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Sovereign Wealth Funds Briefing - Archive | October, 2010

France sovereign fund mulls shipping firm investment

Posted on 29 October 2010 by VRS  |  Email |Print

From Reuters: France’s sovereign wealth fund is considering an investment in indebted French shipping company CMA CGM alongside Turkish conglomerate Yildirim, a spokesman for the fund said on Thursday.
Marseille-based container shipping line CMA CGM, which began talks with lenders a year ago on over $5 billion of debt after being hit by an industry wide slump, has already agreed a $500 million investment from Yildirim, according to three sources close to the deal……………………………………….Full Article: Source

Focus changes in buyout fundraising

Posted on 29 October 2010 by VRS  |  Email |Print

From Efinancialnews.com: Private equity firms will rely heavily on the support of sovereign wealth funds and pension funds when for their next round of fundraising, according to the co-head of one of Europe’s biggest private equity firms, with question marks hanging over banks and insurers as future sources of capital.
Mark Corbidge, co-head of private equity at UK firm Doughty Hanson, said that “pension funds and sovereign wealth funds will constitute the main source of funding” for firms raising new funds. Corbidge said that the ability of firms to raise new funds of a not too dissimilar size to their previous funds “will depend on whether they have stuck to their business model or gone off-piste, away from (what they outlined) in their [fund marketing documents]“……………………………………….Full Article: Source

Former BP boss Hayward in talks with Temasek

Posted on 29 October 2010 by VRS  |  Email |Print

From Temasekreview.com: Tony Hayward, the recently-departed chief executive of BP, is being courted to take a role at Temasek Holdings, the Singaporean state investment fund. Hayward, who stepped down as BP’s boss at the beginning of the month, has been holding talks with Temasek that are believed to be about a possible appointment to its international advisory panel.
Last month, the former BP chief executive spoke at a conference in Singapore organised by Temasek and discussions about a role have apparently taken place since then……………………………………….Full Article: Source

Mubadala has emerging markets investment ‘gaping hole’

Posted on 29 October 2010 by VRS  |  Email |Print

From Bi-me.com: Mubadala Development, an Abu Dhabi government investment unit, wants to expand in emerging markets over the coming years as the company diversifies its investments.
A “gaping hole is going to be addressed in the next two or three or four years and it’s about emerging market exposure,” Chief Operating Officer Waleed Al Mokarrab Al Muhairi told Bloomberg Wednesday at the World Economic Forum in Marrakesh, Morocco……………………………………….Full Article: Source

Mumtalakat ‘rating won’t be affected’

Posted on 29 October 2010 by VRS  |  Email |Print

From Tradearabia.com: Fitch Ratings says it is unlikely that there will be a rating impact on Bahrain Mumtalakat Holding Company from the Bahrain government’s plan to inject more than $1 billion into its 100 per cent subsidiary Gulf Air.
Fitch continues to expect that the capital injection and any additional material financial support to Gulf Air will be assumed directly by the government via Mumtalakat……………………………………….Full Article: Source

Bahrain to sell Gulf Air stake to private investors

Posted on 29 October 2010 by VRS  |  Email |Print

From Thenational.ae: Mumtalakat, Bahrain’s government investment arm, plans to sell part of Gulf Air to private investors once the beleaguered airline returns to profitability, expected in about three years, says the fund’s chief executive.
The sale of Gulf Air, Bahrain’s national carrier, is part of a broader new strategy to generate cash and diversify Mumtalakat’s portfolio of investments, Talal al Zain said on the sidelines of the World Economic Forum in Morocco……………………………………….Full Article: Source

Qatar: A tiny state with global ambitions

Posted on 29 October 2010 by VRS  |  Email |Print

From Telegraph: Money wasn’t a problem, of course. Qatar has been pretty comfortable for some time, ever since oil was discovered in the 1940s. But the thing that made all the difference to its cash pile – now estimated at well over £50 billion, including the Emir’s personal wealth and the Qatari sovereign wealth fund – was something called the Main Cryogenic Heat Exchanger (MCHE).
Over the past four decades, the ever-improving technology of the MCHE has revolutionised life in Qatar and made Sheikh Hamad a force to be reckoned with……………………………………….Full Article: Source

