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Sovereign Wealth Funds Briefing 24.May 2011

Posted on 24 May 2011 by VRS |  Email |Print

George PapaconstantinouGreece will create a sovereign wealth fund composed of real estate and state-owned assets as it looks to accelerate its deficit reduction program, according to the Greek finance minister George Papaconstantinou.
In a May 23 statement, Papaconstantinou announced that the cabinet had agreed to take “additional measures” to raise an additional 6 billion euros, in order to achieve the country’s deficit reduction targets……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

The Gulf region’s sovereign wealth funds, or SWFs — which account for 44 per cent of global SWF flows, representing just over $1 trillion — are stepping up their domestic investments in the wake of the Middle East unrest, leading asset management company Invesco said on Monday.
Invesco’s latest study suggests geo-political drivers could prompt GCC-based SWFs to shift to more locally-focused investments and balanced-equity investment……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Invesco Asset Management Limited today released its second annual Invesco Middle East Asset Management Study which offers insight into the complex investment behaviour of sovereign wealth funds (SWFs) in the Gulf Cooperation Council (GCC) region and provides a new framework to help interpret investment preferences across these ever-evolving markets.
The new model helps dispel the myth about the prevalence of international ‘trophy asset’ investing, and suggests geo-political drivers could be drawing money flows towards local development. ………………………………………Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Contrary to the view that a majority of Gulf Cooperation Council (GCC) sovereign wealth funds put money mainly into “policy supporting” investments and trophy assets, a study has revealed that such investments account for a minor portion of their assets.
According to the second annual Invesco Middle East Asset Management Study, these account for just 5 percent of SWF assets……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

BP’s footprint in the Gulf states goes back a century, to the time of the first oil strikes in Qajar Persia, the Royal Navy’s conversion from coal to oil during the World War One, the Crown’s controlling shareholding in the legendary Anglo-Persian Oil Company (APOC), to the oilfields gusher of Kuwait and Iraq and the LNG terminals of Qatar.
This is the perfect opportunity for a GCC sovereign wealth fund, ideally from Abu Dhabi, to take a strategic stake in a wounded Seven Sister colossus of Big Oil……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

What kind of growth is Mubadala, a strategic investment company owned by the Abu Dhabi Government, looking for in Brazil?
According to sources in the Brazilian government, potential areas of investment include oil and gas, aluminium, semiconductors, infrastructure and aerospace, while agribusiness may also be a possible avenue……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Sovereign wealth funds in the GCC were looking furthest ahead, the survey found, with an average 6.7 year time horizon, while expatriates came in at 5.1 years and GCC nationals 2.2 years.
The results underscored that asset managers had yet to convince local investors of the merits of long-term investing, said Nick Tolchard, the head of Invesco Middle East, the investment firm that commissioned the survey……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Having consistently advocated for it, we welcome the passage of the Nigerian Sovereign Investment Authority (NSIA) Bill, popularly called the Sovereign Wealth Fund (SWF) Bill by the National Assembly. But we note that this is only the first of many crucial steps necessary for achieving the desired objectives of the bill.
Last week, both chambers of the National Assembly passed the bill to set out an era of a more transparent way to manage the country’s oil earnings. President Goodluck Jonathan is expected to sign the bill into law……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Oil prices per barrel rose from $60 to $80. Azerbaijan expects an additional 5 billion mantas from oil sales in 2011. The Accounts Chamber said that adjustments to the law on state budget of Azerbaijan in 2011 will give 770 million mantas to the state budget and 3,500-4,000 to the State Oil Fund.
The oil prices in January-April 2011 exceeded $100 per barrel. Currency reserves will stay at $30 billion after all transfers are realized by the fund. SOCAR transfers are expected to be at 9.18 billion mantas in 2011, rising by 41.7% (2.7 billion mantas), compared to forecasts, making 59% of budget income……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Chinese companies can find rich investment opportunities in Russia through its planned direct investment fund and a new round of privatization, says China Investment Corporation chairman Lou Jiwei. Lou told Xinhua that Russia is a big market, with competitive economic sectors and development potential.
Lou said the CIC, a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves, is willing to invest in Russia……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

China Investment Corp or CIC, the country’s US$300 billion sovereign wealth fund, is willing to launch investment in Russia which has large market, abundant resources and great development potential, sources reported, citing CIC Chairman Lou Jiwei as saying.
There are two investment channels in Russia. One is through Russia’s direct investment fund, and the other one is through a new round of privatization in the country, said Lou, adding that there are many investment opportunities in Russia as the Russian government is actively adjusting the economic structure of the country……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

China Investment Corporation is interested in direct investment in Russia, Xinhua reported.
Russia has “huge development potential, given the size of its market and its wealth of resources,” the $300 billion sovereign wealth fund’s chairman and chief executive Lou Jiwei told the agency during a visit to Moscow. “CIC is prepared to invest in Russia,” Lou said……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

China’s foreign exchange reserves increased by $138 billion in the first quarter this year, the country’s currency regulator said on Tuesday, less than a $197 billion surge reported initially by the central bank.
In a statement on its website, the currency regulator also said that China’s current account surplus stood at $29.8 billion in the first quarter, down 18 percent from a year ago……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Strategic Hotels & Resorts Inc. agreed to acquire the 49% interest it doesn’t already own in the InterContinental Chicago from Singapore’s sovereign-wealth fund in a deal that values the hotel at $288.3 million.
Government of Singapore Investment Corp., known as GIC, will receive about 10.8 million Strategic Hotels shares at an issuance price of $6.50 each and $11.8 million of cash. The deal, expected to close in the current quarter, will leave GIC with about 5.8% of the real-estate investment trust’s expected 185.6 million Strategic Hotels shares outstanding……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Khazanah Nasional managing director Tan Sri Azman Mokhtar spoke on CNBC’s Managing Asia show last Friday, covering a wide range of topics from procurement to Proton and Iskandar to Integrated Healthcare. Here are excerpts from the interview.
There is certainly more transparency. Not just in procurement but when we divest an asset, for example. You know it is not done in small rooms, it is actually done through a proper process……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

Australia’s government wealth fund Future Fund has acquired a 50% stake in two buildings in Brisbane from Stockland Capital Partners.
The Future Fund paid as much as AUD$216.4m (€162.5m) to acquire a 50% interest in an office building Waterfront Place from an unlisted property fund owned by Stockland, Stockland Direct Office Trust No. 1 (SDOT1)……………………………………….Full Article: Source

Posted on 24 May 2011 by VRS |  Email |Print

The aggregate assets of the world’s sovereign wealth funds rose 11% through 2010 to $3.8 trillion according to a report by Prequin. Whether grand totals like that make much sense, of course, is another matter. The funds are not managed as an aggregated total and each pursues its own strategy. Management risk profiles and investment strategies vary hugely.
However, there appear to be clear signs that having committed a fair number of high profile blunders over the last few years in their search for higher yield, funds have, in general, become better at investing. ………………………………………Full Article: Source

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