Sun, Apr 20, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Archive | June, 2012

Qatar unleashes passive aggression on Xstrata

Posted on 29 June 2012 by VRS  |  Email |Print

Sovereign-wealth funds have largely been welcomed by companies as reliable passive investors and strategic allies.
But Qatar Holding’s demand for better terms for Glencore’s proposed merger with Xstrata has stunned both the companies’ managements and markets, raising fears such funds may be entering a new phase of activism. That looks unlikely: No sovereign-wealth fund has previously opposed such a major deal so vocally, says Roubini Global Economics………………………………………..Full Article: Source

Glencore courts Qatar as Xstrata tweaks merger pay

Posted on 29 June 2012 by VRS  |  Email |Print

Glencore International Plc and Xstrata Plc (XTA), seeking to salvage the year’s biggest takeover, moved to appease dissident investors who have threatened to derail the 16 billion-pound ($25 billion) deal.
Glencore met with Xstrata’s second-largest shareholder, Qatar Holding LLC, over the sovereign wealth fund’s call for a 16 percent increase in the commodity trader’s bid, people familiar with the London talks said. Xstrata revised payments for executives intended to keep them at the combined company by adding a link to performance and made all bonuses payable in shares after some holders attacked them as excessive………………………………………..Full Article: Source

Qatar takes unusual role in Glencore-Xstrata deal

Posted on 29 June 2012 by VRS  |  Email |Print

The decision by Qatar Holding to oppose the terms of Glencore International PLC’s merger with Xstrata marks an unusual shift to an activist shareholder role for the oil-rich sovereign wealth fund.
In a surprise announcement late Tuesday, Qatar Holding urged Glencore to sweeten the terms for its proposed merger to 3.25 of its shares per Xstrata share, rather than the 2.8 on offer. The Gulf state, which is Xstrata’s second largest shareholder, says it still supports the proposed merger that would create and mining powerhouse with a market capitalization of about $56 billion. ……………………………………….Full Article: Source

Qatar’s London assets

Posted on 29 June 2012 by VRS  |  Email |Print

It is tiny and has existed as an independent country for only 41 years. Yet Qatar is fast becoming a kingmaker of corporate Britain. The emirate’s sovereign wealth fund already owns Harrods and the American embassy building in Grosvenor Square, London, as well as One Hyde Park, Chelsea Barracks, the Olympic village, 26 per cent of J Sainsbury, 28 per cent of Canary Wharf’s owner, Song Bird Estates, and sizeable chunks of Barclays and the London Stock Exchange.
Next Thursday, the Qatari prime minister, Hamad bin Jassim bin Jaber al-Thani will arrive in the UK to open the latest piece on his Monopoly board of London: the Shard. The 72-storey tower is 95 per cent-owned by Qatar………………………………………..Full Article: Source

Qatar’s sovereign wealth fund the latest to join the China queue

Posted on 29 June 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is the latest to join the China queue — with all the muscle at its disposal. The Middle East biggie is ready to invest up to $5 billion (Dh18.37 billion) in the yuan denominated A-share and IPO market, far in excess of the $1 billion allowed for single foreign investors in China.
This faith reposed by global investors in China should ideally be cause for celebration, but strangely, the advent of foreign funds is getting cold and even hostile reception………………………………………..Full Article: Source

Analysis: Nigeria’s sovereign wealth fund

Posted on 29 June 2012 by VRS  |  Email |Print

The decision of the National Executive Council, yesterday, to approve the management process for the $1 billion Sovereign Wealth Fund (SWF) could not have come at a better time given the current global economic turmoil ravaging many developed and developing countries across the world.
The NEC meeting, which was presided over by Vice-President Namadi Sambo, at the Presidential Villa, Abuja, also approved the increase of the Excess Crude Account to $10 billion from the present $5.3 billion, as part of a deliberate attempt to provide at least a three-month buffer protection for the nation’s economy and insulate it from the vagaries and uncertainties of the global economy, which has been fuelled by the volatility of crude oil prices at the international market………………………………………..Full Article: Source

