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Sovereign Wealth Funds Briefing - Archive | September, 2011

Governors may advocate ECA, SWF combination

Posted on 21 September 2011 by VRS  |  Email |Print

The 36 state governors may push for a combination of the use of the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF) sources close to the Nigerian Governors Forum and the Presidency told BusinessDay yesterday in Abuja.
The Nigerian Governors` Forum (NGF) has called on the Federal Government to suspend the operation of the SWF, saying it is unconstitutional. Sources within government, inform that the disagreement from the governors, amounts to concerns, as to whether the ECA would still remain, while some part of the resources in the account is sent to the SWF……………………………………….Full Article: Source

Alaskans get $1,174 checks from state’s oil wealth

Posted on 21 September 2011 by VRS  |  Email |Print

Most Alaska residents will soon be getting a check for $1,174 simply because they live there.
Each person’s share of the state’s vast oil wealth was announced with much fanfare in Anchorage Tuesday, with Gov. Sean Parnell ripping open a gold-colored envelope to reveal the number. This day is so widely anticipated in Alaska that the announcement of the Permanent Fund Dividend amount was carried live on television statewide, and dozens tuned in to view a live webcast by the governor’s office……………………………………….Full Article: Source

SWF Institute to host their first sovereign fund forum in Switzerland

Posted on 21 September 2011 by VRS  |  Email |Print

The forum will host an extensive cast of high-level delegates from around the world to discuss important issues regarding sovereign wealth funds, governmental investing, critical investment themes, asset allocation, risk management, geopolitical issues, asset classes, and capital market expectations.
“The Sovereign Wealth Fund Institute is truly excited to be hosting this event in Switzerland,” says Carl Linaburg, Senior Vice President, Sovereign Wealth Fund Institute. “With all the uncertainty in the markets linked with demographic, monetary flow, and geopolitical shifts; it is not the time to put your head in the sand. It is the time to collaborate, share, and get perspective from a wide-range of governmental and private experienced investment figures.” (Press Release)

UBS says Australia should start wealth fund as debt crisis fallout spreads

Posted on 20 September 2011 by VRS  |  Email |Print

Matthew GroundsAustralia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG (UBSN)’s top banker in the nation said.
“It would be silly to think that none of this is going to have an impact on us — it will,” Matthew Grounds, 42, chief executive officer of UBS’s Australian business, said in an interview on Sept. 14, before the bank disclosed a $2.3 billion unauthorized trading loss in London. “That’s got to impact China and that’s got to impact Australia.”………………………………………Full Article: Source

Australia: Sovereign fund only one option: Parkinson

Posted on 20 September 2011 by VRS  |  Email |Print

Martin ParkinsonFederal Treasury Secretary Martin Parkinson says Australia would have to return the national budget to surplus before considering starting up a sovereign wealth fund.
The issue of a sovereign wealth fund has been under debate for many months, with suggestions it be built up with cash flowing from the mining boom, much like the sovereign wealth fund enjoyed by Norway which is based on oil revenue……………………………………….Full Article: Source

Governments are not good savers but we have shown them how

Posted on 20 September 2011 by VRS  |  Email |Print

Sometimes it takes just a flicker of good sense to illuminate a debate such as whether Australia should have a sovereign wealth fund. Such a moment came yesterday when Federal Treasury secretary Martin Parkinson finally pointed out that there is not a great idea to set up and contribute to such a fund unless the Federal Budget is in surplus.
“The first thing you want to do is to move the budget back into surplus, pay down the small stock of debt that’s accumulated, and then think about where you actually want to build up assets,” Dr Parkinson said……………………………………….Full Article: Source

Australia’s Future Fund says yet to make required return

Posted on 20 September 2011 by VRS  |  Email |Print

Australia’s sovereign wealth fund, with A$75 billion ($76 billion) under management, said it has not yet met the government’s mandated investment return of CPI plus five percent, but expects that will happen.
The Future Fund’s chairman David Murray made the comments at a business lunch……………………………………….Full Article: Source

