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Sovereign Wealth Funds Briefing - Archive | June, 2011

Sovereign funds flocking to Mongolia

Posted on 23 June 2011 by VRS  |  Email |Print

Eric ZurrinSovereign wealth funds, private equity and some of the world’s multi-billionaires have descended onto Mongolia to sniff out investment opportunities, as they bet the country’s booming resources sector will produce big winners, business executives said on Wednesday.
Mongolia, blessed with abundant mineral resources, sits on the doorstep of the world’s largest resource consumer, China. But getting the minerals out of the ground to its southern neighbour and elsewhere is a big challenge with no sea port………………………………………..Full Article: Source

Will Poland create a SWF?

Posted on 23 June 2011 by VRS  |  Email |Print

Waldemar PawlakPoland hopes to benefit from prospective shale gas output and may pass laws similar to those that helped Norway build its sovereign wealth fund, Economy Minister Waldemar Pawlak said. “In Norway oil and gas deposits allowed it to create funds that accumulate money for the future,” Pawlak said. “We will also need this type of solution.”
Norway, a nation of 4.9 million people, generates money for its $570 billion sovereign wealth fund from taxes on oil and gas, ownership of petroleum fields and dividends from its 67 percent stake in Statoil ASA, the country’s largest energy company………………………………………..Full Article: Source

Singapore GIC executive director Tony Tan resigns

Posted on 23 June 2011 by VRS  |  Email |Print

Tony Tan, executive director at Singapore’s sovereign wealth fund GIC, said on Thursday he has resigned and will run for president in an election that must be held before end-August.
Tan, a former deputy prime minister, said at a media conference that his resignation will be effective from July 1………………………………………..Full Article: Source

Who could fill Tony Tan’s shoes at GIC?

Posted on 23 June 2011 by VRS  |  Email |Print

Dr Tony Tan’s (picture) possible candidacy in the coming Presidential Election could leave the door wide open for a new executive director at the Government of Singapore Investment Corporation (GIC).
Dr Tan will have to resign from the GIC should he be elected as President. No names were readily offered as a possible replacement for Dr Tan at GIC by most of the GIC watchers whom Today spoke to………………………………………..Full Article: Source

China eyes Canada oil, US’s energy nest egg

Posted on 23 June 2011 by VRS  |  Email |Print

Zhang Junsai, China’s ambassador to Canada, said his country is willing to invest heavily in Canada. He told The Associated Press that the fact that China’s $300 billion sovereign wealth fund, China Investment Corp., chose Toronto as the venue for its first overseas office is a “very good sign.”
The fund invested $800 million in Calgary-based Penn West Energy last year and $1.5 billion in Canadian mining company Teck Resources in 2009………………………………………..Full Article: Source

Bumi Resources says may resell convertible bond to creditors, investors

Posted on 23 June 2011 by VRS  |  Email |Print

Bumi Resources , Asia’s biggest thermal coal exporter, said on Wednesday that it is considering reselling $2.07 billion of convertible bonds to its creditors to repay debt or to strategic investors. China’s sovereign wealth fund CIC is Bumi Resources’ biggest creditor.
Bumi will receive the bond from London-based Bumi Plc, the renamed venture of Vallar and its controlling shareholder, in exchange for a 75 percent stake in its unit Bumi Resources Minerals……………………………………….Full Article: Source

Medvedev puts Russia in a choice situation

Posted on 23 June 2011 by VRS  |  Email |Print

Despite an average oil price over $100 a barrel in 2011, Russia’s sovereign wealth funds are bleeding assets, not accumulating them, because social and military spending have rocketed. Ten years ago, the Russian budget balanced at an oil price of barely $20 a barrel.
This year, Finance Minister Alexei Kudrin says it won’t balance even at $115 a barrel. The non-oil budget deficit, according to the International Monetary Fund, will be 12.7% of gross domestic product this year, more than eight percentage points higher than before the financial crisis……………………………………….Full Article: Source

Singapore’s GIC ups stake in infrastructure holding

Posted on 22 June 2011 by VRS  |  Email |Print

A unit of Singapore’s main wealth fund has raised its stake in the holding company which controls Italian toll road operator Atlantia, allowing it to boost its Atlantia ownership to 43.21 percent.
Infrastructure holding company Sintonia said in a statement on Tuesday a unit of the Government of Singapore Investment Corporation (GIC) had financed a 92.6 million euro capital increase which allowed Sintonia to buy a further 0.96 percent of Atlantia last month……………………………………….Full Article: Source

