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Sovereign Wealth Funds Briefing 15.Jan 2010

Posted on 15 January 2010 by VRS |  Email |Print

From Dow Jones: Temasek Holdings Pte Ltd., the Singapore government-owned investment company, is considering either raising the amount of its US$5 billion medium-term note program or coming out with a new issuance plan this year, two people familiar with the situation said Friday.

The timing and amount of any new issuance have yet to be finalized, but one person familiar with the situation said a new bond issue could be worth between US$2 billion and US$3 billion…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Gulf-times.com: The risk that deteriorating government finances could push economies into full-fledged debt crises tops a list of threats facing the world in 2010, according to a report by the World Economic Forum.

Major world economies have responded to the financial crisis with stimulus packages and by underwriting private debt obligations, causing deficits to balloon. This may have helped keep a worse recession at bay, but high debt has become a growing concern for financial markets…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Themalaysianinsider.com: Malaysian sovereign wealth fund Khazanah Nasional Bhd recorded a significant jump of 63 per cent in the value of its portfolio thanks to improved market conditions.

The net worth adjusted (NWA) of its investment portfolio grew 63.5 per cent in 2009 to RM54.1 billion while its realisable asset value rose to RM92.2 billion from RM68.9 billion…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Themalaysianinsider.com: State asset manager Khazanah Nasional Bhd has received Bank Negara’s green light to start negotiations with Hong Leong Bank Berhad over the disposal of its 10 per cent stake in EON Capital.

Hong Leong Bank is currently eyeing a merger with EON Capital which would make it Malaysia’s fourth largest banking group. Khazanah officials today said that they recently obtained the approval and are in the early stages of the process…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd has confirmed it is talking to Hong Leong Bank Bhd (HLB) to sell its stake in EON Capital Bhd (EON Cap). Managing director Tan Sri Azman Mokhtar said the investment agency had received Bank Negara approval to commence negotiations with HLB and its consideration was purely commercial.
“This is because our stake there (10%) is considered non-strategic and non-core investment,” he said…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Businessweek.com: Khazanah Malaysia Bhd., the nation’s state investment agency, is “cautiously optimistic” its asset value will increase as global financial markets recover from the worst crisis since World War II.

Khazanah, which owns stakes in Malaysia’s biggest companies including CIMB Group Holdings Bhd., Tenaga Nasional Bhd. and Malaysian Airline System Bhd., said the net worth of its investments climbed 63 percent to 54.1 billion ringgit ($16 billion) at the end of 2009 from a year earlier…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Pionline.com: The 2.59 trillion Norwegian kroner ($458 billion) Government Pension Fund-Global should develop benchmarks that incorporate factors such as momentum or value/growth that “mimic active strategies,” while continuing to search for alpha by employing skilled active managers, according to a report by three finance professors.

“Bringing these factors and their exposures into the benchmark (return) of the fund allows the benchmark to reflect risk premiums recognized by both theory and practice, creates more robust portfolios and, most importantly, allows the investor to determine the appropriate amount of each factor exposure,” said the report, written by Andrew Ang, William N. Goetzmann and Stephen M. Schaefer…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Cnbc.com: There are 37 sovereign wealth funds worldwide with a total worth over $3 trillion, according to State Street Global Advisors. John Nugee from State Street believes that SWFs are going to become more active shareholders in the companies they invest in.………………………………..Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Reuters: Some interesting new data on sovereign wealth funds from State Street Global Advisors, a huge fund firm that does a lot of business with them.
Most interesting, perhaps, is that the vast majority of sovereign wealth fund money comes from oil and gas revenues rather than from countries building up large foreign reserves from other trade, eg China…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Pionline.com: Sovereign wealth funds likely will increase internal management and take a more active role in engaging companies in which they invest, according to an analysis of data by SSgA.

