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Sovereign Wealth Funds Briefing - Archive | December, 2012

Norwegian fund to buy real estate stake from Prologis

Posted on 21 December 2012 by VRS  |  Email |Print

Norway’s sovereign wealth fund has agreed to buy a 50 percent stake in a portfolio of European warehouses for 1.2 billion euros ($1.6 billion) from U.S.-based Prologis as it ramps up its still-small property investments.
The deal announced on Thursday for a stake in 195 properties spread across 11 European countries represents the first steps of what could be large global investments of real estate by the $685 billion Norwegian wealth fund, which has been built up from surplus oil and gas revenue………………………………………..Full Article: Source

Azeri State Oil Fund buys Paris real estate for $179 mln

Posted on 21 December 2012 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, bought an office and retail property in Paris for 135 euros ($179 million), its second real estate investment in a week as it seeks to diversify reserves. The property, 8 Place Vendome, was purchased from AXA Real Estate (AXAEDAC) and has a total area of 5,400 square meters (58,125 square feet), Sofaz said today in an e-mailed statement.
“With these recent real estate transactions, Sofaz has established its presence in two main commercial centers of Europe –- London and Paris,” Israfil Mammadov, the fund’s chief investment officer, said……………………………………….Full Article: Source

Nigeria: Sovereign wealth fund becomes operational March 2013

Posted on 21 December 2012 by VRS  |  Email |Print

The much awaited Sovereign Wealth Fund (SWF) will become fully operational by March 2013, as 300 persons jostle for the post of Chief Investment Officer (CIO). To underscore the commitment of the federal government to the fund, the strategy document, which will guide its operations, is ready while its investment policy guidelines and the processes for the three fund mandates are almost finalised.
Speaking on the progress made so far, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, stated the strategy document was ratified by the Board of the Nigeria Sovereign Investment Authority (NSIA), led by Alhaji Mahey Rasheed………………………………………..Full Article: Source

Nigeria sovereign wealth fund to start investing in March

Posted on 21 December 2012 by VRS  |  Email |Print

Nigeria’s $1 billion sovereign wealth fund will start making investments in March after receiving board approval, it said. “We’ll start all the securities investing by March” for the Fiscal Stabilization Fund and the Future Generations Fund, Uche Orji, chief executive officer of the Nigeria Sovereign Investment Authority, said today in an interview in Abuja.
For the Infrastructure Fund, “we’ll start investing in the second half of 2013.” Nigeria set up a wealth fund in May last year to invest savings made from the difference between budgeted oil prices and actual market prices………………………………………..Full Article: Source

300 jostle for SWF’s job

Posted on 21 December 2012 by VRS  |  Email |Print

Sovereign Wealth Fund (SWF) supervisory agency Nigeria Sovereign Investment Authority (NSIA) has received 300 applications for the post of Chief Investment Officer for the authority.
In a statement, the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Paul Nwabuikwu, quoted the Managing Director of the NSIA, Uche Orji, as confirming this. According to Orji, the NSIA hopes to have the interviews early next year and have a CIO in place by early March………………………………………..Full Article: Source

Angolan sovereign fund announces goals for 2013/2014

Posted on 21 December 2012 by VRS  |  Email |Print

The Angolan Sovereign Fund (FSDEA), a mechanism that was recently created by the government, announced Thursday here the main goals for the 2013/2014 biennium.
According to a note published by the institution, with the search for investment in Angola and at international level, and having the mission to promote the country’s socioeconomic development and generate wealth for the future generations of Angola, in its official launch the FSDEA assumed the commitment to functioning in a totally transparent and and responsible manner………………………………………..Full Article: Source

Temasek buys 23.9mln Olam shares, raises stake to 18 pct

Posted on 21 December 2012 by VRS  |  Email |Print

Temasek Holdings has further raised its stake in commodities group Olam International to 18 per cent from 17 per cent. The Singapore investment firm bought 23.9 million Olam shares in the open market on Tuesday and Wednesday through its investment vehicle Aranda Investments, said Olam in a filing with the Singapore Exchange.
In an emailed comment, Temasek spokesman Stephen Forshaw said: “The company (Olam) represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake.”……………………………………….Full Article: Source

