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Sovereign Wealth Funds Briefing - Archive | May, 2011

Revealed: Where Libya invests $53bln

Posted on 26 May 2011 by VRS  |  Email |Print

The location of $53bn (£33bn) of Libyan state assets has been uncovered by the leaking of an internal management document of the Libyan Investment Authority.
The document, leaked to the campaigning group Global Witness, discloses that on 30 June last year $293m of Libyan state money was on deposit in various HSBC accounts and a further $275m was in an HSBC hedge fund, $110m had been invested in private equity funds managed by Royal Bank of Scotland, and $182m was in Goldman Sachs accounts and funds……………………………………….Full Article: Source

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Kazakhstan Development Bank assets drop 11.3pct in first quarter

Posted on 26 May 2011 by VRS  |  Email |Print

Assets of the “Development Bank of Kazakhstan” JSC (DBK), 100% owned by the “Samruk-Kazyna” National Welfare Fund. have reduced by 11.3% to 849.87 billion tenge in the first quarter.
Assets of the Development Bank of Kazakhstan decreased by 11% in the first quarter totaling almost 850 billion tenge, according to KazTAG. According to the Kazakhstan Stock Exchange, the DBK’s debts amounted to 583 billion tenge while its profit exceeded 527 million tenge……………………………………….Full Article: Source

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Alaska: Sovereign wealth fund earmarks $750 mln for credit hedge funds

Posted on 26 May 2011 by VRS  |  Email |Print

The Alaska Permanent Fund Corporation, a sovereign wealth fund set up to manage the state’s oil riches, has announced that it will make a $750 million allocation to credit funds. The new money will be allocated in 2012 across various funds that target corporate credit opportunities.
The board of the $42 billion fund also approved measures which give the entity greater flexibility in the way that it invests in credit hedge funds. It will now be able to invest through funds of funds and its executives will gain greater powers to approve investments……………………………………….Full Article: Source

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Alaska wealth fund to put $1.75bln in alternative investment programs

Posted on 26 May 2011 by VRS  |  Email |Print

Alaska Permanent Fund has approved a $1.75 billion allocation to its alternative investment programs, Pensions & Investments reports. The fund has also approved authorized manager searches for timber and diversified inflation fund managers.
The wealth fund’s general consultant, Callan Associates, has been appointed to assist in the process. The fund has also allocated $750 million to corporate credit opportunities, $600 million to new private equity investments and $400 million to infrastructure investments……………………………………….Full Article: Source

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Sovereign wealth funds ‘face more regulation’

Posted on 25 May 2011 by VRS  |  Email |Print

Sovereign Wealth Funds (SWF) have, in recent years, been facing increasing regulation, and have had to deal with protectionist measures and greater attention from states based on issues of security, as seen in the Dubai Ports case in the USA.
“The rapid growth in the number and size of SWFs has led to fears in recipient countries of manipulation of key industries such as energy and banking and access to information and technology. The Committee of Foreign Investment in the US, for example, has called to block investment if it is perceived as a threat to national security……………………………………….Full Article: Source

CIC subscribes to US$60 mln of Huaneng Renewables Hong Kong IPO

Posted on 25 May 2011 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp. has agreed to buy US$60 million worth of shares in Huaneng Renewables Corp. ( 0958.HK), a person familiar with the situation said Wednesday, becoming the latest cornerstone investor to subscribe to the wind-farm operator’s initial public offering in Hong Kong
Including CIC’s investment, Huaneng Renewables has secured a total of US$335 million from nine cornerstone investors for its relaunched initial public offering in Hong Kong that could raise up to US$988 million……………………………………….Full Article: Source

It’s not if, but when, China owns the world

Posted on 25 May 2011 by VRS  |  Email |Print

The China Investment Corporation was set up in 2007 to invest some of the $US3 trillion in foreign exchange reserves accumulated through trade surpluses - fuelled in part, critics would say, by an artificially depressed exchange rate.
It is the world’s fourth largest sovereign wealth fund but is growing fast as the Chinese government pursues its twin goals of securing raw materials and energy, and reducing its holdings of US treasury bonds, which Beijing no longer sees as future proof……………………………………….Full Article: Source

