Sun, Oct 26, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Archive | December, 2013

LGPS ‘could be used as UK sovereign wealth fund’

Posted on 13 December 2013 by VRS  |  Email |Print

The Local Government Pension Scheme (LGPS) and other public sector schemes should consolidate to become “one of the world’s largest sovereign wealth funds”, London Pension Fund Authority (LPFA) chairman Edmund Truell says.
Speaking at the Eversheds Annual Pensions Conference, Pensions Insurance Corporation (PIC) founder Truell said chancellor George Osborne should abandon approaches to foreign investors and instead harness the value of public sector schemes to boost British infrastructure………………………………………..Full Article: Source

Kazakh Samruk-Kazyna reaches agreement on sale of its shares in two banks

Posted on 13 December 2013 by VRS  |  Email |Print

Kazakh Sovereign Wealth Fund Samruk- Kazyna reached an agreement with Kazakh investor Bulat Utemuratov on the sale of its shares in Temirbank and part of its shares in Alliance Bank. Samruk- Kazyna will sell 79.88 percent of the ordinary shares in Temirbank and 16 percent of the common and preferred shares in Alliance Bank, according to the agreement.
Meanwhile, Samruk-Kazyna will remain the main shareholder of Alliance Bank with 51 percent of the common and preferred shares following the transaction………………………………………..Full Article: Source

Ireland’s National Pension Reserve Fund to seek buyer for private equity holdings

Posted on 13 December 2013 by VRS  |  Email |Print

A report on The Irish Times said Ireland’s National Pension Reserve Fund, or NPRF, was believed to be looking for a buyer for its private equity investments. As of the end of September, the pension fund’s holdings were valued at €716 million.
According to information gleaned from its website, the NPRF was set up in April 2001 to meet the costs of Ireland’s social welfare and public service pensions as much as possible from 2025 onwards, when these costs are projected to increase dramatically due to the ageing of itspopulation………………………………………..Full Article: Source

Future Fund ready for AustralianSuper court battle

Posted on 13 December 2013 by VRS  |  Email |Print

The $92 billion Future Fund has reiterated that it will vigorously defend itself against legal action by the country’s biggest superannuation fund, the $70 billion AustralianSuper. The battle between two of Australia’s biggest investors is set for next week in the Victorian Supreme Court, after tussling for access to documents and several adjournments.
The dispute centres on the price the Future Fund paid for a stake in Perth Airport, in which AustralianSuper is also an investor. AustralianSuper claims the Future Fund priced it out of increasing its holding, by ascribing a premium of up to 43 per cent to the airport………………………………………..Full Article: Source

Australia: Making the case for a sovereign wealth fund

Posted on 13 December 2013 by VRS  |  Email |Print

Holden has announced that its manufacturing in Australia will drive off into the sunset by 2017. GM’s chairman Dan Akerson attributed this to the “sustained strength of the Australian dollar [and] high cost of production”, or, in other words, Dutch disease. To prevent other exporters doing the same Australia must strengthen its mining tax and save the proceeds in a sovereign wealth fund.
Australia’s car makers are not the only ones that have been struggling. Everyone from wine makers and food producers to aerospace engineers have been affected by the strong Australian dollar. At the same time the price of housing and living expenses have skyrocketed and mining has, well, boomed………………………………………..Full Article: Source

Angola: Finance minister calls for strict inspection of sovereign fund accounts

Posted on 13 December 2013 by VRS  |  Email |Print

The Minister of Finance, Armando Manuel, urged on Tuesday in Luanda, the public managers under the Angolan Sovereign Fund (FDSA), to be capable to inspect well the accounts of the institution. Armando Manuel spoke at the inauguration ceremony of the chairperson of the Angolan Sovereign Fund (FDSA) inspection council, Ary Nelson Brandão, and the head of the executive commission of Housing Fund, Edson Augusto dos Santos Vaz.
According to the Minister, the newly appoint officials must work with zeal in the perspective of compliance of activities, fulfilment of the objective for which the FDSA was specifically created, the monitoring of the accounts, procedures and functional practices………………………………………..Full Article: Source

