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Sovereign Wealth Funds Briefing - Archive | July, 2012

Singapore’s GIC boosts cash amid Europe crisis, U.S. slowdown

Posted on 31 July 2012 by VRS  |  Email |Print

Government of Singapore Investment Corp., manager of more than $100 billion of the city-state’s reserves, said it almost quadrupled its cash allocation and cut investments amid Europe’s debt crisis and slowing U.S. growth.
Cash made up 11 percent of its portfolio in the year ended March, up from 3 percent a year earlier, GIC, as the sovereign wealth fund is known, said in its annual report today. Stocks declined to 45 percent from 49 percent as it pared equities in developed markets, it said, and bonds were reduced to 17 percent from 22 percent………………………………………..Full Article: Source

Singapore GIC: 20-year annualized real rate of return 3.9pct for year ended in March

Posted on 31 July 2012 by VRS  |  Email |Print

Ng Kok SongThe Government of Singapore Investment Corp. said Tuesday its average rate of return for the fiscal year ended in March was unchanged from the previous year, but warned investment returns are likely to remain low given uncertainty surrounding the global economy.
In a statement, GIC, which manages Singapore’s foreign-exchange reserves, said in its annual report the annualized real rate of return from its investments for the 20 years through March was 3.9% in U.S. dollar terms, unchanged from a year earlier………………………………………..Full Article: Source

Singapore GIC cuts exposure to bonds, equities

Posted on 31 July 2012 by VRS  |  Email |Print

The Government of Singapore Investment Corp. has reduced its exposure in developed markets and cut its holdings in equities and bonds, as global uncertainties continue to weigh on the sovereign-wealth fund’s investment strategy.
GIC, which manages Singapore’s foreign-exchange reserves, said Tuesday in its annual report for the fiscal year ended March 31 that it now has increased cash in its portfolio and that it expects investment returns to be low till the global economy returns to “balanced and sustainable growth.”……………………………………….Full Article: Source

GIC sees challenging investment outlook for medium term

Posted on 31 July 2012 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) sees a challenging investment outlook for the medium term. In its annual report, GIC says investment returns are likely to be low until the global economy returns to balanced and sustainable growth.
GIC reiterates that its investments are for the long term. For the financial year ended March 2012, the sovereign wealth fund says its 20-year annualised real rate of return remained at 3.9 percent, unchanged from the previous year. This was partly attributed to positive returns from bonds and real estate………………………………………..Full Article: Source

Nigeria to launch wealth fund by end of year-finmin

Posted on 31 July 2012 by VRS  |  Email |Print

Nigeria will announce in August the management team for its sovereign wealth fund (SWF) which it expects to launch by the end of this year, the finance minister told Reuters on Monday.
The government of Africa’s biggest crude oil producer expects to issue a second Eurobond of at least $600 million next year which could be open to members of its diaspora, Ngozi Okonjo-Iweala said at the sidelines of a conference in London………………………………………..Full Article: Source

Invest A.D. launches UCITS funds to meet investor appetite for Africa and Arabian Gulf

Posted on 31 July 2012 by VRS  |  Email |Print

Abu Dhabi asset manager Invest A.D. has launched two UCITS-compliant funds, which invest in Africa and the Arabian Gulf, to meet growing global demand for high-quality investment products to tap frontier market growth.
The Invest A.D. Emerging Africa Fund and the Invest A.D. GCC Focus Fund are registered in Luxembourg, and the asset manager is regulated by the Dubai Financial Services Authority. Invest A.D.’s portfolio managers, who have built track records for the predecessor portfolios as Cayman Islands-registered vehicles, manage the funds from the Dubai International Financial Centre, travelling regularly to countries they invest in………………………………………..Full Article: Source

Moroccan king urges gov’t to tap Gulf Arab funds

Posted on 31 July 2012 by VRS  |  Email |Print

Morocco’s King Mohammed urged his cash-strapped government on Monday to tap financing from Gulf Arab sovereign wealth funds to help finance projects Rabat hopes will help it meet pressing social needs.
An invitation last year for Arab kingdoms Morocco and Jordan to join the Gulf Cooperation Council (GCC) signalled that monarchies in the region were trying to strengthen their links in the face of the Arab Spring uprisings. In November, wealth funds from Qatar and Kuwait led pledges to invest almost $3 billion in Morocco’s tourism sector………………………………………..Full Article: Source