Nigeria wealth fund approval an encouraging sign

Posted on 29 June 2012 by VRS  |  Email |Print

The approval this week by Nigeria’s state governors of the country’s new sovereign wealth fund, the Nigerian Sovereign Investment Authority (NSIA), is another signal that the country is back on a reform path that could reduce its vulnerability to an oil price shock.
The NSIA could help rebuild foreign exchange reserves and improve discipline and transparency in the use of oil revenue. The scheme is not yet up and running, however………………………………………..Full Article: Source

GIC picks 49% in Bangalore residential SPV of Brigade Enterprises

Posted on 29 June 2012 by VRS  |  Email |Print

Bangalore-based Brigade Enterprise has roped in Singapore’s sovereign wealth fund GIC (through its affiliate Reco Begonia) in a 51:49 private equity partnership to develop a residential project in Whitefield, Bangalore.
Both the realty developer and GIC will invest Rs 105 crore ($18 million) each in the SPV. The project will take another 12-15 months for approval. The said land parcel has been acquired from the FMCG major Hindustan Uniliver Ltd (HUL), which is looking to sell off its realty assets across the country. It has recently sold its erstwhile training centre called Gulita in Worli and also called for a bid to sell off its residential apartments across Mumbai………………………………………..Full Article: Source

Azerbaijan ready to use Oil Fund to finance imports

Posted on 29 June 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) can be used for financing of imports. Today in Baku Deputy Economic Development Minister Sevinj Hasanova has stated that SOFAZ foreign exchange reserves will enable to ensure financing the country’s imports for 4 or 5 years in case of oil production is reduced.
“Today, the potential of oil production in Azerbaijan reached its peak, and production is now 700,000-800,000 bpd. However, condition of the oil sector does not have a significant impact on economic growth. Azerbaijan, due to rational distribution of oil revenues, has been successfully developing the non-oil potential,” Hasanova said………………………………………..Full Article: Source

Azerbaijan’s official reserve assets exceed $10.7 bln

Posted on 29 June 2012 by VRS  |  Email |Print

The Central Bank of Azerbaijan reports of further moderate sustained growth of official reserve assets in 2012.
The Bank informs that official reserve assets from January to June rose from $10.145 bn up to $10.767 bn. Foreign exchange reserves grew for Jan-May 2012 from $9.9 bn up to $10.5 bn and finances invested in securities from $1.86 bn up to $2.399 bn………………………………………..Full Article: Source

Glencore to meet with Qatari wealth fund as Xstrata merger hangs in balance

Posted on 28 June 2012 by VRS  |  Email |Print

Ivan GlasenbergGlencore executives are to meet with representatives of the Qatar sovereign wealth fund in London today as the $65bn (£42bn) mega-merger between the commodities giant and miner Xstrata hangs in the balance.
In a shock announcement last night, Qatar Holdings, Xstrata’s second-biggest shareholder with 10.4pc, said that, while it saw “merit in a combination of the two companies, it is seeking improved merger terms”………………………………………..Full Article: Source

Qatar’s Harrods shift gives It major role on Xstrata deal

Posted on 28 June 2012 by VRS  |  Email |Print

Peter DaveyQatar’s unexpected role as kingmaker in the biggest proposed merger of the year is an outgrowth of its new strategy to shift assets of its $100 billion sovereign wealth fund into commodities including gold, copper and oil.
Once known for acquiring trophy investments like London’s Harrods department store, the tiny Persian Gulf kingdom started buying shares in mining company Xstrata (XTA) Plc in February, just after Glencore International Plc (GLEN) announced its bid for a $25 billion merger………………………………………..Full Article: Source

Abu Dhabi sovereign wealth fund bets on emerging markets resilience

Posted on 28 June 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority ( ADIA) said in its 2011-review report published Monday that the fund has trust in the emerging markets’ long-term growth story, despite negative spillover-effects from Western economies.
“The distinction between the developed and emerging economies is fading faster than many had imagined,” Hamed bin Zayed Al Nahyan, the Managing Director at ADIA, said in the fund’s 2011 Annual Review. ADIA, which was founded in 1976 has stakes in gas fields in Norway, water companies in Britain as a well as in U.S. lender Citigroup, manages the wealth of the oil-rich emirate of Abu Dhabi………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund: The beginning of fiscal prudence?

