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Sovereign Wealth Funds Briefing 01.Feb 2010

Posted on 01 February 2010 by VRS |  Email |Print

From Reuters: Kuwait Investment Authority (KIA), which manages the OPEC producer’s surplus wealth, plans to boost its investments in emerging markets this year.
“KIA is getting ready to increase its investments stake in emerging markets from 3 percent to 9 percent within this year,” Kuwaiti daily al-Anbaa said in an unsourced report………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Reuters: Kuwait Investment Authority (KIA) invested about $750 million in U.S. asset manager BlackRock last year, and eyes investments in Asia and Latin America in 2010, KIA’s managing director said.

“Last May we invested in raising BlackRock’s capital, I think $750 million…and I think until now we made 40 percent of profit,” Bader al-Saad said………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Bloomberg: Kuwait Investment Authority, the emirate’s sovereign wealth fund, made about a 40 percent return on its $750 million investment in BlackRock Inc.’s capital increase in May, the fund’s chief Bader al-Saad told the Al- Arabiya TV channel in an interview in Davos.

The sovereign wealth fund also was among a group of investors that had bid for Cadbury Plc, he said. Cadbury later agreed to an offer from Kraft Foods Inc………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Lcbackerblog: This short essay is meant to highlight a potentially harmful oversimplifying assumption in the construction, implementation and use of sovereign wealth funds—that they represent a considered and unified policy of a state.
The operations of a sovereign wealth fund may appear to be part of a set of coordinated efforts by a state geared to the single minded projection of their wealth abroad in the context of external contests for control of economic power through private markets………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Asiaone.com: With global markets improving in recent months, the move by the Government of Singapore Investment Corporation (GIC) to cut its equity holdings before the 2008 crash and begin buying up stocks early last year is paying off.

‘We did an assessment in 2007 when markets were over-exuberant. We de-risked the portfolio, selling part of our equities,’ Dr Tony Tan, deputy chairman of Singapore’s sovereign wealth fund, said yesterday………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Business24-7.ae: When a number of global corporate leaders gathered in Davos last week for the World Economic Forum, discussing the dynamics of the downturn and the road to recovery, General Electric’s top brass was hobnobbing with leaders and policymakers here in the Gulf, ensuring the world’s largest diversified conglomerate retained its edge over its numerous competitors.

“I get to come here at least once a year,” Jeffrey Immelt, GE’s Chairman and CEO, told a media gathering last weekend. “It’s quite an important business for GE………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Menafn.com: Bahrain’s sovereign wealth fund (Mumtalakat), which invests mostly at its home-country, plans to diversify away from private equity projects and into stocks and bonds, The Peninsula reported.
Chief Executive Officer, Talal Al Zain, said that Mumtalakat expects to receive a credit rating in 2010, which would allow it to tackle capital markets for funding, including Islamic bonds………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Businessweek.com: The World Bank expects to secure $500 million in a first round of money raising for a private equity fund to co-invest in companies in sub-Saharan Africa, Latin America and the Caribbean, President Robert Zoellick said.
The International Finance Corp., the World Bank unit that lends to companies, will manage the fund, as well as a $200 million pool to invest “in systemically important banks” in Africa, Zoellick said. Investors are pension funds and sovereign wealth funds, according to the World Bank………………………………….Full Article: Source

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Posted on 01 February 2010 by VRS |  Email |Print

From Guardian.co.tt: The net asset value of the Heritage and Stabilisation Fund (HSF) grew from US$2,888 million to approximately US$2,964 in 2009 solely due to interest payments, says Samuel Martin, Chairman of the Fund. “Given the difficulty experienced in the global economy, oil prices slumped as aggregate demand for the commodity waned.”
He said as a result, for the period that there were no deposits to the Fund. He was also pleased to report that there were no withdrawals requested by the Government even though the requirements for withdrawal were met, with a larger than expected drop in tax revenues………………………………….Full Article: Source

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