Chinese interested in the Kremlin’s new sovereign fund

Posted on 25 May 2011 by VRS  |  Email |Print

As it tries to convince Western investors to invest to modernise its economy, Russia has also drawn China’s attention. The China Investment Corp (CIC) is in fact eyeing investment opportunities in the Russian Federation.
Russia “has big development potential given its vast market and rich resources,” said Lou Jiwei, head of China’s US$ 300 billion sovereign wealth fund. “CIC is willing to invest in Russia,” he said……………………………………….Full Article: Source

Japan, Abu Dhabi firms set up $100 mln Turkey fund

Posted on 25 May 2011 by VRS  |  Email |Print

Japan’s SBI Holdings and Abu Dhabi-owned Invest AD will invest $100 million in a new private equity fund focused on acquisitions in Turkey, the companies said in a statement on Tuesday.
Invest AD is owned by Abu Dhabi Investment Council (ADIC), which focuses on countries closer to home and is a separate entity from Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds……………………………………….Full Article: Source

Gulf SWFs to focus on local investments

Posted on 25 May 2011 by VRS  |  Email |Print

The Gulf region’s sovereign wealth funds, or SWFs which account for 44 per cent of global SWF flows, representing just over $1 trillion are stepping up their domestic investments in the wake of the Middle East unrest, leading asset management company Invesco said.
Invesco’s latest study suggests geo-political drivers could prompt GCC-based SWFs to shift to more locally-focused investments and balanced-equity investment……………………………………….Full Article: Source

GCC investors go West in search of opportunities

Posted on 25 May 2011 by VRS  |  Email |Print

Gulf-based sovereign wealth funds have not abandoned regional and local investments despite the widespread political unrest, according to Nick Tolchard, head of Invesco Middle East.
“The political crises might mean short-term concerns but investors in the region, like sovereign wealth funds, are taking a more sensible long-term returns approach. There still appears to be a great deal of confidence. At least, there is no more cautiousness then there was last year,” he said……………………………………….Full Article: Source

‘Middle East’ is pulled towards Asia by economics and affinity

Posted on 25 May 2011 by VRS  |  Email |Print

GCC sovereign wealth funds have become significant investors in emerging Asia, and the growing Asian middle classes, especially from China, are flocking to tourist cities like Dubai and Abu Dhabi. There is also growing academic exchange.
At the newly launched King Abdullah University of Science and Technology in Saudi Arabia, the largest contingent of foreign students are not Arabs or Europeans, but Chinese, while GCC states are sending record numbers of students to study in China……………………………………….Full Article: Source

Nigeria: Not enough stats

Posted on 25 May 2011 by VRS  |  Email |Print

The Sovereign Wealth Fund (SWF), which will need between $8 to $10 billion to address the issue of Nigeria’s infrastructure deficit, was set up by the administration of President Goodluck Jonathan, with plans to create opportunities for the conversion of gas resources to electric power generation; initiate metroline systems in cities like Kano and Lagos; develop waterways and ensure sustainable water supply, among others.
A Sovereign Wealth Fund is a state-owned investment fund comprising financial assets like stocks, bonds, property and precious metals. SWF, which may be accumulated over a period of time, and held by the central bank of a nation, or may simply be a direct savings or setting aside of some funds by the state, are generally invested globally……………………………………….Full Article: Source

Greece to launch sovereign wealth fund

Posted on 24 May 2011 by VRS  |  Email |Print

George PapaconstantinouGreece will create a sovereign wealth fund composed of real estate and state-owned assets as it looks to accelerate its deficit reduction program, according to the Greek finance minister George Papaconstantinou.
In a May 23 statement, Papaconstantinou announced that the cabinet had agreed to take “additional measures” to raise an additional 6 billion euros, in order to achieve the country’s deficit reduction targets……………………………………….Full Article: Source

