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Sovereign Wealth Funds Briefing 10.Feb 2010

Posted on 10 February 2010 by VRS |  Email |Print

From WSJ: It’s a rare event when the world gets a peak into the stock portfolio of a $300 billion Chinese sovereign wealth fund. Thanks to a regulatory filing that China Investment Corp. made with U.S. securities regulators, investors are now able to do just that.
They can see, for instance, that CIC holds shares of American International Group Inc., Apple Inc. and Citigroup Inc., as well as the same sorts of index funds many small investors buy to get broad exposure to different markets…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Washingtonpost.com: CIC “is under public scrutiny, and that public scrutiny is good,” said Davin Mackenzie, a private equity fund manager and former China representative of the International Finance Corp., in a recent interview in Beijing. “It puts lots of pressure on CIC to produce returns, and that’s different from other state-owned enterprises in China, for which financial returns are not the only objective.”

When the fund was created, many analysts feared that it would devour foreign firms. Yet CIC has not sought majority stakes or active management roles, an approach confirmed in a Securities and Exchange Commission filing Friday that outlined investments in about 60 U.S.-listed companies or index funds…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Businessweek.com: China Investment Corp., the nation’s sovereign wealth fund, joined Goldman Sachs Group and Morgan Stanley & Co. in investing in the U.S. Oil Fund, an exchange- traded crude-futures fund.

China Investment became the fourth-largest holder in the Oil Fund by buying 2 million shares, equal to 3.48 percent of the outstanding units, with a value of $78.6 million, according to a Securities and Exchange Commission 13-F filing posted on Feb. 5. It also took a 1.45 million share stake, or 0.4 percent of the total, in the SPDR Gold Trust worth $155.6 million…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Thestreet.com: The Securities and Exchange Commission filing of the U.S.-traded holdings in China’s sovereign wealth fund reveals that the country is investing in ETFs.
The Chinese sovereign wealth fund, China Investment Corporation, revealed in the filing that about $9.6 billion of its estimated $300 billion of assets under management are in securities and funds traded in the U.S. Of this $9.6 billion, I calculate that $2.4 billion, or 25% of these assets, are in exchange-traded funds…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Marketwatch.com: China Investment Corp.’s disclosure of its U.S.-based holdings shows the sovereign wealth fund has significant investments in exchange-traded funds.

CIC has positions in iShares MSCI Japan Index Fund (EWJ), iShares FTSE/Xinhua China 25 Index Fund (FXI), iShares MSCI Emerging Markets Index Fund (EEM), iShares MSCI EAFE Index Fund (EFA), iShares Russell 2000 Index Fund (IWM), iShares S&P Global Energy Sector Index Fund (IXC),………………………………..Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Dow Jones: China Investment Corp. Chairman Lou Jiwei indicated in an article offering an in-depth view of opportunities and risks in emerging markets that the sovereign wealth fund remains attracted by opportunities in the fast-growing economies, but will play safe with its investments due to uncertainties there.

Partly reflecting the fund’s prudent approach to such investments, Lou said in the article in the Century Weekly magazine that the CIC aims to gradually increase self-managed investments in developed markets, but will continue to rely on external managers to invest in less-mature markets………………………………..Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Seekingalpha.com: China went on a U.S. buying spree last year, or so says the New York Times. In a gushing story, the Times revealed that China’s sovereign wealth fund “quietly snapped up” more than $9 billion worth of shares last year in some of America’s biggest corporations, including Morgan Stanley, Bank of America and Citigroup.

Also on the shopping list were some of America’s most famous global brands, including Apple, Coca-Cola, Johnson & Johnson, Motorola and Visa…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From FT Aalphaville: After a low-key year, China Investment Corporation really has come back out swinging. After last week’s news of its nifty deal with Apax Partners in Europe, a (US) SEC filing by the Chinese sovereign wealth fund gives an intriguing glimpse into how it is using exchange-traded funds to take positions on sectors ranging from healthcare to consumer services and gold.

