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Sovereign Wealth Funds Briefing - Archive | July, 2011

Temasek names Phoon as CEO of Seatown

Posted on 29 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, named Jimmy Phoon as chief executive officer of its Seatown Holdings Pte unit.
Phoon, who’s head of strategy at Temasek, will take the appointment starting Aug. 1, Temasek said in an e-mailed statement yesterday. Phoon replaces co-CEOs Nasser Ahmad, a founder of DiMaio Ahmad Capital LLC, and Charles Ong, also Temasek’s senior managing director of special projects, who will continue in that role, Temasek said……………………………………….Full Article: Source

Singapore Air says Q1 net profit down 82 pct y/y

Posted on 29 July 2011 by VRS  |  Email |Print

Singapore Airlines (SIA), about 55 percent-owned by Singapore state investor Temasek Holdings , reported an 82 percent fall in first-quarter net profit, worse than analyst forecasts, as soaring jet fuel prices hit its margins.
The carrier, the world’s second-largest airline by market value, posted a net profit of S$44.7 million ($37 million) in the quarter ended June 30, compared to S$252.5 million a year ago. Four analysts polled by Reuters had on average forecast the figure at S$165.6 million……………………………………….Full Article: Source

India could be the best growth opportunity on the planet

Posted on 29 July 2011 by VRS  |  Email |Print

There’s talk of a sovereign wealth fund (SWF) to help finance energy deals. Folks are worried India is falling behind China as it builds its foreign energy supplies, particularly in places like Africa. Not everyone in the Indian government wants an SWF.
That’s why the idea is still in the proposal stages. It’s a real possibility, though. We can take advantage of the idea India needs energy supplies……………………………………….Full Article: Source

Sovereign wealth funds hovering, ready to spend

Posted on 29 July 2011 by VRS  |  Email |Print

Global sovereign wealth funds (SWF) are set to hasten investing the billions of dollars of cash holdings they have built up in a rebound from the 2008 financial crisis that has lifted their combined assets to a record.
But unlike three years ago, when they rode to the rescue of Wall Street titans such as Merrill Lynch and Citigroup, the investments this time around are seen mostly of a smaller nature and into the faster-growing sectors such as resources and infrastructure……………………………………….Full Article: Source

Qatari venture tipped for UK project

Posted on 29 July 2011 by VRS  |  Email |Print

Royal Dutch Shell is expected to pick Canary Wharf Group along with Qatari Diar, the property investment arm of Qatar’s sovereign wealth fund, to build office towers, retail space and apartments on the oil giant’s 2.1-hectare headquarters site near Waterloo station in the British capital.
Canary Wharf Group is owned by Songbird Estates, a development company 27 per cent owned by the Qatar Investment Authority……………………………………….Full Article: Source

Canary Wharf, Qatar buy most of Shell’s London campus for $490 mln

Posted on 29 July 2011 by VRS  |  Email |Print

Royal Dutch Shell Plc (RDSA) sold most of its London headquarters campus to Canary Wharf Group Plc and a unit of Qatar’s sovereign wealth fund for 300 million pounds ($490 million).
Canary Wharf, which developed the former docks in east London of the same name, and Qatari Diar Real Estate Investment Co. bought Shell Centre to redevelop the 5.25-acre (2.12 hectares) site near Waterloo railroad station into offices, shops and apartments, according to a statement. Shell’s 27-story office tower at the center of the complex wasn’t included……………………………………….Full Article: Source

Italy to roll out SWF

Posted on 29 July 2011 by VRS  |  Email |Print

Italy is creating an ad hoc sovereign fund to invest in strategic companies to help protect and develop key industry sectors.
The fund is partly backed by Rome’s Cassa Depositi e Presititi (CDP), a state holding that manages 235 billion euros ($331.9 billion) in savings, and would be open to private investors……………………………………….Full Article: Source

Irish sovereign fund drops to EUR5.27bln on bailout cost

Posted on 28 July 2011 by VRS  |  Email |Print

Ireland said Wednesday that assets in its National Pensions Reserve Fund, or NPRF–a mini sovereign wealth fund–have been reduced to EUR5.27 billion after the government was forced to sell down its market investments in its “discretionary fund” to help rescue the country’s two major banks.
The NPRF said it now holds EUR15.5 billion worth of assets transferred into its so-called “directed fund” that has been earmarked to support Bank of Ireland PLC and Allied Irish Banks PLC, major lenders that required billions of euros of government aid amid the country’s debt crisis. The directed fund assets include shares in the two banks and other rescue monies……………………………………….Full Article: Source

