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Sovereign Wealth Funds Briefing 24.Nov 2010

Posted on 24 November 2010 by VRS |  Email |Print

From Reuters: Sovereign wealth funds would benefit from adopting a pension fund-style investment strategy focusing on meeting future liabilities of the state, rather than outperforming market benchmarks, a new report said on Tuesday.
The paper, published by Nice-based EDHEC Risk Institute, found that a state fund should combine a performance-seeking portfolio invested in equities, an endowment-hedging component customised to meet the risk exposure and another that invests in bonds to hedge interest risks……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Pionline.com: Sovereign wealth funds should split their investments into returns-seeking and hedging portfolios tailored to each fund’s characteristics, according to a new paper by EDHEC. The paper, funded by Deutsche Bank, suggests SWFs create hedging portfolios tailored to their income from — and payouts to — their state sponsors.
The approach “can in fact be seen as the extension to sovereign wealth funds of the liability-driven investing paradigm recently developed in the pension fund industry,” according to the paper, “Asset-Liability Management Decisions for Sovereign Wealth Funds.”………………………………………Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Edhec-risk.com: A new publication, “Asset-Liability Management Decisions for Sovereign Wealth Funds,” contains the results of the first-year research work conducted at EDHEC-Risk Institute within the Deutsche Bank research chair on asset-liability management (ALM) techniques for sovereign wealth fund management.
Under the responsibility of Professor Lionel Martellini, the scientific director of EDHEC-Risk Institute, this chair examines optimal allocation policies for sovereign wealth funds……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Zawya.com: Qatar does not always make it on to the list of the world’s top 10 sovereign wealth funds. It may all be guesswork, as the tiny state and other funds closely guard the size of their assets, but Doha’s emerging fund, with an estimated asset pool of $85bn-$100bn, is dwarfed by older funds controlled by the governments of Abu Dhabi, China, Norway and Kuwait, to name a few.
Yet bankers are aware that the seven-year-old fund will vault its way through the ranks in the coming years, as its excess gas and oil revenues surpass the state’s wildest dreams……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Reuters: Ireland’s 24-billion-euro sovereign wealth fund could disappear long before it gets to plug the pension shortfall it was originally intended for as Dublin is expected to use more of the stash to fix its banks.
On one level, there may never be a more appropriate time to tap a “rainy-day” fund of savings. But using up tomorrow’s savings today breaches the fund’s original mandate and illustrates how the fate of these funds (SWFs) fate is ultimately dictated by sponsoring governments……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Bloomberg: South Africa’s government said it will establish a sovereign wealth fund to help manage the country’s foreign reserves and the value of the currency.
The proposal is contained in the government’s new economic growth strategy, which was released in Cape Town today and aims to create 5 million jobs over the next decade. A road outline of the plan, which was drafted by the Economic Development Ministry, was released on Oct. 26……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Miningweekly.com: South Africa’s New Growth Path document released on Tuesday targets 140 000 additional direct mining jobs by 2020, and moots possible sovereign-wealth-fund help for a State mining company that uses the country’s resource base for developmental purposes.
Economic Development Minister Ebrahim Patel, whose long-awaited Economic Development Department (EDD) document has the creation of jobs as its central theme, wants mining to lift direct jobs further to 200 000 by 2030……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Thehindu.com: India made a strong pitch for greater investment from the UAE, asking the oil-rich country to be a part of its growth story, especially in the infrastructure sector. The Abu Dhabi Investment Authority manages one of the largest sovereign funds in the world, financial reserves and investment.
“India is an attractive destination for foreign investment. Therefore, it is only natural that we expect Abu Dhabi… to have a significant presence in the Indian economy,” President Pratibha Patil said, addressing a function organised by the Abu Dhabi Chamber of Commerce and Industry……………………………………….Full Article: Source

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Posted on 24 November 2010 by VRS |  Email |Print

From Bloomberg: Whitefield Capital Management Pte said it won’t charge investors any fee on investment gains until it doubles the size of its assets. The firm manages money for an Asian sovereign wealth fund.
Government of Singapore Investment Corp.’s Chief Investment Officer Ng Kok Song, then the sovereign fund’s managing director of public markets, said in a speech in 2002 that Whitefield Capital was one of the managers that it had provided “much-needed funds to compile their track records,” according to GIC’s website. ………………………………………Full Article: Source

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