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Sovereign Wealth Funds Briefing - Archive | June, 2011

Wealth gets wealthier

Posted on 16 June 2011 by VRS  |  Email |Print

Up to five trillion pounds - five thousand thousand million, with 12 zeros - is now swilling around the world on the books of sovereign wealth funds. It’s an unimaginably large sum, but it could easily get very much bigger.
That’s according to research at Edinburgh University business school, set out at a seminar on the impact of these vast government-controlled assets. Gavin Kretzschmar, an expert in the sector, has looked at those governments that run their own oil and gas corporations, which is the sector behind most sovereign wealth……………………………………….Full Article: Source

Norway $570 bln oil fund may target private equity as adviser switched

Posted on 16 June 2011 by VRS  |  Email |Print

Svein GjedremNorway’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

Demand seen for portugal bailout bond

Posted on 16 June 2011 by VRS  |  Email |Print

The European Financial Stability Facility—the euro zone’s temporary sovereign bailout fund—set final terms on its first bond to be issued in support of the Portuguese aid program.
Demand for the €5 billion ($7.22 billion), 10-year bond was solid, with order books reaching €8 billion, one of the banks running the sale said……………………………………….Full Article: Source

Gulf Capital launches $300mln regional credit fund

Posted on 16 June 2011 by VRS  |  Email |Print

Abu Dhabi’s Gulf Capital plans to raise $250-300m in a credit fund to invest in acquisitions and offer capital to regional companies, its CEO said Tuesday.
The fund, Gulf Credit Partners, will be launched by the end of the year and will target sovereign wealth funds, pension funds and insurance firms, said Karim El Solh……………………………………….Full Article: Source

Qatar denies deal talks over Manchester United

Posted on 16 June 2011 by VRS  |  Email |Print

Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, has denied it is close to finalising a deal to buy Manchester United Football Club.
In a statement to the emirate’s state news agency, Qatar Holding CEO Mohamed Al Sayed said the wealth fund was not, and never had been, in talks to buy the Premier League club……………………………………….Full Article: Source

Kuwait firms ink deal through GBI

Posted on 16 June 2011 by VRS  |  Email |Print

The National Technology Enterprises Company (NTEC), a subsidiary of the Kuwait Investment Authority (KIA), has announced that a number of local companies and Kuwaiti entrepreneurs have signed five partnership agreements with international companies in the environment, renewable energy, and life sciences sectors through NTEC’s Global Bridge Initiative (GBI).
The announcement was made during an event held recently by NTEC and attended by representatives from local companies, government institutions and officials from the University of Texas (UT) at Austin……………………………………….Full Article: Source

China’s CIC in talks to invest in Kremlin equity fund, VEB says

Posted on 16 June 2011 by VRS  |  Email |Print

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

Australia’s Future Fund ups hedge fund allocation to 16% (A$11.8bln) of its assets

Posted on 16 June 2011 by VRS  |  Email |Print

Benedicte Gravrand, Opalesque Geneva: The Australian government’s superannuation Future Fund expanded its hedge funds portfolio further. According to its March 2011 quarterly update, the Fund had A$11.8bn (US$12.6bn) or around 16.3% of its assets placed in alternative funds – which it defines as ʻskill based absolute return strategies and other risk premia providing diversity of return streams.ʼ
Triple A Partners Australia’s May 2011 newsletter said this was spread among 17 offshore managers who have received mandates averaging A$700m (US$746m) each:………………………………………Full Article: Source

Future Fund boss’ climate change views

Posted on 16 June 2011 by VRS  |  Email |Print

The comments of Future Fund chairman David Murray on climate change last week quietly went through to the keeper, possibly because they were located in the back of Friday’s Financial Review in the quaint “Lunch With…” section.
“[Carbon dioxide] has got nothing to do with pollution… carbon dioxide is not a pollutant…, it is colourless and odourless. It is not a pollutant… It is a tiny proportion of greenhouse gases. There is no correlation between warming and carbon dioxide,” Murray is reported to have said……………………………………….Full Article: Source

A letter on how Alberta would be well advised to consult Norway on its royalty strategies

Posted on 16 June 2011 by VRS  |  Email |Print

Norway’s fund is reportedly $560.5 billion. What is Alberta’s equivalent? Our Heritage Fund has been depleted in the last three years under Premier Ed Stelmach from about $17 billion (2008) to its current $14 billion, and shrinking. Why?
Plus, why does Alberta use borrowed money (otherwise called private public partnerships) to build schools, roads and museums, while Norway uses the surplus from their Sovereign Wealth Fund to invest in the oil and gas industry in Alberta?………………………………………Full Article: Source

