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Sovereign Wealth Funds Briefing - Archive | February, 2011

Glencore courts sovereign funds for London float

Posted on 28 February 2011 by VRS  |  Email |Print

From Reuters: Swiss commodities trader Glencore has opened up talks with sovereign wealth funds in China and Qatar to bring in a cornerstone investor ahead of its planned listing on the London Stock Exchange, The Sunday Times reported.
The paper said Glencore was in talks with the China Investment Corp and Qatar Investment Authority……………………………………….Full Article: Source

Libya: Country’s wealth fund equals 75pct of the economy

Posted on 28 February 2011 by VRS  |  Email |Print

From Gulfnews.com: There is no reliable data on how rich Libya might be in terms of accumulated wealth in its sovereign wealth fund. It is estimated that the Libyan Investment Authority (LIA), set up in 2006 to manage the country’s oil revenues has assets of around $70 billion (Dh257.46 billion), equivalent to nearly 75 per cent of the country’s economy.
LIA, which is roughly the same size as Qatar’s sovereign wealth fund, publishes little information, but a rare annual report in 2009 shows how liquid the fund is……………………………………….Full Article: Source

NTMA sought investment from Libya

Posted on 28 February 2011 by VRS  |  Email |Print

From Irishtimes.com: Senior officials from the National Treasury Management Agency met representatives of the Libyan sovereign wealth funds late last year in Libya to see if it would be interested in investing in Irish debt or Irish banks, it is understood. The talks, which occurred following an expression of interest from the Libyan Investment Authority, did not lead to any investment.
The agency has travelled to meet representatives of a range of Middle Eastern and other sovereign wealth funds over recent months, as a result of inquiries from the funds……………………………………….Full Article: Source

UK businesses fear collapse of GBP1.5bln trade links with Libya

Posted on 28 February 2011 by VRS  |  Email |Print

From Independent: This seems likely to include the assets of the country’s sovereign wealth fund, the Libyan Investment Authority (LIA), which has a number of high-profile property investments in London and a 3 per cent stake in the owner of the Financial Times, Pearson.
However, FM Capital Partners, a Knightsbridge-based hedge fund, majority owned by the Libyan Africa Investment Portfolio, is believed to have been investing as normal over the past week……………………………………….Full Article: Source

Creation of sovereign wealth fund splits Reps

Posted on 28 February 2011 by VRS  |  Email |Print

From Punchontheweb.com: Members of the House of Representatives were divided on Thursday over the plan by the Federal Government to create a Sovereign Wealth Fund.
The development came as lawmakers also deferred the consideration of the 2011 budget proposals of the Independent National Electoral Commission……………………………………….Full Article: Source

China increases holdings in Japanese firms

Posted on 28 February 2011 by VRS  |  Email |Print

From Straitstimes.com: China Investment Corp, the country’s US$300 billion sovereign wealth fund, is one of the parties behind an Australian-registered investment vehicle that bought stakes in Toshiba Corp, Kirin Holdings and Shiseido Co, the Wall Street Journal said.
The same party also appears to have bought stakes in Sony Corp, Mitsubishi UFJ Financial Group and Mizuho Financial Group, the newspaper said……………………………………….Full Article: Source

Kazakh fund secures $2 bln Chinese loan for ENRC

Posted on 28 February 2011 by VRS  |  Email |Print

From Reuters: Kazakhstan’s sovereign wealth fund has secured a $2 billion loan from China to fund iron ore and chrome projects run by London-listed Eurasian Natural Resources Corporation , the fund’s head said on Friday.
The fund, Samruk-Kazyna, will channel $1.6 billion to ENRC’s iron ore unit, Sokolov-Sarbai Mining and Production Union, and a further $400 million to the company’s ferro-chrome unit, Kazchrome, Chief Executive Kairat Kelimbetov told reporters……………………………………….Full Article: Source

