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Sovereign Wealth Funds Briefing 17.Dec 2008

Posted on 17 December 2008 by VRS |  Email |Print

From Bloomberg: IVG Immobilien AG, Germany’s largest commercial real-estate company, sold the former London headquarters of Lloyds TSB Bank Group Plc to an unidentified sovereign wealth fund for about 125 million pounds ($191 million).

IVG bought 14 Cornhill, a building in the city’s main financial district, for 21 million pounds in 2002, the Bonn-based company said today. …. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Rgemonitor.com: Norway is the latest country to plan a fiscal stimulus to be rolled out in early next year. It is also the latest government with a sovereign wealth fund that plans to ramp up domestic spending.

It will likely turn to its sovereign fund, the government pension fund –global to finance this additional spending….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From FT: Not only is Adia the world’s largest sovereign wealth fund - estimates of its size range from $450bn upwards - but it has also garnered a reputation as an incubator for the emirate’s sharpest minds. Many alumni go on to top roles in government or other state entities.

Yet it has had to adopt a rigorous approach to recruitment. Adia’s office is home to more than 1,000 people from 40 countries….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Theedgedaily.com: Terengganu’s own wealth fund, a RM10 billion fund to be managed by the Terengganu Investment Authority (TIA), will acquire some of the assets owned by the state.

It is learnt that the Terengganu state government would, in turn, use part of the proceeds from the disposal of assets (to TIA) to repay loans due to the federal government. The fund project was approved by the cabinet last week. …. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Propertyweek.com: Qatari Diar Real Estate Investment Company is to provide the bulk of development finance for the Renzo Piano-designed Shard development at London Bridge.

The sovereign wealth fund said today it had agreed to provide a funding facility to London Bridge Quarter, the Jersey-registered holding company that is developing the Shard and a second adjacent development called London Bridge Place. …. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Arabianbusiness.com: A planned multi-billion dollar state fund to buy into the Kuwaiti bourse could start investing as soon as next week, the finance minister said on Tuesday.

Last month, Kuwait asked its sovereign wealth fund the Kuwait Investment Authority (KIA) to set up the fund after the second largest Arab bourse, shed more than 30 percent this year in the wake of the global financial crisis….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Tnr.com: The sovereign-wealth fund owned by the United Arab Emirates has a $7.6 billion investment in Citigroup. The U.S. government is Citi’s largest shareholder.

Citigroup chairman Win Bischoff explained, “This is in line with our commitment to the (UAE) market in general, and reflects our positive outlook on Dubai in particular.”…. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Inquirer.net: Qatar will set up a $1 billion sovereign fund to finance infrastructure and other development projects in the Philippines, and will issue 128,000 working visas specifically for Filipino workers, Malacañang said Tuesday.

This was firmed up during President Gloria Macapagal-Arroyo’s four-day official visit to the oil-rich Middle East state, where she met with Qatari Emir Sheikh Hamad Bin Khalifa Al-Thani and Prime Minister Sheikh Hamad bin Jassem bin Jabr Al Thani, said Trade Secretary Peter Favila, who accompanied the President….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Petersoninstitute.org: In 2007, China created the China Investment Corporation (CIC) as a sovereign wealth fund (SWF) using a small portion of its international reserve assets.

Many questions have been raised about the operation and management of the CIC and the nature of China’s other international investments, including, importantly, China’s international reserves….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Economist.com: Scary sovereign-wealth funds were going to buy up the world. Then they were heroically going to rescue the banking system.

Now they are in hiding, counting their massive losses and wondering where all their money went. In second place, and closely related, oil: expensive one moment, cheap the next….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From CNN: In November, Bank of America increased its stake in China Construction Bank to 19.13% from 10.8% by acquiring 19.58 billion additional Hong Kong dollar- denominated H shares from Central Huijin Investment Co, an investment vehicle of China’s US$200 billion sovereign wealth fund.

The lockup period on the 19.58 billion H shares it bought then will expire on Aug. 29, 2011. It didn’t say, however, that it wouldn’t sell down its older holdings in CCB….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Theage.com.au: Telstra’s biggest shareholder has resisted weighing into debate over the performance of the telecommunications carrier’s management, with the $64 billion Future Fund saying it remains comfortable with its exposure to the company.

With the Future Fund no longer facing restrictions on the level of its $8.5 billion stake in the telco, the fund’s chief executive, Paul Costello, yesterday noted that the government-mandated investment fund was a natural seller of Telstra over the longer term. But he declined to outline a time frame or extent of a selldown….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Moneymanagement.com.au: Having taken an indexed approach initially, the Future Fund is set to begin actively managing its equity portfolios in the future. The fund’s chief investment officer, David Neal, said the indexed approach had been taken while the investment team sorted out policies and strategies.

“We are now moving the fund to be more actively managed,” Neal said….. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Gulfnews.com: Dubai World recently repaid $890 million (Dh3.269 billion) outstanding balance on a $1.2 billion loan it obtained from international banks last year to acquire a 9.4 per cent stake in MGM Mirage by Infinity World, a subsidiary of Dubai World.

The loan repayment by Dubai World is the third in a series by Dubai Government owned entities in the last few weeks. …. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Xinhua: The Capital Market Authority of Oman has issued a license for the establishment of an investment stability fund worth 150 million rials (390 million U.S. dollars) in a bid to stabilize the country’s declining stock market, Oman Daily Observer reported on Tuesday.

The fund will have 60 percent government holdings, and the remaining 40 percent will be distributed to pension funds and the private sector, represented by banks, investment companies and the companies operating in securities, Minister of Commerce and Industry Maqbool bin Ali Sultan was quoted as saying. …. Full Article: Source

Posted on 17 December 2008 by VRS |  Email |Print

From Manilastandardtoday.com: The Qatari government will create a $1-billion sovereign fund to finance development projects in Mindanao in support of the peace talks with the Moro Islamic Liberation Front.

Finance Secretary Margarito Teves said Qatar National Bank and two other Doha-based banks are also planning to buy into Al-Amanah Islamic Bank of the Philippines. …. Full Article: Source

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