Eyeing big investments in infrastructure India, UAE ink BIPPA

Posted on 13 December 2013 by VRS  |  Email |Print

Eyeing big investments in various areas including infrastructure, India today inked Bilateral Investment Promotion and Protection Agreement (BIPPA) with the UAE, which controls the second largest sovereign wealth fund of over USD 600 billion in the world.
UAE controls the second largest Sovereign Wealth Fund in the world under the Abu Dhabi Investment Authority, which has been keen to explore major infrastructure projects in India but was awaiting the signature of the BIPPA, they said………………………………………..Full Article: Source

Australia: Wealth fund idea naive, pathetic: Henry

Posted on 12 December 2013 by VRS  |  Email |Print

Calls to set up a sovereign wealth fund to accompany Australia’s resources boom have been labelled “naive, even pathetic” by former treasury secretary Ken Henry. The idea of establishing such a fund, containing a slice of the government’s income from commodity sales to be invested in financial assets, has been flagged during a national debate on capitalising on the mining boom.
Henry said that, unlike Australia, Norway charged a significant price for its natural resources. Norway with its gas and oil reserves has a sovereign wealth fund, the Government Pension Fund Global, which is the world’s largest………………………………………..Full Article: Source

L&T seeks sovereign funds for infrastructure

Posted on 12 December 2013 by VRS  |  Email |Print

Larsen and Toubro Ltd (L&T), India’s biggest engineering company, is in talks with investors to raise capital for a unit that builds roads, ports and other infrastructure to conserve cash.
The company is considering raising money from investors including sovereign and infrastructure funds by March for unit L&T Infrastructure Development Projects Ltd, chief financial officer R. Shankar Raman said in an interview in Mumbai, declining to elaborate. L&T said last month it’s considering the sale of some of L&T IDPL’s assets, including an initial public offering (IPO) and listing in Singapore of some road projects………………………………………..Full Article: Source

Super fund ‘hypocrisy index’ on the cards

Posted on 12 December 2013 by VRS  |  Email |Print

A global NGO chaired by former Liberal Party leader Dr John Hewson is threatening to name and shame super funds that fail to ‘walk the talk’ on climate risk transparency. Dr Hewson said many large super funds are failing to demonstrate the transparency they demand of the companies they invest in.
“A lot of those bigger funds … weren’t prepared to apply the same standards of transparency to themselves in publicly accounting for the way they manage climate risk and why they are so heavily exposed to carbon-exposed industries,” he said………………………………………..Full Article: Source

The $10 bln man out to change Russia’s image

Posted on 12 December 2013 by VRS  |  Email |Print

Kirill Dmitriev is on a one-man mission to change Russia’s image in the eyes of world investors. The 38-year-old graduate of Harvard and Stanford runs Russia’s newest sovereign wealth fund—the $10 billion Russian Direct Investment Fund.
Unlike most sovereign wealth funds, which invest outside their country of origin (including two other Russian wealth funds that control more than $80 billion in assets) the fund that Dmitriev manages directs money back into Russia—co-investing in the country with the sovereign wealth funds of China, Abu Dhabi, Korea, Italy, France and Japan………………………………………..Full Article: Source

Norway ignores advice to divest from oil firm over Amazon tribe

Posted on 12 December 2013 by VRS  |  Email |Print

Norway’s Ministry of Finance is being urged to withdraw its investments from oil and gas company Repsol because of its operations in a region in the Peruvian Amazon inhabited by indigenous people who have no direct contact with outsiders.
The recommendation was made to the Ministry by the Council on Ethics within Norway’s ‘Government Pension Fund Global’ (GPFG) whose stated aim is to investigate if investment in certain companies meets the GPFG’s ethical guidelines……………………………………….Full Article: Source

