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Sovereign Wealth Funds Briefing 13.Oct 2009

Posted on 13 October 2009 by VRS |  Email |Print

From Globalpensions.com: Sovereign wealth funds invest about US$1trn in international equity, less than half the amount of assets under management at the ten largest sovereign wealth funds, a new report found.

The ten largest funds had assets of about $2.2trn at the end of 2008, according to a report by RiskMetrics commissioned by the Investor Responsibility Research Center Institute (IRRC)……………………Full Article: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From IPE: Sovereign wealth funds (SWFs) have been dealt “a significant blow” by changes to the US tax regime, according to Steve Renna, president of the National Association of Real Estate Investment Managers (NAREIM).

The US Administration has introduced changes which mean SWFs are no longer exempt from taxation on their real estate investments in the US but are instead treated as commercial entities rather than government organisations……………………Full Article (Subscription Required): Source

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Posted on 13 October 2009 by VRS |  Email |Print

From Dow Jones: An announcement Monday that the investment arm of China’s $300 billion sovereign wealth fund will continue to buy shares in the country’s three largest banks is a symbolic gesture aimed at bolstering sentiment in the stock market, analysts said.

The news though did not set off a market rally, in part as investors continued to focus on the large amount of share supply in the pipeline……………………Full Article (Subscription Required): Source

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Posted on 13 October 2009 by VRS |  Email |Print

From FT Alphaville: Oh, for an investment bank client like China Investment Corp, as Lex observed recently, noting: “While other sovereign wealth funds talk a good deal, CIC does them”.

Many governments may also wish they had an SWF like CIC. In August, the fund, which had just under $300bn in assets at the end of last year, announced it had outperformed most of its peers — despite a return on its global portfolio of minus 2.1 per cent in 2008……………………Full Article: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From WSJ: Central Huijin Investment Ltd., an investment arm of China’s $300 billion sovereign-wealth fund China Investment Corp., will continue buying shares in the country’s three largest banks over the next year to reassure investors and stabilize the stock market, the lenders said Monday.

Last month, Huijin completed a year-long program to buy shares in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd. on the open market……………………Full Article (Subscription Required): Source

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Posted on 13 October 2009 by VRS |  Email |Print

From Chinadaily.com.cn: Central Huijin Investment Co, a unit of China Investment Corp, would continue to increase its holdings in the nation’s three largest banks over the next 12 months - a move which, analysts said, was a clear signal to stabilize the market and bolster investor confidence.

The $300-billion sovereign wealth fund would also continue to increase its holdings in the banks by buying shares from the open market over the next 12 months, according to a Huijin statement yesterday……………………Full Article: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From WSJ: China’s sovereign wealth fund is looking to make natural resource investments in Indonesia through a partnership with PT Bumi Resources, the nation’s largest coal mining company by output, Bumi said Friday.

China Investment Corp. last month agreed to lend $1.9 billion to Bumi, mainly to help the Indonesian company refinance its existing debt, Bumi said at the time……………………Full Article(Subscription Required): Source

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Posted on 13 October 2009 by VRS |  Email |Print

A new report finds that some Sovereign Wealth Funds (SWFs) have made progress in becoming more transparent, but there is a wide dispersion in the level of opacity among the funds. The study finds that about half of the ten largest SWFs have achieved a relatively high level of disclosure, while other funds have yet to adopt meaningful initiatives to improve compliance with their self-imposed disclosure code of conduct.
The report also indicates that although the aggregate size of the ten largest SWFs is approximately $2.2 trillion, the actual impact of the investments on international equity markets is significantly smaller - at about $1 trillion……………………Full Press Release: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From Vanguardngr.com: Nigeria will soon join the economies of the world that have used their foreign reserve to set up sovereign wealth funds to create more assets for the country with foreign reserves.

This fact was disclosed yesterday by the minister of Finance Dr. Mansur Murhtar……………………Full Article: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From Domain-b.com: With a major stake in United Arab Emirates-based telecom major Zain up for grabs, Securities Group Co, a Kuwait-based investment company, is considering a bid to buy the 24.6-per cent stake that state-owned wealth fund Kuwait Investment Authority is preparing to sell.

Securities Group joins India’s state-owned telecom companies Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd, as well as South Africa’s MTN Group, in expressing interest in Zain……………………Full Article: Source

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Posted on 13 October 2009 by VRS |  Email |Print

From AP: Anchorage stores reported a busy weekend. Many residents received their Alaska Permanent Fund dividend on Thursday, and lots of shops held weekend sales in hopes of getting a pre-holiday lift.

Shoppers parting with money this weekend said the stores would get some of their $1,305 dividend, but not all of it. Some said the rest would stay in the bank or go toward bills……………………Full Article: Source

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