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Sovereign Wealth Funds Briefing - Archive | July, 2011

How to invest your sovereign wealth fund

Posted on 22 July 2011 by VRS  |  Email |Print

Bernd SchererJust in case the Chinese politburo or the Parliament of Norway need some advice about how to invest their multibillion-dollar sovereign funds, the French business school Edhec has supplied it. The conclusion of its research? Most SWFs are insufficiently hedged.
Sovereign funds have grown to become a very large component of the global economy in recent years, driven primarily by rises in the price of oil and other commodities — which have poured cash into the coffers of resource-rich nations — and global trade imbalances, which have meant that producing nations, such as China, have built up enormous reserves of foreign currency……………………………………….Full Article: Source

Mumtalakat will back Gulf Air says CEO

Posted on 22 July 2011 by VRS  |  Email |Print

Mr. Talal Al ZainBahrain sovereign wealth fund Mumtalakat will continue to financially support Gulf Air even though the loss-making carrier will be a drag on its 2011 earnings, the fund’s chief executive said.
Mumtalakat, which bundles Bahrain’s non-oil state-owned companies, is one of the smaller sovereign wealth funds in the world’s top oil-exporting region, with $9.1 billion in assets at the end of 2009. It owns stakes in several state firms such as Gulf Air and Aluminium Bahrain……………………………………….Full Article: Source

Gulf Air to hurt Mumtalakat profit

Posted on 22 July 2011 by VRS  |  Email |Print

Bahrain sovereign wealth fund Mumtalakat will continue to financially support Gulf Air even though the loss-making carrier will be a drag on its 2011 earnings, the fund’s chief executive said.
Mumtalakat, which bundles Bahrain’s non-oil state-owned companies, is one of the smaller sovereign wealth funds in the world’s top oil-exporting region, with $9.1 billion (Dh33.39 billion) in assets at the end of 2009……………………………………….Full Article: Source

Exchange Fund reverts to gains in first half on currency returns

Posted on 22 July 2011 by VRS  |  Email |Print

Hong Kong, whose foreign-exchange reserves are the world’s seventh largest, posted first-half investment income of HK$46.3 billion on returns from foreign-currency assets, compared with a loss of HK$1.0 billion a year earlier.
The Hong Kong Exchange Fund recorded a HK$22.2 billion gain from investments in currencies other than the US dollar, after reporting a HK$24.3 billion ($3.12 billion) loss in the first six months of last year, thanks to the appreciation of other currencies against the greenback, the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said………………………………………Full Article: Source

EDHEC proposes integrated approach to sovereign wealth risk management

Posted on 22 July 2011 by VRS  |  Email |Print

The EDHEC-Risk Institute has published a new publication – “An Integrated Approach to Sovereign Wealth Risk Management,” – containing the results of the second-year research work conducted in the Deutsche Bank research chair on asset-liability management (ALM) techniques for sovereign wealth fund (SWF) management.
The publication extends earlier work on the optimal investment policy and risk management practices of sovereign wealth funds by integrating these funds into the economic balance sheets of their sponsoring countries……………………………………….Full Article: Source

India plans $10 bln sovereign fund, Singh’s adviser says

Posted on 21 July 2011 by VRS  |  Email |Print

Montek Singh AhluwaliaIndia is considering a plan to set aside $10 billion from its foreign-exchange reserves and create a sovereign wealth fund to secure energy assets overseas, an aide to Prime Minister Manmohan Singh said.
“The idea of a sovereign wealth fund really boils down to sequestering a certain amount of your foreign-exchange reserves,” Montek Singh Ahluwalia, deputy chairman of India’s Planning Commission, said………………………………………Full Article: Source

Central Bank RBI objects sovereign wealth fund

Posted on 21 July 2011 by VRS  |  Email |Print

India is considering setting up a sovereign wealth fund with more than $10 billion in assets to buy energy assets abroad to feed growing domestic demand. But the sources said the plan to create the country’s first sovereign wealth fund (SWF) was still at an early stage amid concerns from the central bank about setting aside part of the country’s foreign exchange reserves for the scheme.
India’s foreign exchange reserves stood at more than $314 billion as on July 8. A senior official at the Reserve Bank of India , meanwhile, said the central bank was worried about financing a sovereign wealth fund, given the large amounts of capital the country needs to fund a massive current account deficit……………………………………….Full Article: Source

