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Sovereign Wealth Funds Briefing - Archive | February, 2011

South African sovereign-wealth fund unlikely this year

Posted on 16 February 2011 by VRS  |  Email |Print

From Bloomberg: South Africa’s government is unlikely to create a sovereign-wealth fund this year, according to Richard Levin, director-general of the Department of Economic Development.
Proposals to establish the fund, which would be used to help manage foreign reserves and the value of the currency, are contained in the government’s new growth plan, unveiled by Economic Development Minister Ebrahim Patel on Nov. 23……………………………………….Full Article: Source

Singapore’s GIC bids for bankrupt resorts

Posted on 16 February 2011 by VRS  |  Email |Print

From Btimes.com.my: The Government of Singapore Investment Corp. (GIC), which manages more than $100 billion of Singapore’s foreign reserves, has offered $1.5 billion for a group of bankrupt resorts owned by investors that include the hedge fund Paulson & Co, Bloomberg has reported.
The purchase by the GIC, ranked as the world’s seventh-largest state investment company by Sovereign Wealth Fund Institute, reflects renewed confidence in real estate investments and heightened faith in a rebound in travel demand following the recession……………………………………….Full Article: Source

Canada showing its chauvinism in fuss over Dubai and TMX

Posted on 16 February 2011 by VRS  |  Email |Print

From Thenational.ae: Already Borse Dubai is being described in the Canadian media as “owned by a sovereign wealth fund”, when in fact ownership is split between Dubai Holding and Investment Corporation of Dubai, neither of which are SWFs. Before long, we might even hear from Canada that Dubai is an “oil rich emirate”.
Wherever the hyperbole leads, it is certain that, as currently structured, the LSE-TMX deal, and Dubai’s role in it, will have to run the gauntlet of Canadian regulators. This is in an election year when Canadian conservatives will almost certainly play the protectionist card to be seen to be safeguarding domestic industry and jobs……………………………………….Full Article: Source

Borse Dubai not asked to trim LSE stake

Posted on 16 February 2011 by VRS  |  Email |Print

From Reuters: Borse Dubai has not been asked to reduce its stake in London Stock Exchange to facilitate a merger between the LSE and the Toronto share market operator TMX. The Qatar Investment Authority (QIA) owns a 15 percent stake in LSE and the two combined would end up with a roughly 20 percent position in the new combined company.
Borse Dubai, which holds a 20.6 percent stake in the LSE and is owned by the ruler of the Gulf Arab emirate, would become the single largest shareholder in the merged entity, with an 11.3 percent stake if the deal is completed……………………………………….Full Article: Source

Mubadala launches mapping and surveying firm

Posted on 16 February 2011 by VRS  |  Email |Print

From Gulfnews.com: Mubadala Development Company announced on Tuesday the launch of Bayanat LLC, an Abu Dhabi-based company for mapping and surveying services. Bayanat, which has evolved out of the Military Survey Department and will continue to serve the UAE Armed Forces as its main client, has extended its services to cover institutions of the public sector, private companies as well as military organisations in the GCC region.
“By enabling these services to be offered to the public and private sector, a wider group of organisations in the UAE can benefit from the vast wealth of data available,” a Bayanat spokesperson told Gulf News……………………………………….Full Article: Source

China Investment Corp. looking at big move to PE, real estate

Posted on 15 February 2011 by VRS  |  Email |Print

From Pionline.com: The $300 billion China Investment Corp., Beijing, might be on the cusp of “a major change to its investment practices” to focus on private equity, real estate and other alternatives, according to a research note to clients issued Monday from consultant Z-Ben Advisors.
If the CIC wins government approval for such changes, the shift could mean “terrific news for managers within those three categories,” said Michael McCormack, executive director at Z-Ben in Shanghai. However, the door to the CIC might be closed for a raft of other managers, particularly traditional active managers in developed market bond and equity strategies……………………………………….Full Article: Source

