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Sovereign Wealth Funds Briefing 11.May 2011

Posted on 11 May 2011 by VRS |  Email |Print

David MarkSenate Tuesday began a clause-by-clause consideration of the Nigerian Sovereign Investment Authority Bill, otherwise called the Sovereign Wealth Fund. This followed the acceptance of the report of its Committee on Finance, which fine-tuned the Bill after it had passed the second reading on the floor of the Red Chamber.
Chairman of the Committee, Senator Ahmed Makarfi said, while presenting the report that the Bill seeks to receive, manage and invest Nigeria’s hydrocarbon resources in a diversified portfolio of medium- and long-term investments for the benefit of future generation of Nigerian citizens……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

Ahmed LawanThe Senate suspended the consideration of the Sovereign Wealth Fund bill following divisions among senators on the composition of members of the Governing Council of the Fund. Clause 8(h) of the bill stipulates the appointment of four reputable Nigerians as members, Governing Council.
But some senators were quick to point out that the provision failed to justify the diversity of the country in the make-up of the council……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

President Goodluck Jonathan will be the first chairman of the governing council of the Nigeria Sovereign Investment Authority when the bill to establish the agency, which is currently being processed by both chambers of the National Assembly, becomes law.
The Senate commenced the clause-by-clause consideration of the bill on Tuesday after the report on it was presented by the Chairman of the Committee on Finance, Senator Ahmed Makarfi……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

The longer-term picture shows investment funds in MENA countries have struggled to grow and to reflect economic development, especially in the six countries of the Gulf Cooperation Council (GCC) which benefit from sustained growth and increased oil revenues. Trouble is, the predominance of sovereign wealth funds and pension funds means these giant institutions control the majority of assets.
The fund industry also suffers from a lack of openness in domestic markets which restricts cross-border opportunities, while individual investors are often more inclined to hoard their cash than to seek to grow it through investment funds……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has carried out the first self assessment on the Generally Accepted Principles & Practices (GAPP). The SOFAZ reports that it was closely involved in identifying and drafting GAPP, as a member of the International Forum of Sovereign Wealth Funds (IFSWF).
The GAPP purpose is to identify a framework of generally accepted principles and practices that properly reflect appropriate governance and accountability arrangements as well as the conduct of investment practices by SWFs on a prudent and sound basis……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

A French boutique focusing on quant fund management has been launched by a former manager of the Abu Dhabi sovereign wealth fund.
The Aequam Capital group was founded by Arnaud Chrétien, a former quant manager for the sovereign fund Abu Dhabi Investment Authority, who has also worked on the Global CTA desk at SGAM……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) will explore bolder ways of investing the country’s foreign reserves, its chairman Lee Kuan Yew said. The 87-year-old former prime minister said the GIC, known in the market for conservative investments, cannot keep following conventional practices as it grows.
“This could lead to mediocrity. GIC must develop the capacity and courage to make the right decisions, thinking in depth and foresight for what works best for us, even if the decisions are at times unconventional,” he said……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) must have the courage and conviction to continue taking ‘bold, strategic and forward-looking’ investment decisions, says Minister Mentor Lee Kuan Yew.
Speaking at GIC’s 30th anniversary celebrations at Shangri-La Hotel last night, he harked back to its founding in 1981, noting that these were the very qualities that brought it into being……………………………………….Full Article: Source

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Singapore’s biggest Telco SingTel will have a new chairman and director from 29 July 2011. Simon Israel, a non-executive and non-independent Director of SingTel since 2003, will take up the SingTel chairmanship, after retiring from his current role as executive director, president and board member of Temasek Holdings.
Temasek is a major investment company and sovereign wealth fund owned by the government of Singapore……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

Japan’s foreign reserves rose to $1.14 trillion at the end of April, the Ministry of Finance said on Wednesday.
Japan used a total of 692.5 billion yen ($8.6 billion) in foreign exchange intervention in March, when Group of Seven (G7) countries joined it in their first joint intervention in more than a decade after the yen shot to a record 76.25 yen to the dollar in the wake of a devastating earthquake and tsunami……………………………………….Full Article: Source

Posted on 11 May 2011 by VRS |  Email |Print

By far and away the most important issue is that these valuable resources are being sapped from their country, without their having the opportunity to profit from them. Sovereign Wealth Funds are set up to counter this, into which the assets of the particular commodity in which the country is rich are placed.
But there are relatively few of these. Zimbabwe, a country rich in minerals such as gold, silver, platinum, copper and diamonds, is a notable absence from the list……………………………………….Full Article: Source

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