Thu, Jul 31, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Archive | October, 2012

Sovereign wealth fund: One right step for Nigeria

Posted on 31 October 2012 by VRS  |  Email |Print

Angola has just established a Sovereign Wealth Fund (SWF) shortly after Nigeria’s $1billion SWF. Goddy Egene writes that Angola’s move shows that Nigeria took the right decision in the first place. President Goodluck Jonathan’s signing of the Nigeria Sovereign Investment Authority (NSIA) bill into law in 2011 marked a positive step towards the establishment of the Sovereign Wealth Fund (SWF) in Nigeria.
A SWF has proven to be a veritable form of investment for the future, especially for countries that depend largely on commodities and raw materials such as oil and other mineral resources as their main source of revenue like Nigeria………………………………………..Full Article: Source

Credit Suisse said to start venture with Qatar

Posted on 31 October 2012 by VRS  |  Email |Print

Credit Suisse Group AG (CSGN) and a unit of Qatar Investment Authority, the Persian Gulf emirate’s sovereign-wealth fund, plan to start an asset-management joint venture, three people with knowledge of the matter said.
The unit will be based in Doha and focus on Middle East and North African investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks. The venture may be announced this year after 12 months of negotiations between Zurich-based Credit Suisse and Qatar, two people said. It will also solicit third-party funds, according to one of the people………………………………………..Full Article: Source

Middle East sovereign funds keep looking towards Morocco‏

Posted on 31 October 2012 by VRS  |  Email |Print

It seems that Middle Eastern based sovereign funds are more keen on investing in hospitality and resort developments compared to their Asian and European peers. This is good news for the Kingdom of Morocco.
Tourism is a key source of diversifiable revenue for the North African Kingdom of Morocco. The tourism industry in Morocco employs just below 500,000 people. Cash-strapped Morocco still suffers from high unemployment, a reliance on material exports, and has a young demographic profile………………………………………..Full Article: Source

Qatar Holding to buy Harrods’ private bank

Posted on 31 October 2012 by VRS  |  Email |Print

Harrods’ Qatari owners will buy the luxury store’s private banking arm.The Financial Services Authority in London gave Qatar Holding the green light to purchase the controlling shares in the bank held by a trust.
“A new board has been appointed to support this exciting development,” a spokeswoman for the bank said, adding that she was “delighted” with FSA’s decision. Qatar Holding is an indirect subsidiary of Qatar Investment Authority, the Gulf state’s sovereign wealth fund. In 2010, it bought London’s Harrods for $2.2 billion and financed 95 percent of the British capital’s Shard Tower, Europe’s highest skyscraper………………………………………..Full Article: Source

Kazakh oil pipeline company aims to raise $186 mln in IPO

Posted on 31 October 2012 by VRS  |  Email |Print

Kazakhstan’s oil pipeline monopoly aims to raise $186 million in a share offering designed to attract private investors, the head of the country’s sovereign wealth fund said on Tuesday.
KazTransOil’s will launch an initial public offering (IPO) of 10 percent of the company minus one share by the end of the year, becoming the first state-run enterprise to take part in the former Soviet republic’s “People’s IPO” programme. The company will sell shares at 725 tenge ($4.81), with priority given to local retail investors, said Umirzak Shukeyev, chief executive of the sovereign wealth fund Samruk-Kazyna………………………………………..Full Article: Source

Samruk-Kazyna seeks top price in Kazakhstan’s debut “People’s IPO”

Posted on 31 October 2012 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna has set a price of KZT725 ($4.82) per share for the upcoming IPO of oil transportation company KazTransOil, valuing the 10% stake at $186m. The sovereign wealth fund also confirmed the schedule on another nine so-called “people’s IPOs” over the next three years.
The book will open on the float of the KazTransOil stake on November 6, close on December 5, with a settlement period lasting up to December 14, the Samruk-Kazyna board of directors agreed October 29. “The offering price implies a P/E [price/earnings] ratio of around 11.2x, based on 2011 net profit of US$172m (KZT25.9bn),” Visor Capital writes………………………………………..Full Article: Source

