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Sovereign Wealth Funds Briefing 20.Sep 2011

Posted on 20 September 2011 by VRS |  Email |Print

Matthew GroundsAustralia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG (UBSN)’s top banker in the nation said.
“It would be silly to think that none of this is going to have an impact on us — it will,” Matthew Grounds, 42, chief executive officer of UBS’s Australian business, said in an interview on Sept. 14, before the bank disclosed a $2.3 billion unauthorized trading loss in London. “That’s got to impact China and that’s got to impact Australia.”………………………………………Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Martin ParkinsonFederal Treasury Secretary Martin Parkinson says Australia would have to return the national budget to surplus before considering starting up a sovereign wealth fund.
The issue of a sovereign wealth fund has been under debate for many months, with suggestions it be built up with cash flowing from the mining boom, much like the sovereign wealth fund enjoyed by Norway which is based on oil revenue……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Sometimes it takes just a flicker of good sense to illuminate a debate such as whether Australia should have a sovereign wealth fund. Such a moment came yesterday when Federal Treasury secretary Martin Parkinson finally pointed out that there is not a great idea to set up and contribute to such a fund unless the Federal Budget is in surplus.
“The first thing you want to do is to move the budget back into surplus, pay down the small stock of debt that’s accumulated, and then think about where you actually want to build up assets,” Dr Parkinson said……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Australia’s sovereign wealth fund, with A$75 billion ($76 billion) under management, said it has not yet met the government’s mandated investment return of CPI plus five percent, but expects that will happen.
The Future Fund’s chairman David Murray made the comments at a business lunch……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Singapore sovereign wealth fund GIC said on Monday the losses on its investment in UBS were offset by good investment decisions, which has helped its portfolio rebound to a level seen prior to the global financial crisis.
“In retrospect, we had said in late 2008 the timing for the (UBS) investment could have been better,” the Government of Singapore Investment Corp said in a letter to a local newspaper seen by Reuters……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC) has issued its first comments on its UBS investment since news of the Swiss bank’s shock US$2.3 billion in trading losses.
GIC, the largest shareholder of UBS, said that its own performance ‘is assessed based on our overall portfolio and not on individual investments’………………………………………Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corp., or GIC, Monday said its investment in Swiss bank UBS AG (UBS) was made prior to the 2008 global financial crisis and that the timing of this investment could have been better.
The state investment firm, in an emailed response to Dow Jones Newswire queries, did not specifically comment on the $2.3 billion loss incurred by the bank from rogue trading activities by one of the bank’s employees……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation’s investment objective, as set out by the Government, is to achieve good, long-term returns over a 20-year investment horizon.
Our performance is assessed based on our overall portfolio and not on individual investments. As of March 31, the 20-year annualised real rate of return, in excess of global inflation, was 3.9 per cent……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

It is all up to Khazanah Nasional Bhd whether to buy the 10 per cent stake in AirAsia X Sdn Bhd, said AirAsia X chairman, Tan Sri Rafidah Aziz. “It is up to them, it is their decision. They know our record, they know our future strategy, and they know where we are going,” said Rafidah to reporters on the sidelines of the World Women Economic Forum here yesterday.
“I think they should base (the decision) on whatever the evaluation done by the analyst. She was asked on Khazanah’s stand saying that it would acquire the 10 per cent share in AirAsia X only after getting more clarity not only on the financial and business model of the company but would also look at the timing……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Qatar risks a foreign investment pile-up. The tiny gas-rich state might have up to $100-billion (U.S.) to snap up overseas assets, based on guesses at the size of the country’s main sovereign wealth fund.
Qatar’s mooted interest in a 7.5-per-cent stake in European aerospace and defence company EADS would only cost it less than $2-billion at current market prices. But it’s unclear if the country’s overseas spending is as focused as its domestic ambitions. And its taste for large high-profile assets could be dangerous……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Opalesque Industry Update - The Abu Dhabi Investment Authority (ADIA), an investment institution owned by the Government of Abu Dhabi which runs one of the largest sovereign wealth funds in the world with assets estimated between US$650bn and $875bn (the Sovereign Wealth Fund Institute puts the figure at $627bn) is expanding its exposure in alternative investments, according to its latest Annual Review report.
Emerging managed futures managers: Among the major developments in ADIA’s alternative investments portfolios is the funding of several early-stage or emerging managed futures managers. ADIA’s Alternatives Departments, which is handling the alternative investment portfolio, is focused on migrating these newly-seeded funds to their main managed funds portfolio, granting that the new funds expect their performance targets……………………………………….Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

When on May 27, 2011 the immediate past Minister of Finance, Olusegun Aganga popped champagne in celebration over what he felt was a feat in warehousing Nigeria’s unbudgeted oil revenue from reckless spending because of the signing into law of the Nigeria Sovereign Investment Authority (NSIA) Bill to manage the nation’s fiscal price rule of unbudgeted oil revenue (Sovereign Wealth Fund, SWF), little did he know that the celebration was a false start.
Aganga, expressive as a Usain Bolt breasting the tape after a long marathon, spoke of the benefit of the SWF enactment: ………………………………………Full Article: Source

Posted on 20 September 2011 by VRS |  Email |Print

Sovereign wealth funds (SWFs) in their new guise of established market players can contribute to the economic recovery strategies of the developed economies, considers Dr. Alexander Mirtchev.
Soaring debt, anemic growth, intransigent unemployment, social unrest…these are the fundamental challenges that America could be facing as Congress gears up to consider President Obama’s new jobs plan. One proposal that is unlikely to surface during the debate is a greater openness to sovereign wealth funds. Why? Among others, SWFs’ past ‘trophy asset’ sprees have not played well in the U.S., reinforcing concerns about the balance between their political and economic objectives. SWFs are, after all, the investment arms of resource-rich or export-oriented countries and if they choose to use these funds more to achieve political goals rather than for pure business purposes, they are seen in some quarters as undermining confidence and distorting global capital flows. (Press Release)

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