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Sovereign Wealth Funds Briefing 17.Sep 2010

Posted on 17 September 2010 by VRS |  Email |Print

From WSJ: Emerging markets are rising in importance as investment destinations because returns in mature, fixed-income markets like the U.S. and Europe are likely to stay low in the near future, a China Investment Corp. executive said Thursday, offering a rare glimpse into the sovereign-wealth fund’s view of the global investment trend.

“In the long run, at least in the next five to 10 years, we are going to see a long period of very low growth, low rates, and low return in mature world (economies) like the U.S. and Europe,” said Ludwig He, CIC’s managing director and head of public markets investment…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Reuters: China should sell dollars and diversify its foreign exchange reserves if the United States sticks to loose monetary policy, the head of the Chinese sovereign wealth fund said in an article published this week.

Lou Jiwei, chairman of the $300 billion China Investment Corp, also offered policy advice to the United States, saying the best course of action would be for it to tighten monetary conditions while ramping up stimulus spending…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Dow Jones: In a sharp criticism of South Korea’s sovereign wealth fund, the country’s Board of Audit and Inspection said Thursday Korea Investment Corp. showed poor judgment while investing $2 billion in Merrill Lynch & Co.’s preferred shares in 2008, resulting in an appraisal loss of $816 million.

The board, which oversees the conduct of government agencies and officials, said in a report that the investment loss was based on calculations as of March 5. It said the Korean sovereign wealth fund rashly made the investment without establishing proper internal standards for such an investment or properly considering the potential financial risks or the strategic value of making the investment in Merrill Lynch…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Indiatimes.com: The Government of Singapore Investment Corp’s (GIC) real estate arm warned on Thursday about a looming oversupply of luxury hotels and malls in India although it remained bullish about the country’s longer-term prospects.

“I would probably stay away from luxury hotels because I think there is a huge supply coming… I would also stay away from retail malls in the short term for the same reasons,” GIC Real Estate Deputy President Goh Kok Huat said at a property seminar in Singapore…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Theaustralian.com.au: The Future Fund has tens of millions of dollars invested in one of Australia’s largest power producers, which is teetering on the brink of collapse. The Australian has learned one of the funds that invests on behalf of the sovereign wealth fund Boston-based Sankaty Advisers is locked in a bitter stoush with fellow Alinta Energy Group creditors over the terms of a rescue plan and is threatening to derail efforts to save the company.

Alinta is a key player in the national energy market through its ownership of 12 power plants, its supply of electricity and gas to 600,000 West Australian households and its generation of close to 35 per cent of South Australia’s electricity needs…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Bloomberg: Dubai World, the state-owned holding company seeking to restructure $24.9 billion of debt, owns assets valued at $11 billion, JPMorgan Chase & Co. said.

The company’s assets include an 80 percent stake in DP World Ltd., the world’s third-biggest port operator, valued at about $7.1 billion, JPMorgan Chase analyst Zafar Nazim wrote in a research report today…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Bloomberg: Dubai’s effort to resolve its debt woes is gathering pace after Dubai International Capital LLC presented plans to sell assets to repay $2.6 billion.

The company, part of Dubai Holding LLC that is owned by the emirate’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, has proposed to sell assets over five years and sought a second extension until November on the repayment of a $1.25 billion loan, two people familiar with the plan said yesterday…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Istitutionalinvestor.com: The Abu Dhabi Investment Authority tops the list of world’s largest sovereign wealth fund, with an estimated $627 billion in assets, according to Institutional Investor’s first ranking of the World’s Biggest Sovereign Wealth Funds. 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 Institutional 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

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Posted on 17 September 2010 by VRS |  Email |Print

From Reuters: The Italian government has asked Libya to clarify the nature of the stakes held by its sovereign wealth fund and central bank in Italy’s biggest bank, UniCredit, but has so far received no answer, the Treasury said.

The move adds pressure on Tripoli to show its hand after Italian market watchdog Consob and the Bank of Italy requested more information about the stakes, and some politicians voiced concern that Libya might raise its holdings even further…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Investopedia.com: The Alaska Permanent fund owns 29 textile and apparel stocks. Its greatest unrealized loss is from the Dixie Group, a Tennessee-based carpet manufacturer whose $39 million market cap is 60% of its net tangible assets, which are $65 million, or $5.06 a share. Its second-quarter results were decent.
Revenues showed double-digit growth and the company delivered a small operating profit. Alaska paid $12.81 a share for the company so it’ll be holding them for a while. It will take quite some time for Dixie’s shares to recover, but the good news is that the last time the stock traded this high was in June 2007…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Adn.com: The Alaska Permanent Fund’s two top investment managers don’t appear to have established residency in Juneau and won’t respond to Juneau Empire questions about their plans. Lawmakers have called on Jeffrey Scott, the fund’s chief investment officer since 2008, and his top deputy, Max Giolitti, an employee since 2009, to move north and “really invest in the state.”
Scott’s residency [and] that of some other top Permanent Fund money managers have some legislators concerned as well. After raising questions about where Scott was living last year, they said recently that they were disappointed to find out he hadn’t yet moved to Juneau, but that fund managers have disregarded legislative concerns in the past…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Reuters: A Chinese-led consortium with touches of Canadiana is being mobilized to buy Potash Corp, a newspaper said on Thursday, presenting what bankers see as the most likely scenario yet for a rival bid for one of the last great jewels of Canadian resources.

Canada’s Globe and Mail newspaper said Potash Corp, which is fighting off a $39 billion takeover bid from BHP Billiton, is trying to stitch together a consortium that would also include sovereign wealth funds and perhaps Canadian pension funds in a management buyout…………………………………….Full Article: Source

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Posted on 17 September 2010 by VRS |  Email |Print

From Emii.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

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Posted on 17 September 2010 by VRS |  Email |Print

From Fiercefinance.com: That didn’t take long. Just a year ago, people were spooked by the rise of seemingly opaque, cash-rich sovereign wealth funds that seemed poised to exercise massive influence via huge investments. They came to the rescue of several financial service companies.

But the world has changed since then. The financial crisis led to some painful lessons, and many are now retreating. Some sovereign wealth funds have pulled back sharply, notes Institutional Investor. Temasek, for example, sold its entire stake in Bank of America at a loss of roughly $4.6 billion. Many others have dialed back their exposure more modestly…………………………………….Full Article: Source

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