The filing, as the FT reports on Tuesday, showed that CIC’s largest US stock market investments were in miner Teck Resources, investment bank Morgan Stanley, asset manager BlackRock and Visa, the credit card company…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Proactiveinvestors.com: China Investment Corporation (CIC), one of the world’s largest sovereign wealth funds, is using exchange-traded funds to take positions in the mining sector, including gold miners AngloGold Ashanti, Gold Fields and Kinross.

The fund also holds US$145 million or 155,600 shares of gold-backed ETF SPDR Gold Trust shares. CIC also invested in miners Freeport-McMoRan Copper & Gold, Potash Corp of Saskatchewan, Teck Resources, and Vale…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Dow Jones: France’s sovereign wealth fund, the Fonds Strategique d’Investissement, or FSI, Tuesday said that its stake in French graphite solutions and electrical components company Carbone Lorraine SA (CRL.FR) has risen above 10%.

In October last year, the FSI’s stake in Carbone Lorraine had risen above 5% following the company’s EUR63.4 million capital increase…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Businessweek.com: SBI Holdings Inc. plans to build on its $3 billion in private-equity investments with a venture capital fund to tap growth in Asian companies making advances in solar power, electricity-storage and water treatment.

The fund expects to raise 30 billion yen ($330 million) this year from global investors including sovereign wealth funds such as Temasek Holdings Pte and Masdar Clean Tech Fund of Abu Dhabi, said Takashi Nakagawa, a director of Tokyo-based SBI. It will target an internal rate of return of 25 percent to 30 percent, Nakagawa, 46, said in an interview on Feb. 8…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Pionline.com: Alaska Permanent Fund Corp., Juneau, returned 3.3% on its investments for the second quarter of its 2010 fiscal year, ended Dec. 31, 2009, according to a news release from the fund, confirmed permanent fund spokeswoman Laura Achee.

For the six months ended Dec. 31, the return was 14.2%. The fund ended the quarter at $34.6 billion, growing $4.7 billion in the first half of the fiscal year…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Alaskadispatch.com: One of the most influential legislators in the state House says he’s sick and tired of plans, studies, and spending, and wants some action on natural gas for in-state use — and moreover, he thinks plenty of Alaskans feel the same way and wants those voters to have a say.
House Speaker Mike Chenault introduced a bill last week that would ask voters in the 2010 election for direction through an “advisory vote.” Such a vote isn’t binding by law, but it would give lawmakers a sense of Alaskans’ perspectives…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Bloomberg: The Future Fund, Telstra Corp.’s largest shareholder, said the phone company is moving closer to a deal with the government over the proposed National Broadband Network, the Australian newspaper reported.

The Future Fund will wait for details of the deal before deciding whether to provide its support, the newspaper said citing Chief Executive Paul Costello’s comments to a Senate hearing…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Ninemsn.com.au: Less than one per cent of the $65 billion Future Fund is invested in peripheral countries of Europe, such as Spain and Portugal, and where there are worries over sovereign debt levels.

General manager of the Future Fund Management Agency Paul Costello told a Senate estimates hearing that this investment included around $50 million invested in Spain, either in company shares or corporate debt…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Businessweek.com: Temasek Holdings Pte, Singapore’s state investment firm, is setting up a wholly owned multibillion dollar investment company to invest in assets from stocks to bonds, three people with knowledge of the matter said.

Seatown Holdings International will employ a variety of strategies and target absolute returns, the people said, asking not to be identified because the information is private. Charles Ong, Temasek’s chief strategist, is the chief executive officer, and Nasser Ahmad, co-founder of New York-based DiMaio Ahmad Capital LLC, a hedge-fund firm specializing in credit products, is the co-CEO, they said…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Reuters: Singapore state investor Temasek Holdings plans to set up a new multi-billion dollar investment firm that will invest in wide range of assets, sources briefed on the plans said on Wednesday.