Mubadala to build Al Ain MRO facility

Posted on 12 December 2013 by VRS  |  Email |Print

Mubadala Development Company’s aerospace unit will start building its maintenance, repair and overhauling, or MRO, facility in Al Ain next month.
The Advanced, Military, Maintenance and Overhauling Centre, or Ammroc, a joint venture with aircraft maker Lockheed Martin, Sikorsky Corporation and Mubadala Aerospace, will hit ground to construct its facility at the Nibras Al Ain Aerospace Park………………………………………..Full Article: Source

ADIA Acquires 2,568,934 shares of General Growth Properties stock

Posted on 12 December 2013 by VRS  |  Email |Print

General Growth Properties major shareholder Abu Dhabi Investment Authority bought 2,568,934 shares of General Growth Properties stock on the open market in a transaction dated Monday, December 9th. The stock was purchased at an average cost of $21.17 per share, with a total value of $54,384,332.78.
The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC………………………………………..Full Article: Source

Hong Kong listings revival offers sovereign wealth path to China

Posted on 11 December 2013 by VRS  |  Email |Print

Sovereign wealth funds, led by Norway’s $810bn oil fund, are using Hong Kong’s listings revival to achieve a long-held goal of ramping up exposure to China. The Norwegian fund – the world’s biggest pool of sovereign wealth – has emerged as one of the most important investors in Chinese companies this year, in spite of continued trade friction between Oslo and Beijing.
It was one of the main cornerstone investors ahead of the initial public offering of Cinda, the Chinese former bad bank set up to manage distressed debt in the late 1990s………………………………………..Full Article: Source

Abu Dhabi Investment Authority to invest $250 mln in Hines India Real Estate

Posted on 11 December 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority is investing $250 million ( Rs 1,500 crore) in Hines India Real Estate, the Indian arm of American property development and management firm Hines, amid a rise in overseas interest in the sector.
“The sovereign wealth fund has formed a strategic alliance with Hines to invest across the residential segment in metros across India. This is the first direct real estate venture with a developer in India for the fund,” said one of the people with direct knowledge of the investment. It’s not known how much equity it will have in the venture………………………………………..Full Article: Source

Mubadala Development Company and Cytec announce strategic collaboration

Posted on 11 December 2013 by VRS  |  Email |Print

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company and Cytec Industries, announced they have entered into a Strategic Collaboration Agreement. The collaboration will support the establishment of an advanced aerospace material ecosystem in the UAE.
Mubadala and Cytec are exploring opportunities to support the ongoing development of the aerostructures industry in the emirate of Abu Dhabi in the UAE. This includes evaluating the creation of prepreg manufacturing capabilities in the emirate, with the commitment of major aircraft OEMS to provide the requisite assistance and qualifications………………………………………..Full Article: Source

Monte dei Paschi di Siena attracting investment interest from Qatar

Posted on 11 December 2013 by VRS  |  Email |Print

Monte dei Paschi seen closer in approach to QIA, merger talks with Unicredit Monte dei Paschi di Siena is close to signing a deal with Qatar Investment Authority (QIA) regarding the entry of the Sovereign Wealth Fund into the bank’s capital, two financial sources close to the matter told Capitol Intelligence.
The sources said the talks have been led by Barclays PLC which has an important presence in Doha and detailed talks were already undertaken on the sidelines of the World Bank IMF Annual meeting held in Washington in early October. The sources said entry of QIA into Monte dei Paschi is a very fluid following Monte dei Paschi’s board meeting on November 26 approving a EUR 3bn capital increase and ahead of an extraordinary shareholders’ meeting to held on December 27, 2013……………………………………….Full Article: Source