Temasek continues to throw its might behind Olam

Posted on 21 December 2012 by VRS  |  Email |Print

Singapore’s state investment firm Temasek Holdings continues to back, a recent target of short-seller Carson Block and his research firm Muddy Waters. In two consecutive days of buying in the open market, Temasek has raised its stake in the commodities trader to 18% from 16%.
That comes after the state investor said earlier this month it would buy into a US$1.2 billion rights issue by the Singapore trader. Its support for Olam extended to a pledge to buy unsold bonds and warrants that will be issued as part of the rights issue………………………………………..Full Article: Source

Angola to outline sovereign fund policy in Q1

Posted on 20 December 2012 by VRS  |  Email |Print

Angola plans announce the investment policy for its new $5 billion sovereign wealth fund in the first quarter of next year, the fund’s management board said in a statement on Wednesday.
The fund was launched in October to invest in domestic and overseas assets by funnelling Angola’s vast oil wealth into infrastructure, hotels and other high-growth projects………………………………………..Full Article: Source

Azerbaijan SWF, after London buy, targets GBP1bln at European RE

Posted on 20 December 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan, a sovereign wealth fund, has bought an office complex at 78 St James Street in London’s West End for £177m, the first asset in a £1bn in spending targeted at luxury and trophy properties across Europe. Annual rental income is £9.65m, putting net initial yield at 4.5% p.a., SOFAZ said.
Seller was RREEF Real Estate, part of the alternatives investment division of Deutsche Bank wealth management; the asset came from the fund grundbesitz europa. SOFAZ Executive Director Shahmar Movsumov commented: “Sovereign Wealth Funds across the globe are looking for ways of diversifying their risks by expanding their investments beyond traditional asset classes ……………………………………….Full Article: Source

Successful purchase of Azerbaijan’s Oil Fund

Posted on 20 December 2012 by VRS  |  Email |Print

No sooner said than done. That is how you can describe the first deal of the State Oil Fund of Azerbaijan (SOFAZ) on buying property abroad. According to a statement released by the fund on Monday, SOFAZ purchased real estate in London in the amount of 177.35 million pounds. This is an office complex in London’s West End at St James, 78.
Let me say at once that this property meets the conditions under which the SOFAZ may invest in foreign assets in frames of the investment policy. As it has often been noted by the fund, the liquidity of the acquired property must be high, the price and yield - stable. The basis was set by a long-term lease, the location in downtown, excellent conditions, provision with modern equipment and other conditions………………………………………..Full Article: Source

Passenger and cargo terminals may be built at Kazakhstan’s Atyrau airport

Posted on 20 December 2012 by VRS  |  Email |Print

Kazakh Sovereign Wealth Fund Samruk-Kazyna is considering the issue of new passenger and cargo terminals construction in Atyrau International Airport, Novosti-Kazakhstan quoted the managing director of the Fund and Chairman of the board of directors of Kazakhstan Temir Zholy (Kazakh railways) and Air Astana Nurzhan Baidauletov as saying.
“In the nearest future, we plan to make decision on construction of cargo and passenger terminals in Atyrau. The fund has already ordered the airport to develop a feasibility study of the project. The decision on construction funding will be made later, following the feasibility study development,” Baidauletov said at the press conference on Thursday………………………………………..Full Article: Source

Norway wealth fund to up Africa exposure

Posted on 20 December 2012 by VRS  |  Email |Print

Norway’s $680 billion sovereign wealth fund is looking at Africa with interest as it seeks to take advantage of the region’s rapid growth and diversify its portfolio, a senior official said on Wednesday.
The world’s largest sovereign fund has investments in Egypt, South Africa and Morocco but sees opportunities in other African countries, though their capital markets are still developing, Deputy Chief Executive Trond Grande told Reuters………………………………………..Full Article: Source

Nigeria: Stop sharing Excess Crude Funds, ex-CBN gov tells Jonathan

Posted on 20 December 2012 by VRS  |  Email |Print

A former governor of the Central Bank of Nigeria (CBN), Chief Joseph Sanusi, has told the federal government not to succumb to pressure to share the excess crude oil revenue among the three tiers of government.
Sanusi, who gave the advice in an interview with journalists yesterday in Lagos, said that spending all the money now could spell doom for the economy in future, but that they should be saved in the Sovereign Wealth Fund (SWF), for use on the rainy day. The excess crude revenue, which currently stands at $9.6 billion, was realised from crude oil sales above the budgetary crude oil price benchmark………………………………………..Full Article: Source

