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Sovereign Wealth Funds Briefing 03.May 2011

Posted on 03 May 2011 by VRS |  Email |Print

Sovereign wealth funds from Singapore and the Middle East are in advanced talks to acquire shares in Swiss commodities giant Glencore International AG’s dual listing on the London and Hong Kong stock exchanges, according to people familiar with the situation.
Glencore is looking to raise as much as US$12.1 billion in its initial public offering and has been searching for large investors to turbo-charge its share sale. These so-called cornerstone investors are swapping certainty that Glencore will allocate them shares during the offering in exchange for not selling the shares for at least six months……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Wayne SwanAustralia’s sovereign wealth fund dumped holdings in mine and cluster bomb makers as the nation prepares to ratify a treaty banning the weapons.
The Future Fund, which has A$74.6 billion ($81.7 billion) in assets, this year sold out of 10 companies involved in making munitions, including two of its three biggest defense holdings in Lockheed Martin Corp. (LMT) and General Dynamics Corp. (GD), Will Hetherton, a fund spokesman, said in e-mailed comments……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Australia’s Future Fund has awarded a new mandate to US-based venture capital firm Bessemer Venture Partners. The world’s 13th largest sovereign wealth fund with $74.6 billion worth of assets under management issued the mandate to Bessemer some time in the March quarter of this year.
Rob Chandra, a California-based partner at Bessemer, said he was delighted to have the Future Fund join as investor in its latest fund……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

A high Australian dollar and the commodities boom make now the perfect time to future-proof the economy by establishing a sovereign wealth fund, a property conference has been told.
Macquarie Securities global economics head Richard Gibbs said the “opportune” timing should convince the Government to move beyond the distractions of carbon pricing and look at diversifying our economy away from resources……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Singapore-listed commodities giant Noble Group said yesterday that the South Korean sovereign wealth fund, Korea Investment Corp (KIC), had acquired slightly over 1 per cent in the company through a purchase from the owner.
The KIC bought 59.3 million shares in Noble from Hong Kong-based Noble Holdings, the statement said. Noble shares closed at S$2.23 on Friday and at that price the stake would be worth S$132.2 million. The Singapore market was closed yesterday for the Labour Day holiday……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Mubadala Development is studying several possible investments in Brazil as its strategy shifts towards emerging markets. Any investments in Brazil’s energy, aluminium, aerospace and agriculture sectors would be the first in Latin America for Mubadala, a strategic investment company owned by the Abu Dhabi Government.
Waleed al Muhairi, the company’s chief operating officer, travelled with a delegation to Brazil last week to discuss Mubadala’s plans there……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Inbound tourism and inbound investment were the key topics of discussion with Phil Blizzard talking to Tarik Senhaji, Chairman, Moroccan Agency for Tourism Development at the Arabian Hotel Investment Conference.
With strong ties to the GCC region prospects look positive for the Kingdom, despite the recent terrorist attack in Marrakech. The Chairman also talks about the key elements in their 10 year plan leading to their 2020 Vision……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

Dubai investments, one of the largest investment companies listed on the Dubai Financial Market, reported that its first-quarter net profit had taken a sharp drop on lower operating profits and investment losses.
The firm, in which Dubai’s sovereign wealth fund holds a stake, said it saw a net profit of Dhs101.1 million ($27.5 million) for the first three months of the year. That is down from $75.4 million in the corresponding period in 2010……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

The People’s Bank of China is mulling a new strategy for managing — through diversified investment — its enormous cache of foreign currency and bonds, whose total value exceeded an all-time record $3 trillion in late March.
The amount of U.S. Treasury bonds, dollars, euros and other currency held by the Chinese government is “really too much,” said the bank’s governor, Zhou Xiaochuan, at an April 18 financial forum at Tsinghua University……………………………………….Full Article: Source

Posted on 03 May 2011 by VRS |  Email |Print

South Korea’s foreign reserves surged in April to top $300 billion for the first time as the country’s buffer against financial turmoil posted a fourth straight record high.
South Korea’s official foreign reserves totaled $307.20 billion at the end of last month, the Bank of Korea announced Tuesday. That was $8.58 billion higher than the previous record of $298.62 billion set in March……………………………………….Full Article: Source

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