Marks & Spencer was at the centre of fresh bid speculation on Sunday, with takeover talk resurfacing after a year of weak trading and a flat share price. According to The Sunday Times, the Qatar Investment Authority, the Gulf state’s sovereign wealth fund, wants to assemble a consortium to mount an 8 billion pounds takeover of Britain’s biggest clothing retailer, which also sells homewares and food.
The newspaper cited senior City sources as saying the QIA, which is already a 26 percent shareholder in Britain’s No. 3 grocer J Sainsbury, has approached several large private equity houses, including CVC Capital Partners, to gauge their interest in participating, and has spoken to lenders about financing an offer………………………………………..Full Article: Source

Malaysia’s Khazanah Nasional Bhd is seeking to buy General Electric’s $1.8 billion stake in Bank of Ayudhya (BAY), sources familiar with the matter said, pitting it against Japanese banking giant Mitsubishi UFJ Financial Group (MUFG).
Khazanah’s bid for GE’s 25.3 percent stake came as a surprise, the sources said, declining to be identified as the information was not public. The proposed acquisition would be the largest purchase of an overseas banking asset by Khazanah as it plays catch-up with Singapore state investor Temasek Holdings Pvt Ltd . The Malaysian sovereign wealth fund currently manages a portfolio that is just a quarter of the $158 billion of assets held by its neighbouring rival………………………………….Full Article: Source

Qatar retained its ranking as the world’s richest country in 2012, with its per capita income soaring to an incredible $106,000, while Qatar Investment Authority (QIA), with assets of $115bn, was ranked 12th among sovereign wealth funds in the world.
As for QIA, the UK-based TheCityUK ranked it 12th among the world’s sovereign wealth funds in terms of asset size in the year 2012. The assets of the QIA totalled $115bn. TheCityUK said in a report titled ‘Sovereign Wealth Funds’ released this month that the profile of sovereign wealth funds had risen considerably since 2007………………………………….Full Article: Source

Former Government of Singapore Investment Corporation (GIC) chief investment officer Ng Kok Song says sovereign wealth funds should look at investing in the long term. A successful sovereign wealth fund needs to have a long-term investment horizon.
An industry study expects assets of sovereign wealth funds to grow about 8 percent from US$5.2 trillion to US$5.6 trillion by the end of 2013. Sharing his vast experience in managing investments for a sovereign wealth fund, Mr Ng, who retired as GIC’s chief investment officer in February, says sovereign fund investments should be evaluated over a period of about 20 years to be meaningful…………………………………Full Article: Source

Government of Singapore Investment Corp., which manages more than $100 billion of reserves, operates without “political meddling” from the city-state’s authorities, an adviser said.
The sovereign wealth fund’s biggest investments include Citigroup Inc. (C) and UBS AG, according to data compiled by Bloomberg. The investments are made for the long term, said Ng Kok Song, who retired as GIC’s group chief investment officer in January…………………………………Full Article: Source

Investments in the United States have made up a fifth of all sovereign wealth fund (SWF) capital placements since 2005, research has shown. TheCityUK, an organisation for financial businesses in the United Kingdom, found the US had been the favoured home for investment capital over the past seven years. The UK accounted for one sixth of these investors’ capital, with China, France, Switzerland, Germany, and Qatar other important destinations.
As an example, in February, the manager of the world’s largest sovereign wealth fund, the Norway Pension Fund-Global announced a $1.2 billion agreement with TIAA-CREF to create a joint US real estate venture…………………………………Full Article: Source

Norway’s sovereign wealth fund, the world’s largest, almost doubled its investments in Australian bonds and equities last year, boosting sovereign debt fourfold and adding provincial debt securities.
The 4.08 trillion kroner ($715 billion) Government Pension Fund Global held 18.1 billion kroner of Australian federal government securities as of Dec. 31, according to a report released on March 8, up from 4.11 billion kroner a year earlier……………………………………….Full Article: Source

The outgoing head of Libya’s sovereign wealth fund said a decision to sack him has left its restructuring plans and the pursuit of compensation for investment losses in limbo, potentially costing the country millions. Late last month Prime Minister Ali Zeidan said Mohsen Derregia, head of the Libyan Investment Authority (LIA), would be replaced under a government policy to remove those who performed poorly in their jobs.
In an exchange highlighting the disarray of state institutions some 18 months after Muammar Gaddafi’s ouster, Derregia took his dismissal to court, saying it had come out of the blue and that he had yet to be contacted over a handover………………………………………..Full Article: Source