CIC injects $3.21bln into CECIC

Posted on 20 December 2012 by VRS  |  Email |Print

China Export & Credit Insurance Corporation announced on Tuesday that it had received a 20 billion yuan ($3.21 billion) capital injection from China Investment Corporation, the country’s sovereign wealth fund, through Central Huijin Investment Ltd.
Wang Yi, chairman of CECIC, said the injection will intensify the company’s capital strength and improve its underwriting and solvency capacity, as well as increase its vigilance toward risk, so as to better support the Chinese companies in their overseas expansion………………………………………..Full Article: Source

Temasek ups stake in Olam to 18pct

Posted on 20 December 2012 by VRS  |  Email |Print

Temasek Holdings (Private) Ltd has increased its deemed interest in Olam International Ltd from 17 per cent to 18 per cent, Olam said on Thursday in an update. Temasek’s unit Aranda Investments Pte Ltd had from Dec 18 to 19 entered into a series of transactions to purchase an aggregate of about 23.9 million voting shares of Olam.
Aranda purchased another 1,000 shares in Olam for about S$1,540. Through the purchase, Temasek’s deemed interest in Olam increased from 17.99 per cent to 18 per cent………………………………………..Full Article: Source

All about sovereign wealth funds

Posted on 19 December 2012 by VRS  |  Email |Print

Aimed at acquiring big-ticket natural resources abroad, the creation of a Sovereign Wealth Fund (SWF) for India has been under the consideration of the finance ministry since 2008. In principle, the proposal to set up a SWF was cleared by a group of ministers on October 13, 2011, after which the matter came up for discussion during a recent meeting in the Prime Minister’s Office.
After detailed deliberations, the government is now of the view that it may be prudent to rework the concept with greater focus on mobilising resources from within, including public sector undertakings, by creating an attractive instrument of investment………………………………………..Full Article: Source

Temasek buys 200,000 shares in Olam after backing bond sale

Posted on 19 December 2012 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, raised its stake in Olam International Ltd. (OLAM) after earlier this month saying it would back the commodity trader’s bond offering.
Aranda Investments Pte., controlled by Temasek, bought 200,000 shares for S$293,000 ($240,598) yesterday, according to an Olam filing. Temasek’s deemed interest rose to 17 percent from 16.99 percent, it said………………………………………..Full Article: Source

China Huijin invests $3.2 bln in export insurer

Posted on 19 December 2012 by VRS  |  Email |Print

China’s Central Huijin Investment Co, , a unit of the country’s $480 billion sovereign wealth fund, has invested 20 billion yuan ($3.2 billion) in China Export & Credit Insurance Corp, the latest move to help domestic firms to export and make outbound investment, state television reported on Tuesday.
It did not reveal the size of stake taken by Central Huijin. China Export & Credit Insurance Corp is a state-owned company that provides credit insurance services for exporters and other firms………………………………………..Full Article: Source

Khazanah to divest entire 45pct stake in Time Engineering

Posted on 19 December 2012 by VRS  |  Email |Print

The government’s strategic investment fund Khazanah Nasional Bhd will divest its entire 45% stake in Time Engineering Bhd (TEB), a move that is part of Khazanah’s divestment plan to dispose its non-core assets, via a tender process to a qualified Bumiputera entrepreneur.
The estimated value of the chunk, according to its latest market capitalisation, is RM101.6 million………………………………………..Full Article: Source

Angola’s sovereign wealth fund - the U.S.$5 bln logo

Posted on 19 December 2012 by VRS  |  Email |Print

The Fundo Soberano de Angola (FSDEA) was launched in October to great fanfare, receiving global media coverage from the likes of the New York Times, CNN and Euromoney. Local and international journalists packed into the shiny new offices by Sagrada Família upmarket area in Luanda to admire the glass and steel spiral staircase, lacquered furniture and raw silk wallpaper.
They were given stylish press packs featuring black and white photographs of smiling Angolan children and told how the FSDEA would change Angola for the better and preserve the country’s great oil wealth for the use of future generations………………………………………..Full Article: Source

Nigeria: SWF will hasten infrastructure devt

Posted on 19 December 2012 by VRS  |  Email |Print

The creation of the Sovereign Wealth Fund (SWF) presents an opportunity for the government to fund infrastructure, the Managing Director, Stanbic IBTC Holdings Plc, Mrs Sola David-Borha, has said.
Speaking at the Fourth Christopher Kolade Symposium hosted by the Nigerian Leadership Initiative (NLI) in Lagos, she said infrastructure stimulate growth. The Federal Government requires N16 trillion to provide infrastructure in the country, she said. According to her, the economy is growing but not as fast as expected because of inadequate infrastructure………………………………………..Full Article: Source

