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Sovereign Wealth Funds Briefing 21.Sep 2010

Posted on 21 September 2010 by VRS |  Email |Print

From Bloomberg: Brazil’s plan to step up dollar purchases in the local foreign-exchange market through its wealth fund may stem a rally in the real before a $78 billion share sale by Petroleo Brasileiro SA planned for this week, according to ICAP Plc’s Brazilian unit.
President Luiz Inacio Lula da Silva yesterday authorized the country’s 17.9 billion reais ($10.3 billion) wealth fund to buy an unlimited amount of dollars for reais. The real has gained 34 percent since the beginning of 2009, the second-best performance among 16 major currencies tracked by Bloomberg……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Smh.com.au: Australia’s Future Fund poured billions of dollars into US hedge funds and developed markets last financial year, despite the poor economic outlook for those regions, with smaller increases in property and infrastructure investments taking its total asset pool to $67 billion.
The Future Fund appointed nine US-based and one British-based boutique hedge funds to manage $9.8 billion during 2009-10, up from $2.6 billion in June last year……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Smh.com.au: The lacklustre performance of the Future Fund should be a call to arms for it to overhaul its asset class allocation and pour more money into infrastructure assets and less into global equities.
The fund had a negative return in the fourth quarter, and posted a return of 10.3 per cent in the year to June 30, below the median growth fund return of 10.4 per cent, according to super fund performance tables published by Chant West. On the other hand, it exceeded its target range of 5.5 per cent……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Reuters: Government of Singapore Investment Corp (GIC), the world’s fourth largest sovereign wealth fund, on Monday indicated it had further reduced its exposure to Europe to about a quarter of its portfolio.
‘GIC has roughly a quarter of its investments in Europe, and a significant share of that is in UK-based entities,’ GIC executive director Tony Tan said at a conference in London……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Channelnewsasia.com: Financial markets like London may face stiff competition as fast-growing emerging economies like China and India attract more investments. The Government of Investment Corporation or GIC’s Deputy Chairman and Executive Director, Tony Tan, said this at the UK Financial Service Forum Panel held in London on Monday.
Dr Tan said: “For investors, the rise of emerging markets will mean that a larger proportion of their investments will be in these markets. Far from being a risky and perhaps alternative part of their portfolio, emerging markets will become a core and unavoidable asset class in global portfolios.”………………………………………Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Moneycontrol.com: China Investment Corp (CIC), China’s $300 billion sovereign wealth fund, “has doubts” about investing in old line automakers and would approach any such deals cautiously, the fund’s general manager said on Friday.
CIC was approached by a number of car makers during the financial crisis, including some major ones, about possible investments, said Gao Xiqing, speaking at an automotive forum in Chengdu, China. He did not name the companies……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Aar.com.au: Allens Arthur Robinson (Allens) has acted for GIC Real Estate (GIC), the real estate arm of the Government of Singapore Investment Corporation, on the purchase of a portfolio of industrial properties around the country from the Salta Property Group.
Allens brought together a team from Sydney, Melbourne, Brisbane and Perth – including lead Partner Nicholas Cowie, lead lawyer Sonya Oberekar, Senior Associates Teresa Lusi, Julie Soon, Michelle Davies, Jacqui Roper and Matti Bechler and a team of lawyers to help through all stages of the due diligence, sale contract negotiations and FIRB approval……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Reuters: Bangladesh is seeking a $1 billion credit facility from the International Monetary Fund and is thinking of setting up a sovereign wealth fund from its foreign exchange reserves, its central bank governor said on Monday.
Bangladesh has a current account surplus and would use the IMF facility for budget support, Atiur Rahman told Reuters in an interview on the sidelines of a conference in London……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From WSJ: Tensions between Alessandro Profumo, chief executive of UniCredit SpA and the board worsened in August when the Libyan Investment Authority, Libya’s sovereign-wealth fund, disclosed that it had purchased a 2% stake in the bank on Milan’s stock exchange.
On Aug. 31, the sovereign-wealth fund acquired another 0.5% of the Italian lender, according to a filing posted Monday on Italy’s market watchdog website. That stake, combined with a 4.9% stake held by the Central Bank of Libya, made Libyan institutions the biggest shareholders at UniCredit with a combined stake of about 7.4%……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Telegraph: Standard & Poor’s and Fitch have both granted the Eurozone’s rescue fund a AAA credit rating, clearing the way for swift action if needed as the region’s debt crisis threatens to erupt again.
Goldman Sachs warned clients of a “measurable risk” that both Ireland and Portugal may have to tap the €440bn European Financial Stability Facility (EFSF), though “probably only early next year” since both countries have adequate funding for several months……………………………………….Full Article: Source

Posted on 21 September 2010 by VRS |  Email |Print

From Efinancialnews.com: London’s investment banks and brokers are queueing up to work on a planned listing in London of the Romanian sovereign wealth fund, which could raise as much as €500m, according to Franklin Templeton, the fund manager put in charge of it.
Franklin Templeton is initially planning a local IPO of the €2.7bn Fondul Proprietatea, on the Bucharest Stock Exchange, early next year. A London listing may follow, raising fresh capital worth as much as 20% of its value, according to Mark Mobius, executive chairman of Franklin’s emerging markets group……………………………………….Full Article: Source

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