Kuwait condoles loss of Ras Al-Khaimah ruler

Posted on 29 October 2010 by VRS  |  Email |Print

From Arabtimesonline.com: The emirate has its own sovereign wealth fund, the Ras Al Khaimah Investment Authority (RAKIA), which has a portfolio of around $2 billion.
In official recognition of Sheikh Saud’s succession to the post of emir, the UAE’s Federal Supreme Council “expressed its full support for Sheikh Saud as ruler of Ras al-Khaimah,” in a statement carried by the news agency……………………………………….Full Article: Source

State-owned shares up for grabs

Posted on 29 October 2010 by VRS  |  Email |Print

From Businessweek.com: Khazanah Nasional, the sovereign wealth fund, has been selling stakes in listed companies. Its 32.2 percent stake in Pos Malaysia, the postal service, may soon be sold.
A planned offering of Petronas Chemicals, a division of state-owned Petronas, may raise as much as $4.2 billion and be Southeast Asia’s biggest IPO this year……………………………………….Full Article: Source

Sovereign fund assets cross $4tr

Posted on 28 October 2010 by VRS  |  Email |Print

From Zawya.com: The value of their combined global assets is estimated to have breached the $4 trillion mark this month, led by strong expansion in the assets of commodity-backed SWFs. The balance of investing power has also shifted from the Middle East to Asia, according to the latest research.
Norway’s Government Pension Fund Global, or GPFG, announced that it topped three trillion crowns for the first time, bringing its overall asset value to $512 billion. According to research by the Sovereign Wealth Fund Institute in Las Vegas, which tracks these funds and analyses their impact on global finance, Norway’s growth has pushed global SWF assets past the $4 trillion mark for the first time, from $3.9 trillion at the end of September……………………………………….Full Article: Source

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Malaysia can lead in setting up SSWF

Posted on 28 October 2010 by VRS  |  Email |Print

From Bernama: Malaysia is capable of getting other major Muslim nations to participate in the proposed Supra-Sovereign Wealth Fund (SSWF) to be established by the Islamic Development Bank (IDB) due to its reputation as a leader in Islamic finance globally, says an Islamic fund manager.
OSK-UOB Islamic Fund Management Chief Executive Officer & Chief Investment Officer, Md Noor A Rahman, said Malaysia can lead the way as it is far ahead in Islamic finance and had a track record of over 20 years……………………………………….Full Article: Source

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Mubadala has emerging markets ‘gaping hole,’ COO says

Posted on 28 October 2010 by VRS  |  Email |Print

From Bloomberg: Mubadala Development Co., an Abu Dhabi government investment unit, wants to expand in emerging markets over the coming years as the company diversifies its investments.
A “gaping hole is going to be addressed in the next two or three or four years and it’s about emerging market exposure,” Chief Operating Officer Waleed Al Mokarrab Al Muhairi said today at the World Economic Forum in Marrakesh, Morocco………………………………………Full Article: Source

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Bahrain wealth fund to channel IPO proceeds to liquid investments-CEO

Posted on 28 October 2010 by VRS  |  Email |Print

From Zawya Dow Jones: Bahrain Mumtalakat Holding Co., the country’s sovereign wealth fund, will use the expected $540 million in proceeds from the initial public offering of Aluminium Bahrain to boost its portfolio of liquid investments, Chief Executive Officer Talal Al Zain said Wednesday.
Mumtalakat, the biggest shareholder in Aluminium Bahrain, also known as Alba, is in the process of selling up to 163.3 million shares as part of an IPO that started Oct. 24 and will see the aluminum firm’s shares listed on the Bahraini bourse and global depositary receipts representing the ordinary shares to be listed on the London Stock Exchange……………………………………….Full Article: Source

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Nigeria: Sovereign wealth fund bill faces hitches

Posted on 28 October 2010 by VRS  |  Email |Print

From Allafrica.com: The enactment of a law seeking to establish the National Sovereign Wealth Fund of the Federation to replace the Excess Crude Account (ECA) is suffering a major delay in the National Assembly, Daily Trust can reveal.
President Goodluck Jonathan had on September 26, this year disclosed that he had forwarded the bill to the National Assembly to create a sovereign wealth fund and that federal and state governments had set aside $1 billion in seed capital for the fund……………………………………….Full Article: Source

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China’s sovereign wealth fund: Developments and policy implications