McKinsey to test funds’ interest in infra bonds

Posted on 21 July 2011 by VRS  |  Email |Print

India has asked McKinsey & Co. to test the appetite of sovereign wealth funds, pension funds and endowment trusts to committing long-term cash to develop infrastructure in the country, a senior finance ministry official said.
India plans to set up a clutch of infrastructure funds with assets under management totaling $11 billion–cash that is crucial to fix clogged ports and pot-holed roads that are hurting growth in Asia’s third largest economy……………………………………….Full Article: Source

China saves another troubled Canadian firm

Posted on 21 July 2011 by VRS  |  Email |Print

China National Offshore Oil Corp. wants to buy Opti Canada Inc for $2.1-billion (U.S.), a value that includes assuming $825-million of Opti’s current debt. It’s a great outcome a company whose image was severely tarnished.
In 2009 China Investment Corp. invested $1.5-billion (U.S.) in Teck Resources Ltd., which was struggling for survival during the recession. That investment is now worth about five times the initial outlay……………………………………….Full Article: Source

China, ADF to co-operate with Aregbesola

Posted on 21 July 2011 by VRS  |  Email |Print

Osun State Governor, Ogbeni Rauf Aregbesola, has sought the assistance of the China-Africa Develop-ment Fund for the quick infrastructural development of the state. This was the highlight of a meeting the governor had with officials of the CADFund on Monday in China in continuation of Aregbesola’s search for investments in the areas of agriculture, education and industrial growth for the state.
The governor, during the meeting, told officials of the Funding partner that Osun State in the South-West region of Nigeria is blessed with potentials which had however remained untapped……………………………………….Full Article: Source

CEO of Temasek’s Fullerton unit to step down

Posted on 21 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte. Ltd. said Wednesday that Francis Rozario, chief executive of the Singapore state investment firm’s Fullerton Financial unit, will leave by the end of July, the latest management change at the group.
Gan Chee Yen, currently co-chief investment officer and senior managing director for special projects for Temasek Holdings, will succeed Mr. Rozario as CEO of the unit, a spokesman for Temasek said……………………………………….Full Article: Source

Rozario to leave Fullerton Financial in latest Temasek unit CEO departure

Posted on 21 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte said Francis Rozario resigned as chief executive officer of Fullerton Financial Holdings, the Singapore sovereign firm’s unit which invests in banks.
Rozario, who will leave Fullerton Financial at the end of July, will be replaced by Gan Chee Yen, Temasek’s co-chief investment officer and senior managing director of special projects, said Tan Yong Meng, a Temasek spokesman. Rozario will remain as adviser to Fullerton Financial’s board, Tan said……………………………………….Full Article: Source

Future Fund’s rural play sours

Posted on 21 July 2011 by VRS  |  Email |Print

A long-awaited move by the ­$71 billion Future Fund into agricultural land investment was threatening to unravel last night as its partner in the venture, PrimeAg Australia, faced a board ousting over the poor ­performance of its shares.
Shareholders representing 30 per cent of the company have been angered by plans for PrimeAg to raise its $125 million stake in the new land investment fund via a share issue at a discount to its already depressed price……………………………………….Full Article: Source

Norway pension fund ups stakes in 16 stocks

Posted on 21 July 2011 by VRS  |  Email |Print

Norway’s Government Pension Fund Global, the second largest sovereign we­alth fund, has raised stake in consumption-driven Indian firms and cut stake in engineering and construction firms in the April-June quarter, according to the latest data on shareholding pa­ttern from stock exchanges.
Of the 23 firms in which it held more than one per cent stake, the fund has ra­ised stake in 16 and pared holding in five, while maintaining stake in the remaining two. Norges Bank Investment Management (N­BIM), the asset manageme­nt unit of Norges Bank, the central bank, manages the fund……………………………………….Full Article: Source

Gains for state investments far exceed state’s predictions

Posted on 21 July 2011 by VRS  |  Email |Print

The Permanent Wyoming Mineral Trust Fund generated a net of $193.8 million from investments during the fiscal year that will go to the general fund. This is $70.1 million more than the forecast.
In addition, pooled investments totaled $25.3 million more than the $65.4 million that was projected. State Treasurer Joseph Meyer said he is “tickled to death” by the success of the investments……………………………………….Full Article: Source

Updated SWF fund rankings

Posted on 21 July 2011 by VRS  |  Email |Print

The investor class of sovereign wealth funds has increased by 4.02% to give the current total figure of US$4.657 trillion from March 31, 2011 of US$ 4.477 trillion. Our analysis indicates the significant majority of growth of sovereign assets was derived from oil and gas related sovereign funds.………………………………………Full Article: Source