UBS stake loss offset in portfolio -Singapore’s GIC

Posted on 20 September 2011 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC said on Monday the losses on its investment in UBS were offset by good investment decisions, which has helped its portfolio rebound to a level seen prior to the global financial crisis.
“In retrospect, we had said in late 2008 the timing for the (UBS) investment could have been better,” the Government of Singapore Investment Corp said in a letter to a local newspaper seen by Reuters……………………………………….Full Article: Source

GIC defends its investment in Swiss bank UBS

Posted on 20 September 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corp (GIC) has issued its first comments on its UBS investment since news of the Swiss bank’s shock US$2.3 billion in trading losses.
GIC, the largest shareholder of UBS, said that its own performance ‘is assessed based on our overall portfolio and not on individual investments’………………………………………Full Article: Source

Singapore GIC:Timing of UBS investment could have been better

Posted on 20 September 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corp., or GIC, Monday said its investment in Swiss bank UBS AG (UBS) was made prior to the 2008 global financial crisis and that the timing of this investment could have been better.
The state investment firm, in an emailed response to Dow Jones Newswire queries, did not specifically comment on the $2.3 billion loss incurred by the bank from rogue trading activities by one of the bank’s employees……………………………………….Full Article: Source

GIC’s total portfolio value back to pre-crisis levels

Posted on 20 September 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corporation’s investment objective, as set out by the Government, is to achieve good, long-term returns over a 20-year investment horizon.
Our performance is assessed based on our overall portfolio and not on individual investments. As of March 31, the 20-year annualised real rate of return, in excess of global inflation, was 3.9 per cent……………………………………….Full Article: Source

Up to Khazanah to purchase 10 pct stake in AirAsia X

Posted on 20 September 2011 by VRS  |  Email |Print

It is all up to Khazanah Nasional Bhd whether to buy the 10 per cent stake in AirAsia X Sdn Bhd, said AirAsia X chairman, Tan Sri Rafidah Aziz. “It is up to them, it is their decision. They know our record, they know our future strategy, and they know where we are going,” said Rafidah to reporters on the sidelines of the World Women Economic Forum here yesterday.
“I think they should base (the decision) on whatever the evaluation done by the analyst. She was asked on Khazanah’s stand saying that it would acquire the 10 per cent share in AirAsia X only after getting more clarity not only on the financial and business model of the company but would also look at the timing……………………………………….Full Article: Source

Qatar taking a risky path with its foreign investment plans

Posted on 20 September 2011 by VRS  |  Email |Print

Qatar risks a foreign investment pile-up. The tiny gas-rich state might have up to $100-billion (U.S.) to snap up overseas assets, based on guesses at the size of the country’s main sovereign wealth fund.
Qatar’s mooted interest in a 7.5-per-cent stake in European aerospace and defence company EADS would only cost it less than $2-billion at current market prices. But it’s unclear if the country’s overseas spending is as focused as its domestic ambitions. And its taste for large high-profile assets could be dangerous……………………………………….Full Article: Source

Abu Dhabi Investment Authority expands exposure in alternative investments

Posted on 20 September 2011 by VRS  |  Email |Print

Opalesque Industry Update - The Abu Dhabi Investment Authority (ADIA), an investment institution owned by the Government of Abu Dhabi which runs one of the largest sovereign wealth funds in the world with assets estimated between US$650bn and $875bn (the Sovereign Wealth Fund Institute puts the figure at $627bn) is expanding its exposure in alternative investments, according to its latest Annual Review report.
Emerging managed futures managers: Among the major developments in ADIA’s alternative investments portfolios is the funding of several early-stage or emerging managed futures managers. ADIA’s Alternatives Departments, which is handling the alternative investment portfolio, is focused on migrating these newly-seeded funds to their main managed funds portfolio, granting that the new funds expect their performance targets……………………………………….Full Article: Source

