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Sovereign Wealth Funds Briefing - Archive | January, 2010

Bridging politics and business by degrees

Posted on 18 January 2010 by VRS  |  Email |Print

From Thenational.ae: “What has happened over the last couple of years is a dramatic increase in the size and importance of sovereign wealth funds, the increasing ownership of business by government and an increase in regulation,” J Frank Brown, the dean at the school, said yesterday on the sidelines of the Insead Leadership Summit in Abu Dhabi.

Current and future leaders of companies and governments needed to be trained to manage aspects of the growing relationship between businesses and states, Mr Brown said…………………………………..Full Article: Source

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SouthGobi chief sets an urgent pace

Posted on 18 January 2010 by VRS  |  Email |Print

From WSJ: SouthGobi is seeking US$462 million. CIC and Singapore sovereign wealth fund Temasek Holdings Pte. Ltd. each has pledged to purchase US$50 million in shares.
SouthGobi will close public subscriptions to its Hong Kong IPO on Wednesday, a day earlier than planned…………………………………..Full Article: Source

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China’s forex reserves reach US$2,399 bln

Posted on 18 January 2010 by VRS  |  Email |Print

From Chinaeconomicreview.com: China’s foreign exchange reserve grew US$126.5 billion in the fourth quarter of 2009, entering 2010 with a value of US$2,399 billion.
While early 2009 had been tumultuous due to a fall in global demand for Chinese exports and changes in the exchange value of the renminbi, Chinese forex reserves grew by a total of US$453 billion in 2009…………………………………..Full Article: Source

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Temasek considering selling more bonds

Posted on 15 January 2010 by VRS  |  Email |Print

From Dow Jones: Temasek Holdings Pte Ltd., the Singapore government-owned investment company, is considering either raising the amount of its US$5 billion medium-term note program or coming out with a new issuance plan this year, two people familiar with the situation said Friday.

The timing and amount of any new issuance have yet to be finalized, but one person familiar with the situation said a new bond issue could be worth between US$2 billion and US$3 billion…………………………………Full Article: Source

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Sovereign fund defaults top WEF 2010 risk hitlist

Posted on 15 January 2010 by VRS  |  Email |Print

From Gulf-times.com: The risk that deteriorating government finances could push economies into full-fledged debt crises tops a list of threats facing the world in 2010, according to a report by the World Economic Forum.

Major world economies have responded to the financial crisis with stimulus packages and by underwriting private debt obligations, causing deficits to balloon. This may have helped keep a worse recession at bay, but high debt has become a growing concern for financial markets…………………………………Full Article: Source

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Khazanah’s portfolio net worth jumps 63pct

Posted on 15 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com: Malaysian sovereign wealth fund Khazanah Nasional Bhd recorded a significant jump of 63 per cent in the value of its portfolio thanks to improved market conditions.

The net worth adjusted (NWA) of its investment portfolio grew 63.5 per cent in 2009 to RM54.1 billion while its realisable asset value rose to RM92.2 billion from RM68.9 billion…………………………………Full Article: Source

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Khazanah can talk to Hong Leong over EON Cap sale

Posted on 15 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com: State asset manager Khazanah Nasional Bhd has received Bank Negara’s green light to start negotiations with Hong Leong Bank Berhad over the disposal of its 10 per cent stake in EON Capital.

Hong Leong Bank is currently eyeing a merger with EON Capital which would make it Malaysia’s fourth largest banking group. Khazanah officials today said that they recently obtained the approval and are in the early stages of the process…………………………………Full Article: Source

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Khazanah confirms it’s talking to HLB

Posted on 15 January 2010 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd has confirmed it is talking to Hong Leong Bank Bhd (HLB) to sell its stake in EON Capital Bhd (EON Cap). Managing director Tan Sri Azman Mokhtar said the investment agency had received Bank Negara approval to commence negotiations with HLB and its consideration was purely commercial.
“This is because our stake there (10%) is considered non-strategic and non-core investment,” he said…………………………………Full Article: Source

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Khazanah expects to boost value of assets amid global recovery

Posted on 15 January 2010 by VRS  |  Email |Print

From Businessweek.com: Khazanah Malaysia Bhd., the nation’s state investment agency, is “cautiously optimistic” its asset value will increase as global financial markets recover from the worst crisis since World War II.

