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Sovereign Wealth Funds Briefing - Archive | March, 2012

India’s allure for sovereign wealth funds

Posted on 26 March 2012 by VRS  |  Email |Print

Raj BhattSovereign wealth funds have been quietly making moves to India as the value of assets in more established markets elsewhere in the world have fallen. Why is India of interest to sovereign wealth funds (SWFs)?
The country has for long been on the radar of many SWFs, but it has only recently opened up more to institutional investors who picked up on India’s growth story. “Traditionally SWFs have not invested huge amounts of money in India because of its volatility and relatively low ability to absorb dollars but have had their focus in Europe instead,” says Raj Bhatt, the chairman of Elara Capital, based in Mumbai………………………………………..Full Article: Source

Softbank to buy Fukuoka baseball stadium from GIC

Posted on 26 March 2012 by VRS  |  Email |Print

Softbank Corp., Japan’s second- biggest mobile-phone company by market value, agreed to buy the Fukuoka Yahoo! Japan Dome for 87 billion yen ($1.1 billion) from Government of Singapore Investment Corp.
The stadium is the home of the Softbank Hawks baseball team and is being offered on loan, the phone company said in a statement on its website. The Yahoo! Dome, which opened in April 1993 as Japan’s first stadium with a retractable roof, is also used for events including concerts, according to the website of Hawks Town, which has a floor area of 176,000 square meters………………………………………..Full Article: Source

GIC to sell baseball stadium in Japan to SoftBank

Posted on 26 March 2012 by VRS  |  Email |Print

The Government of Singapore Investment Corp (GIC) is selling a baseball stadium in Japan to SoftBank Corp for 87 billion yen (S$1.33 billion).
The sovereign wealth fund is believed to have paid about 100 billion yen for the entire Fukuoka Hawks Town complex where the retractable-roof dome is located, the Nikkei daily reported on Saturday………………………………………..Full Article: Source

Oil Fund in nuclear weapons investment concerns

Posted on 26 March 2012 by VRS  |  Email |Print

Norway’s sovereign wealth fund has breached its own code of ethics by investing billions in companies involved with nuclear weapons, reports say. It has been revealed that the Government Pension Fund Global (‘Oil Fund’) invested 4.4 billion kroner in 2011 in five companies. UK-based Rolls-Royce Holdings PLC received the biggest, totaling 3.1 billion kroner.
The firm, together with Babcock Marine and BAE Systems, is involved in developing submarines for the British Army that will contain nuclear weapons………………………………………..Full Article: Source

Government Pension Fund Global declines

Posted on 26 March 2012 by VRS  |  Email |Print

The Government Pension Fund Global returned -2.5%, or -86 billion kroner, in 2011 as global stock markets slumped. Equity investments returned -8.8% in 2011 as stocks fell in Europe, where the fund had half its shareholdings at the end of the year. Fixed-income investments returned 7%, boosted by rising prices on government bonds from countries such as the US, the UK and Germany.
The overall return was 0.1% point lower than the return on the fund’s benchmark indices, Norway’s Central Bank Norges Bank reported………………………………………..Full Article: Source

Failed talks between FG, states threaten sovereign wealth fund

Posted on 26 March 2012 by VRS  |  Email |Print

Failure by the federal government and the 36 states of the federation to reach an out-of-court settlement over the dispute arising from the maintenance of the Excess Crude Account and the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF), could threaten the fund.
The federal government and the 36 states of the federation will be heading back to court tomorrow following the collapse of talks between both sides on the legality of Excess Crude Account and the SWF………………………………………..Full Article: Source

Sovereign wealth fund: S-Court begins hearing on 36 govs’ suit

Posted on 26 March 2012 by VRS  |  Email |Print

Five months after governors of the 36 states of the federation dragged the Federal Government before the Supreme Court over plans to transfer $1 billion from the “Excess Crude Account” to a new a new account to be known as the “Sovereign Wealth Fund,” the apex court has ordered the two parties to appear before it today, for hearing to commence on the matter.
A seven-man panel of the court, headed by the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, has assumed jurisdiction of the legal dispute following an outright collapse of an out-of-court mediation between the warring parties………………………………………..Full Article: Source

