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Sovereign Wealth Funds Briefing 25.Feb 2009

Posted on 25 February 2009 by VRS |  Email |Print

From Reuters: Sovereign wealth funds (SWFs) — the investment arms of cash-rich nations such as China and Qatar — are poised to raise their holdings of commodities and oil in a move that could have a huge impact on financial markets.

Sitting on up to $4 trillion in assets, much of it from selling oil and other raw materials, most SWFs have so far been conservative in their investment choices, holding dollars, treasuries and shares in large U.S. and European companies….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From FT: France’s strategic investment fund, launched in October by Nicolas Sarkozy, the president, to bolster the country’s industry and protect it from foreign predators, will on Wednesday take a stake in the country’s biggest car equipment supplier, which is under pressure from a US activist investor.

The €6bn ($8bn) sovereign wealth fund is expected to launch several investments over the next few weeks in strategic companies large and small by taking a stake in Valeo, the car parts maker that is 19.75 per cent held by New York-based activist Pardus….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Chinadaily.com.cn: China Investment Corp (CIC), the nation’s $200 billion sovereign wealth fund, made a profit of $10 billion in 2008, Shanghai Securities News quoted an unnamed source as saying.

That would put the CIC’s annual return at 5 percent, notwithstanding its controversial investments in US private equity firm Blackstone and investment bank Morgan Stanley. CIC has lost more than half of the $8 billion it invested in the two firms. Officials from CIC declined to comment…… Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Efinancialnews.com: Protectionist attitudes against sovereign wealth funds will harm a global recovery, according to Shuilin Wang, a managing director at the China Investment Corporation - one of the largest of the government-controlled investment pools.

Speaking today at the Financial News sovereign-wealth-fund conference in London, Wang said every member of the global financial sector should work together to drag the world out of the current crisis….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Financialstandard.com.au: The US government’s move to potentially have direct share ownership in the banks bailed out during last year’s crisis could dilute the returns of sovereign wealth funds and pensions funds that hold stake in US finance stocks.

This week the US government, in concert with the Federal Reserve and other related agencies, announced that it would put the major US banks, such as Citi and Bank of America, through an evaluation test that would assess whether they needed additional capital buffer….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Worldpoliticsreview.com: As Western financial sectors reeled during 2007 and 2008, Asian and Middle Eastern sovereign wealth funds (SWFs) offered some succor, administering exotic medicine to banks poisoned by subprime toxins.

These White Knights cast a dark shadow, however, as questions — and fears — were raised about the political influence that, for instance, a Chinese government presence on the board of Barclays Bank might represent. …. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Business-standard.com: Temasek Holdings Advisors (Temasek), an Asia investment company, expanded its India operations with the launch of its Chennai branch office. With this presence, the company will now be able to geographically diversify and focus on the large South India market.

Manish Kejriwal, senior managing director and country head, Temasek Holdings Advisors India said: “We believe that in the current scenario, with prevailing capital scarcity, private equity investments are likely to play a pivotal role in global economic recovery. We already have a strong and diverse portfolio of investments but we believe the South presents a large growth market with a substantial investment potential.”…. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Bloomberg: Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, said it’s in talks for a hybrid funding package with China’s $200 billion sovereign wealth fund to help fund expansion.

Talks with China Investment Corp. are at a “early stage,” Cameron Morse, a spokesman for Perth-based Fortescue said today in an interview. …. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Indiatimes.com: China, the world’s largest metal consumer, may invest about $3 billion in Fortescue Metals Group Ltd, Australia’s third-biggest iron ore exporter, three people familiar with the transaction said.

China Investment Corp., the $200 billion sovereign wealth fund, is in talks with Fortescue, which plans to use some of the proceeds to retire debt, the people said, asking not to be identified before an agreement….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Carnegieendowment.org: Despite the severity of the global economic crisis, many governments are still nervous about accepting investment by Arab Sovereign Wealth Funds (SWFs) despite their potential to provide urgently needed liquidity.

Greater transparency about their holdings and investment strategies would help SWFs to overcome these concerns and to play a role in resolving the economic crisis, concludes a new policy outlook from the Carnegie Middle East Center….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Nasdaq.com: GIC Special Investments, a unit of the Singapore sovereign wealth fund, and Future Fund, the Australian sovereign wealth fund, have bought 7.7% of the management company of U.K.-based private-equity firm Apax Partners LLP , people familiar with the deal said Tuesday.

Apax is in talks to sell an additional 2.3% stake to GIC and Future Fund, one person said. The initial sale was completed late last year, the person said….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Arabianbusiness.com: Qatar Oman Investment Co has postponed plans for a secondary listing in Muscat and is looking to buy stakes in troubled firms across the Gulf Arab region and beyond, it said on Tuesday.

The joint venture between Qatar’s sovereign wealth fund the Qatar Investment Authority and the Omani government also said it was aiming to invest in real estate firms and future initial public offerings (IPOs), it said in a statement on the Doha bourse website….. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From Efinancialnews.com: The world’s largest sovereign wealth funds, some of which have been hit with a plunge in the values of their equity stakes in recent months, are increasingly considering other means of investing efficiently, according to a new survey.…. Full Article: Source

Posted on 25 February 2009 by VRS |  Email |Print

From News.com.au: The Federal Government’s $60 billion Future Fund will have to take on greater risks to meet its long-term growth target despite the global financial crisis, the head of the fund’s management agency says.

Paul Costello has told a Senate estimates hearing the fund has been forced to buy risky assets to generate a minimum return of inflation plus 4.5 per cent. “We are in the business of having to buy risky assets,” Mr Costello said….. Full Article: Source

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