The battle over the sovereign wealth fund

Posted on 20 September 2011 by VRS  |  Email |Print

When on May 27, 2011 the immediate past Minister of Finance, Olusegun Aganga popped champagne in celebration over what he felt was a feat in warehousing Nigeria’s unbudgeted oil revenue from reckless spending because of the signing into law of the Nigeria Sovereign Investment Authority (NSIA) Bill to manage the nation’s fiscal price rule of unbudgeted oil revenue (Sovereign Wealth Fund, SWF), little did he know that the celebration was a false start.
Aganga, expressive as a Usain Bolt breasting the tape after a long marathon, spoke of the benefit of the SWF enactment: ………………………………………Full Article: Source

SWFs can aid global economic recovery

Posted on 20 September 2011 by VRS  |  Email |Print

Sovereign wealth funds (SWFs) in their new guise of established market players can contribute to the economic recovery strategies of the developed economies, considers Dr. Alexander Mirtchev.
Soaring debt, anemic growth, intransigent unemployment, social unrest…these are the fundamental challenges that America could be facing as Congress gears up to consider President Obama’s new jobs plan. One proposal that is unlikely to surface during the debate is a greater openness to sovereign wealth funds. Why? Among others, SWFs’ past ‘trophy asset’ sprees have not played well in the U.S., reinforcing concerns about the balance between their political and economic objectives. SWFs are, after all, the investment arms of resource-rich or export-oriented countries and if they choose to use these funds more to achieve political goals rather than for pure business purposes, they are seen in some quarters as undermining confidence and distorting global capital flows. (Press Release)

Australia’s Parkinson says wealth fund makes no sense for now

Posted on 19 September 2011 by VRS  |  Email |Print

Australia shouldn’t consider establishing a sovereign wealth fund until it returns its budget to surplus and begins paying down debt, the nation’s top economic civil servant said Monday.

The center-left Labor government has promised to balance the budget in the 2012-2013 fiscal year and has resisted calls from some lawmakers and others to establish a wealth fund to store away the proceeds of a major mining boom, opting instead for a new tax on miners and measures to boost pension savings. Australia already has a quasi sovereign wealth fund, the Future Fund, which was set up to manage public sector pension liabilities……………………………………….Full Article: Source

India: Funding economic sovereignty

Posted on 19 September 2011 by VRS  |  Email |Print

After having tried unsuccessfully for many years to get the Union ministry of finance and the Reserve Bank of India (RBI) to agree on using a part of foreign exchange reserves to finance infrastructure, the Planning Commission has now mooted the idea of a sovereign wealth fund (SWF).

The idea is not new, either here or in global financial markets. But it’s unique to the extent that the SWF is proposed to be set up by a country that not only has a sizeable current account deficit but is also resources poor and has a huge and growing resources deficit……………………………………….Full Article: Source

GIC should disclose details of UBS position

Posted on 19 September 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) became the largest shareholder in UBS last year when it converted notes it bought in the bank into ordinary shares at a conversion price of 47.7 Swiss francs (S$67.6) a share.

UBS shares closed at 9.75 Swiss francs the day the loss was announced. Given GIC’s original 11-billion Swiss franc investment in 2008 and the 2 billion Swiss francs it received in interest in the first two years, its paper loss was about 6 billion to 7 billion Swiss francs at Thursday’s price……………………………………….Full Article: Source

Sovereign wealth fund over mega bank?

Posted on 19 September 2011 by VRS  |  Email |Print

At this year’s NBAD’s Global Financial Markets Islamic Forum in Abu Dhabi, I was requested to make a presentation on an Islamic sovereign wealth fund (SWF). That’s an appropriate topic for an appropriate audience at the appropriate time.

