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Sovereign Wealth Funds Briefing 15.Nov 2010

Posted on 15 November 2010 by VRS |  Email |Print

From Thenational.ae: Qatar is expected to spend tens of billions of dollars in the year ahead as it expands its investments around the world. The country is better known for its investments abroad. Its seven-year-old sovereign wealth fund, the Qatar Investment Authority, may have only about US$85 billion (Dh312.18bn) - considerably less than its Gulf neighbours have saved - but it has increased its activity in the international markets since 2008.
Credit Suisse, in which Qatar owns a stake, has emerged as the country’s preferred deal maker……………………………………….Full Article: Source

Posted on 15 November 2010 by VRS |  Email |Print

From Forbes: An Abu Dhabi state investment company says it will sell back its 5 percent stake in Ferrari but hopes to continue working with the high-powered Italian automaker. Mubadala Development Company confirmed the plans in a statement Sunday as the season-ending Abu Dhabi Grand Prix was getting under way in the Emirati capital.
The investment firm said Ferrari’s parent Fiat exercised an option that gave it the right to buy back the stake Mubadala acquired in 2005. It says it’s “in discussions to complete the transaction.”………………………………………Full Article: Source

Posted on 15 November 2010 by VRS |  Email |Print

From Arabianbusiness.com: Sovereign funds tasked with managing national wealth may be forced to drastically alter their investment strategy in the coming years as the latest US 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 15 November 2010 by VRS |  Email |Print

From Asiaone.com: Temasek Holdings said yesterday it will raise its stake in China Construction Bank (CCB) by taking up Bank of America’s (BOA) entire entitlement in the rights issue of China’s No. 2 lender.
CCB plans to raise up to 61.6 billion yuan (S$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 15 November 2010 by VRS |  Email |Print

From Businessweek.com: Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC. Michael Maduell, president of the Sovereign Wealth Fund Institute, a California-based group that watches sovereign wealth fund investments, says global investors are looking at the U.S. because they believe the overall market is undervalued.
Other potential investors in GM include Abu Dhabi’s Mubadala and Singapore’s Temasek, which are both known for actively investing in companies, Maduell says……………………………………….Full Article: Source

Posted on 15 November 2010 by VRS |  Email |Print

From Brecorder.com: There is massive potential to increase Chinese investment in Britain, the head of Britain’s trade promotion agency said on Friday after Prime Minister David Cameron led a high-powered British business mission to China. Britain wanted to persuade China’s $300 billion sovereign wealth fund, China Investment Corp, to invest in Britain and it was important that Chinese companies listed on the London Stock Exchange.
Andrew Cahn, chief executive of UK Trade & Investment, also voiced concern in an interview with Reuters about the potential impact on British trade of the economic crisis in Ireland, a major market for Britain and a big investment partner……………………………………….Full Article: Source

Posted on 15 November 2010 by VRS |  Email |Print

From Stefanmi Karlsson: Norway had a surplus of NOK 311 billion in 2009, or roughly $52 billion, about 1,5 times as much as Sweden. And unlike in Sweden, this surplus was largely the result of the massive purchases of foreign assets by its sovereign wealth fund, who holds assets of more than $500 billion. Relative to GDP, that is much more than China’s foreign exchange reserves.
Norway’s government should, both to reduce global imbalances and give its people a break stop or at least reduce its purchases of foreign assets and instead reduce the tax burden of the Norwegian people. Unfortunately, that is not likely to happen as only the “populist” semi-libertarian Progress Party advocates this and they unfortunately only got 22.9% in the latest election……………………………………….Full Article: Source

Posted on 15 November 2010 by VRS |  Email |Print

From Businessworld.in: ‘The End Of The Free Market’ showcases how state capitalism is emerging as a dominant form of economic governance in many countries across the world and what its ramifications are likely to be, globally. The book also focuses on the rising influence of sovereign wealth funds (SWFs) on financial markets.
Economists have highlighted how SWFs are focused more on national interests rather than on profits. The World Bank says, globally, the collective SWF investment will reach $10 trillion by 2013, from $3.5 trillion now. China, UAE and Saudi Arabia are the biggest investors through SWFs. China Investment Corporation, a secretive SWF, has been consistently investing in the US and Europe and data reveal that any mass selling by them influence investors’ sentiment hugely……………………………………….Full Article: Source

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