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Sovereign Wealth Funds Briefing 02.Sep 2011

Posted on 02 September 2011 by VRS |  Email |Print

Singapore and China use them. Is it time to be more creative in how foreign reserve holdings are invested? Finance Minister Thirachai Phuvanatnaranubala has told the central bank to study the possibility of putting aside a portion of the country’s foreign reserves to set up a sovereign wealth fund to invest in infrastructure projects abroad.

He instructed the Bank of Thailand (BoT) yesterday to complete its study within one month.If the central bank’s study shows the idea is feasible, he will ask it to submit certain details on establishing the fund, including its size and who will manage it, Mr Thirachai said……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

Goodbye, Oil Fund, an institution we have known for almost 40 years. The Pheu Thai government has promised that this parting of the ways will be only temporary, but it is hard to imagine a full reinstatement without draining the country’s coffers or contracting politically damaging debt.

Established in 1973 during the first global oil crisis, the Oil Fund was meant to foster national energy security and stabilise domestic retail oil prices. Needless to say, the first objective was never achieved, while the second became the pre-eminent goal. And now, with an almost defunct Oil Fund, retail fuel price stability deserves to be headline news……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

China Investment Corp., the nation’s sovereign wealth fund, may set up a new company focused on overseas investment, China Business News reported, without saying where it got the information.

CIC may change to a holding company containing the new entity and Central Huijin Investment Co., according to the Shanghai-based newspaper. The People’s Bank of China may inject about $100 billion into the new company, according to the report……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

China Investment Corporation is considering whether to become a holding company and to separate the accounts of its domestic and international investments, China Business News reported.

The proposals are integral to restructuring the nation’s US$300 billion (HK$2.34 trillion) sovereign wealth fund……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

Beijing plans to restructure China Investment Corp (CIC), including spinning off the sovereign wealth fund’s domestic investment arm, Central Huijin Investment Ltd, China Business News reported yesterday, without citing sources.

The proposal is said to have been submitted to China’s State Council by a few central government departments, including the Finance Ministry. The government first plans to set up a new entity, CIC International, which will concentrate on the fund’s overseas investments……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

Global Logistic Properties Ltd. (GLP), the overseas logistics unit of the Government of Singapore Investment Corp., said it plans to raise rents in Japan because of a shortage of newer storage and distribution facilities.

Global Logistic, which has 99 percent occupancy rate in the country, plans to increase rents by about 5 percent to 10 percent, said Jeffrey Schwartz, deputy chairman of the company. Only about 2 percent of 480 million square meters (5.2 billion square feet) of space are modern logistic facilities, he said, citing a report by Jones Lang LaSalle Inc. (JLL)………………………………………Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

Charles Ong, a senior managing director at Singapore’s Temasek Holdings , will join his brother Richard to manage the recently established private equity firm RRJ Capital, the Singapore state investor said on its website.

“Charles first joined Temasek in 2002. He is seconded to RRJ Capital from 1 September 2011,” the Singapore state investor said. He will remain a senior managing director for special projects with Temasek, a spokesman added……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

The New Zealand Superannuation Fund has revealed its strongest annual return, but signalled it has lost value in the market turmoil since. In the financial year ended June 30, the fund climbed in value by 25.05 per cent, or $3.41 billion, to just over $19b.

The figures made public yesterday were unaudited, with the annual report due to be tabled in Parliament in October. The fund was set up in 2003 to help pay for the future cost of superannuation……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

Abu Dhabi’s Mubadala, one of the world’s most influential sovereign wealth funds, has revealed that it has set up a centralised system for tracking the business it does with banks. The comments will provide banks with useful clues on how to deal with sovereign wealth funds.

In an exclusive interview with Euromoney, senior Mubadala executives at the $27 billion state fund’s headoffice in Abu Dhabi say the system includes monitoring financing given to Mubadala, fees paid by the fund, as well as the amount of time and the seniority of people that banks have deployed to their work with Mubadala……………………………………….Full Article: Source

Posted on 02 September 2011 by VRS |  Email |Print

The Nigerian Governors Forum recently called for the suspension of the implementation of the Sovereign Wealth Fund (SWF), promptly causing uproar among many Nigerians.

In effect, the governors argued that the SWF was illegal because it lacked constitutional backing, expressing preference for sharing the excess crude oil earnings to paying them into the SWF. They argued further that instead of stashing money in the Fund, they needed it to enable their governments meet the financial demands of implementing the new national minimum wage……………………………………….Full Article: Source

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