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Sovereign Wealth Funds Briefing 10.Nov 2010

Posted on 10 November 2010 by VRS |  Email |Print

From Scmp.com: Norway agreed to pay about £448 million (HK$5.61 billion) for 25 per cent of London’s Regent Street, the first real-estate investment by the oil-rich country’s sovereign wealth fund. The Norwegian Government Pension Fund Global will buy a share of 113 buildings on the West End street from Crown Estate, the British monarchy’s property manager.
In March, the US$520 billion fund was given government approval to invest as much as 5 per cent of its assets in real estate……………………………………….Full Article (Subscription Required): Source

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Posted on 10 November 2010 by VRS |  Email |Print

From Bloomberg: Kazakhstan’s National Oil Fund may reduce holdings of U.S. Treasuries and invest in Brazilian and South Korean debt, central bank Chairman Grigori Marchenko said.
“There won’t be a radical cut in the share of National Oil Fund assets invested in U.S. debt,” Marchenko said during a Nov. 2 interview in the financial capital, Almaty. “In theory, the share could be cut to 35 percent from 40 percent, but this must be a considered, step-by-step decision.”………………………………………Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From Foxbusiness.com: BTA was taken over by Kazakhstan’s sovereign wealth fund Samruk-Kazyna last year, just before defaulting on its foreign obligations. The bank completed its debt restructuring earlier this year, cutting its debt to $4.2 billion from $16.65 billion.
Marchenko said that Kazakh and foreign banks are unlikely to secure the recovery of BTA’s Russian assets as successfully as Sberbank can……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From Efinancialcareers-gulf.com: The Abu Dhabi Investment Authority has ended its long search for a successor to Georges Sudarskis, its chief investment officer for private equity who left the SWF to start his own firm, Sudarskis & Partners, in September 2008 after ten years in the role.
James Kester steps into to big shoes within one of the world’s largest SWFs, which has a target allocation of between 2-8% of its portfolio for private equity. Based on capital estimations of $600bn, this represents a hefty $12-48bn for the asset class……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From Zawya Dow Jones: Mumtalakat Holding Co., Bahrain’s sovereign wealth fund, Monday announced the final offer price in the initial public offering of Aluminium Bahrain, or Alba, in which it is the major shareholder.
Mumtalakat said, in an emailed statement, the price was set at 0.900 Bahraini dinars ($2.39) per ordinary share and at $11.97 per global depository receipts, or GDR, representing five ordinary shares. The final price was determined through a bookbuilding process, the fund added……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From MNI: Although investors in the Gulf region remain cautious, bearing in mind the defaults and debt restructurings seen within the Gulf economies the last 18 months — including sukuk, the chase for yields due to low interest rates in the U.S. has created a window of opportunity for the Gulf’s top-tier issuers.
However, the Federal Reserve’s new $600 billion Treasuries buying program is widely expected to drive down the value of the U.S. dollar, meaning capital losses for Gulf sovereign wealth funds and central bank reserves invested in dollar-denominated assets……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From WSJ: Even Captain America, Hulk and Iron Man need financing to battle evil-doers. Singapore to the rescue! The city-state’s $101 billion sovereign wealth fund, Temasek Holdings, led a $60 million investment in Gazillion Entertainment, the California publisher of child-friendly massively multiplayer online games.
Gazillion, which offers games such as LEGO Universe, has partnered with comic book publisher Marvel Comics to release titles such as “Marvel Super Hero Squad Online” and “Marvel Universe.” The company’s investors include Founders Fund, Hearst Interactive Media, Oak Investment Partners, Pelion Venture Partners and Revolution Ventures……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From China.org.cn: Guoxin Asset Management Co, China’s new state-asset management company, is expected to be running before the end of the year, Shanghai Securities News reported Tuesday, citing Shao Ning, vice chairman of the State-owned Assets Supervision and Administration Commission (SASAC).
Guoxin Asset Management Co, also referred to as “China Investment Corporation No.2″, will play an important role in the restructuring of state-owned enterprises, Shao said……………………………………….Full Article: Source

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Posted on 10 November 2010 by VRS |  Email |Print

From Peopledaily.com.cn: The UK said it would welcome more Chinese investment, including from sovereign wealth funds. That could be a positive signal for China’s $200-billion sovereign wealth fund, China Investment Corporation (CIC), said analysts.
The CIC has been shown the cold shoulder in some countries because it is feared that the financial giant could disrupt markets and grab key resources, despite its reiteration that it is aimed at long-term investment that would stabilize financial markets……………………………………….Full Article: Source

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