Gulf SWFs to focus on local investments

Posted on 24 May 2011 by VRS  |  Email |Print

The Gulf region’s sovereign wealth funds, or SWFs — which account for 44 per cent of global SWF flows, representing just over $1 trillion — are stepping up their domestic investments in the wake of the Middle East unrest, leading asset management company Invesco said on Monday.
Invesco’s latest study suggests geo-political drivers could prompt GCC-based SWFs to shift to more locally-focused investments and balanced-equity investment……………………………………….Full Article: Source

Key shifts in GCC sovereign wealth fund investment behaviour

Posted on 24 May 2011 by VRS  |  Email |Print

Invesco Asset Management Limited today released its second annual Invesco Middle East Asset Management Study which offers insight into the complex investment behaviour of sovereign wealth funds (SWFs) in the Gulf Cooperation Council (GCC) region and provides a new framework to help interpret investment preferences across these ever-evolving markets.
The new model helps dispel the myth about the prevalence of international ‘trophy asset’ investing, and suggests geo-political drivers could be drawing money flows towards local development. ………………………………………Full Article: Source

GCC sovereign wealth funds astute investors: Tolchard

Posted on 24 May 2011 by VRS  |  Email |Print

Contrary to the view that a majority of Gulf Cooperation Council (GCC) sovereign wealth funds put money mainly into “policy supporting” investments and trophy assets, a study has revealed that such investments account for a minor portion of their assets.
According to the second annual Invesco Middle East Asset Management Study, these account for just 5 percent of SWF assets……………………………………….Full Article: Source

A GCC wealth fund should bid for BP

Posted on 24 May 2011 by VRS  |  Email |Print

BP’s footprint in the Gulf states goes back a century, to the time of the first oil strikes in Qajar Persia, the Royal Navy’s conversion from coal to oil during the World War One, the Crown’s controlling shareholding in the legendary Anglo-Persian Oil Company (APOC), to the oilfields gusher of Kuwait and Iraq and the LNG terminals of Qatar.
This is the perfect opportunity for a GCC sovereign wealth fund, ideally from Abu Dhabi, to take a strategic stake in a wounded Seven Sister colossus of Big Oil……………………………………….Full Article: Source

Brazil seems a perfect match for Abu Dhabi

Posted on 24 May 2011 by VRS  |  Email |Print

What kind of growth is Mubadala, a strategic investment company owned by the Abu Dhabi Government, looking for in Brazil?
According to sources in the Brazilian government, potential areas of investment include oil and gas, aluminium, semiconductors, infrastructure and aerospace, while agribusiness may also be a possible avenue……………………………………….Full Article: Source

Qataris still dream the dream on big investment returns

Posted on 24 May 2011 by VRS  |  Email |Print

Sovereign wealth funds in the GCC were looking furthest ahead, the survey found, with an average 6.7 year time horizon, while expatriates came in at 5.1 years and GCC nationals 2.2 years.
The results underscored that asset managers had yet to convince local investors of the merits of long-term investing, said Nick Tolchard, the head of Invesco Middle East, the investment firm that commissioned the survey……………………………………….Full Article: Source

Nigeria: Passage of sovereign wealth fund bill

Posted on 24 May 2011 by VRS  |  Email |Print

Having consistently advocated for it, we welcome the passage of the Nigerian Sovereign Investment Authority (NSIA) Bill, popularly called the Sovereign Wealth Fund (SWF) Bill by the National Assembly. But we note that this is only the first of many crucial steps necessary for achieving the desired objectives of the bill.
Last week, both chambers of the National Assembly passed the bill to set out an era of a more transparent way to manage the country’s oil earnings. President Goodluck Jonathan is expected to sign the bill into law……………………………………….Full Article: Source