Posted on 28 June 2012 by VRS  |  Email |Print

The decision of the National Executive Council to approve the management process for the $1 billion Sovereign Wealth Fund (SWF) could not have come at a better time given the current global economic turmoil ravaging many developed and developing countries across the world.
The NEC meeting,which was presided over by Vice-President Namadi Sambo, at the Presidential Villa, Abuja, also approved the increase of the Excess Crude Account to $10 billion from the present $5.3 billion, as part of a deliberate attempt to provide at least a three-month buffer protection for the nation’s economy and insulate it from the vagaries and uncertainties of the global economy, which has been fuelled by the volatility of crude oil prices at the international market………………………………………..Full Article: Source

Mubadala looks to invest $5.47 bln in Brazil’s growing economy

Posted on 28 June 2012 by VRS  |  Email |Print

Brazil is the largest economy in South America and is rapidly growing into one of the largest economies in the world. It has huge natural resources which are constantly being developed to drive economic growth.
Looking to capitalise on the expansion of this huge countries economy, and the inevitable investment which will be put into developing infrastructure, Abu Dhabi’s Mubadala Development Company is looking to increase its presence in Brazil………………………………………..Full Article: Source

Mongolians go to polls hoping for mining wealth

Posted on 28 June 2012 by VRS  |  Email |Print

Resource-rich Mongolia headed to the polls Thursday to elect a new parliament with both major parties telling frustrated voters they could deliver better shares of a stunning but divisive mining boom.
“We will have a national sovereign wealth fund created that would benefit the people equitably,” an MPP — Mongolia’s oldest party — spokeswoman said………………………………………..Full Article: Source

Brigade Group ties up with GIC to develop property in Bangalore

Posted on 28 June 2012 by VRS  |  Email |Print

Realty developer Brigade Group today said that it has created a special purpose vehicle (SPV) with Government of Singapore Investment Corporation (GIC) as a partner to develop a residential project in Bangalore and it will invest Rs 100 crore in the project.
“Brigade group and GIC, through its affiliate Reco Begonia, have entered into a 51:49 private equity partnership through a SPV for the development of a residential project on Whitefield Road, Bangalore,” the company said in a statement. The group would be developing the project and will be making an investment of over Rs 100 crore in the SPV with GIC as partner, it added………………………………………..Full Article: Source

Temasek looks to invest in EU firms

Posted on 28 June 2012 by VRS  |  Email |Print

Singapore investment giant Temasek Holdings has said it is looking to invest in European firms owing to an “abundance of opportunities” as the region suffers an economic crisis, a report said.
European firms with good operations and strong businesses outside of the region were being considered, Temasek’s head of strategy Chia Song Hwee said in remarks carried by the Straits Times daily………………………………………..Full Article: Source

Permanent Fund approves foreclosures deal

Posted on 28 June 2012 by VRS  |  Email |Print

Alaska’s $40 billion fund to look to hard-hit markets for rental properties it may later sell. The Alaska Permanent Fund Corporation’s board of trustees gave their final approval Tuesday to a new investment strategy hoping to capitalize on low home prices by buying and renting foreclosed homes.
The board approved investing $400 million in the new strategy, despite concerns from at least one trustee. There have also been concerns expressed about Alaska seeming to capitalize on others’ misfortune………………………………………..Full Article: Source

Managers will lose AUM to sovereign wealth funds - Fund Forum

Posted on 28 June 2012 by VRS  |  Email |Print

Sovereign wealth funds will play a key role in the “disappearance of hundreds of billions of dollars” from the private sector asset management industry over the coming decade, as some of the world’s largest investors become investment managers by buying into the sector, says KPMG.
The business consultancy’s Nicholas Griffin says: “”I fully expect in the next year a SWF will buy a global asset manager, and hundreds of billions [of dollars of AuM] will disappear from the market over the next 10 years, because SWFs will become asset managers, and this is something asset managers will have to respond to.”……………………………………….Full Article: Source

