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Sovereign Wealth Funds Briefing - Archive | October, 2008

Fidelity CFO joins Abu Dhabi fund

Posted on 22 October 2008 by VRS  |  Email |Print

From The chief financial officer at Fidelity International has left the fund manager to join the state-owned investment vehicle of the United Arab Emirates, as sovereign wealth funds continue to attract top talent from western firms to support a surge in foreign spending.

Chris Coombe has joined the Abu Dhabi Investment Company as chief operating officer from Fidelity International….. Full Article: Source

SWFs warm up to billion dollar deals again

Posted on 22 October 2008 by VRS  |  Email |Print

From When the global markets entered the credit crunch, sovereign wealth funds (SWFs) funneled billions of dollars into a variety of struggling companies, especially financial institutions like Citigroup and Merrill Lynch.

Alas, the transactions have shown tremendous losses. True, SWFs are focused on the long-term, which may extend into decades. But the extent of the losses were certainly jarring…. Full Article: Source

Insight: Shattered illusions of liquidity

Posted on 22 October 2008 by VRS  |  Email |Print

From FT: The substantial reserves of central banks and their acolytes, sovereign wealth funds, are frequently cited in support of the case for a large pool of “unleveraged” liquidity, that is “real” money.

These funds, it is reckoned by some, sit ready to support asset values across the globe. In reality, the available pool of money may be more modest than assumed….. Full Article: Source

ABC reform gets green light

Posted on 22 October 2008 by VRS  |  Email |Print

From Central Huijin Investment Co Ltd, a unit of China’s $200 billion sovereign wealth fund, will buy a 50 percent stake in Beijing-based Agricultural Bank of China (ABC), with the remaining half going to the Ministry of Finance.

In fact, Central Huijin released a recruitment notice in September, offering director-level posts at the bank…… Full Article: Source

Italy set to curb SWFs

Posted on 22 October 2008 by VRS  |  Email |Print

From FT: Italy’s centre-right government opposes sovereign wealth funds buying more than 5 per cent of individual Italian companies, Franco Frattini, foreign minister, said.

Rome has set up a national interests committee to establish rules about the funds’ behaviour. A 5 per cent stake ceiling would make Italy one of the more restrictive markets for sovereign wealth funds among its European competitors…… Full Article: Source

Kuwait foreign assets mildly hit by global crisis: minister

Posted on 22 October 2008 by VRS  |  Email |Print

From Kuwait’s foreign investments have sustained some losses due to the global financial crisis but the impact has been minimal, Finance Minister Mustafa al-Shamali said.

Kuwait’s foreign investments, which stood at more than 260 billion dollars at the end of March, are managed in two funds by the Kuwait Investment Authority, the Gulf emirate’s sovereign wealth fund….. Full Article: Source

Govt guarantees all Brunei $$ and foreign currency deposits

Posted on 22 October 2008 by VRS  |  Email |Print

From With the consent of His Majesty the Sultan and Yang DiPertuan of Brunei Darussalam, the government through the Ministry of Finance will guarantee all Brunei dollars and foreign currency deposits of individual and non-bank customers in Islamic, conventional banks and finance companies, licensed and regulated by the Ministry of Finance.

The guarantee is with immediate effect and will be valid till December 31, 2010, the Ministry of Finance said in a statement yesterday amid global financial turmoil affecting the world’s economy today….. Full Article: Source

Dubai World forms Dubai Natural Resources World

Posted on 22 October 2008 by VRS  |  Email |Print

From In response to tremendous growth opportunities in global natural resources business sector, Dubai World today announced the formation of a new business unit, Dubai Natural Resources World, designed to explore new long-term investment avenues, while contributing positively towards sustainable development.

Dubai Natural Resources World will drive the growth of the Group’s interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture. It will adopt a strategy of deriving long-term returns from all natural resources in a safe, clean and sustainable way….. Full Article: Source

Ukraine to create stabilisation fund

Posted on 22 October 2008 by VRS  |  Email |Print

From Itar-Tass: Ukraine’s National Security and Defence Council on Monday decided to create a stabilisation fund. “It will be filled with privatisation revenues,” Ukrainian President Viktor Yushchenko said in a televised address to the nation after the council’s meeting.