Posted on 28 October 2010 by VRS  |  Email |Print

From Bespacific.com: China’s ruling executive body, the State Council, established the China Investment Corporation (CIC), a sovereign wealth fund, in September 2007 to invest $200 billion of China’s then $1.4 trillion in foreign exchange reserves.
As with other sovereign wealth funds worldwide, the CIC’s existence allows China to invest its reserves in a wide range of assets, including stocks, bonds, and hedge funds. After a rocky start in which it incurred losses of 2.1% on its global investments in 2008 – caused in part by aftereffects of the global financial crisis of 2007 – the CIC’s rate of return in 2009 rose to 11.7%……………………………………….Full Article: Source

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NZ Super overhauls portfolio

Posted on 28 October 2010 by VRS  |  Email |Print

From Pionline.com: The NZ$16 billion (US$12.07 billion) New Zealand Superannuation Fund, Auckland, has upped its exposure to global equities by NZ$2.2 billion following a portfolio review earlier this year.
The fund increased its global share holdings, achieved mainly via derivatives, in line with the updated strategic asset allocation benchmark, now dubbed the “reference portfolio,” according to a fund spokesperson……………………………………….Full Article: Source

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Norway gets it right

Posted on 28 October 2010 by VRS  |  Email |Print

From Sovereignsociety.com: In October, Norway’s sovereign wealth fund, managed by the Norges Bank (central bank), topped NOK 3 trillion for the first time in history, the equivalent of $518 billion dollars. That’s a huge leap from where it started back in 1996, with just NOK 1.98 billion or $258 million dollars.
The Norwegian wealth fund got slammed in the 2008 credit crash but has since recovered sharply with shrewd investments in the emerging markets among others. The fund holds approximately 1% of all global tradable stocks and is the second-largest sovereign wealth fund after Abu Dhabi’s……………………………………….Full Article: Source

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China’s CIC studies Brazil industry, agriculture investment

Posted on 27 October 2010 by VRS  |  Email |Print

From Dow Jones: Representatives from China’s sovereign wealth fund, the China Investment Corp., met with Brazilian Finance Minister Guido Mantega Tuesday to discuss possible investments in Brazilian industry and agriculture, Brazil’s Finance Ministry said.
According to the ministry, Mantega made a presentation on the current economic situation of Brazil and the outlook for the coming years. The minister also spoke on the government’s views regarding international conditions and policy………………………………………Full Article: Source

Are SWFs the new endowment model?

Posted on 27 October 2010 by VRS  |  Email |Print

From Favstocks.com: Some sort of shape is starting to take place, post-global crisis, as to how the biggest, longest-term investors are spending their money. If the endowment model was the one to follow for the past 20 years, the sovereign wealth fund model may be the one to follow for the next.
Endowment-envy swept the world in the early part of this decade, which was probably a decade too late to reap the benefits from following the very clever investment strategies of the likes of Yale and Harvard. By the time of the global financial crisis, the envy had faded……………………………………….Full Article: Source

BNY Mellon survey: HFs and SWFs exert strong appeal

Posted on 27 October 2010 by VRS  |  Email |Print

From Assetinternational.com: Companies worldwide are looking to lure greater investment from hedge funds and sovereign wealth funds while increasingly contemplating secondary stock listings in emerging markets, a new Bank of New York Mellon survey reveals.
“This survey…has some interesting stats on how companies worldwide meet quite regularly with hedge funds and sovereign wealth funds, treating them now much like any other investor,” BNY Mellon spokesman Joe Ailinger told aiCIO. “We were also surprised that nearly a quarter of firms were considering a secondary stock listing in an emerging market, especially greater in China.”………………………………………Full Article: Source

QE2: Sovereign wealth, hedge funds encouraged to participate

Posted on 27 October 2010 by VRS  |  Email |Print

From Seekingalpha.com: One of the largest sovereign wealth funds is the Norway Global Government Pension Fund, which holds somewhere in the neighborhood of $400 billion in assets. Others include the China Investment Corporation ($300 billion), Singapore Investment Corporation ($250 billion), Hong Kong Monetary Authority ($225 billion), the Russia National Welfare Fund ($140 billion), and the Australian Future Fund ($60 billion).
With the million dollar question relative to QE2 being the magnitude of the Fed’s planned bond purchases, we can expect some volatile trading sessions for the next week or so……………………………………….Full Article: Source