Khazanah, which owns stakes in Malaysia’s biggest companies including CIMB Group Holdings Bhd., Tenaga Nasional Bhd. and Malaysian Airline System Bhd., said the net worth of its investments climbed 63 percent to 54.1 billion ringgit ($16 billion) at the end of 2009 from a year earlier…………………………………Full Article: Source

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Norway Global should overhaul benchmarks

Posted on 15 January 2010 by VRS  |  Email |Print

From Pionline.com: The 2.59 trillion Norwegian kroner ($458 billion) Government Pension Fund-Global should develop benchmarks that incorporate factors such as momentum or value/growth that “mimic active strategies,” while continuing to search for alpha by employing skilled active managers, according to a report by three finance professors.

“Bringing these factors and their exposures into the benchmark (return) of the fund allows the benchmark to reflect risk premiums recognized by both theory and practice, creates more robust portfolios and, most importantly, allows the investor to determine the appropriate amount of each factor exposure,” said the report, written by Andrew Ang, William N. Goetzmann and Stephen M. Schaefer…………………………………Full Article: Source

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SWFs set to get active (Video)

Posted on 15 January 2010 by VRS  |  Email |Print

From Cnbc.com: There are 37 sovereign wealth funds worldwide with a total worth over $3 trillion, according to State Street Global Advisors. John Nugee from State Street believes that SWFs are going to become more active shareholders in the companies they invest in.………………………………..Full Article: Source

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There’s oil in them thar wealth funds

Posted on 15 January 2010 by VRS  |  Email |Print

From Reuters: Some interesting new data on sovereign wealth funds from State Street Global Advisors, a huge fund firm that does a lot of business with them.
Most interesting, perhaps, is that the vast majority of sovereign wealth fund money comes from oil and gas revenues rather than from countries building up large foreign reserves from other trade, eg China…………………………………Full Article: Source

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Sovereign funds looking more in-house

Posted on 15 January 2010 by VRS  |  Email |Print

From Pionline.com: Sovereign wealth funds likely will increase internal management and take a more active role in engaging companies in which they invest, according to an analysis of data by SSgA.

SSgA concluded that about a third of the total $3 trillion in SWF assets are managed by external managers, but that portion seems to be on the decline, said John Nugee, managing director for the official institutions group at SSgA…………………………………Full Article: Source

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SWFs urged to step up investor engagement

Posted on 15 January 2010 by VRS  |  Email |Print

From IPE: An analysis of sovereign wealth funds (SWFs) has concluded that the time may be right for funds to both satisfy international concerns about corporate governance yet review a recent decision by some to stand back from exercising their shareholder voting rights.

A study conducted by State Street Global Advisors suggests there are now 37 SWFs across the globe each with more than £3trn (€2trn) in assets, some of which were created specifically to assist public pensions management…………………………………Full Article: Source

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A brief insight into pay practices at the world’s largest SWF

Posted on 15 January 2010 by VRS  |  Email |Print

From Efinancialcareers-gulf.com: The world’s largest sovereign wealth fund, Abu Dhabi Investment Authority, isn’t exactly known for its openness to the media, which makes its 11-page interview with German newspaper Handelsblatt (reproduced in English on its website) all the more surprising.

The interview is, of course, rather polished and sanitized. However, as well as offering some interesting insights into its investment strategy, ADIA’s managing director, HH Sheikh Ahmed Bin Zayed Al Nehayan, also reveals a little about the firm’s pay practices:………………………………..Full Article: Source

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Abu Dhabi fund sees long-term investment potential in the West

Posted on 15 January 2010 by VRS  |  Email |Print

From Saudigazette.com.sa: A top official for the world’s biggest sovereign wealth fund said Monday the bulk of its holdings are still in the US and Europe, and that the Abu Dhabi fund sees “significant, long-term investment potential” in both regions despite the global downturn.
The Abu Dhabi Investment Authority’s managing director said “many substantial risks” remain as the global economy struggles to recover, however. Among the threats he cited are policies that could restrict cross-border investments by big overseas investors such as ADIA…………………………………Full Article: Source

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Why Abu Dhabi is betting on ultimate fighting

Posted on 15 January 2010 by VRS  |  Email |Print

From Minyanville.com: The mighty Abu Dhabi Investment Authority is reported to have lost $125 billion last year, according to economists at the Council on Foreign Relations. That would push Abu Dhabi as the second largest sovereign fund in the world, behind Saudi Arabia.

