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Sovereign Wealth Funds Briefing 24.Oct 2014

Posted on 24 October 2014 by VRS |  Email |Print

The Kuwait Investment Authority (KIA) has decided to resume selling stakes in major local companies to the public, planning to offer its stake in Kuwait Investment Co in the first half of 2015, state news agency KUNA reported.
The decision was made by KIA’s board of directors late on Wednesday, KUNA quoted the sovereign wealth fund as saying. The KIA, one of the world’s largest sovereign funds with assets estimated at over $400 billion, began offering stakes in listed Kuwaiti firms to the public in the 1990s as part of efforts to transfer more of the country’s corporate wealth into private hands………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

Kuwait Investment Authority, the sovereign wealth fund which started as a Bank of England account dedicated to receiving oil money, will sell stakes in three local companies worth 1.56 billion dinars ($5.4 billion).
The KIA, as the fund is known, will sell its Kuwait Investment Co. holding in a public offering in the first half of next year, according to a statement on the website of the official KUNA news agency. Kuwait Finance House and Mobile Telecommunications Co. shares will also be sold………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

The size of Qatar Investment Authority ’s ( QIA ) assets has touched $450bn. The QIA has invested its fund in a wide range of sectors including banks, real estate, tourism, agriculture; both inside and outside Qatar, Al Sharq reported. The major focus of QIA ’s foreign investments is on West European countries like the UK, France and Germany.
The combined asset in these countries stands at an estimated $80bn. UK alone attracts $35bn. QIA has invested an estimated amount of $25bn in France, while in Germany’s industrial sector attracted $20bn. Total investments in the US stands at $11bn, the daily reported………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

The government is planning to establish an investment fund, Sovereign Wealth Fund (SWF), to serve as a catalyst for national development by diversifying the economy through the use of revenues from such natural resources as oil and gas. Deputy Energy and Minerals Minister Stephen Masele said in Dar es Salaam on Wednesday that the ministry would introduce a motion on SWF Act in the upcoming National Assembly session in November.
“The fund will be used to control expenditure of the revenues collected from natural resources, including oil and gas,” said Mr Masele during a Tanzania Oil and Gas Conference and Exhibitions (TOGaCE)………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

China’s sovereign wealth fund CIC has been hit with another senior management setback with news that its chairman and CEO, Ding Xuedong, has been named to replace Jin Liqun as head of investment bank CICC.
The fact the government has reshuffled the head of China Investment Corporation to run the nation’s largest investment bank left one commentator to conclude the state investment company no longer enjoyed the status it once had.However, one well-placed source said that Ding would retain his current position at CIC………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

China International Capital Corp (CICC) said on Thursday its Chairman Jin Liqun resigned from his post and will be replaced by the head of the country’s sovereign wealth fund. China Investment Corporation’s current Chairman and Chief Executive Ding Xuedong has been appointed as the new CICC chairman, the investment bank said in a statement.
Reuters reported last week Jin would quit this year to take up a position at Asia Infrastructure Investment Bank (AIIB), a regional development bank being set up by Beijing………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

As China pushes to set up a regional infrastructure bank to lend for major projects, it’s worth revisiting just who will invest in the bulging pipeline of Australian infrastructure assets coming to market in the next 12 months. The obvious candidates are Australia’s superannuation funds, which manage some $1.8 trillion in assets but remain heavily weighted towards more liquid assets such as stocks and bonds. Super can, and should, be turning savings into investment that can boost economic growth.
Some prime candidates say that keen competition for trophy assets such as the Port of Botany have pushed valuations beyond reasonable levels. Port Botany and Port Kembla sold for $5.1 billion, a deal that many saw as a new high water mark for infrastructure deals globally………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

Lord Hodgson of Astley Abbotts, a Tory peer, proposed an amendment to the UK infrastructure bill. In it, Hodgson entails the formation of a soverign wealth fund being funded by shale gas revenue. Hydraulic fracturing, also known as fracking, could provide the UK with a boom in energy revenue.
According to the Associated Press (AP), Lord Hodgson issued the following statement:“You could argue this is akin to an everlasting pension fund for UK plc. Norway has an extremely successful sovereign wealth fund and as a result Norwegian government bonds are some of the most sought after and highly rated in the world. A British sovereign wealth fund might not just help the country in the long run, it might also improve our financial stability in the short run”……………………………………….Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

The first in the history of VTB Bank Supervisory Council meeting outside of RF was held in Baku. According to the State Oil Fund of Azerbaijan (SOFAZ), the meeting was held on October 22.
“During the meeting participants discussed issues related to the Bank’s activities and made appropriate decisions”, - the Fund says. Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov participated at the meeting as an independent member of the Bank’s Supervisory Council………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

The State Securities Committee of Azerbaijan declares that its system of supervision over the operations with securities adapted even to mega deals, including subscription of the State Oil Fund (SOFAZ) for bonds of CJSC Southern Gas Corridor (Cənub Qaz Dəhlizi, CQD).
SSC Securities Regulation Department’s head Agahuseyn Khudaverdiyev has stated that today their system and mechanism of control over the circulation of securities have been adapted for any purpose - the size of the operation or the status of the player do not matter………………………………………..Full Article: Source

Posted on 24 October 2014 by VRS |  Email |Print

In recent years I’ve been watching the mismanaged investments of another class of supposedly savvy investors—sovereign wealth funds. These emerging heavyweight investors—new to Wall Street—seem to be making all the wrong moves, such as blindly trusting the same old investment powerhouses that have proven to most Americans they can’t be trusted.
Worse still, sovereign wealth funds (like U.S. public pensions) get seduced into “exclusive” strategic partnerships with investment firms that have rap sheets that would make a serial killer blush. Little analysis is undertaken regarding concerns that are paramount to institutional investors in America today such as conflicts of interest, fiduciary duties, corruptive industry practices, undisclosed and excessive compensation arrangements, fraud and misrepresentation and their impact upon net performance………………………………………..Full Article: Source

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