Around half a million Kazakhs to take part in People’s IPO programme

Posted on 31 October 2012 by VRS  |  Email |Print

Around half a million Kazakhs can take part in the People’s IPO programme, the chairman of the board of the Samruk-Kazyna National Welfare Fund (NWF) Umirzak Shukeyev, stated on Tuesday during his speech at a government meeting.
“According to the results of our survey, 7.3 per cent of respondents announced their intention to buy shares in national companies. Given this data, the potential of participation in the programme can be assessed at the level of 500,000 people,” Shukeyev said………………………………………..Full Article: Source

Norway Oil Fund looks into factor risk model embraced by Pimco

Posted on 31 October 2012 by VRS  |  Email |Print

Norway is looking into adopting a new investment model for its sovereign-wealth fund that would imitate a so-called factor risk approach used by institutional investors such as Pacific Investment Management Co.
The $650 billion sovereign-wealth fund, the world’s biggest, may adopt the technique after its use of traditional indexing methods generated returns that fell short of government targets. Factor risk investing is a strategy that seeks to take advantage of specific risks and attributes such as market value, momentum, volatility or leverage when building a portfolio………………………………………..Full Article: Source

Brazil’s BNDES seeking stake of sovereign-wealth fund

Posted on 30 October 2012 by VRS  |  Email |Print

Brazil’s national development bank BNDES is in talks with the government to take a stake in the country’s sovereign-wealth fund in order to increase lending volumes next year.The BNDES, which has gotten numerous injections of cash from Brazil’s treasury, is seeking the sovereign-wealth fund stake as a way to increase its asset base, which would in turn allow it to loan more to state-controlled companies, Estado said.
The bank can only lend up to 25% of the value of its regulatory capital, currently at about 94 billion Brazilian reais ($46 billion), to a single company, and has already reached that limit in lending to some oil, mining and electric companies, Estado said………………………………………..Full Article: Source

Future Fund chief uses office to save money

Posted on 30 October 2012 by VRS  |  Email |Print

The head of Australia’s Future Fund says he works from a private office to save money for the fund. David Gonski appeared before Finance and Public Administration Senate committee on Monday for the first time since the government appointed him chairman of the board of guardians for the sovereign wealth fund - created to meet the cost of public sector pensions.
Liberal senator Mathias Cormann asked Mr Gonski whether it was appropriate for him to work from an office in the Sydney branch of South African-owned investment bank Investec instead of a separate office in the city………………………………………..Full Article: Source

Gonski defends Future Fund credentials and tobacco share holdings

Posted on 30 October 2012 by VRS  |  Email |Print

Future Fund chairman David Gonski has sought to defend the fund’s social and environmental credentials, responding to criticism of its contentious stake in the tobacco industry. Gonski, one of the best-connected businessmen in corporate Australia, also said he had bolstered the fund’s handling of conflicts of interest since he began running the $80.5 billion investment giant in March.
In a rare appearance before a Senate committee in Canberra, Mr Gonski last night said the taxpayer-owned fund took a ”very active” approach to environmental and social concerns………………………………………..Full Article: Source

Philippines: Sovereign-wealth fund to speed up government programs

Posted on 30 October 2012 by VRS  |  Email |Print

The rationale for a Philippine wealth fund can be found in the host of Asian and other countries that have established their own sovereign-wealth funds (SWFs) just to induce economic growth. A rise in the level of economic activity, after all, induces a ripple of benefits that range from increased income to higher government revenues, exemplified by higher tax collections.
Vietnam conceptualized its own SWF on June 20, 2005, after its own reserve level rose. It started its own fund in August of the following year and called it the Vietnam State Capital Investment Corp. (SCIC)………………………………………..Full Article: Source

