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Sovereign Wealth Funds Briefing - Archive | October, 2010

Oil Fund of Azerbaijan has earned its first $1 bln from assets management

Posted on 22 October 2010 by VRS  |  Email |Print

From Abc.az: The accumulated assets of the State Oil Fund of Azerbaijan (SOFAZ) will reach the size of country’s annual GDP in the medium-term perspective.
Yesterday at the Cabinet Ministers session presided by President Ilham Aliyev SOFAZ executive director Shahmar Movsumov stated that by 1 October the Fund earned its first $1 billion from the management of their assets in the entire history of SOFAZ existence……………………………………….Full Article: Source

Following 2010 Azerbaijan’s Oil Fund to win back financial loss of first half-year

Posted on 22 October 2010 by VRS  |  Email |Print

From Abc.az: The State Oil Fund of Azerbaijan (SOFAZ) is going to win back accounting losses formed because of exchange rate difference in the first half of 2010. Informed sources link Fund’s exchange losses with an excessive rise of euro exchange rate to base currency (U.S. dollar) of SOFAZ.
“Panic rise of euro rate has stopped, and following this year SOFAZ expects recovery of lost assets in accounting terms,” a source said……………………………………….Full Article: Source

Gulf markets need sovereign wealth fund boost

Posted on 22 October 2010 by VRS  |  Email |Print

From Reuters: In the boom years before the global financial crisis, Gulf Arab sovereign wealth funds invested most of their petrodollars abroad. When markets fell, they propped up major Western firms and snapped up bargains.
But what about regional markets, which still lack the liquidity and depth to lure international institutions?………………………………………Full Article: Source

Qatar sovereign wealth fund buys 5pct of Banco Santander Brazil

Posted on 22 October 2010 by VRS  |  Email |Print

From Mercopress.com: Qatar Holding, the investment arm of the Gulf nation’s sovereign wealth fund, will buy bonds that must be converted into shares of Banco Santander Brasil, the parent company said in a regulatory filing.
The three-year bonds come with an annual coupon of 6.75% and the exchange price for the stock is 23.75 Real (14.22) a share, Santander said……………………………………….Full Article: Source

Qatar developer Barwa Q3 net profit jumps 23 pct

Posted on 22 October 2010 by VRS  |  Email |Print

From Reuters: Qatari property developer Barwa Real Estate Co posted a third-quarter net profit of 305.2 million riyals ($83.8 million), a 22.6 percent rise from the same period a year ago. Barwa is the Gulf Arab region’s third largest developer by market capitalisation and an affiliate of the state’s sovereign wealth fund, the Qatar Investment Authority, which holds a 45 per cent stake in the company.
Barwa made a nine-month profit of 775.6 million riyals, the company said in a statement to the bourse website on Thursday, on higher property sales and as rental revenues more than doubled……………………………………….Full Article: Source

Mumtalakat adds 2 more to top team

Posted on 22 October 2010 by VRS  |  Email |Print

From Zawya.com: Mumtalakat Holding Company (Mumtalakat) announced yesterday two key additions to its executive management team. Lamees Al Baharna joins the company as Vice President, Risk while Dina Kasrawi has been appointed as Vice President, Corporate Communications.
The appointments mark a further strengthening of the executive structure to ensure sustained operational success, Mumtalakat said……………………………………….Full Article: Source

KIC seeks strategic overseas investments to up returns

Posted on 22 October 2010 by VRS  |  Email |Print

From Dow Jones: Korea Investment Corp. Thursday outlined a plan to raise its investment in strategic overseas assets as well as in non-traditional avenues to increase its returns, and its intent to hold on to its Bank of America Corp. (BAC) stake for now despite facing sharp criticism for its decision to invest in the bank.
The sovereign wealth fund, in a report to lawmakers, said it will continue to diversify its portfolio through strategic overseas investments in sectors like commodities and energy……………………………………….Full Article: Source

