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Sovereign Wealth Funds Briefing 06.Jun 2011

Posted on 06 June 2011 by VRS |  Email |Print

Royal Bank of Scotland Group’s Chief Executive Officer Stephen Hester is looking to attract sovereign wealth funds in the Middle East ahead of the government’s sale of the UK bank.
Hester met with investment funds in Abu Dhabi, Dubai, Qatar and Kuwait during a tour of the Gulf last week, according to the newspaper. The bank’s CEO wants the government to sell a part of its shareholding worth between £5 billion (Dh30.15 billion) and £10 billion early next year……………………………………….Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

As Muammar al-Qaddafi’s sovereign fund is mired in losses worth billions of dollars, its India connection has come to light. The only investment by Libyan Investment Authority (LIA) in India shows a positive return for the oil-heavy wealth fund while a majority of its investments reported huge losses.
LIA has invested $29.61 million (Rs 133.24 crore) in ICICI Bank, according to a copy of LIA’s management information report dated June 2010…………………………………………Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

Thanks to leaks to The Financial Times regarding Libya’s sovereign wealth fund, we now know that large financial institutions sold the Libyans numerous financial derivatives. I find it more interesting to learn what was sold by one French bank.
What was Société Générale, the large French bank, doing? Was it betting against its own stock? Was it spreading rumors that it was a takeover target? That is what The Financial Times seems to be saying………………………………………..Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

A member of the ruling Peoples Democratic Party (PDP), and immediate past chairman of Nigeria Governors Forum Dr. Bukola Saraki justified the sharing of the excess crude account, benefits of the Sovereign Wealth Fund.
The Constitution is very clear that even the issue of excess crude account is against the principle of the Constitution. If you go by the Constitution, there is nothing like excess crude. Every money that comes in must be shared. So if that is the Constitution, then the Federal Government is not doing states a favour (by sharing the money). It is their (states) money………………………………………..Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

With Norway’s Conservative Party (Høyre) expected to win the majority of September’s local elections—and polls indicating it will win the 2013 parliamentary election as well—questions are mounting about how the Party might spend Norway’s estimated USD 560 billion pension fund (Statens ensjonsfond utland).
With increasing cries for growth-stimulation and tax cuts, the Conservatives have some ideas………………………………………..Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

This time last year, Malaysian sovereign wealth fund Khazanah Nasional was embroiled in a stiff tussle with India’s Fortis Healthcare for the control of Parkway Holdings.
Now, as Today has learnt, Khazanah is on the brink of putting the Singapore-based private healthcare group back on the stock exchange - along with its assets in other healthcare companies - with a public offering scheduled within the next three to six months………………………………………..Full Article: Source

Posted on 06 June 2011 by VRS |  Email |Print

Part 1 covered the origins of the Sovereign Wealth Fund GAPP (Generally Accepted Principles and Practice, also known as “the Santiago Principles”) which was issued in 2009. The opening blog on this theme looked at the pressures on SWFs to present themselves as pure investment vehicles driven by the usual risk returns investment criteria. However, part 1 ended by reaffirming the fact that SWFs are state-owned entities with a mission that can extend well beyond simply generating decent returns.
The GAPP itself recognizes this, though it does its best to downplay “extra-curricular” activities………………………………………..Full Article: Source

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