Legislators grill permanent fund managers

Posted on 28 February 2011 by VRS  |  Email |Print

From Juneauempire.com: Representatives of the Alaska Permanent Fund appeared before the Alaska Legislature on Friday, explaining their investment strategies and defending their earnings returns.
So far this year the permanent fund has lagged the U.S. stock market, but that’s to be expected given its conservative investment strategy, said Mike Burns, the fund’s executive director……………………………………….Full Article: Source

Alaska’s military continue fight for PFD’s

Posted on 28 February 2011 by VRS  |  Email |Print

From KTVA-CBS 11 News: More of Alaska’s military are joining the mix of service members who are being denied their Alaska Permanent Fund checks because of time spent away fighting overseas.
But with the problem involving the wording of state law, the question is: will lawmakers step up to change it?………………………………………Full Article: Source

ANZ boss backs sovereign wealth fund

Posted on 25 February 2011 by VRS  |  Email |Print

Mike SmithFrom Smh.com.au: ANZ’s chief executive, Mike Smith, has added to growing calls among business leaders for a sovereign wealth fund to ensure Australia does not squander its windfall from the mining boom.
Such a fund should be used as a driving force for investment in infrastructure, Mr Smith said, but tax reform was needed before it could be established………………………………………..Full Article: Source

Singapore wealth fund GIC says US will remain prime destination

Posted on 25 February 2011 by VRS  |  Email |Print

Tony TanFrom Reuters: The Singapore government’s $200 billion sovereign wealth fund said the United States, which accounts for more than a third of its investments, will continue to be a prime destination for years to come.
Tony Tan, the Government of Singapore Investment Corp’s (GIC) deputy chairman, said in New York on Wednesday that despite global economic rebalancing and rapid growth in China and other emerging economies, the United States would remain the “single most important source of global prosperity.”……………………………………….Full Article: Source

Singapore’s GLP enters JV to develop Suzhou logistics park

Posted on 25 February 2011 by VRS  |  Email |Print

From Reuters: Singapore’s Global Logistic Properties , which owns warehouses and other logistic assets, said it has entered into a joint venture to develop a logistics park in Suzhou, China worth a total of $200 million. GLP is a unit of Singapore sovereign wealth fund GIC.
The park will be jointly developed with Suzhou New District Bonded Logistic Center Development, who owns 10 percent of the joint venture, while GLP owns the remaining 90 percent………………………………………..Full Article: Source

CIC goes shopping in Japan, for property

Posted on 25 February 2011 by VRS  |  Email |Print

From WSJ: China Investment Corp.’s most high-profile real estate investment in Japan so far is just the sovereign wealth fund’s latest move in steadily building up its property portfolio. CIC, together with Blackstone Group L.P., agreed to buy a Japanese property loan portfolio from Morgan Stanley last year for around US$1 billion, according to a person familiar with the matter.
CIC has been showing increasing interest in distressed property assets since the financial crisis, particularly in the U.S………………………………………..Full Article: Source

China’s stealth investments in Japan

Posted on 25 February 2011 by VRS  |  Email |Print

From WSJ: China’s government-wealth investors last year more than doubled their investments in major Japanese blue-chip companies, with combined stakes totaling more than 1.6 trillion yen ($19.4 billion), according to investment-advisory firms and people familiar with the matter.
But sovereign-wealth fund China Investment Corp., known as CIC, is one presence behind SSBT OD05, people familiar with the matter said………………………………………..Full Article: Source

Nigeria ready to launch sovereign wealth fund

Posted on 25 February 2011 by VRS  |  Email |Print

From Euromoney.com: Nigeria’s government hopes to gain final legislative approval to create a sovereign wealth fund before April’s presidential election, according to the country’s finance minister. It is “our aspiration and plan,” says Olusegan Aganga, who adds the new institution will adopt the 2008 Santiago Principles on transparency, independence and accountability, in line with other sovereign wealth funds.
The fund, which will manage the country’s excess oil reserves, will be split into three parts………………………………………..Full Article: Source