Norway’s $713 billion sovereign wealth fund is turning away from the world’s biggest currencies and their debt-laden governments as policy makers undermine their exchange rates through unprecedented stimulus measures.
The Government Pension Fund Global, the world’s largest wealth fund, cut its holdings in French and U.K. government bonds by almost half last year as it raised its share of government bonds in emerging-market currencies to 10 percent of its fixed-income holdings by adding investments in Turkey, Russia and Taiwan………………………………………..Full Article: Source

Back in 2012 the operator of the Norwegian government’s pension fund axed many of its external mandates, opting to rely instead on in-house expertise. One year on, it’s delivered its second best return ever. Here’s how it did it.
The operator of the Norwegian Government Pension Fund Global - the world’s second largest sovereign wealth fund - last year axed its externally managed mandates, cutting assets run by third parties within the $667 billion fund to the lowest level since the fund’s launch in 1998………………………………………..Full Article: Source

The son of Angolan President Jose Eduardo dos Santos says the country’s new $5bn sovereign wealth fund will look for investment opportunities in South Africa and the region as it bids to grow the returns that are key to improving infrastructure in the oil-rich nation.
Jose Filomeno de Sousa dos Santos, director for strategy at the Sovereign Wealth Fund of Angola — better known by its Portuguese acronym FSDEA — says the fund’s priority is to invest in industries, manufacturing and infrastructure. It is keen to put that cash in Angolan projects, as well as those of key ally South Africa, and possibly western economies………………………………………..Full Article: Source

India on Monday impressed upon Kuwait which has Sovereign Wealth Fund of USD 300 billion to look at huge investment opportunity in the infrastructure sector. The issue was raised by Commerce and Industry Minister Anand Sharma during his meeting with Kuwaiti Minister for Amiri Dewan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al Sabah, an official said.
Kuwait has a Sovereign Fund of over USD 300 billion which is growing by USD 15-25 billion every year. The fund is managed by Kuwait Investment Authority (KIA). Sharma informed him that during the 12th Five-Year plan (2012-2017), India plans to spend around USD 1 trillion on infrastructure………………………………………..Full Article: Source

Norway’s sovereign wealth fund, the largest across the world, increased its exposure to Indian stocks by 38 per cent to $2.57 billion in 2012, while its holdings of Indian debt securities have also risen manifold. The Government Pension Fund Global of Norway, which manages assets worth over $700 billion and is ranked as the world’s largest sovereign wealth fund, has close to 120 companies in its equity investment portfolio and these include giants like RIL, Infosys, SBI and TCS.
While the total number of Indian stocks in its portfolio has remained unchanged, the aggregate exposure to them rose to $2.57 billion at the end of 2012, from $1.8 billion a year ago, the Fund said in its annual portfolio report………………………………………..Full Article: Source

Temasek Holdings Pte, Singapore’s state investment fund, is among 15 investors that are buying almost one-third of a CVC Capital Partners Ltd.-led offering of PT Matahari Department Store shares, said a person with knowledge of the matter.
Temasek’s Fullerton Fund Management Co. and funds managed by Government of Singapore Investment Corp., Blackrock Inc. (BLK) and Goldman Sachs Group Inc. will be so-called cornerstone investors in the $1.36 billion sale, the person said, asking not to be identified as the information is private………………………………………..Full Article: Source

Government of Singapore Investment Corp (GIC), manager of more than US$100 billion (RM310.5 billion) of the city’s reserves, is close to a deal to buy a 20% stake in BR Towers SA, the Brazilian operator of cellular towers, two people with direct knowledge of the transaction said.
Singapore’s sovereign wealth fund is making the investment to profit from Brazil’s increased spending on infrastructure, according to one of the people. GIC’s Twickenham Investment Pte Ltd unit is handling the acquisition, the person said………………………………………..Full Article: Source