China’s sovereign wealth fund grows exposure to private equity

Posted on 28 July 2011 by VRS  |  Email |Print

Lou JiweiChina’s sovereign wealth fund, China Investment Corporation (CIC), has increased its allocation to alternative assets in 2010, including private equity and infrastructure.
According to its Annual Report 201, CIC reduced its cash holdings as a proportion of total portfolio and further diversified its investment portfolios. It recorded annual returns of 11.7 per cent in 2010, the same as 2009. The cumulative annualised return was 6.4 per cent since its inception……………………………………….Full Article: Source

China says to press ahead with FX reserves

Posted on 28 July 2011 by VRS  |  Email |Print

China will press ahead with diversification of its $3.2 trillion in foreign exchange reserves, and does not pursue large-scale currency holdings, the State Administration of Foreign Exchange said on Thursday.
“We will continue to diversify the asset allocation of our reserve assets and continue to optimize the holdings based on market conditions,” the foreign exchange regulator said in a statement, responding to questions from the public……………………………………….Full Article: Source

China hand seen behind vast buy-up of Japanese shares

Posted on 28 July 2011 by VRS  |  Email |Print

Eiichi Sekine, chief representative of the Beijing office of the Nomura Institute of Capital Markets Research, also endorses the hypothesis. “[Omnibus] seems to be managing assets of China Investment Corp [CIC], among others,” said Sekine referring to China’s main sovereign wealth fund.
CIC added $35.7 billion in new investment in 2010, and made a net profit of $51.5 billion, China Daily reported on July 27, citing the fund’s annual report released this week. The fund ended the year with a net asset value of $374 billion……………………………………….Full Article: Source

China SWF’s return rate is more than twice that of Temasek Holdings

Posted on 28 July 2011 by VRS  |  Email |Print

Despite the state media giving extensive publicity to its ‘excellent’ performance in the last financial year, Temasek Holdings’ annual return for 2010 pales in comparison to the sovereign wealth funds of other countries.
Mr. Aaron Low, Straits Times Economic correspondent, had spoken with unrestrained flattery of enthusiasm of Temasek Holdings’ “strong performance” as attributed to its “deeply invested” in Asian equity market, as well as “some shrewd transactions it made in the last year……………………………………….Full Article: Source

Singaporean investors less confident about outlook

Posted on 28 July 2011 by VRS  |  Email |Print

Investor confidence in Singapore fell on concern about the global economy, the debt crisis in Europe and escalating debt debate in the U.S., according to a JP Morgan Asset Management survey.
The Government of Singapore Investment Corp., the nation’s sovereign wealth fund, said the investment environment is still challenging because of the uncertain recovery in developed economies and inflation pressure in emerging markets……………………………………….Full Article: Source

Sovereign wealth fund GIC moves additional assets to emerging markets

Posted on 28 July 2011 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has shifted more assets to emerging markets amid uncertainly over the recovery of the US and European economies, its annual report said.
The Government of Singapore Investment Corporation (GIC) disclosed the shift as it reported a steady 7.2 percent rate of return on investments in the year to March, from 7.1 percent a year ago, on a nominal 20-year annualized basis……………………………………….Full Article: Source

GIC launched 2010 annual report

Posted on 28 July 2011 by VRS  |  Email |Print

The report presents the performance of the funds under GIC’s management. The 20-year annualised real rate of return is the key focus for GIC as it is our mission to preserve and enhance the international purchasing power of the reserves. Starting this year, GIC is also publishing the 5-year and 10-year nominal rates of return to provide a sense of the on-going medium-term investment performance, even while GIC maintains its sights on the long term.………………………………………Full Article: Source

GIC to pump $100mln in Vasan Healthcare

Posted on 28 July 2011 by VRS  |  Email |Print

Vasan Healthcare has almost closed a private equity deal of around $100 million from Singapore’s sovereign fund GIC. The company, which wants to raise a total $150 million through pre-IPO placement, is also in talks with a few other private equity firms, including Warburg Pincus, for the remaining funds.
According to a person, privy to the development, GIC is expected to make the investment in tranches. The fast-growing daycare services company had an early stage funding of $50 million from Sequoia Capital India. The pre-IPO placement will be used to fund the company’s growth plans till March 2012……………………………………….Full Article: Source

