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Sovereign Wealth Funds Briefing 16.Sep 2010

Posted on 16 September 2010 by VRS |  Email |Print

From Institutionalinvestor.com: The Abu Dhabi Investment Authority, established in 1976 to invest the Gulf emirate’s massive oil earnings, is the world’s largest sovereign wealth fund, with an estimated $627 billion in assets at the end of March, according to Instituional Investor’s first ranking of the World’s Biggest Sovereign Wealth Funds.
Norway’s Government Pension Fund Global is the second-largest fund, with $461.5 billion in assets. The Saudi Arabian Monetary Agency, China Investment Corp. and Hong Kong Monetary Authority round out the top five……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Institutionalinvestor.com: The financial crisis has forced most investors to question their assumptions about markets and reconsider their strategies. For sovereign wealth funds, those shadowy juggernauts that once seemed impervious to market swings, the challenge has been particularly great.
When sovereign funds burst onto the public scene a few years ago, their massive buying power and lack of trans­parency aroused fear and distrust in many Western capitals, where officials worried that governments might use sovereign funds to achieve political rather than commercial objectives……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From FT Alphaville: This is – in a way - yet another of those posts commemorating the fall of Lehman Brothers, two years ago to the day. Then again — the post-Lehman sovereign wealth fund really has become something to behold, given the past two years of change.
Especially because those changes show that not even sovereign wealth funds have escaped 2008’s release of the volatility genie. And yet they themselves seem unable to acknowledge it……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From WSJ: Export-Import Bank of China and China’s sovereign-wealth fund have jointly anchored a $1 billion private-equity fund to invest in Southeast Asian infrastructure and new energy projects, in another sign of China’s growing financial importance in the region.
The policy bank and China Investment Corp. have each invested $300 million in the fund, Exim Bank Vice President Zhu Xinqiang said Wednesday. Exim Bank also owns 52% of the management company responsible for investing the fund, he said, while CIC holds a 24% stake. The fund aims to raise $10 billion in total over the next eight years, Mr. Zhu said……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Dow Jones: Emerging markets are rising in importance as returns in mature fixed-income markets such as the U.S. and Europe are likely to stay low for five to 10 years, an executive with China’s sovereign-wealth fund said Thursday.
Ludwig He, China Investment Corp. managing director and head of the public markets investment department, said investor interest may gradually rise in Latin American currencies, and Brazil’s inflation-linked bond market helps ease investor fears about market volatility……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Reuters: Central Huijin Investment, the domestic investment arm of China’s sovereign wealth fund, auctioned 20 billion yuan of five-year bonds in China’s interbank market on Thursday at a coupon of 3.14 percent, near the top end of market forecasts, reflecting tighter liquidity conditions.
Market forecasts had centred around 3.07 percent and ranged from 3.00 and 3.15 percent……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From WSJ: Australia’s Future Fund is searching for a new general manager after Paul Costello said he will leave around the end of the year. Mr. Costello joined the Future Fund as its first employee in November 2006 when the fund held an initial 18 billion Australian dollars ($16.95 billion). It now manages more than A$87 billion and has more than 60 investment managers globally.
“Paul has played a critical role in building the agency and recruiting a skilled team to develop and implement the investment program,” said David Murray, the fund’s chairman, on Tuesday………………………………………Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Thomaspmbarnett.com: African nations taking cue from Arab sovereign wealth funds. Argument: better to secretively stash the cash in a SWF that is kept distant from the bureaucrats’ and politicians’ corrupt hands.
The continent’s top oil exporters, and even some of its newcomers like Ghana, are taking advice from similarly resource-endowed countries that run state revenues through SWFs, many of them in the Middle East and Asia. Some of Africa’s oil exporters, like Nigeria, have wrestled for decades on how to safeguard resource revenue at a distance from venal bureaucrats……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Allafrica.com: The Federal Government has submitted the bill to give legal backing to the Sovereign Wealth Fund (SWF) to the National Assembly. President Goodluck Jonathan said yesterday in Abuja at a meeting with honorary foreign investment advisers that the government was committed to creating the environment for the take-off of the Fund.
“I have forwarded a bill to the National Assembly to create a national sovereign fund to ensure that we have the legal underpinning for national savings,” Jonathan said……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Globaltimes.cn: The National Social Security Fund (NSSF) will for the first time, invest in the foreign Fund of Funds (FOF) at the end of 2010, and then start to directly invest in overseas equities, said Dai Xianglong, chairman of the National Council for Social Security Fund (SSF).
Investing in foreign FOFs will lower the risks for the NSSF, for it is not directly put into foreign stocks or debts, whose safety may be influenced by the international financial crisis……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Guardian: With wealth comes power and, through their sovereign wealth funds, the various Gulf states have also become major players on global capital markets. Whereas much of the oil revenue generated during the boom times of the 1970s was exhausted on a combination of necessary infrastructure projects and somewhat dubious investment schemes, the wealth generated over the last decade has been better managed.
Kuwait directs 10% of its oil revenue to a “future generations fund” to provide for a post-petroleum economy. Ascertaining the exact size of these funds has always involved a large amount of guesswork but, in recent years, Abu Dhabi’s overseas investments have been valued at $300bn-$600bn……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Arabianbusiness.com: Lusail Real Estate Development Co, an arm of Qatar’s sovereign wealth fund, expects construction of its new residential district north of the capital Doha to be completed within a decade.
Infrastructure for Lusail City, which will accommodate 200,000 people, will be in place by the third quarter of 2015. Its buildings and homes, most being constructed by outside developers, may be finished five years later, Magdy Youssef, a company director, told reporters in Doha today……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Juneauempire.com: The state of Alaska’s top investment manager, charged with overseeing the state’s $35 billion Permanent Fund, has not sold his Seattle home, which he has listed for sale at more than twice its assessed value, and has yet to move to Juneau, despite working for the state for nearly two years.
Jeff Scott, chief investment officer for the Alaska Permanent Fund Corp., told a legislative committee in 2009 he had, at that time, a condo in Juneau, but a trade publication wrote eariler this month he still lives in Seattle……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Startribune.com: Biotech guru G. Steven Burrill said Wednesday that he’s close to securing $1 billion to support a major biobusiness park he envisions on a rural tract north of Rochester. He said the investor is a sovereign wealth fund, and he hopes to close the deal by the end of the year.
He declined to disclose more detail, but said that in general his team raises money all over the world — China, India, Malaysia, Russia, the United States and the Middle East……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Reuters: Finance Minister Guido Mantega said on Wednesday Brazil could use the country’s sovereign wealth fund to soak up extra dollar inflows as a result of a massive fundraising plan by state-owned oil company Petrobras.
Brazil’s currency weakened sharply on Wednesday after the government threatened to step up its efforts to curb the real’s rapid appreciation……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From AFP: Brazil’s foreign reserves stand at a record 265 billion dollars, the central bank said Wednesday, following a series of interventions to buy greenbacks and slow the export-sapping rise of the national currency.
The stockpile of foreign currency — most of it dollar denominated — rose 1.88 billion dollars alone on Tuesday, the bank said……………………………………….Full Article: Source

Posted on 16 September 2010 by VRS |  Email |Print

From Institutionalinvestor.com: One of the more-secretive sovereign wealth funds, ADIA has never confirmed the amount of its assets under management.
ADIA was one of the first SWFs to run to Wall Street’s rescue, partly to its regret. The fund paid $7.5 billion for a 4.9 percent stake in Citigroup in November 2007, only to see Citi’s value plunge. Last year, ADIA filed an abitration claim seeking more than $4 billion in damages, alleging that Citi misrepresented its health……………………………………….Full Article: Source

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