”The National Security and Defence Council decided that privatisation revenues should not be used for consumption but should be invested in development,” the president said….. Full Article: Source

KIC blamed for huge investment loss

Posted on 22 October 2008 by VRS  |  Email |Print

From Lawmakers battered the Korea Investment Corporation (KIC) for its huge investment losses at a National Assembly audit, Tuesday. One of them said KIC has no reason to exist as trade account turned into a deficit.

Rep. Kim Hyo-seuk of the main opposition Democratic Party (DP) criticized KIC which lost 850 billion won in its investment in Merrill Lynch. “It recorded 32.5 percent investment loss in nine months,” the lawmaker added….. Full Article: Source

Scott named CIO at Alaska Permanent

Posted on 22 October 2008 by VRS  |  Email |Print

From Jeffrey Scott was named CIO of the $29.4 billion Alaska Permanent Fund Corp., Juneau, effective Nov. 17. He replaces Richard Shafer, who retired in August. Mr. Shafer was named director of investments at the $5.9 billion New Hampshire Retirement System, Concord, in September.

Mr. Scott founded financial management and consulting business JCS Advisors, and previously was CEO and CIO of Tahoma Capital, a $245 million global multistrategy hedge fund….. Full Article: Source

Putin signs ruling to invest National Wealth Fund on Russian market

Posted on 22 October 2008 by VRS  |  Email |Print

From Prime-Tass: Russian Prime Minister Vladimir Putin has signed a ruling to allow the government to invest the National Wealth Fund on the Russian stock market, the government’s press service reported Tuesday.

Under the ruling, the National Wealth Fund, which accumulates a portion of the government’s oil and gas tax revenues, may be invested in Russian companies’ stocks and bonds, as well as in unit investment funds….. Full Article: Source

Spain wants SWFs to help cover its debt

Posted on 21 October 2008 by VRS  |  Email |Print

From IHT: Spain is appealing to sovereign wealth funds from the Middle East to buy the public debt that it plans to issue to pay for its banking-support package, Industry Minister Miguel Sebastián said recently.

Without investment from Gulf states and other countries, the package could fail to improve bank liquidity and interbank lending and the severe economic problems plaguing the Spanish economy could drag on, Sebastián said after talks in Madrid last week with officials from the Gulf Cooperation Council….. Full Article: Source

Italy gets tough on SWFs

Posted on 21 October 2008 by VRS  |  Email |Print

From Financial News: Italy has become the latest government in Europe to propose restrictions on the ownership of domestic companies by sovereign wealth funds after Libya’s fund increased its holding in banking group UniCredit last week.

Italy’s foreign minister Franco Frattini said today that sovereign wealth funds should not hold stakes of more than 5% in Italian companies, according to an interview in Italian daily newspaper Il Messaggero….. Full Article: Source

SWFs to play stabilising role in Gulf

Posted on 21 October 2008 by VRS  |  Email |Print

From Gulf sovereign wealth funds will play a significant role in stabilising the regional economies in the event of a global economic slowdown spilling over into the Gulf, Mohsin Khan, Director of the IMF’s Middle East and Central Asia Department said.

“It would be imprudent to assume that the Gulf economies will be insulated from a global slowdown. The effects of the international credit crunch are already evident here. Thankfully the regional governments are amply liquid to meet any squeeze,” he said….. Full Article: Source

SWFs: scourge or savior?

Posted on 21 October 2008 by VRS  |  Email |Print

From Bill Miracky, a senior partner at the Monitor Group, began by concisely defining a sovereign wealth fund (”SWF”) as a government-owned investment fund, managed separately from the sovereign treasury, that invests across a range of asset classes.

The rapid rise of SWFs -they invested $92 billion in equity transactions in 2007, up from just $3 billion in 2000 - has ignited widespread controversy, as many criticize their alleged political motives and lack of transparency…. Full Article: Source

SWFs ‘eye Nakheel investment’

Posted on 21 October 2008 by VRS  |  Email |Print

From Nakheel, a leading Dubai-based developer, said it had been approached by Gulf sovereign wealth funds keen to invest in the region.

“What I do see is a lot of Gulf sovereign wealth funds are beginning to come and see Nakheel and I’m surprised why do they want to see us?” Kar Tung Quek, chief financial officer, told Reuters on the sidelines of a real estate conference in the Saudi capital….. Full Article: Source

Pirelli head welcomes SWFs in Italy

Posted on 21 October 2008 by VRS  |  Email |Print

From Reuters: The chairman of Pirelli & C said that he welcomed investment by sovereign funds in Italian companies if they provided support during the global financial crisis.