Though the size of Abu Dhabi’s fund has been pegged at around $627 billion by the Sovereign Wealth Fund Institute, CFR states that the actual number is closer to $328 billion, down from $453 billion a year earlier…………………………………Full Article: Source

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Dubai World said to plan standstill offer next week

Posted on 15 January 2010 by VRS  |  Email |Print

From Bloomberg: Dubai World, the state-owned holding company seeking to change the terms of about $22 billion of debt, plans to meet with creditor banks next week to complete a standstill agreement, a banker participating in the talks said.

A date for the meeting hasn’t been set, said the banker, who declined to be identified because the talks are private. A company spokeswoman declined to comment on the negotiations…………………………………Full Article: Source

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Coffee Day Holdings in final deal talk with Temasek

Posted on 15 January 2010 by VRS  |  Email |Print

From Livemint.com: Singapore state investor Temasek Holdings Pte Ltd, Standard Chartered Private Equity Ltd and buyout firm Kohlberg Kravis Roberts and Co. (KKR) are starting the final round of discussions for a $125 million investment in Coffee Day Holdings Co. Pvt. Ltd, according to people familiar with the development.
Coffee Day Holdings controls all the business ventures of Bangalore-based entrepreneur V.G. Siddhartha…………………………………Full Article: Source

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CIC, Temasek to buy SouthGobi Energy shares in IPO

Posted on 15 January 2010 by VRS  |  Email |Print

From Bloomberg: China Investment Corp., the nation’s sovereign wealth fund, and Temasek Holdings Pte will buy shares in SouthGobi Energy Resources Ltd.’s initial public offering in Hong Kong.

CIC and the Singapore government-owned investment company will each invest $50 million in the share sale, Chief Executive Officer Alexander Molyneux said on a video link from London at a press briefing in the territory today…………………………………Full Article: Source

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Alaska Permanent seeks fund auditor

Posted on 15 January 2010 by VRS  |  Email |Print

From Emii.com: Alaska Permanent Fund is looking for an auditing firm, Pensions & Investments reports. The selected firm will conduct audits for the $35.2 billion fund and the $367 million in cash assets of the Alaska Mental Health Trust Fund.

The contract will involve research and consultation on financial statements, possible special audits on internal controls and technology issues, or consulting in other related areas…………………………………Full Article: Source

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Alaska fund seeks in-house bond expert

Posted on 15 January 2010 by VRS  |  Email |Print

From Pionline.com: Alaska Permanent Fund Corp., Juneau, is searching for an international fixed-income portfolio manager, according to a job posting on the $35.2 billion fund’s website.

The successful candidate will assist in internally managing the fund’s $1 billion international fixed income portfolio…………………………………Full Article: Source

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The benefits of missing the global party

Posted on 15 January 2010 by VRS  |  Email |Print

From Smartmoney.com: One of Singapore’s sovereign wealth funds has lost at least $100 million in the deal. The blow served as another stark warning about the interconnectivity of global economies in peril.

In 2006, the Tishman-BlackRock joint venture bought the Stuyvesant Town and Peter Cooper Village apartment complexes from insurer MetLife…………………………………Full Article: Source

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SWFs may become active investors, State Street says

Posted on 14 January 2010 by VRS  |  Email |Print

From Businessweek.com: Sovereign wealth funds may begin to take more active roles in the companies in which they invest after the global financial crisis, according to Street State Corp., the world’s biggest money manager for institutions.

“It’s an item on their agenda,” said John Nugee, the London-based managing director of the official institutions group at State Street Global Advisors, in a phone interview…………………………………..Full Article: Source

Fund managers holding ‘a third’ of SWF assets

Posted on 14 January 2010 by VRS  |  Email |Print

From Efinancialnews.com: The asset management industry has succeeded in capturing as much as a third of the $3 trillion (€2.1 trillion) owned by the world’s sovereign wealth funds, but they are becoming more selective on the firms they pick to run their money.
Fund manager and custodian State Street, that works for a number of sovereign wealth funds, surveyed 37 of these funds –- all holding more than $3bn. It found that the largest of them generally outsource around 25% to 30% of their capital to outside managers. Of the remainder, the smaller funds tend to outsource even more…………………………………..Full Article: Source

Most sovereign wealth from energy

Posted on 14 January 2010 by VRS  |  Email |Print

From Upstreamonline.com: US fund company State Street Global Advisors said today that it had identified 37 major sovereign wealth funds across the world worth $3 trillion, of which more than two-thirds came from oil and gas interests.
All of the 37 had at least $3 billion in assets and eight had more than $100 bilion, it said. SSGA said its study of the companies, many of which it does business with, showed about 70% of the wealth held by the state-sponsored funds came from oil and gas revenues. Only 13 of the 37 SWFs were not based on commodity wealth…………………………………..Full Article: Source

Economic stability boosts CIC

Posted on 14 January 2010 by VRS  |  Email |Print

From Xinhua: China Investment Corporation (CIC), the nation’s 300 billion U.S. dollars sovereign wealth fund, may gain more than 10 percent from its investments last year on the back of the global financial market and economic stability, a source close to the fund said.

