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Sovereign Wealth Funds Briefing - Archive | October, 2012

Cathay pushes $830mln Discovery bid

Posted on 24 October 2012 by VRS  |  Email |Print

Chinese private equity fund Cathay Fortune has turned hostile on Discovery Metals, the ASX-listed African copper producer, by going directly to shareholders with its $830 million takeover offer after its initial setback. It made a joint bid for Discovery Metals early this month with the Chinese sovereign wealth fund, China-Africa Development Fund. The board of Discovery Metals turned down the overture, saying the offer was inadequate.
The largest shareholder of Cathay Fortune, Yu Yong, said in a statement to the Australian Stock Exchange that the refusal by the board of Discovery Metals to engage with his company left it with no choice but to launch a hostile takeover bid………………………………………..Full Article: Source

CIC in talks to buy Deutsche’s UK HQ

Posted on 24 October 2012 by VRS  |  Email |Print

A Chinese sovereign wealth fund is set to become a landlord in the UK’s most important office market: the City of London. China Investment Corporation (CIC), the country’s $410bn fund, is in talks to buy Deutsche Bank’s UK headquarters for £250m.
According to people close to the situation, Invesco, the asset manager, will buy the 312,000 sq ft office block on behalf of CIC. Invesco declined to comment………………………………………..Full Article: Source

Gazprom courts Norwegian Oil Fund

Posted on 24 October 2012 by VRS  |  Email |Print

In what the company calls a “road show” in Scandinavia, Gazprom representatives last week met with key financial players in Norway, Sweden and Denmark. “Gazprom is interested in raising the stakes of long-term investors in the company”, a press release reads. According to Gazprom, the Scandinavian investment funds have “a very high quality”, as well as “a comprehensive understanding of the specifics of Gazprom’s business”.
The Scandinavian tour, which was headed by Deputy Board Leader Andrei Kruglov, included visits to several financial groups in the three countries. However, it is believed that the Bank of Norway and its Government Pension Fund Global was a key target of the trip………………………………………..Full Article: Source

SOFAZ starts investing in Russian ruble

Posted on 24 October 2012 by VRS  |  Email |Print

According to the “Investment Policy of the State Oil Fund of the Republic of Azerbaijan” up to 5% 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

Angola’s new sovereign wealth fund eyes Asian assets

Posted on 23 October 2012 by VRS  |  Email |Print

A newly-launched sovereign wealth fund from Africa’s second-biggest oil producer - Angola - may be looking to invest in Asian assets. The fund, which was launched on October 17, has an initial asset size of about US$5 billion.
Fundo Soberano de Angola will pursue a diversified portfolio across a number of industries and asset classes, including stocks, bonds, foreign currencies, financial derivatives, commodities and real estate and infrastructure funds. While the fund hopes to retain a “strong focus” on the domestic market, it will also be investing internationally, with key interests in emerging economies………………………………………..Full Article: Source

Do sovereign wealth funds actually curb oil corruption?

Posted on 23 October 2012 by VRS  |  Email |Print

Every year for five years, corruption in Angola has become steadily worse, according to Transparency International’s corruption perceptions index of 182 nations. In 2007, the oil-rich southwest African country was 32nd from the bottom. By last year, it had plunged to the 14th most-corrupt nation on the Earth.
That’s not surprising. Oil and corruption have gone hand in hand since the industry was pioneered a century and a half ago. But more recently, experts have added a corollary—that an oil-producing country that channels some of its wealth into an independently run sovereign wealth fund is likely to rank better on the corruption scale than one that does not………………………………………..Full Article: Source

Nigeria: Foreign reserve hits U.S.$42 bln

Posted on 23 October 2012 by VRS  |  Email |Print

Nigeria’s foreign external reserves last week hit $42 billion as international rating agency, Fitch put the country’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB’ respectively with a Stable Outlook.
The reserves had been rising consistently over the past few months in line with the Coordinating Minister of the Economy’s aims at building the reserves to $50 billion before the end of the year (2012), so as to serve as cushion for the economy in case of any global economic recess………………………………………..Full Article: Source