Temasek sells stake in South Korea’s Hana Financial for $605 mln news

Posted on 22 October 2010 by VRS  |  Email |Print

From Domain-b.com: Singapore’s state-owned investment company Temasek Holdings Pte Ltd yesterday has sold its entire stake in South Korean financial major Hana Financial Group Inc for $605 million, in an attempt to reduce the fund’s exposure to the financial sector, and increase its focus on more promising areas such as energy and resources.
Earlier yesterday, the island-nation’s sovereign wealth fund invested $400 million in Brazil’s Odebrecht Oil & Gas (OOG), a unit of diversified industrial conglomerate Odebrecht SA……………………………………….Full Article: Source

‘No name change’, says Temasek Review website

Posted on 22 October 2010 by VRS  |  Email |Print

From Todayonline.com: The anonymous team behind socio-political news website Temasek Review has clarified that it has not changed its name - and will not do so until it gets an official request from investment firm Temasek Holdings, a posting on the website said.
On Wednesday, the website’s masthead was changed to “New Temasek Review” but the team said it was the result of it working on a new layout for the website. The unintended name change was discovered and rectified hours later, the team said……………………………………….Full Article: Source

Temasek Holdings snatching up “temasekreview” related domains?

Posted on 22 October 2010 by VRS  |  Email |Print

From Temasekreview.com: We received an email today from a China Company named YGNetwork entitled “Notice of Intellectual Property-Trademark Name” informing us that a company named “Huaxia” is “registering the name “temasekreview” as their Internet Trademark and “temasekreview.cn”, “temasekreview.com.cn” , “temasekreview.asia” domain names, etc.
An Angela Zhang, supposedly from YGNetworks claims that after “an audit, we found the brand name been used by your company” and would like to check with us if we have any objections to the registration and if we have, to contact them (this is what our editors gather from the poorly written english, to the best of our ability)……………………………………….Full Article: Source

Mapletree Industrial stock surges in Singapore trading debut

Posted on 22 October 2010 by VRS  |  Email |Print

From Bloomberg: Mapletree Industrial Trust, controlled by Temasek Holdings Pte, jumped on its first trading day after raising S$938.5 million ($721 million) in an initial public offering to repay debt and buy properties in Singapore.
Mapletree Industrial, led by Chief Executive Officer Tham Kuo Wei, surged as much as 29 percent to S$1.20 from the sale price of 93 Singapore cents, the top end of the range marketed to investors……………………………………….Full Article: Source

NZ Super Fund - a cure for the common kurtosis?

Posted on 22 October 2010 by VRS  |  Email |Print

From Nzherald.co.nz: To fully comprehend why the New Zealand Superannuation Fund (NZS) has changed the way it invests you will have to read ‘Modelling of asset returns and the economy for the 2010 Reference Portfolio Review’ by Aaron Drew.
Not that it will add to the comprehension for most of us, littered as it is with phrases like “dynamic stochastic system of equations that has a well-defined equilibrium to which variables will converge following a shock” and recurring cases of kurtosis……………………………………….Full Article: Source

AIA primed for sale

Posted on 22 October 2010 by VRS  |  Email |Print

From Atimes.com: AIA, the Asian unit of troubled US insurance giant AIG, is expected to announce pricing of its shares tomorrow in a sale that may raise US$20.5 billion as institutional demand outweighs subdued interest from retail investors in Hong Kong, where the shares will be listed next week. Kuwait Investment Authority will buy US$1 billion worth of stock.
China Investment Corp, the country’s US$300 billion sovereign wealth fund, leading Chinese insurers Ping An and China Life, and US fund manager John Paulson were also reported to be seeking stakes……………………………………….Full Article: Source

Voters get say on using Trust Fund for road projects

Posted on 22 October 2010 by VRS  |  Email |Print

From Dothaneagle.com: Supporters of Amendment 3, a constitutional amendment that would take $100 million from the Alabama Trust Fund each year over the next 10 years to fund road and bridge projects, call it a no-brainer.
Opponents call it a fund raider. Voters will get the chance on Nov. 2 to decide if the proposal is a wise use of the reserves in the Alabama Trust Fund, or a spending spree not worth depleting the fund……………………………………….Full Article: Source

Sovereign wealth fund transactions illustrate increasing confidence in global markets

