Mon, Dec 22, 2014
A A A
Welcome preal121
RSS

Sovereign Wealth Funds Briefing - Archive | March, 2011

DIC unscrews KEF for $178mln

Posted on 24 March 2011 by VRS  |  Email |Print

Dubai International Capital (DIC) has sold its 45 per cent stake in KEF Holdings, a valve and casing manufacturer based in the United Arab Emirates. As the international investment arm of Dubai Holdings, the Middle Eastern emirate’s sovereign wealth fund, DIC is 99.7 per cent owned by Mohammed bin Rashid Al Maktoum, the ruler of Dubai.
The fund picked up the stake in 2008 for $126m and is now selling it for $178m, alongside a partial exit by the company’s founder Faizal Kottikollon……………………………………….Full Article: Source

SIC to look at Norwegian oil investments after debate on ethics of its own funds

Posted on 24 March 2011 by VRS  |  Email |Print

The SIC is to examine the way the Norwegian state oil fund manages its investments, after some councillors attacked the local authority’s “intrinsically amoral” approach to investing its oil reserves on the stock market.
Jonathan Wills and Rick Nickerson have repeatedly been foiled when asking colleagues on Shetland Charitable Trust to look into more ethical ways of investing its £200 million-plus funds……………………………………….Full Article: Source

Kazakhstan: Old school chums become key players in Astana, Almaty

Posted on 24 March 2011 by VRS  |  Email |Print

Karim Masimov, Kazakhstan’s prime minister, is an alumnus, as are Timur Kulibayev, President Nursultan Nazarbayev’s businessman son-in-law, and Kairat Kelimbetov, the chairman of the Samruk-Kazyna sovereign wealth fund.
“Maybe there’s no other school in the world like this, if you look at the number of graduates who have become really prominent in their country,” says Headmaster Kairosh Makishev, himself a ‘Fizmatovets,’ as the school’s graduates are known……………………………………….Full Article: Source

The euro zone’s ESM permanent bailout fund

Posted on 24 March 2011 by VRS  |  Email |Print

European Union finance ministers have agreed on the setup of the European Stability Mechanism — the permanent euro zone bailout fund. Following are their decisions put together in a “term sheet” on the ESM, which is to replace the existing fund – the European Financial Stability Facility (EFSF) — in mid-2013.
The agreement, reached on Monday, is expected to be approved by EU leaders at a summit on March 24-25……………………………………….Full Article: Source

Greens to push for Future Fund bar on tobacco investment

Posted on 24 March 2011 by VRS  |  Email |Print

Australia’s Greens will ask lawmakers today to vote to stop the government, which plans some of the world’s toughest anti-smoking laws, from investing in tobacco companies as part of a civil servants’ retirement fund.
Greens senator Rachel Siewert will put a motion to the Senate to stop the government’s Future Fund - established in 2006 to cover pension costs of retiring lawmakers, judges and public servants - investing in tobacco……………………………………….Full Article: Source

Future Fund chief told Wong he wanted to quit

Posted on 24 March 2011 by VRS  |  Email |Print

Future Fund chairman David Murray told Finance Minister Penny Wong last year he would prefer to step down at the end of his five-year term next month provided the $70 billion fund was in good shape.
But changes on the board and among executives were behind the decision to ask the former Commonwealth Bank chief executive to remain in the role for another year……………………………………….Full Article: Source

AustralianSuper steps up infrastructure focus

Posted on 24 March 2011 by VRS  |  Email |Print

Australia’s biggest superannuation fund, AustralianSuper, has given new impetus to investments in infrastructure by creating a new head of infrastructure role.
The fund has appointed Jason Peasley to the role. Peasley was previously director of Artisan Investment Managers, an independent boutique adviser for infrastructure investors and operators, which he helped found in 2009……………………………………….Full Article: Source

Chinese private equity firms take market share, McKinsey says

Posted on 24 March 2011 by VRS  |  Email |Print

The $300 billion CIC, the nation’s sovereign wealth fund, will seek more money from the government to expand investments, Executive Vice President Jesse Wang said Jan. 15. The 856.8 billion yuan ($131 billion) National Social Security Fund, whose assets grew 10 percent last year, will expand private equity investments that currently total 12.7 billion yuan, it said on Mar. 16.
With the exceptions of the State Administration of Foreign Exchange and China Investment Corp., other Chinese investors in private equity will likely focus on domestic funds in the next few years, making them the main beneficiaries of capital inflows, Roy said. ………………………………………Full Article: Source

