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Sovereign Wealth Funds Briefing 19.Dec 2008

Posted on 19 December 2008 by VRS |  Email |Print

From Gulf Times: 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 19 December 2008 by VRS |  Email |Print

From Straitstimes.com: Singapore sovereign wealth fund Temasek Holdings will retain its 18.8 per cent stake in Standard Chartered after subscribing to a rights issue, the bank said in a statement on Friday.

The British-based bank said Temasek now holds 356.6 million ordinary shares, compared with 268.2 million shares, equivalent to the same percentage it owned before the rights issue. ….. Full Article: Source

Posted on 19 December 2008 by VRS |  Email |Print

From Heritage: In October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released a set of generally accepted principles and practices (GAPP) for the conduct, governance, and accountability of sovereign wealth funds (SWF).

First conceived in the 1950s by foreign governments as a means to invest surplus foreign exchange earnings in the U.S. and markets abroad, SWFs have been the subject of intense media and government scrutiny after a flurry of investment deals in 2006 and 2007 caught the public’s eye….. Full Article: Source

Posted on 19 December 2008 by VRS |  Email |Print

From Bloomberg: Gilles Michel, a member of the management committee of PSA Peugeot Citroen, was picked by French President Nicolas Sarkozy to head the country’s 20 billion-euro ($29 billion) sovereign wealth fund, three people with direct knowledge of the matter said.

Sarkozy chose Michel, 52, from two nominees put to him by the fund’s board, which may vote on the appointment tomorrow, said the people, who requested anonymity because the information isn’t public….. Full Article: Source

Posted on 19 December 2008 by VRS |  Email |Print

From Easybourse.com: The board of the International Finance Corp (IFC) will double an existing trade-finance guarantee facility to $3 billion, while creating three new programs aimed at recapitalizing banks, supporting infrastructure financing and enabling sovereign wealth fund investments.

The four programs should deploy about $30 billion over the next three years, with the help of governments and international institutions, it said in a release….. Full Article: Source

Posted on 19 December 2008 by VRS |  Email |Print

From AFP: South Korea plans to set up a 20 trillion won (15.4 billion dollar) fund to help banks raise their capital base and access cash during the credit crisis, the financial watchdog said Thursday.

The move will ensure banks “will be prepared for possible losses that they could incur from a prolonged economic slowdown and restructuring (of businesses),” the Financial Services Commission (FSC) said….. Full Article: Source

Posted on 19 December 2008 by VRS |  Email |Print

From Frbsf.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

Posted on 19 December 2008 by VRS |  Email |Print

From Bloomberg: Bank of America Corp.’s plan to sell about $2.8 billion of shares in China Construction Bank Corp. was undone by a Chinese securities law provision that would have forced it to forfeit profits from the sale, two people familiar with the matter said.

Central Huijin Investment Co., a unit of China’s $200 billion sovereign wealth fund, has a controlling 57.06 percent stake in China Construction. The Chinese government has said it wants to keep absolute control of the nation’s biggest lenders….. Full Article: Source

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