Posted on 21 October 2010 by VRS  |  Email |Print

From Financialpost.com: Analysis of SWF transactions during H1 found 16 of the 33 SWFs on the Monitor-FEEM SWF Transaction Database undertook 92 publicly reported investments, double the number and value of the same period in 2009, with a value of $22.2 billion.
However, since large domestic investments and recapitalizations inflated SWF investment value in H2 2009, and these were absent in H1 2010 SWFs, the value of SWF investment was depressed, in comparison to the previous half. “Though the value of SWF investment in H1 2010 represented less than 40 percent of the value of investment in H2 2009, there has been a continued uptick in the number of investments made,” said William Miracky, a senior partner at Monitor Group……………………………………….Full Article: Source

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Sovereign wealth acquisitions double in first half 2010

Posted on 21 October 2010 by VRS  |  Email |Print

From Pionline.com: The number and value of acquisitions made by sovereign wealth funds both doubled in the first half of 2010 compared to the same period the previous year, according to a Monitor Group report released Wednesday.
In the six months ended June 30, the 33 funds followed by the Monitor Group executed 92 investments totaling $22.2 billion, according to the report……………………………………….Full Article: Source

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Sovereign wealth funds slow investment

Posted on 21 October 2010 by VRS  |  Email |Print

From WSJ: Sovereign-wealth funds dramatically slowed their pace of investing in the first half of this year. Investing by SWFs came to $22 billion in the first half of 2010, according to a new report from Cambridge, Mass.-based consulting firm Monitor Group and Fondazione Eni Enrico Mattei in Venice, Italy.
That was down from $58 billion in the second half of last year. Those figures don’t include transactions by the government-owned investment vehicles that haven’t been publicly reported on……………………………………….Full Article: Source

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Sovereign wealth funds entitled to protection: FRC

Posted on 21 October 2010 by VRS  |  Email |Print

From Accountancyage.com: The UK Government should hold fire when criticising foreign government investment funds if they subscribe to a newly released investor code, a key regulator has said. The UK’s reporting regulator, the Financial Reporting Council (FRC), hopes its new Stewardship Code will provide a frame work for investment funds to engage with companies, including sovereign wealth funds, which are owned by foreign governments.
Sovereign wealth funds hold an estimated $3.97 trillion stake (£2.49 trillion) in the world economy. Controlled by foreign governments, they are reluctant to engage with their investment companies out of concern their comments will be viewed through a political prism……………………………………….Full Article: Source

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Gulf markets need sovereign wealth fund boost

Posted on 21 October 2010 by VRS  |  Email |Print

From Reuters: In the boom years before the global financial crisis, Gulf Arab sovereign wealth funds invested most of their petrodollars abroad. When markets fell, they propped up major Western firms and snapped up bargains. But what about regional markets, which still lack the liquidity and depth to lure international institutions?
Highlighting the extent to which regional markets have been overlooked, a recent study by Bahrain-based Securities & Investment Company showed that 95 percent of the Gulf’s $2.7 trillion in investable assets are allocated abroad……………………………………….Full Article: Source

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ADIA appoints chief accounting officer

Posted on 21 October 2010 by VRS  |  Email |Print

From Khaleejtimes.com: The Abu Dhabi Investment Authority on Wednesday said that it has appointed Keith Collins as its Chief Accounting Officer. Collins, 52, will be responsible for overseeing ADIA’s day-to-day accounting and finance functions, for the preparation of financial statements and for ensuring the uniform and consistent application of accounting policies across the organisation.
He will also manage ADIA’s relationship with external auditors and oversee ADIA’s continued compliance with IFRS International Reporting Standards……………………………………….Full Article: Source

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Abu Dhabi eyes foreign buys in energy, hospitality sectors in 2011

Posted on 21 October 2010 by VRS  |  Email |Print

From Dailystar.com.lb: The emirate of Abu Dhabi is on the prowl for international acquisitions and is eyeing deals in the energy and hospitality sectors in 2011, a senior executive at HSBC Middle East said.
Declan Hegarty, managing director and head of HSBC’s Abu Dhabi office, also said he expects regional bond issuance to hit $40 billion in 2011 in contrast to about $35 billion last year……………………………………….Full Article: Source