UAE’s Mubadala lays foundations for Fujairah FSRU

Posted on 26 March 2012 by VRS  |  Email |Print

An Abu Dhabi joint venture between sovereign wealth fund Mubadala Group and state-owned International Petroleum Investment Company (IPIC) has advanced plans for a floating storage and regasification unit (FSRU) in the port of Fujairah, Mubadala said.
“The project engineering phase has now commenced, following completion of a feasibility study last year,” said a spokesman from the sovereign wealth fund, adding that the terminal is expected to start operations in the “next two or three years.”……………………………………….Full Article: Source

Future Fund, RARE Infrastructure supported CP2’s Transurban selldown

Posted on 23 March 2012 by VRS  |  Email |Print

CP2′s sale of 7.9% of toll road owner-operator Transurban this week for 631.3 million Australian dollars (US$669 million) was supported by Australia’s Future Fund and RARE Infrastructure.
In substantial notices lodged Thursday, Future Fund, a quasi-sovereign wealth fund said it has a stake of 6.78% while RARE Infrastructure said it lifted its stake to 8.17% from 5.03%………………………………………..Full Article: Source

Murray’s Future Fund brace is broken

Posted on 23 March 2012 by VRS  |  Email |Print

Outgoing Future Fund Chairman David Murray expresses surprise at the ‘cynical turn’ in the public debate about sovereign wealth funds in Australia. Yet his defence of the Future Fund is unconvincing and can only inspire scepticism about the role of such funds in enhancing Australia’s prosperity.
Murray says that “politicians routinely strip value off the future”. True enough, but the Future Fund does not solve this problem………………………………………..Full Article: Source

Private equity firms see strong potential in SE Asia

Posted on 23 March 2012 by VRS  |  Email |Print

China’s recent injection of US$30 billion (RM92.4 billion) into its sovereign wealth fund has fuelled speculation that it may snap up distressed assets in Europe as the continent’s debt crisis takes a toll on businesses.
Private equity (PE) practitioners, however, say the real opportunities lie in Southeast Asia, where favourable domestic trends are making the region an investment hot spot………………………………………..Full Article: Source

Formula One revving up for IPO in Singapore

Posted on 23 March 2012 by VRS  |  Email |Print

Formula One (F1) motor racing series’ owners, CVC Capital Partners, are considering a partial flotation of the business on the Singapore stock exchange, which could raise anywhere between $1.5 billion to $10 billion for the company.
The UK based private equity firm also contacted officials from Singapore’s sovereign wealth fund, Temasek Holdings, to enquire if they were interested in purchasing a stake in their share, though neither party commented on the outcome………………………………………..Full Article: Source

Qatar boosts stake in French media giant

Posted on 23 March 2012 by VRS  |  Email |Print

Qatar Holding has increased its stake in Vivendi, owner of the world’s largest music and video-game makers, as the Gulf state ramps up its investments in France.
The investment arm of the Qatari sovereign wealth fund purchased 5.6m shares in the Paris-based media conglomerate to increase its shareholding from 1.55 percent at the end of 2011 to two percent………………………………………..Full Article: Source

Kazakhstan’s Samruk-Kazyn Fund starts realizing housing program

Posted on 23 March 2012 by VRS  |  Email |Print

The National Welfare Fund of Kazakhstan Samruk-Kazyn has started constructing the first residential building in Shymkent. CEO of the fund Umirzak Shukeyev attended the construction site. He said that the process is part of the “Affordable Housing 2020” program.
The buildings will have third-class comfort at medium expense. One square meter will cost $800 in regions and $1000 in Astana and Alma-Ata………………………………………..Full Article: Source