Pirelli, a holding company, owns a small stake in Telecom Italia. Its shares were trading 5.97 percent higher on renewed expectations of an investment by Libya….. Full Article: Source

Kuwait says committed to foreign assets despite crisis

Posted on 21 October 2008 by VRS  |  Email |Print

From Reuters: Kuwait remains committed to its foreign investments held by the Gulf Arab state’s sovereign wealth fund despite some losses due to the global financial crisis, its finance minister told the state news agency.

The major OPEC producer was a long-term investor with its holdings abroad, Mustafa al-Shamali told KUNA after a weekly cabinet meeting on Monday. He said Kuwait’s investments abroad had not been affected strongly by the financial crisis. “Kuwait’s investments are of long-term nature, therefore the impact of the crisis is smaller,” Shamali added….. Full Article: Source

GIC, Temasek to invest more

Posted on 21 October 2008 by VRS  |  Email |Print

From Government of Singapore Investment Corp and Temasek Holdings, the nation’s investment companies, can take advantage of financial turmoil to add assets instead of being forced into ‘panic’ sales, said Senior Minister of State for Finance, Mrs Lim Hwee Hua.

Volatile global equity, currency and credit markets have ‘inevitably’ affected investments of Singapore’s reserves, she Parliament. Still, the reserves are invested in a diverse range of assets and with a long-term strategy, she said, reported Bloomberg news…… Full Article: Source

Future Fund splurges on banks

Posted on 21 October 2008 by VRS  |  Email |Print

From The Future Fund has provided about $3 billion in capital for Australian and overseas banks and invested about $2 billion in high-quality Australian mortgages.

General manager Paul Costello said Australian and overseas debt markets were attractive to the $63 billion sovereign wealth fund, particularly because of the upheaval in equities markets. But the lucrative investments did not outweigh losses on Australian and global shares….. Full Article: Source

Morgan Stanley regional head skips to Temasek

Posted on 21 October 2008 by VRS  |  Email |Print

From Morgan Stanley veteran and head of Southeast Asia investment banking Rohit Sipahimalani makes a fourth-quarter departure to Singapore’s Temasek.

In a high-level departure, Rohit Sipahimalani, a senior Morgan Stanley employee and most recently head of the US bank’s Southeast Asia investment banking practice, has resigned to join Singapore’s investment firm Temasek…… Full Article: Source

IWG rebuilds trust in SWFs

Posted on 21 October 2008 by VRS  |  Email |Print

From Forbes: The International Working Group on Sovereign Wealth Funds (IWG) released the Santiago Principles–also known as the Generally Accepted Principles and Practices (GAPP)–on Oct. 11. The release of these principles is an important step toward resolving any remaining distrust or confusion surrounding sovereign wealth funds (SWF).

The IWG was set up during a meeting of SWFs at the IMF in April. The meeting’s purpose was to create a forum that was the first “port of call” for any national SWF concerns. The IWG’s mandate was to identify a framework of generally accepted principles and practices that reflect appropriate governance, accountability and investment practices for all SWFs. Such a task was extremely difficult. ….. Full Article: Source

South Korea to invest in South Australian uranium mining

Posted on 21 October 2008 by VRS  |  Email |Print

From South Korea has joined the race to lock in uranium supplies from South Australia, signing a $6.2 million deal with Scimitar Resources.

Scimitar announced it had signed the deal with a South Korean consortium including subsidiaries of Daewoo and LG as well as Korean Government company Korea Resources Corporation (KORES). The deal involves the Korean consortium spending up to $6.2 million over three years to explore for uranium across four exploration licences at Scimitar’s Marree project, 550km north of Adelaide…… Full Article: Source

Negative return for NPRF

Posted on 21 October 2008 by VRS  |  Email |Print

From Bloomberg: Merrill Lynch & Co. is aiming to boost its Middle East business even as it expects the region’s economic growth to slow because of the global credit crisis and a U.S. recession, Chief Executive Officer John Thain said.