Mapletree Greater China Commercial Trust rose as much as 10.2 percent in its debut Thursday, underscoring demand from yield-hungry investors after the Temasek-backed trust raised $1.3 billion in Singapore’s biggest real estate investment trust (REIT) offering.
The trust, which is backed by Singapore state investor Temasek Holdings Pvt Ltd, rose to S$1.025 ($0.82) in early trading, compared with a 0.1 percent decline in the benchmark Straits Times Index. The REIT consists of office and retail developments in the Chinese mainland and in Festival Walk, an up-market shopping center in Hong Kong’s Kowloon district………………………………………..Full Article: Source

Aabar Investments PJSC, the Abu Dhabi-based sovereign fund, could be making a significant investment in Malaysia’s Tun Razak Exchange (TRX), the ambitious multi-billion-ringgit property development project by 1Malaysia Development Bhd (1MDB).
Aabar, better known in Malaysia as the fund that bought the 25% stake in RHB Capital Bhd from its sister company Abu Dhabi Commercial Bank in 2011, is known internationally for its holdings in such high-profile names as German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit. If Aabar’s investment in TRX comes to fruition, then it would be a significant new foreign direct investment deal for Malaysia………………………………………..Full Article: Source

The Qatar Investment Authority now owns more than 10 percent of Tiffany & Co., according to a recent filing with the Securities and Exchange Commission.
The Authority owns 11.27 percent of the iconic retailer, or 14.3 million shares, according to a March 6 filing. This solidifies the position of the Authority, owned by the government of Qatar, as the retailer’s largest shareholder. In prior instances, the Authority owned 8.7 percent and 5.195 percent of the company………………………………………..Full Article: Source

The president of China’s giant sovereign-wealth fund warned Japan against using its neighbors as a “garbage bin” by deliberately devaluing the yen, joining growing international griping about a potential currency war.
In unusually strong language, Gao Xiqing, president of China Investment Corp., echoed alarms from Latin America to Europe that the new Japanese government is aiming to boost its exports at other countries’ expense via a weaker currency—allegations often leveled at China itself by the U.S. and others………………………………………..Full Article: Source

Qatar’s sovereign wealth fund, the largest shareholder of Tiffany & Co, further raised its stake in the U.S. luxury jeweler to 11.27 percent, according to a regulatory filing.Qatar Investment Authority, which first disclosed a 5.2 percent stake in Tiffany last April, had raised its holding in the company to 8.7 percent last month.
Vanguard Group Inc, the largest U.S. mutual fund company, and Capital World Investors, a unit of Capital Group Companies Inc, are the next biggest shareholders of Tiffany’s as of Dec. 31………………………………………..Full Article: Source

A few months late to this story, the Wall Street Journal published a piece last Wednesday entitled “Angola Wealth Fund is Family Affair.” This was widely reported in the international press back in the fall when the Fundo Soberano de Angola was officially announced.
The Fund, started with $5 billion, now puts Angola in line with other OPEC nations, which also have funds to protect against oil price volatility, to secure the future when oil runs out, to build infrastructure, and/or to diversify the economy. Angola could use all these. According to one prominent member of the board, the emphasis will be on diversification and wealth creation………………………………………..Full Article: Source

The head of Libya’s sovereign wealth fund says his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week.
Mohsen Derregia, head of the Libyan Investment Authority (LIA), told the Financial Times that he believed his pursuit of damages from foreign banks for suspicious deals forged under the regime of Muammer Gaddafi was one of the reasons behind the government’s efforts to replace him………………………………………..Full Article: Source

Dubai expects to offer at least one flagship asset to the public as early as next year to stimulate investment and shore up its role as a global trade hub, a senior government official told Reuters.
Mohammad Al Shaibani, chief executive of the Investment Corporation of Dubai (ICD), told Reuters that Dubai had a plan to deal with debts maturing in coming years and would not see a repeat of the 2009 debt crisis. He declined to provide specifics………………………………………..Full Article: Source

Temasek Holdings, Singapore’s sovereign wealth fund, bought a 5-per cent stake in Repsol SA, for €1.04 billion ($1.35 billion), lifting its holding in the Spanish oil giant to 6.3 per cent.
Temasek, one of the world’s biggest investors with over €115 billion of assets, paid €16.01a share, or a 1.7 per cent discount to Friday’s close. The Madrid-based company sold its entire portfolio of treasury stock at a discount and booked a €148 million loss on the transaction………………………………………..Full Article: Source

