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Sovereign Wealth Funds Briefing - Archive | February, 2009

SWFs: Hedging bets

Posted on 27 February 2009 by VRS  |  Email |Print

From Isn.ethz.ch: Sovereign wealth funds (SWFs) are taking stock of the global downturn, which has not only eaten into their revenue streams, but left the funds with registered losses of 20-30 percent on average, measured against their 2007 asset portfolio.

SWFs recent rise to prominence has sparked some public debate, and quite a bit of pundit and policymaker navel-gazing, with Cassandras lifting their heads to shout their fears of Gulf and Asian covert takeovers of key western banks and even utilities. Now the debate has capsized - with western governments seeking revenues to underwrite pump-priming economic interventions at home. …. Full Article: Source

Why a U.S. SWF should be created

Posted on 27 February 2009 by VRS  |  Email |Print

From Seekingalpha.com: The stock market’s recent slide to new lows has a lot to do with the lack of confidence in the recent actions initiated by the Obama administration. The stimulus bill, bank plan and mortgage relief plan have been met with skepticism and in some cases disdain.

While some of the money used in these plans falls into the category of investment and will eventually be paid back, a considerable amount has no payback potential. In this second category are the tax cuts, extended unemployment benefits, payments to states to fund current operations, and payments under the mortgage relief plan. …. Full Article: Source

Australia’s Future Fund to keep long-term approach amid crisis

Posted on 27 February 2009 by VRS  |  Email |Print

From Bloomberg: Australia’s A$60 billion ($39 billion) Future Fund will stick to its “long-term” investment approach even as the global economic crisis ravages global stock and credit markets, the fund’s Chairman David Murray said.

“The value to the Australian community of retaining a proper portfolio with a long-term focus through this crisis will be double the value of reverting to a less long-term focus,” Murray said at a gathering in Sydney today. …. Full Article: Source

Fund fall forces Alaska to shelve alternatives plans

Posted on 27 February 2009 by VRS  |  Email |Print

From IPE: The Alaska Permanent Fund Corporation (APFC) Board has scrapped some of its alternative investment plans following the corporation’s decline in value in 2008.

The APFC has abandoned plans to invest $250m (€196m) in the Alinda Infrastructure Fund II and $400m in a mid-cap private equity fund managed by Pathway as part of its reviewed investment strategy to focus more on core asset classes after dropping approximately $10.01bn in value to $29.29bn….. Full Article: Source

Saudi Arabia: An Oasis in the Crisis

Posted on 27 February 2009 by VRS  |  Email |Print

From Businessweek.com: The sovereign wealth funds of other Gulf states invested in hedge funds and private equity and took stakes in Western banks. The conservative Saudis, by contrast, mostly parked their cash in U.S. and European government bonds.

These days, with growth tumbling and credit hard to find, the Saudis’ cautious approach looks smart—and is making the kingdom more attractive as an investment destination. …. Full Article: Source

UAE developer launches $10bln Jordan project

Posted on 27 February 2009 by VRS  |  Email |Print

From IHT: Abu Dhabi-based developer Al Maabar International Investments said Thursday it launched a $10 billion tourism and real estate venture in a Jordanian Red Sea resort, showing that while the global economic crunch has hammered many such mega-projects in the region, it hasn’t halted them entirely.

The announcement came just days after the United Arab Emirates’ federal government said it was bailing out the emirate of Dubai. The glitzy city-state famed for its palm-shaped islands and indoor ski slopes appeared finally to be succumbing to the world credit crunch, with developers scaling back or delaying mega-projects amid financing woes and mounting debt….. Full Article: Source

Macedonia’s foreign reserves diminish by €53 million in a month

Posted on 27 February 2009 by VRS  |  Email |Print

From Makfax.com.mk: In end January, Macedonia’s foreign currency reserves have dropped by €53.2 million, compared with a month earlier, National Bank of Macedonia (NBM) said Thursday.

NBM announced that Macedonia’s gross foreign currency reserves stood at €1,44 billion, continuing the downward trend, adding that the interventions on the foreign currency market will continue after multiple steps in this direction in January, aimed at maintaining the stability of the Denar….. Full Article: Source

GCC experts demand SWFs focus on local investments

Posted on 26 February 2009 by VRS  |  Email |Print

From Zawya.com: GCC economy experts have demanded the intervention of Sovereign Wealth Funds (SWFs) to pull the economy out of its state of fluctuation caused by the global financial crisis, and to raise the rate of investments in the market from the current 5% to between 20-30%.