Creation of sovereign wealth fund splits reps

Posted on 25 February 2011 by VRS  |  Email |Print

From Punchontheweb.com: Members of the House of Representatives were divided on Thursday over the plan by the Federal Government to create a Sovereign Wealth Fund. The development came as lawmakers also deferred the consideration of the 2011 budget proposals of the Independent National Electoral Commission.
While some lawmakers supported the bill seeking the creation of the SWF as a replacement for the “illegal Excess Crude Account,” others argued that such a fund was unnecessary………………………………………..Full Article: Source

Libya has $32bln in cash in sovereign wealth fund, WikiLeaks reveals

Posted on 25 February 2011 by VRS  |  Email |Print

From Thenational.ae: Libya’s secretive sovereign wealth fund has US$32 billion (Dh118bn) in cash with several US banks each managing up to $500 million, and it has primary investments in London, a confidential diplomatic cable shows.
The cable, obtained by WikiLeaks and revealing the details of a meeting in January between the head of the Libyan Investment Authority (LIA) and the US ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government………………………………………..Full Article: Source

Libya SWF has billions in US banks: WikiLeaks

Posted on 25 February 2011 by VRS  |  Email |Print

From Abc.net.au: Libya holds billions of dollars in US bank accounts, according to a confidential US diplomatic cable, which casts light on the global span of the country’s oil wealth. According to a 2010 message from the US embassy in Tripoli, obtained by WikiLeaks, Libya’s sovereign wealth fund holds $US32 billion in cash and “several American banks are each managing $US300-500 million”.
The revelations were reportedly made by the fund’s boss, Mohamed Layas, who said most of the $US32 billion was “in bank deposits that will give us good long-term returns”………………………………………..Full Article: Source

Bulgaria approves joint investment venture with Qatar

Posted on 25 February 2011 by VRS  |  Email |Print

From Novinite.com: Bulgaria’s Parliament has approved the setting up of a joint venture between the Bulgarian “National Company Industrial Zones” and the Qatar Investment Authority. The future joint venture of the state entities of Bulgaria and Qatar will have a capital of at least USD 500 M, with all of the money being provided by the Qatar Investment Authority.
The funds will be invested in Bulgarian agriculture, real estate, tourism, finance, and other attractive investment opportunities………………………………………..Full Article: Source

EuroSibEnergo in advanced talks with potential cornerstone investors including CIC

Posted on 25 February 2011 by VRS  |  Email |Print

From Dow Jones: Russian electricity producer EuroSibEnergo has decided not to start pre-marketing for its at least US$1 billion Hong Kong initial public offering next week because the company is still in talks with potential cornerstone investors in the Middle East and China. The company is in the process of enlisting China’s sovereign-wealth fund China Investment Corp. as one of its cornerstone investors, one of the people said.
The company hasn’t fixed an official timetable to launch the deal, the people said, adding it will continue to monitor market conditions, especially the instability in the Middle East………………………………………..Full Article: Source

Separate ND board will manage oil trust fund

Posted on 25 February 2011 by VRS  |  Email |Print

From Forbes.com: North Dakota’s new fund for surplus oil taxes may be getting its own investment board. The North Dakota Senate approved establishing a board to oversee investments of the Legacy Fund and another fund that’s called the Budget Stabilization Fund.
The board will have the governor, insurance commissioner and the state treasurer, and two members each from the North Dakota House and Senate. The legislators will not have voting rights………………………………………..Full Article: Source

Sovereign wealth funds to alternative investments: It depends on our mandate (mostly)

Posted on 25 February 2011 by VRS  |  Email |Print

From Allaboutalpha.com: In the world of sovereign wealth funds, several giants stand above the rest. There’s the Abu Dhabi Investment Authority, the China Investment Corporation, and the Government Pension Fund of Norway.
Although some (CIC, for example, along with Singapore’s GIC and Korea’s KIC) owe their existence to trade surpluses, many were the result of natural resources revenues. Several of the resource-based funds have been around since the first oil boom in the 1970’s……………………………………….Full Article: Source