Singapore sovereign fund offers $1.5 bln for Paulson-owned resorts

Posted on 15 February 2011 by VRS  |  Email |Print

Michael SageFrom Bloomberg: Government of Singapore Investment Corp., a sovereign-wealth fund, offered to pay $1.5 billion for a group of bankrupt resorts owned by investors including the hedge fund Paulson & Co.
The fund seeks to buy five resorts, one of its lawyers, Michael Sage, said in an interview after unveiling the offer at a bankruptcy court hearing yesterday in New York……………………………………….Full Article: Source

GLP back in the black

Posted on 15 February 2011 by VRS  |  Email |Print

From Todayonline.com: Global Logistic Properties (GLP), a subsidiary of the Government of Singapore Investment Corp. has turned around in its fiscal third quarter from a loss in the year-ago period, posting a net profit of US$82.1 million ($105.2 million).
GLP - which owns warehouses and other logistic assets mostly in China and Japan - had made a US$305.4 million loss in the corresponding quarter of last year……………………………………….Full Article: Source

Olam’s Q2 profit falls

Posted on 15 February 2011 by VRS  |  Email |Print

From Todayonline.com: Olam International, partly owned by Singapore investment giant Temasek Holdings, reported an 8.2 per cent fall in its fiscal second quarter net profit even as higher commodity prices and margins helped to offset a decrease in one-time gains.
Olam, one of the world’s leading commodity firms, earned $145.8 million in the quarter ended December, down from $158.9 million a year ago. Revenue rose 45.4 per cent to $4.1 billion……………………………………….Full Article: Source

Bidders for Khazanah’s stake in Pos Malaysia to go through rigorous process

Posted on 15 February 2011 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd will be putting the bidders for its 32.21% equity in Pos Malaysia Bhd through a vigorous process that includes a detailed assessment of the business plan and whether there will be a “cultural fit” between the new owners and the postal company.
Yesterday was the deadline for all bidders to submit their offer and sources close to the deal said the format required for the bids was broken up into a few parts……………………………………….Full Article: Source

Russia raises $3.3 bln selling 10pct of VTB Group

Posted on 15 February 2011 by VRS  |  Email |Print

From Bloomberg: Russia raised $3.3 billion selling a stake in VTB Group in the largest state asset sale since the bank’s initial public offering almost four years ago. “Several” sovereign wealth funds from northern Europe and Asia bought stock in the offering, as did companies from “all over the world, including the U.S., U.K., Europe and Asia,” Finance Minister Alexei Kudrin said.
Prime Minister Vladimir Putin’s government sold 10 percent of the bank to a group of investors for 95.7 billion rubles, the country’s second-biggest lender said in a statement today……………………………………….Full Article: Source

Pimco datapoints of the day

Posted on 15 February 2011 by VRS  |  Email |Print

From Reuters: Pimco’s $240 billion Total Return Fund is, by most measures, the largest fund in the world. A handful of sovereign wealth funds are larger, but none of them trade nearly as actively or aggressively as Bill Gross.
Check out these two datapoints: in August 2010, the fund was 51% invested in US Treasuries. By January 2011, that number had declined to 12%. Which means that the Total Return Fund on its own liquidated over $90 billion in Treasury securities over the space of five months……………………………………….Full Article: Source

Du to pay royalty charge for first time

Posted on 15 February 2011 by VRS  |  Email |Print

From Thenational.ae: Du, the UAE’s second-largest telecommunications operator, will pay the Government royalty charges this year for the first time. The head of telecommunications investments for Emirates Investment Authority, the sovereign fund that is a major shareholder in both Etisalat and du, said last year that the royalty payments were not sustainable.
The company has been exempt since it launched mobile services in 2007, to help it to become profitable while competing with Etisalat. Du will now have to pay a fee of 15 per cent of its earnings from last year, it said in a statement yesterday to the Dubai Financial Market……………………………………….Full Article: Source

Credit Suisse shows co-cos are go-go

Posted on 15 February 2011 by VRS  |  Email |Print

From WSJ: Credit Suisse has demonstrated that there may be a market for co-cos among sovereign wealth funds, hedge funds and even retail investors. But this is unlikely to be enough to absorb the issuance that might be needed across the banking industry to replace outstanding hybrids.
Credit Suisse is testing the water with a public issue of Tier 2 co-co notes. It will be key to watch whether institutional investors like insurance companies, big buyers of traditional hybrids, will be willing or able to buy co-cos under the terms of their mandates—and then whether they will buy co-cos from second-tier banks that don’t have highly profitable private banking divisions……………………………………….Full Article: Source

