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KIA sees no limit to investments in local bourse

Posted on 25 September 2008

From Gulf-Times.com: The Kuwait Investment Authority (KIA), which manages the Gulf Arab state’s sovereign wealth, said yesterday there was no limit to the amount it could invest in the local bourse to shore up flagging stocks

SWFs back alternatives

Posted on 25 September 2008

From Financialstandard.com: The $3.8 trillion [Australian dollars] sovereign wealth funds sector is expected to pour more money into alternatives to diversify their portfolios, new research shows

QIA spurned Wall Street

Posted on 25 September 2008

From FT.com: A leading executive of Qatar’s sovereign wealth fund [the Qatar Investment Authority (QIA)] on Wednesday disclosed it had spurned the chance to help recapitalise troubled Wall Street banks, in remarks that offered a rare insight into its investment strategy

The view from Tanzania: "The Chinese are supposed to be big investors"

Posted on 25 September 2008

From TheCitizen.co.tz: While trade between China and Africa is growing, with an initial $5 billion China Africa Development Fund set aside, [Tanzania Investment Centre] boss Ole Naiko said the Chinese were being segregated in Dar es Salaam’s Kariakoo area

Dubai Group eyes Cambodia

Posted on 25 September 2008

From PhnompenhPost.com: Dubai Group, an investment company managing more than US$40 billion on behalf of the emirate’s ruler, said it may invest in Leopard Capital’s Cambodia fund, the group’s first investment in the Kingdom

Korean banks urged to hold off mergers, acquisitions

Posted on 25 September 2008

From Yahoo.com: South Korea’s top financial regulator urged local banks Thursday to refrain from inflating their assets through acquisitions, saying recent moves to increase their size are excessive

China’s Sinopec to acquire Tanganyika Oil

Posted on 25 September 2008

From TheGlobeAndMail.com: Tanganyika Oil Co. has become the latest Canadian oil company with significant interest in the Middle East [in this case, in Syria] to be sold to a foreign company

Gulf states covet Asian farms

Posted on 25 September 2008

From ATimes.com: Once committed largely to perceived safe-haven investments in the United States, Gulf nations are now looking to send their petrodollar surpluses towards a more exotic global destination: Southeast Asian farmland

Bahrain wealth fund posts $650m profit

Posted on 24 September 2008

From Reuters.com: Bahrain’s $14 billion sovereign wealth fund Mumtalakat said on Tuesday it posted a net profit of 245.8 million dinars ($652 million) in its first 18 months of operation and was planning to expand internationally.

SWFs under criticism over investments in western banks

Posted on 24 September 2008

From Thomsonmergernews.com: Sovereign wealth funds are coming under criticism at home over their investments in Western banks. Though this criticism may be short-sighted it will nonetheless mean that they will proceed with more caution.

Prudence guides China’s outlook

Posted on 24 September 2008

From FT.com: The lesson China’s leaders seem to have taken from the worsening global crisis is similar to the one they took away in Beijing at the start of the decade – do not mess with things you do not understand.

China Huijin increases stake in three top commercial lenders

Posted on 24 September 2008

From Xinhuanet.com: Chinese three largest commercial banks [CCB, ICBC, and BOC] announced Tuesday that Central Huijin Investment Co., Ltd., an investment arm of the government, had increased its shareholdings of the three banks.

Australian Future Fund chairman backs US rescue plan

Posted on 24 September 2008

From Businesspectator.com: Australian Future Fund chairman David Murray has given his backing to the $US700 billion ($A839 billion) US financial system rescue plan.

Australian Future Fund to stick with shares

Posted on 24 September 2008

From SMH.com: Australia’s $64 billion Future Fund is unlikely to reduce its asset allocation in shares, despite the volatility in global equity markets, and is seeking further investments in the banking sector.

Libya SWF target Telecom Italia

Posted on 24 September 2008

From Thomsonmergernews.com: Sovereign wealth fund, the Libyan Investment Authority [LIA], is preparing to take a stake of up to 10% in Telecom Italia holding company, Telco, for up to €4bn (US$5.87bn), it emerged on Wednesday.

Sovereign wealth funds increasingly involved in FDI - UNCTAD

Posted on 24 September 2008

From AFP/Google.com: Sovereign wealth funds are increasingly putting their money into foreign direct investment, with a very sharp increase recorded in the period 2005 to 2007, the UN said Wednesday.

Why a China deal didn’t work out for Morgan Stanley

Posted on 23 September 2008

From The WSJ Deal Journal blog: [Morgan Stanley’s potential] deal with China Investment Corp. foundered on a number of issues, says a person close to the deal, including an inability to agree on terms and concerns over regulatory approval in both China and the U.S.