Defaulted Kazakh bank BTA names creditor directors

Posted on 23 March 2012 by VRS  |  Email |Print

Defaulted Kazakh bank BTA said on Thursday that bondholders had approved two new creditor directors to serve on the bank’s board of directors, as the bank continues restructuring talks with its creditors.
The bank, Kazakhstan’s third largest by assets and majority owned by energy-rich Kazakhstan’s sovereign wealth fund, defaulted on a $2 billion bond in January. Its previous creditor directors left the board shortly before the default………………………………………..Full Article: Source

Qatar Holding had 2pct of Vivendi at at end-February

Posted on 22 March 2012 by VRS  |  Email |Print

Qatari investment company Qatar Holding held 2% of the capital of French media and telecommunications group Vivendi at the end of February, according to Vivendi’s recently published annual reference document.
The Qatari company’s shareholding stood at 1.55% at the end of last year. Vivendi’s biggest single shareholder is BlackRock Inc with a 4.60% stake. French sovereign wealth fund FSI, together with its main shareholder Caisse des Depots et Consignations owns 3.74% of Vivendi, and Norway’s sovereign wealth fund has a 2.01% stake, according to the document. Altogether, institutional investors held 92.9% of the company’s capital………………………………………..Full Article: Source

Bahrain SWF Mumtalakat names Kooheji as new CEO

Posted on 22 March 2012 by VRS  |  Email |Print

Bahrain’s $9 billion sovereign wealth fund Mumtalakat appointed Mahmood Hashem al-Kooheji as its new chief executive on Wednesday, replacing Talal Al Zain who resigned last month to set up his own investment firm.
Kooheji, who was deputy chief executive of the fund since 2006, was also mostly recently the chief executive of Bahrain-based labour fund Tamkeen, Mumtalakat said in a statement………………………………………..Full Article: Source

Future Fund takes bigger slice of Transurban

Posted on 22 March 2012 by VRS  |  Email |Print

The Future Fund has been revealed as the biggest investor to buy into toll road operator Transurban this week to replace two foreign pension funds.
Documents lodged with the ASX this morning show the Future Fund’s board of guardians increased its holding of below 5 per cent to 6.78 per cent of the CityLink operator, moving on an offer when the foreign funds’ investment manager CP2 acted to sell its 7.86 per cent stake for $631 million………………………………………..Full Article: Source

Temasek Holdings ‘approached to take F1 stake’

Posted on 22 March 2012 by VRS  |  Email |Print

In the wake of reports that Formula 1 chief executive Bernie Ecclestone is eyeing a US$10 billion (S$12.6 billion) initial public offering (IPO) of the sport in Singapore, it has emerged that Temasek Holdings has been approached to take a minority stake in the company.
In an exclusive report yesterday, Sky News revealed that the move was made by CVC Capital Partners, Formula 1’s current owners, and that talks are expected to take place in the “coming days”………………………………………..Full Article: Source

Singapore key to F1’s future - reports

Posted on 22 March 2012 by VRS  |  Email |Print

Singapore, the southeast Asian city-state and the scene of F1’s annual street night race, could be at the centre of the sport’s plans for the future.
Sky News reports that Temasek Holdings, one of Singapore’s principal sovereign wealth funds, has been approached by F1’s majority owner CVC with a proposal to buy into the sport. It is also rumoured that F1 could be floated on the Singapore stock exchange………………………………………..Full Article: Source

CIC visits The Stock Exchange of Thailand

Posted on 22 March 2012 by VRS  |  Email |Print

Jin Liqun, Chairman of Board of Supervisors of China Investment Corporation (CIC), the world’s fifth largest sovereign wealth fund by assets under management, and delegates recently visited The Stock Exchange of Thailand to discuss investment opportunities in Thailand.
The delegation was welcomed by SET President Charamporn Jotikasthira………………………………………..Full Article: Source