Azerbaijan expects additional $6 bln from oil sales

Posted on 24 May 2011 by VRS  |  Email |Print

Oil prices per barrel rose from $60 to $80. Azerbaijan expects an additional 5 billion mantas from oil sales in 2011. The Accounts Chamber said that adjustments to the law on state budget of Azerbaijan in 2011 will give 770 million mantas to the state budget and 3,500-4,000 to the State Oil Fund.
The oil prices in January-April 2011 exceeded $100 per barrel. Currency reserves will stay at $30 billion after all transfers are realized by the fund. SOCAR transfers are expected to be at 9.18 billion mantas in 2011, rising by 41.7% (2.7 billion mantas), compared to forecasts, making 59% of budget income……………………………………….Full Article: Source

Top Chinese fund sees investment potential in Russia

Posted on 24 May 2011 by VRS  |  Email |Print

Chinese companies can find rich investment opportunities in Russia through its planned direct investment fund and a new round of privatization, says China Investment Corporation chairman Lou Jiwei. Lou told Xinhua that Russia is a big market, with competitive economic sectors and development potential.
Lou said the CIC, a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves, is willing to invest in Russia……………………………………….Full Article: Source

CIC willing to launch invest in Russia: chairman

Posted on 24 May 2011 by VRS  |  Email |Print

China Investment Corp or CIC, the country’s US$300 billion sovereign wealth fund, is willing to launch investment in Russia which has large market, abundant resources and great development potential, sources reported, citing CIC Chairman Lou Jiwei as saying.
There are two investment channels in Russia. One is through Russia’s direct investment fund, and the other one is through a new round of privatization in the country, said Lou, adding that there are many investment opportunities in Russia as the Russian government is actively adjusting the economic structure of the country……………………………………….Full Article: Source

Chinese might join direct investment fund

Posted on 24 May 2011 by VRS  |  Email |Print

China Investment Corporation is interested in direct investment in Russia, Xinhua reported.
Russia has “huge development potential, given the size of its market and its wealth of resources,” the $300 billion sovereign wealth fund’s chairman and chief executive Lou Jiwei told the agency during a visit to Moscow. “CIC is prepared to invest in Russia,” Lou said……………………………………….Full Article: Source

China FX reserves climb $138 bln in Q1

Posted on 24 May 2011 by VRS  |  Email |Print

China’s foreign exchange reserves increased by $138 billion in the first quarter this year, the country’s currency regulator said on Tuesday, less than a $197 billion surge reported initially by the central bank.
In a statement on its website, the currency regulator also said that China’s current account surplus stood at $29.8 billion in the first quarter, down 18 percent from a year ago……………………………………….Full Article: Source

Strategic Hotels to buy 49pct stake in InterContinental Chicago

Posted on 24 May 2011 by VRS  |  Email |Print

Strategic Hotels & Resorts Inc. agreed to acquire the 49% interest it doesn’t already own in the InterContinental Chicago from Singapore’s sovereign-wealth fund in a deal that values the hotel at $288.3 million.
Government of Singapore Investment Corp., known as GIC, will receive about 10.8 million Strategic Hotels shares at an issuance price of $6.50 each and $11.8 million of cash. The deal, expected to close in the current quarter, will leave GIC with about 5.8% of the real-estate investment trust’s expected 185.6 million Strategic Hotels shares outstanding……………………………………….Full Article: Source

Khazanah Nasional MD talks on many issues

Posted on 24 May 2011 by VRS  |  Email |Print

Khazanah Nasional managing director Tan Sri Azman Mokhtar spoke on CNBC’s Managing Asia show last Friday, covering a wide range of topics from procurement to Proton and Iskandar to Integrated Healthcare. Here are excerpts from the interview.
There is certainly more transparency. Not just in procurement but when we divest an asset, for example. You know it is not done in small rooms, it is actually done through a proper process……………………………………….Full Article: Source