GIC may buy 15pct in Vasan Healthcare for $100 mln

Posted on 22 June 2011 by VRS  |  Email |Print

KP BalarajSpecialist eye hospitals chain Vasan Healthcare is in advanced talks to sell up to 15% stake to Singapore sovereign wealth fund GIC for around $75-100 million ( 337-450 crore), two people familiar with the negotiations said.
GIC is the frontrunner among 4-5 investors the Chennai-based company is negotiating with, the two persons said, although the Singapore fund declined to comment. Vasan, which runs the country’s largest chain of eye hospitals, said it was talking to 4-5 investors. “We expected to close the deal in eight weeks,” Chairman Dr C M Arun said……………………………………….Full Article: Source

Chinese government buying up the United States

Posted on 22 June 2011 by VRS  |  Email |Print

John Rolls submits, Michael Synder writes: In 2011, America is for sale and the communist Chinese are eager buyers. The Chinese government is using sovereign wealth funds and Chinese state-owned enterprises to buy up economic assets and huge tracts of land all over the United States.
Many of our politicians hail all of this “foreign investment” as something that is “good for America”, while many others see something much more sinister going on here. In any event, this is a trend that is rapidly accelerating and that is causing great concern among patriotic Americans……………………………………….Full Article: Source

Super fund invests in Indian nuclear sub company: Greens

Posted on 22 June 2011 by VRS  |  Email |Print

The New Zealand Superannuation Fund should not be making money by investing in an Indian company building nuclear-armed submarines, the Green Party says.
Figures provided to the Greens show the Super Fund holds 44,595 shares in Larsen and Toubro, a Mumbai-based multinational involved in designing and building a fleet of nuclear-armed submarines for India……………………………………….Full Article: Source

Qatari Diar wins planning permission for Chelsea Barracks

Posted on 22 June 2011 by VRS  |  Email |Print

Developer Qatari Diar last night gained planning permission by Westminster Council last night for its residential scheme at Chelsea Barracks. Qatari Diar is wholly owned by the Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, which is estimated to hold in excess of $60 billion of assets.
Under the new terms, there will be 123 affordable homes out of the 448 new homes that will be built in total on the 13 acre site, in addition to the £78m payment that Qatari Diar will pay the council for not having to build more affordable housing units……………………………………….Full Article: Source

Qatari Diar shortlisted for London Olympic Village bid

Posted on 22 June 2011 by VRS  |  Email |Print

Qatari Diar, the property arm of the Qatar’s sovereign wealth fund, is among three bidders shortlisted to own and manage the Olympic Village in London, it emerged Wednesday.
The state-owned firm, which submitted a joint bid with British property developer Delancey, was shortlisted from a group of by the Olympic Delivery Authority (ODA), the agency said……………………………………….Full Article: Source

Kazakh BTA says has enough cash for upcoming coupon

Posted on 22 June 2011 by VRS  |  Email |Print

BTA , Kazakhstan’s third-largest bank by assets, said it had enough money to meet an upcoming bond coupon payment of $166 million without affecting day-to-day operations.
Bonds in the bank have sold off heavily in recent days on fears BTA, owned 81.5 percent by Kazakhstan’s sovereign wealth fund, would be unable to pay the coupon. Yields on the bonds which mature 2018 hit a record high near 20 percent on Monday……………………………………….Full Article: Source

Norway oil fund confident euro survives

Posted on 22 June 2011 by VRS  |  Email |Print

The chief executive officer of Norway’s $570 billion sovereign wealth fund said the European Monetary Union, which consists of 17 countries sharing the euro currency, will survive amid increasing doubts that Greece will avoid becoming the first member to default on its debts.
“Some people are saying Europe is facing a choice, there is fiscal union or there is a break-up of the euro,” Yngve Slyngstad, the head of the Oslo-based fund, said………………………………………Full Article: Source

Alaska’s Permanent Fund dividend: A policy ripe for export

Posted on 22 June 2011 by VRS  |  Email |Print

In April I had the privilege of participating in a workshop in Anchorage with seven other co-authors of our forthcoming book on Alaska’s Permanent Fund Dividend, the only example in the world of a universal dividend paid to all citizens based on commonly owned natural resources, in this case the oil from Alaska’s North Slope.
The Alaska Permanent Fund was created over 30 years ago as a way to save oil revenue for the future and avoid the “resource curse,” the boom and bust cycle that afflicts many economies rich in resources……………………………………….Full Article: Source