Ex-Deutsche banker tipped for top Bahrain SWF job

Posted on 21 March 2012 by VRS  |  Email |Print

Salman al-KhalifaSalman al-Khalifa, a former top regional banker at Deutsche Bank in the Middle East, is the prime contender to run the $9 billion Bahraini sovereign wealth fund Mumtalakat, two sources familiar with the matter said.
Khalifa, who is a member of Bahrain’s royal family, resigned in November as Deutsche’s UAE country chief and head of global markets for Middle East and North Africa………………………………………..Full Article: Source

Temasek said to have hired Rothschild banker Khodor Mattar

Posted on 21 March 2012 by VRS  |  Email |Print

Khodor MattarKhodor Mattar, a Dubai-based director at Rothschild, is leaving the investment bank to join Temasek Holdings Pte (TMSK), Singapore’s state-owned investment company, according to a person familiar with the matter.
Mattar will join Temasek’s group overseeing energy and resources investments, said the person, who asked not to be named as the information isn’t public. Mattar didn’t immediately respond to an e-mail and calls to his mobile phone. Temasek spokesmen couldn’t be reached immediately………………………………………..Full Article: Source

Singapore’s Temasek to buy into F1

Posted on 21 March 2012 by VRS  |  Email |Print

In the wake of reports that Formula 1’s chief executive Bernie Ecclestone is eyeing to launch a US$10 billion (S$12.6 billion) initial public offering (IPO) of the sport in Singapore, it has emerged that the city-state’s Government-owned Temasek Holdings has been approached to take a minority stake in the company.
In an exclusive report this morning, Sky News revealed that the moved was made by CVC Capital Partners, Formula 1’s current owners, and that talks are expected to take place in the “coming days”………………………………………..Full Article: Source

F1 owner courts Singapore state fund

Posted on 21 March 2012 by VRS  |  Email |Print

A powerful Singaporean government investor is being courted to buy a stake in Formula One (F1) motor racing by the sport’s current owners.
Temasek Holdings, which is one of the Asian city-state’s principal sovereign wealth funds, has been approached by CVC Capital Partners about the sale of a minority stake in F1 ahead of a prospective stock market listing in Singapore………………………………………..Full Article: Source

Super fund investments are far too risky, says David Murray

Posted on 21 March 2012 by VRS  |  Email |Print

Outgoing Future Fund chairman David Murray has said that Australia’s superannuation funds’ portfolio allocations are “far too risky” and has urged the government and financial services industry to create a simpler system to list corporate bonds in Australia.
Australia and its investors are too heavily exposed to financial instability and excessive risk because super funds are too heavily weighted toward equities, Mr Murray said………………………………………..Full Article: Source

Qatar raises stake in French group Lagardere

Posted on 21 March 2012 by VRS  |  Email |Print

Qatar Holding said in the filing that it could raise its stake further after increasing it to 12.8 percent and that it may seek representation on the group’s supervisory board.
Qatar Holding added that it may discuss strategic partnerships “allowing the creation of long-term value for shareholders” of Lagardere, though there were currently no specific plans………………………………………..Full Article: Source

How all Canadians benefit from Alberta’s oil wealth

Posted on 21 March 2012 by VRS  |  Email |Print

Alberta’s petroleum reserves constitute a huge store of wealth for its residents, akin to a winning lottery ticket. As everyone knows – or should know – the smart thing to do with a winning lottery ticket is to put the proceeds in the bank and to base spending on the investment income it generates, and not on the windfall itself.
This is roughly the approach taken by Norway: much of its oil revenues are invested in a sovereign wealth fund whose purpose is to provide a flow of income to future generations of Norwegians after its oil reserves run out………………………………………..Full Article: Source

