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Sovereign Wealth Funds Briefing - Archive | May, 2010

Mideast sovereign funds eye China’s AgBank IPO

Posted on 31 May 2010 by VRS  |  Email |Print

From Reuters: Several Middle Eastern sovereign wealth funds are holding talks with the Agricultural Bank of China about investing in its IPO in Shanghai and Hong Kong this year, the China Business News reported on Monday.
The Kuwait Investment Authority intends to invest about $1 billion to become a cornerstone investor in the Chinese bank’s $30 billion initial public offering, which would be the world’s largest IPO, the newspaper reported, citing a source at one of the underwriters…………………………………….Full Article: Source

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Dubai SWFs among top five for transparency

Posted on 31 May 2010 by VRS  |  Email |Print

From Business24-7.ae: Sovereign Wealth Funds (SWFs) from Dubai are among the top five most-transparent funds that would be welcomed by global decision-makers to make investments in their host countries, according to a new study.

SWFs from Dubai rank No4 globally in terms of transparency in decision-making, No4 in terms of transparency in government influence on the funds, and No5 in terms of investment approval from key decision-makers in host countries, according to the Sovereign Brands Survey 2010, conducted by Hill & Knowlton and Penn Schoen Berland…………………………………….Full Article: Source

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Egypt would welcome SWF investments from GCC and China

Posted on 31 May 2010 by VRS  |  Email |Print

Elites from across Egypt would welcome investment from sovereign wealth funds in Abu Dhabi (100% approval); China (99%); Dubai (96%) and Bahrain (91%) ahead of Norway (50%) and Singapore (43%), the funds which received the highest overall ratings in the Sovereign Brands Survey 2010, the most extensive study into the attitudes of global broad elites to sovereign wealth as a concept, the reputation of host nations and sovereign wealth funds (SWFs).
Conducted by Hill & Knowlton and Penn Schoen Berland, two of the world’s pre-eminent research and communications strategy consultants, the study interviewed elites in 7 markets[i] including Egypt on their views of 19 host countries and their SWFs. The factors influencing decisions about taking investment were clear. The overwhelming majority (94%) of elites in Egypt rated country reputation to be “very important” in determining their view of sovereign wealth funds (SWFs)…………………………………….Full Press Release: Source

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Country reputation and familiarity are key to growth of GCC Sovereign Wealth Funds

Posted on 31 May 2010 by VRS  |  Email |Print

Nearly three quarters (73%) of elites would approve of investment coming from Dubai, according to the Sovereign Brands Survey 2010, the most extensive study into the attitudes of global broad elites to sovereign wealth as a concept, the reputation of host nations and sovereign wealth funds (SWFs).
Conducted by Hill & Knowlton and Penn Schoen Berland, two of the world’s pre-eminent communications, research and strategy consultants, the study interviewed elites in 7 markets on their views of 19 host countries and their SWFs…………………………………….Full Press Release: Source

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Wealth Funds due for image polishing

Posted on 31 May 2010 by VRS  |  Email |Print

From Globest.com: Commercial real estate tops the list of industries in which US decision makers would like to see sovereign wealth funds invest, yet at the same time those decision makers take a less favorable view of the funds in the current downturn. That’s one of the findings of a global survey conducted by Hill & Knowlton among “elites” in seven markets, and the company’s Jim Cox tells GlobeSt.com that the wealth funds may need to do some image-polishing.

“US awareness tends to be fairly low, especially as compared to some of the developing countries,” says Cox, VP of Hill & Knowlton’s corporate practice. “So this is a sort of a missed opportunity for people who hold the properties and are looking for buyers.”……………………………………Full Article: Source

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Post-meltdown India positive about SWFs

Posted on 31 May 2010 by VRS  |  Email |Print

The global downturn has spurred interest in SWF investment but concerns over transparency could obstruct their investment strategies, according to the Sovereign Brands Survey 2010, the most extensive study into the attitudes of global broad elites to sovereign wealth as a concept, the reputation of host nations and sovereign wealth funds (SWFs).