The Islamic finance industry, as part of Islamic finance 2.0, needs to move away from product pushing to a more holistic approach, which includes big “ticket” offerings while becoming “conventionally efficient.” An Islamic SWF would fill both roles for asset management……………………………………….Full Article: Source

Our problem with sovereign wealth fund– Aliyu

Posted on 19 September 2011 by VRS  |  Email |Print

The Niger State governor, Babangida Aliyu, has stressed that contrary to reports in the media, the state governors were not against the Sovereign Wealth Fund. According to him, the method of implementation was the problem. The governor also urged the Federal Government to be courageous enough to unbundle the Power Holding Company of Nigeria (PHCN) and implement all the reports and decisions taken under the power sector reforms.

The governor said this at the maiden convocation lecture of the Fountain University, Osogbo, on Friday, where he officiated as the guest speaker……………………………………….Full Article: Source

Russia taps star advice for its sovereign fund

Posted on 19 September 2011 by VRS  |  Email |Print

Russian Prime Minister Vladimir Putin Friday tapped leading sovereign-wealth-fund managers and private-equity chiefs as advisers to the new Russian Direct Investment Fund, which will begin investing Russian oil wealth alongside private cash in the coming months.

TPG Capital’s David Bonderman and Blackstone Group Chief Executive Steve Schwarzman, along with leaders from the China Investment Corp. and Kuwait Investment Authority, will meet once or twice a year to advise the fund, which will receive $2 billion a year in state money for five years……………………………………….Full Article: Source

CIC eyes 20 pct in Italy’s strategic fund

Posted on 16 September 2011 by VRS  |  Email |Print

Lou JiweiChina’s sovereign investment fund could take a stake of up to 20 percent in Italy’s strategic investment fund, Italian daily Il Messaggero said in an unsourced report on Thursday.

The China Investment Corporation could take 10-20 percent in Italy’s strategic fund, which is being set up by the state-controlled holding Cassa Depositi e Prestiti SpA, it said……………………………………….Full Article: Source

China willing to buy bonds from sovereign-debt-crisis nations, Zhang says

Posted on 16 September 2011 by VRS  |  Email |Print

China is willing to buy euro bonds from countries involved in the sovereign debt crisis “within its capacity,” Zhang Xiaoqiang, vice chairman of the nation’s top economic planning agency, said.

China is prepared to offer assistance, Zhang said at the World Economic Forum in Dalian in a reiteration of comments Premier Wen Jiabao made……………………………………….Full Article: Source

China CIC official: Caution needed when investing in Euro-zone debt

Posted on 16 September 2011 by VRS  |  Email |Print

Caution is needed when investing in euro-zone debt, Shi Chenggang, deputy risk management director of China Investment Corporation said Thursday.

Speaking at a derivatives forum in Beijing, Shi said investments in the troubled euro-zone countries should be made “very cautiously.” He did not elaborate. Shi said this was his personal view, and doesn’t reflect the opinions of CIC, the nation’s sovereign wealth fund……………………………………….Full Article: Source

China offers Europe a helping hand - but then wags a finger

Posted on 16 September 2011 by VRS  |  Email |Print

China’s sovereign wealth fund, China Investment Corporation, has been in talks with Italy but is more interested in buying key industrial and strategic assets.
CIC’s chief, Lou Jiwei, came under harsh attack in China for losses on US investments after the Lehman crisis. He is unlikely to risk his career a second time by taking a gamble on Italian or Spanish debt……………………………………….Full Article: Source

Russia’s $10 bln fund staffed up, ready for deals

Posted on 16 September 2011 by VRS  |  Email |Print

The Russian Direct Investment Fund (RDIF), a $10 billion Kremlin initiative, is fully staffed up and ready to do deals just three months after it was created, CEO Kirill Dmitriev told Reuters.

The RDIF, which seeks to co-invest with private-equity, sovereign wealth funds and strategic investors, should start to execute on a pipeline of deals over the next couple of months, Dmitriev told the Reuters Russia Investment Summit……………………………………….Full Article: Source

Temasek, KIA said among investors in Citic Securities sale

Posted on 16 September 2011 by VRS  |  Email |Print

Temasek Holdings Pte and Kuwait Investment Authority are among early investors who agreed to buy $900 million of stock in Citic Securities Co.’s initial share sale in Hong Kong, two people with knowledge of the matter said.

