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Sovereign Wealth Funds Briefing 15.Jun 2011

Posted on 15 June 2011 by VRS |  Email |Print

Paul HoffThe Korean Investment Corporation (KIC) has selected three FTSE index strategies to help diversify its public markets investment programme. KIC focussed on three FTSE developed non market-cap weighted index strategies and is expected to implement some combination of these strategies in 2011.

KIC was established as Korea’s sovereign wealth fund in 2005 to protect and grow capital with an appropriate level of risk for the wealth of future generations of the country. Assets under management were reported to be USD37 billion as of end of 2010……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

The $37bn Korea Investment Corporation has chosen three FTSE non-capitalisation weighted indexing strategies making it the first Korean institutional investor to take this route, according to the FTSE Group.

Scott Kalb, chief investment officer of the sovereign wealth funds said: “We are pleased to welcome FTSE into the KIC family of external partners and we look forward to building a productive relationship. We believe the FTSE index strategies that we have selected will help to further diversify and thereby improve our public markets investment programme.”………………………………………Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Qatar Holdings are reportedly planning a £2 billion takeover of Manchester United. The People claims Qatar Holdings, the business arm of the country’s ruling royal family, are financing United’s summer spending which is expected to be around £125 million.

It is argued that United’s owners, the Glazer family, who bought the club for nearly £800 million in 2005, do not have the financial capability to fund that level of transfer spending.Qatar Holdings, a division of the Qatar Investment Authority, is believed to have had a £1.5 billion offer turned down last year……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Qatar Airways, half-owned by sovereign wealth fund Qatar Investment Authority, is considering an initial public offering (IPO) in 2011, its chief executive said on Tuesday.

“It could be this year. The more market share we gain, the timeline moves forward,” Akbar Al Baker told reporters, adding that the airline had appointed advisors but declined to name them……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

The Federation Account has been depleted by N162,110 billion, it emerged. This development has forced the Federation Account Allocation Committee (FAAC) to dip into the Excess Crude Account to augment disbursement to states for June 2011.

Acting Chairman of FAAC and Permanent Secretary, Federal Ministry of Finance Alhaji Danlami Kifasi told reporters that this development led the three tiers of government to share N606.541 billion as against the budgeted sum of N615.757 billion……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Investment bank Goldman Sachs’ murky dealings with Libyan dictator Colonel Gaddafi are gradually emerging. The Libyan Investment Authority had given Goldman Sachs £790 million to make complicated currency bets and other derivative investments in the US financial markets.

But the bankers managed to lose 98 percent of the Libyan money when those bets went spectacularly wrong……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Two top Alaska Permanent Fund Corp. managers who headed up a highly publicized restructuring of the state’s $40 billion savings account are leaving the fund.News of the decisions by Jeffrey Scott, the fund’s chief investment officer, and Max Giolitti, its chief of asset allocation and risk management, became public Monday.

Mike Burns, the permanent fund’s executive director, said he was “surprised” by Scott’s decision to leave……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Consultant Wurts & Associates has hired Jeffrey Scott, the investment chief of the Alaska Permanent Fund Corporation known for spearheading a risk-based asset allocation, to serve as CIO of its outsourcing business.

Wurts also lured Max Giolitti, the $40bn sovereign wealth fund’s director of asset allocation and risk……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Verno Capital, the Russian investment firm which received $100 million from Abu Dhabi sovereign wealth fund Mubadala Development in November, has attracted an additional $40 million from three U.S. and European institutional investors.

One of the three mandates was a commitment from a U.S. endowment fund, Verno’s Moscow-based spokesman Quinn Martin said by phone today. The new fund is managed by Bruce Bower, who was hired last year from Kazimir Partners, Martin said……………………………………….Full Article: Source

Posted on 15 June 2011 by VRS |  Email |Print

Back in September 2010, Norway’s sovereign wealth fund, the second largest in the world, decided to be contrarian for contrarianness’ sake, and announced it had “stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal.
Finance Minister Sigbjoern Johnsen says he backs the strategy, which contributed to a 3.4 percent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas.” The explanation was one that not even the high priests of obfuscation and lies back in the US, which only invest in “maturity” could come up:………………………………………Full Article: Source

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