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Sovereign Wealth Funds Briefing 22.Jul 2009

Posted on 22 July 2009 by VRS |  Email |Print

From Bloomberg: Korea Investment Corp., the country’s $30 billion sovereign wealth fund, said it will increase the equities allocation in its portfolio later this year and target additional investments in the U.S. and Asia.

“We think it’s unlikely that bonds are going to continue to outperform stocks from here over the long term,” Chief Investment Officer Scott Kalb said today in an interview in Seoul. “We’re moving more towards equity.” ……..Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Reuters: Swiss alternative asset manager Partners Group said on Tuesday it received an investment mandate from Korea Investment Corporation, a sovereign wealth fund that manages assets for the Korean government and the Bank of Korea.

Under the terms of the mandate, Partners Group will buy into private equity portfolios on the secondary market………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Bloggingstocks.com: Its sights set on the United States and Asia, South Korea’s $30 billion sovereign wealth fund is hunting for equities. Korea Investment Corp. (KIC) doesn’t see bonds outperforming stocks over the long term, which is what has prompted the move.

Once the reallocation is executed, equities will account for half of KIC’s “traditional” investments. Today, it stands at 40%. High quality equities and fixed income securities comprise 90% of KIC’s portfolio, with the rest, one would gather, consisting of “non-traditional” investments………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Thedeal.com: It has been a busy month for Aabar Investments PJSC of Abu Dhabi. The sovereign fund just created a joint venture with Austrian technology and metalware firm Berndorf AG. Named ABAG Aktiengesellschaft Inc., the JV will initially be funded with €150 million ($213 million) and will invest in medium-sized technology-based companies and real estate in Europe.

Abar will contribute two-thirds of the funding, while a Berndorf team will manage ABAG………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Reuters: Kuwait’s sovereign wealth fund, the Kuwait Investment Authority (KIA), denied on Tuesday it was in talks to invest in German auto parts supplier Continental AG .

“The Kuwait Investment Authority announced that recent news regarding talks with German auto parts supplier Continental AG was incorrect and baseless,” KIA said in a statement………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Independent: Temasek, the Singaporean state investment company, shocked the world of sovereign wealth funds yesterday when it revealed that Charles “Chip” Goodyear would not become its new chief executive in the autumn.

Mr Goodyear, the former chief executive of the mining giant BHP Billiton, joined Temasek’s board on 1 March as an executive director and chief executive designate, and was scheduled to lead the fund from 1 October. ……..Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From WSJ: Plans for a foreigner to run Singapore’s Temasek Holdings Pte. Ltd. for the first time fell apart as the state-owned investment firm said Charles “Chip” W. Goodyear won’t become chief executive after all.

The unexpected departure of Mr. Goodyear, formerly chief executive of BHP Billiton Ltd., is likely to raise questions about Temasek’s direction and its willingness to embrace change as it seeks to raise professional standards………Full Article (Subscription Required): Source

Posted on 22 July 2009 by VRS |  Email |Print

From Forbes: Ho Ching will remain chief executive of Singapore government investment company Temasek after her replacement mining industry executive Chip Goodyear couldn’t resolve differences with the board, state media reported.

State broadcaster MediaCorp. says on its Web site Tuesday that Goodyear and the Temasek Holdings board had “differences regarding certain strategic issues that could not be resolved.”……..Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Reuters: The official line why Charles “Chip” Goodyear will not become chief executive of Temasek Holdings as planned is that the American executive and the board of the giant Singapore investment fund did not quite see eye-to-eye on strategy.

If that’s the case, it’s hard to understand why it took them five months to discover the yawning gulf between them. Whatever the reason, a rare opportunity to shed some of the image problems that have plagued Temasek and other sovereign wealth funds has now been lost………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Thestar.com.my: The Terengganu Investment Authority (TIA) is being expanded to a federal entity called 1Malaysia Development Bhd (1MDB) with the aim of investing billions of ringgit in energy, real estate and hospitality sectors in the country, according to a statement from the Prime Minister’s office.