CIC’s investment in Japan only a small percentage of the figure media reported

Posted on 24 March 2011 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC)’s actual investment in Japan’s top ten companies was only a small percentage of the figure media reported, according to Wang Jianxi, deputy general manger of CIC.
Earlier, market rumors went that CIC’s investment in Japan’s top ten companies may top 522.2 Japanese yen, and CIC invested 35.9 billion Japanese yen (about three billion yuan) in Japan Electric Power Development Co……………………………………….Full Article: Source

Future Fund chair back for a year, two new board members

Posted on 23 March 2011 by VRS  |  Email |Print

David MurrayFuture Fund chairman David Murray has signed on for a further 12 months at the sovereign wealth fund amid controversy over an alleged board split. Treasurer Wayne Swan re-appointed Murray for a further year, saying in a press release that the chairman did not want another full five-year term for personal reasons.
It was reported in the mainstream media that fellow board member Trevor Rowe had been fighting Murray’s reappointment……………………………………….Full Article: Source

NZ Superannuation Fund shows strong performance

Posted on 23 March 2011 by VRS  |  Email |Print

The $19 billion New Zealand Superannuation Fund is having a strong year to the end of February, but that was before the earthquake, tsunami and nuclear crisis hit Japan.
New Zealand’s retirement nest egg made a 3 per cent return in February, with a strong rally in world sharemarkets, taking its financial year-to-date return to 22.5 per cent……………………………………….Full Article: Source

Singapore GIC ups stake in Shanda Games to 10.3 pct-filing

Posted on 23 March 2011 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has increased its stake in US-listed Chinese video games firm Shanda Games to 10.3 percent as of March 14, from 8.2 percent in December, according to a U.S. filing late on Tuesday.
GIC, one of the world’s largest wealth funds with over $200 billion in assets, first bought Shanda shares in November 2009, shortly after the Chinese firm’s initial public offering in the United States……………………………………….Full Article: Source

VEB to manage $10bln fund

Posted on 23 March 2011 by VRS  |  Email |Print

The government’s new sovereign investment fund may reach $10 billion and will be managed by a wholly owned unit of Vneshekonombank, Economic Development Minister Elvira Nabiullina said.
The state will act as a co-investor, providing 10 percent to 15 percent of financing for projects, Nabiullina said, adding that the investment vehicle will be structured as a mutual fund. The documents necessary to create the fund will be ready by June 1……………………………………….Full Article: Source

Future EU bailout fund details agreed on

Posted on 23 March 2011 by VRS  |  Email |Print

With clouds gathering above a fiscally distraught Portugal, finance ministers of the 17 countries that share the euro as a currency have firmed the details of a new permanent bailout mechanism for member-states in need.
The move comes only days ahead of a self-imposed deadline for the European Union (EU) to sound a clear response to market concerns about the sovereign debt crises that have been plagueing many of the region’s economies since last year……………………………………….Full Article: Source

Nigeria: The sovereign wealth fund

Posted on 23 March 2011 by VRS  |  Email |Print

The Federal Government recently sent to the National Assembly a Bill for an Act to Establish the Nigerian Sovereign Investment Authority to Build a Savings Base for Future Generations, Enhance Development of the Infrastructure Sector in Nigeria, Assist Fiscal Stability in Certain Circumstances and for Related Matters.
The planned agency, which is dubbed the Sovereign Wealth Fund (SWF), is essentially a rechristened Excess Crude Account (ECA) that will be vested with legal existence and be given rules to guide its management……………………………………….Full Article: Source

Back to basics: What does sovereign wealth fund - SWF mean?

Posted on 23 March 2011 by VRS  |  Email |Print

Pools of money derived from a country’s reserves, which are set aside for investment purposes that will benefit the country’s economy and citizens. The funding for a sovereign wealth fund (SWF) comes from from central bank reserves that accumulate as a result of budget and trade surpluses, and even from revenue generated from the exports of natural resources.
The types of acceptable investments included in each SWF vary from country to country; countries with liquidity concerns limit investments to only very liquid public debt instruments……………………………………….Full Article: Source

ME funds set to revisit investment strategies

Posted on 22 March 2011 by VRS  |  Email |Print

Governments in the Middle East are expected to invest more funds in developing infrastructure while the region’s sovereign wealth funds might redirect capital flow to investments within national and regional borders in the wake of the regional unrest, bankers and financial experts said.
Investment bankers across the region also expect to see lower than predicted merger and acquisition activities in the backdrop of the escalating unrest……………………………………….Full Article: Source

