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Sovereign Wealth Funds Briefing 15.Jun 2009

Posted on 15 June 2009 by VRS |  Email |Print

From Business24-7.ae: Bahrain Mumtalakat Holding Company, the country’s sovereign wealth fund, yesterday announced three significant senior management appointments to its management team.

Joining Mumtalakat as Chief Operating Officer is John Knight, whose role is to bring organisational best practices to Mumtalakat. With more than 25 years experience in corporate law, business management, and risk management responsibilities, Knight will be responsible for overseeing Mumtalakat’s corporate functions………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Business-standard.com: Sovereign Wealth Funds are trying again. Eighteen months ago, they rode to the rescue of ailing investment banks reeling from gargantuan mark-to-market losses on asset-backed securities.

Some, including the Government of Singapore Investment Corporation (GIC), got severely burned. But GIC and the Kuwait Investment Authority’s financing for BlackRock’s $13.5 billion acquisition of Barclays Global Investors should prove much less fraught………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Telegraph.co.uk: Three sovereign wealth funds have emerged as the mystery backers who are making possible BlackRock’s $13.5bn (£8.2bn) proposed acquisition of Barclays Global Investors.
The Kuwait Investment Authority (KIA), the Government of Singapore Investment Corporation (GIC) and the China Investment Corporation (CIC) contributed $2.8bn of the $6.6bn cash element of the deal that will create the world’s largest money manager and was first reported in the Sunday Telegraph……..Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Khaleejtimes.com: With ownership stakes taken by the sovereign wealth funds of Abu Dhabi, Qatar, Kuwait, Singapore and China in the seminal BGI deal, BlackRock’s international franchise can only deepen in the decade ahead, where index solutions is the wave of the future.
While I love the idea of owning the world’s top pure play (something UBS never was) money manager as the West’s Baby Boomers, history’s biggest, richest and longest living generation ages and retires, ……..Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Theaustralian.news.com.au: Fortescue chief executive Andrew Forrest is confident China will continue to invest in Australia despite the failure of Chinalco’s $US19.5 billion ($24bn) deal with Rio Tinto. China’s sovereign wealth fund China Investment Corp — a group with which Fortescue has had talks — is recruiting staff specialising in commodities.

Visiting Beijing to talk to investors about funding for his company, he warned that China was likely to have large stockpiles of iron ore and to face shipping queues for some time………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Bloomberg: Asian investment-grade corporate bonds offer value for investors because of their relatively wide spreads over U.S. Treasuries and low risk of default, according to Fullerton Fund Management Co.

A new fund established to invest in the securities has $34.7 million in capital and should grow in size to about $100 million within 12 months, Patrick Yeo, head of fixed income at the investment company, owned by Singapore sovereign wealth fund Temasek Holdings Pte, said in an interview yesterday. ……..Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Wam.ae: Mubadala Development Company (Mubadala), the development and investment company that is a catalyst for the economic diversification of the emirate of Abu Dhabi, today announced that construction of its Abu Dhabi Composites plant will start within two weeks and that the plant will be operational next year.
The development of a thriving international aerospace hub in Abu Dhabi, with a focus on knowledge-transfer, technology and innovation, is a key element of the Abu Dhabi Economic Vision 2030. Mubadala is bringing together existing aerospace assets and forming industrial partnerships to build a high technology knowledge intensive aerospace industry for Abu Dhabi………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From IANS: The Brunei Investment Agency, which deals with investments in foreign countries, has acquired “tourist class” hotels in the US, Britain and Singapore, Ali said. Now, apparently, it’s India’s turn.

“We are exploring business prospects in the hospitality industry here,” Brunei’s High Commissioner to India Sidek Ali told IANS………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From MF-Dow Jones: Italian business group head Emma Marcegaglia said Friday she expects Libya to make more investments in Italy in the future.

Speaking at a meeting in Rome, Marcegaglia said ………..Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Thenational.ae: The UAE plans to issue its first sovereign bond to fund infrastructure and other spending, following issues by Abu Dhabi and Dubai, a senior finance ministry official said on Sunday.

“A law will come out soon and it will specify where the debt must be spent. One (area)… is infrastructure,” Younis al Khoori, director general at the ministry of finance said………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Thenational.ae: The acquisition comes just weeks after the Oman Investment Fund, a sovereign wealth fund, bought a 75 per cent stake in the Bishops Square building in London in a deal that valued the property at £440m (Dh2.65bn).

Fadi Moussali, the regional director of the international capital group at Jones Lang LaSalle, said London had become a prime target for funds with cash to spare. Jones Lang LaSalle brokered both of the London deals………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Nbr.co.nz: The Guardians of the New Zealand Superannuation Fund say they will follow a directive from Minister of Finance Bill English to actively seek out eligible domestic investments but say they are unable to offer any assurances on how far – if at all – the Fund’s local asset base may increase.

The Fund is also likely to establish in-house expertise to assess some opportunities because of the lack of depth in the local investment management market………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From AFP: The International Monetary Fund’s plan to issue bonds for the first time has attracted several large emerging countries looking to diversify investments to the detriment of the dollar, whose luster is dimming under the mushrooming US budget deficit.

After the Group of 20 (G20) major developed and emerging market countries pledged in April to boost the IMF’s resources by 500 billion dollars, each country must determine just how to deliver………Full Article: Source

Posted on 15 June 2009 by VRS |  Email |Print

From Euobserver.com: The recent downgrade to Ireland’s sovereign credit rating by Standard and Poor’s, the second in three months, together with the prospect of a joint devaluation and eurozone entry plan for Latvia, are renewing speculation over the need for an eventual internal eurozone bailout, so as to prevent countries from defaulting on their debt.

The implementation of such a policy would be a giant step towards greater economic coordination within the eurozone………Full Article: Source

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