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Sovereign Wealth Funds Briefing 12.Aug 2011

Posted on 12 August 2011 by VRS |  Email |Print

Irving PicardThe liquidator for Bernard L. Madoff’s firm sued the Abu Dhabi Investment Authority, seeking to recover $300 million for victims of the confidence man’s Ponzi scheme.
Irving Picard, the Madoff firm’s trustee, said the sovereign wealth fund withdrew the money from Fairfield Sentry, a so-called feeder fund to Madoff’s fraud, in a complaint filed today in U.S. Bankruptcy Court in Manhattan……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

A joint venture between UK developer Delancey and the property arm of Qatar’s sovereign wealth fund has bought the athlete’s village on the Olympic park in east London, two sources familiar with the matter told Reuters.
The deal was signed in the last 48 hours, the two sources said. It has been reported that a successful bid for the Olympic Village would have to be at least 500 million pounds ($811 million)……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

Bank of America Corp has held exploratory talks with the principal investment funds of Kuwait and Qatar about selling part of its $17 billion stake in China Construction Bank , three sources with direct knowledge of the talks told Reuters.
Talks about the Chinese bank have been held with other investors in addition to the Kuwait Investment Authority and the Qatar Investment Authority, the sources said……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

Investment Corp. of Dubai said on Aug. 8 it will repay $4 billion of loans when they mature on Aug. 21, rather than pursue refinancing it began in May. The obligation will be repaid from internally generated cash, mainly dividends received from the company known as ICD’s operating subsidiaries.
“ICD paying back $4 billion of maturing debt is a very strong message that Dubai’s debt story is on an increasingly better footing,” said Rawad Hakme, the Dubai-based co-manager of fixed income at the United Arab Emirates unit of EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

China Investment Corp, the country’s sovereign wealth fund, is buying a 7 percent stake in the Bank of Shanghai from International Finance Corp. “The deal is going through the proper procedures,” the Bank of Shanghai said after reporters questioned the lender about a shareholder change.
Citing sources familiar with the matter, the 21st Century Business Herald yesterday reported CIC has bought the IFC’s 7 percent stake in the Bank of Shanghai………………………………………Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

Mapletree Investments Pte. Ltd., a real estate firm wholly owned by Singapore’s sovereign wealth fund Temasek Holdings Ltd., will pay RMB 2.4 billion for the Shanghai-based commercial property Yongyin Building via its Mapletree India-China Fund.
Mapletree Investments is buying the mixed-use complex, which is located in Shanghai’s commercial circle of Middle Huaihai Road, from U.S. private equity fund Pacific Esplanade. The deal does not include a 28-storey hotel, a 16-storey office building and another 5-storey building at the site, according to media reports……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

Falkland oil explorer Rockhopper Exploration this afternoon told investors that the Government of Singapore Investment Corporation has increased its stake in the company.
A regulatory statement on London’s AIM market confirmed that the investor acquired 250,000 Rockhopper shares, taking its total holding to 7.825 million shares or 3.031 per cent……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

Bill English’s statement that the New Zealand Superannuation Fund has one of the world’s most developed ethical investment policies needs rethinking, the Green Party said.
“Bill English needs to look at the recent record of the Super Fund on ethical investment to see that their management has been complacent and unprofessional, risking serious damage to our reputation as a responsible member of the world community,” said Green Party Co-leader Dr Russel Norman……………………………………….Full Article: Source

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Posted on 12 August 2011 by VRS |  Email |Print

The financial balance of power has clearly shifted further away from Western governments and central banks in favor of large private agents such as investment banks and pension funds as well as Asian and Middle-Eastern sovereign wealth funds.
This growing interest for infrastructure investments should come as no surprise to actuarial experts: most pension funds as well as sovereign wealth and reserve funds have long-dated liabilities, be it explicitly (pensions) or implicitly (sovereign and reserve funds, often acting as “future generations” long-term revenue diversifiers in the Arabian Gulf, Norway, Venezuela, Malaysia etc.)……………………………………….Full Article: Source

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