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Sovereign Wealth Funds Briefing 21.Oct 2010

Posted on 21 October 2010 by VRS |  Email |Print

From Financialpost.com: Analysis of SWF transactions during H1 found 16 of the 33 SWFs on the Monitor-FEEM SWF Transaction Database undertook 92 publicly reported investments, double the number and value of the same period in 2009, with a value of $22.2 billion.
However, since large domestic investments and recapitalizations inflated SWF investment value in H2 2009, and these were absent in H1 2010 SWFs, the value of SWF investment was depressed, in comparison to the previous half. “Though the value of SWF investment in H1 2010 represented less than 40 percent of the value of investment in H2 2009, there has been a continued uptick in the number of investments made,” said William Miracky, a senior partner at Monitor Group……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Pionline.com: The number and value of acquisitions made by sovereign wealth funds both doubled in the first half of 2010 compared to the same period the previous year, according to a Monitor Group report released Wednesday.
In the six months ended June 30, the 33 funds followed by the Monitor Group executed 92 investments totaling $22.2 billion, according to the report……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From WSJ: Sovereign-wealth funds dramatically slowed their pace of investing in the first half of this year. Investing by SWFs came to $22 billion in the first half of 2010, according to a new report from Cambridge, Mass.-based consulting firm Monitor Group and Fondazione Eni Enrico Mattei in Venice, Italy.
That was down from $58 billion in the second half of last year. Those figures don’t include transactions by the government-owned investment vehicles that haven’t been publicly reported on……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Accountancyage.com: The UK Government should hold fire when criticising foreign government investment funds if they subscribe to a newly released investor code, a key regulator has said. The UK’s reporting regulator, the Financial Reporting Council (FRC), hopes its new Stewardship Code will provide a frame work for investment funds to engage with companies, including sovereign wealth funds, which are owned by foreign governments.
Sovereign wealth funds hold an estimated $3.97 trillion stake (£2.49 trillion) in the world economy. Controlled by foreign governments, they are reluctant to engage with their investment companies out of concern their comments will be viewed through a political prism……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Reuters: In the boom years before the global financial crisis, Gulf Arab sovereign wealth funds invested most of their petrodollars abroad. When markets fell, they propped up major Western firms and snapped up bargains. But what about regional markets, which still lack the liquidity and depth to lure international institutions?
Highlighting the extent to which regional markets have been overlooked, a recent study by Bahrain-based Securities & Investment Company showed that 95 percent of the Gulf’s $2.7 trillion in investable assets are allocated abroad……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Khaleejtimes.com: The Abu Dhabi Investment Authority on Wednesday said that it has appointed Keith Collins as its Chief Accounting Officer. Collins, 52, will be responsible for overseeing ADIA’s day-to-day accounting and finance functions, for the preparation of financial statements and for ensuring the uniform and consistent application of accounting policies across the organisation.
He will also manage ADIA’s relationship with external auditors and oversee ADIA’s continued compliance with IFRS International Reporting Standards……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Dailystar.com.lb: The emirate of Abu Dhabi is on the prowl for international acquisitions and is eyeing deals in the energy and hospitality sectors in 2011, a senior executive at HSBC Middle East said.
Declan Hegarty, managing director and head of HSBC’s Abu Dhabi office, also said he expects regional bond issuance to hit $40 billion in 2011 in contrast to about $35 billion last year……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Tradearabia.com: Bahrain Mumtalakat Holding Company (Mumtalakat) has announced two key additions to its executive management team. Lamees Al Bahrana joins the company as vice president, risk, whilst Dina Kasrawi has been appointed vice president, Corporate Communications.
“We are extremely pleased to have made these two important appointments and look forward to the positive contribution that both Baharna and Kasrawi will make to the Mumtalakat business,” said Talal Al Zain, CEO Mumtalakat……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Arabianbusiness.com: Bahraini sovereign wealth fund Mumtalakat will finalise new investments this year, using the proceeds of the Aluminium Bahrain IPO and other planned divestments to diversify its portfolio.
“Our existing portfolio shows a strong concentration on the asset class – the private equity side – and a strong concentration on geography,” Mumtalakat CEO Talal Al Zain said………………………………………Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From WSJ: Temasek Holdings Pte. Ltd., Singapore’s state-owned investment company, is selling its stake in South Korea’s Hana Financial Group Inc. in a transaction that could raise as much as US$642.6 million as the sovereign-wealth fund shifts some of its portfolio away from financial services and into areas such as resources.
Earlier Wednesday, the fund invested US$400 million in Brazilian oil-service company Odebrecht Oil & Gas……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Reuters: Hana Financial Group’s (086790.KS) shares tumbled 6 percent on Thursday, hurt by concerns about the company’s expansion plans after its top shareholder Temasek sold its entire 9.6 percent stake worth $607 million.
The stake sale by the Singapore state investor, which has been shifting its focus to the resources and energy sector, could mark a setback for Hana as it tries to gather shareholder backing for its move to merge with bigger Woori Finance Holdings to challenge larger banks, analysts said……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Freemalaysiatoday.com: State-linked Singaporean investment firm Temasek has invested US$400 million (RM1.2 billion) in Brazil’s Odebrecht Oil and Gas (OOG) in a further push into South America, a joint statement said today.
“The funds will be used for fresh investments and will consolidate OOG as an integrated services company for the oil industry,” the joint statement said……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Todayonline.com: Five days after a request from Temasek Holdings to change its name, socio-political website Temasek Review is now called New Temasek Review, although its URL remains unchanged.
The investment firm had sent a letter last Friday to general practitioner Dr Joseph Ong to change the name of the website, after The New Paper reported he was its founder, a claim Dr Ong and the website dispute……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Reuters: Bank of China and Temasek’s joint banking venture will open its first two China branches in January, a source close to the situation said on Wednesday, posing competition for another joint venture, between AgBank and Standard Chartered.
The branch opening marks the latest effort by Singapore’s sovereign wealth fund, Temasek Holdings, to tap China’s solid growth by seeking opportunities to develop the mainland’s rural economy……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Dow Jones: China’s sovereign-wealth fund said Wednesday it set up a unit in Hong Kong and has named Lawrence Lau, a member of the city’s Executive Council, as its chairman. Lau, a prominent Hong Kong economist who was the former vice-chancellor of the Chinese University of Hong Kong, earlier notified the council’s secretariat about his appointment at CIC International (Hong Kong) Co. in a declaration of interests filing.
CIC International is a wholly owned Hong Kong unit of Beijing-based China Investment Corp., which manages US$300 billion in capital drawn from China’s foreign-exchange reserves……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Montrealgazette.com: The Chinese sovereign wealth fund that agreed to inject $1.25 billion into Penn West Trust last spring originally wanted an even bigger chunk of the company.
Behind-the-scene details of the novel joint venture announced by the Calgary-based energy trust in May with China Investment Corp., one of the largest such funds in the world, emerged during Penn West’s investor day Wednesday……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Peopledaily.com.cn: China’s private equity (PE) fund of $10 billion for Southeast Asian countries has completed its first round of fundraising worth $1 billion and it expects its maiden project in infrastructure to take place by the end of this year. Exim Bank and the nation’s sovereign-wealth fund, China Investment Bank, jointly launched in April 2009 the government-backed PE fund
“The fund’s preparatory work has been done and we have already started looking at a batch of projects mainly in infrastructure and joint economic projects between China and members of the Association of Southeast Asian Nations (ASEAN),” said Zhu Hongjie, vice-president of the Export-Import Bank of China (Exim Bank)………………………………………Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Dow Jones: Korea Investment Corp. said Thursday it will continue to diversify its portfolio by making overseas strategic investments in sectors like commodities and energy and seek tie-ups with other financial investors including fellow sovereign wealth funds.
KIC, in a report to the National Assembly, said it aims to outperform the broad market on investment returns and will adjust its portfolio to do so. As part of the efforts to ensure strong returns, the fund said it will aggressively pursue strategic investments abroad……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Investordaily.com: The Future Fund has sold $302 million worth of Telstra shares at an average price of $2.66. The sale of 113.6 million shares in Australia’s largest telecommunications company was conducted between 29 September and 19 October, the Future Fund said.
The Future Fund said the reduction was part of the sovereign wealth fund’s long-stated objective of rebalancing the portfolio by reducing its holding in Telstra in an orderly manner in the medium term……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Bloomberg: Kazakhstan plans to sell up to 20 percent of KazMunaiGaz National Co., which is developing one of the world’s biggest oil discoveries in 40 years, probably in 2011, according to the country’s sovereign wealth fund.
An initial public offering of shares in the state fuel producer may be in London, Kairat Kelimbetov, chief executive officer of the National Wellbeing Fund Samruk-Kazyna, said in an interview in London. The sale would raise “billions” of dollars, he said, declining to give any more precise estimate……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Finfacts.ie: Norway’s sovereign wealth fund has topped NKr3,000bn ($518bn) for the first time, marking a milestone for the the country of 4.8m people. The oil producer set up the fund in 1996 when it got its first capital transfer from the Ministry of Finance.
It aims to preserve Norway’s oil wealth for future generations and today it owns about 1% of all global stocks and counts as the world’s second biggest sovereign wealth fund after Abu Dhabi’s……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Globalpensions.com: Sustainable Asset Management’s (SAM) flagship strategy SAM Smart Energy has surpassed the $1bn mark on the back of interest from institutional investors. One Asian sovereign wealth fund recently invested $500m in the fund, which launched in 2003. Nearly all the fresh money into Sam’s funds this year came from institutional investors, among them European, Asian and UK pension schemes.
The Smart Energy fund now touts $1.3bn in assets……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