“Though the total financial return is not yet fixed, the fund expects to report an annual return better than last year,” said the source, speaking on condition of anonymity…………………………………..Full Article: Source

CIC likely to invest in US high speed trains

Posted on 14 January 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: China’s sovereign wealth fund China Investment Corporation (CIC) is now considering investing in US high speed trains, Shanghai Securities News reported.

A source was quoted as saying that CIC made big profit last year due to the global economic recovery and rebounding of the financial market, so the company hopes to expand its business in 2010…………………………………..Full Article: Source

China fund’s 2009 return may pass 10 pct

Posted on 14 January 2010 by VRS  |  Email |Print

From AFP: China’s sovereign wealth fund could earn more than 10 percent from its investments for 2009, up from 6.8 percent for the previous year, state media reported Wednesday.

China Investment Corp (CIC)’s holdings improved as the global economy and financial markets showed signs of recovery, the official Shanghai Securities News reported, citing an unnamed source…………………………………..Full Article: Source

VEB gets Welfare Fund cash for infrastructure

Posted on 14 January 2010 by VRS  |  Email |Print

From Themoscowtimes.com: Money from the National Welfare Fund will be used to finance Vneshekonombank’s infrastructure projects, an arrangement that is profitable for the Finance Ministry and the state corporation but also carries significant risk.

In December, the ministry closed ahead of schedule a 175 billion ruble ($5.9 billion) deposit at VEB — which the state corporation received in October 2008 to support the stock market — and opened a foreign currency deposit…………………………………..Full Article: Source

Kazakhmys signs further $200 mln facility Tuesday

Posted on 14 January 2010 by VRS  |  Email |Print

From Foxbusiness.com: Kazakhmys PLC said Wednesday it signed a further facility of $200 million on Tuesday, relating to the potential development of several existing mines. Facility is further to its $2.7 billion unsecured loan facility from the China Development Bank Corporation and Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna.
-Facility Agreements were signed with Samruk for $2.1 billion of the allocated funds, to be made available for the Boschekul and Bozymchak projects…………………………………..Full Article: Source

GIC’s New York investment may face foreclosure

Posted on 14 January 2010 by VRS  |  Email |Print

From Asiaone.com: The New York apartment complex that proved an ill-fated investment for the Government of Singapore Investment Corporation (GIC) may face foreclosure after its owners defaulted on a debt payment last Friday.

Some of the debt holders are now demanding payment within 10 days from the owners of Stuyvesant Town and Peter Cooper Village in Manhattan - the first step towards foreclosure, according to a Bloomberg report yesterday…………………………………..Full Article: Source

More woes for Singapore sovereign wealth funds

Posted on 14 January 2010 by VRS  |  Email |Print

From Temasekreview.com: A monkey throwing darts at the share pages of the Financial Times could have made bucket loads of cash over the last year. But Singapore’s super-smart sovereign wealth funds, which lost billions of dollars by investing in Western banks at the height of the bubble, seem to be having renewed difficulties even while every other Joe is lining their pockets.
The estimated $675 million that the Government of Singapore Investment Corporation (GIC) appears to have lost on a bad property investment in New York is arguably the least of Singapore’s overseas investment problems…………………………………..Full Article: Source

Return of SWFs may hurt dollar, UBS says

Posted on 13 January 2010 by VRS  |  Email |Print

From Bloomberg: The dollar may come under pressure as sovereign wealth funds resume investing in international assets and diversify out of commodity earnings denominated in the U.S. currency, according to UBS AG.