Kazakh sovereign wealth fund’ group of companies exceeds net income target by 20 pct

Posted on 23 October 2012 by VRS  |  Email |Print

A group of the companies of Kazakh Sovereign Wealth Fund Samruk-Kazyna exceeded a net income target by 20 percent in the first nine months of 2012, Samruk-Kazyna’s Chairman of the Board Umirzak Shukeyev told Kazakhsatanskaya pravda newspaper.
“In the first 9 months of this year, the total net income of Samruk-Kazyna’s group of companies, excluding the banks amounted to 727 billion tenge, which is 20 percent more than the target,” Shukeyev said. According to Shukeyev, this figure is a very good index………………………………………..Full Article: Source

Gold imported by Azerbaijani State Oil Fund exempted from customs duties

Posted on 23 October 2012 by VRS  |  Email |Print

According to the decision of the Azerbaijani Cabinet of Ministers, gold imports into the country for the needs of the State Oil Fund of the Azerbaijani Republic (SOFAZ) are exempt from VAT and customs duties, SOFAZ told Trend.
SOFAZ has begun a weekly purchase of 10,000 ounces of gold since Feb. 1, 2012. As of July 1, 2012, the investment portfolio included 6,847 kilograms (220,146 ounces) of gold. “The decision was made to exempt gold imported into the country by SOFAZ from VAT and customs duties,” SOFAZ said………………………………………..Full Article: Source

Azerbaijan State Oil Fund’s assets rose up to $33.1 bln

Posted on 23 October 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has announced the growth of its assets by 11.4% for Jan-Sept 2012. The Fund informs that over the first three quarters of the year SOFAZ assets rose up to $33.19 bn versus AZN 29.8 bn by early 2012.
For Jan-Sept 2012 Fund’s revenues amounted to AZN 10.076 bn and expenditures AZN 7.5 bn. Since the first quarter the Fund also started buying physical gold, and as of 1 October SOFAZ assets in gold totaled 10,891 tons or 350,146 ounces………………………………………..Full Article: Source

Temasek sells 8.54pct stake in Welspun Global

Posted on 23 October 2012 by VRS  |  Email |Print

Singapore government’s sovereign fund Temasek Holdings has sold 8.54 per cent stake in Welspun Global Brands Ltd in the markets for an estimated Rs 3.5-4 crore. The fund held 9.85 per cent stake, which now leaves it with 1.31 per cent stake.
The shares of Welspun Global were last traded at Rs 43.4 on the Bombay Stock Exchange. Temasek sold the shares between Rs 38-43.5 per unit through its arms Dunearn Investments Mauritius and Baytree Investments Mauritius last week………………………………………..Full Article: Source

Temasek in talks to invest in Godrej Agrovet

Posted on 22 October 2012 by VRS  |  Email |Print

Temasek, an Asia-focused investment firm based in Singapore, is in talks to invest around Rs 600 crore in Godrej Agrovet Limited. The deal when complete will give Temasek an approximately 20% stake in the Mumbaibased diversified agribusiness company, said a person with direct knowledge of the ongoing negotiations.
A part of the proposed funding will be used by Godrej Agrovet to acquire new companies and intensify research and development, said another person close to the company. Godrej Agrovet is open to acquisitions both in the domestic and overseas market, he added………………………………………..Full Article: Source

Nigeria S&P upgrade hindered by wealth fund tension with states

Posted on 22 October 2012 by VRS  |  Email |Print

Nigeria’s chance of a rating upgrade is being hindered by a lack of clarity over how its sovereign wealth fund will grow amid tensions with regional governments over revenue allocation, Standard & Poor’s said.
Increasing the size of the fund from its initial $1 billion is key to building up external buffers that are needed for an upgrade in the B+ rating of Africa’s biggest oil producer, Christian Esters, a sovereign analyst at S&P, said in a phone interview yesterday from Frankfurt………………………………………..Full Article: Source

