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Sovereign Wealth Funds Briefing 04.Oct 2010

Posted on 04 October 2010 by VRS |  Email |Print

From Arabianbusiness.com: Sovereign funds are developing in house portfolio management techniques after the global crisis, a worrying trend for asset management companies, an executive at research firm Cerulli Associates said.
Global asset managers, who have historically pocketed attractive fees by managing a significant share of the sovereign funds, need to be aware of this development while approaching them for funds, according to Shiv Taneja, managing director at Boston based Cerulli……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Dow Jones: AIA Group Ltd., the pan-Asian life unit of American International Group Inc. (AIG), has secured around US$1 billion from the Kuwait Investment Authority for its US$10 billion-US$15 billion IPO, a person familiar with the deal said Monday.
The Gulf country’s sovereign-wealth fund is one of the cornerstone investors in AIA, which AIG is listing to help repay U.S. taxpayers after a huge government bailout in 2008……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From AFP: US insurer AIG has been forced to reduce its valuation for the Hong Kong initial public offering of its Asian unit AIA to win the commitment of Kuwait’s sovereign wealth fund, a report said Monday.
AIG had to drop its initial plan to sell shares in AIA at a level that would value the company at 35-37 billion dollars (25.4-26.9 billion euros) to secure the backing of the Kuwait Investment Authority, the Financial Times said……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Bloomberg: Syrian President Bashar al-Assad formed a company to guide investment at home and abroad while transforming the country’s financial markets and infrastructure, the Syrian Arab News Agency said.
Assad signed a decree creating a state holding company with 5 billion pounds ($108 million) of capital and a mandate to form a sovereign wealth fund, the state news service cited Finance Minister Mohammad al-Hussein as saying……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Nytimes.com: Residents of Lusaka, the capital of Zambia, have been grumbling that since a Libyan state company took over the domestic phone company this summer, it is harder than ever to place a call.
To be fair, it’s early days for the Lap Green Network, the new owner, which is promising significant investment. In June, Lap Green — part of the Libyan sovereign wealth fund — bought 75 percent of Zamtel, the ailing Zambian telecommunications company, for $257 million……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Indiatimes.com: The Singapore government has told India’s foreign ministry that a ruling by the (SEBI) restricting investments by two of its overseas investment arms — and the Government of (GSIC) — to a combined 15% violates the Comprehensive Economic Co-operation Agreement (CECA) signed by the two nations.
The Singapore government says that both Temasek and GSIC are two distinct entities and that the decision of India’s securities market regulator SEBI to limit acquisitions by overseas entities in listed firms, to less than 15% should not apply to them. SEBI’s foreign portfolio investment rules restrict investment by a single foreign fund to 10% in a listed Indian firm……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Fundstrategy.co.uk: The Irish government has injected new bailout money into Anglo Irish Bank, taking total bailout costs at the troubled lender to €29-34 billion (£25-29 billion). In the meantime, Ireland will tap its national pension fund, its cash reserves and its sovereign wealth fund to fund the bank bailouts, whose costs are running at €10,000 for every member of the population.
In an interview with the Financial Times, Brian Lenihan, the finance minister, said an Anglo Irish failure would “bring down” the country. The government has moved to ensure an orderly unwinding of the bank’s troubled assets……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Fundstrategy.co.uk: After the world’s largest-ever share issue the Brazilian authorities have snapped up nearly two-thirds of the stock issued by Petrobras, the Brazilian oil giant. Together the Brazilian government, the country’s sovereign wealth fund and the National Development Bank, hold a 49% stake and a 64.3% share of voting rights in the company.
But because it is still unclear whether the newly elected government will pursue the successful market-orientated policies of the past, some investors are concerned about the oil giant, particularly as the company has diluted shareholders’ positions by issuing the new stock……………………………………….Full Article: Source

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Posted on 04 October 2010 by VRS |  Email |Print

From Yonhap: South Korea’s foreign exchange reserves rose to a fresh record high in September as a weaker U.S. dollar bolstered the conversion value of assets in other currencies, the central bank said Monday.
The country’s foreign reserves reached US$289.78 billion as of the end of September, up $4.42 billion from August, according to the Bank of Korea (BOK)……………………………………….Full Article: Source

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