SWFs have sustained a heavy loss of USD 450 billion, a figure which could go up to USD 600 billion if investments abroad continue to depreciate….. Full Article: Source

More transparency, disclosure needed for SWFs, says Carnegie Middle East Center

Posted on 26 February 2009 by VRS  |  Email |Print

From Bi-me.com: Despite the severity of the global economic crisis, many governments are still nervous about accepting investment by Arab Sovereign Wealth Funds (SWFs) despite their potential to provide urgently needed liquidity.

Greater transparency about their holdings and investment strategies would help SWFs to overcome these concerns and to play a role in resolving the economic crisis, concludes a new policy outlook from the Carnegie Middle East Center….. Full Article: Source

Cashed-up SWFs wait for rock bottom

Posted on 26 February 2009 by VRS  |  Email |Print

From Investordaily.com.au: Sovereign wealth funds (SWF) are an increasingly important class of investor in today’s uncertain economic environment, with more than $5 trillion worth of funds, according to the latest United Nations estimates. With significant capital at their disposal, SWFs are likely to continue playing a key role in mergers and acquisitions activity.

The lack of information about SWFs in the public domain has made it difficult for other market participants to fully understand the motivations of these significant funds and the people behind them. …. Full Article: Source

Temasek sharpens focus on south India

Posted on 26 February 2009 by VRS  |  Email |Print

From Asianinvestor.net: Temasek Holdings, the investment arm of the Singapore government, has opened a new office in India, where around 7% of its S$185 billion ($134 billion) portfolio was invested as of March 2008.

Temasek Holdings Advisors India has expanded its operations with the launch of its Chennai office. While Temasek enjoys a strong presence in the northern and western parts of the country, the Chennai office represents a strategic geographical diversification to focus on the large south India market. Temasek set up its operations in India in 2004 with the establishment of its Mumbai office….. Full Article: Source

Temasek, Manulife, Prudential to bid for AIA

Posted on 26 February 2009 by VRS  |  Email |Print

From CNN: Singaporean state investment company Temasek Holdings Pte. Ltd., U.K. insurer Prudential PLC and Toronto-based insurance company Manulife Financial Corp. (MFC) are expected to bid for the Asian unit of American International Group Inc. (AIG), two people familiar with the situation said Wednesday.

The three companies will submit their bids by Friday’s deadline for final offers, one of the people said….. Full Article: Source

What the Temasek debacle reveals

Posted on 26 February 2009 by VRS  |  Email |Print

From Theonlinecitizen.com: Public displeasure should be directed correctly, for it to be effective. The recent revelation, that Temasek Holdings has lost 31 percent of its net portfolio value between March and November 2008, is initially shocking, given its supposed reputation as a professional and long-term investor.

Temasek also seemed to have made a wrong judgement on hindsight, when it injected capital into Barclays and Merrill Lynch….. Full Article: Source

Alberta boom bottoms out

Posted on 26 February 2009 by VRS  |  Email |Print

From Lacombeglobe.com: With the stock market tumbling, Alberta’s Heritage Fund has lost 14% of its value – about $3 billion – and other rainy-day funds are down by about 16%, said the finance minister, which leaves the province is in a very different position compared to six months ago when an $8.5 billion budget surplus was projected.

The Alberta government’s plan for weathering the storm includes keeping a close eye on government spending, drawing from its emergency savings, removing internal trade barriers, investments in green technologies, the elimination of health care premiums and maintaining low, competitive taxes…. Full Article: Source

AIG sends execs to China to discuss unit sale

Posted on 26 February 2009 by VRS  |  Email |Print

From Reuters: U.S insurer American International Group has sent senior executives to China to discuss the sale of its Hong Kong-based AIA unit, a top official with China’s insurance regulator said on Thursday.

But Chinese firms’ potential bids for the embattled U.S. insurer’s Asian life insurance unit would be solely a corporate decision, saidLi Kemu, vice chairman of the China Insurance Regulatory Commission….. Full Article: Source

Forex reserves comfortable, no direct impact on economy: India

Posted on 26 February 2009 by VRS  |  Email |Print

From Business-standard.com: The country’s foreign exchange reserves are at a comfortable level and the economy will not be directly impacted, the Finance Ministry told Lok Sabha today.

