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Sovereign Wealth Funds Briefing 19.Sep 2011

Posted on 19 September 2011 by VRS |  Email |Print

Australia shouldn’t consider establishing a sovereign wealth fund until it returns its budget to surplus and begins paying down debt, the nation’s top economic civil servant said Monday.

The center-left Labor government has promised to balance the budget in the 2012-2013 fiscal year and has resisted calls from some lawmakers and others to establish a wealth fund to store away the proceeds of a major mining boom, opting instead for a new tax on miners and measures to boost pension savings. Australia already has a quasi sovereign wealth fund, the Future Fund, which was set up to manage public sector pension liabilities……………………………………….Full Article: Source

Posted on 19 September 2011 by VRS |  Email |Print

After having tried unsuccessfully for many years to get the Union ministry of finance and the Reserve Bank of India (RBI) to agree on using a part of foreign exchange reserves to finance infrastructure, the Planning Commission has now mooted the idea of a sovereign wealth fund (SWF).

The idea is not new, either here or in global financial markets. But it’s unique to the extent that the SWF is proposed to be set up by a country that not only has a sizeable current account deficit but is also resources poor and has a huge and growing resources deficit……………………………………….Full Article: Source

Posted on 19 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) became the largest shareholder in UBS last year when it converted notes it bought in the bank into ordinary shares at a conversion price of 47.7 Swiss francs (S$67.6) a share.

UBS shares closed at 9.75 Swiss francs the day the loss was announced. Given GIC’s original 11-billion Swiss franc investment in 2008 and the 2 billion Swiss francs it received in interest in the first two years, its paper loss was about 6 billion to 7 billion Swiss francs at Thursday’s price……………………………………….Full Article: Source

Posted on 19 September 2011 by VRS |  Email |Print

At this year’s NBAD’s Global Financial Markets Islamic Forum in Abu Dhabi, I was requested to make a presentation on an Islamic sovereign wealth fund (SWF). That’s an appropriate topic for an appropriate audience at the appropriate time.

The Islamic finance industry, as part of Islamic finance 2.0, needs to move away from product pushing to a more holistic approach, which includes big “ticket” offerings while becoming “conventionally efficient.” An Islamic SWF would fill both roles for asset management……………………………………….Full Article: Source

Posted on 19 September 2011 by VRS |  Email |Print

The Niger State governor, Babangida Aliyu, has stressed that contrary to reports in the media, the state governors were not against the Sovereign Wealth Fund. According to him, the method of implementation was the problem. The governor also urged the Federal Government to be courageous enough to unbundle the Power Holding Company of Nigeria (PHCN) and implement all the reports and decisions taken under the power sector reforms.

The governor said this at the maiden convocation lecture of the Fountain University, Osogbo, on Friday, where he officiated as the guest speaker……………………………………….Full Article: Source

Posted on 19 September 2011 by VRS |  Email |Print

Russian Prime Minister Vladimir Putin Friday tapped leading sovereign-wealth-fund managers and private-equity chiefs as advisers to the new Russian Direct Investment Fund, which will begin investing Russian oil wealth alongside private cash in the coming months.

TPG Capital’s David Bonderman and Blackstone Group Chief Executive Steve Schwarzman, along with leaders from the China Investment Corp. and Kuwait Investment Authority, will meet once or twice a year to advise the fund, which will receive $2 billion a year in state money for five years……………………………………….Full Article: Source

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