Qatar open to investing in Lloyds and RBS in UK

Posted on 24 February 2011 by VRS  |  Email |Print

Hamad bin Jassim bin Jaber Al ThaniFrom Independent: Qatar, which owns stakes in Barclays and Sainsbury’s, could invest in Lloyds and Royal Bank of Scotland. Qatari prime minister and head of the country’s Qatar Investment Authority sovereign wealth fund, Sheikh Hamad bin Jassim bin Jabr al-Thani, said he had discussed investment ideas with his British counterpart.
When asked about RBS and Lloyds, he said: “We are very open to any investment in the UK and we have discussed some. We are capable of being engaged and will continue to be engaged in discussions.” ……………………………………….Full Article: Source

Investor concerns over Libya’s SWF are justified

Posted on 24 February 2011 by VRS  |  Email |Print

From Reuters: Libya’s $70 billion sovereign wealth fund was just starting to show some ambition before the country was plunged into crisis. Now investors who sit alongside the Libyan Investment Authority are understandably nervous.
There’s no precedent for what will happen to the fund’s stakes in various Western entities if the regime falls, and there has never been much transparency around the institution’s inner workings………………………………………..Full Article: Source

Gaddafi’s Libya wealth estimated in several billions

Posted on 24 February 2011 by VRS  |  Email |Print

From Allvoices.com: Libyan President Muammar GaddafiMuammar Gaddafi and his family are estimated worth in several billion dollars, according to UK Guardian report. Despite the instant grasp of information that internet may provides, the Gaddafi family are smart enough to hide their weath into secret bank accounts in Dubai and South-East Asia.
Colonel Gaddafi has been the leader of Libya since a coup in 1969 and the longest serving ruler in Libya history. Gaddafi is married to Sofija Farkaš from Mostar, Bosnia and Herzegovina, who is his second wife………………………………………..Full Article: Source

Libya’s hidden billions could fund reconstruction

Posted on 24 February 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Libya’s secretive sovereign wealth fund could hold the key to any post-conflict reconstruction and future economic development with its $70bn in assets including lucrative stakes in Western firms.
Given escalating unrest in Libya, a possible end to Muammar Gaddafi’s 41-year rule is likely to shake the foundations of the politically driven fund, but any new government could put the cash to good use and manage the fund more efficiently………………………………………..Full Article: Source

Pirelli chairman quits Libyan investment fund

Posted on 24 February 2011 by VRS  |  Email |Print

From Reuters: Pirelli & C SpA Chairman Marco Tronchetti Provera has resigned from the advisory board of UniCredit shareholder Libyan Investment Authority because of Libyan turmoil, a Pirelli spokeswoman said on Wednesday.
“The decision has been taken in the face of the tragic events that are hitting the Libyan people,” the spokeswoman at the Italian tyre company said………………………………………..Full Article: Source

Bahrain crisis short-term blip: Investment fund

Posted on 24 February 2011 by VRS  |  Email |Print

From Cnbc.com: The mass protests in Bahrain will make the country stronger and not lead to the fall of the ruling royal family, the boss of Bahrain’s sovereign wealth fund has said.
The Bahrain royal family has attempted to draw the sting out of mass protests by opening a dialogue with protesters but thousands of people took to the streets of the Bahrain capital Tuesday night and more are expected Wednesday night………………………………………..Full Article: Source

Moody’s to review Bahrain for possible downgrade

Posted on 24 February 2011 by VRS  |  Email |Print

From Tradearabia.com: Unlike other oil exporters in the region, Bahrain is not known to have a significant sovereign wealth fund of offshore financial assets that could potentially be liquidated to support the budget or broader economy in a crisis.
Moreover, Bahrain’s hydrocarbon reserves are relatively limited………………………………………..Full Article: Source

Kazakhstan state power over miner ENRC grows with $1.9bln China loan

Posted on 24 February 2011 by VRS  |  Email |Print

From Telegraph: Eurasian Natural Resources Corporation (ENRC) is to receive up to $1.9bn (£1.3bn) in Chinese loans in a deal that underlines Kazakhstan’s growing power over the London-listed miner. The money will come, at least in part, from a $1.7bn loan given to Kazakhstan’s sovereign wealth fund by China Development Bank.
The sovereign wealth fund signed the deal on Tuesday, and is likely to channel the money to ENRC over the coming year………………………………………..Full Article: Source