Super fund report card - room for improvment

Posted on 28 July 2011 by VRS  |  Email |Print

A review of the Government Superannuation Fund Authority is largely positive, although it does recommend some opportunities to improve policies and practices.
Carried out by JANA Investment Advisers and tabled in Parliament today, the review found that the authority met best practice in most areas and had effective board and management oversight……………………………………….Full Article: Source

Bulging cash balances set up funds for deals

Posted on 27 July 2011 by VRS  |  Email |Print

Rachel ZeimbaGlobal sovereign wealth funds are set to hasten investing the billions of dollars of cash holdings they have built up in a rebound from the 2008 financial crisis that has lifted their combined assets to a record.
But unlike three years ago, when they rode to the rescue of Wall Street titans such as Merrill Lynch and Citigroup, the investments this time around are seen mostly of a smaller nature and into the faster-growing sectors such as resources and infrastructure……………………………………….Full Article: Source

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CIC reports $51.5bln net profit in 2010

Posted on 27 July 2011 by VRS  |  Email |Print

China Investment Corp (CIC) added $35.7 billion in new investment in 2010, which reduced the cash balance in the sovereign wealth fund’s (SWF) overall portfolio from 32 percent to 4 percent, according to its 2010 annual report released on Tuesday.
CIC reported a net profit of $51.5 billion in 2010, with a net asset value of $374 billion. The annual return rate of its global portfolio reached 11.7 percent, and the accumulated annual return rate since establishment stands at 6.4 percent……………………………………….Full Article: Source

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China sovereign wealth fund sees returns of 11.7pct

Posted on 27 July 2011 by VRS  |  Email |Print

China’s state investment fund has said it has made a return of 11.7% on its portfolio in 2010. China Investment Corp (CIC) said its total assets were $409.58bn (£250bn) by the end of last year - more than double its original start-up fund of $200bn in 2007.
The total is 23% higher than the $332.39bn it held at the end of 2009. The sovereign wealth fund said it invested nearly half of its global portfolio in stocks last year……………………………………….Full Article: Source

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CIC risk plays increase returns

Posted on 27 July 2011 by VRS  |  Email |Print

China Investment Corp. said it earned an 11.7% return on its overseas portfolio last year, boosting its assets to $409.6 billion, as the Chinese sovereign-wealth fund deployed almost all of its capital and accelerated investments into higher-risk assets.
CIC’s annual report, published Tuesday, highlighted the fund’s increasingly aggressive allocation, with more of the portfolio in so-called alternative investments, which include private equity, real estate and infrastructure……………………………………….Full Article: Source

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China CIC cautiously optimistic about 2011 despite global woe

Posted on 27 July 2011 by VRS  |  Email |Print

China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, said it was cautiously optimistic about its investment outlook this year, after posting a 11.7 percent return on offshore investments for the second year in 2010.
The robust performance, achieved last year as CIC boosted overseas investment by $35.7 billion while nearly depleting its cash holdings, could bolster its case to win additional government funding……………………………………….Full Article: Source

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Overheard: Not-so-great leap

Posted on 27 July 2011 by VRS  |  Email |Print

Singapore long ago pulled ahead of Asian peers with the region’s highest income per head. But when it comes to transparency at sovereign-wealth funds, China rules. Beijing’s China Investment Corp. Tuesday issued its annual report, including the annual performance of its international portfolio. This gained 11.7% in 2010.
In contrast, the Government of Singapore Investment Corp. traditionally has reported 20-year annualized returns……………………………………….Full Article: Source

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Singapore fund cuts exposure to West

Posted on 27 July 2011 by VRS  |  Email |Print

Long-term concerns about the US and European fiscal deficits prompted Government of Singapore Investment Corp (GIC) to shift funds out of developed share markets but it still sees US Treasuries as a relatively safe investment.
The sovereign wealth fund, the world’s eighth-largest with an estimated US$300bil in assets, cut its holdings of shares in developed markets to 34% of its portfolio from 41% in the fiscal year to the end of March, its annual report shows……………………………………….Full Article: Source

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GIC! CIC! SWF reports oh my!