Israel to start investing reserves in equities abroad this year

Posted on 16 June 2011 by VRS  |  Email |Print

The Bank of Israel plans to start investing some of its reserves in equities abroad by the end of the year, the central bank’s director of market operations said.
The pilot investment will be through index trackers rather than specific stocks, Barry Topf said in an interview at the bank’s offices in Jerusalem. The bank plans to invest in the largest, most liquid and sophisticated markets through outside asset managers who haven’t yet been chosen, he said……………………………………….Full Article: Source

Korean Investment Corporation taps FTSE index strategies

Posted on 15 June 2011 by VRS  |  Email |Print

Paul HoffThe Korean Investment Corporation (KIC) has selected three FTSE index strategies to help diversify its public markets investment programme. KIC focussed on three FTSE developed non market-cap weighted index strategies and is expected to implement some combination of these strategies in 2011.

KIC was established as Korea’s sovereign wealth fund in 2005 to protect and grow capital with an appropriate level of risk for the wealth of future generations of the country. Assets under management were reported to be USD37 billion as of end of 2010……………………………………….Full Article: Source

Korean sovereign wealth fund adopts non cap-weighted indices

Posted on 15 June 2011 by VRS  |  Email |Print

The $37bn Korea Investment Corporation has chosen three FTSE non-capitalisation weighted indexing strategies making it the first Korean institutional investor to take this route, according to the FTSE Group.

Scott Kalb, chief investment officer of the sovereign wealth funds said: “We are pleased to welcome FTSE into the KIC family of external partners and we look forward to building a productive relationship. We believe the FTSE index strategies that we have selected will help to further diversify and thereby improve our public markets investment programme.”………………………………………Full Article: Source

Qatar Holdings making GBP2 bln takeover plans for Manchester United

Posted on 15 June 2011 by VRS  |  Email |Print

Qatar Holdings are reportedly planning a £2 billion takeover of Manchester United. The People claims Qatar Holdings, the business arm of the country’s ruling royal family, are financing United’s summer spending which is expected to be around £125 million.

It is argued that United’s owners, the Glazer family, who bought the club for nearly £800 million in 2005, do not have the financial capability to fund that level of transfer spending.Qatar Holdings, a division of the Qatar Investment Authority, is believed to have had a £1.5 billion offer turned down last year……………………………………….Full Article: Source

Qatar Airways may go public in 2011

Posted on 15 June 2011 by VRS  |  Email |Print

Qatar Airways, 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

Excess Crude Account depleted, says Fed Govt

Posted on 15 June 2011 by VRS  |  Email |Print

The Federation Account has been depleted by N162,110 billion, it emerged. This development has forced the Federation Account Allocation Committee (FAAC) to dip into the Excess Crude Account to augment disbursement to states for June 2011.

Acting Chairman of FAAC and Permanent Secretary, Federal Ministry of Finance Alhaji Danlami Kifasi told reporters that this development led the three tiers of government to share N606.541 billion as against the budgeted sum of N615.757 billion……………………………………….Full Article: Source

Goldman and Gaddafi

Posted on 15 June 2011 by VRS  |  Email |Print

Investment bank Goldman Sachs’ murky dealings with Libyan dictator Colonel Gaddafi are gradually emerging. The Libyan Investment Authority had given Goldman Sachs £790 million to make complicated currency bets and other derivative investments in the US financial markets.

But the bankers managed to lose 98 percent of the Libyan money when those bets went spectacularly wrong……………………………………….Full Article: Source

Two top managers leave Alaska Permanent Fund

Posted on 15 June 2011 by VRS  |  Email |Print

Two top Alaska Permanent Fund Corp. managers who headed up a highly publicized restructuring of the state’s $40 billion savings account are leaving the fund.News of the decisions by Jeffrey Scott, the fund’s chief investment officer, and Max Giolitti, its chief of asset allocation and risk management, became public Monday.

Mike Burns, the permanent fund’s executive director, said he was “surprised” by Scott’s decision to leave……………………………………….Full Article: Source

Wurts snags Alaska Permanent Fund CIO Jeffrey Scott

Posted on 15 June 2011 by VRS  |  Email |Print

Consultant Wurts & Associates has hired Jeffrey Scott, the investment chief of the Alaska Permanent Fund Corporation known for spearheading a risk-based asset allocation, to serve as CIO of its outsourcing business.