Conducted by Hill & Knowlton and Penn Schoen Berland, two of the world’s pre-eminent research and communications strategy consultants, the study interviewed elites in 7 markets on their views of 19 host countries and their SWFs……………………………………Full Press Release: Source

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Sovereign wealth funds fight over Parkway

Posted on 31 May 2010 by VRS  |  Email |Print

From Moneycontrol.com: Fortis may be keeping its cards close to its chest on Khazanah’s offer for a higher stake in Parkway. But spectators are sure of one thing: The battle for Parkway is being fought between two sovereign wealth funds, and it is poised for a nail-biting finish, reports CNBC-TV18’s Sajeet Manghat.

It’s a proxy war between Singapore and Malaysia, and India has become the battle ground. Two sovereign wealth funds — Singapore’s GIC, and Malaysia’s Khazanah — are locking horns, each eyeing a majority stake in Parkway…………………………………….Full Article: Source

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Possible bidding war over Parkway

Posted on 31 May 2010 by VRS  |  Email |Print

From Asiaone.com: Just two months after India’s Fortis Healthcare bought a 23.9 per cent stake in Parkway, Integrated Healthcare Holdings (IHH) - a unit of Malaysian sovereign wealth fund Khazanah - has launched a $1.18 billion partial takeover offer for Parkway.
If its bid is successful, it will more than double its stake in Parkway Holdings, from 24 per cent to 51.5 per cent, and hold a controlling stake in the owner of Singapore’s Gleneagles and Mount Elizabeth hospitals…………………………………….Full Article: Source

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Super Fund tips big rural buy up

Posted on 31 May 2010 by VRS  |  Email |Print

From Nzherald.co.nz: The New Zealand Superannuation Fund could potentially partner in the buy up of clusters of farms as it moves to invest between NZ$300 million and NZ$500 million through its rural land strategy over the next three to five years.

Super Fund CEO Adrian Orr emphasized the rural push was a global, rather than merely New Zealand, one. However, he noted New Zealand was one of the best farms in the world so should “get a slice” of the investment…………………………………….Full Article: Source

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India’s forex reserves rise marginally to $273.36 bln

Posted on 31 May 2010 by VRS  |  Email |Print

From Domain-b.com: India’s foreign exchange reserves inched up marginally to $ 273.364 billion during the week ended May 21 from $273.300 billion in the previous week.

Of the total $273.364 foreign exchange reserves, 248.637 billion consisted of foreign currency, $18.537 billion in gold equivalents, $4.877 in Special Drawing Rights with the International Monetary Fund (IMF) and $1.313 billion in reserve position with the IMF, the Reserve Bank of India (RBI) said in a release…………………………………….Full Article: Source

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Sovereign wealth rewrites old-world rules

Posted on 28 May 2010 by VRS  |  Email |Print

From Reuters: Sovereign wealth funds — national vehicles created to grow state wealth for the future — have long experience investing in exotic and lesser-known lands. To these funds, many of which originate in what the West calls the “frontier” region, it’s a local market.
This year alone, countries including China, Singapore, South Korea, Kazakhstan, Azerbaijan and Abu Dhabi have invested easily more than $1 billion in frontier markets, in such projects as mines in Mongolia and companies in Africa, the Caribbean and Latin America……………………………………….Full Article: Source

Economic recovery accelerates interest in SWFs

Posted on 28 May 2010 by VRS  |  Email |Print

From Bernama: The global economic recovery has spurred interest in sovereign wealth funds (SWFs) but poor sovereign identity may limit investment opportunities, consultancy firms said. The SWF is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets.
According to Hill & Knowlton and Penn Schoen Beland, two eminent global research and communications strategy consultants, concerns over transparency and country reputation could impact the SWF image and investment potential……………………………………….Full Article: Source

SWFs pique global investor interest, survey shows

Posted on 28 May 2010 by VRS  |  Email |Print

From Nreionline.com: Investors around the world are showing renewed interest in sovereign wealth funds, state funds that invest public money in a range of assets, according to a new survey from Hill & Knowlton and Penn Schoen Berland, both research and communications firms.
However, U.S. investors are more skeptical of the sovereign wealth funds (SWF) than other global investors, the survey concludes. Also, concerns about the funds’ financial transparency could hinder their growth as the world recovers from a deep economic crisis……………………………………….Full Article: Source