US woos sovereign funds in AIG sale

Posted on 14 February 2011 by VRS  |  Email |Print

From Bloomberg: The U.S. government and American International Group Inc. have contacted sovereign wealth funds in Asia and Europe about buying a “large” portion of a planned initial offering, the Financial Times reported.
Informal contacts were made with the funds about investing in the IPO expected to take place in May, the newspaper said, citing unidentified people familiar with the situation……………………………………….Full Article: Source

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Illinois looks to sovereign wealth funds to help pay off pension debt

Posted on 14 February 2011 by VRS  |  Email |Print

From Businessinsider.com: Illinois is trying to get sovereign wealth funds to buy nearly $4 billion of bonds so the state can pay its annual pension obligations. John Sinsheimer, the state’s director of capital markets, has been wooing investors investors in Europe and Asia, according to the FT.
He said the state is also trying to raise money from big banks and insurance companies in the U.S. before the sale, tentatively scheduled for Feb. 17……………………………………….Full Article: Source

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Growth markets major investment destinations

Posted on 14 February 2011 by VRS  |  Email |Print

From Gulfnews.com: The Oman Investment Fund (OIF) was established in 2006 under a royal decree of Sultan Qaboos Bin Saeed. The fund’s sole shareholder is the government and its governing body is the Financial Affairs and Energy Resources Council.
Similar to other sovereign wealth funds in the GCC, it acts as an investment vehicle and makes equity, private equity, and real estate investments globally……………………………………….Full Article: Source

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Activists turn focus to Gadhafi

Posted on 14 February 2011 by VRS  |  Email |Print

From WSJ: Libya’s small population of about 6.5 million and its massive oil wealth give it more room to manage economic woes. A few years ago, he created a sovereign wealth fund that has bought up large shares of some of the world’s best-known corporations, including banking, energy and media interests.
In the wake of the resignation of Egypt’s Hosni Mubarak, online activists are threatening to test one of the Arab world’s most repressive regimes: Col. Moammar Gadhafi’s Libya……………………………………….Full Article: Source

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Kuwait’s Gulf Bank had $403mln provisions in ‘10

Posted on 14 February 2011 by VRS  |  Email |Print

From Arabianbusiness.com: Kuwait’s Gulf Bank booked provisions worth KD113m ($403.3m) in 2010 to meet losses arising from its credit portfolio. Gulf Bank, in which sovereign wealth fund Kuwait Investment Authority (KIA) owns a 16 percent stake, said it doesn’t need to increase capital based on the current financial strategy the bank is following.
The bank had set aside KD111m in 2009 to meet investment and loan losses……………………………………….Full Article: Source

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Abu Dhabi’s Mubadala to form JV with Mesirow

Posted on 14 February 2011 by VRS  |  Email |Print

From Topnews.ae: Abu Dhabi-owned investment fund Mubadala and Chicago-based asset manager Mesirow Financial are all set to strike a deal for setting up a new joint venture company. The new entity would offer services in risk management in commodity and in the currency market.
Invest AD, a firm owned by Abu Dhabi Investment Council (ADIC), is one of the leading sovereign wealth funds in Abu Dhabi. Investment fund Mubadala is yet to obtain regulatory approvals to start its operations in the country……………………………………….Full Article: Source

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Norway sovereign fund raises India infrastructure bets

Posted on 14 February 2011 by VRS  |  Email |Print

From Mydigitalfc.com: Norway’s Sovereign Wealth Fund has upped its India infrastructure exposure in the past two to three months with the $500 billion monster buying shares in stocks such as Indiabulls Power, Lanco Infratech, Nagarjuna Construction and IVRCL Infrastructure from the open market by spending Rs 100 crore.
The Government Pension Fund (Global), managed by Sebi-registered Norges Bank, seems enthused after posting its fifth-largest quarterly return in third quarter and has since October 2010 consistently bough infra stocks, which have been underperforming for the past two to three years……………………………………….Full Article: Source

