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Sovereign Wealth Funds Briefing 15.Mar 2010

Posted on 15 March 2010 by VRS |  Email |Print

From WSJ: Sovereign wealth funds in the United Arab Emirates are emerging from the financial crisis battered but not broken and are once again making moves in global markets. But the fortunes of the country’s government-owned investment vehicles tell a tale of two cities.
In Dubai, government-owned investment firms are struggling to shed assets bought with borrowed funds amid the restructuring of billions of dollars worth of debts……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From FT Alphaville: The rival bidders for General Growth Properties, the bankrupt owner of some of the most high-profile shopping malls in the US, are seeking financial support from sovereign wealth funds in the Middle East and Asia, according to people familiar with the matter.
Talks between the bidders and the foreign investors remain in the early stages but highlight the growing risk appetite of the world’s leading SWFs as well as their interest in finding bargains in the beleaguered US commercial property market……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Thenational.ae: Investment Corporation of Dubai (ICD), the sovereign fund that owns Emirates Airline, approached Lehman Brothers about an investment of up to US$4 billion (Dh14.48bn) just days before the US bank collapsed in 2008, according to documents released over the weekend.

The investment offer was part of Lehman’s last-gasp efforts to raise capital in an ultimately failed attempt to stay afloat……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Abcnews: Abu Dhabi Investment Authority (ADIA), considered the world’s largest sovereign wealth fund, said the global economy still faces “considerable uncertainty,” in its first annual review aimed at enhancing transparency.

The fund, believed to have assets of around $500 billion to $700 billion, said the sustainability of a global economic recovery was uncertain as governments were considering rollbacks of stimulus measures……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From AP: The Abu Dhabi Investment Authority broke with its customary privacy by issuing its first yearly statement Monday, marking one of the biggest steps yet by the world’s largest sovereign wealth fund to increase transparency.

The document, called an “annual review,” provides a rare window into the publicity-shy fund’s operations and investment strategy. A revamped Web site launching Monday aims to further humanize ADIA by including video soundbites from key players and photos offering a glimpse inside the fund’s iconic glass tower, the tallest in the Emirati capital……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Businessweek.com: The Abu Dhabi Investment Authority, one of the worlds’ largest sovereign wealth funds, has invested as much as 45 percent of its assets in developed markets, the fund said in its first annual review.

“We began in 2009 to cautiously lift our exposure to higher growth markets, which proved effective as the recovery began to take hold,” Sheikh Ahmed bin Zayed Al Nahyan, the fund’s managing director said in the 2009 report. “Considerable uncertainty remains” in 2010, he said……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From WSJ: The Abu Dhabi Investment Authority, one of the world’s largest and most secretive investors, said in its first annual review Sunday that it made an annualized return of 6.5% a year over the last 20 years, marking the first performance disclosure of any sort since the fund was established in 1976.

ADIA’s review is short on other specific disclosures. There is no estimate for the overall value of its assets……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Efinancialnews.com: Hywel George, former chief executive of public equity at sovereign wealth fund Dubai International Capital, has launched an asset management boutique with Richard Yarlott, a founding director at Fabien Pictet and Partners.
Integral Asset Management, a boutique focused on exchange-traded funds, is set to launch this spring. …………………………………..Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Businessweek.com: Masdar, an Abu Dhabi renewable energy company, asked South Korea to invest up to $100 million in its clean-technology fund, the Maeil Business Newspaper reported, citing a government official it didn’t identify.

Korea Investment Corp., the nation’s sovereign wealth fund, is considering the investment, the Korean-language newspaper said today. The Abu Dhabi Future Energy Co., or Masdar, is raising $500 million for alternative energy assets……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From WSJ: Once the gateway to the Gulf for foreign businesses, debt-laden Dubai is now a roadblock to the region’s chances of attracting investment dollars.
For this to change, the emirate needs to clear the cloud of uncertainty surrounding the restructuring of $22 billion of debts owed by government-backed Dubai World, according to fund managers……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Menafn.com: The RAK Investment Authority, or RAKIA, the government body responsible for attracting foreign direct investment for the Government of Ras Al Khaimah and Horasis, an International Swiss Organisation from Geneva, will jointly host the inaugural Global Arab Business Meeting in the emirate on September 26 and 27.

The Global Arab Business Meeting aims to be the foremost annual gathering of Arab business leaders and their global counterparts. The meeting shall help to conceptualise Arab firms’ rise to global eminence. The event is open to CEOs of the world’s leading companies……………………………………Full Article: Source

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Posted on 15 March 2010 by VRS |  Email |Print

From Businessweek.com: Vietnam’s foreign-currency reserves declined about 35 percent to around $15 billion by the end of last year, according to VinaSecurities Joint-Stock Co., the brokerage unit of the country’s biggest fund manager.

The holdings have dropped from $23 billion at the end of 2008, the securities firm said in a report released today. The “foreign-currency reserves level is a source of concern,” Alan Pham, Ho Chi Minh City-based chief economist for VinaSecurities, said last week……………………………………Full Article: Source

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