Mumtalakat secures strong investment grade rating in Malaysia

Posted on 31 July 2012 by VRS  |  Email |Print

Bahrain Mumtalakat Holding has secured a strong investment grade rating of AA2 by RAM Ratings Berhad of Malaysia.
Commenting on this rating, Mahmood Al Kooheji, Chief Executive Officer of Mumtalakat said“Mumtalakat sought this rating as part of its objective to pursue the highest levels of transparency, and provide platforms to keep institutional investors informed about the Company and Bahrain………………………………………..Full Article: Source

Barclays said to be probed in U.K. on fees to Qatar fund

Posted on 30 July 2012 by VRS  |  Email |Print

Barclays Plc is being investigated over whether it adequately disclosed fees it agreed to pay to the Qatar Investment Authority as it sought to raise money from investors including the sovereign wealth fund, according to a person with knowledge of the situation.
“The bank entered into an agreement for the provision of advisory services by Qatar Investment Authority to Barclays in the Middle East,” the lender said in a June 2008 statement detailing the fundraising. Britain’s Financial Services Authority is probing whether that disclosure was adequate, said the person, who declined to be identified because the terms of the investigation are private………………………………………..Full Article: Source

Chinese sovereign wealth fund to open $482bln war chest

Posted on 30 July 2012 by VRS  |  Email |Print

China Investment Corporation (CIC) is said to have set up a fund to seek exposure to the Australian resources sector. It reportedly involves a local fund manager and a multinational investment bank, and will make allocations worth $500m.
This activity may expand further, after CIC has suffered a negative return of 4.3% on its international equities holdings during 2011-12. Sovereign wealth funds like CIC in the past year have accounted for $A125bn worth of investment in the mining and energy industries across the globe………………………………………..Full Article: Source

WFC: Paris Saint-Germain “project” continues vs. DC

Posted on 30 July 2012 by VRS  |  Email |Print

Most soccer fans know Paris Saint-Germain for its money. A lot of money. The French club’s enormous wealth comes in the wake of its acquisition by the Qatar Investment Authority, the sovereign wealth fund of the oil-rich Middle Eastern nation.
But if things go according to manager Carlo Ancelotti’s plans, our knowledge we’ll all know PSG for something else: winning………………………………………..Full Article: Source

US investment firm picks Bahrain as MidEast HQ

Posted on 30 July 2012 by VRS  |  Email |Print

PineBridge Investments, a global investment firm with $67bn in assets, selected Bahrain to house its Middle East and North Africa regional headquarters. PineBridge Investments Middle East (PBIME) will be headed by Talal Al-Zain, former CEO of Mumtalakat, Bahrain’s sovereign wealth fund.
According to the Bahrain Information Affairs Authority, Al-Zain said: “With its strong and recognised regulatory environment, we believe that Bahrain is a good location to headquarter PBIME.”……………………………………….Full Article: Source

India’s forex reserves rise by $589 mln‎

Posted on 30 July 2012 by VRS  |  Email |Print

The country’s foreign exchange reserves went up by $589 million to $287.34 billion for the week ended 20 July amid rise in core currency assets, the Reserve Bank said. The reserves had fallen by $872.7 million to $286.75 billion in the previous reporting week.
Foreign currency assets, a major component of the forex reserves, were up by $565.5 million to $255.10 billion during the reporting week, the Reserve Bank said………………………………………..Full Article: Source

CDC’s role isn’t to rescue Peugeot, Doux, Jouyet tells JDD

Posted on 30 July 2012 by VRS  |  Email |Print

The primary role of France’s Caisse des Depots et Consignations, a state-run bank, isn’t to save troubled companies like PSA Peugeot Citroen and Doux SA, new head Jean-Pierre Jouyet told Journal du Dimanche in an interview.
The sovereign wealth Strategic Investment Fund, FSI, will decide what should be done, the newspaper cited Jouyet as saying. The CDC has a role to play in industrial recovery, although it has finite means, he said, according to the interview………………………………………..Full Article: Source