Dymon makes private equity move, backed by Temasek

Posted on 30 October 2012 by VRS  |  Email |Print

Dymon Asia Capital is branching out to the private equity world, launching a fund with backing from a unit of Singapore investment firm Temasek Holdings, a company email obtained by Reuters shows, indicating an uncommon move by a hedge fund.
The firm aims to raise S$300 million for Dymon Asia Private Equity (DAPE), Mr Keith Tan, Dymon’s managing partner told clients in an email this month. Mr Tan did not respond to an emailed request for comment. The new private equity fund is getting S$100 million from Heliconia Capital Management, a subsidiary of Temasek, the email showed………………………………………..Full Article: Source

GIC Singapore to infuse $150mln in $1bln Genpact deal with Bain

Posted on 30 October 2012 by VRS  |  Email |Print

Sovereign wealth fund GIC Singapore is joining Bain Capital in a deal to buy 30 per cent stake in the business process management and technology services company Genpact Ltd for $1 billion. GIC Singapore will invest $150 million in the transaction along with Bain Capital’s $849 million in Genpact, according to a filing.
The deal comes after the two firms co-invested $850 million in Hero MotoCorp, the world’s largest bike-maker in terms of volumes, last year………………………………………..Full Article: Source

2 sovereign wealth funds to invest directly with realty developers

Posted on 30 October 2012 by VRS  |  Email |Print

APG Asset Management, one of the world’s largest pension asset man agers, and at least two sovereign wealth funds — Abu Dhabi Investment Authority and The Government of Sin gapore Investment Corp— will invest directly in the Indian real estate market moving away from their earlier strategy of routing investments through PE funds.
The move to directly invest comes at time when nearly half the real estate funds in India have been unable to offer attractive returns as India’s once soaring real estate sector is crippled by increasing debt and plunging sales. In the last five years realty funds have delivered exits worth $4 billion (Rs 21,000 crore), compared with $17 billion of foreign direct investment raised for the sec tor, according to industry estimates………………………………………..Full Article: Source

Norway’s SWF-world’s largest equities investor - goes back to market

Posted on 30 October 2012 by VRS  |  Email |Print

Norway’s $650 billion Government Pension Fund Global, the world’s largest sovereign fund, is now buying stocks amid a falling market. “We can stomach buying more equities in falling markets,” Paal Haugerud, head of the Finance Ministry’s asset management unit, said in an October 18 interview in Oslo to Bloomberg. “Short-term volatility is of lesser importance for a truly long-term investor.”
The decision comes in an effort to rebalance by buying stocks when markets are falling. According to Bloomberg, the process will be triggered when the fund’s stock weighting deviates more than 4 percentage points from its 60% mandated level at the end of a month………………………………………..Full Article: Source

Angola’s SWF reduces economy’s exposure to oil and drives sustainability

Posted on 30 October 2012 by VRS  |  Email |Print

The creation of a sovereign wealth fund in Angola will help to reduce the Angolan economy’s exposure to variations in oil prices and establish conditions for sustainable growth, said credit rating agency Fitch.
The long-awaited Angolan Sovereign Wealth Fund, which was presented this month in Luanda, was set up with initial funding of US$5 billion to be channelled in to projects with potential for growth in Angola and abroad, particularly in sub-Saharan Africa………………………………………..Full Article: Source

Credit Suisse to start asset management joint venture with Qatar SWF

Posted on 30 October 2012 by VRS  |  Email |Print

Credit Suisse Group and a unit of Qatar Investment Authority, the Gulf state’s sovereign-wealth fund, plan to start an asset-management joint venture, three people with knowledge of the matter said.
The unit will be based in Doha and focus on Middle East and North Africa investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks………………………………………..Full Article: Source

Egypt foreign reserves soar to $15.5bln

Posted on 30 October 2012 by VRS  |  Email |Print

Egypt’s foreign reserves probably rose $300-400 million in October thanks to loans from Qatar and Turkey, state-run al-Gomhuria newspaper reported on Monday, quoting an unnamed central bank official.
The reserves have fallen by more than half since a popular uprising in January 2011 that scared away tourists and investors, two of Egypt’s main sources of foreign currency. Reserves at the end of October will probably be $15.4 billion or $15.5 billion, up from $15.04 billion at the end of September, al-Gomhuria said………………………………………..Full Article: Source