State Oil Fund of Azerbaijan exempted from land tax

Posted on 19 December 2012 by VRS  |  Email |Print

The Azerbaijani government keeps on expanding tax exemptions for the State Oil Fund of Azerbaijan (SOFAZ), assets of which exceed the size of country’s state budget. According to the amendments to the Rules of assessment and payment of land tax to local (municipal budgets), lands belonging to or used by SOFAZ were exempted from land tax.
Simultaneously it was specified the rate of land tax for rural areas used under industrial, construction, transport, communications, trade, service enterprises; housing fund, pastures and cottages. For enterprises it ranges 2 up to 10 manats per 100 sq m and for the rest 0.1 up to 0.6 manats………………………………………..Full Article: Source

Allocations for assets of Azerbaijan’s Oil Fund exempted from taxes

Posted on 19 December 2012 by VRS  |  Email |Print

The Parliamentary Economic Policy Committee is considering today a bill on amendments to the Tax Code of Azerbaijan, the largest since 2009. Deputy Tax Minister Natig Amirov says that the bill proposes the amendments relating to the taxation of the operations of the State Oil Fund of Azerbaijan (SOFAZ).
“In accord with the amendments the finances directed for SOFAZ assets are exempted from income tax. The SOFAZ is also exempted from payment of VAT for import of physical gold purchased for placement of their assets,” Amirov said………………………………………..Full Article: Source

SOFAZ purchases real estate in London

Posted on 18 December 2012 by VRS  |  Email |Print

State Oil Fund of the Republic of Azerbaijan (SOFAZ), announced on December 17, 2012 its first real estate investment, with the purchase of 78 St James’s Street, an office complex in London’s West End for £177 350 000. The seller was RREEF Real Estate, the real estate investment business of Deutsche Bank’s Asset and Wealth Management division. Jones Lang LaSalle and Clifford Chance were the advisors to SOFAZ on this deal.
St James is a well-known prime location for exclusive office properties within London. 78 St James Street is located in one of the most prestigious parts of St James and is a Grade II listed building. 78 St James Street building was built in 1845 and was completely renovated in 2003 behind the historical facade and now corresponds to “A” class office building……………………………………….Full Article: Source

Nigeria: Legislation for sovereign wealth long overdue

Posted on 18 December 2012 by VRS  |  Email |Print

The creation of Sovereign WealthFund (SWF) by the Federal Government is perceived to be a noble idea. but its implementation is now dogged with resistance from no less a quarter than the governors of various states of the federation, culminating in a suit before the Supreme Court. The state governments are challenging the legality of the excess crude account and the Federal Government’s alleged transfer of $1 billion from the account to SWF.
in this interview, Kayode Sofola (SAN), an experienced commercial lawyer, who has always participated in various national assignments, including those relating to the swf, explains the idea behind it. he also spoke on other related issues……………………………………….Full Article: Source

Temasek to buy stake in Godrej unit

Posted on 18 December 2012 by VRS  |  Email |Print

Godrej Industries Ltd. said Singapore state-investment company Temasek Holdings Pte. Ltd has agreed to buy a 20% stake in its Godrej Agrovet Ltd. unit for 5.72 billion rupees ($105 million).
Godrej Agrovet is an agribusiness company with interests in animal feed, oil palm, herbicides, hybrid seeds and poultry. It had sales of 24.60 billion rupees in the last financial year ended March 31……………………………………….Full Article: Source

Khazanah selling stake in Time Engr

Posted on 18 December 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd will sell all its controlling 45 per cent stake in Time Engineering Bhd (TEB) via a tender to a qualified Bumiputera company. The latest disposal will be Khazanah’s last of five non-core assets to be divested under such exercise.
Main Market-listed TEB provides solutions for e-commerce, cyber security and integrated intelligent infrastructure. TEB shares closed unchanged at 29 sen with 1.6 million shares transacted……………………………………….Full Article: Source

A Philippine sovereign wealth fund

Posted on 18 December 2012 by VRS  |  Email |Print

Philippines could set up a sovereign wealth fund (SWF) with our excess reserves. The $14 billion mentioned above, which by the end of the year will probably be $15 billion would be the seed money. That is enough to double our infrastructure spending which is currently 2.5 per cent of GDP to the recommended 5 per cent, over the next five years. With that added spending, the government could easily meet its aspirational stretch target of growing the economy by 7-8 per cent a year.
Every year, depending on how well our balance of payments performs, we could just keep adding to the SWF……………………………………….Full Article: Source