Qatar SWF calls on Glencore to sweeten Xstrata offer

Posted on 27 June 2012 by VRS  |  Email |Print

David CummingSovereign-wealth fund Qatar Holding, which has amassed a substantial stake in Xstrata PLC , called on Glencore International PLC Tuesday to sweeten the terms of its merger proposal with the Anglo-Swiss miner.
The surprise announcement by Qatar Holding places another obstacle in Glencore and Xstrata’s quest to secure shareholder votes for their proposed merger of equals, which would create a mining juggernaut with a market capitalization of nearly $58 billion and assets in oil, coal, base metals, precious metals and agriculture. The merger has raised the ire of some shareholders who are unhappy about a hefty retention package that would be awarded to Xstrata’s management as part of the deal………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Abu Dhabi wealth fund to continue hiring

Posted on 27 June 2012 by VRS  |  Email |Print

Christophe FlorinThe Abu Dhabi Investment Authority, a Middle Eastern sovereign wealth fund, is to continue the expansion of its private equity team despite the impact of the “increasingly fragile macroeconomic climate” on the asset class.
In its 2011 annual report released earlier this week, the ADIA said that the private equity market last year “was very much a tale of two halves for the private equity industry” with increasing credit availability accelerating deal activity, which subsequently slowed as a result of the European sovereign debt crisis………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Markets were not too bad in 2011: Adia

Posted on 27 June 2012 by VRS  |  Email |Print

Global markets were jolted by Western financial crises and Japan’s earthquake but the impact on investment returns were less than had been feared, according to the Abu Dhabi Investment Authority (Adia).
Adia’s managing director, Sheikh Hamid bin Zayed al Nahyan, said crises that hit the Euro region and the United States last year showed how unexpected events can shake most markets but also underscored the need to maintain an open mind and be ready to respond………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

ADIA taking ‘selective’ approach in fixed income

Posted on 27 June 2012 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), the cash-rich emirate’s sovereign wealth fund, expects emerging market stocks to outperform in the long-term and said it took a “selective” approach in deploying money at its fixed income unit in 2011.
ADIA, whose assets range from Citigroup bonds to a stake in Britain’s Gatwick airport, said high volatility in emerging market stocks had more to do with increased risk aversion among investors than fundamental concerns………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Sovereign wealth fund: FG to increase Excess Crude Account to $10bln

Posted on 27 June 2012 by VRS  |  Email |Print

In a frantic move to save the country’s economy from crumbling under what it described as persisting global economic crisis, the Federal Government concluded plans to raise the country’s Excess Crude Account (ECA) from $5.3 billion to $10 billion.
This, it said, will provide the needed buffer for Nigeria’s economy for, at least, three months, even as it warned against unnecessary borrowing and misapplication of funds by government at all levels………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

FG increases Excess Crude Account to N1.6 trillion

Posted on 27 June 2012 by VRS  |  Email |Print

The Federal Government has as part of an immediate plan to provide a buffer for the economy increased the Excess Crude Account (ECA) from N848 billioin ($5.3 billion) to N1.6 trillion ($10 billion).
This was part of the high points of the decision taken Monday by the National Economic Council (NEC) to protect the economy for at least three months from a possible global recession………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

China’s largest private conglomerate setting up $1bln overseas fund

Posted on 27 June 2012 by VRS  |  Email |Print

Fosun International Ltd, China’s largest private conglomerate by revenue, was preparing to set up a$1 billion fund to scour the globe for bargains in an effort to scale up its investment overseas, Liang Xinjun, chief executive officer of the company, told the Financial Times.
According to the shanghai newspaper, Oriental Morning Post, Liang and John Snow, former U.S. Treasury secretary and adviser to the Fosun board, had met and expressed interest to some Middle Eastern sovereign wealth funds in Dubai, Abu Dhabi and Doha this month………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Sovereign funds’ strategic investing