Wurts also lured Max Giolitti, the $40bn sovereign wealth fund’s director of asset allocation and risk……………………………………….Full Article: Source

Verno Capital raises $40 mln from U.S., European investors

Posted on 15 June 2011 by VRS  |  Email |Print

Verno Capital, the Russian investment firm which received $100 million from Abu Dhabi sovereign wealth fund Mubadala Development in November, has attracted an additional $40 million from three U.S. and European institutional investors.

One of the three mandates was a commitment from a U.S. endowment fund, Verno’s Moscow-based spokesman Quinn Martin said by phone today. The new fund is managed by Bruce Bower, who was hired last year from Kazimir Partners, Martin said……………………………………….Full Article: Source

Following major losses, Norway sovereign wealth fund hits “infinity” pares exposure to Greek debt

Posted on 15 June 2011 by VRS  |  Email |Print

Back in September 2010, Norway’s sovereign wealth fund, the second largest in the world, decided to be contrarian for contrarianness’ sake, and announced it had “stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal.
Finance Minister Sigbjoern Johnsen says he backs the strategy, which contributed to a 3.4 percent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas.” The explanation was one that not even the high priests of obfuscation and lies back in the US, which only invest in “maturity” could come up:………………………………………Full Article: Source

BlackRock hires Keeley to oversee sovereign fund investors

Posted on 14 June 2011 by VRS  |  Email |Print

Robert FairbairnBlackRock Inc., the world’s biggest money manager, hired Terrence Keeley to head a unit overseeing relations with sovereign funds and central banks as it seeks to double assets with such clients.

Keeley will also help expand the BlackRock Investment Institute, which started earlier this year to provide clients with investment analysis, executives at the New York-based company said today in an interview. Keeley will report to Robert Fairbairn, the head of BlackRock’s client group, and Lee Kempler, executive director of the investment institute……………………………………….Full Article: Source

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Alaska’s CIO Scott leaves to join Wurts

Posted on 14 June 2011 by VRS  |  Email |Print

Scott C. JeffreyJeffrey Scott, CIO of the $40 billion Alaska Permanent Fund, one of the world’s largest sovereign wealth funds, announced today he will be joining Wurts & Associates as chief investment officer. Following nearly three years at the Alaska Permanent Fund Corporation (APFC), Scott moves to Wurts to lead the firm’s discretionary investment practice. Along with Scott, Max Giolitti, APFC’s Director of Asset Allocation and Risk will be joining Wurts as well.
The hiring of Scott and Giolitti marks another strategic resource investment by the 25 year old firm. Building upon a senior staff with an average of more than 15 years of investment experience, Wurts has strengthened its consulting and research divisions through a number of high-level appointments. Since 2008, Eric Petroff has been added as Director of Research, Brian Rowe as Director of Manager Research and Brad Ness and Jason Taylor joined the firm as senior consultants. (Press Release)

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Norway’s SWF bullish on Europe

Posted on 14 June 2011 by VRS  |  Email |Print

Norway’s $570 billion sovereign wealth fund Norges Bank Investment Management is “very positive” about the long-term outlook for Europe despite fear over the growing debt crisis.
The optimism, articulated by Norges Bank Investment Management’s CEO Yngve Slyngstad in an interview with the newspaper, was belied somewhat by the fund’s decision to shift more of its assets into emerging markets. European equity comprises half of the fund’s equity holdings and it recently announced plans to diversify by shifting capital away from the continent………………………………………Full Article: Source

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The Russian Direct Investment Fund

Posted on 14 June 2011 by VRS  |  Email |Print

Russia will launch a $10 billion state-backed fund at the St Petersburg International Economic Forum this week that will co-invest with sovereign wealth and private equity funds in Russian companies.
The fund is being set up to kick-start direct investment in Russian growth companies operating in sectors like IT, healthcare and infrastructure — but not energy — that are a play on the emergence of Russia’s middle class. The RDIF will be capitalised with $2 billion a year over the next five years……………………………………….Full Article: Source

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Got money? The Kremlin can help

Posted on 14 June 2011 by VRS  |  Email |Print

Sovereign wealth funds managing hundreds of billions of dollars are looking to diversify their risks, particularly away from the bulging debt of developed nations that might be tempted to inflate, or even default, their way out of trouble.