CIC to profit from overseas investments

Posted on 18 December 2012 by VRS  |  Email |Print

Sovereign-wealth fund China Investment Corp. is expected to make a profit on its overseas investments this year, Vice President Wang Jianxi was cited as saying. Overseas investments performed better this year than last. They will definitely be in profit, Mr. Wang said in the report without providing figures.
The sovereign-wealth fund reported a 4.3% loss on international investments last year–the worst performance since being established in 2007……………………………………….Full Article: Source

Asian sovereign wealth fund selects SimCorp Dimension

Posted on 18 December 2012 by VRS  |  Email |Print

SimCorp announces that it has signed a licence agreement with a leading Asian Sovereign Wealth Fund (SWF) to consolidate and manage all of its diversified assets in a single, front, middle and back office system.
SimCorp Dimension will be used by the SWF for Trade, Order & Portfolio Management, Compliance, Risk & Performance, Asset Servicing, Accounting, IFRS, General Ledger, Reporting and Data Management. (Press Release)

Azerbaijan Central Bank foreign exchange reserves to grow up to $15 bln in 2013

Posted on 18 December 2012 by VRS  |  Email |Print

The Central Bank of Azerbaijan has announced a change in its forecast of foreign exchange reserves for 2013. CBA deputy chairman Aftandil Babayev says that in 2012, as it was expected, the Bank’s currency reserves will reach $12 bn.
“They are expected to grow up to $15 bn by the end of 2013,” Babayev said. In 2012, the Bank is expected to conduct manat interventions and buy $2 bn from the market, and in 2013 they will amount to $15 bn………………………………………Full Article: Source

Russia: State mulls investing sovereign fund in infrastructure

Posted on 17 December 2012 by VRS  |  Email |Print

President Vladimir Putin’s proposal to channel part of the National Welfare Fund into infrastructure projects could be a good alternative to using budget funds, a Finance Ministry official said Friday. “We support the idea of using alternative investment mechanisms, not only budget funds,” Deputy Finance Minister Alexei Moiseyev said.
Spending part of the money accumulated in the $87.5 billion rainy day fund on infrastructure will result in Russia cutting investment in the sovereign debts of Western countries next year, Finance Minister Anton Siluanov told reporters………………………………..Full Article: Source

Kazakh sovereign wealth units may borrow 1 trillion Tenge

Posted on 17 December 2012 by VRS  |  Email |Print

Companies owned by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, may borrow 1 trillion tenge ($6.6 billion) next year to fund investments and acquisitions. The companies plan to spend 2 trillion tenge on transactions such as investment projects and stake purchases, Nurlan Rakhmetov, the fund’s managing director, said yesterday in a phone interview from the capital, Astana. Half will come from debt and half from internal cash, he said.
Samruk-Kazyna’s units may raise debt internationally or at home, Rakhmetov said, with energy producer KazMunaiGaz National Co. poised to borrow $2.5 billion. The fund itself doesn’t plan to borrow………………………………..Full Article: Source

China’s CIC says 2012 investment returns will be positive

Posted on 17 December 2012 by VRS  |  Email |Print

China Investment Corp., which helps manage the world’s largest foreign-currency reserves, will make a profit on its overseas investments this year after a loss in 2011, according to Jesse Wang, executive vice president of the sovereign wealth fund.
Monetary easing in Western countries boosted capital markets and investment returns, Wang said yesterday at forum in Sanya, China. While CIC is investing in Europe, it would do so more proactively if heavily indebted countries and the European Union create a more investor-friendly environment, he said………………………………..Full Article: Source

China wealth fund CIC warns of bleak eurozone outlook

Posted on 17 December 2012 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp said it is “not optimistic” about the outlook for the debt crisis in the eurozone, but will consider investing more in the region if countries create a more friendly environment.
Jesse Wang, an executive vice president at CIC, said Europe needed more time to increase fiscal revenues to lift itself out of the crisis. “I think the outlook for the European debt crisis is not optimistic yet,” Wang said on Sunday at a forum in Sanya in the southern tropical Hainan island………………………………..Full Article: Source