“Since the foreign exchange reserve position continues to be at comfortable level, there is no direct impact on the economy,” Minister of State for Finance P K Bansal said in a written reply to a query in the Parliament….. Full Article: Source

SWFs eyes move into commodities, oil

Posted on 25 February 2009 by VRS  |  Email |Print

From Reuters: Sovereign wealth funds (SWFs) — the investment arms of cash-rich nations such as China and Qatar — are poised to raise their holdings of commodities and oil in a move that could have a huge impact on financial markets.

Sitting on up to $4 trillion in assets, much of it from selling oil and other raw materials, most SWFs have so far been conservative in their investment choices, holding dollars, treasuries and shares in large U.S. and European companies….. Full Article: Source

French SWF to invest in Valeo

Posted on 25 February 2009 by VRS  |  Email |Print

From FT: France’s strategic investment fund, launched in October by Nicolas Sarkozy, the president, to bolster the country’s industry and protect it from foreign predators, will on Wednesday take a stake in the country’s biggest car equipment supplier, which is under pressure from a US activist investor.

The €6bn ($8bn) sovereign wealth fund is expected to launch several investments over the next few weeks in strategic companies large and small by taking a stake in Valeo, the car parts maker that is 19.75 per cent held by New York-based activist Pardus….. Full Article: Source

China sovereign fund posts 5% investment return

Posted on 25 February 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: China Investment Corp (CIC), the nation’s $200 billion sovereign wealth fund, made a profit of $10 billion in 2008, Shanghai Securities News quoted an unnamed source as saying.

That would put the CIC’s annual return at 5 percent, notwithstanding its controversial investments in US private equity firm Blackstone and investment bank Morgan Stanley. CIC has lost more than half of the $8 billion it invested in the two firms. Officials from CIC declined to comment…… Full Article: Source

China SWF speaks out on protectionist threat

Posted on 25 February 2009 by VRS  |  Email |Print

From Efinancialnews.com: Protectionist attitudes against sovereign wealth funds will harm a global recovery, according to Shuilin Wang, a managing director at the China Investment Corporation - one of the largest of the government-controlled investment pools.

Speaking today at the Financial News sovereign-wealth-fund conference in London, Wang said every member of the global financial sector should work together to drag the world out of the current crisis….. Full Article: Source

SWFs lose out after bank bail-out

Posted on 25 February 2009 by VRS  |  Email |Print

From Financialstandard.com.au: The US government’s move to potentially have direct share ownership in the banks bailed out during last year’s crisis could dilute the returns of sovereign wealth funds and pensions funds that hold stake in US finance stocks.

This week the US government, in concert with the Federal Reserve and other related agencies, announced that it would put the major US banks, such as Citi and Bank of America, through an evaluation test that would assess whether they needed additional capital buffer….. Full Article: Source

SWFs to ride again?

Posted on 25 February 2009 by VRS  |  Email |Print

From Worldpoliticsreview.com: As Western financial sectors reeled during 2007 and 2008, Asian and Middle Eastern sovereign wealth funds (SWFs) offered some succor, administering exotic medicine to banks poisoned by subprime toxins.

These White Knights cast a dark shadow, however, as questions — and fears — were raised about the political influence that, for instance, a Chinese government presence on the board of Barclays Bank might represent. …. Full Article: Source

Temasek expands India operations

Posted on 25 February 2009 by VRS  |  Email |Print

From Business-standard.com: Temasek Holdings Advisors (Temasek), an Asia investment company, expanded its India operations with the launch of its Chennai branch office. With this presence, the company will now be able to geographically diversify and focus on the large South India market.

Manish Kejriwal, senior managing director and country head, Temasek Holdings Advisors India said: “We believe that in the current scenario, with prevailing capital scarcity, private equity investments are likely to play a pivotal role in global economic recovery. We already have a strong and diverse portfolio of investments but we believe the South presents a large growth market with a substantial investment potential.”…. Full Article: Source

Fortescue is in fund talks with China’s SWF

Posted on 25 February 2009 by VRS  |  Email |Print

From Bloomberg: Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, said it’s in talks for a hybrid funding package with China’s $200 billion sovereign wealth fund to help fund expansion.