How Australians can protect their super from climate change

Posted on 11 December 2013 by VRS  |  Email |Print

The importance of protecting the more than $1.6 trillion invested in Australia’s retirement funds from the risks associated with climate change has been highlighted in a new report, which has revealed that few superannuation fund trustees can demonstrate they are acting on their fiduciary duty to manage for climate and carbon policy risks.
Climate Smart Super: Understanding Superannuation & Climate Risk, released on Wednesday by The Climate Institute, offers information for individuals to learn more about their super funds and how to engage with them on the investments made on their behalf………………………………………..Full Article: Source

Norway oil fund under lawmaker pressure to buy more in Africa

Posted on 10 December 2013 by VRS  |  Email |Print

Norway’s Christian Democrats, a key support party for the minority government, called on the nation’s sovereign wealth fund to steer more of its $810 billion in assets into Africa to reap better returns.
The party wants to set aside 10 billion kroner ($1.6 billion) of the fund’s cash for African purchases as a “starting point” for a debate on how much should be invested there, Knut Arild Hareide, leader of the Christian Democrats, said in a Dec. 6 interview………………………………………..Full Article: Source

Troubled Kazakh bank Alliance to meet London-based investors

Posted on 10 December 2013 by VRS  |  Email |Print

Alliance Bank’s dollar bonds fell on Monday as the lender, majority owned by Kazakhstan’s sovereign wealth fund, called its investors to a meeting in London to discuss its finances.
Alliance defaulted on its debt in the aftermath of the 2008 financial crisis. Its dollar bonds fell to record lows earlier this year on fears that the lender was heading towards a second debt restructuring………………………………………..Full Article: Source

Kazakhmys to sell power-producer stakes for $1.3 bln

Posted on 10 December 2013 by VRS  |  Email |Print

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper miner, agreed to sell two power producers to the nation’s sovereign wealth fund for $1.3 billion to protect loan accords.
The transaction will generate net cash proceeds of about $1.25 billion, bolstering Kazakhmys’s finances at it develops the Bozshakol and Aktogay copper mines, it said today in a statement. The sale removes any risk that the company may breach covenants on loans, it said………………………………………..Full Article: Source

China sovereign fund Huijin gets access to trade banks’ bonds

Posted on 10 December 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd., the sovereign investor that holds stakes in China’s biggest banks, received approval to trade on the interbank bond market, giving the government another way to support the nation’s lenders.
The authorization was granted by the Shanghai office of the People’s Bank of China, according to a statement posted on Chinamoney.com.cn, a website of the China Foreign Exchange Trade System. Huijin owns shares in banks including Industrial & Commerical Bank of China Ltd., the world’s most profitable. Huijin didn’t immediately reply to an e-mail seeking comment………………………………………..Full Article: Source

GIC to Norges Bank raise risk appetite in London

Posted on 10 December 2013 by VRS  |  Email |Print

Investors from Norway to Singapore are bypassing property funds and putting money into London commercial projects with developers, taking more risk in a bid to increase returns as the U.K. market recovers.
Pensions, insurers and sovereign-wealth investors, among the biggest property investors, are teaming up with companies including Great Portland Estates Plc (GPOR) and Land Securities Group Plc (LAND) to develop land in the city’s most desirable areas and buy offices and shopping malls………………………………………..Full Article: Source

Singapore bets on Blackstone’s Hilton IPO after 2010 debt restructuring

Posted on 10 December 2013 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC Private Ltd pumped equity into Blackstone Group-owned Hilton Worldwide when the company needed to restructure its debt in the credit crunch that ensued after the hotel chain’s 2007 leveraged buyout. Now, GIC is prepared to hold onto a large chunk of Hilton Worldwide shares as the company moves towards an initial public offering.
In contrast to GIC, other providers of emergency relief to Hilton during its debt restructuring will be cashing out of their holdings in the company’s IPO. GIC is poised to be a 5% stakeholder in Hilton when the company lists its shares, in what could be a $2.4 billion IPO that would be the biggest in the U.S. hotel industry………………………………………..Full Article: Source

