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Sovereign Wealth Funds Briefing 13.Jun 2011

Posted on 13 June 2011 by VRS |  Email |Print

Sigbjoern JohnsenNorway’s state pension fund has topped the UAE’s Abu Dhabi Investment Authority (ADIA) to become the largest sovereign wealth fund in the world, a US consultancy said.The fund, which contains nearly all state revenues from the oil sector in Norway, was worth $560.5 billion against the $342bn for the Abu Dhabi fund, consulting firm Monitor Group said in a report.

Comparisons between funds remain complicated as the ADIA does not give regular performance reports while the Norwegian fund publishes its results quarterly……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

Lim Chow KiatAs part of a major shift in strategy and personnel, the Government of Singapore Investment Corporation (GIC) is re-deploying the presidents of its key fund units. The heads of GIC Asset Management, GIC Real Estate and GIC Special Investments will assume new roles from July, as chairmen of investment divisions focused specifically on China, India and Latin America.

Quah Wee Ghee, currently president of GIC’s main asset management business, will take control of the India investment division. He will be succeeded by Lim Chow Kiat, who is currently GIC’s president for Europe……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

Singapore-based Temasek Holdings, Swiss Re and Tata Capital are in talks with financial services firm First Leasing for 27.3% stake, according to agencies. The deal is likely to be announced in a month. According to agency reports, the transaction could be at a substantial premium to the current market price.

First Leasing shares closed up 5.45% at Rs 103.5 at the Bombay Stock Exchange in Friday’s trade. Based on the closing price the deal is valued at approximately Rs 64 crore……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

Sovereign wealth funds (SWF) are the giant aircraft carriers of global financial markets. Together these government-owned funds - investing in assets such as bonds, fixed-interest stocks, equities, property, precious metals, land and commodities - have an aggregate net worth estimated at between $3,600 billion (£2,200bn) and $3,800bn.

Both their size and their modus operandi are difficult to assess. Some are transparent. Others are swathed in secrecy. But they can wield enormous financial power……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

US regulators are examining whether some Wall Street firms, including Goldman Sachs Group Inc, have violated bribery laws in dealings with Libya’s sovereign wealth fund.

Securities and Exchange Commission (SEC) enforcement lawyers believe some Wall Street firms may have had a dishonest relation with the Libyan Investment Authority controlled by Muammar Gaddafi, The Wall Street Journal reported……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

The Investment Corporation of Dubai (ICD) owns 23 billion dirhams ($6.26 billion) in listed assets and 235.8 billion dirhams in unlisted companies, a government prospectus showed on Sunday.

Dubai’s investment arm agreed in May to a $2.8 billion, five-year loan refinancing with banks which will be the largest loan to emerge from Dubai since its financial crisis……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

China should use some of its foreign exchange reserves to purchase energy and metal minerals that are of “strategic importance,” Financial News reported today, citing Xu Nuojin, vice governor of the People’s Bank of China’s Guangzhou branch.

The nation should also optimize the structure of its foreign exchange reserves by diversifying away from U.S. dollar treasuries. China should increase resources and equity in its portfolios, the newspaper cited Xu as saying……………………………………….Full Article: Source

Posted on 13 June 2011 by VRS |  Email |Print

India’s foreign exchange (forex) reserves soared by $2.69 billion to $312.90 billion for the week ended June 3 on the back of a sharp increase in the value of gold reserves and foreign currency assets.

This is the third consecutive week that the country’s forex reserves kitty has seen a jump. The country’s foreign exchange reserves have increased by a whopping $5.41 billing in the last three reporting weeks……………………………………….Full Article: Source

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