Norway Oil Fund confident euro survives as Greece doubts grow

Posted on 21 June 2011 by VRS  |  Email |Print

The chief executive officer of Norway’s $570 billion sovereign wealth fund said the European Monetary Union, which consists of 17 countries sharing the euro currency, will survive amid increasing doubts that Greece will avoid becoming the first member to default on its debts.
“Some people are saying Europe is facing a choice, there is fiscal union or there is a break-up of the euro,” Yngve Slyngstad, the head of the Oslo-based fund, said………………………………………Full Article: Source

Kazakh wealth fund’s BTA bond plunges on coupon worry

Posted on 21 June 2011 by VRS  |  Email |Print

Kazakh sovereign wealth fund-owned bank BTA’s debt fell sharply on Tuesday as investors fretted over the bank’s financial strength ahead of upcoming coupon payments.
BTA underwent a debt restructuring last year after a 2009 default and its $2 billion bond due 2018 KZ053298877= fell more than 4 points on Tuesday to 73.4, according to Thomson Reuters data, giving a record high yield close to 20 percent……………………………………….Full Article: Source

Russia’s wallet ready for sharing investments

Posted on 21 June 2011 by VRS  |  Email |Print

President Dmitry Medvedev launched the much awaited-for $10 billion Russian Direct Investment Fund. The goal of the fund that has been attracting the attention of international commentators for months now is to attract the world’s leading funds to co-invest in major projects, destroying the myth of excessive risks of doing business in Russia.
Among the international investors that have already expressed an interest - and will probably end up on the international advisory board - are Goldman Sachs, Blackstone, the Abu Dhabi Investment Authority, Kuwait Investment Authority, China Investment Authority, Permira and Caisses des Depots……………………………………….Full Article: Source

Qatar’s sovereign wealth fund is looking to London for 100 roles

Posted on 21 June 2011 by VRS  |  Email |Print

By now, many investment bankers in London will have come to the conclusion that moving to the Middle East isn’t a great career move. However, if you aspirations to move to the region, you might want to look towards the Qatar Investment Authority (QIA).
According to various financial headhunters in the Gulf, the QIA has embarked on a relatively aggressive recruitment spree for 2011, and is looking to haul in around 100 people this year. Even better, it’s looking to the London market for expertise……………………………………….Full Article: Source

Qatari Diar wins approval for $4.8bln London project

Posted on 21 June 2011 by VRS  |  Email |Print

Qatari Diar, the property investment arm of Qatar’s sovereign wealth fund, on Monday won approval for its £3bn ($4.8bn) redevelopment of the Chelsea Barracks site in London.
Revised outline plans for the 13-acre site were supported by councillors at Westminster Council with conditions. Consultations will now continue and an application giving detailed designs for the various buildings will be considered by councillors in the future……………………………………….Full Article: Source

Qatar investors buy 70pct stake in French football club

Posted on 21 June 2011 by VRS  |  Email |Print

Qatari investors have bought a 70 percent stake in French Ligue 1 football club Paris St Germain, the club said on Tuesday. Colony Capital, the US owners of the club, said in statement on the PSG website that it would retain a 30 percent stake.
The statement did not include the name of the investment firm in Qatar but France’s L’Equipe earlier this month said the club was in talks with Qatar Investment Authority, the Gulf state’s sovereign wealth fund……………………………………….Full Article: Source

Qatar Airways may go public in 2011, says Al Baker

Posted on 21 June 2011 by VRS  |  Email |Print

Qatar Airways, the Gulf Arab state’s flagship carrier and half-owned by sovereign wealth fund Qatar Investment Authority, is considering an initial public offering (IPO) in 2011, its chief executive said on Tuesday.
“It could be this year. The more market share we gain, the timeline moves forward,” Akbar Al Baker told reporters, adding that the airline had appointed advisors but declined to name them……………………………………….Full Article: Source

Mumtalakat meeting highlights role of CFOs

Posted on 21 June 2011 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company hosted its first roundtable event for chief financial officers (CFO) of its portfolio companies to share best practice and knowledge in financial management.
The event, held at the Capital Club, is expected to be the first in a series of CFO roundtables. The initiative is part of an overall corporate strategy to create uniform standards of corporate governance and boost knowledge sharing within Mumtalakat and across all portfolio companies……………………………………….Full Article: Source