The Singaporean state-owned investment firm will invest $150 million in the offering, while the Kuwaiti sovereign wealth fund is putting in $200 million, said the people, who declined to be identified as the process is confidential……………………………………….Full Article: Source

ADIA opens up, reveals rising long-term returns

Posted on 16 September 2011 by VRS  |  Email |Print

The traditionally secretive Abu Dhabi Investment Authority (ADIA) has opened up a bit, releasing its yearly statement of what is perceived to be the world’s largest sovereign wealth fund.

Spurred by global economic growth, the fund revealed that annualised rate of return increased to 7.6%, compared with 6.5% in 2009……………………………………….Full Article: Source

Zimbabwe plans mining sovereign wealth fund, Kasukuwere says

Posted on 15 September 2011 by VRS  |  Email |Print

Saviour KasukuwereZimbabwe, which is compelling foreign-owned companies to cede control of their businesses to black citizens of the country, plans to establish a sovereign wealth fund that will hold stakes in mining companies.
The country wants foreign companies including Rio Tinto Plc and Impala Platinum Holdings Ltd. to sell 51 percent stakes in their mines. Zimbabwe has the world’s second-biggest platinum and chrome reserves as well as deposits of gold, iron ore, coal, diamonds and nickel……………………………………….Full Article: Source

Mubadala sets a model for Middle East wealth funds

Posted on 15 September 2011 by VRS  |  Email |Print

Spending state oil revenues on prestige stakes in western brands no longer fits so well with the political climate in the Middle East. Mubadala has an alternative model for what Gulf governments can do with spare cash. If you want its investment money, you’d better bring something else to Abu Dhabi as well.
Like Abu Dhabi, Mubadala is taking stock after an initial growth spurt: seeing where it might go from here, weighing up its successes and failures……………………………………….Full Article: Source

Nigeria: Governors bizarre stand over sovereign wealth fund

Posted on 15 September 2011 by VRS  |  Email |Print

Unanimously, Nigerians of all hues have stated that the financial security of Nigeria lies on the prudent management of Sovereign Wealth Fund (SWF), which aims at saving some portions of national oil revenue for future purposes.
The National Assembly upon the passage of the bill into law earlier this year approved the allocation of about $1 billion for the take off of the initiative……………………………………….Full Article: Source

Nigeria: Sovereign wealth fund law should stay

Posted on 15 September 2011 by VRS  |  Email |Print

The recent debate on the Sovereign Wealth Fund (SWF) by the governors’ forum after the law establishing it has been passed, reminds me of what a diplomat at the American Embassy once discussed with me several years ago.
He was always amused about the nonchalant attitude of Nigerians to bad laws. Many Nigerians, even the so called elite, sit by, while bad laws are being made. They will not lift a finger to challenge it or even raise awareness to the problems the new law will create. They only wait after the law has been made to find a way around it……………………………………….Full Article: Source

Tight-lipped Abu Dhabi wealth fund issues review

Posted on 15 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority issued its yearly statement Tuesday, documenting the investment strategy and holdings of what is considered to be the world’s largest sovereign wealth fund.
ADIA is the biggest of several funds Abu Dhabi uses to manage its oil wealth, controlled by the emirate’s hereditary ruler. Abu Dhabi is the capital of the United Arab Emirates and holder of nearly all the OPEC member’s oil reserves. The federation includes seven semiautonomous city-states and is the world’s third-largest oil exporter……………………………………….Full Article: Source

ADIA ramping up private equity activities

Posted on 15 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, among the world’s largest sovereign wealth funds, is ramping up its private equity activities after a relatively subdued period over the past two years, sources familiar with the fund’s plans said.
Staffing within ADIA’s private equity department will likely more than double from its current complement of around two dozen, sources said, although no specific allocation targets have been set……………………………………….Full Article: Source

