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Sovereign Wealth Funds Briefing 13.May 2011

Posted on 13 May 2011 by VRS |  Email |Print

They manage billions of dollars of public money, yet there is little information about how some sovereign wealth funds (SWF) invest. This week, the largest sovereign wealth funds in the world meet in Beijing, at a time when there are increasing calls for more transparency.
While some wealth funds have transparent structures in place, Norway’s Government Pension Fund being an example, in Asia there is still a way to go to meet that degree of transparency, according to Duncan Innes-Ker of the Economist Intelligence Unit……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

Leaders of a group that represents the sovereign wealth funds of China, Australia and other governments have defended their role as investors and a force for global stability.
At the end of a two-day meeting, leaders of the International Forum of Sovereign Wealth Funds said Thursday that such funds should be allowed into countries so long as they disclose their investment goals and act as commercial entities……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

Representatives of the sovereign wealth funds of China, Australia, Russia and other governments defended the funds against criticism they use their investments for political ends, saying Thursday that they are a force for global stability.
At the end of a two-day meeting, representatives to the International Forum of Sovereign Wealth Funds said such funds should be treated as normal investors so long as they disclose their government mandate and act as commercial entities……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

A shift by sovereign wealth funds to riskier assets may lead to higher interest rates in the U.S. as demand for American debt declines, according to a book released by the International Monetary Fund in Beijing today.
The change may have a “minimal” affect on the dollar as sovereign wealth funds seeking greater returns shift to U.S. equities and alternatives, according to the book entitled Economics of Sovereign Wealth Funds, which was released as the International Forum of Sovereign Wealth Funds held meetings in the Chinese capital this week……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

A top official at China’s sovereign-wealth fund is expected to be named as the new chairman of the group representing the world’s largest government-controlled investment funds, according to people familiar with the matter Thursday.
The appointment comes as representatives for these mega funds are gathering in Beijing this week to discuss ways to blunt criticism that their investments are driven by political agendas. The group, called the International Forum of Sovereign Wealth Funds, is seeking to better coordinate the approach of the funds as they look to put their vast resources to work worldwide……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

U.S. government debt remains a safe investment despite depreciation risks for the U.S. dollar, an official from China’s sovereign wealth fund said on Thursday.
The comments were made by Laurence Lau, head of the Hong Kong office of China Investment Corp on the sidelines of a conference……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

Laurence Lau, head of the Hong Kong office of China Investment Corp has said “U.S. treasuries are safe investments, and the U.S. government will pay back its debts, there is little concern about that. But for the U.S. dollar, there is a bit risk of depreciation.”
Now I’ve copied what he said word for word. Did he actually say there is a bit of a risk of depreciation or is bit a typo and should actually read big. Maybe we’ll never know, or care very much for that matter……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund (SWF), is considering setting up a mechanism for continued new capital, as the country accumulates foreign exchange reserves, said a senior executive on Thursday.
Jin Liqun, chairman of CIC’s supervisory board, denied that the company has already received a new round of capital injection from the government, as some media had reported……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

China Investment Corp. is making progress toward getting fresh funds, one of its top officials said, addressing uncertainty about the future of the sovereign-wealth fund, which faces critical scrutiny over its performance after investing all of its initial $200 billion.
The official, Jin Liqun, chairman of CIC’s board of supervisors, was speaking during a three-day meeting of global sovereign-wealth funds that discussed ways to better coordinate their approach as they look to put their vast resources to work around the world in the face of political challenges……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

China Investment Corp., the country’s sovereign wealth fund, hasn’t yet secured additional financing, but it will eventually do so, Jin Liqun, chairman of CIC’s Board of Supervisors, said Thursday.
“We are making progress,” he said on the sidelines of a forum of sovereign wealth funds. “We will eventually work out a mechanism to get new money.”………………………………………Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

Singapore state investment company Temasek Holdings has sold its entire 8% stake in Kaisa Group Holdings Ltd., in a divestment that will raise about US$150 million, a person familiar with the transaction said on Thursday, prompting a sharp decline in the shares of the Chinese property company.
Temasek, which bought the stake in 2007, sold its holding at a 10% discount to Wednesday’s closing price of HK$3.39 ($0.44), the person said……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

BIMB Holdings Bhd has confirmed receiving notification from Khazanah Nasional Bhd and DRB-Hicom Bhd on the sale of their stake in Bank Muamalat Malaysia Bhd to the company.
Its group managing director/chief executive officer Johan Abdullah said he will bring up the matter at the board meeting on May 25, for further discussions……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

Malaysia’s BIMB Holdings has received notice from sovereign wealth fund Khazanah Nasional Bhd and conglomerate DRB-Hicom of their intention to sell Bank Muamalat to the company, state news agency Bernama reported.
A newspaper report citing unnamed sources had said in April that Khazanah Nasional would start talks to sell its 30 percent stake in Bank Muamalat to Islamic financial group BIMB Holdings……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

The passing of the Nigerian Sovereign Investment Authority Bill into law by the Senate opens a new vista in the country’s quest to achieve transparency in revenue management. After several years of pillaging of the country’s resources and with little to show for the huge accruals over the years, the passage of the Bill gives a flicker of hope.
Indeed, Nigeria is behind in the setting up of the fund as the list of 36 countries with wealth funds will show……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

The Senate yesterday approved N150 billion for take-off of the Sovereign Wealth Fund. This followed the passage of the Sovereign Investment Authority Bill, which seeks to create special fund for generations yet unborn.
Senate President, David Mark, who presided over yesterday’s session which passed the bill, expressed confidence that the fund will enable future generations of Nigerians benefit from the nation’s oil and other natural resources……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

The Minister of Finance, Segun Aganga described the Sovereign Wealth Fund, SWF, as a win-win situation and explained that it would be managed in a transparent, prudent and accountable manner to create an avenue for an accelerated transformation of the nation’s economy.
“This is a defining moment for the country and in particular the way we manage our resources. With the Sovereign Wealth Fund, we will be able to develop, create wealth and at the same time make adequate savings for our children and generations to come. It is a win-win situation,” he said……………………………………….Full Article: Source

Posted on 13 May 2011 by VRS |  Email |Print

The Kuwait Investment Authority doesn’t plan to sell the stake in Agricultural Bank of China Ltd. that it has held since the bank’s initial public offering after the lock-up period expires, the fund’s managing director Bader Mohammad Al-Sa’ad said Thursday.
Al-Sa’ad, speaking to reporters on the sidelines of the International Forum of Sovereign Wealth Funds in Beijing, declined to disclose the size of its stake in the bank……………………………………….Full Article: Source

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