Indians wary of sovereign Africa funds, finds survey

Posted on 28 May 2010 by VRS  |  Email |Print

From Business-standard.com: Despite a large pool of funds, India views sovereign wealth funds (SWFs) of many African countries like Nigeria, Libya, Botswana and Algeria with caution, says a survey.
The Sovereign Brands Survey 2010 carried by Hill & Knowlton and Penn Schoen Berland found, while sentiment towards SWFs had generally improved, some concerns around SWFs making investments into home countries remained……………………………………….Full Article: Source

Politics guides sovereign funds

Posted on 28 May 2010 by VRS  |  Email |Print

From Asianage.com: Khazanah, the bidder for Parkway, is an emerging category of investors known as sovereign wealth funds. A sovereign wealth fund is a state owned investment fund with a mandate to invest in stocks, commodities and other assets.
SWFs have become a major source of capital around the world in the past few years, with an estimated $3,400 billion under their control, according to SWF Institute, a body which keeps tabs on these funds……………………………………….Full Article: Source

Khazanah bids for Parkway control, challenges fortis

Posted on 28 May 2010 by VRS  |  Email |Print

From Business-standard.com: The battle for control of Parkway Holdings, Asia’s largest hospital chain, is set to be fought in Singapore. Khazanah, the Malaysian government-owned investment fund, which is the second largest shareholder in Parkway through Integrated Healthcare Holdings, has fired the first salvo by offering S$1.18 billion (US $710 million or over Rs 3,900 crore) for a majority stake in the company that is currently controlled by the Singh-family promoted Fortis Healthcare.
The Singh brothers — Malvinder and Shivinder — refused to comment but are expected to launch a counter bid to retain their control……………………………………….Full Article: Source

Khazanah’s plan to boost Malaysia’s new economy

Posted on 28 May 2010 by VRS  |  Email |Print

From IPE: This week, Malaysia’s sovereign fund Khazanah Nasional committed to another investment that is ostensibly part of the country’s economic remodelling programme. The fund will invest in a 50/50 joint venture with Singapore sovereign fund Temasek Holdings, to develop a “wellness township” in Iskandar, an ambitious new precinct in Malaysia’s southern-most state.
To chart a new course towards higher per-capita income, sustainable prosperity and growth that benefits a larger proportion of the population, Malaysia has marshaled the resources of five of the country’s institutional investors……………………………………….Full Article: Source

GIC unit aims to raise $1 bln in IPO

Posted on 28 May 2010 by VRS  |  Email |Print

From WSJ: Government of Singapore Investment Corp.’s real-estate unit, GIC Real Estate, is looking to raise a minimum US$1 billion from an initial public offering in Singapore of some of its overseas assets this year, a person familiar with the situation said.
“They are targeting at least US$1 billion, and it could be more. But it will depend on the market conditions at the time. If it happens, it will be later this year,” the person said……………………………………….Full Article: Source

China’s Government invests in US companies through CIC

Posted on 28 May 2010 by VRS  |  Email |Print

From Huliq.com: The Chinese Government has diversified its foreign exchange reserves with the help of China Investment Corporation (CIC) and has recently divested portions of its European Government Bonds into other reserve currencies and focuses on increasing its direct investments in US Companies.
Both Xinhua, the Government controlled Chinese newspaper, and SAFE, China’s State Administration of Foreign Exchange, have denied the rumors……………………………………….Full Article: Source

Kuwait sovereign fund won’t cut eurozone investments

Posted on 28 May 2010 by VRS  |  Email |Print

From Thepeninsulaqatar.com: Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, said yesterday it did not plan to reduce its exposure to euro zone investments, denying a Kuwaiti newspaper report.
“KIA denies local newspaper reports that there is a consideration by (KIA) to reduce its investments and presence in European countries … as a reaction to crises that some European countries are facing,” KIA said……………………………………….Full Article: Source

