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Sovereign Wealth Funds Briefing 05.May 2011

Posted on 05 May 2011 by VRS |  Email |Print

David Murray The head of a group of more than 20 of the world’s biggest sovereign wealth funds said Thursday that SWFs shouldn’t be discriminated against in their investment efforts and should be treated just like other institutional investors who are willing to invest in recipient countries.

“Despite efforts to allay concerns regarding the nature and intentions of SWFs, the prospect and discussion of discriminatory treatment of sovereign funds persists,” said David Murray, chairman of the International Forum of Sovereign Wealth Funds……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

Emilia PiresPapua New Guinea and Timor Leste have both released more details of the sovereign wealth funds (SWFs) that they hope will underpin future prosperity. Papua New Guinea plans to launch a new fund based on sales of liquefied natural gas (LNG), while Timor-Leste’s fledgling fund is set to make a major shift in its investment approach.

Timor-Leste’s Petroleum Fund was launched on the back of oil and gas revenue that began accruing in 2006 and brings in about $2 billion per year. The fund has $7.7 billion under management – 90% is invested in US Treasuries or similar instruments, and 10% in equities managed by Schroder Investment Management……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

France’s FSI strategic investment fund is more interested in Valeo’s long-term development than in short-term share moves, its head said, after another shareholder criticised the car parts maker’s strategy.

U.S. investor Pardus Capital Management, which was engaged in a long-running battle with Valeo’s previous management, has called on the group to overhaul its strategy again to boost its valuation, and warned it to be cautious on acquisitions for now………………………………………Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

Oil-rich Azerbaijan has said that it wants to start investing in overseas property during 2011 with cash from its US $26 billion state oil fund. The state oil fund holds revenues from oil contracts, oil and gas sales, transit fees and other revenues. It has so far been used to finance social spending and infrastructure projects, including construction of irrigation systems, support for refugees, and construction of the Baku-Tbilisi-Kars railway.
“We would like to direct part of our funds into new, more risky opportunities,” says Shakhmar Movsumov, the fund’s executive director……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

As noted earlier, sovereign wealth funds as well and the world’s biggest asset manager, BlackRock Inc., are lining up to buy shares in Glencore International as it moves closer to what some believe will be London’s biggest IPO.

Today, the Swiss commodities giant priced its IPO at around $61 billion and confirmed it has struck a deal that will subscribe some 31% of the total offer. In return, BlackRock and others will promise not to unload shares for at least six months……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

Abu Dhabi’s Aabar Investments has committed to invest $850 million in Glencore International AG’s $10 billion initial public offering (IPO), becoming the biggest cornerstone investor in the offering, according to a term sheet seen by Reuters on Wednesday.

Government of Singapore Investment Corp (GIC), which is already a Glencore bondholder, has injected $400 million into the IPO, making the Singapore fund the second-biggest cornerstone investor……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, Chairman of Kingdom Holding Company (KHC), met with Mr. Bader Al-Saad, Managing Director of Kuwait’s Investment Authority (KIA) in Kuwait. The two discussed a number of economic issues, visions for future cooperation between the two sides and investment opportunities for KHC in Kuwait.
The meeting was attended by HE Mr. Nayef Rukaibi Secretary of the Diwan of the Kuwaiti Prime Minister His Highness Sheikh Nasser Mohammad Al-Ahmad Al-Sabah………………………………………Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

Australia’s most populous state hopes to tap sovereign wealth funds to help raise billions of dollars to update its overstretched roads and railways amid concerns about its debt, a senior official said Wednesday.

The comments from Nick Greiner, the newly appointed infrastructure chief for New South Wales on the east coast of Australia, show the growing heft of government-controlled investment funds in the world’s fastest-growing regions. They also show Australia’s resources-based boom hasn’t been shared equally by all regions of the country……………………………………….Full Article: Source

Posted on 05 May 2011 by VRS |  Email |Print

Getting slightly ahead of his Treasurer, Financial Services Minister Bill Shorten has declared that questions about a sovereign wealth fund and what shape it should take are worthy of debate.

Strangely, he then goes on to say such a conversation is premature. On the contrary, The Australian believes the sooner we analyse this initiative the better because, as Mr Shorten recognises, it would require “complex regulatory” discussions……………………………………….Full Article: Source

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