Institutional Investor (QFII) funds, etc. It is the first exchange-traded fund (ETF) manager in China, and the sole investment manager of Asian Bond Fund China Fund. The company is the first in the industry to initiate the investment philosophy of Research Creates Value.

<span class="mw-page-title-main">Bajaj Finserv</span> Indian financial services company

Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.

<span class="mw-page-title-main">Urban wealth fund</span> Holding company

An Urban Wealth Fund (UWF), Local Wealth Fund, or Community investment fund is a local government-owned Public Wealth Fund, a holding company that owns, manages, and develops operational and real estate assets, mainly within its jurisdiction at the city, county or regional level of public administration. Government surpluses could also be invested in bonds, equities such as the stock market, or private equity.

David Kudakwashe Mnangagwa is a Zimbabwean politician from ZANU–PF. David is the son of the current president of the Republic of Zimbabwe, Emmerson Dambudzo Mnangagwa. He is the Deputy Minister of Finance and Investment Promotion ministry of Zimbabwe, with Mthuli Ncube as his ministerial boss. He is said to be behind the renaming and restructuring of formerly known as Sovereign Wealth Fund of Zimbabwe (SWFZ) to Mutapa Investment Fund as he try to consolidate power in parastatal companies.

References

  1. "Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund) - Sovereign Wealth Fund, Zimbabwe - SWFI". www.swfinstitute.org.
  2. 1 2 Independent, The Zimbabwe. "Sovereign Wealth Fund - Zimbabwe Independent". The Zimbabwe Independent. Retrieved 2023-10-01.
  3. Mutowekuziva, Tracy. "Is Zim ready for Sovereign Wealth Fund?". The Zimbabwe Independent. Retrieved 2023-10-01.
  4. Host-Madsen, Poul (July 1962). "Asymmetries between Balance of Payments Surpluses and Deficits". Staff Papers - International Monetary Fund. 9 (2): 182. doi:10.2307/3866114. ISSN   0020-8027.
  5. 1 2 "New Mutapa fund takes over shares in 20 entities". The Herald. Retrieved 2023-10-01.
  6. Muzulu, Paidamoyo. "Mutapa Fund: The looting machine". NewsDay.