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Sovereign Wealth Funds Briefing 13.Oct 2008

Posted on 13 October 2008 by VRS |  Email |Print

From Bloomberg: China Investment Corp., the sovereign wealth fund that bought stakes in Morgan Stanley and Blackstone Group LP before their stocks plunged, may have as much as $5.4 billion frozen in a U.S. money-market account.

Stable Investment Corp., an affiliate of Beijing-based CIC, was the largest shareholder in Reserve Primary Fund on Sept. 1, according to regulatory filings. Reserve Primary suspended withdrawals last month after becoming the first U.S. money- market fund in 14 years to leave investors with losses. Stable Investment had about $6 billion in additional U.S. money-market funds earlier this year….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Straitstimes.com: The world’s leading sovereign wealth funds (SWFs) have hammered out a voluntary code of conduct in a bid to dispel fears that these giant state-backed investment vehicles have political agendas.

The set of 24 principles, presented to the International Monetary Fund on Saturday, is aimed at getting people to view them as transparently-run, long-term investors that boost the stability of the global financial system….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Channelnewsasia.com: The Government of Singapore Investment Corporation (GIC) has welcomed the release of a set of guidelines for sovereign wealth funds (SWFs).

The guidelines, which comprise generally-accepted principles and practices for SWFs, were presented to the International Monetary Fund by an international working group of SWFs over the weekend….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Gulfnews.com: Sovereign wealth funds (SWFs), which have become major investment vehicles in the global economy over the past few years, will study the creation of a permanent international body.

The International Working Group of Sovereign Wealth Funds (IWG) yesterday presented the Santiago Principles to the International Monetary Fund’s (IMF) policy-guiding International Monetary and Fin-ancial Committee (IMFC), which met in Washington to consult on global econ-omic developments and to take stock of the working group’s efforts….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Bi-me.com: Abu Dhabi Investment Authority, the world’s biggest sovereign wealth fund, said it supports a code of 24 voluntary principles for sovereign wealth funds presented to a committee of the International Monetary Fund.

The International Working Group of Sovereign Wealth Funds, co-chaired by ADIA Director Hamad Al Hurr Al-Suwaidi, is also exploring the creation of Standing Group of Sovereign Wealth Funds, ADIA said in an e-mailed statement today….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Businessmirror.com.ph: The Department of Finance is very much interested in where government financial institutions, including pension funds GSIS and SSS, invest money abroad and has directed their heads to promptly update the department about these, Finance Secretary Margarito Teves said.

The interest is so keen he formally wrote a letter addressed to GSIS president and general manager Winston Garcia and to SSS chief Romulo Neri, copy furnished President Arroyo, asking the state-owned pension firms to disclose where their monies are invested. Similar letters were sent to the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), among others. GSIS has put out ads with that information….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Thenational.ae: Finance ministers and central bank governors from around the world gathered in Washington last weekend to discuss economic issues and in particular, vulnerabilities to the global financial system.

One key vulnerability is the growth of protectionist sentiment, which harms the free flow of capital, limits investment opportunities and ultimately weakens economic growth and job creation. It is easy to lose sight of this risk at a time of upheaval in global markets. But the current crisis only underlines the importance of keeping markets open to capital and encouraging investors willing to take a long view….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Bi-me.com: Stuart Pearce, CEO and Director General of the Qatar Financial Centre Authority, believes the firms in the QFC will remain because they are of “top quality” and have secured licences, meeting “strict regulatory requirements”.

Pearce said many banks worldwide are under some pressure because of the raging global economic turmoil….. Full Article: Source

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From Gulf-times.com: Sovereign wealth funds, the state investment vehicles that are flourishing during a boom in commodities prices, could play a role in the current financial crisis, World Bank chief economist Justin Lin has said.

“They have the capital and now we have the situation,” said Lin, a Peking University professor who took up the bank post in June. “Certainly the sovereign wealth funds can play some function,” he said on the sidelines of an International Monetary Fund meeting in Washington….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From Nasdaq.com: Over-regulation could stifle the financial system in the wake of the global credit crunch, said Tony Tan, deputy chairman and executive director of the Government of Singapore Investment Corp., or GIC, a sovereign wealth fund.

State intervention is needed to safeguard public funds and prevent a recurrence of these events. “Finding the right balance between needed regulation and over-regulation will be a challenge,” he said….. Full Article: Source

Posted on 13 October 2008 by VRS |  Email |Print

From IHT: Don’t expect Middle Eastern sovereign wealth funds to jump on the government bailout bandwagon. As stock markets around the world have cratered, some of the world’s largest wealth funds have been hoarding cash, much like the hedge funds and big institutional investment funds that have been running for cover in recent weeks.

The oil-rich emirate of Abu Dhabi oversees the world’s largest government-sponsored fund and has been steadily increasing its cash position to the highest level it has been in years. According to people who have been briefed on its investment strategy, the Abu Dhabi Investment Authority now has a cash position between 10 and 20 percent of its total size, estimated at $550 billion. The sum could reach $100 billion….. Full Article: Source

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