S.Korea wealth fund aims to grow alternative investments

Posted on 20 July 2011 by VRS  |  Email |Print

Choi Chong-suk

South Korea’s $46 billion sovereign wealth fund aims to expand alternative investments in areas like commodities and private equity, its new chief executive said on Tuesday, pledging to strengthen ties with foreign private equity and pension funds.
Korea Investment Corporation (KIC) CEO Choi Chong-suk said in his inauguration speech that the fund would continue to actively invest overseas and could join deals with other global sovereign wealth funds……………………………………….Full Article: Source

Korea: Expert named to head sovereign wealth fund

Posted on 20 July 2011 by VRS  |  Email |Print

Choi Jong-seok, son of former President Choi Kyu-hah, has been picked to head Korea Investment Corp., officials said.
The country’s sovereign wealth fund and Ministry of Strategy and Finance have reviewed four applicants for the post and selected Choi, former chief executive of Allianz Global Investors Korea Ltd. and former vice president of Hana Bank……………………………………….Full Article: Source

Temasek begins meeting global bond investors

Posted on 20 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte. Ltd. has started meeting global bond investors, people familiar with the situation said Tuesday, in a step that could lead to a bond sale by the Singapore state investment company.
Temasek this week began the series of meetings, which will take place Hong Kong, Malaysia, London, Frankfurt and some cities in the U.S., including New York and Boston, and that will likely end this week, the people said……………………………………….Full Article: Source

Temasek said to update credit investors at meetings this week

Posted on 20 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte. will meet with credit investors in Asia, Europe and the U.S. from this week, according to a person familiar with the matter.
Singapore’s state-owned investment company will meet with investors in Hong Kong, Malaysia, London, Frankfurt and cities in the U.S. including New York and Boston as part of a twice yearly investor update, the person said, asking not to be identified as details are private……………………………………….Full Article: Source

Temasek’s Gan to replace Rozario as Fullerton Financial CEO

Posted on 20 July 2011 by VRS  |  Email |Print

The head of the Temasek unit that invested in Asian banks such as China Construction Bank and India’s ICICI is stepping down in the latest of senior management changes involving the Singapore state investor.
Fullerton Financial Holdings CEO Francis Rozario is leaving at the end of July and will replaced be Temasek senior managing director Gan Chee Yen, a spokesman for the Singapore investor told Reuters in an email on Tuesday……………………………………….Full Article: Source

Super-big role for expat bank dynamo

Posted on 20 July 2011 by VRS  |  Email |Print

She arrived in New Zealand early in 2009 with six-month-old twins, no job and a gold-plated CV. In September she will walk into new offices in Auckland’s QEII Square to take charge of a multibillion-dollar investment portfolio as head of investments for the Super Fund.
In between she has risen to head of markets at the stock exchange and was tipped as its next chief executive. Clearly, Fiona Mackenzie has talent……………………………………….Full Article: Source

SOFAZ receives Shah Deniz bonus

Posted on 20 July 2011 by VRS  |  Email |Print

State Oil Fund of the Republic of Azerbaijan received on July 20, 2007 the bonus payment amounted 45 mln. dollars in accordance with the Agreement signed between Azerbaijan Government and foreign extractive sector companies on the exploration, development and production sharing for the Shah Deniz prospective area in the Azerbaijan sector of the Caspian Sea.
The bonus on the aforesaid agreement was envisaged to be paid in accordance with 2006 budget of the Fund. However, due to the delay of gas production from Shah Deniz the bonus payment took place recently……………………………………….Full Article: Source

Kazakhstan’s SWF reps visit France to study renewables

Posted on 20 July 2011 by VRS  |  Email |Print

Delegation of Kazakhstan’s Samruk-Kazyna National Welfare Fund headed by chairman Timur Kulibayev visited France to study French experience in the field of renewable energy technologies.
The delegation included chief of KazAtomProm Vladimir Shkolnik and heads of the departments of Samruk-Kazyna. They met with French Transport Minister Thierry Mariani, General Director of the Strategic Investment Fund Jean-Yves Gillet, chairman of French Atomic Energy Commission Bernard Bigot……………………………………….Full Article: Source

Nigeria: Investment ministry to create Diaspora fund, targets $18.6bln

Posted on 20 July 2011 by VRS  |  Email |Print

The Ministry of Trade and Investment is planning to float a Diaspora Fund as part of strategies aimed at unlocking available capital for investment in critical sectors of the economy.
Minister of Trade and Investment, Olusegun Aganga pointed out that the ministry would also operationalise the Sovereign Wealth Fund, which was created partly because of investments. He added that the N2trillion pension fund was also “sticky, long-term money” that should be unlocked for investment in key sectors, especially infrastructure……………………………………….Full Article: Source