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Temasek pays $1.7 mln Indonesia telecom fine

Posted on 14 February 2011 by VRS  |  Email |Print

From AFP: Singapore state investment firm Temasek Holdings said it had paid a 15 billion rupiah ($1.7 million) fine imposed for breaching anti-competition laws in Indonesia’s telecoms sector.
In Friday’s statement, Temasek confirmed paying the fine imposed by Indonesia’s Business Competition Supervisory Commission, or KPPU……………………………………….Full Article: Source

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Ethical investing comes of age

Posted on 14 February 2011 by VRS  |  Email |Print

From Calgaryherald.com: Led by the nstitutional sector, retail investors are now embracing so-called ‘Ethical Funds’ - But there is still a Long way to go, say experts.
The institutional investors -large pension plans, asset owners, sovereign wealth funds -are becoming much more vocal in shareholder meetings in pressing executives for answers about how they address ESG factors as another layer of risk to the long-term sustainability of the company, says Jantzi……………………………………….Full Article: Source

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Nigerian sovereign wealth fund to save for future generations

Posted on 11 February 2011 by VRS  |  Email |Print

Olusegun AgangaFrom Bloomberg: Nigeria’s sovereign wealth fund, currently under debate in parliament, will set aside at least 20 percent of its assets accrued from crude oil exports for future generations.
The Nigeria Sovereign Investment Authority will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund, according to a draft of the bill obtained by Bloomberg. Each component will represent at least 20 percent of the total fund……………………………………….Full Article: Source

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Abu Dhabi’s Mubadala in JV with Mesirow

Posted on 11 February 2011 by VRS  |  Email |Print

Waleed Al Mokarrab Al MuhairiFrom Reuters: Abu Dhabi-owned investment fund Mubadala plans to set up a joint venture company with Chicago-based asset manager Mesirow Financial to offer risk management in commodity and currency markets, Mubadala said on Thursday.
The venture has hired Chris Coombe — previously chief operating officer of Invest AD — as its chief executive, a source familiar with the matter said……………………………………….Full Article: Source

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Dubai’s top lender sees further rise in 2011 NPLs

Posted on 11 February 2011 by VRS  |  Email |Print

From Forexyard.com: Emirates NBD expects its bad loans ratio to rise further in 2011 as the restructuring of indebted Dubai Holding and other corporate exposures continue to weigh on profitability, the lender said on Thursday. ENBD is 56 percent owned by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund.
ENBD, Dubai’s largest bank by market value, reported sharply higher fourth-quarter profit but impairments on non-performing, or bad, loans and on investments hit its yearly results……………………………………….Full Article: Source

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Norway’s oil fund trims Vestas stake to below 5pct

Posted on 11 February 2011 by VRS  |  Email |Print

From Reuters: Norway’s sovereign oil wealth fund has trimmed back its investment in Danish wind turbine maker Vestas to take it back below a 5 percent stake, just a month after it exceeded that level, Vestas said on Thursday.
Norges Bank Investment Management (NBIM) — the unit of the Norwegian central bank that manages the more than $500 billion oil fund — reduced its stake in Vestas to 4.86 percent as of Feb. 9, Vestas Wind Systems A/S said in a statement……………………………………….Full Article: Source

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Government ministers copy bankers to boost UK trade

Posted on 11 February 2011 by VRS  |  Email |Print

From Telegraph: Britain’s biggest companies are to be matched with individual ministers to “manage” trade and investment deals under a substantial refocusing of the UK’s trade policies, the Government has said. Ministers will also personally court foreign sovereign wealth funds for investment in UK infrastructure like powerplants, roads and airports.
They will be “held accountable” if companies fail to secure deals and if foreign investors favour Britain’s economic rivals as places to conduct business……………………………………….Full Article: Source

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Selling the family jewels at wall and broad strasse