Libyan fund manager slams Austrian asset freeze

Posted on 21 June 2011 by VRS  |  Email |Print

A top Libyan official accused Austria on Saturday of betraying its liberal traditions by freezing his assets as part of a hunt for offshore wealth held by Libyan leader Muammar Gaddafi and his inner circle.
Austria on Friday added Mustafa Zarti, deputy head of the Libya Investment Authority (LIA) sovereign wealth fund, to its blacklist of suspected Gaddafi cronies, calling him a “close confidant of the regime in Libya”……………………………………….Full Article: Source

Temasek’s Ho has told staff she is not leaving-sources

Posted on 21 June 2011 by VRS  |  Email |Print

Ho Ching, the chief executive of Singapore state investor Temasek Holdings , has told her staff internally that she is not leaving the company, two sources said, denying a recent news report that she may leave in August.
Speculation about her departure had mounted after the Financial Times reported earlier this month that Ho was likely to step down in August……………………………………….Full Article: Source

Ho Ching not leaving Temasek, says report

Posted on 21 June 2011 by VRS  |  Email |Print

Temasek Holdings’ chief executive and executive director Ho Ching is believed to have told staff she is not resigning.
Ms Ho reportedly told employees that if she had to leave on a high note, she could have done so last year, when Temasek’s portfolio had more than recovered from the financial crisis, Reuters said, citing unnamed sources……………………………………….Full Article: Source

Malaysia palm oil firm denies breaching Indonesia’s forest ban

Posted on 21 June 2011 by VRS  |  Email |Print

Malaysian palm oil firm Kuala Lumpur Kepong (KLK) denied on Monday it had breached Indonesia’s two-year forest clearing ban on the first day it was signed to law, calling the allegation by an environmental group “preposterous”. KLK is a part of the $550 billion portfolio for a Norwegian sovereign wealth fund, which EIA and its Indonesian partner Telapak says has profited from deforestation.
But Malaysia’s third-largest listed planter said it stopped an “over eager” contractor from making an unauthorised clearing of a small logged over area that is a small part of one of its concessions in Borneo island……………………………………….Full Article: Source

Future Fund boss David Murray sounds warning on $500bln debt

Posted on 21 June 2011 by VRS  |  Email |Print

Future Fund chairman David Murray has urged governments to heed the lessons of the European and US sovereign debt crises as growing state and federal borrowing pushes their financial liabilities past half a trillion dollars in the new financial year.
Analysis by The Australian finds the states are forecasting their net-debt levels will surge from almost $102 billion this year to $135bn next year to help fund upgrades to rundown electricity, water and other infrastructure……………………………………….Full Article: Source

Should Alaska create a fund to attract investors to develop the Arctic?

Posted on 21 June 2011 by VRS  |  Email |Print

The Alaska Industrial Development and Export Authority — a state development agency that tries to ignite economic growth through financing sometimes risky projects — could be that entity, if political leaders decide to put significant amounts of cash in the agency’s bank account.
Some lawmakers attending the conference are intrigued by the idea, as long as it doesn’t tap the nearly $40 billion Alaska Permanent Fund. But others were quick to recall big AIDEA projects that failed……………………………………….Full Article: Source

SEC eyeing ExxonMobil’s ties to Libyan sovereign fund

Posted on 21 June 2011 by VRS  |  Email |Print

The Securities and Exchange Commission has requested information from Exxon Mobil Corp. about possible payments related to Libya’s sovereign-wealth fund, the company said over the weekend.
“We received a request for information from the SEC and are cooperating and responding,” a spokesman for the U.S. oil giant told Dow Jones Newswires, confirming a report in the Oil Daily newsletter……………………………………….Full Article: Source

Irish Reserve Fund plans alts increase

Posted on 21 June 2011 by VRS  |  Email |Print

The National Pensions Reserve Fund Commission is considering increasing its alternative investments.
Among the investment drivers is diversification—the fund wants to increase allocations to bonds and absolute return funds and reduce the allocation to quoted equities; growth—within equities, the allocation to emerging markets, small-cap and private equity will grow; and inflation protection—there will be more allocations to inflation-linked bonds, commodities and infrastructure……………………………………….Full Article: Source

Qatar in talks to buy stake in Santander’s UK arm

Posted on 20 June 2011 by VRS  |  Email |Print

Qatar is in talks about buying a stake in the British arm of Spanish bank Santander prior to or at the time of a planned flotation of the unit, reported the Sunday Times newspaper.
Santander is in detailed discussions with Qatar Holding, part of the Gulf state’s sovereign wealth fund, among others, about the possibility of such funds becoming cornerstone investors in Santander UK, said the report……………………………………….Full Article: Source

