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Sovereign Wealth Funds Briefing 09.Mar 2010

Posted on 09 March 2010 by VRS |  Email |Print

From Reuters: Beijing is still studying whether to transfer another chunk of its official reserves to China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, a senior official said on Tuesday.
Media reports have said China could hand CIC another $200 billion to manage from the $2.4 trillion stockpile of foreign exchange reserves now managed by the State Administration of Foreign Exchange (SAFE)……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Barentsobserver.com: The Norwegian Government Pension Fund, the largest equity investor in Europe, has invested into 64 Russian companies. The Norwegian part of the shares were worth more than 22 billion NOK (Euro 2,75 billion) in 2009.

The overview of all companies the Norwegian Government Pension Fund has invested into is presented in the 2009 annual report of the fund, published on the website of the Norway’s central bank. The fund was established in 1996 to invest surplus oil revenue abroad in order to avoid overheating Norway’s domestic economy……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

Sovereign wealth funds currently control an aggregate $3.5tn in assets under management, up from $3.2tn in 2009. With a number of new funds being set up in the past year, their influence on the worldwide economy continues to grow.
They represent a vitally important source of capital, and continue to make important investments across all the different asset classes……………………………………….Full Press Release: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Timesonline.co.uk: The European Commission will seek fundamental reform of the management of economic policy in the eurozone, including the co-ordination of fiscal policy, as it draws up details of a future European Monetary Fund.

The proposed EMF, which was given further support yesterday by Angela Merkel, will go beyond the creation of a pot of money that would bail out errant members of the eurozone, such as Greece, a Commission spokesman said……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Globalarabnetwork.com: The India Oman Joint Investment Fund (IOJIF) was initially established by the signing of a memorandum of understanding (MoU) in 2008 between Oman’s sovereign wealth fund, the State General Reserve Fund (SGRF), and the State Bank of India, India’s largest commercial bank.
Following round-table talks between the two countries in February however, it was revealed that Oman’s minister of national economy, Ahmed bin Abdulnabi Macki, will shortly travel to India to sign a final agreement between the two countries concerning the fund……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Thestreet.com: According to a recent Securities and Commission filing by the Chinese Investment Corporation, or CIC, the sovereign wealth fund holds north of $9 billion in U.S. equity investments.
Aggregately, CIC has invested nearly $420 million in energy based ETFs and nearly $450 million to ETFs that track metals and mining companies. Both of these commodity-based sectors are highly valuable to China in that the nation’s appetite for foreign oil and materials is likely to increase, pushing up demand for both……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Ameinfo.com: Mubadala Healthcare, a business unit of Mubadala Development Company PJSC (Mubadala), and Aldar Properties PJSC (Aldar) have announced the appointment of Sixco-Samsung Joint Venture (SSJV) as the main contractor for the main construction package of Cleveland Clinic Abu Dhabi (CCAD), following a recent competitive tender process.
This announcement signals the second stage in the hospital’s construction following the completion of enabling works and piling late last year……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Domain-b.com: The Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund has incurred a paper loss of $5.1 billion on its investment in Swiss bank UBS AG after it converted the bank’s notes into ordinary shares on Friday.
In a filing made to the US Securities and Exchange Commission early last month, GIC the world’s fourth-largest sovereign fund that manages more than $100 billion of Singapore’s foreign exchange reserves, said that it would exchange on 5 March the mandatory convertible notes for 230.7 million ordinary UBS shares, making it the single largest shareholder in the Basel and Zürich-based UBS……………………………………….Full Article: Source

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Posted on 09 March 2010 by VRS |  Email |Print

From Alibaba.com: Hong Kong’s official foreign currency reserve assets stood at $258.2 billion at the end of February, the Hong Kong Monetary Authority said on Monday, up 0.43 percent from $257.1 billion at the end of January.

Hong Kong, whose currency is linked to the U.S. dollar, ranks as the world’s seventh-largest holder of foreign currency reserves after mainland China, Japan, Russia, Taiwan, India and Korea……………………………………….Full Article: Source

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