Posted on 11 February 2011 by VRS  |  Email |Print

From Barrons.com: When the rich fall on hard times, they often end up resorting to selling the family jewels to meet their debts or living expenses. The mirror image of that is seen in the sovereign wealth funds of the surplus nations of Asia, the Middle East and some Scandinavian countries.
Of the latter, they realized their wealth was based on minerals that one day would be depleted. So, they accumulated financial assets to replace those in the ground……………………………………….Full Article: Source

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The morning leverage: For vibe, it’s magic (and yucaipa)

Posted on 11 February 2011 by VRS  |  Email |Print

From WSJ: The Securities and Exchange Commission’s foreign bribery probe of banks and private equity firms is looking beyond the dealings with sovereign-wealth funds to other types of sovereign investment, reports Joseph Palazzolo.
Investigators are interested in a broader set of data than that associated with typical sovereign-wealth funds, including information on dealings with national pension funds. Government pension plans throughout the world are large investors in U.S. private equity funds……………………………………….Full Article: Source

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Vietnam: Government to keep fuel price stabilization fund

Posted on 11 February 2011 by VRS  |  Email |Print

From Saigon-gpdaily.com.vn: The government will continue to operate the fuel price stabilization mechanism though there are reports that a fund meant for it is running out of money.
The Ministry of Finance report that VND83 billion (US$4.25 million) is left in the fund while fuel wholesalers claim it is VND1.35 trillion in the red……………………………………….Full Article: Source

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Vietnam forex reserves above $10 bln in 2010

Posted on 11 February 2011 by VRS  |  Email |Print

From VietNamNet Bridge: Vietnam’s foreign exchange reserves were “more than US$10 billion” at the end of last year, a senior minister said, a remark that may increase concerns about the dwindling level of reserves.
Planning and Investment Minister Vo Hong Phuc’s comment was reported on Wednesday in the state-run Vietnam Economic Times. Phuc provided no details, and it was unclear how much above $10 billion the reserves may be. The exact current level is guarded as a state secret……………………………………….Full Article: Source

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Brazil’s foreign reserves surpass $300 bln for first time ever

Posted on 11 February 2011 by VRS  |  Email |Print

From Dow Jones: Brazil’s foreign reserves surpassed the $300 billion mark for the first time ever Wednesday according the country’s central bank, seeing influence from recent heavy foreign exchange inflows and accelerated dollar buying by the institution.
The bank said foreign reserves Wednesday rose to $300.27 billion from $299.8 billion on Tuesday……………………………………….Full Article: Source

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Norris goes in to bat for sovereign fund

Posted on 10 February 2011 by VRS  |  Email |Print

Roger CorbettFrom Brisbanetimes.com.au: Ralph Norris has re-opened the debate over a resource sector super profits tax by calling for a Norwegian-style sovereign wealth fund to ensure Australia does not squander the windfall from the mining boom.
The comments by the Commonwealth Bank of Australia boss add to calls by a sprinkling of business figures, including the Reserve Bank member and Fairfax Media chairman, Roger Corbett, for the government to start locking up some of the revenue from resource exports for future generations……………………………………….Full Article: Source

Temasek India MD Padmanabh Sinha heading to Tata Capital

Posted on 10 February 2011 by VRS  |  Email |Print

Padmanabh (Paddy) SinhaFrom Moneycontrol.com: In a major lateral move, Padmanabh (Paddy) Sinha, Managing Director of Temasek Holdings India, one of the two sovereign wealth funds managing investments of Singapore government, will join Tata Opportunities Fund as Senior Partner and Chief Investment Officer.
He will be taking up the new responsibility on or before March this year………………………………………Full Article: Source

SEC’s sovereign wealth fund probe is more than name suggests

Posted on 10 February 2011 by VRS  |  Email |Print

From WSJ: The Securities and Exchange Commission’s foreign bribery probe of banks and private-equity firms is looking beyond their dealings with sovereign-wealth funds to other types of sovereign investment, including government pension funds.
That could widen the scope of the investigation hugely, given the many and varied dealings between government pension plans around the world and U.S. financial institutions……………………………………….Full Article: Source