Talks with China Investment Corp. are at a “early stage,” Cameron Morse, a spokesman for Perth-based Fortescue said today in an interview. …. Full Article: Source

China may invest $3 bln in Aussie miner Fortescue

Posted on 25 February 2009 by VRS  |  Email |Print

From Indiatimes.com: China, the world’s largest metal consumer, may invest about $3 billion in Fortescue Metals Group Ltd, Australia’s third-biggest iron ore exporter, three people familiar with the transaction said.

China Investment Corp., the $200 billion sovereign wealth fund, is in talks with Fortescue, which plans to use some of the proceeds to retire debt, the people said, asking not to be identified before an agreement….. Full Article: Source

Gulf Arab SWFs—Managing wealth in turbulent times

Posted on 25 February 2009 by VRS  |  Email |Print

From Carnegieendowment.org: Despite the severity of the global economic crisis, many governments are still nervous about accepting investment by Arab Sovereign Wealth Funds (SWFs) despite their potential to provide urgently needed liquidity.

Greater transparency about their holdings and investment strategies would help SWFs to overcome these concerns and to play a role in resolving the economic crisis, concludes a new policy outlook from the Carnegie Middle East Center….. Full Article: Source

GIC, Future Fund buy 7.7% of Apax Partners Management

Posted on 25 February 2009 by VRS  |  Email |Print

From Nasdaq.com: GIC Special Investments, a unit of the Singapore sovereign wealth fund, and Future Fund, the Australian sovereign wealth fund, have bought 7.7% of the management company of U.K.-based private-equity firm Apax Partners LLP , people familiar with the deal said Tuesday.

Apax is in talks to sell an additional 2.3% stake to GIC and Future Fund, one person said. The initial sale was completed late last year, the person said….. Full Article: Source

Qatar Oman JV delays Muscat listing, targets buys

Posted on 25 February 2009 by VRS  |  Email |Print

From Arabianbusiness.com: Qatar Oman Investment Co has postponed plans for a secondary listing in Muscat and is looking to buy stakes in troubled firms across the Gulf Arab region and beyond, it said on Tuesday.

The joint venture between Qatar’s sovereign wealth fund the Qatar Investment Authority and the Omani government also said it was aiming to invest in real estate firms and future initial public offerings (IPOs), it said in a statement on the Doha bourse website….. Full Article: Source

SWFs eye debt investments as ‘cheap’ way in

Posted on 25 February 2009 by VRS  |  Email |Print

From Efinancialnews.com: The world’s largest sovereign wealth funds, some of which have been hit with a plunge in the values of their equity stakes in recent months, are increasingly considering other means of investing efficiently, according to a new survey.…. Full Article: Source

Fund’s risky course to weather storm

Posted on 25 February 2009 by VRS  |  Email |Print

From News.com.au: The Federal Government’s $60 billion Future Fund will have to take on greater risks to meet its long-term growth target despite the global financial crisis, the head of the fund’s management agency says.

Paul Costello has told a Senate estimates hearing the fund has been forced to buy risky assets to generate a minimum return of inflation plus 4.5 per cent. “We are in the business of having to buy risky assets,” Mr Costello said….. Full Article: Source

Apax sells stake to Singapore’s GIC, Australia’s Future Fund

Posted on 24 February 2009 by VRS  |  Email |Print

From Bloomberg: Apax Partners Worldwide LLP, a London-based private equity firm, agreed to sell a stake of less than 10 percent to two investors to raise money for investments.

The Government of Singapore Investment Corp.’s private equity unit, GIC Special Investments, and the Australian public pension plan Future Fund acquired the stake for an undisclosed amount, Ben Harding, an Apax spokesman in London, said today. …. Full Article: Source

Call for KIA to invest in local banks

Posted on 24 February 2009 by VRS  |  Email |Print

From Arabianbusiness.com: Kuwait’s sovereign wealth fund (KIA) should invest in local banks to shore up the economy in the face of the global crisis, the chief executive of National Bank of Kuwait said.

Kuwait should support the local market through direct investments in the bourse and increase capital expenditures to ease the financial turmoil, Ibrahim Dabdoub told a shareholders’ meeting….. Full Article: Source

Sovereign funds scramble to assess impact of US-Citi talks

Posted on 24 February 2009 by VRS  |  Email |Print

From Efinancialnews.com: Talks over a bigger US government stake in Citigroup could put Singapore’s sovereign wealth fund in the difficult position of having to decide whether to convert its beaten-down Citi stake into common stock and wind up owning more of the troubled bank than it might want.…. Full Article: Source

GIC wants to keep preferred stock

Posted on 24 February 2009 by VRS  |  Email |Print

From WSJ: A major Singaporean investor in Citigroup Inc. doesn’t currently plan to convert its preferred shares into common stock as part of a potential U.S. government effort to help the ailing bank, according to people familiar with the matter.