A royal welcome for the GBP50bln Emir buying Britain brick by brick

Posted on 27 October 2010 by VRS  |  Email |Print

From Independent: The emir of Qatar, and his £54bn sovereign wealth fund, were said to be behind a takeover bid for Everton FC last year. Another Saudi royal, Prince Faisal bin Abdullah, was linked with Liverpool.
And various Gulf royal families and sovereign wealth funds from Dubai, Abu Dhabi and Kuwait were said to have made an offer for Manchester United earlier this year. Dubai International Capital has tried to buy both Liverpool and Newcastle United……………………………………….Full Article: Source

Adia still in the lead as global SWF assets cross $4tn

Posted on 27 October 2010 by VRS  |  Email |Print

From Emirates247.com: Sovereign Wealth Funds’ (SWF) global assets crossed the $4 trillion-mark for the first time in history in the third quarter this year. According to SWF Institute’s just released rankings for Q3 2010, boosted by the Norwegian Global Pension Fund-Global’s asset growth to over 3 trillion kroner ($512bn), global assets held by SWFs have now reached $4.033bn.
“The fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996,”says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), which manages the fund……………………………………….Full Article: Source

Waha Capital to acquire 20pct stake in AerCap

Posted on 27 October 2010 by VRS  |  Email |Print

From Assetfinanceinternational.com: Abu Dhabi-based Waha Capital will acquire about 29.8m shares in AerCap in exchange for $105m in cash, Waha’s 50% interest in AerVenture and the transfer of a 40% interest in Waha’s 16-aircraft portfolio. Waha Capital’s main institutional shareholder is Mubadala Development Company.
The total consideration for the shares in AerCap is about $380m based on the New York Stock Exchange closing price on Friday. Waha Capital’s main institutional shareholder is Mubadala Development Company. The completion of the transaction is scheduled for mid-November 2010……………………………………….Full Article: Source

The Viking plunder that keeps giving

Posted on 27 October 2010 by VRS  |  Email |Print

From BBC: Norway’s global pension fund has been funded by the nation’s oil and gas revenue for the past 15 years, since the Oslo government switched into saving mode.
To Scottish Nationalists, it’s an example of what a small, resource-rich country can achieve if it makes the right, long-term decisions……………………………………….Full Article: Source

Temasek Cares injects S$650,000 to enhance care for frail elderly

Posted on 27 October 2010 by VRS  |  Email |Print

From Channelnewsasia.com: The philanthropic arm of Singapore investment company Temasek Holdings - Temasek Cares - is pumping S$650,000 into an integrated care programme for the elderly.
The programme aims to offer the frail elderly an alternative care solution to nursing homes……………………………………….Full Article: Source

Nigerian foreign reserves tumble to $33.9 bln

Posted on 27 October 2010 by VRS  |  Email |Print

From Bloomberg: Nigeria’s foreign-exchange reserves fell 7.6 percent to $33.9 billion in the month to Oct. 21, according to data on the Central Bank of Nigeria website, as the bank sold dollars to prop up the value of the naira.
Reserves fell from $36.7 billion the month earlier, the bank said, and are down from a high of $58.3 billion in March 2008……………………………………….Full Article: Source

Nigeria: FG dedicates $1bln for sovereign wealth fund

Posted on 26 October 2010 by VRS  |  Email |Print

From Tribune.com.ng: The Federal Government has dedicated $1billion for the sovereign wealth fund as it set up three commercial courts to try economic offenders. The Minister of Finance, Mr Olusegun Aganga, while delivering a keynote address, on Monday, in Abuja, at the 51st annual conference of Nigeria Economic Society (NES), said that the sovereign wealth fund had three components, which included inter-generational savings for the future; stabilisation fund and infrastructural fund.

The infrastructural fund, he said, would reduce the cost of food, production and invest in infrastructure as well as served as catalyst for local and foreign investors…………………………………….Full Article: Source

Adia retains world’s top SWF crown

Posted on 26 October 2010 by VRS  |  Email |Print

From Emirates247.com: Sovereign Wealth Funds’ (SWF) global assets crossed the $4 trillion-mark for the first time in history in the third quarter this year. According to SWF Institute’s just released rankings for Q3 2010, boosted by the Norwegian Global Pension Fund-Global’s asset growth to over 3 trillion kroner ($512bn), global assets held by SWFs have now reached $4.033bn.