Sovereign wealth fund: Angola revels in Launch, Nigeria battles opposition

Posted on 22 October 2012 by VRS  |  Email |Print

Angola announced the launch of a $5 billion sovereign wealth fund on Wednesday, prompting renewed scrutiny of Nigeria’s equivalent initiative.
Angola-which is the second largest oil producer in Africa, behind only Nigeria – announced the creation of the fund which is to be called the Fundo Soberano de Angola, (also to be known as the FSDEA) in Luanda on Wednesday – revealing that the fund would initially house $5 billion in assets, including stakes in infrastructure, hospitality, and other industry projects as well as financial securities………………………………………..Full Article: Source

Angolan wealth fund gets president’s son on board

Posted on 22 October 2012 by VRS  |  Email |Print

Angola, Africa’s second-largest oil producer, has become the latest country on the continent to launch a sovereign wealth fund. Angola will be joining an elite club of resource-rich nations including Nigeria, Equatorial Guinea and Gabon.
Unveiled this week in the capital Luanda, the fundo soberano de Angola (FSDEA) has pledged to adhere to international standards of transparency, including the generally accepted principles and practices, or “Santiago principles”, defined by the international working group of sovereign wealth funds………………………………………..Full Article: Source

Can Angola’s sovereign wealth fund break with a murky past?

Posted on 22 October 2012 by VRS  |  Email |Print

Jose Filomeno dos Santos, the son of Angola’s longtime president, is a very affable and charming person, I discovered at a meeting with him in Luanda last week. We spoke at the launch of Angola’s new sovereign wealth fund, Fundo Soberano de Angola, where it was announced that he has been appointed to the board of the fund along with the president’s economic adviser, Armando Manuel.
With a background in the world of finance and close connections right to the top of the political heap, Dos Santos seems eminently suited to a leading role in a country where these are highly prized assets. But the news of his powerful position on the board, which will define the fund’s investment strategy and oversee its activities and assets, was generally met with dismay by Angola watchers………………………………………..Full Article: Source

Qatari investment fund could be interested in Versace

Posted on 22 October 2012 by VRS  |  Email |Print

A Qatari investment fund is looking to buy a stake in the Italian luxury fashion house Gianni Versace SpA. Mayhoola for Investments S.P.C., an investment vehicle backed by a major private investor group from Qatar, has recently met with representatives from the Italian government and Italian corporate world to discuss the deal, Italy’s daily Il Messaggero said.
Qatar has used its wealth from oil and natural-gas exports to buy assets all over the world, including London luxury store Harrods and luxury hotels in France. Earlier this year, it emerged that the Qatar Investment Authority had amassed just over a 1% stake in French luxury-goods behemoth LVMH Moet Hennessy Luis Vuitton……………………………………….Full Article: Source

Two prime buildings in Germany go for $1 bln

Posted on 22 October 2012 by VRS  |  Email |Print

In the biggest commercial real estate deal in Germany this year, Paris-based Axa Investment Managers SA and Norway’s Sovereign Wealth Fund (Norges Bank Investment Management) contracted to buy two prime office and retail properties in Berlin and Frankfurt for 784 million Euros ($1 billion U.S.)
The seller was Edinburgh-based Royal Bank of Scotland Group Plc. The deal is expected to close by Dec. 31 or earlier………………………………………..Full Article: Source

A hurrah for fund-of-funds

Posted on 22 October 2012 by VRS  |  Email |Print

Utilizing fund-of-funds can be beneficial for sovereign investors who lack large internal staff dedicated to alternatives. Many sovereign investors need the capability to have exposure to an asset class quickly.
Clearly, there is a trend of direct investing into hedge funds, but public investors also understand they might not have the research capabilities or skill to find or manage such investments. The fund-of-funds industry has been criticized for high fees and lackluster returns in recent years………………………………………..Full Article: Source