China sovereign fund in Australian resources drive

Posted on 27 July 2012 by VRS  |  Email |Print

Lou JiweiChina Investment Corporation, one of the largest sovereign wealth funds in the world, is poised to plough more money into energy, resources and infrastructure assets as it reduces its exposure to the volatile sharemarket after posting a 4.3 per cent loss on its global portfolio last year.
The prospect of the $482 billion fund unleashing its war chest on the resource sector will provide hope for many Australian companies starved of capital as funding sources in Europe and the US dry up………………………………………..Full Article: Source

Diversification fails to save CIC from record loss

Posted on 27 July 2012 by VRS  |  Email |Print

Increased diversification and insourcing of talent failed to pay off for Chinese sovereign fund CIC last year after it recorded its worst annual performance since inception in 2007.
China Investment Corporation saw a loss of -4.3% in 2011, in contrast to a gain of 11.7% in 2010, according to its annual report released earlier this week. It finished the year with $482 billion in AUM, up 17.8% from $409 billion in 2010. Of the latest figure, 57% was managed externally – a reduction from 59% at the end of 2010. It managed 43% of assets internally by the year’s close, from 41% in 2010………………………………………..Full Article: Source

China’s CIC loses 4.3pct on global portfolio

Posted on 27 July 2012 by VRS  |  Email |Print

China’s sovereign wealth fund suffered its worst year ever in 2011, losing 4.3 per cent on its global investment portfolio. In an annual report that has become the focal point of its efforts to portray itself as a transparent institution, China Investment Corp also confirmed that it had received a $30bn capital injection from the government at the end of last year, boosting its investment firepower.
CIC was established in 2007 with money carved out from China’s foreign exchange reserves and given a mandate to make investments that would generate higher returns………………………………………..Full Article: Source

China invests $500 mln in Blackstone fund

Posted on 27 July 2012 by VRS  |  Email |Print

China’s currency-reserves manager has committed $500 million to a real-estate private-equity fund managed by Blackstone Group LP, according to people familiar with the matter, as China seeks to diversify its mammoth foreign-exchange holdings into higher-yielding assets.
The State Administration of Foreign Exchange, an arm of China’s central bank that oversees the country’s $3.2 trillion in foreign-exchange reserves, has been increasingly looking for investments in private equity as a way to enhance returns on the reserves. China boasts the world’s largest currency reserves, much of which have been parked in ultra-low-yielding assets such as U.S. government bonds………………………………………..Full Article: Source

SWF seeks infra co-investors

Posted on 27 July 2012 by VRS  |  Email |Print

Morrison & Co, a specialist investment management firm based in New Zealand and Australia, is seeking to raise up to $1 billion for a private equity fund that will seek low-risk infrastructure projects globally.
One of its clients is the NZ$17.7 billion ($13.9 billion) New Zealand Superannuation Fund, the country’s sovereign wealth investor. Since 2006, Morrison has managed a long-term discretionary global infrastructure investment mandate. This is conducted primarily through Infratil, Morrison’s closed-end fund, listed dually on the New Zealand and Australian stock exchanges………………………………………..Full Article: Source

China wealth fund suffers first-ever profit fall

Posted on 26 July 2012 by VRS  |  Email |Print

Lou Jiwei China’s sovereign wealth fund China Investment Corp. suffered its first-ever drop in net profit in 2011 and predicted tough trading conditions may persist as volatile financial markets dent stock investments.
But in a sign the $482-billion fund is sticking to plans to become a more aggressive investor, CIC doubled its investment in private equity, direct investments and hedge funds in 2011 to 43 percent of its portfolio, compared with 2010. It said its private equity and direct investments were focused on sectors such as energy, resources, real estate and infrastructure………………………………………..Full Article: Source

China’s sovereign fund shifting away from stocks

Posted on 26 July 2012 by VRS  |  Email |Print

China Investment Corp., which posted a 4.3% loss on its global portfolio last year, has significantly reduced its holdings of public securities and accelerated a push into longer-term investments as the $482 billion sovereign-wealth fund seeks to shield itself from short-term market swings.
CIC said in its 2011 annual report released Wednesday that public equities made up 25% of its global portfolio at the end of last year, down from 48% at the end of 2010. Long-term assets—which include direct investments in nonpublic companies and private equity—and hedge funds together accounted for 43% of its portfolio……………………………………….Full Article: Source