Hassad Food seeks Turkish farmland, invests $500 mln in 2010

Posted on 22 March 2011 by VRS  |  Email |Print

Qatar’s Hassad Food, a unit of the country’s sovereign wealth fund, plans to purchase farmland in Turkey to grow crops and raise livestock, the company’s chairman said.
Hassad is in negotiations with the Turkish government over the farmland, Nasser Mohamed al Hajri said at a meeting in Doha, Qatar, late yesterday……………………………………….Full Article: Source

Abu Dhabi’s Invest AD hires new manager for Africa fund

Posted on 22 March 2011 by VRS  |  Email |Print

Invest AD, the Abu Dhabi-owned investment firm, said on Monday it has hired a new fund manager to join its Africa-focused equities fund. Stephane Bwakira, previously an equities analyst with South African investment bank and asset manager Investec, will join the team managing the Invest AD - Emerging Africa Fund.
The fund delivered a return of 19.3 percent in 2010, the Invest AD said in a statement……………………………………….Full Article: Source

Etisalat drops $12bln bid for Zain

Posted on 22 March 2011 by VRS  |  Email |Print

Etisalat has abandoned its plan to buy Zain because of regional unrest and resistance from some Zain board members. Zain is 24.6%-owned by Kuwait Investment Authority and majority owned by Al-Khair National Stocks and Real Estate Company.
Etisalat has discarded its $12 billion offer for a large stake in Kuwaiti operator Zain. The deal fell through due to the results of Etisalat’s due diligence process, a lack of unanimity among Zain board members and political unrest in the region……………………………………….Full Article: Source

Russia to once again allow sovereign investment in Spain debt

Posted on 22 March 2011 by VRS  |  Email |Print

Russia has returned Spain to the list of the countries whose debt its National Wellbeing Fund is allowed to buy, the Ministry of Finance said on its website Monday. Moscow excluded Spain and Ireland from the list in November. The list still doesn’t include Ireland, but does include Austria, Belgium, United Kingdom, Germany, Denmark, Canada, Luxemburg, Netherlands, U.S., Finland, France and Sweden.
National Wellbeing Fund, intended to support the country’s pension system, totaled $90.94 billion as of March 1………………………………………Full Article: Source

Russia to invest $10 bln in fund

Posted on 22 March 2011 by VRS  |  Email |Print

Russia will invest $10 billion in a new direct investment fund it is setting up to attract foreign investment in an attempt to help modernize the economy, a government official said Monday.
The Kremlin is betting that foreign investors will be more likely to invest in Russian business with the state as a partner, a possible safeguard against loss……………………………………….Full Article: Source

Moody’s raises Azerbaijan outlook to positive

Posted on 22 March 2011 by VRS  |  Email |Print

Moody’s improved outlook reflects the country’s significant improvements in the government’s fiscal and external positions, reflected in the rapid accumulation of financial assets in the State Oil Fund of Azerbaijan (SOFAZ) and the prudent management of the revenues from those increases.
The government registered a fiscal surplus of 14% of GDP in its consolidated budget, while the current account surplus was 30% of GDP in 2010……………………………………….Full Article: Source

Norway’s SWF worried about inflation?

Posted on 22 March 2011 by VRS  |  Email |Print

Government Pension Fund-Global, Oslo, returned 9.6% on investments in 2010, driven primarily by rising worldwide stock market values, the sovereign wealth fund reported.
Assets rose to 3.077 trillion Norwegian kroner ($552 billion) as of Dec. 31, up 16.6% from a year earlier. The fund’s equity portfolio returned 13.3%, while bonds returned 4.1%……………………………………….Full Article: Source

EU finance ministers lay out details of future bailout fund

Posted on 22 March 2011 by VRS  |  Email |Print

European Union (EU) finance ministers Monday laid out details of the permanent bailout fund which will have a capital base of 700 billion euros (987 billion U. S. dollars) to deal with future sovereign debt crisis.
“I can tell you that we have agreed on all elements relating to the ESM (the European Stability Mechanism) and I am delighted that that’s the case,” Eurogroup President Jean-Claude Juncker said……………………………………….Full Article: Source

Khazanah consolidates stake in Apollo Hospitals

Posted on 22 March 2011 by VRS  |  Email |Print

Integrated (Mauritius) Healthcare Holdings, an arm of Khazanah Nasional Bhd, has acquired 8.82 per cent stake in corporate hospital chain Apollo Hospitals from Bisikan Bayu Investments, another arm of the Malaysian sovereign fund, for Rs 470 crore.
The deal comes eight months after the fund succeeded in aborting attempts of billionaire brothers Malvinder and Shivinder Singh-promoted Fortis Healthcare to acquire a majority stake in Khazanah-controlled Parkway hospital chain of Singapore……………………………………….Full Article: Source

