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Sovereign Wealth Funds Briefing 08.Jun 2011

Posted on 08 June 2011 by VRS |  Email |Print

Sovereign wealth funds have responded to the financial crisis by making more direct investments, rather than channelling funds through third-party asset managers, the Financial Times reported, citing a study to be published today by Monitor, a U.K. consulting company.
Investments now tend to be smaller than before 2008, when they were rarely less than $100 million, according to Victoria Barbary, an analyst at Monitor, the newspaper said………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Sovereign wealth funds are making smaller investments in larger numbers and continue to shift focus from developed markets to the emerging world, according to a new report on fund activity last year.
Overall, publicly reported investments by sovereign funds were worth US$52.7 billion (Dh193.56bn) last year, a decline of 23 per cent compared with 2009, according to the third annual report by the Monitor Group in London on state-owned investment vehicles. At the same time, the number of reported investments almost doubled to 172………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

The global economic environment in 2010, although uncertain, was better than that of 2009 as SWFs have turned their eyes toward emerging markets. Asia in particular—not just China, but also India, Singapore, Indonesia and Malaysia—has seen a large influx of SWF investment. Yet Asia is not the whole story. Latin America, a region which previously received little direct SWF investment, has become popular with funds chasing alpha returns.
“Since the global financial crisis, SWFs have built more in-house capacity. This means we can track more of their investments and create a more nuanced picture of SWFs’ investment behavior. It is likely that we will continue to see SWFs taking a larger number of smaller stakes,” said Victoria Barbary, senior analyst at Monitor Group and co-editor. (Press Release)

Posted on 08 June 2011 by VRS |  Email |Print

Hedge funds whose client base includes sovereign wealth funds (SWFs) could find themselves being targeted by the US Securities and Exchange Commission (SEC) for non-compliance with the Foreign Corrupt Practices Act (FCPA).
The SEC recently designated SWF employees as government officials for purposes of the FCPA. Such a definition could have major implications for the hedge fund industry………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

The Kuwait Investment Authority (KIA) would consider buying a stake in Royal Bank of Scotland but no offer has yet been made, the sovereign wealth fund’s managing director said on Tuesday.
“They did not offer us a stake… When we get an offer, we will look at it,” Bader al Saad told reporters outside Kuwait’s parliament, adding the KIA had met with RBS………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, has assets in excess of $290 billion, Kuwaiti parliamentarians said on Tuesday. Kuwait’s Parliament held a closed session on Tuesday to discuss the country’s financial position. The session was attended by the Managing Director of KIA Bader Al-Saad.
KIA owns stakes in companies like Citigroup, Daimler AG and Agricultural Bank of China………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Kuwait’s government assets, managed by the country’s sovereign wealth fund, rose to 81.2 billion dinars ($296 billion) in the fiscal year that ended March 31, from 75.8 billion dinars in the previous year, lawmaker Waleed al-Tabtabai said.
Al-Tabtabai was speaking to reporters after a closed meeting of parliament to discuss the financial position of the country………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Recently, Nigerian joined the leagues of countries with Sovereign Wealth Fund (SWF). However, many questions are being asked about the desirability of such fund in Nigeria and most importantly, what the country stands to gain from it. In this piece, ENITAR UGWU, with experts’ views tries to address the issues raised.
IN the Nigeria economic clime the term Sovereign Wealth Fund (SWF) is certainly new. However it must be stated that its introduction into our economic lexicon is borne out of past experiences and the current trend of events………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Russia will launch a state-backed fund next week that will seek up to $50 billion in matching investments from sovereign wealth and private equity funds which control a pool of global capital of more than $2 trillion.
The Russian Direct Investment Fund (RDIF), to be rolled out at the June 16-18 St Petersburg International Economic Forum, is Moscow’s most ambitious attempt to raise investment rates that fall far short of those in faster-growing China………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Switzerland-based Glencore International, a commodities trading and mining company, could have timed its initial public offering better. Amid the steepest decline in commodity markets in years, Glencore was looking last month to bring London’s largest-ever IPO to market.
The company was seeking to raise about $11 billion, including a $1 billion overallotment, in its dual-city offering………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Government of Singapore Investment Corp., manager of more than $100 billion of the city-state’s reserves, placed three of its top executives in new roles to reflect its push into emerging markets.
Seek Ngee Huat, president of its real estate unit, will chair the Latin America business group, while Teh Kok Peng, head of special investments, will lead the China business group, GIC said………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) is strengthening its reach in emerging markets with new management appointments.
The sovereign wealth fund has announced top appointments that will take effect from July 1. The main changes in executive appointments are the appointment of new chairs in three business groups focused on investment in emerging markets - China, India and Latin America………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Agricultural commodities processor Olam International is raising proceeds of about S$740 million through private placements and a preferential allotment of shares to existing shareholders including investment company Temasek Holdings in three tranches.
News of the fund-raising plans somewhat confirmed investor concerns of a dilution in the firm’s share capital and caused Olam’s share price to tumble as much as 6 per cent to close at S$2.73 when trading resumed yesterday. Temasek currently owns a 13 per cent stake in Olam………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

ICICI Bank has emerged as the single Indian entity considered worth investing by Libyan dictator Muammar Gaddafi and the investment has given an impressive return of over 25 per cent in past one year alone.
As per the investment portfolio of Libyan Investment Authority, a sovereign fund controlled by Gaddafi, it had invested USD 29.6 million in the ICICI Bank ADRs ( American Depository Receipts), the US-listed securities of India’s largest private sector bank………………………………………..Full Article: Source

Posted on 08 June 2011 by VRS |  Email |Print

Rio Tinto Group, the world’s second- biggest mining company, said its Simandou iron-ore mine project in Guinea has attracted interest from sovereign wealth funds.
The development, a venture with Aluminum Corp. of China Ltd., has attracted “strong interest from other sovereign wealth funds and international financiers,” Alan Davies, president of international operations, said in a slide presentation posted on London-based Rio’s website. The company has spent $1.5 billion at the West African site to-date and production is scheduled to start in 2015, it said………………………………………..Full Article: Source

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