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Sovereign Wealth Funds Briefing 21.Jul 2011

Posted on 21 July 2011 by VRS |  Email |Print

Montek Singh AhluwaliaIndia is considering a plan to set aside $10 billion from its foreign-exchange reserves and create a sovereign wealth fund to secure energy assets overseas, an aide to Prime Minister Manmohan Singh said.
“The idea of a sovereign wealth fund really boils down to sequestering a certain amount of your foreign-exchange reserves,” Montek Singh Ahluwalia, deputy chairman of India’s Planning Commission, said………………………………………Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

India is considering setting up a sovereign wealth fund with more than $10 billion in assets to buy energy assets abroad to feed growing domestic demand. But the sources said the plan to create the country’s first sovereign wealth fund (SWF) was still at an early stage amid concerns from the central bank about setting aside part of the country’s foreign exchange reserves for the scheme.
India’s foreign exchange reserves stood at more than $314 billion as on July 8. A senior official at the Reserve Bank of India , meanwhile, said the central bank was worried about financing a sovereign wealth fund, given the large amounts of capital the country needs to fund a massive current account deficit……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

India has asked McKinsey & Co. to test the appetite of sovereign wealth funds, pension funds and endowment trusts to committing long-term cash to develop infrastructure in the country, a senior finance ministry official said.
India plans to set up a clutch of infrastructure funds with assets under management totaling $11 billion–cash that is crucial to fix clogged ports and pot-holed roads that are hurting growth in Asia’s third largest economy……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

China National Offshore Oil Corp. wants to buy Opti Canada Inc for $2.1-billion (U.S.), a value that includes assuming $825-million of Opti’s current debt. It’s a great outcome a company whose image was severely tarnished.
In 2009 China Investment Corp. invested $1.5-billion (U.S.) in Teck Resources Ltd., which was struggling for survival during the recession. That investment is now worth about five times the initial outlay……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

Osun State Governor, Ogbeni Rauf Aregbesola, has sought the assistance of the China-Africa Develop-ment Fund for the quick infrastructural development of the state. This was the highlight of a meeting the governor had with officials of the CADFund on Monday in China in continuation of Aregbesola’s search for investments in the areas of agriculture, education and industrial growth for the state.
The governor, during the meeting, told officials of the Funding partner that Osun State in the South-West region of Nigeria is blessed with potentials which had however remained untapped……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

Temasek Holdings Pte. Ltd. said Wednesday that Francis Rozario, chief executive of the Singapore state investment firm’s Fullerton Financial unit, will leave by the end of July, the latest management change at the group.
Gan Chee Yen, currently co-chief investment officer and senior managing director for special projects for Temasek Holdings, will succeed Mr. Rozario as CEO of the unit, a spokesman for Temasek said……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

Temasek Holdings Pte said Francis Rozario resigned as chief executive officer of Fullerton Financial Holdings, the Singapore sovereign firm’s unit which invests in banks.
Rozario, who will leave Fullerton Financial at the end of July, will be replaced by Gan Chee Yen, Temasek’s co-chief investment officer and senior managing director of special projects, said Tan Yong Meng, a Temasek spokesman. Rozario will remain as adviser to Fullerton Financial’s board, Tan said……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

A long-awaited move by the ­$71 billion Future Fund into agricultural land investment was threatening to unravel last night as its partner in the venture, PrimeAg Australia, faced a board ousting over the poor ­performance of its shares.
Shareholders representing 30 per cent of the company have been angered by plans for PrimeAg to raise its $125 million stake in the new land investment fund via a share issue at a discount to its already depressed price……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

Norway’s Government Pension Fund Global, the second largest sovereign we­alth fund, has raised stake in consumption-driven Indian firms and cut stake in engineering and construction firms in the April-June quarter, according to the latest data on shareholding pa­ttern from stock exchanges.
Of the 23 firms in which it held more than one per cent stake, the fund has ra­ised stake in 16 and pared holding in five, while maintaining stake in the remaining two. Norges Bank Investment Management (N­BIM), the asset manageme­nt unit of Norges Bank, the central bank, manages the fund……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

The Permanent Wyoming Mineral Trust Fund generated a net of $193.8 million from investments during the fiscal year that will go to the general fund. This is $70.1 million more than the forecast.
In addition, pooled investments totaled $25.3 million more than the $65.4 million that was projected. State Treasurer Joseph Meyer said he is “tickled to death” by the success of the investments……………………………………….Full Article: Source

Posted on 21 July 2011 by VRS |  Email |Print

The investor class of sovereign wealth funds has increased by 4.02% to give the current total figure of US$4.657 trillion from March 31, 2011 of US$ 4.477 trillion. Our analysis indicates the significant majority of growth of sovereign assets was derived from oil and gas related sovereign funds.………………………………………Full Article: Source

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