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Sovereign Wealth Funds Briefing 12.Nov 2010

Posted on 12 November 2010 by VRS |  Email |Print

From Reuters: Sovereign funds tasked with managing national wealth may be forced to drastically alter their investment strategy in the coming years as the latest U.S. liquidity spree fuels cash inflows but depresses asset returns.
While their assets are set to hit as much as $10 trillion in the coming decade, a low-returns climate makes orthodox portfolio management more unattractive, pushing these funds further into private equity-style or deal-based investment……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Superreview.com.au: Two of Australia’s foremost financial services economists have urged the establishment of a sovereign wealth fund. Praemium chairman Don Stammer and QIC chief executive Doug McTaggart both told the Association of Superannuation Funds of Australia that a sovereign wealth fund was necessary to help Australia cope when the mining boom inevitably ends.
McTaggart said the mining boom was actually bad for Australia because it had created complacency and overconfidence……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Reuters: Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, bought a minority stake in Australia’s Port of Brisbane in a deal worth A$2.1 billion, ($2.11 billion) the Queensland government said in a statement.
ADIA was part of the Q Port Holdings consortium that included major stakeholders Global Infrastructure Partners, Industry Funds Management (IFM) and funds managed by QIC Limited that will take ownership of the port under a 99-year lease……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Bernama: Khazanah Nasional Bhd raised gross proceeds of RM396 million ($128 million) after a successful placement of 66 million Malaysia Airports Holdings Bhd (MAHB) shares at RM6.00 each.
The disposal has reduced Khazanah’s stake in MAHB to 54 per cent from 60 per cent previously, said RHB Investment Bank Bhd in a statement……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd’s divestment of another stake in Malaysia Airports Holdings Bhd (MAHB), its second this year, raises the question of whether institutional investors are willing to pay ever higher prices for stakes in government-linked companies.
According to a Bloomberg report yesterday, the sovereign wealth fund was selling a 6% stake in MAHB for RM396mil, or RM6 per share……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From IPE: There are plenty of fresh sources of money for infrastructure investment, but the challenge is finding ways to access them, says Wong Kim Yin, a managing director of investments at Temasek Holdings in Singapore. who heads the infrastructure and transportation group.
“For example, sovereign wealth funds can be very active, “ says Wong, who heads the infrastructure and transportation group at the state investment fund. “If you can find a suitable framework for tapping them, the future of infrastructure financing can be very bright.”………………………………………Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings has confirmed it will invest an additional $2 billion in China Construction Bank (CCB) by taking up Bank of America’s (BofA) entire entitlement in the rights issue of China’s second-largest lender.
CCB plans to raise up to 61.6 billion yuan ($12 billion) this month in Asia’s biggest rights issue outside Japan to shore up capital after an industry-wide lending binge last year……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Bloomberg: Bank of America Corp. sold its share of China Construction Bank Corp.’s $9.2 billion rights offer to Temasek Holdings Pte, Singapore’s state investment company, as the U.S. lender boosts capital to meet a pledge to federal regulators.
Bank of America wouldn’t estimate its potential gain from the sale of its rights to buy 1.79 billion CCB shares, said Jerry Dubrowski, a bank spokesman. “The proceeds count towards the commitment we made to raise $3 billion” by Dec. 31 from gains on asset sales, he said………………………………………Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Economist.com: Companies often have surplus cash and banks surplus deposits. Today those savings are recycled into rich countries via sovereign-wealth funds and the central bank, which act as portfolio investors, buying mainly bonds. But China may and probably should diversify.
That shift will be accelerated by China’s political aims: to acquire inputs, such as raw materials, labour and land; to build up technical and commercial expertise; and to gain access to foreign markets……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Investordaily.com.au: Superannuation fund members and trustees have both ranked investment performance, followed by competitive fees, as the most important aspects of a super fund, according to Mercer research.
The study, that surveyed more than 500 working Australians and 42 fund trustees, found that 38 per cent of fund members and 48 per cent of trustees and fund executives ranked a history of good investment performance over the past 10 years as the most important to them……………………………………….Full Article: Source

Posted on 12 November 2010 by VRS |  Email |Print

From Globalpensions.com: Norway’s Finance Ministry issued a new formal mandate for the management of the Government Pension Fund Global, the world’s second-largest sovereign wealth fund.
The new mandate, which becomes effective on January 1, will require the $520bn fund to seek to limit the scope of its investments in so-called junk-rated bonds to 3% of the market value of the fund’s fixed-income portfolio, the ministry said in a statement today. The ministry previously imposed no cap……………………………………….Full Article: Source

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