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Mumtalakat strengthens management team

Posted on 21 October 2010 by VRS  |  Email |Print

From Tradearabia.com: Bahrain Mumtalakat Holding Company (Mumtalakat) has announced two key additions to its executive management team. Lamees Al Bahrana joins the company as vice president, risk, whilst Dina Kasrawi has been appointed vice president, Corporate Communications.
“We are extremely pleased to have made these two important appointments and look forward to the positive contribution that both Baharna and Kasrawi will make to the Mumtalakat business,” said Talal Al Zain, CEO Mumtalakat……………………………………….Full Article: Source

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Mumtalakat to complete new investments this year

Posted on 21 October 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Bahraini sovereign wealth fund Mumtalakat will finalise new investments this year, using the proceeds of the Aluminium Bahrain IPO and other planned divestments to diversify its portfolio.
“Our existing portfolio shows a strong concentration on the asset class – the private equity side – and a strong concentration on geography,” Mumtalakat CEO Talal Al Zain said………………………………………Full Article: Source

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Temasek to sell stake in Hana

Posted on 21 October 2010 by VRS  |  Email |Print

From WSJ: Temasek Holdings Pte. Ltd., Singapore’s state-owned investment company, is selling its stake in South Korea’s Hana Financial Group Inc. in a transaction that could raise as much as US$642.6 million as the sovereign-wealth fund shifts some of its portfolio away from financial services and into areas such as resources.
Earlier Wednesday, the fund invested US$400 million in Brazilian oil-service company Odebrecht Oil & Gas……………………………………….Full Article: Source

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Hana tumbles after Temasek’s $607 mln stake sale

Posted on 21 October 2010 by VRS  |  Email |Print

From Reuters: Hana Financial Group’s (086790.KS) shares tumbled 6 percent on Thursday, hurt by concerns about the company’s expansion plans after its top shareholder Temasek sold its entire 9.6 percent stake worth $607 million.
The stake sale by the Singapore state investor, which has been shifting its focus to the resources and energy sector, could mark a setback for Hana as it tries to gather shareholder backing for its move to merge with bigger Woori Finance Holdings to challenge larger banks, analysts said……………………………………….Full Article: Source

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Temasek invests in Brazilian oil and gas firm OOG

Posted on 21 October 2010 by VRS  |  Email |Print

From Freemalaysiatoday.com: State-linked Singaporean investment firm Temasek has invested US$400 million (RM1.2 billion) in Brazil’s Odebrecht Oil and Gas (OOG) in a further push into South America, a joint statement said today.
“The funds will be used for fresh investments and will consolidate OOG as an integrated services company for the oil industry,” the joint statement said……………………………………….Full Article: Source

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It’s now New Temasek Review

Posted on 21 October 2010 by VRS  |  Email |Print

From Todayonline.com: Five days after a request from Temasek Holdings to change its name, socio-political website Temasek Review is now called New Temasek Review, although its URL remains unchanged.
The investment firm had sent a letter last Friday to general practitioner Dr Joseph Ong to change the name of the website, after The New Paper reported he was its founder, a claim Dr Ong and the website dispute……………………………………….Full Article: Source

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Bank of China, Temasek JV to open first branches-source

Posted on 21 October 2010 by VRS  |  Email |Print

From Reuters: Bank of China and Temasek’s joint banking venture will open its first two China branches in January, a source close to the situation said on Wednesday, posing competition for another joint venture, between AgBank and Standard Chartered.
The branch opening marks the latest effort by Singapore’s sovereign wealth fund, Temasek Holdings, to tap China’s solid growth by seeking opportunities to develop the mainland’s rural economy……………………………………….Full Article: Source

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CIC sets up HK unit, names HK cabinet member as head