South Africa: Nationalisation of assets versus socialisation of wealth

Posted on 20 July 2011 by VRS  |  Email |Print

Many countries such as Norway, Saudi Arabia and Kuwait have created sovereign wealth funds to manage these windfalls of revenue during boom times. Kuwait, for example, is arguably the only country in the world born out of a sovereign investment fund.
The Kuwait Investment Authority is in actual fact the modernised version of the Kuwait Investment Board founded back in 1953. The fortunes earned by the Board put in place the stepping-stones for Kuwaitis to gain their independence from Britain……………………………………….Full Article: Source

China-Africa Development Fund assures Aregbesola of cooperation

Posted on 20 July 2011 by VRS  |  Email |Print

The Osun State Governor, Ogbeni Rauf Aregbesola, has sought the assistance of the China-Africa Development Fund for the quick infrastructural development of the state.
This was the highlight of a meeting the governor had with officials of the CADFund on Monday in China in continuation of Aregbesola’s search for investments in the areas of agriculture, education and industrial growth for the state……………………………………….Full Article: Source

Co-CEOs to leave Temasek hedge fund Seatown

Posted on 19 July 2011 by VRS  |  Email |Print

Charles Ong and Nasser Ahmad, co-chief executive officers of Seatown Holdings, are leaving the hedge fund set up by Singapore’s Temasek Holdings, people familiar with the situation said.
Mr. Ong is returning to the Singapore state-owned investment firm in a senior position, and Mr. Ahmad is exploring a number of options, the people said……………………………………….Full Article: Source

Temasek’s Seatown unit’s co-CEO Ahmad leaves-sources

Posted on 19 July 2011 by VRS  |  Email |Print

Nasser Ahmad, a Wall Street credit specialist who led a S$4 billion ($3.2) multi-strategy investment firm set up by Singapore state investor Temasek, is leaving the company, sources with knowledge of the move said on Monday.
The former Credit Suisse banker, who was hired more than a year ago as co-CEO of Seatown Holdings, is leaving and looking for other options, one of the sources told Reuters……………………………………….Full Article: Source

AgriBank gains after funds retain stakes following end to lockup

Posted on 19 July 2011 by VRS  |  Email |Print

Agricultural Bank of China Ltd. rose to the highest in almost two weeks in Hong Kong after the July 16 expiry of a lockup period for shares held by some of its biggest investors didn’t immediately lead to a sell-down.
A 12-month lockup period on 22 percent of Agricultural Bank’s Hong Kong-listed shares, valued at about HK$28 billion ($3.6 billion) and held by Qatar’s sovereign wealth fund, expired last week. Similar restrictions on stakes in the Beijing-based bank that are owned by Kuwait Investment Authority and Standard Charted Plc also ended……………………………………….Full Article: Source

Norway wealth fund boosts stake in CRH

Posted on 19 July 2011 by VRS  |  Email |Print

Norway’s sovereign wealth fund has boosted its stake in Irish building materials firm CRH. It has acquired an additional 426,000 shares to bring its total holding to 21.54 million shares in the company.
It represents just over 3pc of CRH’s outstanding share capital……………………………………….Full Article: Source

Neutering fears of shareholder activism by sovereign wealth funds

Posted on 19 July 2011 by VRS  |  Email |Print

The dramatic increase in global equity investing by Chinese and South Korean sovereign wealth funds (SWFs) over the past two years has been mainly driven by hired external investment advisers, according to a research study just completed by LS Global Advisory Group, a leading global market intelligence and shareholder identification service provider.
In-house managed equity portfolios have not increased significantly during the period, the study revealed. The SWFs, seeking to capture gains in developed and developing equity markets, are hiring specific types of investment advisers depending on the particular country they are investing in……………………………………….Full Article: Source

Shift in petrodollar investment to unnerve Western markets

Posted on 18 July 2011 by VRS  |  Email |Print

The shift in the destination of petrodollars managed by sovereign funds is getting more visible in equity markets, where the emerging world is increasingly attracting direct investment. Data from advisory group Monitor shows the Asia-Pacific region attracted the largest chunk of SWF direct investments in 2010 at US$25.2 billion, or nearly half of the total.
“Previously the amount of investment that went to domestic markets was very minuscule because it was a small country,” said Sandeep Nanda, fund manager of Qatar Investment Fund, which is 10 percent owned by the country’s Sovereign Wealth Fund……………………………………….Full Article: Source

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Qatar wealth fund buys into AgBank for long term

Posted on 18 July 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund will remain a long-term investor in Agricultural Bank of China Ltd (AgBank) even after its lock-up period expires on Monday, a senior executive at the Chinese lender said yesterday.