Qatar SWFs among top FDI recipients

Posted on 28 May 2010 by VRS  |  Email |Print

From Business24-7.ae: A number of big-ticket transactions including the $2.4 billion (Dh8.8bn) sell-off in Volkswagen preferential shares by Qatar Holding (an arm of Qatar Investment Authority) pushed the Gulf country among the top three sovereign wealth funds (SWFs) direct investment recipients in terms of transaction values in 2009, according to the latest SWF Transaction Database (SWFTD).
Globally, SWF direct investments grew by a third in 2009, with investments totalling $92.8bn compared with $69.6bn worth of investments in 2008, according to SWFTD……………………………………….Full Article: Source

Greens say Super Fund will want piece of Kiwibank

Posted on 28 May 2010 by VRS  |  Email |Print

From Guide2.co.nz: Selling Kiwibank to the New Zealand Superannuation Fund would not protect it from ending up in foreign hands, Green Party co-leader Russel Norman says.
Fund head Adrian Orr told The New Zealand Herald yesterday that it was on the acquisition trail for stakes in prime New Zealand assets like rural land, state-owned enterprises, smaller high-growth companies and iwi businesses……………………………………….Full Article: Source

The brave new world of Sovereign Wealth Funds

Posted on 27 May 2010 by VRS  |  Email |Print

From Knowledge@Wharton: Sovereign Wealth Funds, the large investment funds supported by governments, are mostly a positive economic force that can provide a shot in the arm to the companies — and countries — they invest in. They are also a stabilizing force for the nation where the investment originates.
Those are some of the main takeaways from a new study, “The Brave New World of Sovereign Wealth Funds,” conducted by Wharton MBA students and sponsored by the Wharton Leadership Center and the Joseph H. Lauder Institute of Management & International Studies……………………………………….Full Article: Source

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France Calls CIC Unwelcome Investor

Posted on 27 May 2010 by VRS  |  Email |Print

From WSJ: The French government told China Investment Corp. it wasn’t a welcome investor in a French company, the head of the Chinese sovereign wealth fund said Wednesday.
“We were told we were not welcome” when CIC made an approach to a French company, President and Chief Investment Officer Gao Xinqing said on the sidelines of the annual forum of the Organization for Economic Cooperation and Development in Paris……………………………………….Full Article: Source

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China fund says not cutting Europe investments

Posted on 27 May 2010 by VRS  |  Email |Print

From Reuters: China’s sovereign wealth fund will not cut its investments in Europe despite the fall in the euro, but will closely monitor how the continent tackles currency and regulation issues, the fund’s head said on Wednesday.
“We will keep our allocation in Europe,” China Investment Corporation president and chief investment officer Gao Xiqing said at a the Organisation for Economic Co-operation and Development (OECD) 2010 Forum in Paris……………………………………….Full Article: Source

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Mistrust lingers over ‘politically motivated’ SWFs

Posted on 27 May 2010 by VRS  |  Email |Print

From Efinancialnews.com: Sovereign Wealth Funds are increasingly being perceived as investors motivated by political objectives, according to the results of a global poll of attitudes to SWFs, with Russia and China among those considered the most likely to have hidden agendas.
The Sovereign Brand Survey, conducted by consultants Hill & Knowlton and Penn Schoen Berland, interviewed “national elites” – including decision makers, top earners, and graduates - from nine countries on 19 SWFs and found that the perception of a SWF was closely linked to that of its country……………………………………….Full Article: Source

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SWF: Warmer welcome

Posted on 27 May 2010 by VRS  |  Email |Print

From Livemint.com: Sovereign wealth funds (SWF) set up by nations flush with foreign currency reserves have not always had the warmest of welcomes due to the lack of transparency in the way they operate.
That may be changing, according to a survey by communications and research strategy consultants Hill & Knowlton and Penn Schoen Berland in the top seven destination countries. Sovereign Brands Survey 2010 reveals that post the global economic crisis, SWFs are now being viewed more favourably, with their investment activity considered one of the least likely sources to have contributed to market turmoil……………………………………….Full Article: Source