Dubai World unit sells Atlantis

Posted on 10 December 2013 by VRS  |  Email |Print

Dubai sovereign wealth fund acquires hotel on The Palm Atlantis , The Palm has been sold by a subsidiary of the state-owned developer Dubai World to a sovereign wealth fund. In a move that had been tipped for months, the conglomerate’s property subsidiary Istithmar World sold the 44-hectare resort at the top of The Palm Jumeirah to the state-owned sovereign wealth fund Investment Corporation of Dubai .
Brokers involved in the transaction confirmed that the deal to sell the five-star hotel complex had taken place but declined to comment on the price. “This transaction is important for Dubai ,” said one source close to the deal who asked not to be named. Investment Corporation of Dubai (ICD) is used by the emirate’s Government to hold some of its highest profile investments………………………………………..Full Article: Source

Excess Crude Account to deplete further to $2.5bln

Posted on 10 December 2013 by VRS  |  Email |Print

The Excess Crude Account, which has dropped to $3.3bn in recent times, may deplete further to $2.5bn as soon as certain payments are made to the oil sector, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, said on Monday.
While speaking on the performance of the economy at a breakfast meeting organised by the Nigerian Economic Summit Group in Lagos on Monday, Okonjo-Iweala argued that the huge drop in the ECA was necessary in order to shore up the economy……………………………………….Full Article: Source

Tanzania to establish SWF from gas to finance development

Posted on 09 December 2013 by VRS  |  Email |Print

Tanzania has moved to secure the gains from its natural gas reserves by creating a sovereign wealth fund. The Natural Gas Reserve Fund is expected to hold proceeds from the industry in trust, for investment in other sectors of the economy, as well as finance social and economic development and build savings for future generations.
Established by the newly enacted Natural Gas Policy 2013, the fund is expected to act as a state-owned investment vehicle to ensure that Tanzanian citizens benefit directly from the profits of natural gas. “We don’t want to take all the money from the gas sector to the Treasury as was the case with the mining sector, which led citizens to believe that mining had contributed nothing to their lives,” said Deputy Minister for Energy and Minerals George Simbachawene………………………………………..Full Article: Source

Temasek a ‘one-of-a-kind sovereign wealth fund’, says its chairman

Posted on 09 December 2013 by VRS  |  Email |Print

Temasek Holdings is usually lumped together with other sovereign wealth funds, yet it is a unique body that shares few characteristics with these organisations, said chairman Lim Boon Heng Thursday.
Mr Lim told a conference in Singapore: “Defining Temasek is not easy: We have not found another entity that does exactly what we do.” He ran through the many points of difference, which range from the investment company’s strategies to its relationship with the Government………………………………………..Full Article: Source

Temasek is different from other sovereign wealth funds and pays tax - Chairman

Posted on 09 December 2013 by VRS  |  Email |Print

Temasek Holdings is not your usual sovereign wealth fund, according to Chairman Lim Boon Heng. According to Chairman Lim, Temasek is a unique entity that only has few things in common with other sovereign wealth funds. He said, “Defining Temasek is not easy: We have not found another entity that does exactly what we do.”
Chairman Lim said one point of difference is that as a commercial investment firm, Temasek is the outright owner of its assets. Unlike other sovereign wealth funds, it is not a fund manager for the government. He also added that Temasek pays taxes like other companies………………………………………..Full Article: Source

Most super fund members don’t understand their insurance

Posted on 09 December 2013 by VRS  |  Email |Print

Most superannuation fund executives and trustees believe that fewer than 30 per cent of their fund members actually understand the life insurance they receive via their superannuation fund.
That is the disturbing the finding of a survey conducted during the Association of Superannuation Funds of Australia (ASFA) national conference in Perth last month by Money Management’s sister publication Super Review………………………………………..Full Article: Source

