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Sovereign Wealth Funds Briefing 16.Dec 2008

Posted on 16 December 2008 by VRS |  Email |Print

From Reuters: Sovereign wealth funds could soon turn into net sellers of world assets as diminishing return profiles prompt them to liquidate foreign assets accumulated in boom times and invest instead locally.

Such a shift is likely to come increasingly from those that have aggressively diversified away from liquid government bonds and have actively managed portfolios — a prerequisite for higher returns before the credit crisis….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From FT: The National Pension Reserve Fund is Ireland’s own sovereign wealth fund, established when the country was running healthy budget surpluses. It had assets under management of €18.7bn (£16.8m) at August 31.

Under the legislation, it was not envisaged that money would be drawn down until after 2025. Brian Lenihan dismisses criticism, insisting there will be no downside for the taxpayer or the pension fund from a €10bn investment in the Irish banks, claiming instead that the fund will benefit from the “upswing” in the bank shares….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Financialweek.com: Forget $2 trillion in assets, says Brad Setser, a trade specialist - the biggest funds are falling well short of projections. While the combined assets of the largest sovereign funds were projected to hit or surpass $2 trillion this year, Setser estimates that they’re likely to total no more than $1.5 trillion.

“Sovereign wealth funds are fundamentally vehicles for investing central bank reserves,” wrote Mr. Setser. “And this year classic reserve assets have done rather well. Equities and real estate have not.”…. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Monstersandcritics.com: The Economist magazine put at about 400 billion dollars the losses of the Arab sovereign funds due to the global financial turbulence Nabulsi believed that oil-rich Gulf states would be obliged to use part of their accumulated wealth to prop up their sinking stock markets and fulfill their development plans.

Brown’s Gulf trip appeared to have scored partial success when UAE and Qatari sovereign funds reportedly contributed 5.4 billion dollars to the bail-out of Barclays, one of Britain’s most famous banks. …. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From FT: It is now widely recognised that sovereign wealth funds represent a dominant force on international financial markets. By some estimates, the total size of sovereign wealth funds currently stands at more than $3,000bn (£2,011bn, €2,264bn).

The growth is in fact likely to continue, and is expected to reach around $5,000bn in the next five years and $10,000bn within the next decade….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Asianinvestor.net: HSBC Private Equity has raised $1.5 billion in commitments for its sixth fund. HSBC Private Equity Fund 6 will have HSBC Private Equity (Asia) as its investment adviser. The investors include sovereign wealth funds.

The latest fund is the sixth Asian regional private equity fund advised by HSBC Private Equity (Asia). The target size of the fund was $1.25 billion….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Seekingalpha.com: Chile boasts a $28 billion sovereign wealth fund, accumulated almost completely from its copper profits. That’s almost equal to a staggering 14% of the country’s GDP in cash savings!

This will enable Chile to implement counter-cyclical policies to keep growing at 3.5% to 4% next year – or about the current rate of growth, even with the worldwide meltdown….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Albawaba.com: Last week Dubai World repaid the outstanding balance on a USD1.2 billion loan facility arranged and underwritten jointly by Royal Bank of Scotland, Credit Suisse and Deutsche Bank.

While refinancing had been offered, Dubai World determined the cost of capital was not competitive and instead elected to repay the outstanding amount under the loan of USD890 million from its operating reserves on December 11, 2008. …. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From IPE: The governments of both Norway and Ireland have announced plans to draw money from their national pension reserves for fiscal stimuli early next year.

Jens Stottenberg, Norway’s left-wing prime minister, has unveiled additional spending measures targeting those sectors sharpest hit by the downturn, such as building and infrastructure, to be funded by Norway’s NOK1.947trn (€245bn) Government Pension Fund – Global….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Gulf-times.com: There were investment commitments, some agreements were signed and a decision to set up a joint sovereign wealth fund (SWF) to the tune of $1bln.

Qatar, through the Qatar Investment Authority (QIA), will be contributing $850mn while the remaining 15% will come from the Philippines government in the form of subscription….. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Gulf-times.com: The Economist magazine put at about $400bn the losses of the Arab sovereign funds due to the global financial turbulence .

According to the International Monetary Fund, Middle East and central Asian oil producers accumulated a current account surplus of $1.1tn between 2003 and 2007, compared with $150bn in the previous five years. …. Full Article: Source

Posted on 16 December 2008 by VRS |  Email |Print

From Nber.org: This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves.

It analyzes the degree to which measures of SWF governance and transparency compare with national norms of behavior….. Full Article: Source

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