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Sovereign Wealth Funds Briefing 16.Feb 2009

Posted on 16 February 2009 by VRS |  Email |Print

From Menafn.com: The world’s most powerful global Sovereign Wealth Funds (SWFs), confirm that they are still awaiting the bottom of the market before committing to further substantial investments, according to a survey by Financial Dynamics International (FD), a member of FTI Consulting Inc, one of the world’s leading financial and corporate communications consultancies.

The survey also confirmed a unanimous view that SWFs see their role as that of passive long term investors, with no desire to behave in an activist manner towards investee companies….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Reuters: Singapore’s reserves will not be depleted by the losses suffered by its two sovereign wealth funds, Temasek and the Government of Singapore Investment Corp (GIC), a government minister said in remarks published on Sunday.

Lim Hwee Hua, junior minister for finance, said that the decision by GIC, which manages central bank’s reserves, to invest in “dangerous asset classes” was not a sudden move, but a slowly evolving strategy….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Bt.com: Singapore’s hard-earned reserves, which are tied to the island states global investments, have plunged in unprecedented proportions over the past year. In just eight months, the invested portfolio of the state investment corporation, Temasek, fell by a staggering S$58 billion — or 31 per cent.

That it has dropped from S$185 billion in March to S$127 billion in November is confirmation of the extreme pessimism that had been privately spreading among informed citizens for more than a year….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Independent.co.uk: Norway’s sovereign wealth fund is on the verge of an $18bn (£12.5bn) shopping spree for landmark British and American properties. Norges Bank, Norway’s central bank, which manages investments made from Norway’s vast energy surplus, is understood to be ready to make its first investments by the end of the summer.

Paul Golding, the former Merrill Lynch banker who heads the fund’s UK arm, had been expected to start investing money for the fund last year. …. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Brecorder.com: The recent global ‘financial tsunami’ has hit almost all countries and the ‘Sovereign Wealth Funds’ can play a significant role to bail out their economies. “It is a financial 9/11 as ‘mortgage twin tower’ and many strong financial institutions have collapsed in the recent crisis”, Adnan Hassan, a former advisor to the World Bank.

He said that the Sovereign Wealth Fund (SWF), a state repository of wealth and presently having a base of $3.3 trillion, is the fast growing segment in the world. “Although the base of the fund is small, it has a fast growth rate, mainly in the developed economies”, he said….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Reuters: Major sovereign wealth funds are holding off big investments abroad expecting markets to fall further this year, with some focusing on investing at home to stimulate economies in the wake of a global crisis, a survey showed.

Senior executives of some of the world’s biggest funds said they held off any substantial investment for now and were generally cautious, particularly with bailing out distressed firms, according to a survey by Financial Dynamics International published on Sunday….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Business24-7.ae: Globally, sovereign wealth funds (SWFs) expect better asset values later this year and are keeping their powder dry for such a time.

The world’s most powerful global SWFs confirmed that they are still awaiting the bottom of the market before committing to further substantial investments, according to a survey by Financial Dynamics International (FD)….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Bi-me.com: Libya’s sovereign wealth fund could acquire stakes in Italian banks, the fund’s chairman was quoted saying in an Italian newspaper on Saturday, without specifying which banks or when any acquisitions might take place.

Libyan Investment Authority Chairman Abdulhafid Zlitni also said that although talks on acquiring a stake in Telecom Italia had ended without agreement, Libya could be willing to restart negotiations in the future….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Reuters: Libya’s sovereign wealth fund is worth more than $65 billion at present but has only up to 23 percent of its available cash funneled into investments, the fund’s chairman said.

Speaking to reporters after a dinner in Rome on Thursday, Libyan Investment Authority Chairman Abdulhafid Zlitni said the fund had less than 10 percent of its portfolio invested in Italy — where it has bought stakes in oil company Eni and UniCredit….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Dailytimes.com.pk: Pakistan should try to attract sovereign wealth funds (SWFs), which are grappling to find new investment avenues after financial meltdown in the developed countries, a former advisor of the World Bank (WB) said Saturday.

Chief executive officer of Mecasa Advisory, a US based financial consultancy firm, Adnan Hassan was speaking at the launching ceremony of his book ‘A practical guide to Sovereign Wealth Funds’. He said Pakistan was in a much better position compared with other developing countries. Most states with SWFs are Pakistan’s friends, he added….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Goldseek.com: Many people think that because the US dollar is the world’s reserve currency that people/central banks must continue to own the dollar. This is flawed. What the US dollar’s reserve currency status actually means is that people/central banks already own the US dollar.

What it does not mean is that anyone, domestic or foreign, has to hold on to dollars, let alone accumulate more….. Full Article: Source

Posted on 16 February 2009 by VRS |  Email |Print

From Komfie Manalo, Opalesque Asia: According to Sydney-based Liptak Hatfield Advisers, Australia’s $59.9bn sovereign wealth fund - the Future Fund - dramatically lifted its allocation to alternative investments in the last six months of 2008.

The fund now has $1.926bn in alternatives, compared to just $63m in June 2008, said the SWF’s latest portfolio update. The fund’s targeted weighting to alternatives is 15%, or $9bn, making it the largest alternatives investor in Australia.

In its annual report released before the end of 2008, Future Fund said its alternatives program would focus on “accessing special opportunities funds seeking to invest in the increasingly distressed conditions in the global credit markets.”

The fund returned minus 8.49% in 2008, well above the average Australian pension…….. Full Article: Source

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