The Qatar Investment Authority (QIA) and AgBank would maintain a strategic relationship over the long term, AgBank’s secretary to the board of directors Li Zhenjiang said……………………………………….Full Article: Source

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AgBank says Qatar wealth fund to remain long-term investor

Posted on 18 July 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund will remain a long-term investor in Agricultural Bank of China Ltd even after its lock-up period expires on Monday, a senior executive at the Chinese lender said.

The Qatar Investment Authority (QIA) and AgBank would also maintain a strategic relationship over the long term, AgBank’s secretary to the board of directors Li Zhenjiang told Reuters……………………………………….Full Article: Source

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Qatar continues to invest in ABC

Posted on 18 July 2011 by VRS  |  Email |Print

Qatar’s sovereign wealth fund will remain a long-term investor in Agricultural Bank of China Ltd (ABC) even after its lock-up period expires on Monday, a senior ABC executive at the Chinese lender said on Friday.

The Qatar Investment Authority (QIA) and ABC will also maintain a strategic relationship over the long term, Li Zhenjiang, ABC’s secretary to the board of directors, told Reuters……………………………………….Full Article: Source

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Libya needs to manage $168 bln in assets, banker says

Posted on 18 July 2011 by VRS  |  Email |Print

Libya has about $168 billion in frozen assets and the Transitional National Council needs to access and start managing the funds as it works to oust Muammar Qaddafi and rebuild the country, former central bank chief Farhat Bengdara said.
The Libyan Investment Authority’s assets include cash, hedge funds, asset management portfolios, government securities and property……………………………………….Full Article: Source

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Moelis sees pick up in Gulf M&A, thanks to SWF

Posted on 18 July 2011 by VRS  |  Email |Print

Investment bank Moelis & Co says it expects to see a gradual rise in M&A activity in the Gulf Arab region driven by cash-rich sovereign wealth funds and industrial firms looking for opportunities to expand.
“We expect to see a gradual up pick in M&A activity in the region going forward. It’s not going to be a huge surge but we are seeing bits and pieces of all the factors coming together for an ideal M&A market,” said Augusto Sasso, co-head of MENA investment banking at Moelis……………………………………….Full Article: Source

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East Timor’s petroleum fund in danger

Posted on 18 July 2011 by VRS  |  Email |Print

Substantial changes proposed for East Timor’s Petroleum Fund law will expose the nation’s finances to high risk and open the door to corruption. Just a few years ago the fund was widely praised as a model of prudential and sustainable management, and a means of possibly escaping the “resource curse” of waste and corruption.

Most other sovereign wealth funds (such as Australia’s Future Fund, Brazil’s Fundo Soberano, Botswana’s Pula Fund, Trinidad and Tobago’s Heritage and Stabilisation Fund) maintain tighter controls on their assets……………………………………….Full Article: Source

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SWFs to drive M&As in Mena region

Posted on 15 July 2011 by VRS  |  Email |Print

Augusto SassoInvestment bank Moelis & Co. expects to see a gradual rise in mergers and acquisitions (M&A) activity in the Gulf Arab region driven by cash-rich sovereign funds and industrial firms seeking expansion opportunities, an executive said on Thursday.
Mergers and acquisitions (M&A) in the Mena region hit a rough patch in the wake of the financial crisis as an era of leverage-led buyouts waned and several high-profile investments suffered heavy losses……………………………………….Full Article: Source

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Alaska Permanent Fund picks Russell for $640mln fundamental indexing brief

Posted on 15 July 2011 by VRS  |  Email |Print

Russell Investments has landed a $640m mandate from the Alaska Permanent Fund for its Russell Fundamental Developed Large Company Index, the first mandate win for the firm in its new suite of fundamental indices.
The sovereign wealth fund has moved assets out of a market-cap weighted strategy previously run by State Street Global Advisors. Ken O’Keeffe, Managing Director, Indexes at Russell Investment confirmed this was the firm’s first mandate win into these indices since their launch four months ago but said pension funds in both the US and Europe have shown interest. The firm runs 24 indices within the suite……………………………………….Full Article: Source

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Sovereign wealth funds and faith in the USD