China sovereign fund reports loss on foreign portfolio

Posted on 26 July 2012 by VRS  |  Email |Print

China’s sovereign wealth fund said Wednesday it suffered a 4.3-percent loss on its overseas investments last year due to the weak global economy. It was the first loss since 2008 when China Investment Corp (CIC) was hit hard by the global financial crisis, the company said in its yearly report. It did not divulge the value of last year’s loss.
CIC was set up in 2007 to invest some of China’s massive foreign exchange reserves — the world’s largest at $3.24 trillion as the end of June — partly to secure more solid returns on the holdings………………………………………..Full Article: Source

Europe crisis saps returns on overseas investments for China’s sovereign wealth fund CIC

Posted on 26 July 2012 by VRS  |  Email |Print

China’s $482 billion sovereign wealth fund says it lost money on its overseas investments last year with a negative return of 4.3 per cent, sapped by Europe’s chronic debt crisis.
China Investment Corp. reported Wednesday that its profit in 2011 fell 6.1 per cent, though the average annualized return on its investments since its founding in 2007 remained at 3.8 per cent………………………………………..Full Article: Source

CIC splurge a boost for resources companies

Posted on 26 July 2012 by VRS  |  Email |Print

China Investment Corporation, one of the largest sovereign wealth funds in the world, is poised to plough more money into energy, resources and infrastructure assets as it reduces its exposure to the volatile sharemarket after posting a 4.3 per cent loss on it global portfolios last year.
The prospect of the $482 billion fund unleashing its war chest on the resources sector is highly appetising for Australian companies looking for fresh sources of capital as traditional providers in Europe and the US are tightening belts………………………………………..Full Article: Source

National Oil Fund’s average annual earning capacity stands at 4.51pct

Posted on 26 July 2012 by VRS  |  Email |Print

The National Oil Fund’ average annual earning capacity stands at 4.51%, Newkaz.ru reports, citing the National Bank’s Governor Gregory Marchenko as saying July 25 during the online conference arranged by Profinance.kz.
“Things are up for the National Bank. The Fund’s assets in 2011 and the H1 2012 grew by $20.8 billion; the average annual earning capacity stands at 4.51%. The Fund’s investment income from its foundation to 2011 made up $6.2 billion”, Mr. Marchenko said………………………………………..Full Article: Source

Abraaj Capital announces exit of investment in IHH

Posted on 26 July 2012 by VRS  |  Email |Print

The Abraaj Capital has announced the exit of its investment in IHH through an initial public offering (IPO). Approximately $2 billion was raised in the offering, making it the third largest IPO to date this year.
Cornerstone investors, such as Blackrock, Capital Group, Fullerton Fund Management Company (Temasek), the government of Singapore Investment Corporation (GIC), Kuwait Investment Authority (KIA), Employees Provident Fund Board, and the International Finance Corporation (IFC) accounted for 62 per cent of the share offering………………………………………..Full Article: Source

Nigeria: FG targets U.S.$10 bln Excess Crude Account, U.S.$50 bln foreign reserves by DEC

Posted on 26 July 2012 by VRS  |  Email |Print

Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okojo-Iweala, yesterday, disclosed that the Federal Government had resolved to rebuild Nigeria’s depleting Excess Crude Account, ECA, which recently went down to $3.6 billion to $10 billion by the end of this year.
She also disclosed that Nigerian economy remained vulnerable, and buffers needed to be built up, saying: “Foreign reserves have risen slightly from $32.9 billion at the end of 2011 to $37.7 billion (June 2012) but have declined recently on the back of global developments. She said the reserve stands at $36.37 billion, but government’s target is to keep the reserves at $50 billion by the end of the year.”……………………………………….Full Article: Source

Nigeria’s sovereign wealth chugs forward

Posted on 26 July 2012 by VRS  |  Email |Print

Nigeria’s sovereign wealth funds have been a contentious political issue for the country. The direction of natural resource revenue has pitted the Nigerian Governors Forum against the Nigerian federal government.
Nigeria is sub-Saharan Africa’s largest crude oil exporter. The one billion dollar authority plans to start operations in the coming months. The Nigerian Sovereign Investment Authority (NISA) is still recruiting the fund’s management team……………………………………….Full Article: Source