Why we are opposed to SWF – Amaechi

Posted on 09 December 2013 by VRS  |  Email |Print

As controversy over the setting up the Sovereign Wealth Fund (SWF) continued to rage with the 36 states of the federation telling to the Supreme Court during the week that talks aimed at amicably resolving the issue had collapsed and urged the court to proceed with the hearing of the case, it has now been revealed real reason most states are opposed to the institution of the fund.
The Supreme Court had on Monday fixed March 24, 2014 for definite hearing in the suit filed by 36 state governors against the Federal Government over the Excess Crude Account and the Sovereign Wealth Fund………………………………………..Full Article: Source

Libyan government denies withdrawing US$7bln foreign reserves

Posted on 09 December 2013 by VRS  |  Email |Print

The Libyan Government has denied reports that it has withdrawn US$7 billion from its foreign currency reserves. It has also denied taking a loan from the World Bank to finance its budget deficit caused by the fall in oil receipts.
A communiqué published by the Finance Ministry on Friday night described the reports as “false” and called upon the media to adopt a professional approach while delivering their job………………………………………..Full Article: Source

Russia’s SWF to invest $10 bln in Egypt – Official

Posted on 09 December 2013 by VRS  |  Email |Print

A Russian sovereign wealth fund is considering to invest US$ 10 billion in Egypt’s market within the upcoming period, the Egyptian Finance Minister Ahmed Galal said.
This comes in addition to the Gulf and Western investors’ plan to pump new investments in the cash-strapped Egypt………………………………………..Full Article: Source

Azerbaijani State Oil Fund increases stake of shares in structure of investment portfolio

Posted on 09 December 2013 by VRS  |  Email |Print

Against the background of recovery of the global economy, State Oil Fund of Azerbaijan (SOFAZ) will increase the stake of shares in its investment portfolio from the current five percent to 10 percent, SOFAZ Executive Director Shahmar Movsumov told Trend on Dec.6.
This is envisaged by the draft investment policy of the fund for 2014 adopted by SOFAZ Supervisory Board and submitted for the approval of the Azerbaijani president. The stake of shares will be increased through decreasing the share of bonds to 80 percent, Movsumov said………………………………………..Full Article: Source

Alaska Supreme Court finds PFD residency requirements constitutional

Posted on 09 December 2013 by VRS  |  Email |Print

The Alaska Supreme Court upheld the constitutionality of the residency requirements and allowable absence rules of Alaska’s Permanent Fund dividend in a 3-2 decision released Friday.
The justices ruled in favor of the state’s requirement that a PFD recipient must be a resident for at least six months before they can qualify for an allowable absence to be outside the state more than 180 days, for things like college or a military deployment………………………………………..Full Article: Source

The three trends facing Asian SWFs in 2014

Posted on 06 December 2013 by VRS  |  Email |Print

The changing macro environment created by a post-QE world will create three major trends for sovereign wealth funds in Asia. That is according to Pascale Blanqué, chief investment officer with French asset management group Amundi.
Outlining how he expects the market to evolve in the coming year, Blanqué said the move to less accommodative monetary policies will not lead to the stabilisation many investors expect. ‘Normalisation is a false trend. We are seeing a shift from the classic interest rate framework to a larger framework where asset prices will continue to move one way or another,’ he said………………………………………..Full Article: Source

New Zealand SWF pares equities bet after markets surge

Posted on 06 December 2013 by VRS  |  Email |Print

New Zealand’s sovereign wealth fund is cutting equity holdings after this year’s surge in global stock markets left shares at the most expensive in four years. “Sometimes we are going to have huge opportunities and that’s when we use our risk,” Neil Williams, chief investment adviser at the New Zealand Superannuation Fund, said in an interview in Auckland Dec. 2.
“Other times, like now, equities have rallied and are close to fair value. Fixed income sold off and bond yields are getting closer to fair value. Then we leave it and we don’t have positions on.”……………………………………….Full Article: Source