The U.S. investment bank, being taken over by Bank of America Corp., is “committed” to expanding its wealth management, investment banking, sales and trading activities and has applied for licenses to enter Qatar and Kuwait, Thain, 53, told a news conference in Dubai today. “We have consistently said, we see opportunities in Brazil, Russia, India, China and the Middle East,” he added….. Full Article: Source

Future Fund $6bln and counting down

Posted on 21 October 2008 by VRS  |  Email |Print

From Australia’s $6 billion Future Fund has begun declining in value after growing by 1.5 per cent last financial year, as the effects of the global financial crisis take a toll on the Federal Government’s largest savings vehicle.

But figures issued by the Future Fund yesterday showed that, while stockmarket declines this year had led to an overall shrinkage of the fund by 0.2 per cent since the investment program began in July last year, the remuneration of fund executives was set to skyrocket by 500 per cent from 2007 to 2008…… Full Article: Source

Temasek gains not part of Government spending plans

Posted on 21 October 2008 by VRS  |  Email |Print

From Capital gains from Temasek Holdings are to be excluded from the Government’s new spending plans as the national investment company’s strategy of taking concentrated stakes in companies means its long-term returns are not easy to forecast.

Instead, the new Government spending framework will for now be applied only to reserves invested by the Monetary Authority of Singapore and the Government of Singapore Investment Corporation (GIC)…… Full Article: Source

Kuwait firms demand $1.12bn government fund

Posted on 21 October 2008 by VRS  |  Email |Print

From Kuwaiti investment firms are urging the government to set up a $1.12 billion fund to help them settle their debt, in the wake of the global financial crisis.

Investment companies have asked Finance Minister Mustapha al-Shamali and the Managing Director of the Kuwait Investment Authority (KIA) Bader Al Saad on Sunday to set up a portfolio or a fund worth 300 million dinars to help pay back part of their debt, daily Al Watan said in an unsourced report…… Full Article: Source

EMPG in $125m joint venture with Dubai government

Posted on 21 October 2008 by VRS  |  Email |Print

From Barry O’Callaghan’s Education Media and Publishing Group (EMPG) is entering into a $125 million (€94 million) venture with the government of Dubai to target the educational publishing sector in high-growth developing markets.

EMPG International (EMPGI) will be 66.7 per cent owned by EMPG and 33.3 per cent owned by Istithmar World Capital, the alternative investment arm of Dubai World, which is owned by the government of Dubai. EMPG publishes textbooks, instructional technology, assessments and educational materials for elementary and secondary schools and colleges….. Full Article: Source

Russian SWF ready to invest in domestic stocks

Posted on 21 October 2008 by VRS  |  Email |Print

From Forbes: Russia will let its sovereign wealth fund invest in domestic stocks as of Tuesday, a senior official said Monday, signaling the start of a pullout from foreign currency deposits and assets such as U.S. Treasuries.

Russia earmarked $6.7 billion from its $49.0 billion National Wealth Fund to buy stocks on the domestic market, which has fallen 72 percent since its May peak…… Full Article: Source

Future Fund looks ideal for David Neal

Posted on 21 October 2008 by VRS  |  Email |Print

From If David Neal even dreamt of his ideal funds management job, it is doubtful a scenario could be painted better than running the Future Fund right now.

What better than to have $31 billion in cash, zero concerns about near-term redemptions and a modest CPI plus 4.5 per cent benchmark for your returns.Granted, the fund’s chief investment officer has some downsides because running a sovereign fund means there is a degree of political interest in what youdo…… Full Article: Source

Australia’s Future Fund hopes to buy cheap assets

Posted on 20 October 2008 by VRS  |  Email |Print

From Reuters: Australia’s sovereign wealth fund, the Future Fund, is eyeing widespread opportunities to buy cheap assets when the current global financial crisis eases, it said.

The Fund, Australia’s largest single investment fund with A$63.4 billion ($44 billion) in assets as at Sept. 30, was established by the government in 2006 to cover public pension liabilities…… Full Article: Source

CDB considers increasing stake in Anglo American

Posted on 20 October 2008 by VRS  |  Email |Print

From China Development Bank (CDB), the mainland’s largest policy lender, could raise its stake in mining firm Anglo American as the company’s share price falls.

CDB currently holds a small stake of less than 3%, though the exact amount is not known…… Full Article: Source

SWFs could help volatile markets

Posted on 20 October 2008 by VRS  |  Email |Print

From Government investment funds from China and Qatar are moving new money into Western financial companies, a sign that the cash-rich funds haven’t completely pulled back from the volatile U.S. and European markets.