Qatar fund boosts stake in Lagardere

Posted on 20 March 2012 by VRS  |  Email |Print

Arnaud LagardereEnergy-rich Qatar has increased its stake again in Lagardere, boosting its position as the largest shareholder in the French media-to-aerospace conglomerate.
A unit of the Qatar Investment Authority, the emirate’s sovereign wealth fund, said in a regulatory filing it could raise the stake further after increasing it to 12.8 percent and may seek representation on the group’s supervisory board………………………………………..Full Article: Source

Qatar fund boosts voting stake in French Lagardere

Posted on 20 March 2012 by VRS  |  Email |Print

Qatar Holding has increased above 10 percent its voting stake in French media group Lagardere, which owns magazines such as “Elle” and “Paris Match”, France’s stock market regulator said on Monday.
Qatar Holding LLC told the AMF regulator that it may increase its stake above the 12.83 percent of capital and 10.05 percent of voting rights it currently ownes but that it does not intend to take control of the company………………………………………..Full Article: Source

Qatar, Abu Dhabi in bid for London power station

Posted on 20 March 2012 by VRS  |  Email |Print

Abu Dhabi and Qatar are among a number of potential investors who have expressed interest in bidding for the Battersea power station site in London, it was reported on Sunday.
The offer for the site on the south bank of the Thames also drew developers including Berkeley Group Holdings, British Land, Land Securities Group, and sovereign wealth funds from Abu Dhabi and Qatar, according to the newspaper, which said the derelict landmark would attract bids of £250m ($396m) to £350m………………………………………..Full Article: Source

Qatar Holding aquires oer 1pct stake in Bernard Arnault’s LVMH

Posted on 20 March 2012 by VRS  |  Email |Print

London-based high-end luxury store, Harrods owner Qatar Holding LLC has bought 1.03 per cent stake in Bernard Arnault’s luxury conglomerate LVMH.
However, LVMH chairman Arnault and his family still controls 46.5 per cent of the company and 62.4 per cent of its voting rights………………………………………..Full Article: Source

Dubai’s Arabtec has no plans to renew Aabar stake talks - CFO‎

Posted on 20 March 2012 by VRS  |  Email |Print

Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments about a taking a stake in the Dubai builder because its funding needs have eased, its chief financial officer said.
Sovereign fund Aabar, which owns stakes in German carmaker Daimler and commodities trader Glencore, scrapped a $1.7 billion deal to buy a 70 percent stake in Arabtec through mandatorily convertible bonds two years ago at the peak of Dubai’s property market collapse………………………………………..Full Article: Source

Sri Lanka retirement fund makes Rs800mln capital gain on JKH: report

Posted on 20 March 2012 by VRS  |  Email |Print

Sri Lanka’s Employees’ Provident Fund, a state-managed fund of private citizens’ retirement money had made an 800 million rupee capital gain by selling stock in listed John Keells Holdings, a media report said.
The EPF sold 71 million shares at 194 rupees to Khazanah Nasional, Malaysia’s sovereign wealth fund in a deal worth 13.74 billion rupees. Khazanah also bought out several other shareholders Friday, getting 8.8 percent of the stock so far………………………………………..Full Article: Source

S. Korea to see greater flood of Abu Dhabi oil money

Posted on 20 March 2012 by VRS  |  Email |Print

Mubadala Development Company, a sovereign wealth fund set up by the Abu Dhabi government in the United Arab Emirates (UAE), will be categorizing South Korea as a ‘deeper investment’ region and increasing investments involving Korea.
Mubadala is valued at $30 billion in assets according to the firm’s financial statements as of late 2010, and is known as one of the world’s largest sovereign wealth funds based in Abu Dhabi, alongside Abu Dhabi Investment Authority (ADIA)………………………………………..Full Article: Source

GIC acquires minority stake in Vasan Healthcare; Amarchand, AZB and HSB advise

Posted on 20 March 2012 by VRS  |  Email |Print

Government of Singapore Investment Corporation (GIC), the sovereign wealth fund of Singapore, has invested $100 million (Rs. 500 crore) for a minority stake in Vasan Healthcare, which is in the business of providing outpatient driven dental and eye care health services.
The deal involved a primary and secondary investment by GIC into Vasan Healthcare. The secondary transaction involved purchase of securities by GIC from Sequoia Capital, the promoters of Vasan Healthcare and a few other key employees and doctors engaged by Vasan Healthcare………………………………………..Full Article: Source