Posted on 15 July 2011 by VRS  |  Email |Print

It is true that most sovereign wealth funds and global institutional investors have a high allocation to U.S. dollar assets. This has been the story for the past half century. Second, it has been a difficult time for the U.S. dollar this past decade.
With the bailout of financial institutions, mounting federal and state governmental deficits, QE2, high unemployment, two wars, and now the possibility of a block in the augmentation of the debt ceiling, American currency is increasingly being watched like a hawk from foreign governmental investors. In addition, as skilled and unskilled labor prices are priced more efficient in emerging markets versus the United States, it will place a continued drag on the U.S. dollar……………………………………….Full Article: Source

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Azerbaijani President approves execution of 2010 budget of State Oil Fund

Posted on 15 July 2011 by VRS  |  Email |Print

In accordance with decree on the execution of the 2010 budget of the State Oil Fund of Azerbaijan (SOFAZ), approved by the President of Azerbaijan Ilham Aliyev, its revenues amounted to 13.088.5 billion manat and expenses - 6.386.6 billion manat, the Azerbaijani President’s official website reported.
Revenue of SOFAZ’s budget was executed by 144.9 percent and expenditure by 99.4 percent………………………………………Full Article: Source

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Shift in oil funds’ destination

Posted on 15 July 2011 by VRS  |  Email |Print

Petrodollar savings are usually parked initially at central banks, which have traditionally bought liquid sovereign bonds in the US and the eurozone. The government then allocates part of the capital to sovereign wealth funds to invest more actively and generate profit for future generations.
Central banks, for their part, may be less keen to continue accumulating government debt, especially US Treasuries……………………………………….Full Article: Source

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Temasek denies ABC share sale

Posted on 15 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte said on Wednesday that it will not sell its shares in Agricultural Bank of China Ltd (ABC). The comments came after the Singapore government investment company sold stakes in Bank of China Ltd (BOC) and China Construction Bank Corp (CCB) last week.
“We are confident in the long-term development of the banking industry in China,” said Ding Wei, head of operations at Temasek China……………………………………….Full Article: Source

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Nigeria’s foreign reserves hit $34.5bln

Posted on 15 July 2011 by VRS  |  Email |Print

Nigeria’s foreign reserves rose to $34.5 billion in July 13, from $31.5 billion a week earlier, netting about $3 billion increase within the period.
Foreign-currency reserves stood at $31.7 billion by July 4, compared with $37 billion a year earlier, according to data from the Central Bank of Nigeria’s (CBN) website. No reason was however, given for the sudden rise in the reserves……………………………………….Full Article: Source

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Temasek has no plans to sell AgBank stake

Posted on 14 July 2011 by VRS  |  Email |Print

Singapore’s Temasek Holdings does not intend to reduce its holding in China’s No.3 lender Agricultural Bank of China Ltd when the state investor’s lock-up period ends next week, Chinese state media reported on Thursday.
Temasek’s sale of its stakes in Bank of China Ltd and China Construction Bank Corp was aimed at managing its exposure to the Chinese banking system, Xinhua News Agency reported, citing Ding Wei, Temasek’s China head……………………………………….Full Article: Source

Temasek denies ABC share sale

Posted on 14 July 2011 by VRS  |  Email |Print

Temasek Holdings Pte said on Wednesday that it will not sell its shares in Agricultural Bank of China Ltd (ABC). The comments came after the Singapore government investment company sold stakes in Bank of China Ltd (BOC) and China Construction Bank Corp (CCB) last week.
“We are confident in the long-term development of the banking industry in China,” said Ding Wei, head of operations at Temasek China……………………………………….Full Article: Source

Shen is exec director of investments for Khazanah

Posted on 14 July 2011 by VRS  |  Email |Print

Kenneth Shen, former advisor to the chief executive officer of Qatar Investment Authority (QIA) and a board member at its subsidiary Qatar Holding LLC, has joined Khazanah Nasional Bhd (Khazanah) as executive director of investments.
His appointment as one of the eight executive directors of investments at the Goverment’s investment holding fund will be effective on July 15……………………………………….Full Article: Source

New top investor for China’s big fund

Posted on 14 July 2011 by VRS  |  Email |Print

Canadian bankers making the pilgrimage to China to see if the country’s sovereign wealth fund wants to invest in a deal will have a new man to deal with after the country’s huge sovereign wealth fund named a new chief investment officer.
China Investment Corp., the $300-billion wealth fund, named Li Keping as CIO, replacing Gao Xiqing, Reuters reports……………………………………….Full Article: Source

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