Australia’s Future Fund buys stakes in two buildings

Posted on 24 May 2011 by VRS  |  Email |Print

Australia’s government wealth fund Future Fund has acquired a 50% stake in two buildings in Brisbane from Stockland Capital Partners.
The Future Fund paid as much as AUD$216.4m (€162.5m) to acquire a 50% interest in an office building Waterfront Place from an unlisted property fund owned by Stockland, Stockland Direct Office Trust No. 1 (SDOT1)……………………………………….Full Article: Source

Sovereign wealth funds just keep getting bigger

Posted on 24 May 2011 by VRS  |  Email |Print

The aggregate assets of the world’s sovereign wealth funds rose 11% through 2010 to $3.8 trillion according to a report by Prequin. Whether grand totals like that make much sense, of course, is another matter. The funds are not managed as an aggregated total and each pursues its own strategy. Management risk profiles and investment strategies vary hugely.
However, there appear to be clear signs that having committed a fair number of high profile blunders over the last few years in their search for higher yield, funds have, in general, become better at investing. ………………………………………Full Article: Source

SWF: New force in global market

Posted on 23 May 2011 by VRS  |  Email |Print

Chin Young-wookWith the aftermath of the global financial crisis waning, sovereign wealth funds (SWF) have emerged as a new force on the global money market, changing the landscape of the financial industry.
In terms of assets under management, SWFs around the world were sitting on a combined $4.2 trillion war chest in December, up 11 percent from $3.59 trillion year-on-year, according to The CityUK. The figure stood at only $1.1 trillion in 2000……………………………………….Full Article: Source

War of sovereign funds

Posted on 23 May 2011 by VRS  |  Email |Print

Korea Investment Corporation (KIC) aims to expand assets to $100 billion to join ‘premier league’ By Kim Jae-kyoung A war without gunfire is looming larger and larger. There is a heated competition brewing between major powers and emerging forces over dwindling energy and other natural resources and eventually the expansion of their economic territories.
At the center stage of the war are sovereign wealth funds (SWF) representing each country, a pool of money derived from a country’s reserves, which is set aside for investment purposes……………………………………….Full Article: Source

China wealth fund may buy into Russia

Posted on 23 May 2011 by VRS  |  Email |Print

China’s sovereign wealth fund sees great development potential in Russia, with its vast market and ample resources, and is willing to invest in the country, Xinhua News Agency reported Monday, citing China Investment Corp. Chairman Lou Jiwei.
CIC sees two channels for possible investments in Russia: either through Russia’s direct investment fund, or through a new round of privatization in the country, the report cited Lou as saying, adding he sees many investment opportunities as the Russian government is actively adjusting the country’s economic structure……………………………………….Full Article: Source

Corporate China’s political shadows

Posted on 23 May 2011 by VRS  |  Email |Print

It was reported this week that China’s sovereign wealth fund is about to receive new capital from the government, adding billions of dollars annually to its already impressive wallet. As China’s economic power continues to grow and countries around the world compete for Chinese investment, the question facing developed countries is not so much what happens when China rules the world, as what will be the impact when China owns the world?
The China Investment Corporation was set up in 2007 to invest some of the $3tn in foreign exchange reserves that have accumulated through trade surpluses – fuelled in part, critics would say, by an artificially depressed exchange rate……………………………………….Full Article: Source

China in talks with buyout firm

Posted on 23 May 2011 by VRS  |  Email |Print

China Development Bank is in talks to buy a minority stake in TPG Holdings, according to a person familiar with the situation, making it the latest major state-backed investor from abroad to seek a piece of the San Francisco-based buyout firm.
The Chinese policy bank would join Kuwait Investment Authority and Government of Singapore Investment Corp., which recently agreed to purchase nearly 5% of TPG, people close to the matter said……………………………………….Full Article: Source