Norway sovereign wealth fund loses $15 bln in 2011

Posted on 19 March 2012 by VRS  |  Email |Print

Yngve SlyngstadNorway’s sovereign wealth fund lost $15 billion last year as European stock prices fell over uncertain growth prospects amid the debt crisis, the country’s central bank said. Investments made by the oil and gas rich country’s sovereign wealth fund suffered a 2.5 percent loss in 2011 worth 86 billion kronor ($15 billion, 11.4 billion euros).
“The result reflects substantial declines in share prices in 2011 and increased uncertainty about government debt in the euro area,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM) which manages the fund, was quoted as saying in a central bank statement………………………………………..Full Article: Source

Norway SWF owns 2.25 pct of European equity mkt -CEO

Posted on 19 March 2012 by VRS  |  Email |Print

Norway’s sovereign wealth fund, commonly known as the oil fund, now holds 2.25 percent of the total European equity market, the fund’s chief executive Yngve Slyngstad told a news conference on Friday.
The fund bought Europan shares for more than 150 billion crowns ($25.90 billion) since the summer of 2011 through the end of the year, said Yngve Slyngstad………………………………………..Full Article: Source

Norway fund halves its exposure to external fund managers

Posted on 19 March 2012 by VRS  |  Email |Print

The Norwegian Government Pension Fund, Europe’s biggest pool of sovereign wealth, has halved its exposure to external fund managers in the past year from about €37.5bn to about €19bn, terminating eight firms in the process, as it transferred money to internal staff and allocated to small specialist external boutiques.
During 2011, the fund said, it terminated 18 external investment-management contracts and began eight new ones, all for equity management, targeting specific sectors or countries………………………………………..Full Article: Source

Norway SWF voted against Greek bond plan

Posted on 19 March 2012 by VRS  |  Email |Print

Norway’s $607-billion sovereign wealth fund voted against Greece’s bond restructuring plan as it opposed special treatment given to the European Central Bank, arguing bondholders should have been treated equally, the fund’s chief said on Friday.
Yngve Slyngstad, the head of Norges Bank Investment Management, also told Reuters that the fund, one of the world’s largest sovereign wealth funds, still prefers stocks over debt after spending more than 150 billion crowns ($25.9 billion) on European shares in the second half of 2011………………………………………..Full Article: Source

Norway oil fund rejected Greek debt swap, CEO Slyngstad says

Posted on 19 March 2012 by VRS  |  Email |Print

Norway’s sovereign-wealth fund rejected the Greek debt swap because it disagreed with the different treatment given to the European Central Bank, according to chief executive officer Yngve Slyngstad.
“It’s very important to create trust in the markets,” Slyngstad said in an interview in Oslo. “To create trust you have to stay by the rules and therefore to give preferential treatment or to give collective-action clauses retroactive use is challenging. We said ‘no’ on a principle basis.” ……………………………………….Full Article: Source

Norway’s SWF largest holdings at end-2011

Posted on 19 March 2012 by VRS  |  Email |Print

Below are the biggest equity and fixed-income holdings in Norway’s $606-billion sovereign wealth fund (SWF), as given in its annual report on Friday. Holdings in billions of Norwegian crowns on Dec. 31, 2011.………………………………………Full Article: Source

Sovereign wealth funds’ strategies ‘limited by talent issue’

