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Sovereign Wealth Funds Briefing 09.Jul 2009

Posted on 09 July 2009 by VRS |  Email |Print

From Matthias Knab, Opalesque Europe: According to information obtained by Opalesque, global hedge fund managers rushed into Beijing for chances to meet with staff from China Investment Corporation (CIC), which said it would invest billions dollars in the absolute return field. Most of those money managers are from New York, London, Chicago, San Francisco and Connecticut, etc.

CIC’s activities are rather secretive - their officials usually don’t appear in public events but rather use private connections. Hedge funds around the world are struggling to find ways to access CIC. The most common questions circle about the standards and requirements on mandates by the China fund.

At Opalesque, I have personally received quite a few emails bluntly asking me for “an introduction”. In fact, we do have relationships to the CIC and many others, but obviously an email coming out of nowhere from a stranger asking “hey, know anyone at CIC?” isn’t maybe the most promising approach……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Welt.de: The Fonds Stratégique d’Investissement (FSI – the French Sovereign Fund) has announced having acquired a shareholding stake in Nexans of 5%, following the acquisition of shares in the market.

The global leader in the cable industry, Nexans posted sales of 6.8 billion euros in 2008 and has a workforce of 23,500 employees in 39 countries, some 3,000 of them in France……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Citywire.co.uk: Specialist consultancy Ecofact has been awarded a four-year mandate to provide ethical analysis of companies in the portfolios of the Norwegian Government Pension Fund – Global, formerly known as the Oil Fund.…….Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Globalpensions.com: The Ministry of Finance is looking for a consultant to evaluate whether or not the Norway Government Pension Fund – Global should continue using active management.
Ministry spokesman Anders Lande said: “The purpose is to evaluate different aspects of the active management, and the consultant’s report will form part of the Ministry’s basis for the assessment of whether or to what extent active management of the fund ought to be continued.”…….Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Dow Jones: China Investment Corp., the country’s $200 billion sovereign-wealth fund, has named the 14 members of its newly established international advisory board, which comprises economists, investors and former government officials from the U.S., Europe and Asia.

All 14 members of the International Advisory Council will meet annually, and may convene interim meetings as and when necessary, the sovereign-wealth fund said on its Web site……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Gasgoo.com: German car maker Porsche Automobile Holding and its stock options in Volkswagen AG have attracted interest from three addition bidders besides the Qatar Investment Authority.

Three new parties with an interest in taking a stake in Porsche include a Chinese and a Russian sovereign wealth fund as well as an unnamed hedge fund, Focus reports……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Nzsuperfund.co.nz: Like many institutional investors, the Guardians of New Zealand Superannuation (Guardians) invest with a long-term focus.
We recognise that environmental, social, and governance (ESG) issues are long-term factors that can be highly relevant to investment performance……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Alberta.ca: As detailed in the Alberta Heritage Savings Trust Fund 2008-09 Annual Report, the Heritage Fund’s fair value was $14.0 billion at March 31, 2009, a decrease of $3 billion from the previous year.
A sharp decline in world equity markets and a global economic and credit crisis were the primary reasons for the 18.1 per cent decline in value of the fund’s net assets……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Theglobeandmail.com: Following the collapse of Chinalco’s proposed $19.5-billion investment in Rio, China Investment Corp. (CIC), the massive Chinese sovereign wealth fund, unveiled a $1.74-billion deal last week to become the largest B-class shareholder in Teck Resources Ltd., Canada’s largest base metals miner.

CIC stressed the private share purchase was made as a “long-term passive financial investor,” and said it did not want representation on Teck’s board of directors……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Indianexpress.com: As things stand today, any proceeds from the dilution of state ownership have to be put into what is, essentially, a sovereign wealth fund called the National Investment Fund.
It is managed by three fund managers: the asset management divisions of UTI, SBI and LIC; and the corpus is never supposed to be dipped into……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Reuters: Datang Telecom, a telecom equipment maker, is in talks to sell a 20-percent stake to China’s national pension fund worth as much as 3 billion yuan ($428.6 million), China Daily reported on Thursday.
Datang Telecom, the major developer of China’s TD-SCDMA standard for third generation telecom services, and the National Social Security Fund (NSSF) had not yet settled on a price tag for the proposed private placement, said the newspaper, citing unnamed company sources……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Guardian: The BHP-Rio deal raises the probability of China financing Fortescue’s expansion, with China Investment Corp, a sovereign wealth fund being advised by Deutsche Bank, the most likely investor to offer funding, sources said.
Fortescue would need $5.2 billion to more than double its annual output to 120 million tonnes in a next expansion phase, CLSA estimates. Fortescue is forecast to ship 26 million tonnes in fiscal 2009……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From Globalarabnetwork.com: Potential risk appears manageable, because the banking sector is well capitalized, and the Qatar Investment Authority (QIA) can diversify its portfolio by investing in local projects.
Qatari banks comply with Basel 11 guidelines for capital adequacy requirements. Moreover, the direct impact on banks of plunging equity prices is minimal thanks to ceilings on exposure to the stock market……..Full Article: Source

Posted on 09 July 2009 by VRS |  Email |Print

From WSJ: The Finance Ministry last week began the sale of $4 billion, repatriated from one of its sovereign wealth funds, in the local market. It will sell the $4 billion, earmarked to finance its announced fiscal deficit, at a rate of $40 million a day.

In the local bond market, yields on Chilean central bank bonds, or BCUs, ended higher following a scheduled central bank bond buyback, traders said……..Full Article: Source

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