But Government of Singapore Investment Corp., a sovereign-wealth fund that has seen the value of its initial US$6.88 billion investment in Citigroup plunge in recent months, could face a dilemma if the bank reaches an agreement with U.S. officials that includes a greater government role….. Full Article: Source

Alaska Permanent Fund drops two managers

Posted on 24 February 2009 by VRS  |  Email |Print

From Globalpensions.com: The board of the Alaska Permanent Fund has dropped two private equity investments as staff focus on boosting its core assets.

At a board meeting February 18 and 19, the Permanent Fund set aside its allocation to a small/mid cap private equity fund managed by Pathway Capital Management and the Alinda II Infrastructure Fund. Both managers were hired in July….. Full Article: Source

Alaska fund drops alternatives mandates

Posted on 24 February 2009 by VRS  |  Email |Print

From Financialstandard.com.au: The $43 billion Alaska Permanent Fund Corporation has axed two alternative investment mandates in light of the fund’s shrinking assets.

According to a press statement by the American fund, the board decided “not to move forward with two planned alternative investments in light of changes to the fund’s value, and the need to balance toward core asset classes”….. Full Article: Source

Where next for SWF financial management?

Posted on 24 February 2009 by VRS  |  Email |Print

From Edhec.com: It is hardly surprising that sovereign wealth funds have been among the few institutions capable of taking long positions in the current crisis.

Sovereign wealth funds are often free from short-term solvency constraints or even markto- market valuations of their portfolios, so they can take advantage of crises to acquire undervalued stocks….. Full Article: Source

Chinese investment talks progressing: Fortescue

Posted on 24 February 2009 by VRS  |  Email |Print

From News.com.au: Fortescue Metals Group said today its talks with sovereign wealth fund China Investment Corp regarding a hybrid funding package for its ambitious expansion program.

Fortescue said in a statement released to the Australian Securities Exchange it was in “advanced negotiation” with Chinese steel maker Hunan Valin Iron and Steel for an ordinary equity investment…… Full Article: Source

Once bitten, twice not shy

Posted on 24 February 2009 by VRS  |  Email |Print

From Chinadaily.com.cn: Few companies have had such inauspicious beginnings as China Investment Corporation (CIC), China’s first sovereign wealth fund, backed by the world’s largest foreign exchange reserves.

Seventeen months ago the $200-billion fund had a lavish inaugural ceremony in Beijing and immediately started investing in some of the hottest names on Wall Street, including $5 billion in Morgan Stanley and $3 billion in then-celebrated hedge fund Blackstone. …. Full Article: Source

Abu Dhabi IPIC may close on NOVA within 75 days

Posted on 24 February 2009 by VRS  |  Email |Print

From ICIS news: The acquisition of NOVA Chemicals by an Abu Dhabi sovereign wealth fund could close in 60-75 days, giving the Canadian producer a financial lifeline and the Abu Dhabi fund access to technology, NOVA CEO Jeff Lipton said on Monday.

The fund, the International Petroleum Investment Co (IPIC), plans to buy NOVA Chemicals in a $2.3bn (€1.8bn) deal worth $6/share, a premium of almost 3.5 times higher than the company’s Friday close on the New York Stock Exchange….. Full Article: Source

Aircraft repair depot for Abu Dhabi

Posted on 24 February 2009 by VRS  |  Email |Print

From Thenational.ae: Mubadala Development, an Abu Dhabi investment unit, will establish the region’s most advanced military aircraft maintenance centre in the emirate through a preliminary agreement signed with Sikorsky Aerospace Services at the IDEX military expo yesterday.

The deal is targeting a regional market of up to US$4 billion (Dh14.69bn) annually to service fixed-wing and rotorcraft operated by regional air forces, including fighter jets such as the F-16 and attack helicopters such as the Black Hawk….. Full Article: Source

Siva, Temasek’s stakes in Tata Tele set to dip

Posted on 24 February 2009 by VRS  |  Email |Print

From Indiatimes.com: NRI businessman C Sivasankaran and the Singapore government’s private equity arm, Temasek, will see their stakes fall in Tata Teleservices, as the telecom major brings in NTT DoCoMo as its strategic partner.