SSgA concluded that about a third of the total $3 trillion in SWF assets are managed by external managers, but that portion seems to be on the decline, said John Nugee, managing director for the official institutions group at SSgA…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From IPE: An analysis of sovereign wealth funds (SWFs) has concluded that the time may be right for funds to both satisfy international concerns about corporate governance yet review a recent decision by some to stand back from exercising their shareholder voting rights.

A study conducted by State Street Global Advisors suggests there are now 37 SWFs across the globe each with more than £3trn (€2trn) in assets, some of which were created specifically to assist public pensions management…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Efinancialcareers-gulf.com: The world’s largest sovereign wealth fund, Abu Dhabi Investment Authority, isn’t exactly known for its openness to the media, which makes its 11-page interview with German newspaper Handelsblatt (reproduced in English on its website) all the more surprising.

The interview is, of course, rather polished and sanitized. However, as well as offering some interesting insights into its investment strategy, ADIA’s managing director, HH Sheikh Ahmed Bin Zayed Al Nehayan, also reveals a little about the firm’s pay practices:………………………………..Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Saudigazette.com.sa: A top official for the world’s biggest sovereign wealth fund said Monday the bulk of its holdings are still in the US and Europe, and that the Abu Dhabi fund sees “significant, long-term investment potential” in both regions despite the global downturn.
The Abu Dhabi Investment Authority’s managing director said “many substantial risks” remain as the global economy struggles to recover, however. Among the threats he cited are policies that could restrict cross-border investments by big overseas investors such as ADIA…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Minyanville.com: The mighty Abu Dhabi Investment Authority is reported to have lost $125 billion last year, according to economists at the Council on Foreign Relations. That would push Abu Dhabi as the second largest sovereign fund in the world, behind Saudi Arabia.

Though the size of Abu Dhabi’s fund has been pegged at around $627 billion by the Sovereign Wealth Fund Institute, CFR states that the actual number is closer to $328 billion, down from $453 billion a year earlier…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Bloomberg: Dubai World, the state-owned holding company seeking to change the terms of about $22 billion of debt, plans to meet with creditor banks next week to complete a standstill agreement, a banker participating in the talks said.

A date for the meeting hasn’t been set, said the banker, who declined to be identified because the talks are private. A company spokeswoman declined to comment on the negotiations…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Livemint.com: Singapore state investor Temasek Holdings Pte Ltd, Standard Chartered Private Equity Ltd and buyout firm Kohlberg Kravis Roberts and Co. (KKR) are starting the final round of discussions for a $125 million investment in Coffee Day Holdings Co. Pvt. Ltd, according to people familiar with the development.
Coffee Day Holdings controls all the business ventures of Bangalore-based entrepreneur V.G. Siddhartha…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Bloomberg: China Investment Corp., the nation’s sovereign wealth fund, and Temasek Holdings Pte will buy shares in SouthGobi Energy Resources Ltd.’s initial public offering in Hong Kong.

CIC and the Singapore government-owned investment company will each invest $50 million in the share sale, Chief Executive Officer Alexander Molyneux said on a video link from London at a press briefing in the territory today…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Emii.com: Alaska Permanent Fund is looking for an auditing firm, Pensions & Investments reports. The selected firm will conduct audits for the $35.2 billion fund and the $367 million in cash assets of the Alaska Mental Health Trust Fund.

The contract will involve research and consultation on financial statements, possible special audits on internal controls and technology issues, or consulting in other related areas…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Pionline.com: Alaska Permanent Fund Corp., Juneau, is searching for an international fixed-income portfolio manager, according to a job posting on the $35.2 billion fund’s website.

The successful candidate will assist in internally managing the fund’s $1 billion international fixed income portfolio…………………………………Full Article: Source

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Posted on 15 January 2010 by VRS |  Email |Print

From Smartmoney.com: One of Singapore’s sovereign wealth funds has lost at least $100 million in the deal. The blow served as another stark warning about the interconnectivity of global economies in peril.

In 2006, the Tishman-BlackRock joint venture bought the Stuyvesant Town and Peter Cooper Village apartment complexes from insurer MetLife…………………………………Full Article: Source

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