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Sovereign Wealth Funds Briefing 21.Dec 2009

Posted on 21 December 2009 by VRS |  Email |Print

From Gulfnews.com: Timing, perseverance and conviction are the three wise men of investing. Arab sovereign wealth funds (SWFs) seem quite astute in all three departments — making handsome rewards on a string of short-term investments. But as they enjoy their spoils observers are asking where their long-term investment strategies have gone.

On December 6, the Kuwait Investment Authority (KIA), Kuwait’s SWF, announced it made a $1.1 billion (Dh4.04 billion) profit on the investment it made in Citigroup in January 2008. It initially invested $3 billion, meaning its investment grew 37 per cent — a healthy return by anyone’s standards…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Cnn.com:China Investment Corp, the Chinese sovereign wealth fund, is expected to receive another injection of capital from the country’s foreign exchange reserves in the coming months, according to government officials and people familiar with the fund.

While a final decision has yet to be made, these people said CIC would likely receive a similar amount to the initial $200bn it was given on its establishment in 2007…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From WSJ:Sovereign wealth fund China Investment Corp. recently raised the target size of stakes it takes in developed countries’ companies, as part of its efforts to simplify the structure of potential deals, CIC President Gao Xiqing said Friday, amid an acceleration in the fund’s overseas acquisitions.

CIC, with around $300 billion in assets, had originally aimed for stake sizes of no more than 10%, but the size of the stakes it has recently bought in companies in developed countries has been below 20%, said………………………………..Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From China.org.cn:China Investment Corporation (CIC), the nation’s $300 billion sovereign wealth fund, is committed to its role as a financial investor and confirmed recent investments in developed countries have not exceeded the 20 percent level in any one company, Gao Xiqing, its president and chief investment officer, said on Friday.

“We aim to be a purely financial investor rather than a strategic investor which makes long-term financial returns the top priority,” Gao said at a financial conference held by the Chinese-language Caijing Magazine in Beijing…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Reuters: China Investment Corp (CIC), the country’s sovereign wealth fund, will not take stakes of more than about a 20 percent in any companies it invests in, an executive said on Friday.

CIC president Gao Xiqing was speaking at a financial conference in Beijing…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Chinastakes.com:The arbitration application by Abu Dhabi Investment Authority over a disastrous investment in Citigroup has many wondering whether China Investment Corporation (CIC) will initiate a similar action.
In November 2007, Abu Dhabi Investment Authority invested $7.5 billion in convertible Citi bonds, to be converted into common shares at $31.83 to $37.24 per share between March, 2010, and September, 2011…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Btimes.com.my:The Government of Singapore Investment Corp (GIC) said yesterday that it will keep its stake in Citigroup in a vote of confidence for the US banking giant, whose shares tumbled this week.
The Singapore sovereign wealth fund said its holdings in Citigroup has been diluted to “approximately 4.0 per cent” from 4.9 per cent after the bank’s latest round of capital-raising to repay US$20 billion (US$1 = RM3.44) in federal aid…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Thenational.ae:Debt difficulties at Dubai World have prompted investors to turn their attention to another of the emirate’s big conglomerates, Dubai Holding.

Best known for signature property developments such as Jumeirah Beach Residence and high-profile investments abroad such as its 2005 purchase of the tourist attraction Madame Tussauds, Dubai Holding is one of three principal vehicles for implementing the emirate’s development strategies…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Smh.com.au:Qatar has acquired a 17 per cent voting stake in Germany’s Volkswagen AG and it will also get a seat on the supervisory board of subsidiary Porsche, according to a company statement.

Until recently, the Gulf state had only had a stake of just below 7 per cent, but it used options - acquired from Porsche months ago - to build up the holding…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Al.com:Take the money out of the $2.6 billion Alabama Trust Fund? Income from the fund, built with oil and gas revenue, supports the General Fund and provides some money to city and county governments.

Taking away some of the fund’s principal would provide the budgets some short-term relief at the expense of revenue over the long term. And once the principal is gone, it’s gone. Such a move would also face strong opposition…………………………………Full Article: Source

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Posted on 21 December 2009 by VRS |  Email |Print

From Bloomberg: Rusal is in talks with potential investors including China Investment Corp., the nation’s sovereign wealth fund, and Singapore’s Temasek Holdings Pte, the Hong Kong Economic Journal said in October.

“I assume there’s got to be some enticement to Asian investors to participate,” said Gareth Morgan, an emerging markets money manager in London at F&C Asset Management, which oversees about $162 billion…………………………………Full Article: Source

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