The funds, often known as sovereign wealth funds, plowed about $40 billion into troubled institutions such as Citigroup Inc. and Merrill Lynch & Co. Inc. early this year but have since largely avoided U.S. and European banks as the financial crisis worsened. Any renewal of interest from the sovereign funds could provide much-needed capital to Western financial institutions and other companies….. Full Article: Source

SWFs stocks underperform markets

Posted on 20 October 2008 by VRS  |  Email |Print

Sovereign wealth funds’ stock investments tend to perform less well than comparable local indices, according to the first empirical research into the financial impact of the funds’ investments.

On average, companies with sovereign wealth funds as investors underperform their respective markets by 8% over one year and 14% over two years, according to research published by the University of Oklahoma…… Full Article: Source

Chinese support for US economy

Posted on 20 October 2008 by VRS  |  Email |Print

From Chinese sovereign wealth funds, along with their counterparts in Arab Gulf states have not simply been busy helping recapitalize US banks and incidentally often seeing their investments nose dive — at least in the short-term.

Beijing has been busy buying US government debt. In the first half of this year the Chinese purchased some $225 billion of US Treasury bonds and paper from other US government agencies….. Full Article: Source

Prudential considers SWFs to fund bid for AIG

Posted on 20 October 2008 by VRS  |  Email |Print

From Prudential is considering handing a 20 per cent stake to a sovereign wealth fund to bankroll a bid for part of AIG, its stricken American rival.

Britain’s second-largest insurer has appointed Credit Suisse to lead talks with potential investors across the Gulf and the Far East. Mark Tucker, the Prudential chief executive, will confirm the move when the group reports its third-quarter new business figures tomorrow….. Full Article: Source

Investment hawks circle commercial property

Posted on 20 October 2008 by VRS  |  Email |Print

From Sovereign wealth funds and other major investors have lined up multi-billion-pound funds to invest in the over-extended Scottish commercial property market when prices bottom out.

Groups which do not need bank loans, or already have debt facilities in place, are said to be ready to pounce if major developments are placed on the market by groups struggling to cope with debt in the wake of the downturn…… Full Article: Source

SWFs may be flowing again

Posted on 20 October 2008 by VRS  |  Email |Print

From Government investment funds from China and Qatar are moving new money into Western financial companies, a sign that the cash-rich funds haven’t completely pulled back from the volatile U.S. and European markets.

The funds, often known as sovereign wealth funds, plowed about $40 billion into troubled institutions such as Citigroup Inc. and Merrill Lynch & Co. Inc. early this year but then largely avoided U.S. and European banks as the financial crisis worsened….. Full Article: Source

Russia taps SWFs to save markets

Posted on 20 October 2008 by VRS  |  Email |Print

From The Russian Government said that it would tap its sovereign wealth fund to buy shares in Russian companies and shore up values in the collapsing Moscow stock markets.

Alexei Kudrin, the Russian Finance Minister, said that the stock market interventions would begin next week, adding that the state would invest 175 billion roubles (£3.9 billion) to buy shares in Russian enterprises….. Full Article: Source

South Korea pledges $130 billion to aid banks, market

Posted on 20 October 2008 by VRS  |  Email |Print

From South Korea sought to rescue its financial system by guaranteeing $100 billion of lenders’ foreign-currency debts and providing $30 billion in U.S. dollars to banks.

The won rose and the Kospi was little changed after the government said it will also give tax benefits for long-term investors, and the central bank will provide “adequate” currency liquidity to the markets. The plan, unveiled yesterday, aims to help lenders overcome overseas funding difficulties….. Full Article: Source

Dubai World, CITIC Guoan Group chief discuss business co-operation

Posted on 20 October 2008 by VRS  |  Email |Print

From Ahmed Bin Sulayem, Chairman of Dubai World met in Beijing Li Shilin, prominent businessman and Chairman of CITIC Guoan Group, a multi-sector conglomerate engaged in industrial investment and economic development in diversified fields.