Posted on 27 June 2012 by VRS  |  Email |Print

The Sovereign Investment Lab – which, you have to admit, has a cool name – at Università Commerciale Luigi Bocconi has just released its annual review of sovereign wealth fund direct investment activity. Here’s a few of the interesting takeaways:
SWFs’ direct investments were up significantly in 2011 – there were 15% more transactions worth 42% more than in 2010.The most popular industry for direct investments was financial services, representing 59 of the 237 direct investments last year. (Most of this, however, was due to the needs of domestic banks rather than strategic investments overseas.)……………………………………….Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Nigeria to launch wealth fund with $1 billion

Posted on 26 June 2012 by VRS  |  Email |Print

Ngozi Okonjo-IwealaNigeria’s powerful state governors said on Monday they had approved federal government’s proposal to launch a sovereign wealth fund with an initial $1 billion, ending months of political wrangling.
Finance Minister Ngozi Okonjo-Iweala said in October last year the fund was being launched but governors initially blocked the proposal, leading to eight months of negotiations………………………………………..Full Article: Source

Nigeria: FG increases Excess Crude Account to $10bln

Posted on 26 June 2012 by VRS  |  Email |Print

The Federal Government, as part of an immediate plan to provide a buffer for the economy, has increased the Excess crude account (ECA) from $5.3Billion to $10Billion.
This was part of the high points of the decisions taken on Monday by the National Economic Council (NEC) to protect the economy from a possible global recession………………………………………..Full Article: Source

Abu Dhabi fund sees potential despite uncertainty

Posted on 26 June 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority believes the world economy offers opportunities for it and other patient investors, despite an uncertain outlook, the government-run fund’s managing director said in a report released Monday.
ADIA’s 2011 annual review shed little new light on the operations of the world’s largest sovereign wealth fund. But the comments from Managing Director Hamed bin Zayed Al Nahyan suggest the tight-lipped fund remains guardedly optimistic about a recovery in economic growth………………………………………..Full Article: Source

Abu Dhabi SWF sees value in emerging equities

Posted on 26 June 2012 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), the cash-rich emirate’s sovereign wealth fund, expects emerging market stocks to outperform in the long-term and said it took a “selective” approach in deploying money at its fixed income unit in 2011.
ADIA, whose assets range from Citigroup bonds to a stake in Britain’s Gatwick airport, said high volatility in emerging market stocks had more to do with increased risk aversion among investors than fundamental concerns………………………………………..Full Article: Source

North America, Europe account for big chunks in ADIA portfolio

Posted on 26 June 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund by assets under management, said today in a review of its 2011 performance that up to 45 per cent of its total portfolio has been invested in developed market equities, while up to 20 per cent is deployed in emerging market equities, and government bonds.
Real estate assets comprised up to 10 per cent of ADIA’s portfolio, private equity formed 8 per cent, and infrastructure made up 8 per cent………………………………………..Full Article: Source

Abu Dhabi fund long-term returns drop on global decline

Posted on 26 June 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term returns in 2011 dropped as global equity markets fell.
The fund has a 20-year annual rate of return of 6.9 percent and a 30-year rate of return of 8.1 percent as of the end of last year, it said in its annual report. That compares with 20- year and 30-year annual returns of 7.6 percent and 8.1 percent respectively at the end of 2010………………………………………..Full Article: Source

Abu Dhabi wealth fund returns annualized 6.9pct for 20 years

Posted on 26 June 2012 by VRS  |  Email |Print

Abu Dhabi Investment Authority returned an annualized 6.9% for the 20 years ended Dec. 31, 2011, compared to an annualized 7.6% for the 20-year period ended a year earlier, according to the fund’s annual report.
The annualized 30-year return for the period ended Dec. 31, 2011, was 8.1%, unchanged from the 30-year period ended 12 months earlier………………………………………..Full Article: Source

Libya investigates $1.75 bln losses from Goldman Sachs/SocGen

Posted on 26 June 2012 by VRS  |  Email |Print

Goldman Sachs is being investigated by the Libyan Sovereign Wealth Fund over huge losses Libya incurred when GS and Societe Generale managed funds on behalf of Muammar Gaddafi.
The Libyan Investment Authority held billions of dollars comprised of oil wealth channeled by Gaddafi into foreign investments. Much of it made its way into the coffers of Goldman Sachs. The losses were staggering………………………………………..Full Article: Source