From Banking-business-review.com: Spanish bank Banco Santander has agreed to sell a $2.7bn stake in its Brazilian arm to Qatar Holding, the government sovereign wealth fund. This transaction represents 5% of the share capital of Banco Santander Brasil.
Qatar holding will invest in Brazilian unit of Santander by subscribing a bond issue amounting to $2.71bn, mandatorily exchangeable for existing or for new shares of Banco Santander Brasil, at the choice of Banco Santander……………………………………….Full Article: Source

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Posted on 21 October 2010 by VRS |  Email |Print

The Sovereign Wealth Fund Institute (SWFI) and Park Alpha, a subsidiary of the SWFI that provides consulting services to investment firms and SWFs, announced the launch of the Sovereign Wealth Fund Strategic Index (SWFSI). The SWFSI is a market capitalization weighted index that gauges strategic sovereign wealth fund investment in public equity markets around the world. Currently, the index includes 37 publicly traded equity securities and serves as a benchmark to track publicly traded strategic investor performance.
The SWFSI is a proxy to illustrate strategic government cross-border equity investment flows. Government funds can use the index as a policy benchmark to compare their direct equity investment performance. Furthermore, emerging sovereign wealth funds and other investors can get SWF strategic public equity exposure by investing in a vehicle that mimics the index……………………………………….Full Press Release: Source

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