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Sovereign Wealth Funds Briefing 18.Dec 2009

Posted on 18 December 2009 by VRS |  Email |Print

From Pionline.com: Changhong Zu, a managing director at PIMCO, is leaving to become chief investment officer of the Reserve Management Department of State Administration of Foreign Exchange, a Chinese sovereign wealth fund, PIMCO executives disclosed.

Mr. Zhu was a hedge fund manager at PIMCO, said spokesman Mark Porterfield………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From Reuters: East Timor said on Thursday its $5 billion sovereign wealth fund plans to diversify away from U.S. Treasuries and invest in other government bonds as well as property.

The government is considering changing a law that requires 90 percent of the assets of the Petroleum Fund to be invested in U.S. Treasuries, which currently make up all of the fund………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From Dow Jones: Government of Singapore Investment Corp., or GIC, said Friday that its stake in Citigroup Inc. (C) will be reduced to about 4% from 4.9% after the latest round of capital raising by the U.S. bank.

“GIC will continue its investment in Citigroup as we are confident of its long-term prospects,” GIC spokeswoman Jennifer Lewis said in a statement………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From WSJ: Abu Dhabi’s decision to fight a messy legal battle to extricate its sovereign wealth fund from a costly deal to invest in Citigroup Inc. smacks of wounded Arab pride.
But it will also fuel suspicions that, whatever Abu Dhabi’s long-term oil wealth, it may face near-term liquidity problems raising the cash to bailout both neighboring Dubai and its own speculative investments while meeting its own ambitious development targets………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From AFP: US banking firm Citigroup has said it will vigorously defend itself against a claim filed by Abu Dhabi’s sovereign wealth fund seeking four billion dollars over a 2007 share purchase deal.

In a statement released this week, Citigroup said “an arbitration claim was filed against Citi in New York by the Abu Dhabi Investment Authority (ADIA), which purchased equity units from the company in November 2007.”……………………………….Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From Khaleejtimes.com: The Law, with the approval of the Supreme Fiscal Committee and in coordination with Investment Corporation of Dubai, allows for re-investing profits and surpluses revenues prior to relaying them to the government’s treasury.
Full financial data on these profits and surpluses have to be provided to the Dubai Department of Finance so that they are listed among the government’s public revenues………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From China Knowledge: Hong Kong’s integrated energy company, GCL-Poly Energy Holdings Limited plans to set up a joint venture with China Investment Corp, the sovereign wealth fund, to focus on investment in the overseas solar energy sector, according to Samuel Tong, CFO of the Hong Kong-listed company.

The JV, with a registered capital of US$500 million at the beginning, will mainly invest in solar power generation stations overseas. The two sides are doing due diligence on some proposals from the U.S and Europe in anticipation that the first deal to be concluded in 2010, said Tong………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, has also stepped up activities in global financial markets this year, and the government in October resumed issuing quotas for overseas investment under the Qualified Domestic Institutional Investor (QDII) scheme.

NSSF, the fund of last resort for China’s patchwork of underfunded provincial pension schemes, has made an annual investment return of 8.98 percent on average since it was established in 2000………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From Bloomberg: Hopu Investment Management Co., the China-focused fund backed by Singapore’s Temasek Holdings Pte, bought at least $400 million of stock in China Pacific Insurance (Group) Co., said three people familiar with the matter.

The private-equity fund bought about 13 percent of the $3.1 billion of shares China Pacific Insurance and a shareholder sold yesterday, the people said, asking not to be identified because the matter is confidential. China’s third-biggest insurer sold stock in Hong Kong at HK$28 apiece………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From WSJ: Italy’s public investment fund, Cassa Depositi e Prestiti SpA, or CDP, signed Thursday an agreement to buy Finmeccanica SpA’s (FNC.MI) shares in chipmaker STMicroelectronics NV (STM).

In filing to the Italian stock exchange, the companies said CDP will buy all of Finmeccanica’s 33.77 million STM shares at a price of EU5.10 per share plus earn-out………………………………..Full Article: Source

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Posted on 18 December 2009 by VRS |  Email |Print

From B92.net: The foreign currency reserves of the National Bank of Serbia (NBS) increased last November by EUR 304.8mn to reach some EUR 10bn at the end of the month.

A statement from the central bank said that in U.S. dollar, the reserves reached about 15bn at the end of November………………………………..Full Article: Source

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