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Sovereign Wealth Funds Briefing 27.May 2011

Posted on 27 May 2011 by VRS |  Email |Print

HSBC, Goldman Sachs and Arab Banking Corporation have emerged as the biggest holders of cash and deposits for the Libyan Investment Authority, the sovereign wealth fund controlled by the regime of Muammar Qaddafi.
Leaked documents obtained by Global Witness, a UK-based advocacy group, purport to show where the Libyan government’s oil revenues were stashed……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

The Libyan Investment Authority, the North African country’s sovereign wealth fund, lost billions of dollars on financial products sold to it by western banks, the Financial Times reported, citing a Libyan government document posted on the website of U.K. advocacy group Global Witness.
The banks that did business with the Libyan regime of President Muammar Qaddafi included Societe Generale (GLE) SA, JPMorgan Chase & Co., Credit Suisse Group AG and BNP Paribas (BNP) SA, the newspaper said……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

The Gaddafi regime was caught out by the implosion at Royal Bank of Scotland and also lost tens of millions of pounds when BP was hit by the Gulf of Mexico disaster, a leaked document shows.
Details of the $US53 billion ($49.8bn) investment portfolio of the Libyan Investment Authority also reveal how the Bank of England and Network Rail were among British institutions indirectly bankrolled by Libya……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

A Libyan sovereign wealth fund controlled by the Gaddafi regime held $US30 million ($28.3 million) in Commonwealth Bank and National Australia Bank bonds, a leaked report reveals.
Anti-corruption group Global Witness has obtained a June 2010 summary of the Libyan Investment Authority’s assets and investments. The authority was established by Colonel Muammar Gaddafi’s regime in 2006 to handle the country’s billions of dollars in oil revenues……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Buyout firm Carlyle Group accepted $118 million from the biggest sovereign-wealth fund in Libya, demonstrating the North African nation’s success in courting asset managers and banks after persuading Western politicians that it had dropped ties to terrorism.
Carlyle, whose advisers have included former U.S. President George H.W. Bush and former Defense Secretary Frank Carlucci, received $75.5 million for its Carlyle-Partner V Fund, according to a document released today by Global Witness, a London-based advocacy group……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Moammar Gadhafi appears to have learned what many other investors learned at the height of the financial crisis: Watch out for complex products.
Libya’s sovereign wealth fund lost billions last year on products such as currency derivatives and others. An internal report posted on the website of an activist group highlights the bath that the Libyan Investment Authority took by the middle of 2010……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Goldman Sachs Group Inc.’sWhitehall Real Estate Funds restructured $1.42 billion of debt coming due on one of its largest hotel portfolios, the latest indication that property owners are working through some of their most troubled assets.
Under terms of the deal, the Abu Dhabi Investment Authority, the investment arm of the United Arab Emirates capital city, will inject $475 million into the portfolio, people familiar with the matter said. In exchange, the sovereign-wealth fund is receiving a preferred equity stake……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

State-owned conglomerate Dubai World, the firm at the heart of the emirate’s debt crisis, is considering refinancing a further $850m, it emerged Thursday.
Dubai World, which includes DP World, Nakheel and Drydocks World among its units, signed a final agreement with its 80 creditors to restructure $26bn of debt in April……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

The Statens Pensjonsfond, Norway’s sovereign wealth fund, combines the oil profits from its 2/3 stake in Statoil with an aggressive, 60% equities investment strategy. The Pensjonsfund is massive, has a very long investment horizon and is actively managed.
Norway’s Finance Ministry recently hired three well known professors to analyze the Pensjonsfond’s stewardship of Norway’s $525 billion. The results were surprising……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Apax Partners LLP, the British buyout firm, is seeking 9 billion euros ($13 billion) for a new fund, two people with knowledge of the matter said.
Apax, whose backers include China Investment Corporation, follows BC Partners Ltd., Cinven Ltd. and EQT Partners AB in seeking a total of 24 billion euros from investors in Europe as private equity deal activity recovers from a near-halt during the credit crisis……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

