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Sovereign Wealth Funds Briefing 20.Oct 2010

Posted on 20 October 2010 by VRS |  Email |Print

From Reuters: China Investment Corp is opening a Hong Kong office, according to sources with direct knowledge of the matter, the fund’s first ever business operation outside of mainland China.
The move to Hong Kong underscores the fund’s ambition to be seen as a global investment group and not just China’s sovereign wealth fund……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Thestandard.com.hk: China Investment Corp is finally taking a big step to expand outside the mainland. It is said to be opening a Hong Kong office - with former Chinese University vice chancellor Lawrence Lau Juen-yee, pictured, running the business.
It follows the appointment of former monetary authority chief Joseph Yam Chi-kwong to the fund’s international advisory board in July……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From China Knowledge: China’s National Social Security Fund, the country’s national pension fund, and China Investment Corp, the country’s US$300-billion sovereign wealth fund, has invested in the initial public offering of Global Logistic Properties Ltd, the largest IPO in Singapore in 17 years, Chinese media reported.
However, the report did not disclose the financial figure of CIC invested in Global Logistic……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Ctv.ca: Gao Xiqing, the president of China Investment Corp., the country’s sovereign wealth fund, would like the world to know there’s no such thing as “China Inc.”
It’s one of the myths about the country that is fuelling political resistance towards CIC in the West, something that is frustrating to Mr. Gao, whose $330-billion (U.S.) fund has become one of the world’s most influential investment organizations……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Dow Jones: Singapore’s state investment company Temasek Holdings Pte. Ltd. invested $400 million in Brazil’s Odebrecht Oil and Gas, the latest move by the sovereign wealth fund to consolidate its position in the resources sector and expand in emerging markets.
It is also Temasek’s first known major investment in Brazil since setting up an office in Sao Paulo in 2008……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Bloomberg: Temasek Holdings Pte, Singapore’s state investment company, paid $400 million for a 14.3 percent stake in the oil services unit of Brazil’s Odebrecht SA as it increases its focus on emerging markets.
The investment in Rio de Janeiro-based Odebrecht Oil & Gas comes after Temasek opened offices in Mexico City and Sao Paulo about two years ago. The company also has investments in Brazilian real estate and retail companies……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Businessspectator.com.au: The Future Fund has sold 113.6 million Telstra Ltd shares at an average price of $2.66 each.The selldown, which took place between September 29 and October 19, takes the sovereign wealth fund’s stake in the telecommunications group to 10 per cent, from 10.9 per cent. It remains the telco’s largest shareholder.
In a statement, the fund said it “took the view that conditions were appropriate for it to reduce its overweight Telstra holding by selling on-market.”………………………………………Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Pehub.com: The preference of sovereign wealth funds in the Middle East for direct investment has made fund-raising in the region complicated, according to private equity group Carlyle. Although private equity activity has been growing in the Middle East, fund raising appears to be a bit trickier because “a lot of the sovereign wealth funds which have money feel they are to some extent over-allocated in private equity,” said Carlyle managing director David Rubenstein.
Sovereign wealth funds were looking increasingly to invest directly rather than going through funds, Rubenstein said……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Arabianbusiness.com: Bahraini sovereign wealth fund Mumtalakat is set to return to profit in 2010, one year after registering a net loss of $485m, the firm’s CEO has said.
“Today, our balance sheet is the strongest ever. This year, we’re expecting - on a Mumtalakat level - that we will be reporting profits,” Mumtalakat CEO Talal Al Zain told Arabian Business on Tuesday……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From AP: Gulf Air says the government of Bahrain is pumping more than $1 billion into the struggling carrier. The Bahrain-based airline said in an e-mailed statement Tuesday that the government raised the carrier’s authorized share capital by 400 million dinars ($1.06 billion).
Gulf Air says it’s the first time the airline has been through a capital restructuring since Bahrain assumed full ownership in November 2007……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Business-sale.com: Part of the £900 million British property portfolio owned by the property division of Kuwait’s sovereign wealth fund has been put up for sale.
Savills has been asked to find buyers for St Martins, the property company that has been owned by The Kuwait Investment Authority since 1974. The Authority is the world’s seventh-largest sovereign wealth fund with assets worth £126 billion……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Kippreport.com: For a small country, Qatar sure is busy lately. Here’s the latest on big projects connected to the UAE’s friend across the water. Qatar Holding, the strategic investment arm of Qatar Investment Authority (QIA), signed off on a Dh.9.9 billion deal in which they secured a 5 percent stake in the Brazilian banking unit of Spain’s Banco Santander.
Qatar Investment Authority, or QIA, was founded five years ago by the government of Qatar, and has made a name for itself by investing in different assets including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Globalpensions.com: Norway’s Government Pension Fund Global has grown to NOK3trn ($512bn) for the first time in its 14-year history. Since investing an initial NOK1.98bn in 1996 in the same way as the country’s foreign exchange reserves, the fund has expanded into international stock and bond markets and is currently planning its move into real estate. The fund first passed $500bn on 5 October.
The market value is largely determined by inflows of capital, returns and fluctuations in the krone exchange rate. The fund had NOK2,379bn in capital inflow and NOK430bn in returns between May 1996 and 30 June 2010, while changes in the krone exchange rate reduced the market value by NOK3bn……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From BBC: Norway’s oil-fueled state pension fund has grown to a massive 3 trillion Norwegian kroner (£324bn; $513bn), the country’s central bank has announced.
The size of the “petroleum fund” means that, unlike other developed countries, Norway has little to worry about when it comes to state pension provision……………………………………….Full Article: Source

Posted on 20 October 2010 by VRS |  Email |Print

From Efinancialnews.com: If shareholders had only kept bankers on a tighter rein, the financial crisis might have been stopped in its tracks, so the argument goes. This morning, 68 asset managers, pension funds and others signed up to the UK’s new shareholder rulebook, a basic blueprint for the way shareholders should hold companies’ management to account.
But it is worth looking at how far this code has penetrated beyond “the usual suspects” to understand how effective it might be……………………………………….Full Article: Source

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