China wealth fund: “Not optimistic” about debt crisis in eurozone

Posted on 17 December 2012 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp is “still not optimistic” about the debt crisis in the eurozone, a top executive said on Sunday.
Jesse Wang, an executive vice president at CIC, was speaking at a forum in Sanya in the southern tropical Hainan island………………………………..Full Article: Source

CIC calls on Europe to open up to China

Posted on 17 December 2012 by VRS  |  Email |Print

European nations should ease visa limits to welcome Chinese consumers and be more open to foreign investors, an executive of China’s US$482 billion sovereign wealth fund said.
Jesse Wang Jianxi, an executive vice-president of China Investment Corp, said that as Europe sought to revive its economy it should learn from Hong Kong and gradually remove travel restrictions, just as Hong Kong and mainland China had done since 1998………………………………..Full Article: Source

China scraps QFII limit on sovereign funds

Posted on 17 December 2012 by VRS  |  Email |Print

China scrapped a ceiling on investments by overseas sovereign wealth funds and central banks in its capital markets, part of government efforts to encourage long-term foreign ownership and shore up slumping equities.
SWFs, central banks and monetary authorities can now exceed the $1 billion limit that still applies to other qualified foreign institutional investors, according to revised regulations posted Dec. 14 on the State Administration of Foreign Exchange’s website………………………………..Full Article: Source

Singapore establishment challenged by short-seller block on Olam

Posted on 17 December 2012 by VRS  |  Email |Print

When Carson Block likened Olam International Ltd. to fraud-ridden Enron Corp., he challenged more than the accounting of the Singapore-based commodities firm. He also took on Temasek Holdings Pte, the government-owned investment company whose money has helped build the city-state into a corporate dynamo known as Singapore Inc.
Temasek is Olam’s second-largest shareholder, with a 16 percent stake that has lost more than $100 million in value since Nov. 19, when Block’s Muddy Waters LLC first questioned the validity of the company’s finances and said it was betting against the stock. Temasek is also the biggest shareholder in many of the country’s best-known companies, including DBS Group Holdings Ltd., Southeast Asia’s largest bank, Singapore Telecommunications Ltd. and Singapore Airlines Ltd………………………………..Full Article: Source

Ethical NZ Super strikes at Israeli companies

Posted on 17 December 2012 by VRS  |  Email |Print

The $US 16 billion New Zealand Superannuation Fund, which regularly ranks at the top of various sovereign wealth fund governance charts, has sold its small holdings in three Israeli companies for ethical reasons after a review of its passive international portfolio.
Two companies, Africa Israel and Shikun & Binui, had been involved in building Israeli settlements in the Occupied Palestinian Territories. The third, Elbit Systems, was involved in the construction of the separation barrier in occupied Palestine, which has been cited as illegal under international law, according to the United Nations………………………………..Full Article: Source

NZ Superannuation Fund buys 35 pct stake in Datacom

Posted on 17 December 2012 by VRS  |  Email |Print

The New Zealand Superannuation Fund has reached a conditional agreement to purchase New Zealand Post’s 35 percent stake in technology services company Datacom for $142 million. The agreement is expected to become unconditional in early 2013.
Datacom ranks number 38 in the MIS100, the annual report on the top IT using organisations in New Zealand, up from number 41 in the 2011 report. The group employs more than 4000 staff across 22 locations in New Zealand, Australia, the Philippines and Malaysia, with more than 2000 of those employees located within New Zealand………………………………..Full Article: Source

Nigeria: Govs Vs FG - the SWF U.S.$1 billion question

Posted on 17 December 2012 by VRS  |  Email |Print

In the last few years, filing a suit at the Supreme Court has turned to the proverbial magic wand that governors of the 36 states brandish at will with a view to getting the Federal Government to succumb to their demands.
The Nigeria Governors Forum, NGF, now provides a veritable platform for them to galvanize funds to pay Senior Advocates of Nigeria (SANs) that often jostle to be included in the list of “appearing with”, a legal term that has become as lucrative as defending oil subsidy fraud suspects………………………………..Full Article: Source

SWFs invest differently in offshore private equity

Posted on 17 December 2012 by VRS  |  Email |Print

An academic study of sovereign wealth funds shows that they behave differently from other institutional investors when investing in private equity. The study, by Sofia Johan of York University in Canada, April Knill of Florida State University in the US, and Nathan Mauck of the University of Missouri in the US, examined the investments of 19 SWFs in 424 companies – both private and public – around the world between 1991 and 2010.
Similar to other institutional investors, the SWFs were less likely to invest in private equity, compared with listed companies, internationally. But unlike the others, they were more likely to invest in private equity, compared with public, in countries where investor protection was low and where bilateral political relations between the SWF and the target country were weak………………………………..Full Article: Source