Oman sovereign wealth fund to buy 5pct in NCDEX

Posted on 23 May 2011 by VRS  |  Email |Print

Oman Investment Fund (OIF), a sovereign wealth fund owned by the Oman government, and a hedge fund have agreed to buy part of National Stock Exchange’s stake in National Commodity Derivatives Exchange (NCDEX) in a deal that would value the bourse at Rs 700 crore.
“OIF has agreed to pick up 5% in the commodity exchange from NSE and a hedge fund will buy 1.1% at a little under Rs 145 a share, the price Renuka Sugars paid to buy 7% in NCDEX from Crisil last year,” said a person aware of the development……………………………………….Full Article: Source

Excess Crude Account illegal, says Saraki

Posted on 23 May 2011 by VRS  |  Email |Print

Chairman of the Nigeria Governors Forum (NGF) Bukola Saraki has said the Excess Crude Account is illegal. But, to him, that governors are not abusing the account by withdrawing funds statutorily meant for the states from it.
He said the NGF might choose a new chairman this week. The new chairman, according to him, will not necessarily be a PDP governor……………………………………….Full Article: Source

French fund to put Sh500mln into Kenya’s green projects

Posted on 23 May 2011 by VRS  |  Email |Print

Kenyan companies investing in carbon trading projects are set to tap a Sh500 million allocation by French sovereign fund PROPARCO that seeks to finance environmental initiatives. The fund is set to invest an estimated Sh500 million in Kenya targeting projects aimed at cutting carbon emissions.
The investments, to be made in the medium term, will benefit firms engaging in a wide range of environmentally friendly projects, including electricity generation from biomass, solar, hydro, or wind sources……………………………………….Full Article: Source

China wealth fund sees no need for new forex fund

Posted on 20 May 2011 by VRS  |  Email |Print

Jin LiqunAn executive with China Investment Corp., the country’s sovereign wealth fund, said that he doesn’t see a need for the country to set up any new foreign exchange-reserve investment funds, Caixin Media reported Friday on its website.
Jin Liqun, chairman of CIC’s board of supervisors, said in a speech in Washington D.C that CIC has covering most investment sectors and has done a good job with its investments, Caixin reported……………………………………….Full Article: Source

Temasek’s reserves built up under current govt will be protected

Posted on 20 May 2011 by VRS  |  Email |Print

Stephen ForshawThe new Cabinet will be sworn in tomorrow. This marks the start of a new term of the Government in Singapore. Accordingly, all reserves built up by Temasek Holdings, up to and including today, will be protected as Temasek’s past reserves.
We take this opportunity to share the following additional background facts with the public……………………………………….Full Article: Source

Malaysia sovereign wealth chief defends Parkway acquisition

Posted on 20 May 2011 by VRS  |  Email |Print

The head of Malaysia’s government investment arm Khazanah Nasional has defended its purchase of Singapore hospital operator, Parkway Holdings last year.
The sovereign wealth fund outbid India’s Fortis Healthcare and ended up paying $2.6 billion for the 76.1 percent stake it didn’t already own. “For something like healthcare, the circumstances were that we had to defend our assets in Parkway,” Azman Mokhtar said……………………………………….Full Article: Source

UK ministers mure sovereign wealth funds chief

Posted on 20 May 2011 by VRS  |  Email |Print

The focus on SWFs is important because it is one of the most important and prominent pieces of the global financial jigsaw. Ignored just a few years ago, these funds from countries such as Abu Dhabi, China and Norway control trillions of dollars of wealth, and yet to date, Britain has not had a team of officials responsible for engaging with them.
Boyd’s appointment, on which UKTI declined to comment tonight, is also significant because it comes during a period of change for the trade promotion body……………………………………….Full Article: Source

Kazakh state chemicals producer to borrow $3 bln next year

Posted on 20 May 2011 by VRS  |  Email |Print

United Chemical Co., a unit of Kazakhstan’s sovereign wealth fund, may borrow about $3 billion from banks next year as the nation seeks to boost exports of refined oil and gas products.
The chemicals producer may tap banks including HSBC Holdings Plc (HSBA) to help attract project-financing loans, Chief Executive Officer Dauren Yerdebai said………………………………………Full Article: Source