It was earlier proposed that the TIA would raise RM11bil for investments, of which RM5bil were to be government-guaranteed bonds while RM6bil were bonds to be collateralised by oil royalty payments to the state of Terengganu………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Proactiveinvestors.co.uk: The global economic crisis has left many sophisticated institutional investors reeling. Most are yet to fully recover even though markets have clawed back some of their early losses. Worst hit are the hedge funds with exposure to financials and commodities.

For instance, New York based Ospraie Fund that was worth some $2.8 billion at the start of August 2008 wound up later in the year as its holdings took a massive hit due to falling commodity prices. London based RAB Capital, which invests in small cap mining stocks, had to seek protection from redemptions due to falling commodity prices and consequent poor performance. Assets under management by RAB have reportedly fallen by 74% in 2008………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Forbes: Value of assets held by the world’s sovereign wealth funds fell to $3 trillion this year from $3.6 trillion at end-2007 as the credit crisis nearly halved their equity portfolio, according to Deutsche Bank
The German bank’s report on state-owned investment funds also highlighted their positive long-term prospects, with their total assets under management likely to more than double to $7 trillion in the next 10 years………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Thestandard.com.hk: Mainland sovereign wealth fund China Investment Corp has reportedly bought a 1.1 percent stake in UK-based drinks maker Diageo worth US$365 million (HK$2.85 billion).

Diageo owns a number of brands including Johnnie Walker, Guinness and Baileys………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Reuters: Is Beijing trying to get its hands on the secret brewing recipe for Guinness?

China’s sovereign wealth fund has bought a 1.1 percent stake — worth around 240 million pounds – in drinks group Diageo, which owns the legendary Irish stout………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Cpa.org.au: In the coming weeks superannuation funds will be reporting record losses for the 2008-09 financial year, far greater than those of the previous year.
Around $200 billion of workers’ retirement savings have been wiped, and many workers forced to put off retirement, while retirees return to work………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Menafn.com: Total foreign assets held by GCC central banks and sovereign wealth funds shrank by 8.3 per cent during the first half of the year to just over $1.1 trillion by the end of June, according to an estimate by an authoritative US-based financial analysis firm.

These combined foreign assets stood at around $1.2 trillion at the end of December. Much of the decline was driven by the Saudi Arabian Monetary Agency, or Sama, which manages the bulk of Saudi foreign assets, RGE Monitor said in its latest report………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Thenational.ae: An Abu Dhabi sovereign wealth fund seems on the verge of investing US$1 billion (Dh3.67bn) into Malaysia, according to Bernama, the Malaysian national news service.

The funds would go into 1Malaysia Development Berhad (1MDB), a new Malaysian sovereign wealth fund, and be invested in energy, property and hospitality projects, Bernama reported yesterday………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Business24-7.ae: UAE’s Mubadala Development Company has scored a perfect 10 on the Linaburg-Maduell Trans-parency Index for Q2 2009.

The index, developed by US-based Sovereign Wealth Fund Institute, rates SWF transparency using 10 principles such as provision of information related to ownership percentage, portfolio market value, returns, ethical standards, investment policies and objectives………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From Gulfnews.com: The government of Saudi Arabia has been forced to foot the bill to ensure that work continues uninterrupted on several mega development projects in various regions of the kingdom. The government financing is being extended mainly through the Public Investment Fund (PIF), a state-owned investment arm.

The government has so far extended financing worth more than 11 billion Saudi riyals (Dh10.7 billion) to offset a marked decline in the volume of financing from the crisis-hit banking sector………Full Article: Source

Posted on 22 July 2009 by VRS |  Email |Print

From UPI: Beijing will use its central bank’s international reserves, No. 1 in the world, to accelerate Chinese business expansion overseas, the country’s premier said.

“We should hasten the implementation of our ‘going out’ strategy and combine the utilization of foreign exchange reserves with the ‘going out’ of our enterprises,” Wen Jiabao told Chinese diplomats………Full Article: Source

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