Singapore state investment company Temasek Holdings said Monday it acquired 5% of Repsol SA for 1.04 billion euros ($1.35 billion), as part of a strategy to increase its exposure to the energy sector.
The share sale further boosts Repsol’s balance sheet, following an agreement last week to sell most of its liquefied natural gas assets to Royal Dutch Shell PLC for $4.4 billion in cash, plus the assumption of $2.3 billion in debt………………………………………..Full Article: Source

Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company. ONIC is a leading diversified financial services holding company in Oman and an established player in the field of life and general insurance.
Hassan Al Nabhani, CEO of Oman Investment Fund said; “We are delighted to have been able to acquire a significant shareholding in ONIC Holding. This investment demonstrates Oman Investment Fund’s focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development………………………………………..Full Article: Source

Oman Investment Fund (OIF) a sovereign wealth fund of the Sultanate of Oman, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in the Oman National Investment Corporation Holding SAOG (ONIC Holding) from Dubai Insurance Group (DIG), a subsidiary of Dubai Group, a diversified financial services company.
“We are very pleased that the Oman Investment Fund is acquiring our interest in ONICH and we believe that they are the right partner to support the Group in its next phase of growth in Oman and other GCC countries………………………………………..Full Article: Source

The Libyan Investment Authority (LIA) is the sovereign wealth fund (SWF) of Libya. In other words, it is a state-owned institute that is responsible for the proper investment management of Libya’s mounting oil revenue surpluses (any revenue in excess of the subscribed annual fiscal budget for the Libyan Government).
According to the official website of the LIA, the fund was established by a General Peoples Committee Decree in December 2006 to “protect and develop the value of Libya’s oil revenue reserves and to diversify the sources of national income away from the dependence on these.”……………………………………….Full Article: Source

Criticized by political opponents and human-rights groups for its secretive finances and super-rich political elite, Angola recently set up a sovereign-wealth fund to deploy oil revenue on behalf of the poor.
While the move by President José Eduardo dos Santos has led some observers to praise the new fund as a welcome step, critics are complaining about his choice to help run the fund: his 35-year-old son…………………………………..Full Article: Source

A real estate investment trust backed by Temasek Holdings Pvt Ltd has priced its Singapore IPO at S$0.93 each, the top of the indicative range, a source briefed on the matter told Reuters on Tuesday. The IPO would raise about US$1.3 billion (S$1.6 billion), in the city-state’s biggest REIT offering.
Mapletree Greater China Commercial Trust, with retail developments in mainland China and in Festival Walk, an up-market shopping centre in Hong Kong’s Kowloon district, had offered units in the trust in S$0.88 to S$0.93 range…………………………………..Full Article: Source

China Investment Corporation, a Chinese sovereign fund that boasts around $500 billion in assets, threw its weight behind Chengdu Tianqi’s $847-million takeover of Talison Lithium, a major lithium miner listed in Canada and Australia.
The massive sovereign wealth fund is to buy a 35-percent stake in Chengdu Tianqi’s Australian subsidiary, Windfield Holdings, for $300 million, providing nearly half the remaining funds Chengdu Tianqi, a lithium processor, needs to takeover Talison through Windfield………………………………………..Full Article: Source

Recently the media has highlighted raising controversy surrounding the activities of Sovereign Wealth Funds (SWFs). Potential investments by the Chinese SWF in U.S. assets have been blocked, supposedly due to concerns over national security. People fear politically motivated investments and accuse SWFs of insufficient transparency in their actions.
While these concerns are valid (and very applicable to some players in the market), condemning SWFs all together would be fatal for some countries that desperately need them to support and stabilize their economy. Think about this: Why do commodity-exporting countries succumb to the so-called resource curse? Why is it that despite all the resource abundance, countries like Nigeria have not been able to capitalize on this? The perplexing question has a simple answer. It is poor, or even, wicked revenue management. That’s why a sovereign wealth fund (SWF) should be the tools of choice to overcome the resource curse………………………………………..Full Article: Source

Qatar Holding, the foreign investment arm of the Gulf state’s sovereign wealth fund, plans to seek a credit rating in the “next few months”, its CEO said in comments published by Bloomberg.
If the move goes ahead, the ratings agency would likely require some degree of disclosure from the fund, which is seen as largely opaque. The Doha-based investment fund had zero debt on its balance sheet at the end of last year, Ahmad Mohamed Al-Sayed said………………………………………..Full Article: Source