Posted on 21 October 2010 by VRS  |  Email |Print

From Dow Jones: China’s sovereign-wealth fund said Wednesday it set up a unit in Hong Kong and has named Lawrence Lau, a member of the city’s Executive Council, as its chairman. Lau, a prominent Hong Kong economist who was the former vice-chancellor of the Chinese University of Hong Kong, earlier notified the council’s secretariat about his appointment at CIC International (Hong Kong) Co. in a declaration of interests filing.
CIC International is a wholly owned Hong Kong unit of Beijing-based China Investment Corp., which manages US$300 billion in capital drawn from China’s foreign-exchange reserves……………………………………….Full Article: Source

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Chinese wanted much bigger stake in Penn West

Posted on 21 October 2010 by VRS  |  Email |Print

From Montrealgazette.com: The Chinese sovereign wealth fund that agreed to inject $1.25 billion into Penn West Trust last spring originally wanted an even bigger chunk of the company.
Behind-the-scene details of the novel joint venture announced by the Calgary-based energy trust in May with China Investment Corp., one of the largest such funds in the world, emerged during Penn West’s investor day Wednesday……………………………………….Full Article: Source

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Chinese PE fund for ASEAN under way

Posted on 21 October 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: China’s private equity (PE) fund of $10 billion for Southeast Asian countries has completed its first round of fundraising worth $1 billion and it expects its maiden project in infrastructure to take place by the end of this year. Exim Bank and the nation’s sovereign-wealth fund, China Investment Bank, jointly launched in April 2009 the government-backed PE fund
“The fund’s preparatory work has been done and we have already started looking at a batch of projects mainly in infrastructure and joint economic projects between China and members of the Association of Southeast Asian Nations (ASEAN),” said Zhu Hongjie, vice-president of the Export-Import Bank of China (Exim Bank)………………………………………Full Article: Source

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Korea Investment Corp to seek overseas strategic investments

Posted on 21 October 2010 by VRS  |  Email |Print

From Dow Jones: Korea Investment Corp. said Thursday it will continue to diversify its portfolio by making overseas strategic investments in sectors like commodities and energy and seek tie-ups with other financial investors including fellow sovereign wealth funds.
KIC, in a report to the National Assembly, said it aims to outperform the broad market on investment returns and will adjust its portfolio to do so. As part of the efforts to ensure strong returns, the fund said it will aggressively pursue strategic investments abroad……………………………………….Full Article: Source

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Future Fund sells $302mln of Telstra shares

Posted on 21 October 2010 by VRS  |  Email |Print

From Investordaily.com: The Future Fund has sold $302 million worth of Telstra shares at an average price of $2.66. The sale of 113.6 million shares in Australia’s largest telecommunications company was conducted between 29 September and 19 October, the Future Fund said.
The Future Fund said the reduction was part of the sovereign wealth fund’s long-stated objective of rebalancing the portfolio by reducing its holding in Telstra in an orderly manner in the medium term……………………………………….Full Article: Source

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Kazakhstan to sell up to 20pct of KazMunaiGaz, Samruk-Kazyna says

Posted on 21 October 2010 by VRS  |  Email |Print

From Bloomberg: Kazakhstan plans to sell up to 20 percent of KazMunaiGaz National Co., which is developing one of the world’s biggest oil discoveries in 40 years, probably in 2011, according to the country’s sovereign wealth fund.
An initial public offering of shares in the state fuel producer may be in London, Kairat Kelimbetov, chief executive officer of the National Wellbeing Fund Samruk-Kazyna, said in an interview in London. The sale would raise “billions” of dollars, he said, declining to give any more precise estimate……………………………………….Full Article: Source

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Norway’s sovereign wealth fund has topped $518bln

Posted on 21 October 2010 by VRS  |  Email |Print

From Finfacts.ie: Norway’s sovereign wealth fund has topped NKr3,000bn ($518bn) for the first time, marking a milestone for the the country of 4.8m people. The oil producer set up the fund in 1996 when it got its first capital transfer from the Ministry of Finance.
It aims to preserve Norway’s oil wealth for future generations and today it owns about 1% of all global stocks and counts as the world’s second biggest sovereign wealth fund after Abu Dhabi’s……………………………………….Full Article: Source

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SAM’s Smart Energy fund tops $1bln