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Sovereign investments less welcome in Asia than the West

Posted on 27 May 2010 by VRS  |  Email |Print

From Financeasia.com: A survey on views of sovereign investments conducted in January reveals some apparent contradictions among how ‘broad elites’* view sovereign wealth funds.
On the one hand, 75% of elites in China rate SWFs as very or somewhat trustworthy, while hedge funds and PE firms are viewed as trustworthy by only 58% and 50%, respectively……………………………………….Full Article: Source

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Singapore GIC seeks to list logistics business-sources

Posted on 27 May 2010 by VRS  |  Email |Print

From Reuters: The Government of Singapore Investment Corp (GIC) is exploring the possible listing of its logistics business in Singapore in an IPO valued at between $500 million to $1 billion, sources with knowledge of the deal told Reuters.
The business is part of GIC Real Estate or GIC RE which is ranked amongst the world’s top 10 real estate investment firms……………………………………….Full Article: Source

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GIC may list China, Japan assets

Posted on 27 May 2010 by VRS  |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corporation’s property investment arm, GIC Real Estate (GIC RE), may list its China and Japan assets in the form of a real estate investment trust (Reit).
It is not known how much an initial public offering (IPO) could raise, but if it proceeds, it is likely to include assets in China and Japan that GIC RE bought from ProLogis for US$1.3 billion (S$1.8 billion) in late 2008……………………………………….Full Article: Source

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GIC converts UBS notes, faces $5 bln paper loss

Posted on 27 May 2010 by VRS  |  Email |Print

From Temasekreview.com: Singapore’s biggest sovereign wealth fund, GIC, said it converted its UBS notes into ordinary shares, suffering a paper loss of about $5 billion.
The Government of Singapore Investment Corp [GIC.UL] had invested 11 billion Swiss francs ($10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis……………………………………….Full Article: Source

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Singapore SWFs ranked 2nd

Posted on 27 May 2010 by VRS  |  Email |Print

From Straitstimes.com: Singapore’s sovereign wealth funds (SWFs) have been ranked second only to Norway’s in transparency, governance and independence from the Government.
That is according to a survey conducted by communications and research strategy consultants Hill & Knowlton and Penn Schoen Berland……………………………………….Full Article: Source

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Temasek, Khazanah form joint venture to develop wellness township in Johor

Posted on 27 May 2010 by VRS  |  Email |Print

From Chinapost.com.tw: Temasek Holdings, Singapore’s government-owned investment arm, and Malaysia’s Khazanah Nasional Berhad will form a joint venture company to develop a wellness township in Johor’s Iskandar Malaysia Region.
Malaysia and Singapore have been in talks to work together on an ‘iconic’ development in the region since late last year. On Monday, following a retreat between Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak, the two leaders agreed on the framework of this partnership……………………………………….Full Article: Source

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Temasek headhunting

Posted on 27 May 2010 by VRS  |  Email |Print

From Globaltimes.cn: Temasek Holdings is still searching for a new chief executive to replace Ho Ching, the wife of Prime Minister Lee Hsien Loong, industry sources and analysts said Wednesday after the Singapore state investment firm appointed 59-year-old Hsieh Fu Hua as new president.………………………………………Full Article: Source

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Super Fund forecast falls as asset prices recover

Posted on 27 May 2010 by VRS  |  Email |Print

From Nzherald.co.nz: The Guardians of the NZ Superannuation Fund say a recovery in asset prices is behind a lower forecast for the performance of the $16.7 billion fund this year.
The “Cullen Fund”, which was set up in 2003 to help pay for the future costs of retiring New Zealanders, yesterday released its statement of intent for the year to June 30, 2011……………………………………….Full Article: Source

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Gulf investors prefer emerging market exposure-study

