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Sovereign Wealth Funds Briefing 03.Jun 2010

Posted on 03 June 2010 by VRS |  Email |Print

From Globalpensions.com: Asian funds at Newton Investment Management are among the beneficiaries of actions being taken by three of Asia’s largest sovereign wealth funds. Newton fund manager Jason Pidcock said the £813m (US$1.2bn) Oriental and £411m Asian Income funds he runs have profited from involvement in companies where SWFs are co-shareholders.
The 4% weighting Oriental fund has in Singapore hospital operator Parkway Holdings looks to benefit after Malaysia’s Government investment vehicle Khazanah bid to increase its 24% shareholding to a controlling stake last week [Thurs 27 May]…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Todayonline.com: Plans by Prudential of Britain to become Asia’s biggest insurer are in tatters after talks to cut the agreed US$35.5 billion ($50 billion) price-tag of AIA collapsed amid speculation that its owner, American International Group (AIG), was instead pursuing a deal with several sovereign wealth funds.
In the early hours of yesterday, Prudential confirmed that it was withdrawing from a deal that now leaves it with a bill of US$450 million, covering a break-fee to AIG and payments to its own army of bankers and lawyers…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Bloomberg: American International Group Inc.’s main Asia unit, with 320,000 agents and 23 million customers, may be too large for a rival to purchase, leaving a public offering the most likely route for divesting the business. AIG is considering talks with Temasek and a Qatar sovereign wealth fund as investors in conjunction with the IPO.
Prudential Plc’s agreement to buy AIA Group Ltd. faltered after investors of the London-based firm balked at the $35.5 billion price and AIG rejected a reduced offer. AIG, which was rescued by the U.S. in 2008, could return to its earlier plan of holding a stock offering, the Treasury Department said May 26…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Financeasia.com: This is a rerun of a surprising and revealing Temasek document that by mistake found its way into the hands of a few journalists. The document included questions and answers that outlined the government-owned investment agency’s position with regard to its acquisition of the Khoo family’s stake in Standard Chartered and other related issues.
A Temasek document, entitled “2006-03 Taurus Q&As” — which was designed to help its executives answer media enquiries on its 12% stake in Standard Chartered — was yesterday sent as an email attachment to some journalists instead of another file…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Livemint.com: Malaysian state fund Khazanah Nasional Bhd’s $835 million bid for Parkway Holdings Ltd may signal the start of more focused, major acquisitions abroad to help Malaysian companies venture beyond the home market.
Khazanah’s biggest foreign acquisition aims to double its stake in Parkway, Asia’s biggest listed hospitals operator which owns Mount Elizabeth and Gleneagles hospital in Singapore, and manages chains in India and China…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Istockanalyst.com: Over the past few decades, Sovereign wealth funds (SWFs) have become the preferred way for oil-rich nations to diversify their economies away from oil.
SWFs are “special investment funds created or owned by governments to hold foreign assets for long-term purposes,” according to the International Monetary Fund (IMF). They can also be used for stabilization and short-term liquidity…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From People.com.cn: Qatar has planned to earmark 500 million to 700 million U.S. dollars this year to buy and lease farmland across the world. Hassad Food Company, operated by the emirate’s sovereign wealth fund, will select countries to honor that strategy, which was also pursued by its Gulf peers that are heavily reliant on food imports.
“Our five pillars are production and supply of rice, sugar, grain, meat and animal feed,” chairman Nasser bin Mohamed Mubarak al-Fuhaid al-Hajri was quoted as saying by the Gulf Times on Tuesday…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Businessweek.com: China Investment Corp., the nation’s sovereign wealth fund, said last year that it had $110 billion for overseas investments and that it would focus on commodities companies and property.
Worldwide, China has made 10 deals in the past three and a half years that have been greater than $1 billion, with 75 percent of the deals worth less than $100 million, Loftus-Hills said…………………………………………Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Bloggingstocks.com: China’s largest sovereign wealth fund, China Invest Corp. (CIC) is “very concerned” about market fluctuations in the eurozone. Gao Xiqing, president of CIC, said that he would keep the current investment level in Europe, no more, no less.
The official China news agency Xinhua said “CIC is very concerned about the short-term market fluctuations and threatened euro zone stability.”………………………………………..Full Article: Source

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Posted on 03 June 2010 by VRS |  Email |Print

From Wirelessfederation.com: 24.6% stake in telecoms firm Zain might be sold by Kuwait Investment Authority (KIA), the country’s sovereign wealth fund. Several investment firms have been asked by KIA to conduct technical studies on the telecoms group.
Selling the stake to a strategic investor or hold an international auction will then depend upon the fund. The current worth of KIA stake is about USD4.5 billion…………………………………………Full Article: Source

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