OECD calls on Australia to mull sovereign fund

Posted on 14 December 2012 by VRS  |  Email |Print

Australia should look at a sovereign wealth fund to profit from the revenues of its China-fuelled mining boom, the Paris-based Organisation for Economic Cooperation and Development (OECD)club of rich nations said , describing the robust economy’s outlook as positive. The country dodged recession during the financial crisis due to its mining-powered economy, but slowing commodity prices have started to hurt growth while a high Aussie dollar has hit manufacturing and other industries.
“The authorities should consider creating a stabilisation fund to accumulate mining-related revenues when they are unusually high to insulate budget and spending, thereby reducing the risk of pro-cyclical fiscal policy,” it said………………………………………..Full Article: Source

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Canary Wharf Group and Qatari fund reveal GBP1bln London project

Posted on 14 December 2012 by VRS  |  Email |Print

UK property developer Canary Wharf Group Plc and Qatari Diar Real Estate Investment Co, the property investment arm of Qatar’s sovereign wealth fund, have announced plans to the ‘Braeburn Estates’ project, consisting of offices, up to 790 homes and a number of shops at the Shell Centre site on London’s South Bank, capitalising on surging prices and rising rents in the UK capital, Bloomberg reported on 13 December 2012.
Canary Wharf, which controls the financial district of the same name, and Qatari Diar will spend more than £1 billion including the cost of the land between Waterloo Station and Hungerford Bridge purchased last year, to redevelop the area on the south bank of the River Thames………………………………………..Full Article: Source

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Batista’s wealth declines $7 bln on Abu Dhabi pledge

Posted on 14 December 2012 by VRS  |  Email |Print

Eike Batista’s net worth is $6.8 billion less than previously estimated because new details on his deal to sell a stake in his EBX Group Co. imply a lower value for his Brazilian commodities empire, according to the Bloomberg Billionaires Index. After making repeated vows to become the richest person on the planet, Batista’s $12.7 billion fortune places him 73rd in the world, according to the ranking. He was 36th on Dec. 12.
Batista, under terms of the sale of 5.63 percent of EBX to Abu Dhabi’s Mubadala Development Co. for $2 billion in March, agreed to cede an unspecified additional stake in his holding company in 2019 if he fails to deliver a 5 percent annual return on the sovereign-wealth fund’s investment, according to a person with knowledge of the deal………………………………………..Full Article: Source

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Middle East sovereign fund enters the Taiwanese stock market

Posted on 14 December 2012 by VRS  |  Email |Print

Perng Fai-nan, governor of the Central Bank of China (CBC), confirmed for the first time that due to the need of deployment, a certain sovereign wealth fund from the Middle East has invested in Taiwan’s stock market recently.
Legislator Lai Shih-pao pointed out that the Middle East sovereign fund coming to Taiwan recently is that of Abu Dhabi, the largest sovereign fund in the world, boasting a scale in excess of US$800 billion………………………………………..Full Article: Source

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Abu Dhabi SWF looking into PPP possibilities in Philippines

Posted on 14 December 2012 by VRS  |  Email |Print

Abu Dhabi businessmen are “looking at” opportunities in the Philippines, particularly the government’s public-private partnership projects, a Trade official said Thursday. “They are seriously looking at the Philippines and they are interested in PPP projects as well as tourism and hotel facilities,” Trade Undersecretary Cristino Panlilio said.
The Abu Dhabi Investment Authority, which manages the emirate’s sovereign wealth funds, led a mission to the Philippines a few days ago. “In their visit here, they liked what they saw,” said Panlilio. ADIA invests in all the international markets, including equities, fixed income and treasury, infrastructure, real estate, private equity and hedge funds………………………………………..Full Article: Source

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Nigeria excess crude account hits US$9.6 bln

Posted on 14 December 2012 by VRS  |  Email |Print

Accordion to Jonah Otunla, ECA has fared very well in the Excess Crude Account, we targeted US$10 billion at the end of the year and I am happy to tell you that we have 9.66 billion dollars in the account i.e. about 97 per cent of target.
The accountant-general also commented on the recent demand by the 36 state governors for the withdrawal of US$1billion dollars from the oil savings account………………………………………..Full Article: Source

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