Singapore GIC to disclose asset mix, returns in report

Posted on 23 September 2008

From CNBC.com: Singapore said on Tuesday it will allow the Government of Singapore Investment Corporation (GIC) to release its annual report for 2007/2008 to raise the public’s understanding of the sovereign fund.

Singapore GIC says worst of crisis may not be over

Posted on 23 September 2008

From Reuters.com: The Government of Singapore Investment Corp said on Tuesday the worst of the financial crisis may not be over, but it would continue to scour for opportunistic investments in sectors such as financials.

Deutsche Bahn seeks sovereign funds for IPO

Posted on 23 September 2008

From Bloomberg.com: Deutsche Bahn AG, the state-owned railway, is seeking to sell shares to sovereign wealth funds in the Middle East and Asia during the initial public offering, [German financial newspaper] Handelsblatt said, without saying where it got the information.

Singapore GIC earns 4.5 percent real return over 20 years

Posted on 23 September 2008

From Reuters.com: The Government of Singapore Investment Corp (GIC), one of the world’s biggest sovereign funds, said it achieved a real return of 4.5 percent over 20 years to March but saw a tougher environment ahead.

Financial experts to manage South Korean National Pension Service

Posted on 23 September 2008

From KBS.co.kr: The ruling camp will reportedly seek to entrust financial experts with the management of the national pension fund, according to the ruling Grand National Party. Under the proposed plan, the government will separate a fund management team from the National Pension Service (NPS).

Fund profile of the Government Investment Corporation of Singapore

Posted on 23 September 2008

From RGEmonitor.com: This is a series profiling different sovereign wealth funds that is updated as new information becomes available.

Kuwait’s KIA eyes overseas deals but not failing banks

Posted on 23 September 2008

From Reuters.com: Kuwait Investment Authority (KIA), the Gulf Arab state’s sovereign wealth fund, said on Tuesday it was eyeing investment opportunities abroad but was not in the business of bailing out struggling foreign banks.

GIC switches focus to private equity

Posted on 23 September 2008

From efinancialnews.com: The Government of Singapore Investment Corporation, which has lost almost 60% on its in investment in UBS since December, has decided to switch its investment focus from financial companies to emerging markets and private equity.

In times of crisis, new global giants still look to US

Posted on 22 September 2008

From Timesonline.co.uk: America still dominates the business of managing the world’s finances despite the wealth accumulation of emerging markets… Full article: Source

Sovereign wealth funds lag SRI best

Posted on 22 September 2008

From FT.com: Sovereign wealth funds lag significantly behind the leaders in the field of socially responsible investing, missing a chance to enhance returns as well as help mitigate climate change… Full article: Source

US creates the best sovereign fund ever

Posted on 22 September 2008

From Livemint.com: Treasury secretary Henry Paulson’s new fund is better than anything yet cooked up by the governments of Kuwait, China, Singapore, Abu Dhabi or others that have sprinkled their taxpayers’ surplus cash around the world the past few years… Full article: Source

China Investment Corp. is recruiting

Posted on 22 September 2008

From WSJ.com: China Investment Corp., Beijing’s $200 billion sovereign wealth fund, is launching a new round of recruiting, aiming to fill more than 30 spots from macroeconomic research to stock picking… Full article: Source

Sovereign funds may invest $725bn in real estate by 2015

Posted on 22 September 2008

From Bloomberg.com: Sovereign wealth funds may increase investment in commercial properties to a net $725 billion by 2015 as they diversify their holdings from stocks and bonds, according to CB Richard Ellis Group Inc… Full article: Source

Abu Dhabi’s IPIC eyes Mediterranean investments

Posted on 22 September 2008

From Reuters.com: Abu Dhabi government-owned International Petroleum Investment Co (IPIC) discussed in a meeting late on Sunday potential investment opportunities in North Africa and the Mediterranean region… Full article: Source

Sovereign wealth funds favored by China

Posted on 22 September 2008

From PENews.com: Sovereign wealth funds are favoured investors by the Chinese government due to their patient, long-term approach according to one speaker at Hong Kong’s SuperReturn Asia conference today… Full article: Source

ADIC eyeing US assets

Posted on 22 September 2008

From ArabianBusiness.com: Abu Dhabi Investment Co. (ADIC) is considering acquiring US assets that are looking attractive due to financial turmoil and the surging dollar, the state-owned group’s chief executive told newswire Reuters… Full article: Source

SWFs seen turning to funds after bank deal losses

Posted on 22 September 2008

From Reuters.com: Sovereign wealth funds chastened by losses made from direct stake-building in failing western banks are likely to channel funds through asset managers in future and avoid big ticket deals, industry players said… Full article: Source

Brad Setser on Morgan Stanley’s CIC-scenario

Posted on 21 September 2008

From Brad Setser’s blog: Yes, a [China Investment Corp.] investment could help the banks raise needed equity capital and thus offers a potential alternative to an even bigger investment by US taxpayers. But a large CIC stake would also start to raise issues about who should provide the government backstop for the combined institution: China [...]