Posted on 27 May 2010 by VRS  |  Email |Print

From Reuters: Middle East investors are looking to invest more in emerging markets than in North America, Europe or Japan, lured by the higher returns such regions offer, a study released by U.S.-based fund manager Invesco Ltd showed. Many sovereign wealth funds have started to invest more passively, so they have been looking at index trackers more than direct investments.
In a report published on Wednesday, the global money manager said about 82 percent of the more than 200 participants it surveyed forecast a preference for exposure to emerging markets in the next three to five years, compared with 30 percent for North America and 14 percent for Europe……………………………………….Full Article: Source

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ADIA looks for higher growth

Posted on 27 May 2010 by VRS  |  Email |Print

From Forbes: In March the Abu Dhabi Investment Authority (ADIA)–the world’s largest sovereign wealth fund–made its most extensive disclosure of its holdings to date.
This synopsis of its investment strategies was required to meet disclosure rules agreed under its voluntary commitment to the Santiago Principles, inspired by a desire to demonstrate that its investments are driven by a profit motive rather than a political agenda……………………………………….Full Article: Source

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Citi attracts interest from Middle-Eastern investors

Posted on 27 May 2010 by VRS  |  Email |Print

From Dow Jones: The Qatar Investment Authority has been interested in buying Citigroup Inc. stock from the U.S. Treasury Department, according to a person familiar with the matter in the Persian Gulf, and a person in the banking industry.
Discussions about a potential purchase started months ago, and are, according to one of these people, ongoing. QIA’s interest was reported by the Financial Times earlier Wednesday……………………………………….Full Article: Source

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The rebirth of the SWF coverage banker

Posted on 27 May 2010 by VRS  |  Email |Print

From Efinancialcareers-gulf.com: Investment banks’ appetite to recruit staff to woo Gulf sovereign wealth funds largely faded alongside funds’ appetite to make international acquisitions. Now, however, with advisory fees looking more likely, firms are seeking to increase their SWF coverage.
The likes of Morgan Stanley, JPMorgan, Deutsche Bank and Lehman Brothers all recruited bankers to liaise with sovereign wealth fund clients in the first half of 2008………………………………………Full Article: Source

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Gulf wealth funds may cut investments in the West

Posted on 26 May 2010 by VRS  |  Email |Print

From Arabianbusiness.com: UAE central bank governor Sultan Bin Nasser Al Suwaidi, whose country is home to one of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority, said sovereign wealth funds may become more “passive” investors in the West and may stop investing in Western companies altogether.
“Sovereign Wealth Fund source countries should also be interested in investing in mega projects in the region for three reasons.”………………………………………Full Article: Source

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Qatar wealth fund keen to buy U.S.’s Citi shares

Posted on 26 May 2010 by VRS  |  Email |Print

From Reuters: Qatar Investment Authority, the country’s sovereign wealth fund, is keen to buy part of the U.S. Treasury’s stake in Citigroup Inc , the Financial Times reported in its Wednesday edition.
Citing people familiar with the matter the paper said QIA was considering purchasing some of the U.S. Treasury’s 27 percent stake in Citigroup, but warned any deal would be dependent on price and market conditions……………………………………….Full Article: Source

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GIC Real Estate mulls IPO for overseas assets - source

Posted on 26 May 2010 by VRS  |  Email |Print

From Dow Jones: Government of Singapore Investment Corp.’s giant real estate arm GIC Real Estate is looking at an initial public offering of its overseas assets in Singapore, a person familiar with the situation said Wednesday.
“A final decision may be taken next month,” the person said. He said the sovereign wealth fund’s real estate arm is looking to list its Japanese assets– which includes ProLogis Holdings……………………………………….Full Article: Source

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Temasek Holdings GUILTY of price fixing

Posted on 26 May 2010 by VRS  |  Email |Print

From Temasekreview.com: Temasek Holdings, the Singapore government investment arm, has lost a final appeal in a price fixing case involving cellcos Telkomsel and Indosat in Indonesia’s Surpreme Court.
Competition regulator KPPU alleged that Temasek had breached the country’s anti-monopoly laws by using its indirect stakes in rival operators Telkomsel and Indosat to fix mobile tariffs……………………………………….Full Article: Source

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HK-based Quam ties up with Invest AD for Mideast fund