China’s CIC keen on investing in Canada’s resources sector

Posted on 19 October 2012 by VRS  |  Email |Print

Chinese sovereign wealth fund China Investment Corp. is most keen on investing in Canada’s resources sector given the country’s rich mineral and petroleum resources, the official China Securities Journal reported Friday, citing an executive of the fund.
Felix Chee, the chief representative of CIC’s office in Toronto, told the newspaper that CIC was also interested in extraction-related infrastructure projects in the resources sector that could provide stable returns on investment. In 2009, CIC acquired a 17.2% stake in Canadian company Teck Resources Ltd. (TCK), which still provides good returns for the company now, the report said………………………………………..Full Article: Source

Future Fund declines to reveal climate risk plans

Posted on 19 October 2012 by VRS  |  Email |Print

Australia’s sovereign wealth fund, the Future Fund, has snubbed a request to reveal how it plans to manage climate change risks, declaring ‘‘resource constraints’’ prevented its involvement, according to an advocacy group.
John Hewson, chair of the Asset Owners Disclosure Project (AODP), said the $77 billion fund needed to disclose its plans for dealing with future challenges posed by global warming. ‘‘It is quite extraordinary that Australia’s largest fund which will have to supply pension liabilities over the long-term has decided not to come clean over its climate position,” Dr Hewson, the former Liberal leader, said in a statement………………………………………..Full Article: Source

Future Fund ‘under-resourced’ on climate risks

Posted on 19 October 2012 by VRS  |  Email |Print

Still smarting over a Senate Committee gruelling over its tobacco investments, the Future Fund - the largest fund in Australia - is being accused of insufficient transparency over climate-change risk mitigation within its portfolio.
A FOI search two years ago revealed that despite investor warnings of particular risks to long-term investors like the Future Fund, it had not once mentioned climate-change in any of its Board meetings. Despite the more recent development of Australia’s own carbon pricing scheme, the Future Fund is accused of not giving the issue sufficient oxygen or providing stakeholders with clarity about its strategies to protect its portfolio………………………………………..Full Article: Source

Greens to push for sovereign savings fund

Posted on 19 October 2012 by VRS  |  Email |Print

The Greens will put a sovereign wealth fund back on the political agenda in the new year by formally moving for the fund to be established and asking the Productivity Commission to investigate the best method for Australia.
Greens MP Adam Bandt will introduce a private member’s bill when Parliament resumes to test support for a sovereign wealth fund among major party MPs. Senior Liberal Malcolm Turnbull and John Howard’s former chief of staff, Senator Arthur Sinodinos, publicly indicated support this year………………………………………..Full Article: Source

New Zealand Superannuation Fund exceeds NZ$20 bln

Posted on 19 October 2012 by VRS  |  Email |Print

New Zealand Superannuation Fund, Auckland, had record assets of NZ$20.08 billion (US$16.41 billion) as of Sept. 30, confirmed Catherine Etheredge, a spokeswoman for the sovereign wealth fund. The latest asset total was up 5.7% from June 30, the end of its latest fiscal year.
Ms. Etheredge said the rise in equity prices around the world during the past quarter helped power the sovereign wealth fund’s gains………………………………………..Full Article: Source

State funds focus on alternative assets, ex-KIC official says

Posted on 19 October 2012 by VRS  |  Email |Print

Sovereign wealth funds are spending more money on alternative investments after stock markets gained and bond yields declined, said Scott Kalb, chief executive officer of KLTI Advisors and former chief investment officer of Korea Investment Corp.
“The large institutional investors are increasing their allocations to alternatives right now,” Kalb said in an interview with Bloomberg Television at the SALT conference yesterday. “To the extent that you get the capital available for long-term investment, you want to get out of the public markets.”……………………………………….Full Article: Source