There was speculation that Sivasankaran might not wish to dilute his 8.6% stake in the mobile phone operator….. Full Article: Source

What the Temasek debacle reveals

Posted on 24 February 2009 by VRS  |  Email |Print

From Eternal-hap: A Temasek wrapped up in a mystery within the abyss of the Singapore economy. Public displeasure should be directed correctly, for it to be effective. The recent revelation, that Temasek Holdings has lost 31 percent of its net portfolio value between March and November 2008, is initially shocking, given its supposed reputation as a professional and long-term investor.

Temasek also seemed to have made a wrong judgement on hindsight, when it injected capital into Barclays and Merrill Lynch….. Full Article: Source

Thai Shin Corp has Q4 loss, mobile business weak

Posted on 24 February 2009 by VRS  |  Email |Print

From Alibaba.com: Shin Corp, controlled by Singapore’s Temasek Holdings, reported a quarterly net loss due to lower profits at its mobile phone unit and a loss made by its satellite business.

Shin Corp, Thailand’s leading telecoms group, reported an October-December net loss of 342 million baht ($10 million), compared with a net profit of 730 million baht a year earlier….. Full Article: Source

Fears for IMF’s ability to raise rescue funds

Posted on 24 February 2009 by VRS  |  Email |Print

From Timesonline.co.uk: Fears are growing that the International Monetary Fund will struggle to raise enough cash to help all the countries that need emergency aid as the global financial crisis unfolds.

The leaders of Europe’s wealthiest countries pledged on Sunday to help the IMF to raise at least a further $200 billion for crisis loans, but there was little sign on Monday that EU members will be able to find such sums while facing their own pressures….. Full Article: Source

IMF emergency fund is doubled to $500bln in global rescue effort

Posted on 24 February 2009 by VRS  |  Email |Print

From Guardian: European leaders yesterday agreed that an emergency IMF fund should be doubled to $500bn prevent the worldwide recession turning into a fullscale depression.

As Gordon Brown prepares to launch a fresh package of measures to encourage bank lending, starting with a £14bn injection into Northern Rock to revive the mortgage market, the EU’s senior leaders agreed to boost the role of the IMF and the World Bank….. Full Article: Source

South Korea may use forex reserves to defend Won

Posted on 24 February 2009 by VRS  |  Email |Print

From CNBC: South Korean foreign exchange officials said they may use some of the foreign reserves to shore up the tumbling won even if the reserves fall below $200 billion, Yonhap news agency reported.

The report came after the won fell for nine consecutive sessions to trade near an 11-year low set in November last year on worries about South Korean banks’ ability to secure dollars to meet their maturing foreign debt….. Full Article: Source

Chile says to sell $3 bln as part of stimulus plan

Posted on 24 February 2009 by VRS  |  Email |Print

From Reuters: The Chilean government said on Monday it would auction about $50 million a day for a total of $3 billion as part of a previously announced $4 billion fiscal plan to stimulate the economy amid global crisis.

The auctions in U.S. currency will start in March and will be funded from a $20 billion sovereign wealth fund….. Full Article: Source

Sovereign wealth funds to stay passive

Posted on 23 February 2009 by VRS  |  Email |Print

From Financeasia.com: Sovereign wealth funds (SWFs) are holding on to their cash and waiting for the markets to bottom before committing more money to investments.

And even when they do decide to raise their holdings, they will remain passive long-term investors and have no desire to behave in an activist manner towards their portfolio companies. These are among the findings of a recent survey by Financial Dynamics….. Full Article: Source

How are GCC (and other) Sovereign Funds faring?

Posted on 23 February 2009 by VRS  |  Email |Print

From Rgemonitor.com: Recently, Reuters reported that the assets under management of Kuwait’s sovereign wealth fund fell to 49 billion Kuwait Dinar ($177.6 billion) at the end of December from 58 billion Kuwait Dinar ($218 billion) in March 2008 - a face value decline of about $31 billion.

Given that Kuwait had record oil revenues in 2008 (and a record fiscal surplus even if revenues tailed off in the second half) and KIA likely received record new capital, this implies that investment losses were even larger. It is significant for two reasons….. Full Article: Source

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