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Sovereign Wealth Funds Briefing 24.Aug 2010

Posted on 24 August 2010 by VRS |  Email |Print

From Reuters: Singapore sovereign wealth fund GIC has bought 1.2 million American Depositary Shares or a 5.5 percent stake in medical device-maker China Kanghui Holdings KH.N, according to a Securities and Exchange Commission filing.

The filing did not give the price of the purchase, but GIC’s stake is currently valued at $15 million based on the firm’s market value of $278.8 million…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Pionline.com: China Investment Corp. — one of the fastest-growing funds in the world — is likely to outsource tens of billions of dollars within the next few years to money managers specializing in alternative and emerging markets strategies, according to sources familiar with the $332 billion sovereign wealth fund.

Indeed, what began in piecemeal around 18 months ago is likely to accelerate in the coming months if market conditions are favorable, sources said…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From WSJ: Universa Investments LP, is in talks with China’s $300 billion sovereign-wealth fund, China Investment Corp., and Middle East government funds about investing in Universa, according to a person familiar with the matter.
Specifically, sovereign-wealth funds are willing to pay the firm in the hopes that if the market dives, at least some part of their portfolio will profit…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Efinancialcareers.sg: Singapore’s main sovereign wealth fund is close to giving the go-ahead for an initial public offering of a parcel of Asian industrial property assets that could be the biggest IPO in the city state for nearly two decades.
The Government of Singapore Investment Corporation is discussing valuations of between S$2.7bn and S$4bn (US$2bn and US$3bn) for its Global Logistics Properties unit, according to people with knowledge of the proposals…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Dow Jones: Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, said Monday it set the indicative range for the coupons on its maiden bond sale of up to CNY54 billion ($7.95 billion), which it plans to use to finance its participation in the fund-raising plans of major Chinese banks.

Central Huijin said in a statement it plans to sell the seven-year tranche at a coupon of 2.85%-3.45% and the 20-year portion at 3.87%-4.47%…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Pionline.com: Korea Investment Corp., the country’s $29.6 billion sovereign wealth fund, might look to hire strategic partners in the near future, although the structure of such a partnership has not been decided, Scott Kalb, chief investment officer, said in an e-mail response to questions.
“We are interested in the concept and (are) working on putting together a program that meets the requirements and objectives of the KIC and that can help us to perform at a higher level,” Mr. Kalb said. Mr. Kim said public megafunds such as National Pension Service have substantial internal resources, but use strategic partnerships to buttress their understanding of global investments and to take advantage of managers’ global research and experience…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Bloomberg: National Pension Service, South Korea’s biggest investor, said it’s in talks to buy into a U.S. oil pipeline to diversify its portfolio.

The Korea Economic Daily earlier reported that the pension fund was picked as a preferred bidder to buy 23.44 percent of Colonial Pipeline Co. from Chevron Corp. for about 1 trillion won ($847 million)…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Rdionz.co.nz: The New Zealand Superannuation Fund’s purchase of more than $3 billion of shares in July has been labelled risky by some investment managers. The fund, which will partly pay for national superannuation from 2030, sold large numbers of safer Government bonds to make the investment.

The managing director of fund manager Brook Asset Management, Mark Brighouse, says it is a big move given world share markets…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Zawya.com: A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year.

KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From IPE: The NOK2.8trn (€352bn) Government Pension Fund Global (GPFG) is planning to exclude two Israeli companies and one Malaysian company, worth a combined NOK15m, from its investment universe.

The Israeli companies were excluded for breaching the fourth Geneva Convention, which states that building settlements on occupied territories is forbidden, while the third company was found to be logging illegally…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Haaretz.com: Norway’s 450 billion euro oil-riches fund has excluded two Israeli firms involved in developing settlements, as well as a Malaysian forestry firm, on ethical grounds, Norway’s finance ministry said.
The excluded companies are Africa Israel Investments and its engineering subsidiary Danya Cebus, both of which are controlled by energy and real estate magnate Lev Leviev. The Malaysian firm is Samling Global…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Ynetnews.com: Norway’s Finance Ministry says the country’s oil fund has divested from two Israeli companies involved in building settlements in the West Bank.

The ministry said Monday that the 2.8 trillion kroner ($440 billion) sovereign wealth fund has excluded from its portfolio construction company Danya Cebus Ltd. and its majority owner, Africa Israel Investments Ltd. Danya Cebus has built Israeli homes in the West Bank…………………………………….Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Thestar.com.my: Norway’s state pension fund, one of the world’s largest sovereign wealth funds, has excluded two Israeli companies for “unethical activity” linked to settlement building in the Palestinian territories and one Malaysian forestry firm on ethical grounds, the Norwegian government said.

According to the Finance Ministry, the so-called oil fund, which contains nearly all state revenues from the country’s booming oil and gas industry, has sold its holdings in Africa Israel Investments, which is the largest shareholder of Danya Cebus, which the fund says is involved “in developing settlements in occupied Palestinian territory.”……………………………………Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Indiatimes.com: Kuwait Investment Authority (KIA), the country’s sovereign wealth fund agreed to more than double its investment in Agricultural Bank of China’s initial public offering to $1.9 billion, a local newspaper said. Qatar Investment Authority (QIA) also raised its stake to $6 billion from $2.8 billion, signaling Middle East funds took a big slice of the record IPO.

“The Kuwait Investment Authority has decided to increase its stake in the Agricultural Bank of China from $800 million to $1.9 billion…(and) Qatar Investment Authority (QIA) increased its stake from $2.8 billion to $6 billion.” Kuwaiti daily al-Jarida said……………………………………Full Article: Source

Posted on 24 August 2010 by VRS |  Email |Print

From Dow Jones: Peru’s net international reserves rose to a record high $40.63 billion as of August 17, boosted in part by heavy U.S. dollar buying by the Central Reserve Bank of Peru.

The central bank has been intervening regularly since July 18 to purchase dollars, as strong foreign capital inflows increase appreciation pressures on the local currency, the sol…………………………………….Full Article: Source

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