Posted on 27 July 2011 by VRS  |  Email |Print

It’s a big day for SWF watchers. Not only one but two of Asia’s largest SWFs released annual reports –Singapore’s GIC and the Chinese Investment Corporation (CIC). Both reports give some detailed info on the asset allocation (currency and asset class) and returns (though GIC reports returns only on a 5 and 10 year horizon).
More interestingly they also give a good view into some of the ways in which long-term sovereign investors are looking at risk and thus how they might think about hedging these risks in an uncertain global growth and investment environment……………………………………….Full Article: Source

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Australian super funds poor performers after too much concentration on shares

Posted on 27 July 2011 by VRS  |  Email |Print

Superannuation funds have been among the worst performing among developed countries, casualties of their love affair with shares.
They logged average returns of -2.8 per cent from 2008 to last year, with only the pension funds of recession-hit Estonia (-3.7 per cent) and Portugal (-3.1 per cent) faring worse among OECD countries……………………………………….Full Article: Source

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Nigeria: Foreign reserves drop to $33.54bln

Posted on 27 July 2011 by VRS  |  Email |Print

The nation’s foreign exchange reserves dropped to $33.54 billion by July 22, from $34.57 billion on July 13. The foreign reserves were lower than the level a year ago, when they stood at $37.86 billion.
Analysts are of the opinion that the most recent decline in reserves was partly explained by a surge in demand for the United States (US) dollars on the domestic market……………………………………….Full Article: Source

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Great things now come in smaller packages: Sovereign funds set for deals

Posted on 27 July 2011 by VRS  |  Email |Print

Global sovereign wealth funds are set to hasten investing the billions of dollars of cash holdings they have built up in a rebound from the 2008 financial crisis that has lifted their combined assets to a record.
But unlike three years ago, when they rode to the rescue of Wall Street titans such as Merrill Lynch and Citigroup, the investments this time around are seen mostly of a smaller nature and into the faster-growing sectors such as resources and infrastructure……………………………………….Full Article: Source

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GIC sees significant challenges

Posted on 26 July 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corp. said Tuesday its average rate of return for the fiscal year ended March grew from the previous year as global equities markets continue to improve, but warned that significant challenges remain ahead due to uncertainties surrounding the global economy.
In a statement, GIC, which manages Singapore’s foreign-exchange reserves, said in its annual report that average rate of return from its investments for the 20 years to March rose to 7.2% in U.S. dollar terms compared with a 20-year average 7.1% return a year earlier……………………………………….Full Article: Source

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Economic climate still ‘challenging’: GIC

Posted on 26 July 2011 by VRS  |  Email |Print

Ng Kok SongThe Government of Singapore Investment Corp., the city’s sovereign wealth fund, said the investment environment remains “challenging” as inflation risks increase and the recovery of developed nations falter.
GIC, manager of more than $100 billion of Singapore’s reserves, said in its annual report today that it boosted investments in emerging economies to tap their potentially higher returns, and cut back in Europe and the U.S……………………………………….Full Article: Source

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Singapore’s GIC shifts assets to emerging markets

Posted on 26 July 2011 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has shifted more assets to emerging markets amid uncertainly over the recovery of the US and European economies, its annual report said Tuesday.
The Government of Singapore Investment Corporation (GIC) disclosed the shift as it reported a steady 7.2 percent rate of return on investments in the year to March, from 7.1 percent a year ago, on a nominal 20-year annualised basis……………………………………….Full Article: Source

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Singapore wealth fund GIC turns to China, Brazil, Korea

Posted on 26 July 2011 by VRS  |  Email |Print

Singapore wealth fund GIC, one of the largest shareholders in UBS and Citigroup plans to invest more money in emerging markets and less in developed markets due to the long-term challenges facing the United States and Europe.
Over the 12 months to end-March 2011, GIC increased its exposure to emerging market equities to 15 percent of its portfolio from 10 percent, GIC said in a statement……………………………………….Full Article: Source

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Singapore’s GIC says its long-term view on Citi, UBS unchanged

Posted on 26 July 2011 by VRS  |  Email |Print

Singapore sovereign fund GIC, which owns significant stakes in UBS and Citigroup , said its long-term view on the two banks has not changed despite the introduction of higher capital requirements that is likely to reduce future profitability of the banking industry.
“All global banks are likely to be affected to some extent by the new Basel III international capital rules,” Ng Kok Song, the Government of Singapore Investment Corp or GIC’s chief investment officer, was quoted as saying by the Business Times……………………………………….Full Article: Source

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GIC reveals performance over 5, 10 years