Temasek Holdings has made substantial contributions to benefit Singapore

Posted on 06 December 2013 by VRS  |  Email |Print

Investment company Temasek Holdings has made substantial contributions to benefit Singapore and Singaporeans, said chairman Lim Boon Heng. Lim said the contributions have helped to boost the government’s budget revenue to fund social programmes and kept tax burden light.
The government has rolled out various programmes to support the elderly and the needy. In the past 10 to 15 years, contributions from investment companies like Temasek, the GIC and others have helped to fund the programmes………………………………………..Full Article: Source

Temasek not typical sovereign wealth fund: Lim Boon Heng

Posted on 06 December 2013 by VRS  |  Email |Print

Temasek Holdings is not a typical sovereign wealth fund, said chairman Lim Boon Heng at a conference this morning. It has to pay tax, it is run independently from the Government in day-to-day business operations, it has a board of largely independent directors, he told a group of fund managers, academics and other sovereign wealth fund executives.
Governance matters to the institution, and it has a disciplined approach to evaluating long-term returns, he added………………………………………..Full Article: Source

Does Kenya really need a sovereign wealth fund?

Posted on 06 December 2013 by VRS  |  Email |Print

Among the distinct terms of reference for the Presidential Task Force on Parastatal Reform was to consider the institutional framework for setting up a Sovereign Wealth Fund for Kenya .
Sovereign Wealth Funds are vehicles established by governments to hold assets, reserves and generate profits for stated purposes. While these funds have been existence for a long time, the pace of their establishment and the assets they hold have risen significantly in the last ten years. For Kenya , establishment of a Sovereign Wealth Fund appears to be driven by the recent discoveries of petroleum and other mineral deposits……………………………………….Full Article: Source

We are a sovereign fund: Nicolas Dufourcq, CEO of France’s public investment bank

Posted on 06 December 2013 by VRS  |  Email |Print

Nicolas Dufourcq is the Chief Executive Officer of Bpifrance, the first ever Bank for Public Investment in France. Earlier, he served as Deputy Chief Executive Officer at Capgemini, the informatics giant, which has a workforce of 45,000 in India, a third of its total staff of 125,000.
Its mandate is to offer all possible financial resources and facilities to the French entrepreneur, from the hairdresser to the technology marvel listed on the Nasdaq. And that includes some very big companies in which we have an equity stake. We are a sovereign fund………………………………………..Full Article: Source

Irish NPRF seeks to sell private equity assets

Posted on 06 December 2013 by VRS  |  Email |Print

Embracing an inward stance on investing, the once major allocator of private equity is looking to sell those very investments. In 2005, the NPRF embarked on a private equity investing binge – partnering with a number of the most-recognized funds in the industry.
Ireland’s sovereign fund is transforming their discretionary portfolio into an economic stimulator to create domestic jobs – essentially modifying the fund into a strategic development sovereign wealth fund (SDSWF)………………………………………..Full Article: Source

SOFAZ to continue investing in Turkish economy

Posted on 06 December 2013 by VRS  |  Email |Print

Azerbaijan intends to raise investments in Turkey. The statement came from head of the State Oil Fund of Azerbaijan Shahmar Movsumov speaking at the opening of the Caspian Forum in Istanbul on 3 December.
According to Movsumov, SOFAZ is already investing actively in Turkish economy. As an example, he cited investments into STAR holding in Izmir and into Turkish banks. According to the head of the fund, they are currently viewing a possibility to invest into the real estate in this country………………………………………..Full Article: Source

Kazakhs need bad banks to cut loan delinquency, Kelimbetov says

Posted on 06 December 2013 by VRS  |  Email |Print

Samruk-Kazyna, the country’s sovereign wealth fund, is seeking to sell stakes in Kazakh banks. It owns a 79.9% stake in Temirbank, 67 percent in Alliance Bank and 97.3 percent of BTA Bank. The fund is considering a sale of its entire holding in Temirbank and 16 percent of Alliance Bank, to Kazakh billionaire Bulat Utemuratov, Interfax reported Nov. 20.
Several potential buyers are examining BTA’s finances, and while the sale probably won’t be completed this year, the most likely bidders may become known before year-end, said Kelimbetov, the former chief executive of Samruk-Kazyna………………………………………..Full Article: Source

