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Sovereign Wealth Funds Briefing 17.Mar 2011

Posted on 17 March 2011 by VRS |  Email |Print

From Theaustralian.com.au: Business leaders yesterday backed calls for the windfall profits from the resources boom to be put into a new sovereign wealth fund. Commonwealth Bank chief executive Ralph Norris, UBS investment banking chief Guy Fowler and BT Investment Management equity strategist Crispin Murray warned that Australia should make sure it retained some of the wealth from the current mining boom for the benefit of future generations.
“We really should be looking at a sovereign wealth fund,” Norris said. “At some point in time, this cycle is going to end and, to have something left from that and something that can act as a buffer going forward, is absolutely essential.”………………………………………Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Automatedtrader.net: Australia’s existing wealth fund, the Future Fund, administers 72 billion Australia dollars (US$71.35 billion) set aside to cover the government’s pension liabilities.
The creation of a larger sovereign wealth fund along the lines of those set up in the Middle East’s oil-rich states could see Australia taking significant holdings in major foreign companies and banks as a way to reprocess profits from any possible tax on the nation’s miners……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Legalweek.com: Norton Rose has won a coveted client mandate in Australia, with the firm appointed as a legal adviser to a local sovereign wealth fund with assets worth A$70bn (£45bn). The firm won the appointment in January this year after the Future Fund conducted the first review of its local law firm arrangements since it was formed in 2006.
The review launched in October last year, with Norton Rose securing an initial three-year appointment, with the possibility of a one or two-year extension to its term……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Todayonline.com: Temasek Holdings executive director and president Simon Israel (picture) will retire from his executive and board roles on July 1, the investment firm announced in a press release yesterday.
According to the statement, Mr Israel had been a member of Temasek Board since August 2005. In July 2006, he became an executive director and a “key member of the Temasek senior leadership”. He took on the role of president last year……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Thelawyer.com: Magic circle pair Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have been joined by Spanish giant Uría Menéndez to guide Qatar Holding’s purchase of a €2.1bn stake in Iberdrola. Freshfields acted for Qatar Holding on its latest Spanish investment, with corporate partners Sarah Murphy and Bruce Embley leading in London alongside tax partner Jonathan Cooklin.
In Madrid, corporate partner Armando Albarran led for Freshfields in a team featuring competition partner Alavaro Iza and tax partner Miguel Loran……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From FT Alphaville: As the jackboot comes down hard in Bahrain on Wednesday, it’s worth asking what happened to the ‘modern’ ambitions of the Gulf monarchies who are providing military, financial and political support to the ruling Khalifa family.
A good question for the vanguards of Gulf financial modernity: sovereign wealth funds. So we’ve been finding this recent paper by Gordon Clark and Ashby Monk of the Oxford SWF Project, who have drawn on contacts at Gulf funds, pretty useful. It’s well worth a read……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Thenational.ae: Sovereign wealth funds from Gulf states are laying the groundwork for acquisitions of “significant minority stakes” in Spain’s troubled savings banks. Initial talks have begun with state investment firms in Dubai, Abu Dhabi, Kuwait and Qatar to take equity stakes in the Spanish cajas de ahorros, or savings banks, according to an industry trade body that concluded a tour of Gulf states.
“We’re confident that we’re going to see finalised investments in specific opportunities,” said Jorge Gil, the managing director of Ceca, the Spanish Confederation of Savings Banks. He declined to offer further details, citing client confidentiality……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Gulf-daily-news.com: Fitch Ratings has downgraded Bahrain Mumtalakat Holding Company’s (Mumtalakat) long-term issuer default rating (IDR) and senior unsecured rating to BBB from A-. The agency has simultaneously downgraded the short-term foreign currency IDR to F3 from F1.
In addition, the agency has put the long-term IDRs and senior unsecured ratings on rating watch negative……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Allafrica.com: So soon after running down the much-eulogised Excess Crude Account (ECA) set up by the Olusegun Obasanjo administration at the behest of the International Monetary Fund (IMF), the Federal Government recently began preparations to establish a Sovereign Wealth Fund (SWF).
Addressing members of the National Assembly Committees on Finance last week, Finance Minister Olusegun Aganga noted, in part, that Nigeria is one of the very few members of Organisation of Petroleum Exporting Countries (OPEC), without such a fund……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Tradingmarkets.com: Norway’s sovereign wealth fund, known as the oil fund (Oljefondet), has divested its holding in Chinese company Shanghai Industrial Holdings Ltd due to tobacco production, and re-included US defence company L-3 Communications Holdings.
Although tobacco production represents a minor part of Shanghai Industrial Holdings total operations, it has to be excluded, the fund’s Council on Ethics stipulates, the Norwegian Ministry of Finance said Tuesday……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Investmentreview.com: The financial crisis caused all investors to rethink their risk exposure – not just to the known risks, but to risks that hitherto had existed only in the background, such as counterparty risk. Even investors with the longest of long-term horizons were wounded – and now may be rethinking their asset allocations.
So say Peter Kunzel, Yinqiu Lu, Iva Petrova and Jukka Pihlma, researchers at the International Monetary Fund……………………………………….Full Article: Source

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Posted on 17 March 2011 by VRS |  Email |Print

From Swfinstitute.org: Japan’s nuclear crisis will have a lasting impact on existing and future nuclear infrastructure projects globally. Last year, sovereign funds began an aggressive campaign to bid on energy infrastructure, mostly in conventional energy assets.………………………………………Full Article: Source

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