Posted on 21 October 2010 by VRS  |  Email |Print

From Globalpensions.com: Sustainable Asset Management’s (SAM) flagship strategy SAM Smart Energy has surpassed the $1bn mark on the back of interest from institutional investors. One Asian sovereign wealth fund recently invested $500m in the fund, which launched in 2003. Nearly all the fresh money into Sam’s funds this year came from institutional investors, among them European, Asian and UK pension schemes.
The Smart Energy fund now touts $1.3bn in assets……………………………………….Full Article: Source

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Santander to sell 5pct stake in Brazilian arm to Qatar Holding

Posted on 21 October 2010 by VRS  |  Email |Print

From Banking-business-review.com: Spanish bank Banco Santander has agreed to sell a $2.7bn stake in its Brazilian arm to Qatar Holding, the government sovereign wealth fund. This transaction represents 5% of the share capital of Banco Santander Brasil.
Qatar holding will invest in Brazilian unit of Santander by subscribing a bond issue amounting to $2.71bn, mandatorily exchangeable for existing or for new shares of Banco Santander Brasil, at the choice of Banco Santander……………………………………….Full Article: Source

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SWF Institute and Park Alpha launch SWF Strategic Index

Posted on 21 October 2010 by VRS  |  Email |Print

The Sovereign Wealth Fund Institute (SWFI) and Park Alpha, a subsidiary of the SWFI that provides consulting services to investment firms and SWFs, announced the launch of the Sovereign Wealth Fund Strategic Index (SWFSI). The SWFSI is a market capitalization weighted index that gauges strategic sovereign wealth fund investment in public equity markets around the world. Currently, the index includes 37 publicly traded equity securities and serves as a benchmark to track publicly traded strategic investor performance.
The SWFSI is a proxy to illustrate strategic government cross-border equity investment flows. Government funds can use the index as a policy benchmark to compare their direct equity investment performance. Furthermore, emerging sovereign wealth funds and other investors can get SWF strategic public equity exposure by investing in a vehicle that mimics the index……………………………………….Full Press Release: Source

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China Fund said to plan office in Hong Kong

Posted on 20 October 2010 by VRS  |  Email |Print

From Reuters: China Investment Corp is opening a Hong Kong office, according to sources with direct knowledge of the matter, the fund’s first ever business operation outside of mainland China.
The move to Hong Kong underscores the fund’s ambition to be seen as a global investment group and not just China’s sovereign wealth fund……………………………………….Full Article: Source

China wealth fund eyes Central perk

Posted on 20 October 2010 by VRS  |  Email |Print

From Thestandard.com.hk: China Investment Corp is finally taking a big step to expand outside the mainland. It is said to be opening a Hong Kong office - with former Chinese University vice chancellor Lawrence Lau Juen-yee, pictured, running the business.
It follows the appointment of former monetary authority chief Joseph Yam Chi-kwong to the fund’s international advisory board in July……………………………………….Full Article: Source

CIC invest in Global Logistic Properties’ IPO

Posted on 20 October 2010 by VRS  |  Email |Print

From China Knowledge: China’s National Social Security Fund, the country’s national pension fund, and China Investment Corp, the country’s US$300-billion sovereign wealth fund, has invested in the initial public offering of Global Logistic Properties Ltd, the largest IPO in Singapore in 17 years, Chinese media reported.
However, the report did not disclose the financial figure of CIC invested in Global Logistic……………………………………….Full Article: Source

China Investment chief to Canada: Fear not

Posted on 20 October 2010 by VRS  |  Email |Print

From Ctv.ca: Gao Xiqing, the president of China Investment Corp., the country’s sovereign wealth fund, would like the world to know there’s no such thing as “China Inc.”
It’s one of the myths about the country that is fuelling political resistance towards CIC in the West, something that is frustrating to Mr. Gao, whose $330-billion (U.S.) fund has become one of the world’s most influential investment organizations……………………………………….Full Article: Source

Temasek invests $400mln in Brazil’s Odebrecht Oil & Gas

Posted on 20 October 2010 by VRS  |  Email |Print

From Dow Jones: Singapore’s state investment company Temasek Holdings Pte. Ltd. invested $400 million in Brazil’s Odebrecht Oil and Gas, the latest move by the sovereign wealth fund to consolidate its position in the resources sector and expand in emerging markets.
It is also Temasek’s first known major investment in Brazil since setting up an office in Sao Paulo in 2008……………………………………….Full Article: Source