Yoplait says gets 9 prelim offers for 50 pct stake

Posted on 10 February 2011 by VRS  |  Email |Print

From Reuters: France’s Yoplait has received nine preliminary offers for a half stake in the world’s second-largest yoghurt maker. France’s sovereign wealth fund, the Fond Strategique d’Investissement, may take a minority stake as part of a broader capital increase.
Private equity firm PAI Partners hired bankers last September to sell its stake, while Sodiaal, the French farming cooperative, pledged to retain the remaining 50 percent……………………………………….Full Article: Source

Arab farm investment push

Posted on 10 February 2011 by VRS  |  Email |Print

From Farmonline.com.au: Former Prime Minister, Bob Hawke, is leading a push to get Arabs to invest in Australian farmland as part of a long term food security strategy for oil-rich Gulf States. Last year Qatar-based Hassad Food,an arm of the government-owned Qatar Investment Authority, made its mark as a high stakes buyer of rural property in Victoria, NSW and Queensland, while other Gulf companies have footprints here, too.
Mr Hawke, a founding member of the Australian Gulf Council (AGC), believes the combination of Saudi money and Australian farmland and farming know-how will make a good mix, and the oil rich States are keen to buy in……………………………………….Full Article: Source

Dubai stake in LSE gains after merger deal agreed

Posted on 10 February 2011 by VRS  |  Email |Print

From Thenational.ae: Borse Dubai’s stake in the London Stock Exchange (LSE) gained more than US$25 million (Dh91.8m) in value after the London bourse operator agreed to buy its counterpart in Toronto. Borse Dubai, a unit of the Investment Corporation of Dubai, said yesterday afternoon it backed the deal. Qatar Investment Authority owns 15 per cent of LSE.
The proposed $3.2 billion deal, which would create the world’s fourth-largest exchange, will be subject to strict Canadian laws on foreign ownership……………………………………….Full Article: Source

Nigeria: Governors and the revenue allocation formula

Posted on 10 February 2011 by VRS  |  Email |Print

From Allafrica.com: As the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) reviews the country’s revenue allocation formula, one begins to wonder if there is, indeed, any justification for increased revenue to the states.
And on account of very poor performance, justification for the existence of most local governments is a lot more difficult than finding out how much the federal government actually does for the people……………………………………….Full Article: Source

HK forex reserves at $273.2 bln at end-January - HKMA

Posted on 10 February 2011 by VRS  |  Email |Print

From Reuters: Hong Kong’s official foreign currency reserve assets stood at $273.2 billion at the end of January, the Hong Kong Monetary Authority said on Wednesday, up 1.67 percent from $268.7 billion at the end of December.
Hong Kong’s currency is pegged to the U.S. dollar and the territory ranks as the world’s ninth-largest holder of foreign currency reserves after mainland China, Japan, Russia, Saudi Arabia, Taiwan, India, Brazil and Korea………………………………………Full Article: Source

Vietnam forex reserves above $10 bln in 2010-report

Posted on 10 February 2011 by VRS  |  Email |Print

From Reuters: Vietnam’s foreign exchange reserves were “more than $10 billion” at the end of last year, a senior minister said, a remark that may increase concerns about the dwindling level of reserves.
Planning and Investment Minister Vo Hong Phuc’s comment was reported on Wednesday in the state-run Vietnam Economic Times. Phuc provided no details, and it was unclear how much above $10 billion the reserves may be. The exact current level is guarded as a state secret……………………………………….Full Article: Source

Sovereign funds should see fast rise

Posted on 09 February 2011 by VRS  |  Email |Print

Christian UlbrichFrom Globest.com: The year 2011 should be good for real estate across Europe, and sovereign wealth funds are likely to be among institutions expanding investments fastest, according to Jones Lang LaSalle’s EMEA CEO Christian Ulbrich.
Ulbrich said a recent local summit that he thinks it will be a good real estate year in 2011. “Seldom have we seen so many factors that indicate a positive outcome for property over the year… Among market participants the fastest growing investor sector in the next few years is going to be sovereign wealth funds, and London and Paris are likely to profit the most.” He forecast that Europe will see more SWF deals like the purchase of the Berlin Sony Center by Korea’s National Pension Service……………………………………….Full Article: Source