Qatar on pole position as it plans swoop for stake in second major UK bank

Posted on 20 June 2011 by VRS  |  Email |Print

One of the world’s most acquisitive sovereign wealth funds is in early negotiations to pick up a cornerstone stake in a second leading British bank.
Qatar Holdings, which already has a 7 per cent holding in Barclays, is believed to be seriously considering taking a stake in the UK arm of Santander, the Spanish banking major, when it floats before the end of 2011……………………………………….Full Article: Source

Santander says not in talks with Qatar

Posted on 20 June 2011 by VRS  |  Email |Print

Spanish bank Santander said on Sunday it is not currently in talks with Qatar after a report that the Gulf state was in conversations about buying a stake in the British arm of the bank.
The report in the Sunday Times said the bank was in talks with Qatar Holdings, part of the state’s sovereign wealth fund, and with other such funds, about acquiring a stake prior to, or at the time of, a planned flotation of the unit. “There are currently no conversations under way with Qatar about this matter,” a Santander official in Madrid said in response to the report……………………………………….Full Article: Source

Qatari Diar eyes green light on $4.8bln London plan

Posted on 20 June 2011 by VRS  |  Email |Print

Qatari Diar, the property investment arm of Qatar’s sovereign wealth fund, looks likely to finally win approval for its £3bn ($4.8bn) redevelopment of the Chelsea Barracks site.
Revised plans for the 13-acre site have been recommended for approval by planning officers and councillors at Westminster Council and a final decision is set to be made on Monday……………………………………….Full Article: Source

ExxonMobil confirms SEC’s Libya sovereign fund inquiries

Posted on 20 June 2011 by VRS  |  Email |Print

Exxon Mobil Corp (XOM) confirmed over the week-end it had received inquiries from the U.S. Securities and Exchange Commission over possible payments related to Libya’s sovereign fund.
“We received a request for information from the SEC and are cooperating and responding,” a spokesman for the U.S. oil giant said, confirming a report in the Oil Daily newsletter……………………………………….Full Article: Source

Kuwait banks call for overhaul of home loans market

Posted on 20 June 2011 by VRS  |  Email |Print

Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, said in March it would launch a real estate portfolio worth KD1bn ($3.6bn) to invest in the local market.
Mainstream banks in Kuwait are lobbying for an overhaul of mortgage regulations in a bid to open up the Gulf state’s underserved home loans market……………………………………….Full Article: Source

India’s key to sovereign funds’ emerging markets strategy: Debopama Sen, Citi

Posted on 20 June 2011 by VRS  |  Email |Print

Sovereign Wealth Fund , like all larger institutional players, such as government pension funds, central banks, etc, are diversifying their investment allocation from a largely domestic focus to offshore (including emerging markets) and alternatives, such as hedge funds.
India remains a key component of the emerging markets strategy, whether directly or through emerging market or India focused funds………………………………………Full Article: Source

CIC is targeting mining, real estate in Americas, Chee says

Posted on 20 June 2011 by VRS  |  Email |Print

China Investment Corp., the country’s $300 billion sovereign wealth fund, is targeting mining, real estate and infrastructure investments in the Americas, said Felix Chee, the fund’s representative in Canada.
The fund has three “active deals” under consideration, Chee told a CFA Society conference in Toronto today……………………………………….Full Article: Source

SWFs drawn to Tony Hayward’s Vallares

Posted on 20 June 2011 by VRS  |  Email |Print

Hedge funds and sovereign wealth funds snapped up as much as 20pc of Vallares’s £1.35bn share offering, The Sunday Telegraph has learnt.
In a development that appears to be at odds with Vallares’s assertion that UK and US long-only fund managers provided the vast majority of the demand, a significant number of hedge funds invested in the oil-and-gas shell vehiclefounded by a quartet that takes in former BP chief executive Tony Hayward and financier Nat Rothschild……………………………………….Full Article: Source

China sovereign wealth fund may name new co-head

Posted on 17 June 2011 by VRS  |  Email |Print

Li KepingChina Investment Corp. may name Li Keping, currently an executive at the country’s national pension manager, a new co-head of the sovereign wealth fund, said two CIC executives with direct knowledge of the matter.
Li, a vice chairman at the National Social Security Fund, has been working out of CIC’s offices in Beijing for the past few days, said the fund executives who declined to be identified as the matter is confidential……………………………………….Full Article: Source

