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Sovereign Wealth Funds Briefing - Archive | August, 2008

Judging Temasek’s growing role in Merrill Lynch

Posted on 06 August 2008 by admin  |  Email |Print

From The latest investment by Singapore sovereign-wealth fund Temasek in Merrill Lynch & Co. could lift its stake to more than 10%, triggering the need for regulatory approval and reigniting debate about foreign ownership of U.S. financial firms… Full article: Source

Comment: SWFs vs. free trade

Posted on 06 August 2008 by admin  |  Email |Print

From Matt Cooper says that sovereign wealth funds are “the opposite of free trade” and “anathema to a free-market economy”. I don’t see why that should be the case: if anything, the funds are a natural consequence of free trade… Full article: Source

SWFs still face risk of western curbs

Posted on 06 August 2008 by admin  |  Email |Print

From Government investment funds from the Gulf and other countries still face the risk of possible restrictions by Western host nations because of their negative impact on the fiscal balance, an Arab League report said yesterday… Full article: Source

Western fund managers eye Asian SWF billions

Posted on 06 August 2008 by admin  |  Email |Print

From Western fund managers are casting hungry glances toward the large – and growing – pools of capital known as sovereign wealth funds. Asian sovereign funds currently control an estimated $1,000bn (£500bn, €635bn), a figure expected to grow rapidly in coming years. A large portion of those assets will be handed out in huge mandates to third party managers… Full article: Source

Kuwait’s KIA to triple Japan investments

Posted on 06 August 2008 by admin  |  Email |Print

From Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, plans to as much as triple investments in Japan to $48 billion, state news agency KUNA quoted the finance minister as saying on Sunday… Full article: Source

Norwegian SWF might take over Helical Bar

Posted on 06 August 2008 by admin  |  Email |Print

From Helical Bar, the quoted commercial property firm, is in exploratory talks with the cash-rich Norwegian sovereign wealth fund [the Government Pension Fund-Global] in a move that could lead to a takeover of the company… Full article: Source

CDB to invest more in African farming

Posted on 06 August 2008 by admin  |  Email |Print

From Reuters UK: The China Development Bank [CDB] plans further African farming investments as the continent tries to raise output to curb food inflation and shortages, Governor Chen Yuan told African finance ministers and bankers on Friday… Full article: Source

Gulf sovereign wealth funds exercise financial muscle

Posted on 06 August 2008 by admin  |  Email |Print

From Surging oil prices have given Middle East producers renewed financial muscle. More worryingly for some Western leaders, they are showing a confidence, bordering on brazenness, to exercise that strength by buying up stakes in key industries throughout the world at a time when the financial power of Western banks has been neutered by subprime and the credit crisis… Full article: Source

QIA seals Cegelec deal for €1.7bn

Posted on 06 August 2008 by admin  |  Email |Print

From LBO France has signed off the sale of French electrical engineering group Cegelec to a subsidiary of Qatar Investment Authority [QIA] for €1.7bn ($2.6bn) as the sovereign wealth fund returns to making buyouts despite a chequered history… Full article: Source

Japan must attract SWF investment, new trade minister says

Posted on 06 August 2008 by admin  |  Email |Print

From Japan’s new trade minister said his country must step up efforts to attract investments by sovereign wealth funds in a bid to sustain the country’s economic growth. ‘Our basic stance is to welcome those investments by state funds from Middle Eastern nations and the U.S.,’ Minister of Economy, Trade and Industry Toshihiro Nikai told reporters in Tokyo today… Full article: Source

Sovereign funds face sobering test of strategy

Posted on 06 August 2008 by admin  |  Email |Print

From Sovereign wealth funds are looking less keen to live up to their recent reputation as investors of last resort given huge investments they made in failed Western banks are turning sour one year into the credit crunch… Full article: Source

China’s domestic banking success not matched by overseas investments

Posted on 06 August 2008 by admin  |  Email |Print

From China’s success in growing its state-owned domestic banks has not been matched by its investments in overseas financial companies. Chinese funds and companies have spent $US19.3 billion buying stakes in Blackstone Group, Morgan Stanley, Barclays, Fortis and Johannesburg-based Standard Bank Group since May last year that are now worth $US7 billion less on paper… Full article: Source

NYC's law firm Curtis eyes Dubai SWF launch

Posted on 06 August 2008 by admin  |  Email |Print

From New York firm Curtis Mallet-Prevost Colt & Mosle has revamped its management team ahead of its expansion into the Middle East.

Longstanding managing partner George Kahale, who is based in the firm’s New York office, takes on the role of firmwide chairman, while partners Joseph Pizzurro and Matias Vega, who are also based in New York, have been named joint managing partners.

…Vega said: “The firm will be focusing on infrastructure developments and also on sovereign wealth fund clients in the region.”… Full article: Source

Abu Dhabi fund to name US targets - Zawya

Posted on 06 August 2008 by admin  |  Email |Print

From Abu Dhabi’s increasingly active state investment vehicle, is expected to announce new deals in the next four to six weeks as it seeks to take advantage of continuing financial turmoil in global markets, including opportunities in the depressed US property market.

Waleed Ahmed al-Mork-arrab al-Muhairi, Mubadala’s chief operating officer, told the Financial Times that the company
was looking at heavy industrial type deals, as well as property.

“This is a defining mom-ent. Debt markets are a little thin, capital markets are -volatile and so there is opportunity. We are spending a lot of time making sure we deploy wisely and that we build the right businesses and partner with the right businesses,” Mr Muhairi said… Full article: Source

Singapore’s GIC takes stake in Mexico mall developer

Posted on 06 August 2008 by admin  |  Email |Print

From The Government of Singapore Investment Corp’s (GIC) real estate arm said on Wednesday it has taken a stake in a property fund [Mexico Retail Properties (MRP)] that will invest in malls across Mexico… Full article: Source

August 2008
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