China imports 245 tonnes silver in February and Qatar SWF “interested” in buying silver

Posted on 22 March 2011 by VRS  |  Email |Print

Gold and silver rose on the open in Asia and have continued those gains so far in European trading with the Libyan military conflict leading to a safe haven bid and falls in the dollar and yen.
Gold was not the only precious metal being bought with the FT reporting that the sovereign wealth fund of Qatar, the Qatar Investment Authority is reportedly interested in acquiring both and gold and silver……………………………………….Full Article: Source

NZ Superannuation Fund returned 3pct in February

Posted on 22 March 2011 by VRS  |  Email |Print

The New Zealand Superannuation Fund posted a 3 percent return last month, benefiting from a rally in global equity markets. Returns for February totalled $550 million before tax of $30m.
The New Zealand Superannuation Fund posted a 3 percent return last month, benefiting from a rally in global equity markets……………………………………….Full Article: Source

Norway state oil fund thrives on 2010 recovery, posts 9.6pct return

Posted on 21 March 2011 by VRS  |  Email |Print

Norway’s state pension fund, one of the world’s largest sovereign wealth funds, posted a 9.6 percent return last year thanks to the economic recovery, said Norway’s central bank, which manages the fund. The fund weighed some 3,077 billion kroner (389.4 billion euros, US$543.8 billion) at the end of 2010.
That was an annual increase of 437 billion kroner, a figure which consists of new oil revenues as well as returns on the existing fund……………………………………….Full Article: Source

Norway’s sovereign fund gained $47bln last year on global recovery

Posted on 21 March 2011 by VRS  |  Email |Print

Yngve SlyngstadNorway’s sovereign wealth fund, the world’s second largest, rose 264 billion kroner ($47 billion) last year as a recovery in global growth and corporate profits spurred a second year of gains in stocks.
The Government Pension Fund Global returned 9.6 per cent, adding to 26 per cent gain in 2009, as measured by a basket of currencies, the Oslo-based investor said yesterday. The $548 billion fund’s stock holdings returned 13.3 per cent, while its bond investments climbed 4.1 per cent……………………………………….Full Article: Source

Norway fund says to maintain 4 pct return target

Posted on 21 March 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund, Europe’s largest equity investor, will maintain its target of a 4-percent real return on assets despite low bond yields, its chief said.
“In total it’s sensible to stick to a target of 4 percent annual real return over time,” Yngve Slyngstad told a news conference after presenting the fund’s results for the fourth quarter and 2010……………………………………….Full Article: Source

Norway SWF confident on Japan, rides 2010 stocks boom

Posted on 21 March 2011 by VRS  |  Email |Print

Norway’s $544 billion sovereign wealth fund (SWF) voiced confidence in the Japanese economy’s ability to rebound from crisis and said it has not retreated from Middle East and North African markets engulfed by unrest.
The world’s second largest SWF after that of the United Arab Emirates said that soaring equity investments helped it hit returns of 9.6 percent last year and reaffirmed its long-term goal for 4 percent annual returns despite low bond yields……………………………………….Full Article: Source

Norway’s SWF seeks real estate

Posted on 21 March 2011 by VRS  |  Email |Print

Norway’s government-run oil fund, the world’s second-largest sovereign-wealth fund, is cutting its bond holdings and shifting its investments to real estate to protect itself against rising inflation. The Government Pension Fund Global, valued at nearly 3.1 trillion Norwegian kroner ($548 billion) at the end of last year, historically has invested 60% of its assets in stocks and 40% in bonds.
It now aims to gradually invest as much as 5% of its assets in real estate while reducing its fixed-income investments by the same percentage……………………………………….Full Article: Source

Qatar fund mulls purchase of Telefonica stake

Posted on 21 March 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund, Qatar Holding, is mulling the possibility of buying a stake in Spanish telecommunications company Telefonica SA, Spanish news agency EFE reported Thursday, citing market sources.
Qatar Holding Chief Executive Ahmad M. Al-Sayed met with Telefonica Chairman Cesar Alierta on Thursday to explore the possibility of entering the telecom’s capital, but no agreement has been reached for the time being, the agency added……………………………………….Full Article: Source

