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Sovereign Wealth Funds Briefing 27.Nov 2014

Posted on 27 November 2014 by VRS |  Email |Print

Norway’s $860 billion sovereign wealth fund, the world’s largest, says designing benchmark indexes that give its portfolio managers greater investing freedom will help drive up returns.
“A large investor may wish to carve out some capital and allocate risk to active portfolio managers with the aim of enhancing the fund return,” it said in a report published on its website today. “A large investor may wish to design non-market capitalization weighted benchmarks to maximize the benefit to the investor of the stock picking ability of active portfolio managers.”……………………………………Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

The Sovereign Wealth Fund’s stakes in the coal industry are higher than previously acknowledged. These holdings amount to NOK 82.2bn in the coal sector, a study conducted by a handful of environmental organisations reveals. Report “Dirty & Dangerous” was a collaborative effort between three environmental organisations.
These were the German organisation Urgewald, Norway’s The Future in our Hands, and Greenpeace Norway. Head of the Norwegian Pension Fund, Yngve Slyngstad told parliamentarians at a parliamentary hearing earlier this year that, “Our investments in coal are limited and falling. They have been halved over the last two years”…………………………………….Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

Norway’s huge sovereign wealth fund, known as the oil fund since it’s fueled by the country’s oil revenues, is being grilled once again, this time over its investments in coal. While environmentalists want the fund to dump its coal mining stakes, some economists do, too, warning that they can become unprofitable as well as damaging for the planet.
Oil fund officials have themselves claimed that the fund’s coal holdings are “limited and in decline.” Yngve Slyngstad, chief executive officer of the fund, said in January that they’d been cut in half over the past two years. Next week, a special commission is due to evaluate whether the fund, a powerful player in international investment circles, should sell off or at last drastically reduce its remaining stakes in fossil fuels like coal, oil and gas, for the sake of the environment…………………………………….Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

Russia has limited room for tapping one of its sovereign wealth funds before jeopardizing its investment-grade debt rating, according to Standard & Poor’s.
“If money is spent to support the economy, to support specific companies — that would lead to a decline of those fiscal buffers beyond what we currently expect,” S&P analyst Christian Esters said in an interview in Moscow yesterday. The rainy-day funds “are strong mitigating factors for the stresses Russia has been experiencing.”……………………………………Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

Was China’s sovereign wealth fund poised to save U.S. taxpayers from the risk they took in bailing out American International Group Inc.—but then-Treasury Secretary Henry Paulson rebuffed the Chinese help? That is one of the key assertions in the lawsuit brought by Maurice R. “Hank” Greenberg, the global insurer’s former long-time chief executive. Testimony ended Monday in the 37-day bench trial, and a review of court transcripts helps to shed light on what the Chinese did and didn’t do.
Mr. Greenberg’s suit maintains the government coerced AIG’s board into accepting its harsh terms—including the handover of a 79.9% equity stake to the U.S. —by quashing AIG’s other financing alternatives. The alleged motive: funneling bailout money through AIG to Wall Street firms and overseas banks in “backdoor bailouts.”……………………………………Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

As the 37-day bench trial regarding the U.S. government’s forced bailout of American International Group Inc wraps up, a big question is: did the government disregard a valid offer from a Chinese sovereign wealth fund that could have bailed out AIG? Maurice R. “Hank” Greenberg, AIG’s legendary CEO and largest shareholder, brought the lawsuit against the government.
The suit essentially makes two claims: The large Wall Street banks essentially received favorable bailout terms while AIG was harshly punished – an argument that is hard to dispute. The second charge, and the one that could play into the trial more significantly, is that AIG had a valid offer from the China Investment Corp. (CIC), sovereign wealth fund, to purchase the firm and the government dismissed that offer out of hand…………………………………….Full Article: Source

Posted on 27 November 2014 by VRS |  Email |Print

Leading global private equity (PE) companies such as US-based Capital International Private Equity, Singapore’s sovereign fund Temasek and Bain Capital are keen to acquire a minority stake in Crompton Greaves Consumer Products - the proposed de-merged consumer business division of Avantha Group - sources said.
On Monday, Crompton Greaves, part of Gautam Thapar-promoted Avantha had said Avantha Holdings would sell a part of its 42.7 per cent stake in Crompton Greaves Consumer Products. Avantha Holdings directly owns 40.84 per cent stake with the rest held by other investment entities…………………………………….Full Article: Source

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