Khazanah may join other bidders for stake in CIMB Aviva

Posted on 19 October 2012 by VRS  |  Email |Print

With the chapter closed on the sale of ING’s Malaysian insurance operations to AIA Group Ltd, attention on the insurance realm has now turned towards CIMB Aviva Assurance Bhd being divested.
An industry source said that CIMB Aviva made a presentation to bidders last week for them to assess the company and clear queries before putting in their offer price. However, he also noted that the there could be a bidder that had not been mentioned before Khazanah Nasional Bhd………………………………………..Full Article: Source

Angola’s $5bn SWF questions Nigeria politicians’ ambition

Posted on 19 October 2012 by VRS  |  Email |Print

Angola - Africa’s second largest oil producer launched a $5 billion sovereign wealth fund (SWF) this week. This raises questions as to why Nigeria’s political class is not in the forefront of advancing reforms in critical sectors to help unlock growth in the economy.

SWFs are oil savings deployed by countries in the development of infrastructure for the use of future generations when the oil runs dry, and for budget stabilisation . They also provide a buffer against volatility in oil prices………………………………………..Full Article: Source

Angola joins the rich kids in the sovereign wealth fund club

Posted on 19 October 2012 by VRS  |  Email |Print

Sovereign wealth funds are the must-have fashion accessory for every rich and autocratic regime. Angola is late to the party, and its $5-billion in seed money is paltry compared to the big boys. Nonetheless, this will make Angola’s the second largest such fund in sub-Saharan Africa, and maybe, just maybe, diversify its oil-dependent economy.
Given the southern African country’s vast but finite oil reserves, it makes good business sense to invest some of its billions in other, less volatile areas, and sovereign wealth funds are currently the favourite way for resource-rich states to do just that………………………………………..Full Article: Source

Nigeria S&P upgrade hindered by wealth fund tension with states

Posted on 19 October 2012 by VRS  |  Email |Print

Nigeria’s chance of a rating upgrade is being hindered by a lack of clarity over how its sovereign wealth fund will grow amid tensions with regional governments over revenue allocation, Standard & Poor’s said.
Increasing the size of the fund from its initial $1 billion is key to building up external buffers that are needed for an upgrade in the B+ rating of Africa’s biggest oil producer, Christian Esters, a sovereign analyst at S&P, said in a phone interview yesterday from Frankfurt………………………………………..Full Article: Source

KIA licensed USD 1 bln in China interbank bond market

Posted on 19 October 2012 by VRS  |  Email |Print

China’s Central Bank has recently granted a 6.5 billion Yuan ($1 billion) license to Kuwait Investment Authority (KIA) to invest in the domestic interbank bond market, KIA Managing Director Bader Al-Saad said Thursday.
Kuwait’s news agency (KUNA) quoted Al-Saad as saying that the KIA has also fully invested an initial quota of $300 million in the Chinese securities market after Beijing’s approval in March. He added that the investment authority will request for the balance of $700 million allocation from the Chinese authorities shortly, hoping the request would be approved by China at an opportune time………………………………………..Full Article: Source

Fitch affirms Mubadala Development Company PJSC at ‘AA’

Posted on 19 October 2012 by VRS  |  Email |Print

Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default Rating (IDR) and senior unsecured rating at ‘AA’. The Abu Dhabi-based diversified development and investment group’s Short-term IDR has been affirmed at ‘F1+’. The Outlook for the Long-term IDR is Stable.
Mubadala Development Company - GMTN B.V.’s (MDC) global medium-term note (GMTN) programme and notes outstanding and MDC’s euro commercial paper programme (ECP) has also been affirmed at ‘AA’ and ‘F1+’ respectively………………………………………..Full Article: Source

