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Sovereign Wealth Funds Briefing 31.Mar 2010

Posted on 31 March 2010 by VRS |  Email |Print

From Financierworldwide.com: Amid the economic downturn, it came as no surprise that the assets under management of sovereign wealth funds (SWFs) dropped by 3 percent to about $3.8 trillion for 2009, according to a report by International Financial Services London (IFSL) entitled ‘Sovereign Wealth Funds 2010’.
However, assets are expected to rise to $5.5 trillion by the end of 2012, explained the London-based think tank……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Chinastakes.com: China Investment Corporation, one of China’s sovereign wealth funds (SWF), has spent the past year intensively expanding its overseas portfolio. Alas, its capital stash of US$200 billion is proving inadequate to quench its thirst for more overseas deployment of funds.

With the yuan expected to appreciate and with foreign exchange reserves ever increasing, China’s two SWFs, CIC and Social Security Fund, are looking overseas to diversify China’s reserve assets, at present concentrated in US dollars……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Chinadaily.com.cn: China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, hopes to get an additional $100 billion foreign exchange reserve from the Ministry of Finance for entrusted investment, a source said, the China Business News reported.
Central Huijin, the domestic investment arm of the nation’s sovereign wealth fund, also proposed issuing approximately 190 billion yuan ($27.83 billion) renminbi-denominated bonds for the capital injection into the Export-Import Bank of China and China Export & Credit Insurance Corp……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Eeo.com.cn: China Investment Corporation (CIC), China’s sovereign wealth fund, began to focus on investment in private equity funds and domestic heavy industry from the beginning of this year, according to a detailed list of CIC’s investments made in the second half of 2009 acquired by the EO.

The list shows the CIC has made 16 investments over the past seven months from last July to February of this year, mainly focusing on overseas energy resources and real estate……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Straitstimes.com: Temasek Holdings has made a very late discovery that it is no longer a substantial shareholder of China-based Cosco Corp (Singapore). It reported yesterday that its deemed stake in the Singapore-listed firm had fallen to 4.99 per cent from 5.59 per cent.

Some of the transactions that led to the change in shareholding were done as far back as two years ago……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Latimes.com: An emirate sheik who headed one of the world’s biggest sovereign wealth funds has been found dead four days after a glider crash in Morocco, state media said Tuesday.

Sheik Ahmed bin Zayed al Nahyan, 41, was a younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. He was ranked No. 27 on the Forbes list of the world’s most powerful people last year……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Reuters: A succession plan for the Abu Dhabi Investment Authority (ADIA), among the world’s biggest sovereign wealth funds, has been set and will be announced within days, a source close to government said on Tuesday.

“A succession plan for ADIA has been formulated and will be announced in the coming days,” a source close to the government told Reuters, shortly after state media said ADIA’s managing director had been found dead following a glider crash in Morocco……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Business24-7.ae: Sheikh Ahmed bin Zayed Al Nahyan, a younger brother of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, was Managing Director of the Abu Dhabi Investment Authority (Adia) and Chairman of the Board of Trustees of the Zayed Foundation for Charity and Humanitarian Works.

As the executive who ran the world’s richest sovereign wealth fund (SWF), the 41-year-old was ranked by Forbes magazine at number 27 on the list of the world’s most powerful people……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Businessweek.com: Harrods Ltd., the London luxury department-store owner, said the company is not for sale after a report that it received an approach from Qatar’s investment arm.

The Knightsbridge-based store “is not for sale and is not being sold,” spokeswoman Katharine Witty said today in an e- mailed statement. The retailer has been “aware of gossip circulating over a possible sale,” and decided to make an announcement in order to reassure staff, Witty said………………………………Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Todayonline.com: Malaysia’s state-owned Khazanah Nasional and Petroliam Nasional (Petronas) will sell stakes in subsidiaries as the government accelerates efforts to reduce its business interests.

Khazanah, the government’s investment arm, will sell its stake in the national postal service, while state oil company Petronas will sell shares in two units on Bursa Malaysia, Prime Minister Najib Razak (picture) said yesterday……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd believes the first part of the New Economic Model (NEM) is above all else an honest diagnosis, a bold prescription and a realistic outline of an implementation framework.

In a statement, managing director Tan Sri Azman Mokhtar said most importantly, from hereon, there were two necessary conditions for success, both of which the Prime Minister was well aware of……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Bernama: The government’s investment arm, Khazanah Nasional Bhd, hopes to conclude the divestment of a 32.2 percent stake in Pos Malaysia Bhd within this year.

Managing Director, Tan Sri Azman Mokhtar said the company was seeing keen bidders but would not confirm or deny, that DRB-Hicom Bhd and Tune Group were among them……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Pfie.com: Market rumours are suggesting that Australia’s sovereign wealth fund may consider acquiring Macquarie Group Ltd.’s 23.2%stake in Macquarie Airports. If the deal goes ahead Macquarie could receive around A$1.5bn.
The Future Fund was also reported to be in the deal with two Canadian pension funds in a takeover bid for tollroad operator Transurban but pulled out last week……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From IPE: Oil sand extraction is one of the key areas of focus in 2010 for the Ethical Council of the Swedish AP funds, through both dialogue work and joint initiatives.

Details from the council’s 2009 annual report revealed that while the organisation – comprising representatives from the pension buffer funds AP1, AP2, AP3 and AP4 – had some success with company engagement last year, it had also recommended the exclusion of a firm from the investment universe……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Emii.com: The Alaska Permanent Fund (APF) has amended its investment policy to allow for direct investments in hedge funds.
The $36.5 billion sovereign wealth fund will make investments in hedge funds through from its 6% allocation to absolute returns and bypass “gatekeeper” fees……………………………….Full Article: Source

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Posted on 31 March 2010 by VRS |  Email |Print

From Thenational.ae: HSBC is ready to agree to Dubai World’s debt restructuring proposals, the bank’s regional chairman said yesterday, sending the strongest signal yet of a positive response from the conglomerate’s international lenders.

The 97 creditor banks of Dubai World are expected to discuss the proposals in the coming weeks under the leadership of a seven-member co-ordinating committee (CoCom), which is overseeing the restructuring……………………………….Full Article: Source

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