The firm, called Seatown Holdings, which is the English word for Temasek, will be headed by Temasek’s senior managing director and chief strategist Charles Ong, the sources, who did not want to named because the matter is not public, said…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Business24-7.ae: Singapore state investor Temasek yesterday said it priced its S$1 billion ($703.7 million, Dh2.58bn) 10-year bond at 40 basis points above the Singapore dollar swap offered rate, confirming an earlier Reuters report.

The price, which translates into 3.265 per cent per year, was at the tighter end of the initial guidance of 40 to 45 basis points over swap, indicating strong investor demand for AAA-rated issues, sources said yesterday…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Temasekreview.com: Singapore should ‘rethink’ the ‘Temasek model’, he says, referring to the state investment company Temasek Holdings, which has major stakes in large local corporations such as telecommunications player SingTel and developer CapitaLand.

‘The private sector is the best way to grow the economy. It has the most productive, most innovative and entrepreneurial culture. The state-owned enterprise system doesn’t give you that.’………………………………..Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd has entered into a conditional sale and purchase agreement to acquire a 10 per cent stake in Oriental University City Ltd (OUCL) from Raffles Education Corporation Ltd (REC) for US$44 million (RM150 million).

The investment would be made via Khazanah’s wholly-owned subsidiary, Rawa Investments (Cayman Islands) Ltd (RIL), the government investment arm said in a statement today…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Novinite.com: State General Reserve Fund (SGRF) owns 40 percent of the project and the other major investor is Equest. Equest Investment invests in property in the Balkan region.

SGRF, the Omani government investment arm run by the ministry of finance, bought a controlling stake in Equest in early 2009, Reuters agency said…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Businessweek.com: Gen2 Partners, a Hong Kong-based manager of $400 million of assets, will help start a fund this month to mirror the performances of Chinese trust funds that invest in mainland shares off-limits to most foreigners.

Cigma China Evolution Fund will raise money from pension and sovereign wealth funds and rich families, Paul Heffner, Gen2’s chief executive officer, said in an interview yesterday. It will replicate the performances of three to 12 Chinese trust fund managers selected by Gen2 by taking trading instructions from them, said Wesley Hu, Gen2’s chief investment officer…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Zawya.com: The Public Investment Fund (PIF) has issued its approval to contribute 20 percent of the new home finance company’s total capital of SR2 billion. This represents the single largest investment in a mortgage company in the history of PIF.

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, is currently attracting founding sponsors for the new home financing company and is scheduled to close remaining investment by February-end…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Arabianbusiness.com: A new open ended fund to be launched by Oman’s Vision Investments LLC will target infrastructure growth in the Gulf Arab region and stay away from investments in financial firms, its manager said on Tuesday.The fund has generated a “good appetite” among institutions, including sovereign wealth funds and pension funds.

The fund, named Vision Real Economy GCC Fund, scheduled to formally launch on Feb 16, will target investments in listed companies in the Gulf, involved in activities such as manufacturing, logistics and distribution…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Chinapost.com.tw: Dubai is preparing to sell off a raft of assets, including Canadian circus group Cirque du Soleil and the QE2 cruise liner, as part of a huge cash-raising exercise.
State-backed investment firm Dubai World plans to sell a raft of assets owned by its private equity arm Istithmar…………………………………Full Article: Source

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Posted on 10 February 2010 by VRS |  Email |Print

From Themoscowtimes.com: The government had a budget surplus of 2.4 percent of gross domestic product at the end of January, the Finance Ministry said Tuesday, a jump in revenues driven largely by income from last year’s investments of the sovereign wealth funds.

The Finance Ministry said budget income stood at 737.6 billion rubles ($24.3 billion) in January, while expenses were 671.4 billion rubles, leaving a surplus of 66.1 billion rubles…………………………………Full Article: Source

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