Qatar shows faith in Europe

Posted on 15 September 2011 by VRS  |  Email |Print

The decision in late August by Qatari investors to inject €500 million into the creation of Eurobank EFG in Greece was the most recent in a string of investments in euro zone assets by the Gulf state this year.
The investment, worth the equivalent of $685 million, in the merger of the troubled Greek banks Alpha Bank and Eurobank — creating the largest bank in Southeast Europe in terms of market capitalization — was in addition to a 7 percent stake the Qatar Investment Authority already held in Alpha Bank……………………………………….Full Article: Source

Temasek, Kuwait said among investors in Citic Securities sale

Posted on 15 September 2011 by VRS  |  Email |Print

Temasek Holdings Pte and Kuwait Investment Authority are among early investors who agreed to buy $900 million of stock in Citic Securities Co.’s initial share sale in Hong Kong, two people with knowledge of the matter said.
The Singaporean state-owned investment firm will invest $150 million in the offering, while the Kuwaiti sovereign wealth fund is putting in $200 million, said the people, who declined to be identified as the process is confidential………………………………………Full Article: Source

Lee says Singapore in ‘no position to rescue’ Europe

Posted on 15 September 2011 by VRS  |  Email |Print

Singapore isn’t in a position to help European nations facing sovereign default risks through bond purchases, and the European Union faces significant internal tensions that could result in its break-up, the city-state’s former Prime Minister Lee Kuan Yew, who is senior adviser to sovereign wealth fund Government of Singapore Investment Corp. said.
“Singapore’s (gross domestic product) is one-60th of the European GDP, and we’re in no position to rescue the Europeans by buying their bonds,” Lee said………………………………………Full Article: Source

China Investment Corp meets with Italian finance ministry

Posted on 15 September 2011 by VRS  |  Email |Print

Like other Southern European nations, Italy is suffering from severe sovereign debt issues. The Italian Ministry of Finance met with the China Investment Corporation to discuss possible scenarios.
Recently, investors wanted greater returns and drove up the bond auction. Italy is trying to lower soaring interest rates and introduce austerity measures……………………………………….Full Article: Source

Beijing is no white knight

Posted on 15 September 2011 by VRS  |  Email |Print

The main player behind it is the China Investment Corporation (CIC), Beijing’s sovereign wealth fund. The CIC’s resources still come from the same source, the monetary reserves of the central bank.
But it is the CIC, with its greater freedom of action and more diverse functions, that is spearheading the penetration of China into the global economy. Its status gives it a “market orientation and purely economic-financial goals”. As a company, the CIC is accountable to its shareholders – which would be the government in Beijing……………………………………….Full Article: Source

MAS-AirAsia tie-up necessary: Khazanah

Posted on 15 September 2011 by VRS  |  Email |Print

Malaysia Airlines’ (MAS) largest shareholder Khazanah Nasional Bhd has defended the collaboration agreement between the national carrier and budget carrier AirAsia Bhd signed a month ago, calling the decision a “necessary” move.
Critics have raised concerns over the comprehensive collaboration framework between the airlines and the share-swap deal agreed by major shareholders of MAS and AirAsia, with some parties highlighting that the share-swap deal was not a solution to turn around loss-making MAS……………………………………….Full Article: Source

Khazanah seeks more clarity on AirAsia X deal

Posted on 15 September 2011 by VRS  |  Email |Print

Khazanah Nasional Bhd is waiting for more clarity on the financial and business model of AirAsia X before it agrees to acquire a 10% stake in the airline.
“We are interested in the 10% stake in AirAsia X, but we need more clarity on their plans, their timeline and how they want to evolve, when there will be an initial public offering (IPO), and also on the business model,” Khazanah managing director Tan Sri Azman Mokhtar said……………………………………….Full Article: Source