Philippines: Time ripe for sovereign wealth fund

Posted on 29 October 2012 by VRS  |  Email |Print

In less than a decade, the Bangko Sentral ng Pilipinas (BSP) saw its gross international reserves (GIR) surge from $15.02 billion as of end-2002 to $80.1 billion as of end-September 2012—with the country’s unsung heroes, the overseas Filipino workers, steadily increasing their remittances.
This fivefold rise in the GIR, with three months to spare, has resulted in a very comfortable margin of safety for the BSP’s reserve-management push, since the end-September GIR already account for more than a year of imports………………………………………..Full Article: Source

CIC increases London property holding

Posted on 29 October 2012 by VRS  |  Email |Print

China Investment Corporation, the manager of China’s $410 billion sovereign fund, is in talks to buy Deutsche Bank’s headquarters building in London for 250 million pounds ($403 million), according to British media reports.
The planned purchase is taking place amid a shifting pattern of China’s overseas investment in recent years, from financial assets such as bonds to real assets such as infrastructure and real estate, said Mark Williams, London-based chief Asia economist of macroeconomic research company Capital Economics………………………………………..Full Article: Source

Sovereign wealth funds to invest directly in realty

Posted on 29 October 2012 by VRS  |  Email |Print

APG Asset Management, one of the world’s largest pension asset managers, and at least two sovereign wealth funds-Abu Dhabi Investment Authority and The Government of Singapore Investment Corp-will invest directly in the Indian real estate market, moving away from their earlier strategy of routing investments through private equity funds.
The move to directly invest comes at a time when nearly half the real estate funds in India have been unable to offer attractive returns as India’s once soaring real estate sector is crippled by increasing debt and plunging sales………………………………………..Full Article: Source

Future Fund plans to review investment in tobacco

Posted on 29 October 2012 by VRS  |  Email |Print

A decision by the Future Fund to review its investment in tobacco companies has been applauded by health groups and the Greens. The National Heart Foundation of Australia welcomed the move but called for the review to be “transparent and open”.
Australian Medical Association wrote to the chair of the Future Fund, David Gonski, earlier this week outlining “health, moral and economic arguments against the use of Australian taxpayers’ money to benefit big tobacco”………………………………………..Full Article: Source

Meagre savings in SWF ’ll hurt future Nigerians

Posted on 29 October 2012 by VRS  |  Email |Print

If the popular saying ‘make hay while the sun shines’ is anything to go by, one can say that it is only a fool or lazy man who will refuse to make hay while the sun is shining.
Making hay is like saving money for the rainy day and for Nigeria, that would mean saving money from crude oil for infrastructural investments, thereby keeping a legacy for Nigerians unborn to build on, without which their future is jeopardised………………………………………..Full Article: Source

Sovereign wealth fund: Task before the Rasheed led board

Posted on 29 October 2012 by VRS  |  Email |Print

The leadership of the Nigeria Sovereign Investment Authority (NSIA) established to manage the nation’s Sovereign Wealth Fund (SWF) faces a Herculean task given the controversy surrounding the establishment of the fund.
The eight member board to be led by former director of First Bank Plc, Mahey Rasheed, as the Chairman, with Uche Orji, a former Managing Director of JP Morgan, as the Chief Executive Officer was unveiled recently by the Minister of Finance and Coordinating Minister of the Economy, Dr. Mrs. Ngozi Okonjo-Iweala. Other board members are Jide Zeitlin, Bili Awosika, Arnold Akpe, Hassan Usman, Bisi Soyebo and Stella Ojekwe-Onyejeli………………………………………..Full Article: Source

So what happened to the billions in oil money that gushed out of Libya?

