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Sovereign Wealth Funds Briefing 04.Aug 2015

Posted on 04 August 2015 by VRS |  Email |Print

Bangladesh is readying a sovereign wealth fund to channel its foreign exchange reserves to infrastructure investments, the governor of the country’s central bank told The Nikkei in a recent interview.The fund, to be launched in the next few months at the earliest, will have an initial size of $1 billion to $2 billion, said Gov. Atiur Rahman.
“Our economy could achieve double-digit” growth if it overcomes a lack of modern infrastructure and other problems, he said. To try to do something about its shoddy roads, ports and other economic bedrock, Bangladesh has already declared itself a founding member of the Chinese-led Asian Infrastructure Investment Bank………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

Director of the Institute of National Affairs, Paul Barker, said the Sovereign Wealth Fund (SWF) must be managed properly with the highest principle of governance. Barker gave an insight into the newly passed bill saying the sovereign wealth fund depends highly on its stabilisation and savings components.
He explained that the stabilisation component depends on the revenue generated from the mining and agriculture sectors. Barker said if the prices of commodities in world markets drop, the stabilisation fund is used to balance out the country’s revenue to keep the level of commodity prices steady in the country………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

The head of the Public Fund Oversight Committee (PFOC) said he hopes a sovereign fund from the Middle East will buy a stake in Woori Bank for a long-term investment. Park Sang-yong, a Yonsei University professor leading the eight-member government committee, said the committee is willing to sell part of the government’s 48.07 percent stake in Woori to a sovereign fund from the region.
The PFOC is a deliberative body of the Financial Services Commission in charge of privatizing Woori. “As we push for selling our Woori Bank stake to multiple buyers, we thought it would be great to have a Middle East sovereign fund because they are long-term investors that can support the management of the bank,” Park told The Korea Times………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

After stitching together the country’s first sovereign fund - National Investment & Infrastructure Fund or NIIF - the government might find it difficult to get projects that are commercially viable. While explaining the fund and its functions to scribes, the minister of state for finance, Jayant Sinha, said that in the present scenario there is ample capital available worldwide. However, he admitted that there is a paucity of projects.
According to Sinha, the government is in touch with several pension funds across the world, endowments, and sovereign funds along with development banks to pick up 51 per cent equity in the fund and infuse Rs 20,000 crore-odd in it (the government will provide Rs 20,000 crore annually for a 49 per cent stake)………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

China’s sovereign wealth fund has invested an unspecified amount in Didi Kuaidi, China’s dominant ride-hailing app which is competing against U.S. firm Uber Technologies, a person with knowledge of the matter said on Tuesday.
The person said China Investment Corp (CIC) was one of several investors that injected more than $2 billion in recent months into the startup, which is now valued at $15 billion. The source did not give details about the size of CIC’s investment, and they declined to be identified as they were not authorised to speak to the media. CIC officials were not immediately available to comment on the matter………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

China’s homegrown ride-hailing service is getting an influential backer in its battle against Uber Technologies Inc.: China Investment Corp. China Investment Corp., the country’s sovereign-wealth fund, has made a commitment to invest in Didi Kuaidi Joint Co. as part of its recent fundraising round, according to people familiar with the situation.
The Didi Kuaidi fundraising round had a “first closing” last month of $2 billion, valuing the Chinese ride-hailing app at $15 billion. At that time, Didi Kuaidi said it was looking to raise “a further few hundred million dollars from new investors before the final closing in the coming month.” Many companies covet an investment from China Investment Corp. because it carries the imprimatur of China’s government………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

Nearly three-quarters of German investment professionals would back the creation of a sovereign wealth fund (SWF) to help address the country’s infrastructure needs. The German Federation of Financial Analysts and Asset Management (DVFA) found that 68.6% of its members backed the creation of a SWF that could help with “targeted, direct investments”, according to the association.
It noted that the countries traditionally associated with such funds financed them by putting aside their budget surplus. The German federal government is not currently in surplus, but, in accordance with a new law, it will not take on any new debts this financial year………………………………………..Full Article: Source

Posted on 04 August 2015 by VRS |  Email |Print

The Queensland Investment Corporation is pursuing transport and energy investments after securing more than $1 billion in capital for its new global infrastructure fund and several new clients, including pension group Hostplus. QIC started marketing the unlisted fund, which aims to eventually raise $1.75 billion, early this year, targeting clients in Asia and Australia.
As well as Hostplus, it has attracted an Asian sovereign wealth fund, a Chinese insurer and two existing clients. Ross Israel, head of QIC’s global infrastructure business, said the investment group’s strategy and track record had been recognised in Asia, with Asian clients keen on the broad range of infrastructure investments available in Australia………………………………………..Full Article: Source

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