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Sovereign Wealth Funds Briefing 16.Mar 2010

Posted on 16 March 2010 by VRS |  Email |Print

From Reuters: China’s $300 billion sovereign wealth fund is looking at directly investing in funds that could benefit from falling equity prices, a top manager at Pyramis Global Advisors said on Monday.

China Investment Corp spent last year diversifying its investments into commodities, real estate and other asset classes, though the ability to short stocks means the state-backed investor would employ a strategy traditionally used by hedge funds……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

The AES Corporation has successfully closed its equity sale with a wholly owned investment subsidiary of the China Investment Corporation (CIC). The deal was first announced on November 6, 2009 and raises $1.58 billion in new capital for AES.
CIC acquired 125.5 million shares of AES stock for $12.60 per share in exchange for an approximate 15 percent stake in the Company……………………………………..Full Press Release: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Steelguru.com: SouthGobi Energy Resources Ltd announced that it intends to provide Land Breeze II a wholly owned subsidiary of China Investment Corporation a notice of intention to convert USD 250 million of the USD 500 million convertible debenture issued to Land Breeze II into common shares of SouthGobi Energy Resources.

Pursuant to the Debenture conversion terms, SouthGobi has the right to call for the conversion of up to USD 250 million of the Debenture upon SouthGobi achieving a public float of 25% of its common shares……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Seekingalpha.com: The Coal industry has been basically ignored by investors until recently when Goldman Sachs upgraded a few premium names in the sector. Alpha Natural Resources (ANR), Arch Coal (ACI) and Consol Energy (CNX) are among the top three in that list.
In particular, the firm expects metallurgical coal prices to remain strong through 2012 as they believe “demand will largely keep pace with capacity additions, leaving spare capacity tight.”…………………………………….Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Reuters: Singapore state investor Temasek Holdings said Michael Dee, a senior managing director, will step down from his current role on April 30, less than two years after he joined the company.
Dee, a former investment banker who worked at Morgan Stanley (MS.N) for more than two decades, will remain in an advisory role as senior director until the end of 2010, Temasek said……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From IPE: The investment returns of the Abu Dhabi Investment Authority (ADIA) amounted to 8% annualised in dollar terms over the 30 years to end-December 2009, and 6.5% over 20 years. This is according to the authority’s first annual report since its inception in its present form in 1976.

To end-2008 the 30-year return was slightly less, at 7.6%, while the 20-year return amounted to 6.1%……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Efinancialnews.com: If you happen to be a fundo desperate to bag a sovereign wealth fund as a client, you may be just a little wiser about how to go about it after studying the newly-published annual report from the Adu Dhabi Investment Authority.
While reluctant to say how much the fund actually manages - allegedly $875bn (€595bn) - and refusing to say precisely where it invests, Adia has gone to extraordinary lengths to show how it hands out mandates……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From AFP: Abu Dhabi Investment Authority, believed to be the world’s largest wealth fund, on Monday revealed for the first time the distribution of its assets, estimated at around 500 billion dollars.

ADIA, in its first-ever annual review, said it invests between 60 percent and 85 percent of its holdings in North America and Europe and between 25 percent and 45 percent in Asia and emerging markets……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Reuters: Qatar’s Barwa Real Estate Co’s net profit rose 154 percent in 2009, the company said. Barwa, an affiliate of the country’s sovereign wealth fund, did not give a quarterly breakdown of its earnings.
The group’s net profit rose to 779 million riyals ($214.1 million) riyals from 306 million riyals in 2008, a company statement said……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Snl.com: British Land Co. Plc is looking to team up with bulge bracket investors like sovereign wealth funds to co-invest in the larger real estate assets which banks or distressed sellers are expected to bring to the market.
In an interview, senior company executives said British Land wanted to share the risks associated with such chunky transactions and cited the precedent of its partnership with Blackstone, after the company sold half of its massive Broadgate office estate in the City of London to the U.S. private equity group……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Emii.com: Simon Property Group and Brookfield Asset Management are looking for funding from sovereign wealth funds (SWFs) in the Middle East and Asia for their General Growth Properties bids.
Simon is in talks with SWFs, including the Qatar Investment Authority. Blackstone is also likely to help Simon and may turn to investors, such as the Abu Dhabi Investment Authority, for additional financing……………………………………..Full Article: Source

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Posted on 16 March 2010 by VRS |  Email |Print

From Wyattresearch.com: China still holds $889 billion in T-bills. It’s clearly not “dumping” American debt. And as I discussed last week, there is evidence that China is moving to more direct investments in the U.S.
China’s state-run investment company, the China Investment Corporation (CIC), is already involved in a buyout offer for shopping mall owner General Growth Properties through Brookfield Asset Management …………………………………….Full Article: Source

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