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Sovereign Wealth Funds Briefing 26.Jan 2010

Posted on 26 January 2010 by VRS |  Email |Print

From Oxfordswfproject.com: Is there a link between a SWF sponsoring government’s level of democratization and the internal governance of the SWF? Sven Behrendt of the Carnegie Endowment for International Peace thinks so; he shows the extent to which a SWF’s compliance with the Santiago Principles corresponds to the country’s democratization:
Most of the funds only manage 40-60% compliance, while the SWF from Iran has the dubious honor of 0% compliance. These observations clearly fit with Sven’s correlation of political freedom and SWF governance………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Pionline.com: Officials at the 2.59 trillion Norwegian kroner ($458 billion) Government Pension Fund-Global will consider a proposal to overhaul the Oslo-based fund’s benchmarks into ones that mimic active strategies, a move that eventually could cut the need for external active managers.

Martin Skancke, director general of asset management at Norway’s Ministry of Finance, said it was too early to say how revamping the benchmarks would affect external managers, but warned that the proposal won’t be implemented any time soon, and that it could include use of some active strategies………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Reuters: Abu Dhabi government-owned Mubadala Development Company is in talks with banks to refinance a $2 billion syndicated loan that matures in April, banking sources close to the deal said.

The loan will be one of the first for a Gulf-based company since Dubai shocked world markets on Nov. 25 when it requested a standstill on $26 billion worth of debt owed by state-owned conglomerate Dubai World, a flagship of the emirate………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Domain-b.com: China’s large state owned enterprises, backed by the money power of the Chinese sovereign wealth funds have been making huge global investments and acquisitions in the energy and minerals sector.

Armed with more than $2.4 trillion in foreign exchange reserves as of this month, China has supported its oil companies to make landmark overseas acquisitions since energy assets have fallen considerably due to the global economic downturn………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Reuters: African countries — such as Nigeria, Angola and Tunisia — are considering launching sovereign wealth funds (SWFs), which would accelerate the already rapid growth of the $3-trillion industry.

But in sub-Saharan Africa, the challenges posed by such plans are significant: on the one hand is the need for a vehicle to invest windfall surpluses for future generations and ring-fence today’s wealth from greedy leaders………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Businessweek.com: Indonesia, which aims to cut heat- trapping gas emissions by 26 percent by 2020, plans to set up a $1 billion fund to invest in renewable energy projects and water treatment to address the effects of climate change.
The Government Investment Unit, the sovereign wealth fund, will contribute $100 million to the Indonesia Green Investment Fund, which it will oversee, Edward Gustely, a senior adviser at the Ministry of Finance in Jakarta, said.
The fund, which will be set up this year, will raise the remaining $900 million from governments that have expressed interest in investing in it and institutional investors, he said………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Koreatimes.co.kr: The Korea Investment Corporation (KIC) may soon be allowed to buy domestic assets as the government is seeking to lift a ban that prohibits the sovereign wealth fund from making local investments.

The latest move is part of the government’s bigger plan to boost the efficiency and profitability of KIC, which is still dealing with the ripple effects of suffering huge losses from investing in Merrill Lynch in 2008………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Tradearabia.com: Abu Dhabi government-owned Invest AD is in talks with a number of state-backed and private investors in China about jointly investing in the Middle East and Africa, a top executive said on Monday.

The firm is looking for long-term partnerships with Chinese investors in areas such as infrastructure and financial services, chief executive officer Nazem Fawwaz Al Kudsi told Reuters in an interview during his stay in Beijing………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Upstreamonline.com: Iran’s government wants to set up a new National Development Fund (NDF), to which at least a fifth of the country’s oil and gas revenue would be transferred, according to reports.
The proposed fund would help turn Iran’s “natural wealth into sustainable and productive assets”, IRNA said in a report published late on Sunday, after President Mahmoud Ahmadinejad submitted the budget bill to parliament………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Asiaone.com: A vast prime Manhattan property that has caused losses to investor, the Government of Singapore Investment Corporation (GIC), is having its ownership transferred to creditors - possibly including GIC.

The Stuyvesant Town and Peter Cooper Village apartment complexes will be given up by troubled owners Tishman Speyer Properties and BlackRock Realty after loan restructuring talks failed………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From Adn.com: House Speaker Mike Chenault introduced a bill Monday calling for a statewide advisory vote on using Alaska Permanent Fund investment profits to build an in-state pipeline bringing North Slope natural gas to the Railbelt.
Such a pipeline is seen by legislators as a backup if the proposed big natural gas pipeline to the Lower 48 isn’t built anytime soon………………….Full Article: Source

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Posted on 26 January 2010 by VRS |  Email |Print

From WSJ: Temasek isn’t a bank. It is a state-owned investment firm with a portfolio valued at well over $100 billion that holds stakes in some of Singapore’s biggest companies. It also invests in companies outside Singapore and in other assets, too, including hedge funds, private-equity funds and real estate.

For years, Temasek has paid its employees with a sensible plan that includes cash bonus payments and deferred incentives. A key part (but not the only part) of the plan links bonus payments to something called “wealth added,” a measure of the company’s return on its investments in a given year that factors in its risk-adjusted cost of capital………………….Full Article: Source

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