Posted on 29 October 2012 by VRS  |  Email |Print

With the Muslim festival of Eid al-Adha this week, most businesses in Libya, along with much of North Africa, are taking a few days off to celebrate the public holiday. But at the Libyan Investment Authority (LIA), the sovereign wealth fund set up under Colonel Gaddafi, it has been quiet like this since before the war that killed him and his four-decade regime a year ago.
Essentially, hundreds of companies’ dealings with the fund are now in something of a state of flux. Take Pearson, the Financial Times owner where the LIA built up a 3.27 per cent stake. There, the fund’s shares have remained frozen – unable to be traded – for 19 months now……………………………………….Full Article: Source

Norway tells largest sovereign wealth fund to buy on dip

Posted on 29 October 2012 by VRS  |  Email |Print

Norway’s $650 billion wealth fund, the world’s largest, now has to buy stocks as they slump. The government this month codified that the fund, which goes by the official name of the Government Pension Fund Global, has to buy stocks when markets are falling as part of a strategy it calls re-balancing.
The process will be triggered when the fund’s stock weighting deviates more than 4 percentage points from its 60 percent mandated level at the end of a month………………………………………..Full Article: Source

Sovereign wealth funds turn bankers

Posted on 26 October 2012 by VRS  |  Email |Print

Yield-hungry pension funds and sovereign wealth funds are stepping in where crisis-hit, regulation-laden banks are pulling back: lending to cash-starved businesses. Pension funds hold more than $30 trillion of assets and sovereign wealth funds some $3-5 trillion, meaning that even a small shift to lending could help fill some of the gap left by bank deleveraging.
The sovereign wealth fund industry, which manages windfall revenues for future generations for countries from Norway to Abu Dhabi, has been hit by the financial and debt crisis and is turning to lending as part of its efforts to diversify………………………………………..Full Article: Source

Norway tells largest sovereign wealth fund to buy on dip

Posted on 26 October 2012 by VRS  |  Email |Print

Norway’s $650 billion wealth fund, the world’s largest, now has to buy stocks as they slump. The government this month codified that the fund, which goes by the official name of the Government Pension Fund Global, has to buy stocks when markets are falling as part of a strategy it calls rebalancing.
The process will be triggered when the fund’s stock weighting deviates more than 4 percentage points from its 60 percent mandated level at the end of a month. “We can stomach buying more equities in falling markets,” Paal Haugerud, head of the Finance Ministry’s asset management unit, said in an Oct. 18 interview in Oslo. “Short-term volatility is of lesser importance for a truly long-term investor.”……………………………………….Full Article: Source

CIC increases London property holding

Posted on 26 October 2012 by VRS  |  Email |Print

China’s sovereign wealth fund is expanding its presence in the United Kingdom by getting more involved in London’s property market.
China Investment Corporation, the manager of China’s $410 billion sovereign fund, is in talks to buy Deutsche Bank’s headquarters building in London for 250 million pounds ($403 million), according to British media reports………………………………………..Full Article: Source

Temasek puts Medreich stake on the block

Posted on 26 October 2012 by VRS  |  Email |Print

Temasek Holdings has appointed NM Rothschild to exit a seven-year-old investment in contract drug maker Medreich, which could attract offers from strategic investors like Blackstone-owned Catalent Pharma Solutions and Perrigo Company besides private equity investors.
Temasek with about 30% stake expects Medreich to be valued at $200-250 million. “While Rothschild has been appointed by Temasek, we know that the promoters of the company may also look for an exit if the valuation expectations are met. It is a potential sellout, but the key is valuation,” said people familiar with process………………………………………..Full Article: Source

Future Fund eyes infrastructure assets

Posted on 26 October 2012 by VRS  |  Email |Print

The Future Fund, Australia’s quasi sovereign wealth manager, wants to buy more infrastructure assets but is finding a lot of its rivals do too. “We like Australian infrastructure primarily because of its close fit with our mandate,” said Nadine Lennie, a director at the Fund. “Unfortunately for us a lot of other investors like investing in Australian infrastructure so it is a competitive market.”
In its quarterly outlook, the Future Fund said it was looking to invest in a pipeline of infrastructure assets both in Australia and offshore………………………………………..Full Article: Source