Libya Investment Authority’s ENI stake unfrozen

Posted on 26 July 2012 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) saw its stake in Italian firm ENI unfrozen by an Italian court. LIA held the shares on behalf of the family of former Libyan leader Muammar Qaddafi.
The 0.58% stake was seized earlier this year, together with a series of other Italian assets, at the request of the International Criminal Court. At the time of the seizure the assets held by LIA were worth an overall $1.58 billion………………………………………..Full Article: Source

State Oil Fund of Azerbaijan knows how to increase oil revenues

Posted on 25 July 2012 by VRS  |  Email |Print

Ellada KhankishiyevaIn less than 12 years of activity the State Oil Fund of Azerbaijan (SOFAZ) increased the volume of assets by more than 120 times. The increase in revenue of SOFAZ was not only due to receipt of large incomes from the sale of oil at high international prices, especially as the fund spend them each year, but also by proper and competent management.
If the Oil Fund accumulated only $271 million in 2001, then its assets reached $32.666 million on July 1, 2012………………………………………..Full Article: Source

SOFAZ considering properties in Europe and Southeast Asia for investment

Posted on 25 July 2012 by VRS  |  Email |Print

Shahmar MovsumovState Oil Fund of Azerbaijan (SOFAZ) is considering real estate objects in several European countries and South-East Asia for investment, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity in the first six months of this year.
“In particular, we consider the objects of real estate in London, Paris, Rome, Moscow, Istanbul, as well as in Singapore, Malaysia and Indonesia,” the head of the foundation said………………………………………..Full Article: Source

Projecting of new building of State Oil Fund of Azerbaijan costs 2.6 mln euro

Posted on 25 July 2012 by VRS  |  Email |Print

Projecting of new administrative building of State Oil Fund of Azerbaijan (SOFAZ) has cost 2.6 million euro. SOFAZ’s Executive Director Shahmar Movsumov has reported that 2.6 millon euro were directed for new building projecting work.
“The new SOFAZ building is constructed by N.V.Besix S.A Belgian company. Total cost of the project is 84.916 million euro”,- Sh. Movsumov said………………………………………..Full Article: Source

Azerbaijan’s official reserve assets exceed $10.907 bln

Posted on 25 July 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 July rose from $10.145 bn up to $10.907 bn. Foreign exchange reserves grew for Jan-June 2012 from $9.91 bn up to $10.669 bn and finances invested in securities from $1.86 bn up to $3.644 bn.
By 1 July 2012 Azerbaijan’s official reserve assets were estimated lower than 25% of its strategic foreign exchange reserves (about $44 bn)………………………………………..Full Article: Source

Nigerai: Invest sovereign wealth fund in stocks

Posted on 25 July 2012 by VRS  |  Email |Print

The President of President of the Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun, has called on the Federal Government to invest significant portion of the Sovereign Wealth Fund (SWF) in the Nigerian capital market so as to safeguard the fund and grow the economy.
Olushekun made the call during a courtesy visit to the Chief Executive officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, in Lagos. According to him, the call came from the experience of other countries that lost part of the SWF in some foreign countries………………………………………..Full Article: Source

FG to announce management team for sovereign wealth fund

Posted on 25 July 2012 by VRS  |  Email |Print

Federal Government would in the first week of next month announce the management team for the proposed Sovereign Wealth Fund (SWF). The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, disclosed this yesterday in Lagos at a policy dialogue organised by the Nigerian Economic Summit Group (NESG).
This came as she explained that the account operated by the Nigerian National Petroleum Corporation (NNPC) with JP Morgan was necessitated by the commercial operations embarked upon by the corporation………………………………………..Full Article: Source

Qatar makes splash with hotel spending spree

Posted on 25 July 2012 by VRS  |  Email |Print

While many investors are avoiding the recession-hit eurozone, Qatar certainly isn’t one of them. The tiny country is a favorite to acquire a 42 U.K.-based portfolio of Marriott hotels in a deal worth up to approximately $1.1 billion.
The Sunday Times claimed the Qatar Investment Authority is the highest bidder, although its Gulf rival Abu Dhabi also is in contention. QIA is an investment company founded by Qatar in 2005 with the goal of strengthening the country’s economy by diversifying its assets. A decision about the hotels, which used to be owned by Whitbread, will be made in the next few weeks………………………………………..Full Article: Source