Australia’s Future Fund: A complex beast of good and bad

Posted on 15 September 2011 by VRS  |  Email |Print

The Future Fund is a complex beast because it combines two ideas, one good and one bad. Some form of compulsory savings vehicle is, on balance, a good idea. Not because bureaucrats know better than private individuals how their own money should be spent, but because it reduces the temptation to operate Ponzi schemes – this is the situation where old investors are paid from contributions by new investors.
This sort of scheme is common in public finances around the world and will become an ever-increasing burden on future taxpayers……………………………………….Full Article: Source

Abu Dhabi Investment Authority in private equity push

Posted on 14 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, among the world’s largest sovereign wealth funds, is ramping up its private equity activities after a relatively subdued period over the past two years, sources familiar with the fund’s plans said.
Staffing within ADIA’s private equity department will likely more than double from its current complement of around two dozen, sources said, although no specific allocation targets have been set……………………………………….Full Article: Source

Abu Dhabi wealth fund’s long-term returns grew on global rebound

Posted on 14 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, improved long-term returns in 2010 as the global economy recovered.
ADIA has a 20-year annual rate of return of 7.6 percent, and a 30-year rate of return of 8.1 percent as of the end of last year, the fund said in its annual review published today. This compares to 20-year and 30-year annual returns of 6.5 percent and 8 percent respectively at the end of 2009. The fund didn’t give a return for last year……………………………………….Full Article: Source

ADIA issues review, few performance details

Posted on 14 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority issued its yearly statement Tuesday, documenting the investment strategy and holdings of what is considered to be the world’s largest sovereign wealth fund.
ADIA is the biggest of several funds Abu Dhabi uses to manage its oil wealth, controlled by the emirate’s hereditary ruler. Abu Dhabi is the capital of the United Arab Emirates and holder of nearly all the OPEC member’s oil reserves. The federation includes seven semiautonomous city-states and is the world’s third-largest oil exporter……………………………………….Full Article: Source

ADIA’s long-term returns rise

Posted on 14 September 2011 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), widely considered to be the world’s largest sovereign wealth fund, yesterday issued its yearly report stating its strategy and holdings, but the 50-page document called the “2010 Review” did not contain highly sought-after information such as balance sheet details or the overall size of the fund.
According to the report, ADIA registered a 20-year annual rate of return of 7.6 per cent and a 30-year rate of return of 8.1 per cent as of the end of last year……………………………………….Full Article: Source

North America key area for investments

Posted on 14 September 2011 by VRS  |  Email |Print

Abu Dhabi Investment Authority (Adia) said in its annual review yesterday that 35 to 45 per cent of its portfolio is currently invested in developed equities while 10 to 20 per cent is in emerging market stocks and up to 20 per cent in government bonds.
The sovereign wealth fund said 35 to 50 per cent of its investments are located in North America, followed by Europe and Asia, while only 15 to 25 per cent is held in emerging markets……………………………………….Full Article: Source

ADIA: Global growth to stay hesitant

Posted on 14 September 2011 by VRS  |  Email |Print

Abu Dhabi Investment Authority, or ADIA, sees the global economic growth to remain hesitant in the near term. The ADIA’s forecast comes as governments in major developed markets begin the sensitive task of cutting potentially burdensome debt levels without undermining growth.
“Returns from equities will gradually revert close to their long-term historical average between six to eight per cent,” the ADIA said in its yearly review issued on Tuesday……………………………………….Full Article: Source

Governors and sovereign wealth fund

Posted on 14 September 2011 by VRS  |  Email |Print

For every nation worth its salt, it is imperative to save and invest a certain proportion of it wealth as part of a deliberate effort to drive growth and development. China, for example, has $827 billion in its SWF, United Arab Emirate $709 billion, Saudi Arabia $444.4 billion, Kuwait $202 billion and Libya $70 billion. The Funds have helped these nations achieve their development objectives.
The Federal Government has tried to take a cue from these countries by setting up its own Sovereign Wealth Fund……………………………………….Full Article: Source

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