Temasek buys stake in Odebrecht unit in emerging markets plan

Posted on 20 October 2010 by VRS  |  Email |Print

From Bloomberg: Temasek Holdings Pte, Singapore’s state investment company, paid $400 million for a 14.3 percent stake in the oil services unit of Brazil’s Odebrecht SA as it increases its focus on emerging markets.
The investment in Rio de Janeiro-based Odebrecht Oil & Gas comes after Temasek opened offices in Mexico City and Sao Paulo about two years ago. The company also has investments in Brazilian real estate and retail companies……………………………………….Full Article: Source

Future Fund ditches more Telstra shares

Posted on 20 October 2010 by VRS  |  Email |Print

From Businessspectator.com.au: The Future Fund has sold 113.6 million Telstra Ltd shares at an average price of $2.66 each.The selldown, which took place between September 29 and October 19, takes the sovereign wealth fund’s stake in the telecommunications group to 10 per cent, from 10.9 per cent. It remains the telco’s largest shareholder.
In a statement, the fund said it “took the view that conditions were appropriate for it to reduce its overweight Telstra holding by selling on-market.”………………………………………Full Article: Source

Sovereign wealth funds complicating fund raising: Carlyle

Posted on 20 October 2010 by VRS  |  Email |Print

From Pehub.com: The preference of sovereign wealth funds in the Middle East for direct investment has made fund-raising in the region complicated, according to private equity group Carlyle. Although private equity activity has been growing in the Middle East, fund raising appears to be a bit trickier because “a lot of the sovereign wealth funds which have money feel they are to some extent over-allocated in private equity,” said Carlyle managing director David Rubenstein.
Sovereign wealth funds were looking increasingly to invest directly rather than going through funds, Rubenstein said……………………………………….Full Article: Source

Bahrain’s Mumtalakat set to return to profit in 2010 – CEO

Posted on 20 October 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Bahraini sovereign wealth fund Mumtalakat is set to return to profit in 2010, one year after registering a net loss of $485m, the firm’s CEO has said.
“Today, our balance sheet is the strongest ever. This year, we’re expecting - on a Mumtalakat level - that we will be reporting profits,” Mumtalakat CEO Talal Al Zain told Arabian Business on Tuesday……………………………………….Full Article: Source

Bahrain’s sovereign fund agrees to pump $1.06 bln into struggling state carrier Gulf Air

Posted on 20 October 2010 by VRS  |  Email |Print

From AP: Gulf Air says the government of Bahrain is pumping more than $1 billion into the struggling carrier. The Bahrain-based airline said in an e-mailed statement Tuesday that the government raised the carrier’s authorized share capital by 400 million dinars ($1.06 billion).
Gulf Air says it’s the first time the airline has been through a capital restructuring since Bahrain assumed full ownership in November 2007……………………………………….Full Article: Source

Kuwait sells off major London property assets

Posted on 20 October 2010 by VRS  |  Email |Print

From Business-sale.com: Part of the £900 million British property portfolio owned by the property division of Kuwait’s sovereign wealth fund has been put up for sale.
Savills has been asked to find buyers for St Martins, the property company that has been owned by The Kuwait Investment Authority since 1974. The Authority is the world’s seventh-largest sovereign wealth fund with assets worth £126 billion……………………………………….Full Article: Source

Busy Qatar

Posted on 20 October 2010 by VRS  |  Email |Print

From Kippreport.com: For a small country, Qatar sure is busy lately. Here’s the latest on big projects connected to the UAE’s friend across the water. Qatar Holding, the strategic investment arm of Qatar Investment Authority (QIA), signed off on a Dh.9.9 billion deal in which they secured a 5 percent stake in the Brazilian banking unit of Spain’s Banco Santander.
Qatar Investment Authority, or QIA, was founded five years ago by the government of Qatar, and has made a name for itself by investing in different assets including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets……………………………………….Full Article: Source

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October 2010
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