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Sovereign Wealth Funds Briefing 22.Feb 2011

Posted on 22 February 2011 by VRS |  Email |Print

Yngve SlyngstadFrom WSJ: The chief executive of Norway’s Pension Fund Global, the world’s second-largest sovereign wealth fund, believes yields on southern European countries’ bonds became more attractive last year, and will continue to improve in 2011 thanks partly to government measures.
“We think that the measures that were taken during 2010 by European politicians were positive, so we are optimistic that the measures which will be taken in 2011 will also be positive for the bond investors,” Yngve Slyngstad said in an interview at his office in Oslo……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

Gary C. KlopfensteinFrom Pionline.com: In the latest tactical maneuver to gather assets from the Middle East, Mesirow Financial Holdings Inc., announced plans earlier this month to form a money management firm with Mubadala Development Co., Abu Dhabi, a sovereign wealth fund with about $15 billion in assets.
“The view of most asset managers looking to access the region is to have sovereign wealth funds as clients,” said Gary Klopfenstein, senior managing director and head of currency management at Mesirow, a Chicago-based financial services company with about $51 billion in assets under management at year-end 2010, about half of which come from overseas clients including SWFs……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From FT Alphaville: Can political unrest bring down a sovereign wealth fund? It might pay to ask the question on Monday for a number of companies who have the Libya Investment Authority on their holders lists.
They include Unicredit, most infamously (2.59 per cent, plus a large holding by the Libya Central Bank)………………………………………Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From WSJ: European governments are coming under pressure to explain ears spent courting Libyan leader Col. Moammar Gadhafi despite the country’s oppressive human-rights record. For years, European leaders have turned a blind eye to Col. Gadhafi’s human-rights record as they rushed to secure access to Libya’s oil fields and wooed Libyan sovereign wealth funds to invest in firms weakened by the financial crisis.
The Libyan Investment Authority, Libya’s sovereign wealth fund, and the Central Bank of Libya hold a combined 7.5% stake in UniCredit SpA, making Libya the top shareholder in Italy’s biggest bank……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From AFP: Shockwaves from the unrest in Libya on Monday hit its former colonial overlord Italy — a top foreign investor in Libya and a country in which the North African state has also invested billions. Libya’s sovereign wealth fund and veteran ruler Moamer Kadhafi’s family own stakes in Italy’s biggest bank UniCredit, defence and industry giant Finmeccanica, as well as in the first-division Juventus football club.
Shares in UniCredit plunged 5.75 percent by close of trading in Milan……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Businessweek.com: An international rating agency is cutting the Bahrain government’s credit ratings because of concerns about political unrest in the small Persian Gulf kingdom. Standard & Poor’s cut the ratings Monday for Bahrain’s long and short-term sovereign credit ratings, as well as those for the island nation’s central bank and the country’s sovereign wealth fund.
All the ratings remain investment grade, but carry negative outlooks, suggesting further downgrades are possible……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Dow Jones: Italian lender UniCredit SpA is closely monitoring the political turmoil in Libya but isn’t concerned about a possible impact on the bank, Chief Executive Federico Ghizzoni said. Libya’s sovereign wealth fund holds a 2.6% stake in UniCredit and its Central Bank has a 4.6% interest.
“We’re following the Libyan situation closely, but we’re not worried for the group,” Ghizzoni said……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Businessweek.com: Nigerian lawmakers are currently working on a sovereign wealth fund that will save some of the windfall crude revenue for future generations and invest some in infrastructure, ensuring that the government can’t use it to finance running costs.
Nigerian Finance Minister Olusegun Aganga said the government has resumed savings in its excess crude account, after almost emptying the fund by September, and pledged to be more open about foreign currency reserves……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Cityam.com: The creation of sovereign wealth funds has ensured oil money is no longer being entirely squandered, as has some infrastructure spending, but this hasn’t been enough.
It is not, of course, just about economics. But unless new regimes in Egypt, Libya, Tunisia and elsewhere introduce real market and tax reforms, proper property rights and sound money, and embrace free trade, there is no hope for the region……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From WSJ: State investment company Temasek Holdings Pte. Ltd. has appointed Ding Wei, the investment-banking chief at mainland China’s leading investment bank, China International Capital Corp., to head its China operations as it moves to shore up its presence in the world’s second-largest economy after the U.S..
In a statement Monday, Temasek said its appointment of Mr. Ding will help the company become a “long-term active” investor in successful Chinese enterprises……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Cri.cn: Temasek Holdings, Singapore’s sovereign investment company, has appointed Ding Wei, a former senior manager of China International Capital Corporation Limited, to head its operations in China, the company confirmed on Monday.
The appointment will take effect on Feb. 28, Temasek said……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Investors.com: China Investment Corporation (CIC), the country’s major sovereign wealth fund, has bought a Japan-based property loan portfolio in cooperation with US-based investment firm Blackstone Group L.P. (BX) at a price much lower than the face value of USD 1.1 billion, disclosed people familiar with the matter.
The deal, clinched with the seller Morgan Stanley (MS) last year, marks a shift of investment strategy as the Chinese fund becomes more experienced in investment. The two partners paid for the portfolio at a 35% discount to the face value, with a majority of the payment funded by CIC, said one of the people, noting that the portfolio includes current and non-performing loans……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Reuters: Hong Yuan Securities, a mid-sized Chinese brokerage, plans to raise up to 7 billion yuan ($1.07 billion) in a share placement on the Shenzhen Stock Exchange, the company said.
Hong Yuan will sell up to 500 million new shares to no more than 10 select investors in the placement, it said in a statement to the Shenzhen exchange. China Jianyin Investment, a unit of Central Huijin, the domestic investment arm of China’s $300 billion sovereign wealth fund, would subscribe to up to 3 billion yuan worth of shares in the placement, Hong Yuan said……………………………………….Full Article: Source

Posted on 22 February 2011 by VRS |  Email |Print

From Thestar.com.my: The proposed divestment of Khazanah Nasional Bhd’s 32% stake in Pos Malaysia Bhd is finally taking place since it was first announced last March. However, details of the bidders are scarce but it was reported that several consortiums were eyeing the stake.
Khazanah did not indicate which companies were interested……………………………………….Full Article: Source

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