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Sovereign Wealth Funds Briefing 09.Dec 2008

Posted on 09 December 2008 by VRS |  Email |Print

From Bloomberg: Korea Investment Corp. said it still has faith in Merrill Lynch & Co. Chief Executive Officer John Thain after a stock rout that cut the value of its stake by $800 million and forced the firm’s sale to Bank of America Corp.

“He was willing to change the company and Merrill needed a change,” Guan Ong, the $30 billion sovereign fund’s chief investment officer, said yesterday in an interview in Seoul. “We made the right decision because we believe in John Thain.” ….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Reuters: Hong Kong will not invest its Exchange Fund entirely in liquid U.S. assets and the fund is keeping its distance from the sovereign wealth fund label, the head of Hong Kong’s central bank said in an interview on Monday.

Speaking to specialist magazine Central Banking, Joseph Yam also said foreign exchange reserve holders are a stabilising force for global markets and maintaining financial stability is in their interest….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Asianinvestor.net: The $200 billion Korea Investment Corporation (KIC) has hired Don Lee Dong-ik to a new role as head of the alternative investment team.

To date, the KIC has not had exposure to alternatives; its assets have gone primarily to global equities and fixed-income. Its sole private investment has been a $2 billion stake in Merrill Lynch, acquired at the beginning of the year. Lee’s division will oversee strategic deals as well….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Reuters: One of the top managers of China Investment Corp, the country’s $200 billion sovereign wealth fund, reckons current dollar strength is temporary and he would like to bet that the U.S. currency is headed lower.

CIC President Gao Xiqing was speaking in an interview with monthly U.S. magazine The Atlantic two weeks before the Nov. 4 U.S. election. The euro was trading at that time between $1.30 and $1.35. On Monday it stood around $1.2765….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Pionline.com: Investors, such as the Abu Dhabi Investment Authority, the world’s largest sovereign wealth fund, might add U.S. private equity investments, according to a source familiar with the fund.

Based in Abu Dhabi, United Arab Emirates, ADIA doesn’t reveal assets under management, but recent estimates by banking analysts have been around $675 billion. About 5% of its portfolio is invested in private equity….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Chinastakes.com: Despite sharply falling global asset prices, China Investment Corporation (CIC), China’s sovereign wealth fund (SWF), seems to be running a bit scared these days as lessons from its nasty early losses, and the losses of other SWFs, from ill-timed investments in US and European financial firms have convinced it that holding cash is a preferable option.

Wang Jianxi, CIC’s vice-general manager and chief risk officer, revealed last Saturday that currently 90% of CIC’s assets were in cash. …. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Guardian:Despite the sharp drop in oil prices and countries like Saudi Arabia taking a more cautious view until commodity demand stabilises, there is a cushion of oil yield that mitigates the effects of the global economic crisis: GCC sovereign wealth funds are among the wealthiest in the world.

However, when assessing the extent to which the credit crunch has affected the Middle East and North Africa region, the prosperity of the Gulf does not account for the rest of the Arab world’s relative lack of exposure to the toxicity….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Bcheights.com: A sovereign wealth fund consists of a country’s excess reserves from budget and trade surpluses, or in the UAE’s case, revenue generated from exporting natural resources.

The money is then invested in other types of assets, such as real estate, to protect the country from being dependent on its primary industry. This investment has helped the country diversify its economy and create a number of manufacturing and service jobs, mostly associated with real estate development….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From Todayonline.com: The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.

The proposed New York City branch of CCB “would engage in wholesale deposit-taking, lending, trade finance, and other banking services,” the Fed said in a statement….. Full Article: Source

Posted on 09 December 2008 by VRS |  Email |Print

From News.gov.hk: Hong Kong’s foreign currency reserve assets reached US$165.9 billion at the end of November, up US$11.1 billion on October, the Monetary Authority says. Including unsettled forward contracts, the foreign currency reserves stood at US$166 billion.

Hong Kong is the world’s eighth largest holder of foreign currency reserves after Mainland China, Japan, Russia, Taiwan, India, South Korea and Brazil….. Full Article: Source

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