Qatar raises Xstrata stake, pays 13pct less than previous purchase

Posted on 24 July 2012 by VRS  |  Email |Print

Sheikh Hamad bin Jassim bin Jabr al-ThaniQatar Holding LLC, the investment arm of the Middle East country’s sovereign-wealth fund, raised its stake in Xstrata (XTA) Plc as it seeks a higher offer for the largest thermal-coal exporter from Glencore International Plc.
Qatar on July 20 bought 590,390 Xstrata shares for 846.88 pence each, raising its stake to 10.997 percent, it said in a statement today. It was the first acquisition by the country since June 13, when it bought 160,000 shares for 972.5 pence………………………………………..Full Article: Source

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Qatar transport signs record ‘bus’-ting Oman deal

Posted on 24 July 2012 by VRS  |  Email |Print

Oman Investment Fund (OIF), the sovereign wealth fund of the sultanate, has signed a memorandum of understanding (MoU) with Qatar’s national transport company Mowasalat to set up a bus manufacturing and assembly unit in Oman.
The scope of the MoU covers setting up a facility in Oman for the manufacture and assembly of buses and other vehicles over a site area of almost 100 hectares, reported the Qatar Tribune………………………………………..Full Article: Source

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Bahrain SWF has no plans for new debt sale

Posted on 24 July 2012 by VRS  |  Email |Print

Bahrain Mumtalakat Holding, the kingdom’s sovereign wealth fund that owns stakes in more than 35 companies, does not plan to sell new debt at the moment, its CEO told Alayam newspaper.
The fund, which manages US$8.8bn in assets, will look to reduce debt levels and extend the repayment period, Mahmood Al Kooheji told the newspaper………………………………………..Full Article: Source

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Abu Dhabi’s Mubadala to drill for oil in Thailand

Posted on 24 July 2012 by VRS  |  Email |Print

Abu Dhabi’s state-backed Mubadala Petroleum says it and its partners plan to begin developing an oil field in the northern Gulf of Thailand. Mubadala Petroleum is part of Mubadala Development Company, an investment vehicle and SWF of the United Arab Emirates capital Abu Dhabi.
Mubadala said Monday it hopes to begin production from the Manora field in early 2014, with peak production of 15,000 barrels a day within a few months of operation. The project is expected to cost $246 million………………………………………..Full Article: Source

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Bahrain Mumtalakat gets top economic rating

Posted on 24 July 2012 by VRS  |  Email |Print

Bahrain’s world economic standing was reaffirmed with a new stamp of approval from a major ratings agency Standard & Poor’s.
S&P reaffirmed its ‘BBB’ long-term local and foreign currency issuer credit ratings for Bahrain Mumtalakat Holding Company, saying it will continue to play a “critical” role in the kingdom. The global ratings agency also raised the short-term issuer credit ratings to ‘A-2′ from ‘A-3′………………………………………..Full Article: Source

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Future Fund nicotine fix draws fire

Posted on 24 July 2012 by VRS  |  Email |Print

Pressure is growing on the Future Fund to ditch $225 million of tobacco shares, with anti-smoking groups supporting calls for tougher rules on the assets it can hold.
The taxpayer-owned fund, which has also invested in nuclear arms companies, revealed in May that the value of its tobacco shares had swollen by more than 50 per cent between late 2010 and February………………………………………..Full Article: Source

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Azeri oil fund to spend $600 mln on MSCI World shares

Posted on 24 July 2012 by VRS  |  Email |Print

Azerbaijan’s $33 billion oil fund plans to spend at least $600 million on investing abroad in shares of big companies traded under the MSCI World Index from September 2012 and to keep buying gold and currencies, its executive director said.
The state oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenues. It has been used to finance social spending and infrastructure projects………………………………………..Full Article: Source

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Azerbaijan State Oil Fund to invest in Russia

