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Sovereign Wealth Funds Briefing 18.Dec 2008

Posted on 18 December 2008 by VRS |  Email |Print

From In Q3 of 2008, as the global financial crisis continued to worsen, SWFs sought to limit their exposure to the riskiness of OECD markets. At the same time these funds sought to put more capital to work in their domestic economies which were becoming increasingly strained.

SWFs continued to shy away from investments in the global financial services sector and continued to resist OECD investments in general, relative to alternatives in emerging markets….. Full Press Release: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Reuters: Norway’s sovereign wealth fund on Wednesday threw a spanner into U.S. investor Warren Buffett’s deal to take over Constellation Energy, seeking to buy time to evaluate a rival bid by Electricite de France.

Norway’s $339 billion oil fund said it filed a law suit in a Maryland court to delay a Dec. 23 Constellation shareholders’ meeting due to vote on a takeover by MidAmerican Energy Company, a unit of Buffett’s Berkshire Hathaway Inc …. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Chinadaily.com.cn: In the face of the global financial crisis, China Investment Corporation (CIC), the country’s sovereign fund, has no interest in an imminent overseas expansion, said Wang Jianxi, CIC deputy general manager.

Wang was quoted by China Business News that right now, in major developed countries around the world, risks are high and policy trends uncertain. Sovereign funds are also facing some special obstacles and are denied access to invest in such things as crude oils and strategic minerals….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Thestar.com.my: Sovereign funds have been in business for a long time and over the years have been accumulating assets and seeking returns for the vast oil or non-oil resources of a particular country.

Be it Abu Dhabi Investment Authority, Government of Singapore Investment Corp, Government Pension Fund of Norway or China Investment Corp, these names are just examples of sovereign funds that have been locking up stakes in companies and businesses in search of long-term yields for their respective countries….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Reuters: OPEC member Algeria will set up an investment fund next month geared at financing domestic economic projects, Finance Minister Karim Djoudi said.

“It is an investment company which takes the form of an investment fund,” government-run newspaper El Moudjahid quoted him as saying. Djoudi said the investment fund would be supplied mainly by the state treasury….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Theherald.co.uk: I was bemused to note that Norway has just announced that it is going to dip into its $332bn sovereign wealth fund (£222bn) to finance a new fiscal spending package.

The oil-rich Norwegians will use the fund, the world’s second largest after Abu Dhabi, to offset a rapid slowdown in economic growth next year. And it aims to use these funds to stimulate target sectors expected to experience the sharpest slowdown, such as the construction sector, and invest in public buildings, schools and infrastructure….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Financeasia.com: Persistent Edge is setting its sights on helping China Investment Corporation (CIC) manage its money. CIC has not had a good year with its cross-border investments – and that’s putting it mildly.

It’s the fact that they have passed the acid test of 2008 that is now prompting Persistent Edge to think laterally about how it could participate in the management of sovereign wealth money….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Efinancialnews.com: Sovereign wealth fund China Investment Corporation has held talks with several advisers and funds of funds about helping it manage an increase in its allocation to private equity.
…. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From FT: With huge reserves in sovereign wealth vehicles and significant hydrocarbons resources that are expected to last a century, the emirate is better placed than most to absorb the ripple effects heading its way.

But even in Abu Dhabi, policymakers and businessmen are being forced to take stock. Oil prices have fallen sharply and liquidity from banks has dried up just as the emirate is embarking on an ambitious expansion programme….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Rgemonitor.com: Never in the Dark Again. Central Banks face the challenge of recovering global financial stability. Their opportunity is to gain a higher information level, establishing proactive targeted exchanges with a comprehensive pool of players, starting from Sovereign Wealth Funds.

This crisis has shown the information failure of existing regulatory and supervisory framework nationally and internationally. It is now clear that new thinking and action by Central Banks are needed, thus opening up a powerful opportunity….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Themovechannel.com: Sovereign wealth funds will own up to 20 per cent of global real estate worth £474 billion by 2015, according to the latest data from property adviser CB Richard Ellis.

SWFs, the billion dollar state-backed investment vehicles which have bought major stakes in everything from investment banks to UK commercial property in the past few years, will increase their exposure to real estate from four to seven per cent over the next seven years, CBRE said. …. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Bloomberg: Al Khalij Commercial Bank QSC, a Qatari lender, said its board approved the issue of as much as 20 percent new shares to Qatar Investment Authority, the country’s $60 billion sovereign wealth fund.

Al Khalij also rebranded BLC Bank (France) S.A., the United Arab Emirates-based lender it acquired in November, to Al Khaliji (France) S.A. and will invest $100 million in it to boost operations, the Doha-based bank said in an e-mailed statement late yesterday. Al Khalij will pay no cash dividend for 2008, it added. …. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Arabianbusiness.com: Nick Axford, head of EMEA research in London at CBRE said the slump in the European commercial property market along with lower oil and equity prices has hit the spending power of wealthy Middle Eastern real estate investors and Sovereign Wealth Funds (SWFs), historically large buyers of commercial property overseas, especially in London.

“Direct investment in European property from Middle Eastern investors and SWFs is likely to be lower in the short term than we had previously expected due to the on-going uncertainty in the European investment market, lower oil prices which has slowed the flow of money into SWFs, and falling share and bond prices, again reducing the size of assets owned by these funds,” he said….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From Inquirer.net: China Investment Corp., China’s sovereign wealth fund, bought a 9.9-percent stake in Morgan Stanley last December. The Government of Singapore Investment Corp. invested in Swiss bank UBS and US bank Citigroup. The city-state’s Temasek Holdings pumped billions into the former US investment bank Merrill Lynch.

Abu Dhabi Investment Authority made an investment of $7.5 billion in Citigroup — to name but a few….. Full Article: Source

Posted on 18 December 2008 by VRS |  Email |Print

From AFP: The governments of the Philippines and Qatar are to set up an investment fund worth more than a billion dollars, cabinet officials in Manila said Wednesday.

The fund was announced during a meeting between President Gloria Arroyo and Qatar’s Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al Thani last weekend….. Full Article: Source

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