“The fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996,”says Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), which manages the fund…………………………………….Full Article: Source

ALBA offering to raise $540mln for Bahraini wealth fund

Posted on 26 October 2010 by VRS  |  Email |Print

From Thenational.ae: Bahrain’s state-owned aluminium producer has launched an initial public offering (IPO) that is expected to raise as much as US$541 million (Dh1.98 billion) for the country’s sovereign wealth fund, the company’s majority owner.

Mumtalakat, the state-owned investment fund, is selling an 11.5 per cent stake in Aluminium Bahrain (ALBA), which operates the second-largest smelter in the Gulf…………………………………….Full Article: Source

Bahrain’s Arcapita says got $435 mln from Mapletree IPO

Posted on 26 October 2010 by VRS  |  Email |Print

From Reuters: Bahraini investment house Arcapita said on Monday it made a return of 10 to 12 percent on its exit of property firm Mapletree Industrial Trust, which listed last week. Mapletree’s 940 million Singapore dollars ($722 million) initial public offering (IPO) in Singapore last week was among a string of successful IPOs of property assets in Asia recently, which also included the US$3 billion listing of Singapore wealth fund GIC’s logistics unit GFLP
Arcapita said in a statement the IPO had generated exit proceeds of US$435 million for the firm and its investors. “For stabilised real estate assets, we typically target an IRR (internal rate of return) of between 10 and 12 percent, and the return on this investment is within this range,” a spokesman for Arcapita told Reuters…………………………………….Full Article: Source

Qatar mulls Christie’s bid as Emir buys art, plans cultural hub

Posted on 26 October 2010 by VRS  |  Email |Print

From Bloomberg: A possible Qatari bid for Christie’s International Plc would help its emir make the country into a Middle Eastern hub of the global art market, dealers said. The Qatar Investment Authority, the country’s Doha-based sovereign wealth fund, owns stakes in financial institutions including Credit Suisse Group AG and Barclays Plc. The fund paid 1.5 billion pounds for Harrods in May and invested $2.8 billion in Agricultural Bank of China Ltd.’s initial public offering in June.

Anne-France Malrieu, Artemis’s public relations spokeswoman, and the emir of Qatar’s office both declined to comment. Christie’s doesn’t comment on speculation, Matthew Paton, the company’s U.K. head of public relations, said in an interview…………………………………….Full Article: Source

Saudi lends Satorp $1.3 bln to finance Refinery, SPA Says

Posted on 26 October 2010 by VRS  |  Email |Print

From Bloomberg: Saudi Arabia’s Public Investment Fund gave a $1.3 billion loan to Saudi Aramco Total Refinery & Petrochemical Co., known as Satorp, to finance part of its 400,000 barrels-a-day Jubail refinery, the Saudi Press Agency reported.

Saudi Aramco has a 62.5 percent stake in the $5.1 billion joint venture with Total SA, which owns 37.5 percent, SPA said…………………………………….Full Article: Source

Government scared Temasek to sell

Posted on 26 October 2010 by VRS  |  Email |Print

From Koreatimes.co.kr: Temasek Holdings of Singapore sold off its sizeable stake in Hana Financial because of fears that the latter’s plan to acquire Woori Financial might invite intervention by the Korean government in the merged financial provider, said a high-placed source familiar with the issue, Monday.

“Temasek was afraid the government would intervene in Hana’s management if it merged with Woori,” the source told The Korea Times on condition of anonymity…………………………………….Full Article: Source

Use sovereign funds to invest in Shariah-compliant products: Regent

Posted on 26 October 2010 by VRS  |  Email |Print

From Btimes.com.my: Muslim countries should allocate a fraction of their sovereign funds to financial institutions which have the expertise to invest in syariah-compliant investment funds and instruments.

Perak Regent Raja Dr Nazrin Shah said one of the driving forces for Islamic finance to prosper is for large investment organisations such as sovereign wealth funds of Muslim countries to take a developmental view when determining their asset allocations…………………………………….Full Article: Source

Malaysia urges OIC members to invest in developing Muslim nations

Posted on 26 October 2010 by VRS  |  Email |Print

From AhlulBayt News Agency: Malaysia urged members of the Organization of the Islamic Conference (OIC) Monday to invest in developing muslim nations by creating a sovereign wealth fund.