Swiss National Bank: “No wealth fund”

Posted on 26 June 2012 by VRS  |  Email |Print

Swiss politicians have proposed the SNB create a sovereign wealth fund for its vast foreign exchange reserves to boost returns. The SNB suffered a huge loss in 2010 after intervening to stem the franc’s rise against the euro.
Echoing comment made by SNB chairman Thomas Jordan on June 14, Danthine rejected the SWF idea, saying it would not be insulated from fluctuations in the exchange rate and could hamper the SNB withdrawing liquidity when necessary………………………………………..Full Article: Source

Norway’s sovereign fund is pioneering a new investment model based on transparency and ethics

Posted on 26 June 2012 by VRS  |  Email |Print

Valued at US $611 billion at the end of March, the Norway Pension Fund—Global vies for the top spot of the sovereign wealth fund tree with the Abu Dhabi Investment Authority.
However, with great power comes great responsibility: in the last 12 months the Norwegians have voted against the beleaguered Greeks being allowed a “managed default” and offered a $9.2 billion loan to the International Monetary Fund (IMF) as the organization struggles to contain the Eurozone crisis. In contrast, the United Kingdom—with a population 12 times larger—offered $15 billion………………………………………..Full Article: Source

Bocconi: Foreign sovereign funds invest +42pct in 2011

Posted on 26 June 2012 by VRS  |  Email |Print

According to the Bocconi Report, foreign sovereign funds invested 80.9 billion dollars in 2011, +42% on 2010. The absolute value, however, amounts to less than investments made in 2008 and 2009.
The information is posted in the Sovereign Wealth Fund Annual Report 2011, which covers 31 sovereign funds, drawn up by the Sovereign Investment Lab of the Bocconi University’s Centro Baffi. 43% of the overall operational spend went into the financial sector (35.2 billion dollars), triggering a “need to recapitalise domestic banks.”……………………………………….Full Article: Source

Spain’s Abertis sells 7pct of Eutelsat to Chinese investors

Posted on 26 June 2012 by VRS  |  Email |Print

Spanish group Abertis, that manages international mobility and telecommunications infrastrutures, has closed the sale of 7% of satellite operator Eutelsat to Chinese Investment Corporation (CIC).
The deal was reached for a total amount of €385.2 million, and generates a net capital gain of €237 million for Abertis. The transaction follows Abertis’ January sale of 16% of Eutelsat in a private placement among qualified investors. However, Abertis will remain a Eutelsat shareholder, with a stake of 8.35%. On Friday, Eutelsat’s share jumped to €24,25, up 4.1 %………………………………………..Full Article: Source

Temasek refreshes 10-year-old charter

Posted on 26 June 2012 by VRS  |  Email |Print

Temasek Holdings has freshened up its 10-year-old charter to better reflect its role as a commercially-driven investor and financial steward.
In an email to staff yesterday to mark the company’s 38th anniversary, Chief Executive Ho Ching said the Temasek Charter “is a living document to help define who we are, and what we do”………………………………………..Full Article: Source

Sovereign wealth fund investments rose 42pct in 2011

Posted on 25 June 2012 by VRS  |  Email |Print

Sovereign wealth funds made 237 direct investments, valued at $80.9 billion, last year, the Financial Times reported, citing data collected by the Sovereign Investment Lab at Bocconi University in Milan. A significant part of the investing was by funds in developing countries into developed markets.
Much of the money was put into companies with strong involvement in emerging economies — LVMH Moet Hennessy Louis Vuitton SA (MC) in China and Iberdrola SA (IBE) in Latin America, for example — while little was invested in European manufacturing, suggesting a lack of confidence in the continent’s economy, the newspaper said………………………………………..Full Article: Source

Qatar seeks $5 bln China QFII quota

Posted on 25 June 2012 by VRS  |  Email |Print

Mohammed Bin Saleh al-Sada. Qatar’s sovereign wealth fund is applying for a license and a $5 billion quota to invest in China under the Qualified Foreign Institutional Investor program, the China Securities Journal said on its website yesterday, citing Energy and Industry Minister Mohammed Bin Saleh al-Sada.
Qatar will allocate the funds mainly for the domestic A- share equity market and initial public offerings, with some investment in bonds, al-Sada said in Beijing……………………………………….Full Article: Source