Posted on 26 May 2010 by VRS  |  Email |Print

From Reuters: Quam Ltd is partnering Abu Dhabi government-owned Invest AD to launch a Middle East equities fund targeted at Asian investors. Invest AD, formerly known as Abu Dhabi Investment Company, is a wholly-owned by sovereign wealth fund Abu Dhabi Investment Council. The firm began managing third-party money a year ago.
The Quam Middle East fund will look to raise around $50 million to invest primarily in companies in the UAE, said Bernard Pouliot, chairman of Quam. “After what happened with Dubai, unfortunately the whole region got painted with the same brush……………………………………….Full Article: Source

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Norway - Discussing a trade agreement with Hong Kong

Posted on 26 May 2010 by VRS  |  Email |Print

From Isria.com: The Norwegian Government Pension Fund is a major investor in Hong Kong with some 16.5 billion kroner invested. The Norwegian business sector is also broadly represented by more than 20 Norwegian companies.
Representatives from some of these companies have been invited to take part in the talks with the authorities in Hong Kong……………………………………….Full Article: Source

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Canada: Courting investors in the Middle East

Posted on 26 May 2010 by VRS  |  Email |Print

From Ctv.ca: Despite the oft-publicized debt problems in Dubai, the countries in the region are home to ultra-rich sovereign wealth funds, state-owned investment funds. One of Abu Dhabi’s investment arms already has a high-profile real estate development in their portfolio: a stake in New York’s Chrysler Building.
SWFs across the Gulf manage assets exceeding $ 1.4-trillion (U.S.), according to the Sovereign Wealth Fund institute……………………………………….Full Article: Source

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Temasek names Hsieh as president

Posted on 25 May 2010 by VRS  |  Email |Print

From WSJ : State investment company Temasek Holdings Pte. Ltd. said Monday that it has appointedHsieh Fu Hua as its president and executive director and people familiar with the situation said he will spearhead a search for a successor to current Chief Executive Ho Ching.
Mr. Hsieh, who is currently a Temasek board member and a special adviser to Mrs. Ho, will assume his new responsibilities from Aug. 1, the sovereign-wealth fund said in a statement……………………………………….Full Article: Source

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Greeks give new meaning to idea of sovereign wealth

Posted on 25 May 2010 by VRS  |  Email |Print

From Timesonline.co.uk: They were parachuted in during the Second World War to fund local resistance to the Germans and now, with a population mired deep in another — if very different — crisis, British gold sovereigns once again are the foreign currency of choice in Greece.
Once again, too, they are offering a tangible sense of security amid turbulent uncertainty. In the 1940s, as the only reliable currency available, much of it was hoarded in trunks, under floorboards and buried in gardens. Any respectable girl’s dowry included a cache of sovereigns……………………………………….Full Article: Source

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State Street appointed administrator for Norway’s property drive

Posted on 25 May 2010 by VRS  |  Email |Print

From Propertyeu.info: Norway’s Central bank has appointed State Street to provide fund administration services for the real estate portion of the country’s pension fund. State Street will provide administration, accounting and director services for the fund’s $20 bn (EUR 16 bn) global real estate investments and will also provide reporting and joint venture structuring services.
George Sullivan, executive vice president of State Street’s alternative investment solutions group said: ‘this sovereign fund is a significant client for us, and we are very much looking forward to taking on this new assignment and working with the team at Norges Bank to provide them with services for the real estate allocation of their growing fund.’………………………………………Full Article: Source

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Kuwait posts budget surplus of $28bn

Posted on 25 May 2010 by VRS  |  Email |Print

From Arabnews.com: Kuwait swung to a budget surplus of 8.18 billion dinars ($28.21 billion) in the 2009/10 fiscal. The Gulf state invests 10 percent of its revenues in a fund for future generations, which is managed by the OPEC producer’s sovereign wealth fund. After the payment, the budget surplus amounted to 6.39 billion dinars, according to the data.
The world’s fourth-largest oil exporter and OPEC member is seen booking the largest fiscal surplus in the Gulf this year as oil prices stay well above its budget assumption of $43 a barrel……………………………………….Full Article: Source

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