Malaysian Minister of Finance II Ahmad Husni Hanadzlah said in a press conference held here on the sidelines of the Islamic Finance Forum, that his country no longer sees western nations as a major investment destination. The sovereign wealth fund to be supervised by the Islamic Development Bank (IDB), aims at exploring the assets of OIC members, he explained…………………………………….Full Article: Source

AIA said to rise 9.2pct in ‘gray market’ after $17.8 bln IPO

Posted on 26 October 2010 by VRS  |  Email |Print

From Bloomberg: AIA Group Ltd. traded 9.2 percent higher than its initial public offering price in unofficial over-the-counter trading yesterday after raising $17.8 billion in its Hong Kong IPO, according to three people with knowledge of the transactions. The Kuwait Investment Authority, Guoco Land Ltd. and Wharf Holdings Ltd. are among companies that bought stock in the IPO.

AIA’s shares last traded at HK$21.50 ($2.77) each yesterday according to “gray market” transactions brokered by Cantor Fitzgerald LP, said the people, who declined to be identified because the information isn’t public……………………………………Full Article: Source

Fund education

Posted on 26 October 2010 by VRS  |  Email |Print

From Newsminer.com: The Alaska Permanent Fund has a market value of $37 billion. What value do we place on Alaska’s children? I taught for 10 years in Flint, Mich. At one time, Flint schools were the envy of the nation. By partnering with the Mott Foundation in 1935, Flint Community Schools became a major factor in the life of the city through school-based educational and recreational activities. Flint has since lost General Motors and therefore, money.

Alaska has money but squirrels it away for the “future.” If only $1 billion of those dollars were divided equally among the 54 school districts in Alaska, each district would have more than……………………………………Full Article: Source

Malaysia to take lead in establishing supra-sovereign wealth fund

Posted on 25 October 2010 by VRS  |  Email |Print

From Bernama: Malaysia will take the lead in facilitating the establishment of the Supra-Sovereign Wealth Fund (SSWF) in its bid to attract large amounts of sovereign wealth funds from prosperous Islamic countries.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said Malaysia will act as a co-sponsor and initiate meetings with three identified Organisation of Islamic Conference (OIC)countries, to also become co-sponsors of the SSWF in a move to hasten its the establishment……………………………………….Full Article: Source

ALBA offering to raise $540bln for Bahraini wealth fund

Posted on 25 October 2010 by VRS  |  Email |Print

From Thenational.ae: Bahrain’s state-owned aluminium producer has launched an initial public offering (IPO) that is expected to raise as much as US$541 million (Dh1.98 billion) for the country’s sovereign wealth fund, the company’s majority owner.
Mumtalakat, the state-owned investment fund, is selling an 11.5 per cent stake in Aluminium Bahrain (ALBA), which operates the second-largest smelter in the Gulf……………………………………….Full Article: Source

Bahrain sovereign fund to raise more than $500mln by selling smelter stake

Posted on 25 October 2010 by VRS  |  Email |Print

From Thecanadianpress.com: Bahrain’s sovereign wealth fund is looking to raise more than US$500 million by selling off a stake in the Gulf country’s aluminum smelter, one of the kingdom’s industrial engines.
The initial public offering announced Sunday by Bahrain Mumtalakat Holding Co. is the fund’s first major sale since it was set up four years ago to manage the island country’s state-owned businesses……………………………………….Full Article: Source

Qatar assures $5bln investment in Greece

Posted on 25 October 2010 by VRS  |  Email |Print

From Thepeninsulaqatar.com: The Qatar Investment Authority (QIA) reconfirmed its commitment to invest up to $5bn in Greece. This was announced in an official statement issued after the meeting of Qatar-Greece Joint Committee held in Athens.
This was the first meeting after the Memorandum of Understanding (MoU) signed between the governments of Greece and Qatar for formation of a joint committee to examine possible joint investment activities……………………………………….Full Article: Source