Such funds “tend to favor equities over bonds” and also increased allocations to emerging markets,” Mansoor Mohi-uddin, head of currency strategy in Singapore at UBS, wrote in an e- mailed note today. “Their return to prominence may hinder the dollar at the margin.”…………………………………..Full Article: Source

Adia has the power to move global markets

Posted on 13 January 2010 by VRS  |  Email |Print

From Gulfnews.com: Responsible investing for the long-term has paid off for the Abu Dhabi Investment Authority (Adia), which has out-performed its benchmark targets for returns and helped secure the future of the emirate.

By diversifying its holdings and investing for the long-term, the fund has been able to ride out the present turmoil in international markets and take up the investment opportunities that have presented themselves even in these difficult times……………………………………Full Article: Source

Mubadala extends its range with latest financing accord

Posted on 13 January 2010 by VRS  |  Email |Print

From Thenational.ae: Mubadala Development, the investment arm of the Abu Dhabi Government, has entered the aviation components financing sector with a US$100 million (Dh367m) deal with Air Berlin.

Mubadala will provide financing for the purchase of 12 spare engines for the German carrier, it confirmed yesterday. The arrangement was tied to a 10-year engine-servicing contract between Air Berlin and SR Technics, an aircraft maintenance, repair and overhaul (MRO) firm based in Switzerland that is controlled by Mubadala……………………………………Full Article: Source

Russia’s SWFs declined $15.9 bln in December

Posted on 13 January 2010 by VRS  |  Email |Print

From Bloomberg: Russia’s two sovereign wealth funds declined a combined $15.9 billion last month as the government tapped its reserves to plug its spending gap.

The Reserve Fund fell to $60.5 billion from $75.1 billion at the end of November, while the National Wellbeing Fund decreased to $91.6 billion from $92.9 billion, the Finance Ministry said on its Web site today……………………………………Full Article: Source

Singapore’s huge SWF, Temasek, backs US solar tech firm

Posted on 13 January 2010 by VRS  |  Email |Print

From Responsible-investor.com: An arm of Singapore’s huge $120bn sovereign wealth fund Temasek has bought into a California-based solar cell technology company.
Temasek’s Vertex Venture Holdings subsidiary – alongside fellow state-run investor EDB Investments – has participated in an $18m (€12.6m) fundraising by solar cell technology company Innovalight……………………………………Full Article: Source

GIC recognises big loss in US property project

Posted on 13 January 2010 by VRS  |  Email |Print

From Asiaone.com: The Government of Singapore Investment Corp (GIC) has written down most of its US$675 million investment in a giant New York apartment complex that was bought at the height of the property boom in the United States but which has since suffered from the collapse of the housing market there.

The joint owners of Stuyvesant Town and Peter Cooper Village defaulted on their debts last Friday, following a US court ruling that dealt the project a death blow last October……………………………………Full Article: Source

GIC may lose more than SGD$20 bln dollars of Singapore’s reserves

Posted on 13 January 2010 by VRS  |  Email |Print

From Temasekreview.com: Singapore’s largest sovereign wealth fund Government Investment Corporation (GIC) may have lost more than SGD$30 billion dollars of the country’s reserves in risky overseas investments last year.

GIC was established in 1981 as a “private” company to manage the reserves of Singapore which is accumulated from years of budget surpluses due to Singapore’s high national saving rates, especially in the 1970s……………………………………Full Article: Source

China CIC may post ‘09 investment return over 10 pct

Posted on 13 January 2010 by VRS  |  Email |Print

From Reuters: China’s sovereign wealth fund may report 2009 investment returns of more than 10 percent, up from 6.8 percent in 2008, the Shanghai Securities News reported on Wednesday.

The paper did not give a source for the information. It added that China Investment Corp (CIC) may expand the scope of its investment, for example, to include the U.S. railways sector……………………………………Full Article: Source

CIC official says China may raise rates before Fed

Posted on 13 January 2010 by VRS  |  Email |Print

From Bloomberg: A China Investment Corp. official said the Asian nation may raise benchmark interest rates before the U.S. because it faces a greater risk of an asset bubble, Market News International reported today.

The U.S. dollar is unlikely to fall further this year, and the outlook for the yen isn’t promising, Peng Junming, an official in the asset allocation and strategic research department of China’s $300 billion sovereign wealth fund also was quoted as saying……………………………………Full Article: Source

KfW establishes revolver fund for bank financing of projects on renewable energy in Azerbaijan

Posted on 13 January 2010 by VRS  |  Email |Print

From Abc.az: Azerbaijan prepares to receive an external donor to finance works to develop application of renewable and alternative energy sources. From 2010, the State Oil Fund of Azerbaijan (SOFAZ) plans to finance projects in the sphere of application of renewable and alternative energy sources and the Azerbaijan Investment Company (AIC) has already chosen such projects for financing.