Jefferies, Singapore’s GIC, LoanCore in commercial real estate venture

Posted on 24 February 2011 by VRS  |  Email |Print

From WSJ: Jefferies Group Inc. and the Government of Singapore Investment Corp. have formed a joint venture with Mark Finerman’s LoanCore LLC with $600 million in equity to originate commercial real estate debt.
A number of investors have been raising funds to address a shortage of capital in the commercial real-estate sector, as lending standards remain tight and the market for securitized loans–once a significant source of debt for investors in malls and office towers–has only begun to recover after grinding to a halt amid the credit crisis………………………………………..Full Article: Source

GIC boost for US commerical realty

Posted on 24 February 2011 by VRS  |  Email |Print

From Iddmagazine.com: The U.S. commercial real estate market got a boost on Wednesday when Jefferies & Co. announced that it has teamed with Singapore’s sovereign wealth fund and Loan Core Capital Partners to back a business that will specialize in commercial real estate finance.
The sovereign fund, the Government of Singapore Investment Corp., Loan Core and Jefferies are putting up $600 million for the joint venture, which will be called Jefferies Loan Core LLC………………………………………..Full Article: Source

Singapore’s GIC, Bain Cap to invest in Hero Group

Posted on 24 February 2011 by VRS  |  Email |Print

From Moneycontrol.com: After deciding to end its 26-year association with Honda late last year, the Munjal family promoted Hero Group is looking to sell part of its stake that it acquired from Honda to Government of Singapore Investment Corporation (GIC) and private equity firm Bain Capital, reports CNBC-TV18’s Kritika Saxena citing sources. GIC and Bain are likely to invest up to Rs 4,500 crore in Hero Investments.
Sources said the deal is valued at a premium to the current market price and is structured via a Singapore-based special purpose vehicle. The Munjal family, sources said, will hold at least 50% in the SPV………………………………………..Full Article: Source

Singapore Investment executive named to Parking Authority

Posted on 24 February 2011 by VRS  |  Email |Print

From Acorn-online.com: A managing director with the Government of Singapore Investment Corp. in New York City is lending his talent and free time to Ridgefield’s Parking Authority.
Ridgefielder Eugene Boehringer volunteered to fill an open position on the committee responsible for overseeing the town’s village and train station parking. After a brief interview last Wednesday, the Board of Selectmen agreed to appoint Mr. Boehringer………………………………………..Full Article: Source

Malaysia’s PLUS shareholders approve EPF-UEM takeover

Posted on 24 February 2011 by VRS  |  Email |Print

From Reuters: Shareholders of PLUS Expressways , Malaysia’s biggest highway operator, approved on Wednesday a takeover bid by major shareholders UEM Group and the Employees Provident Fund (EPF).
Malaysia’s largest pension fund EPF, together with UEM, a wholly-owned subsidiary of state investment arm Khazanah Nasional , own more than 60 percent of the toll operator………………………………………..Full Article: Source

Crude price growth may more than double Reserve Fund – Putin

Posted on 23 February 2011 by VRS  |  Email |Print

Vladimir PutinFrom Itar-Tass: An increase of world crude prices may more than double the Reserve Fund by the end of this year, but the government cannot spend more than planned because of the inflation hazard, Prime Minister Vladimir Putin said at a conference on Russia’s socioeconomic development forecast for the period until 2030.
“We must realize that these [additional revenues of the Reserve Fund] are a temporary phenomenon. We cannot inflate our expenditures. We must be as conservative as we were in the previous years,” Putin said………………………………………..Full Article: Source

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Secretive Libya wealth fund vital for reconstruction

Posted on 23 February 2011 by VRS  |  Email |Print

From Reuters: Libya’s secretive sovereign wealth fund could hold the key to any post-conflict reconstruction and future economic development with its $70 billion in assets including lucrative stakes in Western firms.
Given escalating unrest in Libya, a possible end to Muammar Gaddafi’s 41-year rule is likely to shake the foundations of the politically driven fund, but any new government could put the cash to good use and manage the fund more efficiently………………………………………..Full Article: Source