Greens back fund re-think on tobacco

Posted on 26 October 2012 by VRS  |  Email |Print

The Australian Greens have welcomed a decision by the Future Fund to review its investments in tobacco companies. Greens senator Richard Di Natale, who has been pushing the fund to make more ethical investments, says investing hundreds of millions in such a “toxic industry” makes no sense.
The fund’s governance committee is reviewing its $219 million hold in tobacco companies. “The only logical outcome of the fund’s internal review is to recommend for the divestment of those holdings,” Senator Di Natale said in a statement on Friday………………………………………..Full Article: Source

Heart Foundation welcomes review of Future Fund tobacco investments

Posted on 26 October 2012 by VRS  |  Email |Print

The National Heart Foundation of Australia is welcoming the announcement that the Future Fund is reviewing its investment of taxpayers’ funds in tobacco companies, but has called for the review to be transparent and open.
“The Heart Foundation strongly opposes investment of public funds in tobacco companies via the Future Fund,” said Dr Lyn Roberts, National CEO of the Heart Foundation. “It’s totally inappropriate for the Future Fund to work against the Australian Government’s proud record on tobacco control………………………………………..Full Article: Source

Oil-rich Angola bids to secure future with $5bln wealth fund (Video)

Posted on 26 October 2012 by VRS  |  Email |Print

Angola, Africa’s second-largest oil producer, has launched a $5 billion sovereign wealth fund in an attempt to diversify its economy — a move more associated with wealthy Gulf States like Qatar and the UAE.
The state-owned investment fund, known as the Fundo Soberano de Angola, will invest domestically and internationally, focusing on infrastructure development and the hospitality industry. These are two areas the Government of Angola believes is “likely to exhibit strong growth”………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund: Task before the Rasheed led board

Posted on 26 October 2012 by VRS  |  Email |Print

The leadership of the Nigeria Sovereign Investment Authority (NSIA) established to manage the nation’s Sovereign Wealth Fund (SWF) faces a Herculean task given the controversy surrounding the establishment of the fund.
The eight member board to be led by former director of First Bank Plc, Mahey Rasheed, as the Chairman, with Uche Orji, a former Managing Director of JP Morgan, as the Chief Executive Officer was unveiled recently by the Minister of Finance and Coordinating Minister of the Economy, Dr. Mrs. Ngozi Okonjo-Iweala. Other board members are Jide Zeitlin, Bili Awosika, Arnold Akpe, Hassan Usman, Bisi Soyebo and Stella Ojekwe-Onyejeli………………………………………..Full Article: Source

Abu Dhabi SWF unit invests in Oz retail

Posted on 26 October 2012 by VRS  |  Email |Print

Two global sovereign wealth funds have invested A$872m ($904m) in Australian shopping centres through wealth manager AMP Ltd as part of an asset swap deal with mall owner Westfield Group. AMP said it has bought Westfield and Westfield Retail Trust’s interests in three shopping malls for A$1.025bn ($1.06bn). It sold interests in four centres to Westfield and Westfield Retail Trust for A$710m.
The transaction was backed by Canada Pension Plan Investment Board (CPPIB) and Harina Co Ltd, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA)………………………………………..Full Article: Source

Permanent Fund sees good returns for first quarter of FY’13

Posted on 26 October 2012 by VRS  |  Email |Print

The Alaska Permanent Fund returned 4.6% in the first quarter of Fiscal Year 2013 according to figures released today, against its benchmark return of 4.7%. The Fund ended on September 30 with a value of $42.3 billion, a gain of $2.0 billion over Fiscal Year 2012.
Permanent Fund Cooperation CEO Michael J. Burns credited actions by the central banks at home and overseas that helped spur increases in global stock markets, even though many of the world’s regions are in an economic slump, and after the stock market losses of 2012, this rally is a welcome change as all asset classes for the Permanent Fund had positive returns this quarter, leading to a solid start to the fiscal year………………………………………..Full Article: Source