Hands off Brazil’s sovereign fund for 2013 possible shortfall

Posted on 06 December 2013 by VRS  |  Email |Print

Contending with a probable ratings downgrade derived from a narrowing 12-month primary budget surplus, Brazilian public officials are seeking new options. Brazil may not be able to reach the year-end budget savings target of 2.3% of gross domestic product – a lowered target from last year.
Last week, the Banco Central do Brasil stated the 12-month public sector primary surplus slimmed to R$ 67.89 billion (US$ 29.14 billion) from R$ 74.1 billion………………………………………..Full Article: Source

Government does not direct Temasek’s investment decisions: Temasek chairman

Posted on 05 December 2013 by VRS  |  Email |Print

It is commonly believed that sovereign wealth funds often invest on behalf of governments for strategic reasons and as an instrument of foreign policy, but Temasek Holdings does not share the characteristics of most sovereign wealth funds, said its chairman Lim Boon Heng.
In his first public speech as Temasek’s chairman, the former politician said the founding of Temasek was premised on a separation between the Government’s role as a policymaker and as a shareholder. The Singapore government is the sole shareholder in Temasek Holdings………………………………………..Full Article: Source

Brazil won’t use wealth fund to meet budget surplus target — Official

Posted on 05 December 2013 by VRS  |  Email |Print

Brazil’s government won’t resort to tapping its sovereign-wealth fund to cover for any possible shortfalls in meeting its budget surplus target this year, Treasury Secretary Arno Augustin said Wednesday.
Speaking to reporters following testimony at the country’s congress, Mr. Augustin denied that the government would need recourse to extraordinary measures to meet its budget goals. “We’re working with a target of BRL73 billion for the central government, and all the information we have until the moment point toward our compliance with the target,” he said………………………………………..Full Article: Source

Sovereign funds’ scope reaches Spain

Posted on 05 December 2013 by VRS  |  Email |Print

Sovereign funds’ bet on Spanish companies continued to be strong during 2012-13. Spain and its brands were these global investors’ favourite picks in the euro zone, overcoming English, German or French firms. The trend is to be renowed in 2014 because of their strong presence in the emerging markets of Latin America.
It is a fact that foreign money of different nature, from vulture funds to venture capitals or investment funds is flowing right now into the Spanish economy. But what about sovereign funds coming from rich oil exporters countries such as Saudi Arabia, Dubai, Qatar, Norway, Russia or China? These are considered the definitive test for the international investment health in Spain. The general perception is that the country is only in the focus of vulture funds, not core ones, much more conservative, or those sovereign investors………………………………………..Full Article: Source

Chinese fund sells off Japanese investments in retaliation

Posted on 05 December 2013 by VRS  |  Email |Print

The Chinese government may withdraw investments in Japan as a way to retaliate against the United States and Japan for opposing China’s newly established air defense identification zone. A shareholder listed as SSBT OD05 Omnibus China Treaty 808150, which is widely considered a Chinese sovereign fund, has reduced its Japanese investment by 600 billion yen (US$5.8 billion) between March and September this year, according to our Chinese-language sister paper Want Daily and the Tokyo-based Sankei Shimbun.
The sovereign wealth fund had invested around 4.24 trillion yen (US$41.3 billion) in 174 Japanese businesses as of March this year but the figure had dropped by 607.4 billion yen (US$5.9 billion) as of the end of September. It was the ninth largest shareholder of the Toyota Motor Corporation with a 300.1-billion-yen investment in March but by September, it was no longer one of the Japanese carmaker’s ten major shareholders, said Japan’s Chibagin Securities………………………………………..Full Article: Source

banner
December 2013
M T W T F S S
« Nov   Jan »
 1
2345678
9101112131415
16171819202122
23242526272829
3031