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Sovereign Wealth Funds Briefing 10.May 2011

Posted on 10 May 2011 by VRS |  Email |Print

The world’s largest government-controlled investment funds are gathering in Beijing this week to discuss ways to blunt criticism that their investments are driven by political agendas. The so-called sovereign-wealth funds are seeking to better coordinate their approach as they look to put their vast resources to work world-wide.
“Despite efforts to allay concerns regarding the nature and intentions of [sovereign wealth funds], the prospect and discussion of discriminatory treatment of sovereign funds persists,” said David Murray, chairman of the International Forum of Sovereign Wealth Funds, which includes more than 20 of the world’s biggest sovereign-wealth funds………………………………………Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) has achieved returns comparable to equities since its inception 30 years ago, but with less risk, Chairman Lee Kuan Yew said on Monday.
“Compared with the popular high-return asset class of equities, which returned 10.2 percent per annum in U.S. dollar terms since 1981, the GIC portfolio made comparable returns with lesser risk, Lee said at a dinner to mark the sovereign wealth fund’s 30th anniversary……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Government of Singapore Investment Corp (GIC), Singapore’s sovereign wealth fund, expects the investment outlook in the next 30 years to be ‘less benign’, or less favourable, Chairman Lee Kuan Yew said.
The fund’s returns have been comparable with the annual 10.2 per cent gain in equities since its inception in 1981, said Minister Mentor Lee……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Minister Mentor Lee Kuan Yew said the Government of Singapore Investment Corp (GIC) must remain true to its core values: retaining the best talents and maintain the highest of reputation.
But he added that the GIC must also have the courage to make bold strategic moves, even if they are unconventional……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

The world could face another major financial and economic crisis if the United States loses its AAA sovereign rating, a top official at Singapore sovereign wealth fund GIC said on Monday.
Separately, Singapore Prime Minister Lee Hsien Loong said he did not expect U.S. President Barack Obama to tackle the country’s huge deficit until after presidential elections in 2012, in a sign of growing global unease about the U.S. economy……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Singapore Telecommunications Ltd. said Monday that board member Simon Israel will succeed Chumpol NaLamlieng as the telecommunications company’s chairman after its annual general meeting July 29.
Mr. Israel will step down as executive director and president of state investment firm Temasek Holdings Pte. Ltd. on July 1. Temasek owns a 54% stake in SingTel, and Mr. Israel, who is also a director of other companies linked to the sovereign wealth fund, will continue to serve as a director at the biggest telecommunications firm in Southeast Asia by number of subscribers……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

South-East Asia’s largest telco company, SingTel, yesterday announced that the current executive director and president of Temasek Holdings, Mr Simon Israel, will move to the helm at SingTel.
Mr Israel, 58, will replace Mr Chumpol NaLamlieng, 64, as chairman and director of the telco from late July, after resigning from Temasek……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

China should allow the yuan to be fully convertible, as this would help alleviate inflation and reduce the country’s foreign reserves, a top executive with China’s sovereign wealth fund was quoted as saying.
The comments were made by Xie Ping, vice president of China Investment Corp., in a speech given last month, a transcript of which was published online by Caijing magazine Monday……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Australia’s AUD74.6bn (€56bn) Future Fund is looking to bolster its investment in private equity, property and infrastructure, according to IPE sister publication IPA.
The fund’s current asset allocation has it heavily invested in hedge funds, with AUD12bn (16.3%) in alternative assets – which excludes its infrastructure (AUD3.5bn), property (AUD4.45bn) or private equity (AUD2.5bn) investments……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

In October 2008 the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) adopted the Generally Accepted Principles and Practices (GAPP) for SWFs known as the Santiago Principles (SP).
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was closely involved in identifying and drafting GAPP, as a member of the International Forum of Sovereign Wealth Funds (IFSWF)……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Both academics are fans of sovereign wealth funds, with caveats, of course. The Alberta Premier’s Council report promotes a new sovereign slush fund to replace the ill-fated Heritage Fund.
From high-speed trains to energy projects to medical technology to an endless array of projects, the council seeks to shape Alberta’s economic future through innovative policy frameworks based on strong government oversight to secure long-term prosperity and build a sustainable transformation of the province’s economy. Say goodbye to the Alberta advantage……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

South Africa’s gold and foreign assets increased $1.336 billion to $50.602 billion in April from $49.266 billion in March, data released by the SA Reserve Bank (SARB) on Monday showed.
Absa Capital economist Jeff Schultz suggested that the “more modest-than-expected” foreign exchange purchases by the SARB in April possibly meant some level of comfort among policymakers that the current firmer rand was helping provide a buffer to the rapid rise in commodity prices in April. The rapid increase in commodity prices, especially of food and oil, posed upward risks for inflation……………………………………….Full Article: Source

Posted on 10 May 2011 by VRS |  Email |Print

Hong Kong’s official foreign currency reserve assets totaled $276.9 billion at the end of April, the Hong Kong Monetary Authority said Monday. At the end of March, reserves came in at $272.6 billion.
There were no unsettled forward contracts as at end of April and end of March……………………………………….Full Article: Source

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