Experts say the fund, with its inbuilt political insurance, is designed to meet their needs. “It’s a very innovative and creative way to tap into long-term investors,” said Ashby Monk, co-director of Oxford University’s analytical Sovereign Wealth Fund Project. “If I were looking for a partner for private equity investments in Russia, the Kremlin would be top of my list.”………………………………………Full Article: Source

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Goldman intern was brother of Libyan fund official

Posted on 14 June 2011 by VRS  |  Email |Print

Finally the allegations that Goldman Sachs bribed Libya for access to its sovereign wealth fund get interesting. Goldman apparently hired an intern who was a Libyan official’s brother.

From the Financial Times: Goldman confirmed that Haitem Zarti, brother of Mustafa Zarti, the Libyan Investment Authority’s former deputy head, worked for the bank in London and Dubai for almost a year. An initial three-month stint was extended due to good performance……………………………………….Full Article: Source

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Dubai plans $5 bln bond

Posted on 14 June 2011 by VRS  |  Email |Print

The Government of Dubai plans to raise up to $5 billion under a Euro Medium Term Note, or EMTN, programme in a move to bridge its budget deficit and fuel growth.
Dubai’s investment arm, the Investment Corporation of Dubai, or ICD, owns Dh23 billion in listed assets and Dh235.8 billion in unlisted companies, the prospectus showed. ICD agreed in May to a $2.8 billion, five-year loan refinancing with banks, which will be the largest loan to emerge from Dubai since its financial crisis……………………………………….Full Article: Source

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Qatar sovereign developer bulks up, set for panel rejig

Posted on 14 June 2011 by VRS  |  Email |Print

Middle East sovereign property developer Qatari Diar has added two senior lawyers to its Doha-based legal team and is also preparing to launch a panel review.Qatari Diar is controlled by the Qatar Investment Authority, a sovereign wealth fund specialising in foreign and local investment.

It is working on a joint venture with German rail operator Deutsche Bahn to create a $25bn (£15.3bn) rail project in Qatar ahead of the 2022 World Cup. Qatari Diar recently made its first big investment in the US, with a deal to build a $700m development known as ’City Center DC’ in Washington DC……………………………………….Full Article: Source

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Serbian foreign-exchange reserves top 10 bln euros in May

Posted on 14 June 2011 by VRS  |  Email |Print

Serbia’s foreign-exchange reserves topped 10 billion euros ($14.37 billion) in May for the first time since February, as the government increased euro borrowing domestically and drew loan tranches from foreign lenders.

Foreign-exchange reserves rose by a net 112.2 million euros in May to 10.064 billion euros, the National Bank of Serbia said………………………………………Full Article: Source

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Nigeria’s foreign reserves rise to highest level

Posted on 14 June 2011 by VRS  |  Email |Print

Nigeria’s foreign reserves have risen to its highest level in about a month, closing on Friday at $34.194 billion. The last time the figure trended above the $34 billion mark was on May 12, when it closed at $34.261 billion. Since then, the reserves have been fluctuating, hitting its lowest level during the period at $32.040 billion on June 1.

The naira has been firming up in the last one week, improving from N153.59 at the official window to close at N152.85. At the interbank window, the currency slid to N157.50 before moderating to N155.10 to the dollar……………………………………….Full Article: Source

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The role of sovereign wealth funds (Video)

Posted on 14 June 2011 by VRS  |  Email |Print

Sovereign wealth funds have come to play an increasingly vital role in the global economy, particularly in emerging economies. Jan Randolph, Head of Sovereign Risk at IHS Global Insight, talks to BNN about the increased power of sovereign wealth funds in the wake of the financial crisis.………………………………………Full Article: Source

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Norway fund is largest SWF in the world

Posted on 13 June 2011 by VRS  |  Email |Print

Sigbjoern JohnsenNorway’s state pension fund has topped the UAE’s Abu Dhabi Investment Authority (ADIA) to become the largest sovereign wealth fund in the world, a US consultancy said.The fund, which contains nearly all state revenues from the oil sector in Norway, was worth $560.5 billion against the $342bn for the Abu Dhabi fund, consulting firm Monitor Group said in a report.

Comparisons between funds remain complicated as the ADIA does not give regular performance reports while the Norwegian fund publishes its results quarterly……………………………………….Full Article: Source

GIC shifts the emphasis to China and India

Posted on 13 June 2011 by VRS  |  Email |Print

Lim Chow KiatAs part of a major shift in strategy and personnel, the Government of Singapore Investment Corporation (GIC) is re-deploying the presidents of its key fund units. The heads of GIC Asset Management, GIC Real Estate and GIC Special Investments will assume new roles from July, as chairmen of investment divisions focused specifically on China, India and Latin America.