Posted on 26 July 2011 by VRS  |  Email |Print

In response to long-standing calls for more information about the Republic’s investment portfolio, the Government of Singapore Investment Corporation (GIC) has revealed, for the first time, its performance over various time frames in its annual report.
The sovereign wealth fund traditionally publishes its annual performance aggregated over 20 years but, starting this year, it will include five-year and 10-year annual rates of return to “provide a good sense of the ongoing medium-term investment performance”, said group president Lim Siong Guan………………………………………Full Article: Source

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GIC’s returns get a lift from recovering equity markets

Posted on 26 July 2011 by VRS  |  Email |Print

A further recovery in the equity markets and a shift towards faster-growing emerging markets helped lift the investment returns of the Government of Singapore Investment Corporation (GIC).
This allowed GIC - which manages more than $100 billion of Singapore’s foreign reserves - to improve on its central objective: to achieve good long-term returns to the Government, above the rate of global inflation……………………………………….Full Article: Source

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Singapore GIC’s portfolio at a glance

Posted on 26 July 2011 by VRS  |  Email |Print

Singapore’s biggest sovereign wealth fund GIC cut its exposure to developed countries and raised its holdings of emerging market equities during its financial year ended March 2011.
Singapore’s government set up GIC in 1981 to manage the country’s foreign exchange reserves. GIC has three operating units:………………………………………Full Article: Source

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HKMA eyeing office property in London, Paris

Posted on 26 July 2011 by VRS  |  Email |Print

The Hong Kong Monetary Authority (HKMA) is planning to buy $500 million worth of office properties in London and Paris as part of a drive to increase its investment in Europe, the Times reported on Monday without citing sources.
The newspaper said that HKMA will increase its exposure in the two European capitals through the Exchange Fund, an investment vehicle HKMA manages……………………………………….Full Article: Source

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CP executive: Establish a sovereign wealth fund (Thailand)

Posted on 26 July 2011 by VRS  |  Email |Print

Some foreign reserves should be transferred to a sovereign wealth fund that could be set up to invest in major infrastructure projects to ensure better management of the country’s assets, suggests Suparut Kawatkul, an executive at the Charoen Pokphand Group.
The former finance permanent secretary said the central bank has already incurred huge losses in issuing baht bonds to mobilise funds at 3% annual interest while buying US bonds that have produced only 0.25% interest……………………………………….Full Article: Source

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Bank Danamon seeks $586 mln from rights issue

Posted on 26 July 2011 by VRS  |  Email |Print

Indonesia’s Bank Danamon is seeking to raise up to Rp5 trillion ($586 million) from its upcoming rights issue, according to indicative terms announced yesterday. Danamon is controlled by Temasek Holdings.
While the final price won’t be fixed until August 15, it will come at a discount ranging from 15.8% to 28.1% versus last Friday’s closing price of Rp5,700 and at a discount of 14.3% to 25.4% versus the theoretical ex-rights price (Terp), the bank said……………………………………….Full Article: Source

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Future Fund buys stake in MAp Group: report

Posted on 26 July 2011 by VRS  |  Email |Print

Amid growing interest among foreign investors for Australian toll roads, airports and other infrastructure projects, the Future Fund has bought a 5.05 per cent stake in MAp Group Ltd in an effort to keep pace with aggressive foreign investment, according to the Australian Financial Review.
The chairman of toll road company ConnectEast Ltd, Tony Shepherd, is among those criticising Australian investors for not paying enough attention to Australian infrastructure projects while foreign interest continues to grow, saying that Australian investors are too focused on short-term returns, according to the AFR……………………………………….Full Article: Source

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Over 67pct of Azerbaijan Oil Fund’s investments placed in Europe

Posted on 26 July 2011 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) gives preference to investments in Europe. The SOFAZ reports as of 1 July 67.11% of its investments will be carried out in Europe. North America accounts for 13.99% of investments, developing countries for 7.6% and international financial institutions for 6.11%.
SOFAZ investment portfolio exceeded $30.348 bn or 99.97% of assets (over $30.357 bn) by the reported date. ………………………………………Full Article: Source

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Azerbaijan’s Oil Fund lowers share of medium-term investments

Posted on 26 July 2011 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) reduced medium-term investments in the second quarter of 2011 compared to the first quarter’s indicator.
The SOFAZ reports that as of 1 July the Fund’s investment portfolio exceeded $30.348 bn or 99.97% of assets (over $30.357 bn). The basis of the investment portfolio included finances in U.S. currency for $16.5 bn in European currency for 8.47 bn in euro, and British currency for 939 million pound sterling, Azerbaijani currency for $9.22 million……………………………………….Full Article: Source

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Azerbaijan State Oil Fund’s assets grew by 1/3 up to $30.4 bln for past 6 months

Posted on 26 July 2011 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) still observes the phenomenal growth of its assets.
The Fund reports that in the 1st half of 2011 its assets increased by 33.3% up to $30.357 bn versus $22.766 bn by early 2011……………………………………….Full Article: Source

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How do you invest EUR390 bln responsibly?