Angola starts sovereign wealth fund with $5 bln

Posted on 18 October 2012 by VRS  |  Email |Print

Angola, Africa’s second-biggest oil producer, is starting a sovereign wealth fund with $5 billion in assets to ease the impact of commodity price volatility that prompted an International Monetary Fund loan three years ago.
The Fundo Soberano de Angola, or FSDEA, is to be managed by a three-member board led by Armando Manuel, an adviser on economic issues to President Jose Eduardo dos Santos, he told reporters today in Luanda, the capital. Investments will include financial securities and stakes in infrastructure and hospitality projects and other industries that may exhibit strong growth in sub-Saharan Africa, he said………………………………………..Full Article: Source

Angola joins the SWF club

Posted on 18 October 2012 by VRS  |  Email |Print

Forget sovereign debt for a moment. This is turning into the year of sovereign wealth, with Angola becoming the latest African country to create a fund to invest some of the proceeds of growing oil riches.
The sovereign wealth fund – known as Fundo Soberano de Angola (FSDEA) – will start with $5bn in assets, and look to invest primarily in sub-Saharan Africa. Angola joins Nigeria and Tanzania in launching or planning to launch a SWF in 2012………………………………………..Full Article: Source

Angola fund set to invest oil revenue in businesses

Posted on 18 October 2012 by VRS  |  Email |Print

Angola’s government announced Wednesday the creation of a sovereign wealth fund that will invest profits from oil sales in businesses in an effort to diversify the country’s economy and spread prosperity beyond the small elite that has benefited from Angola’s outsize economic growth.
The Angolan fund, which will focus on investments in Africa’s booming hotel industry and large infrastructure projects, seeks to wean the economy from oil, a finite resource, to a more diversified and sustainable base, said José Filomeno de Sousa dos Santos, a son of President José Eduardo dos Santos, and a member of the fund’s board………………………………………..Full Article: Source

Grayling leads PR for $5bln Angola sovereign wealth fund

Posted on 18 October 2012 by VRS  |  Email |Print

Grayling has been charged with leading global PR for Angola’s new $5bn sovereign wealth fund. The firm secured the business, estimated at around $500K, following a competitive review earlier this year, revealed by the Holmes Report.
The Fundo Soberano de Angola (FSDEA) aims to ease the impact of commodity price volatility in Africa’s second-biggest oil producer, after an IMF loan three years ago………………………………………..Full Article: Source

GIC to stick to long-term investments amid rising volatility

Posted on 18 October 2012 by VRS  |  Email |Print

Government of Singapore Investment Corp. and Southeast Asia’s biggest sovereign wealth funds plan to maintain a long-term investment strategy even as the global debt crisis drives volatility higher.
GIC, which manages more than $100 billion of the city- state’s reserves, said in July it almost quadrupled its cash allocation as it pared bonds and stocks, and European holdings amid the region’s debt crisis. The fund has said its objective is to beat global inflation over a 20-year investment horizon………………………………………..Full Article: Source

GIC to bid for HFCL unit land

Posted on 18 October 2012 by VRS  |  Email |Print

Government of Singapore Investment Corporation (GIC) and private equity investor Red Fort Capital are among the potential bidders to acquire the real estate assets of Hindustan Teleprinters (HTL), in which Himachal Futuristic Communications (HFCL) holds a 74% stake. State Bank of India (SBI) took possession of the 10.16-acre company land in Chennai after HTL was deemed as a non-performing asset.
The land may fetch more than Rs 400 crore in a bidding process, said people familiar with the matter. Singapore’s sovereign investment arm GIC has increased its exposure to domestic real estate facing liquidity constraints. GIC and Red Fort are expected to rope in real estate firms for a mixed use development in one of the largest land banks in Chennai’s central business district………………………………………..Full Article: Source