Posted on 24 July 2012 by VRS  |  Email |Print

The revenues of the SOFAR in the first half of 2012 amounted to 7.3919 billion manats, with expenditure at 4.8781 billion manats, the executive director of the Fund, Shakhmar Movsumov, said at a press conference devoted to the results of work in the first half of the year. According to him, the majority of the income to the Fund, 95.9%, are revenues from oil and gas exports. Revenues from oil contracts are at the level of 7.0998 billion manats and from transit payments – 3.8 billion manats.
SOFAR spent 162.5 billion manats on arrangements directed at improvement of social conditions of refugees and forced settlers. 67 million manats were spent on the project of reconstruction of the Samur-Absheron Melioration System………………………………………..Full Article: Source

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SOFAZ increases savings in Turkish banks

Posted on 24 July 2012 by VRS  |  Email |Print

In July, the State Oil Fund of Azerbaijan (SOFAZ), placed 800 million Turkish liras on short-term deposits of Turkish banks, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity in the first six months of this year.
“In the near future, the fund plans to further increase the amount of savings in the Turkish currency in the total investment portfolio,” Movsumov said………………………………………..Full Article: Source

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Assets of State Oil Fund of Azerbaijan increases by almost 10 pct in six months

Posted on 24 July 2012 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 7 391.9 million manat in the first half of 2012 and expenses - 4 878.1 million manat, executive director of the Fund Shahmar Movsumov said at a press conference on the results of activity in the first six months of this year.
He noted that most of the fund’s revenue - 95.9 per cent was provided through the sale of oil and gas. Income from implementation of oil contracts were at 7.0998 billion manat, including the sale of profitable oil and gas - 7091.4 million manat from transit payments - 3.8 million manat………………………………………..Full Article: Source

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State Oil Fund of Azerbaijan started investments in Turkish liras and Australian dollar in July

Posted on 24 July 2012 by VRS  |  Email |Print

In the first half of the year investment portfolio of State Oil Fund of Azerbaijan (SOFAZ) has been brought to $32.59 bn. A the press conference in Baku the Fund’s Executive Director Shahmar Movsumov said that the Fund’s investment portfolio is mostly formed at the expense of American dollar ( for $18.575 bn).
” The portfolio also has 9.601 bn euro, 1.016 bn British pounds, and 220.146 ounces of gold “,- Sh. Movsumov said. The Fund also started investments in other currencies………………………………………..Full Article: Source

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Norwegian pension fund seeks managers for Greek and Italian small caps, midcaps

Posted on 24 July 2012 by VRS  |  Email |Print

Government Pension Fund Global, Oslo, is searching for managers to run small-cap and midcap investments in Italian and Greek stocks, according to the website of Norges Bank Investment Management, which manages the 3.59 trillion kroner ($591 billion) fund.
The fund is also searching for managers to run smidcap strategies in Germany and France, according to the website. Mandates posted on the fund’s website are open processes and have no deadlines………………………………………..Full Article: Source

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Next economic crisis to come from pension funds: SWF expert

Posted on 24 July 2012 by VRS  |  Email |Print

The next financial crisis will stem from pension funds that take on risk to make up for shortfalls in their funding positions, according to Guan Seng Khoo, head of enterprise risk management at Alberta Investment Management Corporation.
Khoo, former senior director of risk management at Singapore’s sovereign wealth fund, Temasek, was speaking at the Asia Risk Transition Management forum in Hong Kong last week. He said unregulated pension funds pose significant systemic risks as they struggle to make up a 20–30% shortfall in their liabilities in the current low-yield environment where there is also a shortage of safe assets………………………………………..Full Article: Source

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Bahrain’s Mumtalakat has no plans to sell new debt, Alayam says

Posted on 23 July 2012 by VRS  |  Email |Print

Mahmood Hashim Al KoohejiBahrain Mumtalakat Holding Co. BSC, the Island-Kingdom’s sovereign wealth fund, doesn’t plan to sell new debt at the moment, Alayam reported, citing chief executive officer Mahmood Al Kooheji.
The fund, which manages $8.8 billion in assets, will seek to extend the repayment period on existing debt and focus on reducing debt levels, Al Kooheji told the Bahraini newspaper. The company raised $750 million from the sale of bonds in 2010………………………………………..Full Article: Source

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