Posted on 26 July 2011 by VRS  |  Email |Print

Given the sheer size of Norway’s €390 billion public pension fund, adopting SRI policies could be a daunting prospect. However, the Norwegian government’s unwavering commitment to this stance has led it to develop its own responsible investing methods for what is the world’s second largest sovereign wealth fund.
The Norwegian Government Pension Fund Global was founded in 1996 to invest the huge wealth generated from the country’s petroleum activities. Its main role is to ensure good, long-term returns from which future generations can benefit……………………………………….Full Article: Source

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New ways of managing Nigeria’s wealth

Posted on 25 July 2011 by VRS  |  Email |Print

Goodluck JonathanThe Nigeria Sovereign Investment Authority, set up to manage the country’s Sovereign Wealth Fund, is the country’s new approach to planning for tomorrow.
One thing for which Olusegun Aganga would be remembered when he was minister of finance is his concept of sovereign wealth fund, SWF. Aganga, now minister of the newly created Trade and Investment Ministry, worked assiduously for its creation in fulfilment of the mandate given to him by President Goodluck Jonathan. But what is sovereign wealth fund and how does it operate?………………………………………Full Article: Source

UAE attracts over $75 bln in FDI in 11 years

Posted on 25 July 2011 by VRS  |  Email |Print

The UAE has attracted more than $75 billion in foreign direct investment (FDI) since 2000 to emerge as the second largest foreign capital destination in the Arab world after Saudi Arabia, according to official data.
UNCTAD figures covered only FDI as they did not include capital channeled by the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds (SWFs), with assets of between $300-900 billion……………………………………….Full Article: Source

India to raise USD10 bln sovereign wealth fund

Posted on 25 July 2011 by VRS  |  Email |Print

India is looking to raise USD10 billion for a new sovereign wealth fund to secure overseas energy assets.
India is looking to raise USD10 billion for a new sovereign wealth fund to secure overseas energy assets. The move will be funded from the country’s foreign-exchange reserves and the scheme will aim to help state-run companies compete with competitors…………………………………………Full Article: Source

Indonesia’s Bank Danamon to raise up to $586 mln via rights offer

Posted on 25 July 2011 by VRS  |  Email |Print

Bank Danamon plans to raise up to 5 trillion Indonesian rupiah ($586 million) in a rights offer in September, Indonesia’s sixth-biggest lender said in a statement on Monday.
Singapore’s Temasek Holdings , Danamon’s main shareholder, through its unit will fully subscribe to its portion of the rights offer, Danamon said. Temasek currently owns a 67 percent stake in the bank……………………………………….Full Article: Source

Canary Wharf set to win Shell Centre redevelopment bid

Posted on 25 July 2011 by VRS  |  Email |Print

The property developer Canary Wharf Group is set to be selected by Royal Dutch Shell to transform the area around the oil firm’s London headquarters, near Waterloo station. The developer, which is majority owned by Songbird Estates, has teamed up with Qatari Diar, the property investment arm of Qatar’s sovereign wealth fund, to offer up to £350m for the redevelopment deal, the Sunday Times reported this weekend.
The deal will see houses, offices and shops built on the five acres of land surrounding the well-known 1950s tower in central London. The first phase is expected to be completed by 2016……………………………………….Full Article: Source

Wildrose promises heritage fund boost

Posted on 25 July 2011 by VRS  |  Email |Print

A Wildrose government would plow more money into Alberta’s Heritage Savings Trust Fund and provide tax incentives for business, but otherwise stay out of the way of economic diversification, the party announced Saturday in Grande Prairie.
Wildrose Leader Danielle Smith accused the Conservative government of mismanaging the province’s finances and said her party’s competitiveness policy would spur investment and restore confidence in Alberta……………………………………….Full Article: Source

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