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Sovereign Wealth Funds Briefing 26.May 2011

Posted on 26 May 2011 by VRS |  Email |Print

Montek Singh AhluwaliaPlanning Commission is now setting its eyes on a sovereign fund to acquire energy assets around the globe. The government is planning to set aside $10 billion for the fund. Moreover, 2-5 per cent of India’s forex reserves may be set aside for the fund.
“We have been asked to look into the feasibility of setting up such a fund for energy assets. Given the present resources situation a fund like this is necessary. I believe a paper has been prepared and will be examined by the group of ministers,” said Montek Singh Ahluwalia, deputy chairman of Planning Commission……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Israel is sitting on at least $150 billion in future revenues following the discovery of vast offshore gas deposits, its finance minister said. While Israel may be relishing the prospect of running sovereign wealth investment like Middle East contemporaries Abu Dhabi, Qatar or Kuwait, officials are quick to emphasize that they are not about to abandon their high-tech, export-driven growth model.
“I assume that we will decide to put a lot of the money in some kind of sovereign wealth fund, an Israeli fund that will invest elsewhere,” Steinitz said, adding that a portion would also pay down government debt of around 75 percent of GDP……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

China should establish a new sovereign wealth fund to invest part of the country’s foreign-currency reserves to fund pension obligations, a state think-tank official wrote in the China Securities Journal Thursday.
Such a move would help diversify investment of foreign-exchange reserves and improve public confidence in public pension support, Zheng Bingwen, head of the Latin America department of the Chinese Academy of Social Sciences, wrote in the paper………………………………………Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

China’s enormous sovereign wealth fund, the China Investment Corporation, may have set aside up to 1.5 per cent or about $6 billion of its massive foreign exchange reserves to invest in New Zealand assets, including government bonds, companies and potentially dairy farms.
The 1.5 per cent figure was suggested by a well placed source, alongside the likely scenario that the China Investment Corporation has been a heavy bidder of late in the bond tenders run by the New Zealand Debt Management Office (NZDMO), the government’s debt manager……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Huaneng Renewables Corp Ltd has secured $415 million from 13 cornerstone investors for its planned initial public offering in Hong Kong, Thomson Reuters publication IFR reported on Thursday.
Investors in the IPO, which could raise nearly $950 million, included Chinese sovereign wealth fund China Investment Corp and Singapore’s Temasek Holdings , as well as GE Capital, IFR said……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Mapletree Investments Pte, the real estate unit of Singapore’s state investment firm Temasek Holdings Pte, said it plans to start this year a fund investing in business space in Japan.
The fund, which will be between 25 billion yen ($305 million) and 40 billion yen in size, will invest in property at the periphery of Tokyo’s central business district, said Terence Heng, general manager of Japan at Singapore-based Mapletree. It will also seek assets in Osaka and Nagoya, he said……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Real estate firm Mapletree Investments said it plans to launch three property funds worth US$2 billion over the next few years. The funds will invest in commercial and mixed-use properties in China, Vietnam and Japan.
Mapletree, the real estate arm of Temasek Holdings, also announced a 90 per cent increase in its profit after tax to S$747 million for the full year ended March 31, driven by higher rental contributions from its assets……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

The Future Fund has rejected suggestions it was influenced by the federal government to dump holdings in companies involved in the manufacture of cluster bombs. But the government-owned investment body sees nothing wrong with buying up shares in tobacco companies.
The Future Fund board in March made the decision to sell its holdings in Lockheed Martin and other companies, and the transactions were finalised in early April……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

The Future Fund is resisting pressure from global campaigners to divest its shares in companies associated with the development and maintenance of nuclear weapons.
Although the Future Fund recently dumped shares in companies involved with cluster bombs, the federal government’s investment arm has rejected calls to distance itself from nuclear weapons……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

The Future Fund sees nothing wrong with investing in tobacco companies despite the ongoing stoush over plain packaging. It was responding to a Senate estimates hearing query on whether the government’s plan to introduce plain packaging for cigarettes would influence the fund’s decision to invest in tobacco stocks.
“We don’t believe the manufacturers are doing anything illegal in Australia, so there is no consideration in terms of whether we should exclude tobacco,” Mr Neal said……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Libya lost billions of dollars on financial products that international institutions sold to Moammar Gadhafi’s sovereign wealth fund, the Financial Times newspaper reported Thursday on its website, citing a confidential Libyan government document.
Societe Generale SA (SCGLA) is among the banks and hedge funds named in about $5 billion in Libyan deals, the report said, adding that the Libyan Investment Authority’s $1.2 billion equity and currency derivatives portfolio suffered a loss of 98.5% percent in its value……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

The location of $53bn (£33bn) of Libyan state assets has been uncovered by the leaking of an internal management document of the Libyan Investment Authority.
The document, leaked to the campaigning group Global Witness, discloses that on 30 June last year $293m of Libyan state money was on deposit in various HSBC accounts and a further $275m was in an HSBC hedge fund, $110m had been invested in private equity funds managed by Royal Bank of Scotland, and $182m was in Goldman Sachs accounts and funds……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Assets of the “Development Bank of Kazakhstan” JSC (DBK), 100% owned by the “Samruk-Kazyna” National Welfare Fund. have reduced by 11.3% to 849.87 billion tenge in the first quarter.
Assets of the Development Bank of Kazakhstan decreased by 11% in the first quarter totaling almost 850 billion tenge, according to KazTAG. According to the Kazakhstan Stock Exchange, the DBK’s debts amounted to 583 billion tenge while its profit exceeded 527 million tenge……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

The Alaska Permanent Fund Corporation, a sovereign wealth fund set up to manage the state’s oil riches, has announced that it will make a $750 million allocation to credit funds. The new money will be allocated in 2012 across various funds that target corporate credit opportunities.
The board of the $42 billion fund also approved measures which give the entity greater flexibility in the way that it invests in credit hedge funds. It will now be able to invest through funds of funds and its executives will gain greater powers to approve investments……………………………………….Full Article: Source

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Posted on 26 May 2011 by VRS |  Email |Print

Alaska Permanent Fund has approved a $1.75 billion allocation to its alternative investment programs, Pensions & Investments reports. The fund has also approved authorized manager searches for timber and diversified inflation fund managers.
The wealth fund’s general consultant, Callan Associates, has been appointed to assist in the process. The fund has also allocated $750 million to corporate credit opportunities, $600 million to new private equity investments and $400 million to infrastructure investments……………………………………….Full Article: Source

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