KIA may inject $3.75bn into Kuwait stock market

Posted on 21 September 2008

From Bloomberg.com: The Kuwait Investment Authority [KIA] may inject as much as 1 billion dinars ($3.75 billion) into Kuwait’s stock market to alleviate recent declines, Asharq al-Awsat reported today, citing unidentified officials… Full article: Source

Dubai Group plans new fund for US and European markets

Posted on 20 September 2008

From Business24-7.ae: Dubai is moving quickly to seize opportunities created by the turmoil in the US real estate and banking sectors. Financial services giant Dubai Group, part of Dubai Holding, is planning to launch a fund of funds in the first half of 2009 to invest in the US and European markets, said Chief Executive [...]

Australian Future Fund hunts deals

Posted on 20 September 2008

From SMH.com: The [Australian] Federal Government’s $64 billion Future Fund is looking to cash in on the chaos gripping financial markets by buying slices of discount companies and bargain shares… Full article: Source

CIC official: Single acquisition no solution to US credit crisis, CFIUS could make purchase of stake difficult

Posted on 19 September 2008

From Xinhuanet.com: A single acquisition could not solve the systematic U.S. credit crisis, a senior official with the China Investment Corp. (CIC) [who spoke on the condition of anonymity] said Friday.

China Investment Corp. says Morgan Stanley, Goldman can go it alone

Posted on 19 September 2008

From Reuters.com: China Investment Corp, the country’s sovereign wealth fund, said U.S. investment banks Morgan Stanley and Goldman Sachs can solve their problems independently, the official Xinhua news agency reported on Friday… Full article: Source

It’s time for a US sovereign investment fund

Posted on 19 September 2008

From Seekingalpha.com: Why should the Singapore Sovereign Fund or Chinese government be able to use the current environment of fear and lack of private capital to get the best of U.S. financial institutions like Morgan Stanley at fire sale prices?

China’s sovereign wealth fund turns inward

Posted on 19 September 2008

From Forbes.com: For all the Western attention devoted to China Investment Corp.’s big overseas purchases, the sovereign wealth fund’s mandate to trouble-shoot areas of the domestic economy has drawn less interest. But it is this mission that China called upon it to perform this week, specifically, to shore up the country’s distressed stock market, which [...]

Why China won’t come to the rescue

Posted on 19 September 2008

From Time.com: If once burned twice shy isn’t an old Chinese proverb, it probably should be… Full article: Source

Taiwan’s State Stabilization Fund stays out of markets for now

Posted on 18 September 2008

From Hemscott.com: The steering committee of the [Taiwanese] State Stabilization Fund has decided to monitor international markets further and hold off from intervening for now… Full article: Source

China’s pension fund picks overseas investment managers

Posted on 18 September 2008

From eeo.com: Around eight global asset management firms have been picked by China’s pension fund – National Council for Social Security Fund (NSSF) – as potential managers to look after its overseas investment portfolios. A source close to the NSSF told the EO that the list of companies was finalized after a meeting in Shenzhen [...]

Lehman spurned Korea Development Bank’s offer of $6.40 a share

Posted on 18 September 2008

From Bloomberg.com: Lehman Brothers Holdings Inc. spurned Korea Development Bank’s offer of $6.40 a share for a controlling stake in the weeks preceding its bankruptcy, the Korean bank’s Chief Executive Officer Min Euoo Sung said… Full article: Source

Mubadala not keen on buying Gatwick airport

Posted on 18 September 2008

From Business24-7.ae: Abu Dhabi state investment firm, Mubadala Development Company, yesterday refuted reports of its intention to buy a stake in UK’s Gatwick airport as market rumours, according to a company executive… Full article: Source

Rogoff: Hard to believe dollar will continue to stand its ground

Posted on 18 September 2008

From FT Alphaville: [A]s investors step back and look at the deep wounds of America’s flagship financial sector, the public and private sector’s massive borrowing needs, and the looming uncertainty of the November presidential elections, it is hard to believe that the dollar will continue to stand its ground as the crisis continues to deepen [...]

ADIA surges on high oil prices and low debt

Posted on 18 September 2008

From Business24-7.ae: A surge in crude oil prices over the past few years has sharply boosted the assets of the Abu Dhabi Investment Authority (ADIA) and the fund is set to grow in the absence of major domestic debt, according to analysts… Full article: Source

KKR hires Lehman SWFs chief Makram Azar

Posted on 18 September 2008

From Zawya.com: Kohlberg Kravis Roberts & Co. (KKR) today announced that it has hired Makram Azar, who has been Lehman’s global head of sovereign wealth funds since April, as its managing director and head of Middle East and North Africa (MENA)… Full article: Source

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