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Sovereign Wealth Funds Briefing 30.Nov 2010

Posted on 30 November 2010 by VRS |  Email |Print

From Dow Jones: The Brazilian government has published a decree permitting the country’s treasury to issue public debt papers at market rates in favor of the country’s Sovereign Wealth Fund.
The sovereign fund will also be allowed to trade fixed-income assets including public debt papers, shares and currencies with the treasury at market rates, according to the decree, Estado said……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Emirates247.com: Sovereign wealth funds (SWFs) have made hedge funds an increasingly sizeable percentage of their portfolios, especially after the onset of the global financial crisis two years back, an official of a US-based fund of hedge funds (FoHFs) managing firm said.
“As they have evolved over time, SWFs have begun to take more risk in their portfolios in a number of different ways. They have increased direct investments into longer dated assets such as real estate, infrastructure and timber, have often made significant investments in corporate entities and have made hedge funds an increasingly sizeable percentage of their portfolios,”………………………………………Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Bloomberg: Korea Investment Corp., the nation’s $37 billion sovereign wealth fund, plans to make three to four strategic investments next year with other state funds to diversify from traditional assets such as bonds and equities.
The Seoul-based fund, known as KIC, posted a 7 percent to 8 percent return this year from stocks and bonds traded in public markets, which make up the bulk of the portfolio, Chief Investment Officer Scott Kalb said. Alternative assets such as private equity, real estate and strategic investments including Chesapeake Energy Corp. have all made money, he said……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Bloomberg: Financier J. Christopher Flowers is in talks to buy a stake in Brazil’s Banco BTG Pactual SA as part of an investor group that includes Government of Singapore Investment Corp., three people with knowledge of the deal said.
Andre Esteves, the Brazilian billionaire who controls Rio de Janeiro-based BTG, is in talks to sell about 15 percent of the firm to the group for about $1.5 billion to fund expansion, according to the people, who asked not to be named because the plans are private……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Financialstandard.com.au: Asia’s appeal as multi-trillion dollar bond hub is set to accelerate as the region primes itself to become a key alternative funding source for investors, said the chief financial officer of the $147 billion Temasek Holdings.
Leong Wai Leng, chief financial officer of Temasek Holdings, said the market expects some US$17 trillion of public debt refinancing and budget funding obligations to come due from US, UK, Japan and Eurozone over the next three years……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From WSJ: Global Logistic Properties Ltd., a real-estate unit of the Government of Singapore Investment Corp., said its second-quarter net profit nearly doubled because of increased contributions from its China business and the strengthening of the Japanese yen against the U.S. dollar.
Net profit excluding property revaluations for the quarter ended Sept. 30 rose to $74.2 million from $37.4 million a year earlier, GLP said in a statement on Monday. Revenue was $113.3 million, up from $99.8 million……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Bloomberg: Hedge Funds are wooing institutional investors in China, as managers struggle to raise assets. China Investment Corp., the nation’s $300 billion sovereign wealth fund, is already investing in hedge funds, Chairman Lou Jiwei said in August last year.
“Over time, China will invest more overseas,” Christophe Lee, chairman of the Alternative Investment Management Association’s Hong Kong and China chapter. “In their overseas investments, we hope they will consider hedge funds as one of their components.”………………………………………Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Chinadaily.com.cn: China International Capital Corp (CICC), the country’s top investment bank, has obtained the approval from the securities regulator for a major shareholding change. Central Huijin Investment Co, the domestic arm of China Investment Corp, the country’s sovereign wealth fund, owns 43.35 percent of CICC.
The China Securities Regulatory Commission (CSRC)on Nov 26 approved CICC’s application for the shareholding change which involved a more than 5 percent stake in the company……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Vnagency.com.vn: CapitaLand Viet Nam Investments Pte Ltd (CVI) has entered into a US$200 million joint venture with Japan’s Mitsubishi Estate Asia Pte Ltd (MEA) and an affiliate of GIC Real Estate, the real estate investment arm of Government of Singapore Investment Corporation, to invest in prime real estate development projects in HCM City and Ha Noi.
CVI, which is a wholly-owned subsidiary of CapitaLand (Viet Nam) Holdings Pte Ltd, will take up a 50-per- cent stake in the joint venture, while the balance will be held in equal proportions by MEA and the affiliate of GIC Real Estate……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Actionforex.com: As was widely expected, the Irish bailout package details were finally announced Sunday. The €85bn rescue package will be funded with €17.5bn from Irish domestic resources including its sovereign wealth fund, and the remaining amount is being funded from the EFSM, the IMF, the EFSF and bilateral loans.
As for where the funds will flow, €10bn will be used to recapitalize Ireland’s banks, €50bn used for government requirements and €25bn is available for contingency……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Bloomberg: Ireland’s National Pensions Reserve Fund, the SWF, will provide 10 billion euros of the country’s contribution to an international aid package for its banks and public finances, a spokesman for the fund said.
The government said yesterday that 17.5 billion euros would be provided by Ireland’s reserves for the total 85 billion-euro aid package, led by the European Union and International Monetary Fund……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Irishtimes.com: The National Pensions Reserve Fund (NPRF), which has died aged nine from infanticide caused by multiple stab wounds, was born under the premise that it would prepare the Irish State for a pensions “time-bomb” due to explode in the decades ahead as Ireland’s population ages inexorably into an impoverished abyss.
It was the best of what would prove to be a series of generally good times for its creator, then Minister for Finance Charlie McCreevy, who legislated that at least 1 per cent of gross national product would be committed to its coffers each year, on top of the proceeds from the flotation of the much-loved Eircom……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From IPE: The Norwegian government is considering the introduction of an upper limit for management fees for external managers of its NOK2.9trn (€365bn) Government Pension Fund Global after a contract with no limit was branded “reprehensible”.
State secretary Hilde Singsaas made the suggestion in a statement after the country’s Auditor General criticised the contract, which stipulated no upper limit for performance-related fees……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Reuters: French President Nicolas Sarkozy rejected conditions set by Qatar for its participation in a planned capital increase by French nuclear reactor maker Areva. Areva has been talking to the sovereign wealth funds of Qatar and Kuwait in the hope of sealing their investment by the end of the year.
Qatar is only prepared to take part in the capital hike if it can invest in Areva’s mining activities, Les Echos newspaper said. The Financial Times has also reported that Qatar is seeking guarantees over the value of Areva, for example by having an option to take shares in its uranium mining division……………………………………….Full Article: Source

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Posted on 30 November 2010 by VRS |  Email |Print

From Emirates247.com: The bulk of the country’s foreign assets are controlled by the Qatari Investment Authority (QIA), one of the world’s fastest growing sovereign wealth funds.
At the end of 2007, QIA’s assets were estimated at around $57 billion but they dipped to nearly $52 billion at the end of 2008 because of the market turmoil……………………………………….Full Article: Source

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