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Sovereign Wealth Funds Briefing 03.Dec 2009

Posted on 03 December 2009 by VRS |  Email |Print

From Financeasia.com: Asian SWFs have overtaken Middle East government investment arms as the largest acquirers of assets this year, and the biggest increase in spending is in the natural resources sector.
There have been some major shifts in sovereign wealth fund (SWF) trends this year, one of which has been Asia-based institutions accounting for a higher share of the overall investments relative to those in other regions……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: China Investment Corp., the country’s sovereign wealth fund, is offering to invest as much as 800 million euros ($1.2 billion) into a private-equity fund run by London-based Apax Partners LLP, the Financial Times reported.

CIC also may purchase a 2.3 percent stake in Apax Partners Worldwide LLP, the private-equity group’s management company, according to the report, which didn’t say where it got the information……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: Citigroup Inc. sold $1.875 billion of five-year senior debt as part of terms for a cash injection from Abu Dhabi Investment Authority in 2007, according to data compiled by Bloomberg.

The 6.01 percent notes priced to yield 350 basis points more than similar-maturity U.S. Treasuries, Bloomberg data show. A person familiar with the transaction earlier said the debt might pay a spread of about 325 basis points. A basis point is 0.01 percentage point……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From People.com.cn: Central Huijin Investment Co, an investment arm of China’s sovereign wealth fund, is likely to ask State-run lenders to pare dividend payouts, or reinvest the dividend proceeds accrued to it in any likely new share sales undertaken by the banks next year, a source with knowledge of the matter said.

This is the investment unit’s latest effort to help augment the capital position of major Chinese lenders, which are reportedly facing a capital shortage due to the massive lending spree seen so far this year……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Moneycontrol.com: Dubai World is looking to hold on to key revenue-generating assets including port operator DP World and its stake in Standard Chartered, but creditors may yet force it to part ways with prized entities.

The troubled state-controlled conglomerate on Monday shed some light on how it planned to restructure USD26 billion in debt, including through asset sales, in its first statement since requesting a delay in repaying billions in debt till May 2010……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Zawya Dow Jones: Efforts by state-controlled Dubai World, which has liabilities of about $60 billion, to tackle its debts are on the right track, the United Arab Emirates’ economy minister said late Wednesday.

The debts of the conglomerate will not affect the performance of the firm or the emirate’s economy, Sultan Al Mansouri told state-run WAM news agency……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Financialstandard.com.au: The Future Fund Management Agency will have a bigger investment team than it initially planned - jumping from 29 to around 40 staff by next year - as the cash-heavy fund scours the markets for more investment opportunities.
Speaking at the Investment Management Consultants Association (IMCA) this week, David Neal, chief investment officer at the Future Fund, said the fund has a small investment team compared to other sovereign wealth funds but will be looking to increase its internal resources as it looks for more assets in property and infrastructure……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Brisbanetimes.com.au: This can only throw shame on our own sovereign wealth fund, The Future Fund, which has $86 billion of funds under management. With this sort of money it could be a leader in infrastructure investment rather than investing in things such as overseas private equity funds.

Indeed, given the swag of infrastructure projects waiting in the wings for funding, the Future Fund could be in the box seat to take any number of positions. It could also usurp the Canadian funds and make a counter offer……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Superreview.com.au: India is set to benefit from a shift in Australian superannuation fund attitudes to investing in Asia, according to research conducted by the University of New South Wales’s Australian School of Business.

The study of 20 superannuation funds and similar institutions revealed that investment in India is expected to increase significantly as respondents indicated they are set to move into country-specific mandates from ‘Asia as a whole’ mandates, associate professor John R Evans said……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Asiaone.com: According to the Sovereign Wealth Funds Institute, the total assets of SWFs stood at US$3.7 trillion as of September this year, with resource-rich areas contributing 61 per cent, and those with current account surpluses and pension assets accounting for the rest.

The largest share of the SWF assets was by the Middle-East (44 per cent), followed by Asia (35 per cent)……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Reuters: Diversification by central banks and sovereign wealth funds into gold could outpace private investments to become a main driver of the metal, said Jon Spall, director of commodities hedge fund sales for Barclays Plc’s Barclays Capital.

Fund managers from the official sector and institutions will keep piling into the metal as a long-term investment due to a gloomy dollar outlook and inflation worries, as the metal is only in an early stage of its bull cycle, Spall told Reuters in a recent interview……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Joc.com: The government could help CMA CGM by providing funds from the state-run Strategic Investment Fund, set up to assist key French firms weather the global economic downturn.

The government also is under pressure from the French shipowners’ association to establish a $1.8 billion fund to help carriers meet banks’ demands for extra collateral to cover the fall in the value of ships they have ordered……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Bloomberg: Vancouver-based Teck sold a 17 percent stake to China’s $200 billion sovereign wealth fund for C$1.74 billion in July to reduce debt.
Teck’s partnership with China’s fund will increases sales of coal, copper and zinc and provide financing for future acquisitions, Lindsay said in the Nov. 30 interview in New York……………………………Full Article: Source

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Posted on 03 December 2009 by VRS |  Email |Print

From Forbes: Denmark’s foreign exchange reserves, watched as a potential trigger for interest rate changes, rose by a bigger-than-forecast 7.3 billion crowns ($1.48 billion) in November, central bank figures showed on Wednesday.
The rise to 383.4 billion crowns exceeded a median forecast of 380 billion in a Reuters survey of five analysts……………………………Full Article: Source

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