Posted on 19 March 2012 by VRS  |  Email |Print

Public pension funds such as the Norwegian Government Pension Fund Global lack the time and talent to pursue alpha-and-alternatives strategies such as those adopted by US endowment funds, a US-based think tank has claimed.
In a note published this week, the Sovereign Wealth Fund Institute contrasted the “Norway model” – characterised by lower security ownership positions, low cost, greater transparency and less use of alternatives – with a Yale University endowment model focused on alternatives and uncorrelated investments, private equity and larger equity positions………………………………………..Full Article: Source

Qatar holds $914mln stake in French luxury retailer

Posted on 19 March 2012 by VRS  |  Email |Print

Sovereign wealth fund Qatar Holding has built up a stake of more than one percent in French luxury goods group LVMH Louis Vuitton Moet Hennessy.
Qatar Holding holds a 1.03 percent interest in the company, the French company said in a legal filing cited by Zawya Dow Jones. Based on LVMH’s share price of EUR135, the stake is worth around EUR699m ($914m). Qatar Holding declined to comment, it reported………………………………………..Full Article: Source

No need for SWF funds: Arabtec

Posted on 19 March 2012 by VRS  |  Email |Print

Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments about a taking a stake in the Dubai builder because its funding needs have eased, its chief financial officer said.
Sovereign fund Aabar, which owns stakes in German carmaker Daimler and commodities trader Glencore, scrapped a $1.7bn deal to buy a 70% stake in Arabtec through mandatorily convertible bonds two years ago at the peak of Dubai’s property market collapse………………………………………..Full Article: Source

Australia: There is no rational for sovereign wealth fund here

Posted on 19 March 2012 by VRS  |  Email |Print

The renewed call, especially by former master of the Goldman Sachs money-making universe Malcolm Turnbull, for an Australian sovereign wealth fund, made an amusing and instructive counterpoint to the shemozzle over the selection of the next chairman of the Future Fund.
It could all be encapsulated in two thoughts. Perhaps the Future Fund should be renamed the Past Fund, in a small effort at promoting truth in politics………………………………………..Full Article: Source

‘I’s no longer have it for the Future Fund

Posted on 19 March 2012 by VRS  |  Email |Print

The future fund was something that I conceived, I legislated it and I put every dollar of capital into it - every dollar. No other treasurer, no finance minister, nobody has put a dollar of capital into this fund except for me. – Peter Costello, former Treasurer and Future Fund director.
With those words, Peter Costello showed clearly why he would be a disastrous chairman of the Future Fund………………………………………..Full Article: Source

Costello not fit to chair Australia’s Future Fund - Bob Brown

Posted on 19 March 2012 by VRS  |  Email |Print

Australian Greens Leader Bob Brown says Peter Costello’s claim he is the only person to put capital into the Future Fund is a worry and shows why he could not be its chairman.
Senator Brown yesterday also disagreed with Opposition Leader Tony Abbott that the $90 billion sovereign wealth fund only existed because of Mr Costello, saying former Liberal finance minister Nick Minchin also had a hand in setting it up………………………………………..Full Article: Source

Future Fund sees Peter Costello jilted again

Posted on 19 March 2012 by VRS  |  Email |Print

Nick Minchin is spot-on. Making Peter Costello chairman of the Future Fund would have been a very bad decision. If Tony Abbott, Joe Hockey and the rest of the Coalition’s current economic brains trust can’t see that, it is a real worry.
“The fund must be and be seen to be independent, professional, completely above politics and entirely apolitical,” Minchin said………………………………………..Full Article: Source

Ex-GIC managers raise $1.15 bln in Axiom’s third fund

Posted on 19 March 2012 by VRS  |  Email |Print

Axiom Asia Private Capital, run by former managers of Singapore’s sovereign wealth fund, has raised $1.15 billion in a third fund that invests in private equity managers in Asia.
About 60 percent of the fund is raised from investors in the U.S. including Menlo Park, California-based William and Flora Hewlett Foundation and Comprehensive Financial Management, a family office based in Los Gatos, California, according to Chihtsung Lam, a managing partner at Singapore-based Axiom………………………………………..Full Article: Source

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