Quah Wee Ghee, currently president of GIC’s main asset management business, will take control of the India investment division. He will be succeeded by Lim Chow Kiat, who is currently GIC’s president for Europe……………………………………….Full Article: Source

Temasek, Tata Cap eye 27.3pct in First Leasing

Posted on 13 June 2011 by VRS  |  Email |Print

Singapore-based Temasek Holdings, Swiss Re and Tata Capital are in talks with financial services firm First Leasing for 27.3% stake, according to agencies. The deal is likely to be announced in a month. According to agency reports, the transaction could be at a substantial premium to the current market price.

First Leasing shares closed up 5.45% at Rs 103.5 at the Bombay Stock Exchange in Friday’s trade. Based on the closing price the deal is valued at approximately Rs 64 crore……………………………………….Full Article: Source

Bill Jamieson: Hot agenda as world’s investment giants set sail for Edinburgh

Posted on 13 June 2011 by VRS  |  Email |Print

Sovereign wealth funds (SWF) are the giant aircraft carriers of global financial markets. Together these government-owned funds - investing in assets such as bonds, fixed-interest stocks, equities, property, precious metals, land and commodities - have an aggregate net worth estimated at between $3,600 billion (£2,200bn) and $3,800bn.

Both their size and their modus operandi are difficult to assess. Some are transparent. Others are swathed in secrecy. But they can wield enormous financial power……………………………………….Full Article: Source

US probes Goldman over Libya bribe

Posted on 13 June 2011 by VRS  |  Email |Print

US regulators are examining whether some Wall Street firms, including Goldman Sachs Group Inc, have violated bribery laws in dealings with Libya’s sovereign wealth fund.

Securities and Exchange Commission (SEC) enforcement lawyers believe some Wall Street firms may have had a dishonest relation with the Libyan Investment Authority controlled by Muammar Gaddafi, The Wall Street Journal reported……………………………………….Full Article: Source

Dubai investment arm’s holdings total $70bln

Posted on 13 June 2011 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD) owns 23 billion dirhams ($6.26 billion) in listed assets and 235.8 billion dirhams in unlisted companies, a government prospectus showed on Sunday.

Dubai’s investment arm agreed in May to a $2.8 billion, five-year loan refinancing with banks which will be the largest loan to emerge from Dubai since its financial crisis……………………………………….Full Article: Source

China should use forex reserves to buy energy, metals

Posted on 13 June 2011 by VRS  |  Email |Print

China should use some of its foreign exchange reserves to purchase energy and metal minerals that are of “strategic importance,” Financial News reported today, citing Xu Nuojin, vice governor of the People’s Bank of China’s Guangzhou branch.

The nation should also optimize the structure of its foreign exchange reserves by diversifying away from U.S. dollar treasuries. China should increase resources and equity in its portfolios, the newspaper cited Xu as saying……………………………………….Full Article: Source

India’s forex reserves soar $2.69 bln; up $5.41 bln in three weeks

Posted on 13 June 2011 by VRS  |  Email |Print

India’s foreign exchange (forex) reserves soared by $2.69 billion to $312.90 billion for the week ended June 3 on the back of a sharp increase in the value of gold reserves and foreign currency assets.

This is the third consecutive week that the country’s forex reserves kitty has seen a jump. The country’s foreign exchange reserves have increased by a whopping $5.41 billing in the last three reporting weeks……………………………………….Full Article: Source

SEC looks at Goldman, others’ dealing with Libyan sovereign fund

Posted on 10 June 2011 by VRS  |  Email |Print

Lucas van PraagU.S. securities regulators are investigating whether Goldman Sachs Group Inc. and other financial firms violated foreign bribery laws when dealing with the Libyan sovereign-wealth fund, the Wall Street Journal reported, citing sources.
Enforcement lawyers at the Securities and Exchange Commission are reviewing documents that detail the companies’ relationships with the Libyan Investment Authority, which is controlled by Moammar Gadhafi……………………………………….Full Article: Source

Goldman investigated over GBP31mln Libyan ‘bribe’

Posted on 10 June 2011 by VRS  |  Email |Print

Goldman Sachs’ dealings with Muammar Gaddafi’s regime have come under scrutiny from US regulators investigating whether they broke anti-bribery laws.
The investment banking giant made the offer of a $50m (£31m) payment, which would have gone to the son-in-law of the state oil company boss, according to reports last week. Now it has emerged that the US Securities and Exchange Commission (SEC) is looking over documents related to the plan………………………………………..Full Article: Source