AIG’s Re-IPO draws interest from Singapore, Kuwait funds

Posted on 20 May 2011 by VRS  |  Email |Print

Sovereign-wealth funds from Singapore and Kuwait have submitted indications of interest in the $9 billion stock offering by American International Group Inc. and the U.S. Treasury, according to people familiar with matter.
The indications by the Government of Singapore Investment Corp., known as GIC, and the Kuwait Investment Authority, or KIA, were conveyed before the start of a 10-day roadshow promoting that offering, one of the people said. The indications aren’t binding……………………………………….Full Article: Source

Nigeria: Reps pass sovereign wealth bill

Posted on 20 May 2011 by VRS  |  Email |Print

The bill (Sovereign Investment Authority Bill), was earlier passed by the Senate on May 11 at its plenary session. The authority, when established, would receive, manage and invest in diversified portfolio of medium and long-term ventures of the federal, state and local governments.
Rep. Itah Enang (PDP-Akwa-Ibom) while addressing newsmen after the session, expressed opposition to the idea of setting up the Fund, using funds of all three tiers of government……………………………………….Full Article: Source

KCIC records another profitable year, expects significant growth in 2011

Posted on 20 May 2011 by VRS  |  Email |Print

KCIC shareholders today approved the company’s financial results for the year 2010, which stood at KD4.6m in net profit with an earning of 5.8 fils per share, at the company’s Annual General Meeting that was held at its headquarters in Kuwait City.
Key shareholders include The Kuwait Investment Authority, the Sovereign Wealth Fund of Kuwait, National Investment Company, one of the leading investment banks in the Middle East, and Al Ghanim Industries, one of the largest conglomerates in the Middle East……………………………………….Full Article: Source

Global FX reserves set to top US$11-trillion

Posted on 20 May 2011 by VRS  |  Email |Print

The massive build-up of foreign exchange reserves in emerging markets is clearly leading to domestic problems. This rapid accumulation of largely U.S. dollar assets – part of an effort to control the pace of currency appreciation and protect export sectors – is coming even at the expense of growth in domestic demand, according to Joseph Lupton, senior global economist at J.P. Morgan.
“By any metric, the continued surge in emerging market foreign exchange reserves is well above what could be called precautionary,” he said in a recent report……………………………………….Full Article: Source

AIG share sale: Kuwait, Singapore funds express interest

Posted on 19 May 2011 by VRS  |  Email |Print

Robert BenmoscheAmerican International Group’s ballyhooed stock offering looms early next week, and apparently the firm’s promotional tour is bearing fruit.
The Wall Street Journal reports today that sovereign wealth funds in Singapore and Kuwait have expressed interest in the AIG sale. Earlier in the week, the Journal reported that underwriters had garnered interest for about of the $9 billion offering……………………………………….Full Article: Source

Nigeria: Sovereign wealth fund will speed up infrastructure development, says Aganga

Posted on 19 May 2011 by VRS  |  Email |Print

Olusegun AgangaMinister of finance Wednesday said that the establishment of the Sovereign Wealth Fund (SWF) would help fast track the development of infrastructure in the country and also establish financial discipline.
Aganga told reporters shortly after the weekly Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja, that the SWF was responsible for the over subscription of the Euro Bond issued earlier in the year by Nigeria……………………………………….Full Article: Source

SWF will instil discipline in windfall income management

Posted on 19 May 2011 by VRS  |  Email |Print

Analysts have said that the passage of the Nigeria Sovereign Wealth Fund Bill will instil more discipline in the way the country’s excess crude oil revenues are being managed. Analysts made this known in the money market weekly report of the First Security Discount House.
According to them, the passage of the SWF Bill will instil more discipline in political office holders in managing windfall income of the country……………………………………….Full Article: Source

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