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Sovereign Wealth Funds Briefing 09.Dec 2009

Posted on 09 December 2009 by VRS |  Email |Print

From WSJ: The financial crisis taught most of the investing world a lesson about managing risk. Asia’s sovereign-wealth funds appear to be taking some lessons from bad investments to heart.

After the initial embarrassment of heavy losses on investments in Wall Street, state-owned investors in China and Singapore are reshaping their strategies by diversifying their investment scope and focusing on markets where they have better knowledge……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Fiercefinance.com: Sovereign wealth funds, like a lot of U.S. funds, made some pretty big wagers on financial services companies not too long ago. How did they fare? It’s been a mixed bag.
Kuwait’s sovereign wealth fund said over the weekend that it had made a $1.1 billion profit from its Citigroup stake, which it bought in January 2008. That equals a 37 percent annualized return on its initial $3 billion investment……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Dow Jones: Verenex Energy Inc.said that it has entered into an agreement to be bought by Libya’s sovereign wealth fund for C$7.09 per share.

Verenex is a Calgary-based oil and gas exploration company with petroleum assets in Libya’s Ghadames Basin. The company’s shares rose 3.4% to C$7.03 in recent trading in Toronto……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Timesonline.co.uk: The property subsidiary of Dubai World, the stricken Gulf investment group, could have lost up to $6 billion (£3.7 billion) in the first half of this year had it not been given government bailouts, it has emerged.

The continued bad news from Dubai World sent investor confidence in the Gulf state crashing yesterday, while in Britain fears about the state-backed investment company hit Royal Bank of Scotland, one of its main lenders……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Indiatimes.com: Jayesh Parekh, a former top institutional sales official at Motilal Oswal Financial Services, is believed to have joined Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Abu Dhabi.

However, ET could not confirm the role of Parekh, who was rated the top salesperson for India in the AsiaMoney Brokers poll recently, in ADIA……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Globalinvestormagazine.com: Guan Ong, ex-CIO of Korea Investment Corporation has launched his credit hedge fund in Singapore.
Blue Rice Investment Management (Brim) has started trading its absolute-return strategy, the Brim Asian Credit Fund……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Indiatimes.com: An International Monetary Fund team will visit Dubai in coming weeks to look closer at the economic impact of the Dubai World debt crisis and actions needed to resolve it, a senior IMF official said.

In an interview, IMF Director for the Middle East and Central Asia Masood Ahmed said the visit was an opportunity for the IMF to update and conclude its 2009 assessment of the United Arab Emirates……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Businessday.co.za: The Kuwait Investment Authority, the Gulf nation’s sovereign wealth fund, said this week it had sold its stake in Citigroup for 4,1 bn, earning a 1,1bn profit.

Citigroup shares fell to 4 in European trading yesterday, down 1,5% from their 4,06 close in New York trading on Friday. The shares have tumbled 47 % this year, paring Citigroup’s market value to about 92bn ……………………………..Full Article: Source

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Posted on 09 December 2009 by VRS |  Email |Print

From Bloomberg: India’s foreign-exchange reserves remained little changed after the South Asian nation bought gold from the International Monetary Fund, a minister told lawmakers in New Delhi today.

The Reserve Bank of India said on Nov. 3 that it bought 200 metric tons of gold for about $6.7 billion, representing about 6.1 percent of the nation’s total reserves, Namo Narain Meena, junior finance minister said in a written reply to a question in parliament in New Delhi today……………………………..Full Article: Source

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