Botswana ranks lowly over its management of foreign reserves

Posted on 25 October 2010 by VRS  |  Email |Print

From Sundaystandard.info: Bank of Botswana is snobbish and secretive in sharing information relating to the foreign sovereign reserves either with its citizens or the international community, the Sovereign Wealth Fund Institute has observed.
The country, which has amassed foreign sovereign reserves to the tune of US $ 6.9 billion, was judged to be not transparent enough under the Linaburg-Maduell Transparency Index, which tracks countries with foreign reserves……………………………………….Full Article: Source

Nigeria protests credit rating

Posted on 25 October 2010 by VRS  |  Email |Print

From 234next.com: It is significant that Fitch recognises the many positive measures being taken by the current administration to address these concerns, which it describes as the ‘renewed reform momentum in 2010’”, he said, identifying the measures to include the proposed establishment of a Sovereign Wealth Fund (SWF) as well as steps to address the infrastructure deficit in the power sector.
According to Mr Aganga, some of the measures identified as crucial for Nigeria’s outlook to return to stable are already being implemented. He said that the Bill for the establishment of the Fund, for instance, is currently being drafted for accelerated passage by the National Assembly……………………………………….Full Article: Source

AIA raises $17.8 bln and remains on track to be third largest IPO in the world

Posted on 25 October 2010 by VRS  |  Email |Print

From Financeasia.com: The pan-Asian life-insurer prices at the top and exercises its 20% upsize option in full after attracting $130 billion of demand. The institutional demand included several sovereign wealth funds (in addition to the Kuwait Investment Authority, which participated as a cornerstone investor and bought $1 billion worth of stock), insurance funds as well as large global funds in general.
Hedge funds were drawn to the deal partly because of the valuation, but also because of the liquid nature of the stock, which should make it easy to trade in and out of……………………………………….Full Article: Source

Temasek versus Temasek: What’s in a (domain) name?

Posted on 25 October 2010 by VRS  |  Email |Print

From Temasekreview.com: What’s in a name? Well, if you’re a sovereign wealth fund worth billions, a lot. And if your financial report has been called Temasek Review since 2004, the last thing you’d want to be associated with is a socio-political website that is stridently anti-government.
That’s the view of branding experts The New Paper on Sunday spoke to. While Temasek Review (TR, for the anti-government website) is being bashed online, an intriguing battle is emerging offline……………………………………….Full Article: Source

Stock picks in the new era of population aging and declining western economic dominance

Posted on 25 October 2010 by VRS  |  Email |Print

From Seekingalpha.com: Until recently, sovereign wealth funds (SWF) were cast as villains, pools of capital controlled by foreign governments pursuing agendas other than maximizing investment returns. That perception has softened after SWFs helped recapitalize several major Western banks during the financial crisis.
The emergence of SWFs controlled by a number of emerging nations marks a clear shift in the global economic order………………………………………Full Article: Source

Smaller is better as sovereign funds return -study

Posted on 22 October 2010 by VRS  |  Email |Print

From Reuters: Sovereign wealth funds are back in the market after the financial crisis, with growing numbers of transactions and a return to financial sector investment, but the pattern of their investing has changed significantly.
A new study on the activities of some 33 sovereign wealth funds (SWFs) has found that the government-funded vehicles are making smaller transactions than before and have eschewed taking stakes in international financial institutions in favour of emerging markets……………………………………….Full Article: Source

On SWFs and private money

Posted on 22 October 2010 by VRS  |  Email |Print

From FT Alphaville: A couple of items to note for the Sovereign Wealth Fund trend-watchers out there. First, a milestone of sorts. The Sovereign Wealth Fund Institute just reported that SWF assets have crossed the $4,000bn mark, put over the top by the latest update from Norway’s Government Pension Fund Global.
With the caveat that these estimates are bound to be somewhat imprecise, you can click here to see the updated rankings……………………………………….Full Article: Source

Underneath the SWF bonnet

Posted on 22 October 2010 by VRS  |  Email |Print

From Efinancialnews.com: A Sovereign Wealth Fund Strategic Index, charting the largest holdings of state investment funds and tracking gains and losses, has launched to give a rare insight into the decisions adopted by the world’s biggest investors - but don’t expect to be too surprised.
The index has been launched by the Sovereign Wealth Fund Institute and Park Alpha, a subsidiary that acts as an investment consultant to SWFs and whose relationship allows access to some of the strategies adopted by these giant investors……………………………………….Full Article: Source

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October 2010
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