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Gaddafis’ hidden billions: Dubai banks, plush London pads and Italian water

Posted on 23 February 2011 by VRS  |  Email |Print

From Guardian: Libya’s oil wealth has been siphoned out of the country by a powerful elite – including Gaddafi and his nine children. Most of the state’s investments are made by the Libyan Investment Authority (LIA), a “sovereign wealth fund” set up in 2006 to spend the country’s oil money, which has an estimated $70bn of assets.
LIA bought 3% of Pearson last year for £224m, making it one of the group’s biggest shareholders, and had a 0.02% stake in RBS, although this was recently sold………………………………………..Full Article: Source

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Libya owns stakes in several European bluechips

Posted on 23 February 2011 by VRS  |  Email |Print

From Reuters: Libya has invested in a wide range of companies including European bluechips through its sovereign wealth fund, estimated to manage around $70 billion.
Below are some of the foreign assets held by the fund, as well as details of other investments:……………………………………….Full Article: Source

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Libya’s corporate connections: From Pearson to RBS

Posted on 23 February 2011 by VRS  |  Email |Print

From Telegraph: Libya has numerous interests in UK companies through its Libyan Investment Authority (LIA) sovereign wealth fund. Stakes include a 3pc holding in Pearson, the FT owner, and a small stake in Royal Bank of Scotland.
The LIA also holds 2.6pc of Unicredit, the Italian bank, and 2pc of Finmeccanica, the Italian aerospace and defence company. The LIA was established in 2006 by the General People’s Committee of Libya to manage the country’s vast oil revenues and, according to its website, to “diversify the dependence of national income”………………………………………..Full Article: Source

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Opaque Libyan fund built diverse portfolio

Posted on 23 February 2011 by VRS  |  Email |Print

From Zawya.com: Some of Libya’s overseas investments were politically charged months before the current crisis. The Libyan Investment Authority , which analysts value at $60bn-$80bn, has accumulated stakes in a diverse range of foreign assets, from newspapers and football teams to banks and textiles.
Tripoli set up the LIA in 2006, after UN sanctions were lifted in 2004, to diversify the north African country’s dependence on its oil wealth. The fact it was set up so recently has sheltered it from some of the losses suffered by other Middle Eastern funds………………………………………..Full Article: Source

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Rakia Georgia eyes $10-15-bln Indian investment in Poti FIZ

Posted on 23 February 2011 by VRS  |  Email |Print

From Indiatimes.com: The UAE-based company Rakia Georgia, which is developing a free industrial zone (FIZ) in Poti (Georgia), is eyeing investments of around $ 10-15 bn from Indian companies this year. Rakia Georgia Free Industrial Zone (FIZ) was established in June 2008 by the RAK Investment Authority (RAKIA), the nodal agency of the Government of Ras Al Khaimah, UAE
“We expect that at least 25 Indian companies will invest close to around $ 10-15-bn this year (in FIZ),” the company’s General Director S K Chatterji told media on the sidelines of an event organised by industry body FICCI here………………………………………..Full Article: Source

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UAE ready to fuel space tourism

Posted on 23 February 2011 by VRS  |  Email |Print

From Gulfnews.com: UAE investors increasingly look towards space for investments as the $7.5 billion (Dh27.5 billion) space tourism industry is set to take off. The combined sovereign wealth funds of the GCC countries are over $1.36 trillion, the largest being Abu Dhabi at an estimated $664 billion, with Saudi Arabia at $420 billion and Kuwait $203 billion, Qatar $65 billion, Dubai $19.6 billion and Oman $8.2 billion, according to a 2010 report by the Sovereign Wealth Fund Institute.
“…We are witnessing the dawn of a new industry that will change the way we live life here on Earth………………………………………..Full Article: Source

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Singapore joins the resort fray