KIA to invest half a billion in Russian Direct Investment Fund‎

Posted on 25 June 2012 by VRS  |  Email |Print

Sovereign wealth fund Kuwait Investment Authority (KIA) has announced a $500 million investment in Russian Direct Investment Fund (RDIF) as part of its global strategy.
The announcement was made during a meeting at the St. Petersburg International Economic Forum between Russian President Vladimir Putin and the heads of leading global investment and securities firms………………………………………..Full Article: Source

China Investment acquires stake in Eutelsat

Posted on 25 June 2012 by VRS  |  Email |Print

China Investment Corp., the world’s fifth-largest sovereign fund, agreed to buy a 7% stake in satellite company Eutelsat Communications from Spain’s Abertis Infraestructuras.
China Investment will pay Abertis EU €385.2 million (US $483 million) for 15.4 million shares, Abertis said in a statement. Abertis expects a net capital gain of EU €237 million………………………………………..Full Article: Source

‘Chinese fund’ shifts focus to Japan

Posted on 25 June 2012 by VRS  |  Email |Print

Europe’s financial turmoil has seen the Chinese government quietly pour tens of billions of US dollars into Japan’s stock market, analysts say, despite the two countries’ lingering historical animosity.
China’s sovereign wealth fund, China Investment Corp chairman has reportedly said the fund was scaling back its European equity and bond holdings, telling the Wall Street Journal this month that “there is a risk that the eurozone may fall apart and that risk is rising.”……………………………………….Full Article: Source

The Head of China’s sovereign wealth fund seems disappointed by the Europeans

Posted on 25 June 2012 by VRS  |  Email |Print

Jin Liqun, the Chairman of the Board of Supervisors for the China Investment Corporation, a.k.a. the sovereign wealth fund of China, apparently thought that because Europeans are lazy, that they are not really that interested in buying into EFSF or whatever bizarre things Europeans are coming up with.
He talked to the Economist recently, and said he is somewhat disappointed because the Europeans don’t seem to know what to do with the debt crisis………………………………………..Full Article: Source

Kazakh mining giants seek to placate labor dissent

Posted on 25 June 2012 by VRS  |  Email |Print

After the riots, President Nursultan Nazarbayev, never tolerant of dissent, removed his son-in-law from the top job at sovereign wealth fund Samruk-Kazyna, ultimate owner of the oilfields around Zhanaozen. The fund has since created advisory bodies on labour issues.
A Western executive who attended one of the fund’s recent seminars said particular attention had been devoted to mid-level managers, who are often prone to neglect labour problems for fear of rebuke from further up the command chain………………………………………..Full Article: Source

Sovereign funds take tentative steps in Russia

Posted on 22 June 2012 by VRS  |  Email |Print

Vladimir PutinMajor private equity and sovereign wealth funds on Thursday took tentative first steps to invest in Russia, praising efforts to break the economy’s fixation on energy and become a more diversified, open and less risky place to invest.
At a forum used by President Vladimir Putin to court foreign capital, sovereign wealth fund the Kuwait Investment Authority said it struck a $500 million deal to invest alongside the $10 billion state-backed Russian Direct Investment Fund (RDIF)………………………………………..Full Article: Source

Kuwait wealth fund investing $500 mln with Kremlin RDIF

Posted on 22 June 2012 by VRS  |  Email |Print

Kuwait Investment Authority, the country’s sovereign wealth fund, will invest $500 million in private equity together with the Kremlin-backed Russia Direct Investment Fund, Managing Director Bader Mohammad Al-Saad said today in St. Petersburg.
The Kremlin established the RDIF a year ago to help lure foreign investment and expertise in its drive to wean the world’s largest energy supplier off its dependence on commodity exports………………………………………..Full Article: Source

banner
banner
June 2012
M T W T F S S
« May   Jul »
 123
45678910
11121314151617
18192021222324
252627282930