Informed sources said that arrangement on the start of financing by the German Development Bank KfW the projects in the sphere of application of renewable and alternative energy sources was achieved in the Azerbaijan-German consultations for economic cooperation, held in December……………………………………Full Article: Source

Abu Dhabi SWF sees substantial risk to global economy

Posted on 12 January 2010 by VRS  |  Email |Print

From Arabfinance.com: Abu Dhabi Investment Authority (Adia), considered the world’s largest sovereign wealth fund, still sees big risks to the global economy and plans to refine its investment approach to cope with downturns.

In an interview published in German business daily Handelsblatt on Monday, Sheikh Ahmed bin Zayed al Nahayan, Adia’s managing director, also said U.S. treasuries were still the most liquid benchmark, and will remain an important diversification tool……………………………………Full Article: Source

Emerging world economies to outperform, ADIA tells Handelsblatt

Posted on 12 January 2010 by VRS  |  Email |Print

From Bloomberg: Abu Dhabi Investment Authority, one of the worlds’ largest sovereign wealth funds, raised investments in emerging markets where it sees greater growth opportunities, the fund’s managing director told Handelsblatt.

“Emerging market economies are likely to outperform those of developed economies over the medium-to-long term,” Sheikh Ahmed Bin Zayed Al-Nahyan said in an interview with German newspaper Handelsblatt. “This has been reflected in our asset allocation.”…………………………………..Full Article: Source

Adia has most holdings in US

Posted on 12 January 2010 by VRS  |  Email |Print

From Business24-7.ae: Abu Dhabi Investment Authority (Adia), considered the world’s largest sovereign wealth fund, said the bulk of its holdings are in the US and Europe and it sees “significant, long-term investment potential” in both regions despite the global downturn.

Adia Managing Director Sheikh Ahmed bin Zayed Al Nahyan said: “Many substantial risks remain as the global economy struggles to recover. Among the threats are policies that could restrict cross-border investments by big overseas investors such as Adia.”…………………………………..Full Article: Source

‘Protectionism’ a threat to recovery: ADIA

Posted on 12 January 2010 by VRS  |  Email |Print

From Khaleejtimes.com: Shaikh Ahmed bin Zayed Al Nehayan, Managing Director of the Abu Dhabi Investment Authority, or ADIA, says the world economy is still in a fragile state, and we must not jeopardise its recovery and future economic growth by building barriers to investment.

In an interview published in Germany’s business daily Handelsblatt on Monday, Shaikh Ahmed said immediate action taken by governments and regulators helped in protecting the global financial system……………………………………Full Article: Source

ADIA gains from high-growth markets

Posted on 12 January 2010 by VRS  |  Email |Print

From Thenational.ae: After cutting its exposure to stocks in anticipation of the crisis in 2008, the Abu Dhabi Investment Authority (ADIA) piled back into equity markets in 2009 to benefit from last year’s dramatic rally in global markets, ADIA’s managing director said in an interview published today.

“Together, these actions allowed us to beat our own performance expectations and to compare favourably with the published results of other investment institutions,” said Sheikh Ahmed bin Zayed, managing director of ADIA, in an interview published today in the German newspaper Handelsblatt……………………………………Full Article: Source

GIC loses money on New York project

Posted on 12 January 2010 by VRS  |  Email |Print

From Themalaysianinsider.com: The Government of Singapore Investment Corporation (GIC) has suffered losses investing in a prime New York property project after the American owners defaulted on a debt payment last Friday.

The exact size of the hit has not been disclosed but GIC is said to have invested a total of US$675 million (RM2.25 billion) in Manhattan’s Stuyvesant Town and Peter Cooper Village……………………………………Full Article: Source

GIC incurs loss after Tishman misses Stuyvesant Town payment

Posted on 12 January 2010 by VRS  |  Email |Print

From Businessweek.com: Government of Singapore Investment Corp., manager of more than $100 billion of the city-state’s foreign reserves, reported losses from its investment in Manhattan’s largest residential enclave.

Tishman Speyer Properties LP and BlackRock Inc. said on Jan. 8 they missed a bond payment tied to their $5.4 billion purchase of the 80-acre property, which includes Stuyvesant Town and Peter Cooper Village apartments……………………………………Full Article: Source

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