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Sovereign Wealth Funds Briefing 16.Jul 2009

Posted on 16 July 2009 by VRS |  Email |Print

From Xinhua: South Korea injected 3 billion U.S. dollar more in its sovereign wealth fund amid its new plan to expand targets on profit seeking, the chief of the fund said Wednesday.

According to Chin Young-wook, chief of Korea Investment Corp. (KIC), his company now holds 27.8 billion U.S. dollars under its management, awaiting an additional investment of 2 billion U.S. dollars in the second half of 2009……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Koreaherald.co.kr: The CEO of Korea Investment Corp. said yesterday the company would invest $1 billion in inflation-hedging assets such as price-linked bonds, commodities and real estate assets as part of its exit strategy, amid rising concerns over possible “hyper inflation.”
The nation’s sovereign wealth fund received $3 billion from the Finance Ministry in July, of which it will spend $2 billion in investing in traditional overseas bonds and stocks, and the remaining $1 billion in new alternative investments like inflation-hedging assets……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Dow Jones: South Korea’s sovereign wealth fund Korea Investment Fund will continue to hold on to its stake in Bank of America (BAC) and is looking to develop strategic ties with the bank, KIC’s chief investment officer Scott Kalb said Wednesday.

“If you sell it (Bank of America stake), it is because (Bank of America’s) outlook is poor. But that isn’t so. I think BofA is well positioned,” Kalb said at a press conference……..Full Article (Subscription Required) : Source

Posted on 16 July 2009 by VRS |  Email |Print

From Reuters: China Investment Corp’s recent $1.5 billion investment in Canadian miner Teck Resources has not led to any backlash in China, but the public might be less happy if they read the fine print of the Teck announcement.

China’s sovereign wealth fund has signed a highly restrictive agreement which seems designed to ensure that it is seen as a harmless financial investor in resource-rich Canada……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From CFO: Just what is a sovereign investor? Sometimes deemed “sovereign wealth funds, sovereign investors are simply designated pools of government-controlled financial assets that have investment rather than merely spending mandates.
For our purposes, sovereign investors are best defined as special purpose investment funds or arrangements, owned by the local government. Created by the government for macroeconomic purposes, these sovereign investors hold, manage, and administer assets to achieve financial objectives……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From IPE: The Government Pension Fund – Global has reported a four consecutive increase in its fund value as assets rose a further NOK75bn in June to reach a record high of NOK2.383trn (€262.9bn).

Figures from Norges Bank’s monthly balance sheet showed a fourth consecutive month of increases, to push the value of the pension fund to its highest level yet above the peak of NOK2.273trn in December 2008 and almost NOK400bn higher than the NOK1.991trn reported at the end of June 2008……..Full Article (Subscription Required): Source

Posted on 16 July 2009 by VRS |  Email |Print

From Eurodad.org: At end-2008, the fund’s holdings amounted to over US$340bn making it the world’s second largest Sovereign Wealth Fund.
The pension fund holds about one quarter of its investment portfolio in sovereign bonds. To invest in bonds is a means of lending money……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Startribune.com: U.S. Treasury Secretary Timothy Geithner, looking to win backing from oil-rich Gulf Arab nations, said Wednesday that Washington wants to work with its allies to build a stronger financial foundation for the world as it emerges from its worst recession in decades.

Geithner’s comments followed a closed-door breakfast meeting with United Arab Emirates Foreign Trade Minister Sheikha Lubna al-Qasimi and other officials from the Arab world’s second largest economy……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Steelguru.com: The state run investment vehicle Mubadala Development Company is inviting at least 9 pre qualified groups to bid for the AED 5 billion main construction contract on the Cleveland Clinic project in Abu Dhabi.

The medical facility is one of the largest deals to be tendered in the emirate this year and has received keen interest from contractors……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Bloomberg: China’s foreign-exchange reserves are surging again, helping the Obama administration sell unprecedented amounts of debt as it seeks to drag the world’s biggest economy out of a recession. China Investment Corp., the nation’s $200 billion sovereign wealth fund, lost money on its first investments.

Stockpiles of currency rose by a record $178 billion in the second quarter to top $2 trillion for the first time, the People’s Bank of China said yesterday……..Full Article: Source

Posted on 16 July 2009 by VRS |  Email |Print

From Rgemonitor.com: Given the increase in China’s reserve holdings, perhaps it is no surprise the Chinese investment corporation (CIC) is again becoming active, restarting its investment program.
In recent weeks, the CIC announced plans to increase its stake in Morgan Stanley to avoid dilution, took a 17% stake in Canadian metals producer Teck Cominco, and announced a board of economic advisors. Further investments may follow as China continues to try to diversify its holdings……..Full Article: Source

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