Hewson attacks $75bln Future Fund over climate risk

Posted on 18 October 2012 by VRS  |  Email |Print

Economist and former federal Liberal leader John Hewson has criticised the Future Fund – Australia’s largest – for the way it manages, or fails to manage, the risks of climate change to its $75 billion portfolio. Hewson chairs the Asset Owners Disclosure Project, an organisation encouraging funds to recognise the long-term risks of climate change – both in policy terms and its physical events.
The AODP says a Freedom of Information search conducted two years ago found that climate change had not been mentioned in any of the board meetings of the Future Fund, and it was still refusing to provide stakeholders with clarity about its strategies to protect its portfolio because of “resource constraints”………………………………………..Full Article: Source

Reps declare $8.4bln Excess Crude Account illegal

Posted on 18 October 2012 by VRS  |  Email |Print

The House of Representatives yesterday declared Nigeria’s excess crude account illegal and in clear breach of the constitution that provides for all government’s funds to be remitted to the country’s consolidated federation account.
Also, the House declared its intention to reduce the recurrent expenditure and increase the capital expenditure contained in the recently presented 2013 budget estimates………………………………………..Full Article: Source

SWFs get long view, hedgies stuck in tunnel vision

Posted on 18 October 2012 by VRS  |  Email |Print

Sovereign wealth funds are finding volatility tough to navigate, while hedge funds are battling unrealistic investor expectations, say panellists at the Salt Singapore summit.Hedge fund managers, particularly in Asia, have been pressed about their ability — or in some cases the lack thereof — to generate returns, particularly in volatile markets.
“When GIC was first set up in 1981 we had the real objective of generating long-term returns,” says Lim Chow Kiat, deputy group chief investment officer at GIC Asset Management, which is the Singapore government unit that handles investments in alternatives, equities, fixed income and foreign exchange………………………………………..Full Article: Source

Qatar sovereign fund poaches from White & Case

Posted on 17 October 2012 by VRS  |  Email |Print

Tom LaMacchia left his role as a partner at US law firm White & Case in Japan earlier this month to join Qatar’s $115 billion sovereign wealth fund, which plans to invest $30 billion this year.
He has already started in his new post in Doha at Qatar Investment Authority (QIA), which did not respond to AsianInvestor requests for comment on the hire. A source says LaMacchia’s role will involve advising on fund investments and M&A work. The latter is likely to take up most of his time, but he will probably also advise on tailoring funds to meet QIA’s requirements………………………………………..Full Article: Source

ADIA 2nd largest sovereign wealth fund globally

Posted on 17 October 2012 by VRS  |  Email |Print

The Abu Dhabi Investment Authority (ADIA), by the end of September, stands at the second place in the global list of the largest sovereign wealth funds with assets amounting to $627 billion whereas Norway’s Government Pension Fund has topped the list. Total assets of 57 sovereign wealth funds around the world stood at around $5.14 trillion.
According to the latest rankings of the Washington-based Sovereign Wealth Fund Institute, the Investment Corporation of Dubai came in the 14th place worldwide with assets amounting to $70 billion………………………………………..Full Article: Source

Excess crude account to hit $10bln in 2013: Okonjo-Iweala

Posted on 17 October 2012 by VRS  |  Email |Print

The Minister of Finance and Coordinating Minister for the economy, Dr. Ngozi Okonjo-Iweala, has predicted that the nation’s Excess Crude Account would rise up to $10 billion by early 2013. “I strongly feel, and I have shared with the governors, with Mr. President and vice-president who fully support that the Excess Crude Account must be built up to 10 billion dollars. We should strive to do that in the next few months and we keep that as buffer,” she said.
According to her, if the account is built up to 10 billion dollars and it is not touched for a while, it will serve as buffer………………………………………..Full Article: Source

Qatari prime minister points to support for Glencore-Xstrata deal

Posted on 17 October 2012 by VRS  |  Email |Print

The prime minister of Qatar has given the clearest signal yet that his country’s sovereign wealth fund will back the $80bn (£50bn) tie-up between commodity giant Glencore and the mining group Xstrata.
Sheikh Hamad bin Jassim Al Thani said the Gulf state now saw Glencore’s improved bid for Xstrata in a positive light. Speaking to reporters in Qatar’s capital, Doha, he said: “We are looking in favour of a merger between the two companies.”……………………………………….Full Article: Source