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Qatar Holding, a unit of the Gulf Arab state’s sovereign wealth fund, will launch a new investment firm worth $12 billion to purchase assets globally, a top official said on February 19. Qatar Holding vice-chairman, Hussain al-Abdullah, who is also a board member of Qatar Investment Authority (QIA), said the company would be listed on the Doha stock exchange in six to eight weeks.
“You name it - shares, bonds, real estate, private equity. We will look at every sector in every country around the world,” he told reporters in the Qatari capital………………………………………..Full Article: Source

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India is receptive to the requirements of Abu Dhabi Investment Council (ADIC) and Abu Dhabi Investment Authority (ADIA) to be considered as separate agencies for investment limit purposes. This was conveyed to the UAE side by Commerce and Industry Minister Anand Sharma.
There is some apprehension that the Reserve Bank of India (RBI) and the Securities and Exchange Board of India may consider these two UAE agencies as one, as India has put in place sectoral caps for foreign investments……………………………………..Full Article: Source

The sale of 42 Marriott International properties in the UK, controlled by the Royal Bank of Scotland (RBS) Group, is in advanced stages, according to banking sources. Without disclosing the terms and the time frame of the deal, a banking source told Gulf News that the sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is the prospective contender for the deal, estimated at approximately £640 million ($992 million).
Adia spokesperson, Erik Portanger, however, declined to comment. RBS acquired the Marriott hotels across England, Scotland and Wales in 2011 after the borrowers defaulted on a loan, according to a recent Times of London report. The UK publication also reported earlier that Adia and Qatar Investment Authority were the two bidders for the hotels……………………………………..Full Article: Source

Chile will siphon US$2 billion into a state-owned investment fund that, in part, buffers the country against the ups and downs of international markets, Finance Minister Felipe Larraín said Wednesday. He projected the sovereign wealth fund (SWF) to climb to US$22.9 billion, inching past US$22.7 billion for the first time since the 2008 financial crisis hit.
Given this fund’s boost, Chileans are calling on the government to shoulder a greater slice of the country’s sky-high gasoline prices……………………………………Full Article: Source

Qatar is starting a $12 billion investment fund to buy distressed assets abroad in a bid to profit on the weakness of global markets. Qatar is joining several other players, including American and Chinese funds also targeting financial assets of foreign companies on the edge of bankruptcy or those already going through it.
The Doha Global Investments fund will receive $3 billion from Qatar’s sovereign wealth fund’s unit Qatar Holding LLC, Bloomberg reports. It will operate separately from the country’s sovereign wealth fund, although the two funds could take joint actions on many investments. It also plans to offer $3 billion in shares for the local investors to buy over the next six to eight weeks……………………………………Full Article: Source

Qatar’s sovereign wealth fund may regret spinning off part of its business. The Gulf emirate known for snapping up high-profile stakes in publicly listed entities is giving ordinary investors a chance to get a piece of the action. That, though, opens up the absolute monarchy to one risk it loathes: public criticism.
Doha Global Investment, as the new fund is called, is Qatar’s latest asset-management foray - the sovereign fund has smaller joint ventures with Credit Suisse and Barclays . Doha Global creates a new channel to redistribute Qatar’s hydrocarbon wealth as well as boost liquidity on the local exchange……………………………………Full Article: Source

Qatar Holding LLC, the foreign investment arm of the country’s sovereign wealth fund, plans to seek a credit rating from Standard & Poor’s and Moody’s Corp (MCO) in the “next few months” and had zero corporate debt on its balance sheet at the end of last year, the fund’s chief executive officer said.
“We have never been highly leveraged,” Ahmad Mohamed Al-Sayed, the fund’s chief executive officer, said in a phone interview with reporters. “In 2012, the balance sheet had zero corporate debt.”………………………………….Full Article: Source

Qatar plans to invest 50 billion Qatari riyals (USD 17 billion) in industrial companies in the next three years, Qatar Investment Authority Board Member Hussein Al-Abdullah said here Tuesday.
Meanwhile, he remarked Qatar Holding, owned by Qatar Investment Authority, posted a 17.4 percent rise in net profits in 2012. The company has doubled the profits of its department store Harrods to 108 pounds in 2012 from 54 million pounds before it bought the famous London department store…………………………………..Full Article: Source