Kuwait International seeks to re-list on local bourse soon

Posted on 09 February 2011 by VRS  |  Email |Print

From Zawya Dow Jones: Kuwait International Investment Co., or KIIC, will soon ask the local bourse to re-list its shares. Kuwait Investment Authority, the country’s sovereign wealth fund, which owns more than 31% of KIIC, will be the first to benefit from the return of KIIC’s shares to trading, Hamed Al Eiban, KIIC’s chairman, said.
KIIC’s new board will hold its first meeting next week to elect the company’s new president and new managing director and will discuss a request to the bourse’s administration to allow the company’s shares to trade again, the daily cites Eiban as saying……………………………………….Full Article: Source

Kazakh-Tajik investment fund office opens in Dushanbe

Posted on 09 February 2011 by VRS  |  Email |Print

From Centralasianewswire.com: The new office of the Kazakh-Tajik investment fund will open its doors on Wednesday in the Tajik capital Dushanbe. A deal was inked in November 2010 between Kazakhstan’s sovereign wealth fund, Samruk-Kazyna and GosKomInvest to create the investment fund.
The State Committee on Investment and State-owned Property Management, also known as GosKomInvest, made the announcement on Monday……………………………………….Full Article: Source

Israel set to join the rich countries club

Posted on 09 February 2011 by VRS  |  Email |Print

From Oilprice.com: From Israel, there is good news and bad news. The good news – and it is huge – is that Israel will soon be awash in natural gas. Indeed, Israel is set to become so rich that it is laying the groundwork for creating a sovereign wealth fund for overseas investments in order to protect the country from inflation and the shekel from getting too strong.
Indeed, Israel is set to become so rich that it is laying the groundwork for creating a sovereign wealth fund for overseas investments in order to protect the country from inflation and the shekel from getting too strong……………………………………….Full Article: Source

Post-Davos summit: Nobody believes anybody anymore…

Posted on 09 February 2011 by VRS  |  Email |Print

From Independentngonline.com: Last year, President Goodluck Jonathan emptied the Excess Crude Account, illegally, from $21 billion to $3 million. Only $1 billion capital for the Sovereign Wealth Fund was accounted for. Foreign reserves also plummeted from $51.3bn to 27.0bn, this time, legally.
CBN blamed $1.21 billion increase to $6.857bn expenses on JVC cash calls, $1.235bn decrease to $24,836.65 on forex support and petroleum imports funding, as necessitating the drawdown……………………………………….Full Article: Source

NZ Super rises at the end of 2010

Posted on 09 February 2011 by VRS  |  Email |Print

From Globalpensions.com: The New Zealand Superannuation Fund returned 4.42% in December 2010, up from -0.38% in the previous month, due to an increase in global equities. The fund’s assets increased to NZ$18.21bn ($14.12bn) at the end of the year, from NZ$17.43bn at the end of November.
Returns have fluctuated since July’s 4.76%, declining to -1.37% in August, increasing to 6.11% in September and decreasing again to 2.66% in October……………………………………….Full Article: Source

Toronto’s tax advantage

Posted on 09 February 2011 by VRS  |  Email |Print

From Thestar.com: Late last month, China Investment Corp., one of the largest sovereign wealth funds in the world, opened its first representative office outside of China. Where? Not in New York, not in the U.K.’s financial heartland, but right here in Toronto, the financial capital of Canada.
The decision is a powerful symbol of the city’s growing role as a financial services hub……………………………………….Full Article: Source

UK, France next target in $27bln Norway Pension Fund

Posted on 08 February 2011 by VRS  |  Email |Print

From Globest.com: Norway’s massive pension fund is likely to target further property investments in UK or France as the next destination for its $27 billion allocation after its first real estate purchase of a 25% parcel in London’s Regent Street for $730 million.
Øystein Sjølie, a spokesman for Norges Bank Investment Management, the division of the Norwegian central bank that runs the $646 billion Norwegian Government Pension Fund, says the mandate from the Finance Ministry is to target western Europe, “so apart from London it’s France, probably the Paris region which is a natural target… The next purchase will probably be in the United Kingdom or France.”………………………………………Full Article: Source

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28