Qatar PM: Looking at Morgan Stanley commodity arm

Posted on 17 October 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is “seriously looking” at a potential investment in the commodities trading unit of Morgan Stanley, the country’s Prime Minister said.
Morgan Stanley was is in talks to sell a piece of its commodities-trading business to a sovereign wealth fund from Qatar, a move that could help it avoid being hit by new proprietary trading rules while still retaining a piece of the lucrative business………………………………………..Full Article: Source

Super Fund hopes to offload North Is forests, but Kaingaroa talks stall

Posted on 17 October 2012 by VRS  |  Email |Print

The New Zealand Superannuation Fund, which was set up to pre-fund baby boomers’ pension liabilities, is in talks to sell a group of North Island forests, though negotiations to buy out Harvard University’s endowment fund stake in the Kaingaroa forest have stalled.
The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, had 11 forest estates valued at some $91.1 million available for sale as at June 30, according to its annual report. The fund sought offers for land, forest crop and carbon credits in April and received bids in May………………………………………..Full Article: Source

Bill on State Budget 2013 introduced into Milli Majlis

Posted on 17 October 2012 by VRS  |  Email |Print

The Bill on State Budget 2013 has been introduced into Milli Majlis (parliament of Azerbaijan) and was published in accord with regulations of legislation. The President offered to establish a transfer from the State Oil Fund (SOFAZ) to the state budget at the level of AZN 11.35 bn, and transfer from the state budget to the budget of the State Social Protection Fund at AZN 1.077 bn.
Defense spending is proposed at the level of AZN 1.528 bn and investment at AZN 6.915 bn………………………………………..Full Article: Source

Qatar: Mulling investment in Morgan Stanley commodities unit

Posted on 16 October 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is “seriously looking” at a potential investment in the commodities trading unit of Morgan Stanley , the country’s Prime Minister said on Monday.
People familiar with the matter told the Wall Street Journal earlier this month that Morgan Stanley was is in talks to sell a piece of its commodities-trading business to a sovereign wealth fund from Qatar, a move that could help it avoid being hit by new proprietary trading rules while still retaining a piece of the lucrative business………………………………………..Full Article: Source

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Glencore-Xstrata deal gets boost from Qatar

Posted on 16 October 2012 by VRS  |  Email |Print

Qatar, whose sovereign-wealth fund is the second-largest shareholder in mining giant Xstrata PLC, is taking a favorable view of the company’s planned merger with Glencore International, further increasing the chances the much-delayed deal will go through.
“We are looking in favor of doing something between the two companies,” Hamad Bin Jassim Bin Jabor Al Thani, the Gulf state’s prime minister, told reporters in Doha on Monday. “We are hopeful. This is under a lot of consideration and focus,” he said. The deal can be blocked if 16.5% of Xstrata shareholders vote against it. Qatar Holding has a stake of more than 12% in Xstrata………………………………………..Full Article: Source

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SOFAZ to ensure 59.3pct of Azerbaijan’s state budget in 2013

Posted on 16 October 2012 by VRS  |  Email |Print

The Azerbaijani government is to keep the Oil Fund (SOFAZ) as the main source of filling the state budget in 2013 - SOFAZ will provide 59.3% of budgetary revenues. The Bill on State Budget 2013 says that next year the state budget expects to receive revenue of AZN 19.15 bn (34.2% of GDP) and carry out expenditures for AZN 19.8 bn (35.3%). The budget deficit is expected to reach 656 million (1.1% of GDP).
The SOFAZ will transfer AZN 11.35 bn to the state budget, the Ministry of Taxes AZN 6.4 bn (AZN 2.279 bn on profit tax, AZN 1.776 bn on VAT and AZN 783 million on income tax), the State Customs Committee AZN 1.38 bn………………………………………..Full Article: Source

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