The Russian government’s decision to create a US$10bn investment fund highlights the state’s commitment to sharing the risks inherent in investment in Russia with the private sector - in an effort to attract a greater level of private capital.
Prime Minister Putin presented the Russia investment fund to a group of foreign investors including the Abu Dhabi Investment Authority, Kuwait Investment Authority, China Investment Authority, Goldman Sachs , Blackstone , the French Caisse des Depots, and private equity house Permira……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

China Investment Corp. and Temasek Holdings Pte are among key investors who plan to buy a combined $415 million of shares in Huaneng Renewables Corp.’s initial public offering, two people with knowledge of the matter said.
The Chinese sovereign wealth fund has agreed to subscribe for $60 million of shares, while Temasek, Singapore’s state investment company, plans to invest $50 million, said the people, who declined to be identified as the process is private……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

China Investment Corp , the country’s $300 billion sovereign wealth fund, has won approval from the cabinet to inject 20 billion yuan ($3.1 billion) into the China Export and Credit Insurance Corp (Sinosure).
Sinosure is the Chinese government’s arm that promotes exports, and the agency has provided insurance for $116.6 billion worth of Chinese exports in 2009………………………………………Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Wealth Fund to invest NZ$6 billion on New Zealand assets and government bonds. China’s state-owned sovereign wealth fund, the China Investment Corporation may have set aside NZ$6 billion of its massive foreign reserves to invest in New Zealand assets, including government bonds.
The report by interest.co.nz caught traders by surprise. The market was short and many had to run to cover their bets. It sent NZD/USD flying higher over 100 pips to .81, up 1.5% for the day……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

New Zealand Finance Minister Bill English said investments in his government’s bonds by China’s sovereign wealth fund wouldn’t be surprising after a report the Beijing-based company may buy some of the island nation’s debt.
“I wouldn’t be surprised if they allocate a tiny slip of it to New Zealand and a slightly larger slip of it to Australia,” English said at an event in Hong………………………………………Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Prime Minister John Key says it is hardly surprising a Chinese sovereign wealth fund wants to invest in New Zealand.
There have been reports that a possible $6 billion is being lined up for investment in New Zealand. Market analyst Peter McIntyre, of Craigs Investment Partners said it may have caused the kiwi dollar to rise to a three year high of 81 cents against the greenback……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

New Zealand’s dollar rose to the highest level since March 2008 on speculation China will buy the nation’s assets to diversify the world’s largest holdings of foreign reserves.
The so-called kiwi headed for the biggest weekly gain in two months after the Marlborough Express newspaper reported today Finance Minister Bill English said that China Investment Corp., a sovereign wealth fund, has expressed interest in buying his country’s government bonds at auction……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

China has become a major investor in the world’s second largest oil reserve in western Canada, spending over $13 billion in the last 18 months, senior officials from the Canadian province of Alberta said.
China Investment Corp, the nation’s $300 billion sovereign wealth fund, plans to move a managing director to Canada to bolster investment bids for natural resource assets, a company official who requested anonymity said……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

Australian government’s 74 billion dollar Future Fund has come under scrutiny after a report said that the money was being used to make components for nuclear weapons for US, Britain, France and India.
According to ‘The Age’, records obtained under freedom of information laws said that funds of 135.4 million dollars invested in 15 companies involved in the design, production and maintenance of nuclear weapons for the United States, Britain, France and India……………………………………….Full Article: Source

Posted on 27 May 2011 by VRS |  Email |Print

The Future Fund will consider seeking legal advice over its decision to plough $135 million into companies involved in the nuclear weapons industry amid a political backlash.
Future Fund chief investment officer David Neal yesterday agreed to take to its board of guardians a request from the Greens to obtain a legal opinion on the investments……………………………………….Full Article: Source

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