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Sovereign Wealth Funds Briefing 15.Feb 2011

Posted on 15 February 2011 by VRS |  Email |Print

From Pionline.com: The $300 billion China Investment Corp., Beijing, might be on the cusp of “a major change to its investment practices” to focus on private equity, real estate and other alternatives, according to a research note to clients issued Monday from consultant Z-Ben Advisors.
If the CIC wins government approval for such changes, the shift could mean “terrific news for managers within those three categories,” said Michael McCormack, executive director at Z-Ben in Shanghai. However, the door to the CIC might be closed for a raft of other managers, particularly traditional active managers in developed market bond and equity strategies……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

Michael SageFrom Bloomberg: Government of Singapore Investment Corp., a sovereign-wealth fund, offered to pay $1.5 billion for a group of bankrupt resorts owned by investors including the hedge fund Paulson & Co.
The fund seeks to buy five resorts, one of its lawyers, Michael Sage, said in an interview after unveiling the offer at a bankruptcy court hearing yesterday in New York……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Todayonline.com: Global Logistic Properties (GLP), a subsidiary of the Government of Singapore Investment Corp. has turned around in its fiscal third quarter from a loss in the year-ago period, posting a net profit of US$82.1 million ($105.2 million).
GLP - which owns warehouses and other logistic assets mostly in China and Japan - had made a US$305.4 million loss in the corresponding quarter of last year……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Todayonline.com: Olam International, partly owned by Singapore investment giant Temasek Holdings, reported an 8.2 per cent fall in its fiscal second quarter net profit even as higher commodity prices and margins helped to offset a decrease in one-time gains.
Olam, one of the world’s leading commodity firms, earned $145.8 million in the quarter ended December, down from $158.9 million a year ago. Revenue rose 45.4 per cent to $4.1 billion……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd will be putting the bidders for its 32.21% equity in Pos Malaysia Bhd through a vigorous process that includes a detailed assessment of the business plan and whether there will be a “cultural fit” between the new owners and the postal company.
Yesterday was the deadline for all bidders to submit their offer and sources close to the deal said the format required for the bids was broken up into a few parts……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Bloomberg: Russia raised $3.3 billion selling a stake in VTB Group in the largest state asset sale since the bank’s initial public offering almost four years ago. “Several” sovereign wealth funds from northern Europe and Asia bought stock in the offering, as did companies from “all over the world, including the U.S., U.K., Europe and Asia,” Finance Minister Alexei Kudrin said.
Prime Minister Vladimir Putin’s government sold 10 percent of the bank to a group of investors for 95.7 billion rubles, the country’s second-biggest lender said in a statement today……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Reuters: Pimco’s $240 billion Total Return Fund is, by most measures, the largest fund in the world. A handful of sovereign wealth funds are larger, but none of them trade nearly as actively or aggressively as Bill Gross.
Check out these two datapoints: in August 2010, the fund was 51% invested in US Treasuries. By January 2011, that number had declined to 12%. Which means that the Total Return Fund on its own liquidated over $90 billion in Treasury securities over the space of five months……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From Thenational.ae: Du, the UAE’s second-largest telecommunications operator, will pay the Government royalty charges this year for the first time. The head of telecommunications investments for Emirates Investment Authority, the sovereign fund that is a major shareholder in both Etisalat and du, said last year that the royalty payments were not sustainable.
The company has been exempt since it launched mobile services in 2007, to help it to become profitable while competing with Etisalat. Du will now have to pay a fee of 15 per cent of its earnings from last year, it said in a statement yesterday to the Dubai Financial Market……………………………………….Full Article: Source

Posted on 15 February 2011 by VRS |  Email |Print

From WSJ: Credit Suisse has demonstrated that there may be a market for co-cos among sovereign wealth funds, hedge funds and even retail investors. But this is unlikely to be enough to absorb the issuance that might be needed across the banking industry to replace outstanding hybrids.
Credit Suisse is testing the water with a public issue of Tier 2 co-co notes. It will be key to watch whether institutional investors like insurance companies, big buyers of traditional hybrids, will be willing or able to buy co-cos under the terms of their mandates—and then whether they will buy co-cos from second-tier banks that don’t have highly profitable private banking divisions……………………………………….Full Article: Source

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