Taurus Orators, the well-known alternative thinking group http://www.idataservices.co.za/taurus.html who last year launched an unsuccessful bid for the QE II to be used as a floating hedge fund hotel have been appointed to run a new sovereign wealth fund on behalf of a number of high net worth individuals.
This fund will be called the “X-Sovereign Wealth Fund” and the initial subscribers are ex-President Ben Ali of Tunisia, and ex- President Hosni Mubarak of Egypt. Discussions have been held with President Muammar Gaddafi of Libya and President Robert Mugabe of Zimbabwe. A number of other wealthy Middle East and African leaders have also expressed a keen interest to get involved.
Taurus Orator’s role will be to select various investment managers around the world to ensure global diversification. It is estimated that the assets under management could easily top $150bn in the first year if other leaders decide to contribute.
But acceptance to the fund is not cut and dried despite the qualification of being a wealthy ex-politician. Ex-Prime Minister Tony Blair is still smarting because his application was turned down because he only has millions and not billions. Ex- President George Bush’s joint application with Dick Cheney is still being considered by the fund managers.
Ex-President Hosni Mubarak has requested that Berlusconi be appointed as an advisor given the careful attention that he paid to the assets of the ex-President’s granddaughter. There is also a distinct possibility that President Berlusconi may soon also be eligible as an investor in the fund.
Adolph R Shole, the Chairman of the Fund notes: “With a fund of this size we may even consider launching a bid for the new QE II to turn it into a floating fund management village dedicated to the management of this money. This will put the assets of the fund on the high seas to avoid any possible attachment by any government, but we will avoid sailing too close to Somalia!”.
For more background information see http://www.idataservices.co.za/taurus.html