Sovereign funds invest $904 mln in Australian malls with AMP

Posted on 25 October 2012 by VRS  |  Email |Print

Two global sovereign wealth funds have invested A$872 million ($904 million) in Australian shopping centres through wealth manager AMP Ltd as part of an asset swap deal with mall owner Westfield Group.
AMP said it has bought Westfield and Westfield Retail Trust’s interests in three shopping malls for A$1.025 billion ($1.06 billion). It sold interests in four centres to Westfield and Westfield Retail Trust for A$710 million. The transaction was backed by Canada Pension Plan Investment Board (CPPIB) and Harina Co Ltd, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA)………………………………………..Full Article: Source

Abu Dhabi SWF invests in Aussie shopping malls

Posted on 25 October 2012 by VRS  |  Email |Print

Two of the world’s largest sovereign wealth and pension funds Canada Pension Plan Investment Board, or CPPIB, and Abu Dhabi Investment Authority, or ADIA, are betting that Australians will keep shopping in-store, despite the rise of online alternatives.
CPPIB along with ADIA’s wholly-owned subsidiary Harina Company Ltd. have each paid 436 million Australian dollar (US$451 million) for a 37% stake in AMP Capital Retail Trust. The unlisted property trust owns half of Sydney’s Macquarie Centre and 80% of Gold Coast’s Pacific Fair Shopping Centre………………………………………..Full Article: Source

Singapore’s GIC said to invest in San Francisco Tower

Posted on 25 October 2012 by VRS  |  Email |Print

Government of Singapore Investment Corp. is investing in a 30-year-old San Francisco office tower that’s valued at about $900 million, according to one person with direct knowledge of the transaction.
GIC, as the Singapore sovereign wealth fund is known, is part of a group that’s taking control of 101 California Street in San Francisco’s financial district, said the person, who asked not to be identified because the information isn’t public. The fund declined to comment………………………………………..Full Article: Source

Future Fund to review tobacco investment

Posted on 25 October 2012 by VRS  |  Email |Print

The Future Fund will follow the lead of superannuation funds including First State Super and reviewing its multi-million investments in tobacco companies. Mark Burgess, chief executive of the $80 billion fund announced the governance committee had agreed to consider removing some or all of the fund’s $219 million in tobacco investments from its portfolio.
A letter from Attorney-General Nicola Roxon urging the Future Fund not to invest in cigarette manufacturers is said to have played little or no role in the decision………………………………………..Full Article: Source

Israel: Gas fund won’t aid defense spending

Posted on 25 October 2012 by VRS  |  Email |Print

The sovereign wealth fund that will control the government’s proceeds from Israel’s natural gas reserves will not be used to help defray the cost of protecting the gas installations, a government panel decided Tuesday.
In doing so, the ministerial legislative committee rejected a proposal by the Defense Ministry to include national security among the national projects that can be funded by the projected sovereign wealth fund. The navy had estimated the cost of protecting Israel’s offshore gas installations at NIS 3 billion annually………………………………………..Full Article: Source

Qatar considers buying major stakes in 7 European banks

Posted on 25 October 2012 by VRS  |  Email |Print

Qatar considers acquiring major stakes in investment banks in Europe, sources told Al Arabiya, noting that the negotiations are currently underway with seven banks suffering from accumulated financial crises caused by the economic recession in Europe.
Basheer al-Kahlout, an economist, told Al Arabiya that widening the investments of Qatar’s investment authority in foreign markets is part of Qatar’s strategy to diversify the sources of income, away from gas and fuel sectors, which contribute 55% of Gross Domestic Product (GDP). He said that Qatar Holding invested its budget surplus, estimated at $16.5 billion annually (60 billion QAR) in the past two years in foreign lucrative projects, which sets a record for the investments in Europe………………………………………..Full Article: Source