Posted on 23 February 2011 by VRS  |  Email |Print

From WSJ: Vying for a role in the restructuring of well-known luxury resorts in bankruptcy court, an affiliate of the Government of Singapore Investment Corp. is setting the stage for a potential battle with a group including hedge-fund firm Paulson & Co. and Winthrop Realty Trust.
In court papers filed Monday, the Government of Singapore Investment Corp., or GIC, spelled out a $1.48 billion offer it has made to acquire the properties, which include the Claremont Resort and Spa in Berkeley, Calif., and Hawaii’s Grand Wailea Resort Hotel & Spa in Maui………………………………………..Full Article: Source

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Perennial China retail trust nears Singapore IPO

Posted on 23 February 2011 by VRS  |  Email |Print

From WSJ: Mapletree Commercial Trust, which has links to state investment company Temasek Holdings Pte. Ltd., is also looking to raise as much as US$1 billion in an IPO in late March or April.
Perennial China Retail Trust, a unit of property-investment firm Perennial Real Estate, is likely to file a prospectus for a one billion Singapore dollar (US$780.6 million) initial public offering to Singapore’s central bank this week, in what will be the first of several big-ticket IPOs this year, people familiar with the situation said………………………………………..Full Article: Source

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Aussie superannuation funds set to achieve double-digit growth

Posted on 23 February 2011 by VRS  |  Email |Print

From Ai-cio.com: New research by Chant West shows the median growth superannuation fund gained 1% return in the month of January, bringing the total returns for the financial year-to-date up to 8.4% since July, 1 2010.
“The strong performance in overseas share markets during January was largely fueled by stronger than anticipated economic data in the US, together with some company profit results that exceeded expectations,” said director Warren Chant of Chant West, a superannuation research consultancy firm………………………………………..Full Article: Source

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Super funds rush to merge: report

Posted on 23 February 2011 by VRS  |  Email |Print

From Businessspectator.com.au: Looming regulatory reforms in the retirement savings industry have pushed as many as 30 superannuation funds into various merger talks.
Several factors are pushing the superannuation fund sector towards increased consolidation, including a falling number of super accounts in the $1.3 trillion retirement fund sector and government tax relief for merging funds that runs out in June. The industry is also anticipating pressure on trustees to lower fees and improve member returns, according to the report………………………………………..Full Article: Source

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Norway’s Oil Fund positive on southern European bonds

Posted on 22 February 2011 by VRS  |  Email |Print

Yngve SlyngstadFrom WSJ: The chief executive of Norway’s Pension Fund Global, the world’s second-largest sovereign wealth fund, believes yields on southern European countries’ bonds became more attractive last year, and will continue to improve in 2011 thanks partly to government measures.
“We think that the measures that were taken during 2010 by European politicians were positive, so we are optimistic that the measures which will be taken in 2011 will also be positive for the bond investors,” Yngve Slyngstad said in an interview at his office in Oslo……………………………………….Full Article: Source

Money managers may partner with SWFs to grow in developing markets

Posted on 22 February 2011 by VRS  |  Email |Print

Gary C. KlopfensteinFrom Pionline.com: In the latest tactical maneuver to gather assets from the Middle East, Mesirow Financial Holdings Inc., announced plans earlier this month to form a money management firm with Mubadala Development Co., Abu Dhabi, a sovereign wealth fund with about $15 billion in assets.
“The view of most asset managers looking to access the region is to have sovereign wealth funds as clients,” said Gary Klopfenstein, senior managing director and head of currency management at Mesirow, a Chicago-based financial services company with about $51 billion in assets under management at year-end 2010, about half of which come from overseas clients including SWFs……………………………………….Full Article: Source

Gaddafi exposure, via a SWF

Posted on 22 February 2011 by VRS  |  Email |Print

From FT Alphaville: Can political unrest bring down a sovereign wealth fund? It might pay to ask the question on Monday for a number of companies who have the Libya Investment Authority on their holders lists.
They include Unicredit, most infamously (2.59 per cent, plus a large holding by the Libya Central Bank)………………………………………Full Article: Source

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