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Sovereign Wealth Funds Briefing 14.Jun 2011

Posted on 14 June 2011 by VRS |  Email |Print

Robert FairbairnBlackRock Inc., the world’s biggest money manager, hired Terrence Keeley to head a unit overseeing relations with sovereign funds and central banks as it seeks to double assets with such clients.

Keeley will also help expand the BlackRock Investment Institute, which started earlier this year to provide clients with investment analysis, executives at the New York-based company said today in an interview. Keeley will report to Robert Fairbairn, the head of BlackRock’s client group, and Lee Kempler, executive director of the investment institute……………………………………….Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Scott C. JeffreyJeffrey Scott, CIO of the $40 billion Alaska Permanent Fund, one of the world’s largest sovereign wealth funds, announced today he will be joining Wurts & Associates as chief investment officer. Following nearly three years at the Alaska Permanent Fund Corporation (APFC), Scott moves to Wurts to lead the firm’s discretionary investment practice. Along with Scott, Max Giolitti, APFC’s Director of Asset Allocation and Risk will be joining Wurts as well.
The hiring of Scott and Giolitti marks another strategic resource investment by the 25 year old firm. Building upon a senior staff with an average of more than 15 years of investment experience, Wurts has strengthened its consulting and research divisions through a number of high-level appointments. Since 2008, Eric Petroff has been added as Director of Research, Brian Rowe as Director of Manager Research and Brad Ness and Jason Taylor joined the firm as senior consultants. (Press Release)

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Posted on 14 June 2011 by VRS |  Email |Print

Norway’s $570 billion sovereign wealth fund Norges Bank Investment Management is “very positive” about the long-term outlook for Europe despite fear over the growing debt crisis.
The optimism, articulated by Norges Bank Investment Management’s CEO Yngve Slyngstad in an interview with the newspaper, was belied somewhat by the fund’s decision to shift more of its assets into emerging markets. European equity comprises half of the fund’s equity holdings and it recently announced plans to diversify by shifting capital away from the continent………………………………………Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Russia will launch a $10 billion state-backed fund at the St Petersburg International Economic Forum this week that will co-invest with sovereign wealth and private equity funds in Russian companies.
The fund is being set up to kick-start direct investment in Russian growth companies operating in sectors like IT, healthcare and infrastructure — but not energy — that are a play on the emergence of Russia’s middle class. The RDIF will be capitalised with $2 billion a year over the next five years……………………………………….Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Sovereign wealth funds managing hundreds of billions of dollars are looking to diversify their risks, particularly away from the bulging debt of developed nations that might be tempted to inflate, or even default, their way out of trouble.

Experts say the fund, with its inbuilt political insurance, is designed to meet their needs. “It’s a very innovative and creative way to tap into long-term investors,” said Ashby Monk, co-director of Oxford University’s analytical Sovereign Wealth Fund Project. “If I were looking for a partner for private equity investments in Russia, the Kremlin would be top of my list.”………………………………………Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Finally the allegations that Goldman Sachs bribed Libya for access to its sovereign wealth fund get interesting. Goldman apparently hired an intern who was a Libyan official’s brother.

From the Financial Times: Goldman confirmed that Haitem Zarti, brother of Mustafa Zarti, the Libyan Investment Authority’s former deputy head, worked for the bank in London and Dubai for almost a year. An initial three-month stint was extended due to good performance……………………………………….Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

The Government of Dubai plans to raise up to $5 billion under a Euro Medium Term Note, or EMTN, programme in a move to bridge its budget deficit and fuel growth.
Dubai’s investment arm, the Investment Corporation of Dubai, or ICD, owns Dh23 billion in listed assets and Dh235.8 billion in unlisted companies, the prospectus showed. ICD 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

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Posted on 14 June 2011 by VRS |  Email |Print

Middle East sovereign property developer Qatari Diar has added two senior lawyers to its Doha-based legal team and is also preparing to launch a panel review.Qatari Diar is controlled by the Qatar Investment Authority, a sovereign wealth fund specialising in foreign and local investment.

It is working on a joint venture with German rail operator Deutsche Bahn to create a $25bn (£15.3bn) rail project in Qatar ahead of the 2022 World Cup. Qatari Diar recently made its first big investment in the US, with a deal to build a $700m development known as ’City Center DC’ in Washington DC……………………………………….Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Serbia’s foreign-exchange reserves topped 10 billion euros ($14.37 billion) in May for the first time since February, as the government increased euro borrowing domestically and drew loan tranches from foreign lenders.

Foreign-exchange reserves rose by a net 112.2 million euros in May to 10.064 billion euros, the National Bank of Serbia said………………………………………Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Nigeria’s foreign reserves have risen to its highest level in about a month, closing on Friday at $34.194 billion. The last time the figure trended above the $34 billion mark was on May 12, when it closed at $34.261 billion. Since then, the reserves have been fluctuating, hitting its lowest level during the period at $32.040 billion on June 1.

The naira has been firming up in the last one week, improving from N153.59 at the official window to close at N152.85. At the interbank window, the currency slid to N157.50 before moderating to N155.10 to the dollar……………………………………….Full Article: Source

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Posted on 14 June 2011 by VRS |  Email |Print

Sovereign wealth funds have come to play an increasingly vital role in the global economy, particularly in emerging economies. Jan Randolph, Head of Sovereign Risk at IHS Global Insight, talks to BNN about the increased power of sovereign wealth funds in the wake of the financial crisis.………………………………………Full Article: Source

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