Azeri oil fund puts 3 bln roubles in Russia’s Gazprombank

Posted on 25 October 2012 by VRS  |  Email |Print

Azerbaijan’s $33 billion oil fund has bought 3 billion Russian roubles ($100 million) and deposited it in Russia’s Gazprombank to help diversify its assets, the fund said.
“The fund plans to increase investment in financial instruments in Russian roubles,” it said in a press release.The fund said earlier this year it would spend $400-$500 million to buy Russian roubles in 2012………………………………………..Full Article: Source

Azerbaijani State Oil Fund makes statement on investment in Russian ruble

Posted on 25 October 2012 by VRS  |  Email |Print

According to the “Investment Policy of the State Oil Fund of the Republic of Azerbaijan” up to 5 percent of the Fund’s assets can be invested in assets denominated in Turkish Lira and Russian Ruble. In the framework of the Investment policy first investments were made to the assets denominated in Turkish Lira during the current year and appropriate preparations to start investments in Russian Ruble have been completed.
On October 19, 2012 SOFAZ has invested RUB 3 billion (USD 100 million approximately) into the short term deposit at one of the biggest banks in Russia, Gazprombank………………………………………..Full Article: Source

Israel natural gas wealth fund gets initial nod

Posted on 24 October 2012 by VRS  |  Email |Print

A proposal by Israel’s Finance Ministry to create a sovereign wealth fund similar to Norway’s to safeguard billions of dollars in windfall natural gas revenue received initial approval from a government panel.
The proposal was approved by the ministerial legislative committee but still needs to be passed in parliament, the ministry said on Tuesday. The discovery of some of the world’s largest offshore gas fields has given Israel decades of energy independence and paved the way for it to become a natural gas exporter………………………………………..Full Article: Source

Israel SWF is an insurance policy for the country: Finance minister Yuval Steinitz

Posted on 24 October 2012 by VRS  |  Email |Print

The Ministry of Finance announced Minister of Finance Yuval Steinitz’s bill for a sovereign wealth fund for the government’s take on natural gas profits has been approved by the ministerial legislative committee.
The bill’s approval follows the recommendations of the Sheshinski Committee and the committee set up by Prime Minister Benjamin Netanyahu, Steinitz, and Governor of the Bank of Israel Prof. Stanley Fischer to review the management of the state’s revenues from Israel’s natural resources. National Economics Committee chairman Prof. Eugene Kandel chaired the committee. Its members included the Ministry of Finance’s budget director and accountant general, the deputy attorney general, and Fischer………………………………………..Full Article: Source

Fitch: sovereign wealth fund plan positive for Angola

Posted on 24 October 2012 by VRS  |  Email |Print

Angola’s decision to set up a sovereign wealth fund is positive news, Fitch Ratings says. It reaffirms our view that government policies are reducing the economy’s exposure to movements in the oil price, and laying a foundation for sustainable growth.
This view was reflected in our revision of the Outlook on Angola’s ‘BB-’ rating to Positive from Stable in May. We said that setting up a sovereign wealth fund could contribute to an upgrade if it were coupled with a longer track record of prudent fiscal and monetary policy management………………………………………..Full Article: Source

Singapore fund to buy 101 California St. for $851 mln

Posted on 24 October 2012 by VRS  |  Email |Print

An Asian partnership led by Singapore’s sovereign wealth fund has agreed to buy a 92 percent stake in 101 California St. in downtown San Francisco for $851 million, or $740 a square foot, according to Real Estate Alert.
The seller was Nippon Life Insurance. The partnership will also buy part of the remaining 8 percent interest held by Hines, which will continue to manage the property, according to the real estate newsletter………………………………………..Full Article: Source

October 2012
M T W T F S S
« Sep   Nov »
1234567
891011121314
15161718192021
22232425262728
293031