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Sovereign Wealth Funds Briefing 03.Sep 2010

Posted on 03 September 2010 by VRS |  Email |Print

From Fortune: After months of relative silence, sovereign wealth funds, the huge, state-owned vehicles that export-rich countries use to invest their reserves, are on the prowl again.
“[Funds] are researching deals and trying to get things lined up,” says R.P. Eddy, CEO of Ergo, a research firm that advises some of the world’s biggest sovereign wealth funds. “They’re standing on the edge of the pool and waiting to see who’s going to jump in first.”………………………………………Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From IPE: What do sovereign funds consider to be alpha these days? The immaculate storm of 2008-2009 that swept every asset class off their peaks appears to have influenced sovereign funds and central banks’ expectations of investment performance.
In the 2006-2007 period when markets were sanguine, some investors expected an information ratio of 1 or greater from their externally managed portfolios; recently, some institutions have revised their expectations to a ratio of 0.7, says David Smart, global head of sovereign funds and supranationals at Franklin Templeton Investments……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From Reuters: Alberta’s public sector fund manager has been approached by sovereign wealth funds and other parties about participating in a possible takeover bid for Potash Corp to rival a $39 billion hostile offer from BHP Billiton.
Alberta Investment Management Corp CEO Leo de Bever said a variety of parties have approached the fund manager but participating in a deal at this point was unattractive to AIMCo……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From AP: The head of a major Canadian pension fund says a Chinese sovereign wealth fund is interested in making a joint-bid with a Canadian pension fund for fertilizer-maker Potash Corp. of Saskatchewan Inc.
Leo de Bever, chief executive of Alberta Investment Management Corp., which manages $70 billion Canadian (US$65 billion) in public sector pension funds, said Thursday his fund and other major pension funds in Canada have been approached by an intermediary looking to put together a rival bid to BHP Billiton’s $39 billion hostile offer……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From Dailycaller.com: On Tuesday, the Federal Reserve gave the green light to China Investment Corporation (CIC) – a wealth fund owned entirely by the Chinese government – to buy up ten percent of voter shares in the U.S. financial firm Morgan Stanley. The announcement made headlines throughout the U.S. financial landscape.
“CIC has stated that it does not propose to control or exercise a controlling influence over Morgan Stanley and that its indirect investment will be a passive investment,” Fed officials said in a statement……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From WSJ: The U.S. Treasury is concerned about how many overseas investors it should allow to buy big stakes in General Motors Co. through the car maker’s initial public offering this fall.
The caution—aimed at minimizing any political fallout from the massive stock sale—could involve limiting or being selective about which non-U.S. investors such as sovereign-wealth funds would be invited to be “cornerstone” investors in the IPO, said these people……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From WSJ: A deal between Brazil’s government and oil company Petroleo Brasileiro, or Petrobras, has removed some doubts that the company can pull off the world’s largest share offer later this month. A presidential decree published Tuesday will allow government-run banks and the treasury’s sovereign-wealth fund to buy more shares if minority shareholders decline to participate in the offer.
Petrobras and the Brazilian government reached a $42.5 billion agreement late Wednesday that gives the oil giant the right to produce five billion barrels of crude oil in government-held areas……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From Thenational.ae: Qatar’s Hassad Food knows how to shop. To help ensure a steady supply of food for the nation’s fast-growing population, the $1 billion (Dh3.7bn) subsidiary of Qatar’s sovereign wealth fund finalised a $500 million agreement last year to grow wheat and rice on 100,000 hectares in Sudan and has announced plans to invest up to $700m worldwide this year.
It is finalising the purchase of a sugar plant in Brazil capable of providing all of the emirate’s raw and refined sugar and acquiring a Brazilian poultry farm that would provide 60 per cent of its poultry and eggs. These deals come after major grain and livestock investments in Argentina and Australia……………………………………….Full Article: Source

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Posted on 03 September 2010 by VRS |  Email |Print

From Centralasianewswire.com: The Samruk-Kazyna sovereign wealth fund owns 81 percent of BTA, a stake it said it wants to sell within three years. Creditors own most of the other 19 percent. Samruk-Kazyna’s takeover of BTA actually triggered the bank’s default, industry insiders said.
The American investment company Morgan Stanley and another of the bank’s creditors used the takeover to invoke a change-of-ownership clause in their debt agreements with BTA. Under the clause, the two creditors demanded early repayment of their debt – on April 14, 2009……………………………………….Full Article: Source

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