Count Rivers out of sovereign wealth fund –Amaechi

Posted on 21 March 2011 by VRS  |  Email |Print

Governor Rotimi Amaechi of Rivers State announced plans to challenge the Federal Government’s plans to establish a Sovereign Wealth Fund (SWF). Speaking after receiving the award of Man Of The Year 2010 by Independent Newspapers Limited (INL) in Lagos on Friday, Amaechi said: “the Rivers State Government is going to court against the Federal Government over the Sovereign Wealth Fund.”
He said the state government has already earmarked N1billion monthly, besides the money contributed for an Independent Power Plant (IPP), so “if they want to save, they should save from their 52 per cent share of the (Federation Account)……………………………………….Full Article: Source

Kavindele proposes Zamtel takeover

Posted on 21 March 2011 by VRS  |  Email |Print

Libyan Investment Authority (LAP Green Network) is a component of the Libya-Africa Investment Portfolio, which is part of the Libyan Investment Authority, the sovereign wealth fund for Libya.
Commenting on the development, Kavindele, a former Republican vice-president, said the threat on Zamtel’s future through international mobilisation to incapacitate business interests of Gaddafi and his inner circle was real……………………………………….Full Article: Source

CIC’s Jin: China will need $2-$3bln per day as exports fall

Posted on 21 March 2011 by VRS  |  Email |Print

China’s new economic development plan will lead to a reduction in exports from the Asian giant, which will require additional domestic funding and will also open up market share for other countries, according to the head of China’s sovereign wealth fund.
“We in China understand we cannot depend on exports forever. We need to change, we need to develop a vast direct domestic market,” said Jin Liqun, chairman of the supervisory board of the China Investment Corporation, at a conference organized by Fundacao Getulio Vargas……………………………………….Full Article: Source

GIC’s GBP60mln Chiswick Park loan

Posted on 21 March 2011 by VRS  |  Email |Print

GIC, the sovereign wealth fund of Singapore, has agreed to provide a £60m junior loan for Blackstone’s £480m purchase of Chiswick Park in west London.
GIC has provided the junior debt for the transaction as part of its new lending tie-up with Deutsche Bank, which is providing a £300m senior loan. The deal will complete early next week……………………………………….Full Article: Source

Will other sovereign wealth funds be put into deep freeze?

Posted on 18 March 2011 by VRS  |  Email |Print

The people who run sovereign wealth funds are bound to be more than a little interested in what happens to the Libyan Investment Authority. The LIA, Libya’s sovereign wealth fund worth up to $70 billion, has had its assets frozen across the developed world. The U.S., the European Union and other countries have taken various measures to ensure the Gadhafi family doesn’t get its hands on the money.
It was easy paint-by-numbers decision making. Libya is in the midst of a popular revolution against a tyrant. Said tyrant was unusually closely linked to what was in theory a national asset pool……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

RAKIA underlines investment opportunities in Ras Al Khaimah

Posted on 18 March 2011 by VRS  |  Email |Print

Ras Al Khaimah Investment Authority (RAKIA) collaborated with the Arab Business Club to hold a high-profile business forum at the Emirates Towers Dubai, which was attended by more than 125 CEOs from across the region.
The forum discussed the strategic advantages that the Middle East region, and more specifically Ras Al Khaimah, offers investors and also focused on key factors that enabled RAKIA to achieve a 27 per cent increase in licences issued in 2010 compared to 2009……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Qatar wealth fund visits Spanish companies

Posted on 18 March 2011 by VRS  |  Email |Print

The head of Qatar’s sovereign wealth fund, Qatar Holdings, visited several Spanish companies, including Telefonica , during a stay in the Spanish capital, sources close to the meetings said.
Cash-rich Qatar pledged 3 billion euros ($4.2 billion) in investment to Spanish companies during Prime Minister Jose Luis Rodriguez Zapatero’s visit to the Gulf state in February. The sovereign wealth fund bought a 6.2 percent stake in utility Iberdrola for 2.2 billion euros earlier this week……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Three firms take lead on Qatar’s stake in Spain’s Iberdrola

Posted on 18 March 2011 by VRS  |  Email |Print

Allen & Overy, Freshfields Bruckhaus Deringer, and leading Spanish firm Uría Menéndez are advising on state-backed Qatar Holdings’ acquisition of a 6.2 percent stake in Spanish power company Iberdrola for $2.82 billion, according to U.K. publication Legal Week.
Representing Bilbao-based Iberdrola, one of the largest private electric utilities and renewable energy operators in the world, is A&O corporate partner Richard Browne in London and Madrid office managing partner Iñigo Gómez-Jordana. The firm previously advised Iberdrola on its $22.5 billion acquisition of Scottish Power in 2006……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Azerbaijan’s Oil Fund announces a tender for ICT equipment and software