The two corporate leaders discussed a wide range of investment-related topics, including potentials for future projects and possibilities for working together….. Full Article: Source

German bank may tap rescue funds

Posted on 20 October 2008 by VRS  |  Email |Print

From WSJ: Bayerische Landesbank, one of Germany’s largest state-owned regional lenders, appeared increasingly likely Sunday to tap billions of euros from the government’s newly minted bank rescue fund to shore up its balance sheet.

In separate interviews published on the Web sites of two German newspapers, Bavarian Finance Minister Erwin Huber signaled BayernLB was leaning toward requesting “billions” of euros in government help in the coming days….. Full Article: Source

Italy sets direct talks to fend off hostile funds

Posted on 20 October 2008 by VRS  |  Email |Print

From Forbes: The Italian government will negotiate directly with sovereign funds seeking to invest in Italy to prevent them from making unwelcome purchases of stakes in Italian companies, the foreign minister said.

Italian Prime Minister Silvio Berlusconi last week warned that market turmoil had made Italian companies vulnerable to hostile bids by cash-rich sovereign funds and said new rules were being drawn up to allow companies to defend themselves better….. Full Article: Source

Future Fund dented by financial storms

Posted on 20 October 2008 by VRS  |  Email |Print

From The value of the Future Fund shrank in the September quarter as Australia’s sovereign wealth fund was buffeted by the global financial storm.

The fund’s value ”was slightly reduced” in the quarter, Finance Minister Lindsay Tanner told Question Time in Parliament, without disclosing the size of the reversal.The value of the fund totals $63.4 billion, about 0.2% less than when it started in July 2007, Mr Tanner said…… Full Article: Source

Sovereign funds look to placate their critics

Posted on 17 October 2008 by VRS  |  Email |Print

From Sovereign wealth funds have pledged to be more open and accountable, in a pitch to win over Western critics.

The wealth funds ­ estimated to hold assets worth more than $3trillion and typically owned by resource-rich countries, including China and the oil rich countries in the Middle East ­ have bought stakes in companies including Citigroup and UBS, while Zabeel investments has made an indicative offer for Charlton Athletic Football Club….. Full Article: Source

China wealth fund to raise stake in Blackstone to 12.5 pct from 9.9 pct - report

Posted on 17 October 2008 by VRS  |  Email |Print

From China’s sovereign wealth fund plans to increase its stake in Blackstone Group LP to 12.5 pct from 9.9 pct, the Wall Street Journal reported, citing people familiar with the situation.

China Investment Corp is expected to purchase the shares on the open market, the newspaper added. CIC paid three bln usd for a 10 pct stake in Blackstone just ahead of its initial public offering in June 2007, a holding that has since lost about 70 pct of its value….. Full Article: Source

Chinese fund may be biggest fool

Posted on 17 October 2008 by VRS  |  Email |Print

From As much as $5.4 billion of China s $200 billion sovereign wealth fund could be frozen due to a U.S. money market account that failed, the Financial Times reports.

U.S. regulatory filings show that a China Investment Corporation (CIC) subsidiary was the biggest institutional investor in Reserve Primary Fund, a $62 billion money market fund that was the oldest such fund in the United States, and which recently closed its doors. Until recently many investors considered money market funds to be as safe as bank accounts….. Full Article: Source

Reserve Primary Fund says no priority for CIC in redeeming investment

Posted on 17 October 2008 by VRS  |  Email |Print

From Forbes: Reserve Primary Fund said in a statement that Sovereign wealth fund China Investment Corp (CIC) will not receive priority ahead of other investors in the return of its funds.

‘Stable Investment Corp, an affiliate of CIC, is an investor in the Reserve Primary Fund and will be receiving distributions from the Fund in accordance with the final Plan of Liquidation,’ RPF said. ‘Stable Investment Corp will not receive any funds prior to other investors in the Primary Fund, and the price per share it receives will be determined by the final Plan of Liquidation,’ it added….. Full Article: Source

CIC says US fund to return all its investment

Posted on 17 October 2008 by VRS  |  Email |Print

From China Investment Corp (CIC), which operates the country’s sovereign wealth fund, said it had given notice to the Reserve Primary Fund, a US money market fund, to withdraw all its investment before the latter’s suspension announcement.

The CIC had received a written verification from the US fund to return the investment and the relevant interest, the Chinese firm said in a statement to clarify the status of its investment in the Reserve Primary Fund via CIC affiliate the Stable Investment Corp…… Full Article: Source

October 2008
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