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Chinese mull new fund

Posted on 17 June 2011 by VRS  |  Email |Print

China Investment Corporation, the country’s sovereign wealth fund, is in talks with VEB to invest in the Kremlin’s new private equity fund, the development bank’s chairman Vladimir Dmitriyev said.
CIC “is ready to consider concrete projects as part of co-investment with the direct investment fund,” Dmitriyev said in Astana, Kazakhstan, where leaders of the Shanghai Cooperation Organization are meeting. “So far there is no talk about what sums they are ready to invest,” Dmitriyev said……………………………………….Full Article: Source

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Chinese firms eye lucrative investment opportunities

Posted on 17 June 2011 by VRS  |  Email |Print

As Russia restructures its economy and reduces its reliance on commodities, more investment opportunities are awaiting Chinese companies. China Investment Corp intends to invest in infrastructure, negotiable securities and real estate in Russia.
“Russia welcomes direct investment from China to promote bilateral cooperation on trade and finance,” said Vladimir Milovidov, head of the Federal Financial Markets Service……………………………………….Full Article: Source

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Tony Tan seen as likely Presidential candidate

Posted on 17 June 2011 by VRS  |  Email |Print

With former foreign minister George Yeo deciding not to run for President, observers believe that Dr Tony Tan will be the Government’s preferred candidate for the election due by Aug 31.
Dr Tan is currently deputy chairman and executive director of the Government of Singapore Investment Corporation (GIC), which, together with Temasek Holdings, manages Singapore’s reserves……………………………………….Full Article: Source

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Malaysian palm oil company violates Indonesia’s logging moratorium

Posted on 17 June 2011 by VRS  |  Email |Print

Norway has more than $41 million worth of KLK shares in the portfolio of its sovereign wealth fund, which includes other logging and plantation companies linked to deforestation in Indonesia.
“Norway’s Government Pension Fund Global (GPFG) has investments in scores of plantation and logging companies in Indonesia, including four major groups operating 24 plantation subsidiaries without relevant permits in the Central Kalimantan Pilot Province,” said EIA in a statement……………………………………….Full Article: Source

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Mideast SWF doubles investment in Australia sandalwood plantation

Posted on 17 June 2011 by VRS  |  Email |Print

A Middle East sovereign wealth fund has more than doubled its investment to about A$100 million (Dh385 million) in a large sandalwood plantation in Australia’s remote northwestern region.
The investment by the unidentified fund will allow for the planting of a further 322 hectares of Indian sandalwood in an area near Kununnura, according to the project’s manager TFS Corp (TFC). The deal builds on an initial investment last year that funded the planting of 376 hectares, the company said……………………………………….Full Article: Source

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Mercuria, investing upstream, mulls SWF link

Posted on 17 June 2011 by VRS  |  Email |Print

Mercuria, one of the world’s biggest independent energy trading companies, said on Thursday it was considering a range of ways of raising capital, including a possible tie-up with a sovereign wealth fund.
Chief Executive Marco Dunand said Mercuria was spending up to $400 million a year on upstream assets, including oil and coal reserves. It has funded investments so far mostly through its own cash flow and has also issued some debt……………………………………….Full Article: Source

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Norway oil fund may target private equity on adviser switch

Posted on 17 June 2011 by VRS  |  Email |Print

Norway’s $570 billion oil fund may get more leeway to expand into new asset classes such as roads, gas pipelines and unlisted shares as the government switches its top adviser for setting the investor’s guidelines.
Former central bank Governor Svein Gjedrem, 61, this week started as secretary general at the Finance Ministry and chief adviser on investment rules for the oil fund, succeeding 64- year-old Tore Eriksen………………………………………Full Article: Source

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With new leadership, Norway SWF may broaden investments

Posted on 17 June 2011 by VRS  |  Email |Print

Following a change in leadership at Norway’s $570 billion oil fund, the sovereign wealth fund may increasingly target a broader spectrum of investments, such as private equity.
This week, former central bank Governor Svein Gjedrem started his role at the fund as secretary general at the Finance Ministry and chief adviser on investment rules for the oil fund, succeeding Tore Eriksen. “Gjedrem is a person of very powerful ability of persuasion,” Knut Anton Mork, chief economist at Svenska Handelsbanken AB in Oslo, said……………………………………….Full Article: Source

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