Posted on 18 March 2011 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has announced a tender procedure for purchase of computer facilities and licensed software.
The tender commission informs that the tender invites bids for purchase of computer facilities, dictaphone recorders, microphones for video cameras and licensed software to ensure information security……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Kazakhstan to built Northern-Caspian ecological oil spills response base

Posted on 18 March 2011 by VRS  |  Email |Print

KazMunaiGas will commence the construction of the Northern-Caspian Ecological Oil Spills Response Base (NCEOSRB) in Atyrau. Some 100 percent of the shares of KazMunaiGas belong to the Samruk-Kazyna National Welfare Fund.
“The goal is to guarantee a rapid response to oil spills during commercial development in the northern Kazakh sector of the Caspian Sea, as well as to hold ecological and weather monitoring, and fauna rehabilitation,” KazMunaiGas said………………………………………Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Former SIA head of public relations to head corporate affairs at Temasek Holdings

Posted on 18 March 2011 by VRS  |  Email |Print

Stephen Forshaw, the former head of public relations at Singapore Airlines, is taking over as head of corporate affairs at Singapore investment fund Temasek Holdings.
Forshaw, who is currently director of Corporate Communications for Asia Pacific at Microsoft, told marketing-interactive.com, “I have accepted an offer to join Temasek Holdings. This is a very exciting step for me as I am very conscious of the importance of Temasek in Singapore.”………………………………………Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Future Fund climbs sovereign league tables

Posted on 18 March 2011 by VRS  |  Email |Print

Australia’s Future Fund is now the 13th largest sovereign wealth fund in the world, moving up from 15th place according to new figures from alternative investment research firm Preqin. The Future Fund grew by US$11.4 billion from US$59.6 billion last year, raising it from 15th place, Preqin said.
The report compares the world’s sovereign wealth funds in US dollar terms and valued the Future Fund at US$71 billion this year, putting it just outside the top 10 funds on the global league table……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Doogan wants to add $10 bln to Permanent Fund

Posted on 18 March 2011 by VRS  |  Email |Print

According to an announcement from the Alaska House of Representatives Democratic Caucus, Anchorage Rep. Mike Doogan has submitted a bill (HB 194) that would transfer $10 billion from the state’s Constitutional Budget Reserve Fund to the Alaska Permanent Fund.
The bill was referred to the House Finance Committee, upon which Rep. Doogan serves……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Australia: Forging wealth fund from resources boom ‘a must’

Posted on 17 March 2011 by VRS  |  Email |Print

From Theaustralian.com.au: Business leaders yesterday backed calls for the windfall profits from the resources boom to be put into a new sovereign wealth fund. Commonwealth Bank chief executive Ralph Norris, UBS investment banking chief Guy Fowler and BT Investment Management equity strategist Crispin Murray warned that Australia should make sure it retained some of the wealth from the current mining boom for the benefit of future generations.
“We really should be looking at a sovereign wealth fund,” Norris said. “At some point in time, this cycle is going to end and, to have something left from that and something that can act as a buffer going forward, is absolutely essential.”………………………………………Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Australian veterans back SWF to save resources boom

Posted on 17 March 2011 by VRS  |  Email |Print

From Automatedtrader.net: Australia’s existing wealth fund, the Future Fund, administers 72 billion Australia dollars (US$71.35 billion) set aside to cover the government’s pension liabilities.
The creation of a larger sovereign wealth fund along the lines of those set up in the Middle East’s oil-rich states could see Australia taking significant holdings in major foreign companies and banks as a way to reprocess profits from any possible tax on the nation’s miners……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Norton Rose wins adviser role for Australian sovereign wealth fund

Posted on 17 March 2011 by VRS  |  Email |Print

From Legalweek.com: Norton Rose has won a coveted client mandate in Australia, with the firm appointed as a legal adviser to a local sovereign wealth fund with assets worth A$70bn (£45bn). The firm won the appointment in January this year after the Future Fund conducted the first review of its local law firm arrangements since it was formed in 2006.
The review launched in October last year, with Norton Rose securing an initial three-year appointment, with the possibility of a one or two-year extension to its term……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

banner
banner
March 2011
M T W T F S S
« Feb   Apr »
 123456
78910111213
14151617181920
21222324252627
28293031