Temasek CEO’s departure possible by August

Posted on 10 June 2011 by VRS  |  Email |Print

Under Ho’s leadership, Temasek’s assets climbed 43% to $186 bn in 2010. Ho Ching, chief investment officer of Temasek Holdings , the Singapore state-owned investment company, will likely step down in August, the Financial Times said, citing people familiar with the matter.
Ho’s departure is expected a month after Temasek releases its annual review for the year ended March, when it’s expected to post investment gains, the newspaper said……………………………………….Full Article: Source

Temasek’s Ho Ching stepping down?

Posted on 10 June 2011 by VRS  |  Email |Print

Temasek Holdings has declined to comment on news circulating that its executive director and CEO Ho Ching will likely step down in August.
The Financial Times (FT) newspaper reported on Wednesday Ms Ho Ching might leave the company at a time when the investment firm has turned around from losses from the financial crisis, “during which the value of its portfolio fell from S$185 billion to S$130 billion”………………………………………..Full Article: Source

Singapore’s GIC to name Chia as successor to Sung as CRO

Posted on 10 June 2011 by VRS  |  Email |Print

GIC has appointed Chia Tai Tee to succeed Sung Cheng Chih as chief risk officer. The move is part of a managed succession. Sung, who warned of the dangers of CDO investments prior to the financial crisis of 2007/2008, will remain as a consultant to the sovereign wealth fund.
The Government of Singapore Investment Corporation (GIC), one of the world’s largest sovereign wealth funds, has appointed Chia Tai Tee as its new chief risk officer………………………………………..Full Article: Source

Eyeing broader influence, gas-rich Qatar bets big on Libya

Posted on 10 June 2011 by VRS  |  Email |Print

Gulf monarchy splashes millions on fuel, food and cash transfers for rebels. What’s behind Qatar’s generosity? It helps that it is so rich. Qatar’s copious gas reserves have made it one of the world’s wealthiest. Its $60-billion plus sovereign wealth fund owns stakes in banks Credit Suisse and Barclays, as well as London’s iconic department store Harrods.
“Qatar will soon — literally — have more money than it knows what to do with,” according to a 2008 U.S. diplomatic cable, obtained by WikiLeaks and reviewed by Reuters………………………………………..Full Article: Source

Permanent fund trustees approve new asset diversification strategies during May meeting

Posted on 10 June 2011 by VRS  |  Email |Print

The Alaska Permanent Fund’s Board of Trustees made allocations to three alternative investment programs, authorized two investment manager searches and approved expenditures for the fiscal year 2011 and 2012 budgets at its regular meeting last month in Anchorage.
The bulk of the fund, which now has a market value of about $40 billion, is invested in domestic and international equities, mostly stocks, corporate and government bonds, real estate and several types of alternative investment instruments………………………………………..Full Article: Source

Temasek chief executive officer Ho Ching may step down in August

Posted on 09 June 2011 by VRS  |  Email |Print

Ho ChingHo Ching, chief investment officer of Temasek Holdings Pte, the Singapore state-owned investment company, will likely step down in August, the Financial Times said, citing people familiar with the matter.
Ho’s departure is expected a month after Temasek releases its annual review for the year ended March, when it’s expected to post investment gains……………………………………….Full Article: Source

Singapore’s GIC strengthens focus on emerging markets

Posted on 09 June 2011 by VRS  |  Email |Print

Quah Wee GheeThe Government of Singapore Investment Corporation (GIC), the city-state’s sovereign wealth fund that manages over $100 billion of investments across more than 40 countries, on Wednesday announced changes to its top management for strengthening its reach into emerging markets, including India.
While Seek Ngee Huat and Teh Kok Peng will lead GIC’s Latin America and China business groups, respectively, Quah Wee Ghee will retire as President of GIC Asset Management to lead the wealth fund’s India business group………………………………………..Full Article: Source

GIC real estate appoints new head

Posted on 09 June 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) has appointed a new head of property as part of a raft of senior management changes. Goh Kok Huat, deputy president of GIC Real Estate since July 2010, has been appointed president, replacing Seek Ngee Huat who will chair GIC’s Latin America business.
Of the changes, GIC deputy chairman Tony Tan said the organisation “builds its competitive advantage through an investment strategy of ’integrated diversity’………………………………………..Full Article: Source

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