Tebrau Teguh Bhd rose in early trades following news reports that Singapore’s Temasek Holdings Pte Ltd and a subsidiary will buy a man-made island from its major shareholder Iskandar Waterfront Holdings Bhd (IWK).At 10.39 am, the 6th most active stock was flat at 92.5 sen after rising 2.7% to a high of 95 sen, with trades of 10 million shares, against a declining broader market.
A dealer told theedgemalaysia.com: “This stock is seen as a proxy to Iskandar Malaysia development. There is so much happening there that you cannot ignore it…………………………………..Full Article: Source

The Abu Dhabi Investment Authority is close to buying 42 hotels managed by Marriott International Inc. and controlled by the Royal Bank of Scotland Group Plc, according to a person familiar with the matter.
The sovereign wealth fund, also known as ADIA, has been a preferred bidder since last summer and the sale includes hotels in London and Edinburgh, the person said, asking not to be identified because the deal hasn’t been made public……………………………………….Full Article: Source

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China Investment Corp, the country’s sovereign wealth fund, has invested in the pre-IPO of the Moscow Exchange, the fund’s chairman Lou Jiwei said on Sunday. “This is a financial investment rather than a strategic one, and we’ll sell the investment at the appropriate time,” Lou was cited by the Beijing Youth Daily as saying.
He declined to provide the exact amount invested, the paper said.The Moscow Exchange floated shares valued at $500 million on Friday……………………………………….Full Article: Source

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A person in the know revealed that Mapletree Investments Pte, real estate subsidiary affiliated to Temasek Holdings, plans to kick off an IPO in the form of investment trust based on assets in Hong Kong and China, financing SGD 1.5 billion or USD 1.2 billion.
If everything goes on wheels, Mapletree will kick off a road show next week and get listed on capital market in Singapore next month.Citigroup, Goldman Sachs, DBS Bank and HSBC Holdings will arrange the IPO as the biggest real estate investment trust in Singapore in history……………………………………….Full Article: Source

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The New Zealand Superannuation Fund, the nation’s largest fund manager, says stock pickers do best in the domestic market and that’s why it will begin actively managing local equities later this year.
“The nature of the New Zealand market is that those who put the effort into active management get rewarded for it,” Tim Mitchell, general manager of corporate strategy, said in a telephone interview. The Auckland-based fund yesterday appointed him manager of New Zealand equities……………………………………….Full Article: Source

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India is wooing some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA), as the private equity funds explore investment opportunities in India. Abu Dhabi Investment Authority (ADIA) is one of the largest sovereign wealth funds in the world with assets reported to be $ 627 billion.
India’s minister of commerce, industry and textiles Anand Sharma today left for a two-day visit to United Arab Emirates (UAE) where he will co-chair the first meeting of a high-level task force on investment with UAE on Monday, apart from substantive bilateral meetings………………………………………..Full Article: Source

Singaporean sovereign fund Temasek is in talks to buy a stake in Markit, the UK-based financial data firm. Singapore’s main sovereign wealth fund is in talks to buy a stake in Markit Group, the fast-growing financial data provider that has become one of Britain’s most successful private companies.
I have learnt that Temasek Holdings, which manages hundreds of billions of dollars of Singaporean state funds, has been approached about taking a minority shareholding in Markit, which provides information across financial asset classes such as credit default swaps………………………………………..Full Article: Source

Moscow’s stock exchange has attracted foreign investors including China’s sovereign wealth fund to its flotation, but the pricing of Friday’s sale, expected to value the bourse at $4 billion, is now at the lower end of a forecast range, two financial market sources said.
The success of the Moscow exchange sale is politically and economically sensitive because President Vladimir Putin sees it as a way to help transform Moscow into an international financial centre………………………………………Full Article: Source

The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s initial public offering with China’s sovereign wealth fund CIC investing.
China Investment Corp is seeking to match the amount the state-backed Russian Direct Investment Fund is investing, which could see both take around 20 percent of the shares, or around US$100 million each (HK$778 million), sources said. CIC was reportedly seeking up to 25 percent of the shares………………………………………Full Article: Source