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Sovereign Wealth Funds Briefing 26.Sep 2011

Posted on 26 September 2011 by VRS |  Email |Print

Mike BurnsSovereign Wealth Funds (SWFs) are preparing to pour billions of dollars into shares around the globe as they take advantage of low prices in the latest stock-market collapse.
Mike Burns, the executive director of the $40bn Alaska Permanent Fund, told The Independent on Sunday that the SWF’s board will meet on Friday to discuss moving hundreds of millions of dollars from fixed-income products, such as bonds, to shares……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

Gao XiqingChina Investment Corp., the country’s sovereign wealth fund, has no intention of buying European bonds, Caixin media group reported Sunday, citing CIC President Gao Xiqing.
“Everyone has heard Premier [Wen Jiabao] say China is willing to support Europe, but as a company, CIC’s mission from the government is to maintain a certain profitability, so we cannot just go to Europe and save anybody, we have to protect ourselves,” the report quoted Gao as saying at an International Monetary Fund meeting in Washington, when asked if CIC would buy the common euro-zone bonds being discussed in the region……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

China Investment Corp. is open to purchasing a new kind of euro-zone bond being considered to help alleviate the region’s debt woes, so long as the bonds aren’t seen by its market analysts as too risky.
“If it has a risk profile that fits into our allocation, we’ll buy some,” said Gao Xiqing, president of the sovereign-wealth fund. “But don’t expect us to buy more than our risk appetite would take.”………………………………………Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

China Investment Corp needs to ensure its own interests first and can’t save Europe, the sovereign wealth fund’s manager was quoted as saying at the weekend.
“As a company, our task is assigned by the government to maintain a certain profitability so we can’t simply go to Europe and save someone. We have to protect ourselves,” Gao Xiqing was quoted as saying by Caixin, a financial website……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) - UBS’ biggest shareholder - repeatedly expressed confidence in the bank’s former CEO Oswald Gruebel, Swiss newspaper NZZ am Sonntag reported, citing an interview with UBS chairman Kaspar Villiger.
According to the newspaper, Mr Villiger also said that the UBS board “begged” Mr Gruebel to stay on as chief executive officer to help with crisis management. When contacted by Today, a GIC spokesperson declined to comment……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

That was the message delivered by a number of Chinese officials during meetings at the International Monetary Fund, where China was widely seen as an answer to the euro zone’s problems, either as a purchaser of European debt or as a country that could further goose its economic growth rate.
“We can’t just go save someone,” said Gao Xiqing, president of China Investment Corp., China’s huge sovereign wealth fund. “We’re not saviors. We have to save ourselves,” he said………………………………………Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

The Government of Singapore Investment Corp (GIC), the biggest shareholder in embattled UBS, repeatedly expressed its support for outgoing chief executive Oswald Gruebel, according to a Swiss newspaper report.
Mr Gruebel, 67, quit on Saturday after taking responsibility for a scandal that saw a rogue trader lose US$2.3 billion (S$3 billion)……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

According to the annual reports of the Government Investment Corporation (GIC), it was reporting its 20-year nominal returns in both US$ (5.7%) and S$ (4.4%), in its 2009 report. It also gave the real return in Singapore Dollars (S$), at 2.6 per cent, but not in United States of America Dollars (US$).
However GIC’s 2010 and 2011 reports only gave returns in US$. Which means that the report went from reflecting no real US$ returns in 2009, to only real US$ returns in 2010 and 2011, being 3.8 per cent and 3.9 per cent respectively, and no longer in S$. Why is this so?………………………………………Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

South Korea’s sovereign wealth fund is considering investing the remainder of a dividend it received from Bank of America Corp. to increase its stake in the U.S. banking giant from 0.67% now, and will address its investment plans at a meeting Wednesday, people familiar with the matter said Friday.
Word of the possible investment comes after Korea Investment Corp., which invests funds from the Ministry of Strategy and Finance and the Bank of Korea, reinvested $78 million of the $145 million in dividends it has received from Bank of America in several transactions earlier this year……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

A South Korean sovereign wealth fund is considering increasing its stake in Bank of America (BAC), the Wall Street Journal reported today. The fund, which now owns about 69 million shares, or 0.67% of the bank’s stock, considers the stock undervalued and will meet with advisers on Wednesday to broach the idea of upping its stake.
The Korea Investment Corp. has already reinvested $78 million of the $145 million worth of Bank of America dividends it earned this year. But because the fund’s previous investments in the U.S. haven’t gone well, the decision could face political pressure……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

South Korea’s sovereign wealth fund Korea Investment Corp., or KIC, said Friday it has yet to decide on any further investment in Bank of America (BAC) shares.
KIC said in a statement it will decide later what to do with the dividends from its existing investment in Bank of America shares, after closely monitoring global economic and financial market conditions……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

Australia is likely to exacerbate the risks from a two-speed economy if it doesn’t cut its level of indebtedness to other countries, Future Fund Chairman David Murray said.
“This is not a time when state and federal governments should be becoming more highly indebted,” Murray, who oversees the government-owned entity controlling A$75 billion ($73 billion) of assets, said on the Australian Broadcasting Corp.’s “Inside Business” program………………………………………Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

One of the first orders of business in post-Moammar Gadhafi Libya is to clean out the rotten wood.
Tops on that list is investigating corruption at the Libyan Investment Authority, the country’s sovereign wealth fund. Rafik Nayed, the fund’s acting chief executive, said in an interview with the Wall Street Journal that its investment operations are on hold while it looks through $65 billion in holdings to examine dealings with people tied to Gadhafi……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

The new leader of Libya’s sovereign-wealth fund said he has recommended that an independent committee investigate all past investments made during the regime of Muammar Gaddafi for possible corruption.
In an interview, Rafik Nayed, the Libyan Investment Authority’s acting chief executive, said the fund’s investment operations are on hold while a new management team sifts through $65 billion (Dh238 billion) in holdings and tries to unravel previous dealings with people tied to the ousted Libyan leader……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

Despite the stiff opposition from the 36 state governors over the propriety of the Sovereign Wealth Fund (SWF), the federal government would not reverse itself on the issue, as it is presently finalising the fund’s implementation framework which will be launched very soon.
This was disclosed by the coordinating minister for the economy and minister of finance, Dr. Ngozi Okonjo-Iweala, at the weekend during a briefing with Nigerian journalists during the just concluded Annual Meetings of the World Bank and International Monetary Fund (IMF) in Washington, DC……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

The flood of cash into the kingdom has enabled Qatar Investment Authority (QIA), the country’s sovereign wealth fund, as well as the country’s private sector investors, to snap up assets in Europe, principally Britain.
But the speed of the acquisitions and the lack of information on how the fund operates and where its assets are invested have raised concerns……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

The Alaska Permanent Fund, the state’s sovereign wealth fund, owns half of Tysons Corner Center, just one piece of a $38 billion portfolio amassed in the four decades since the state’s coffers started overflowing with oil revenue.
In 1969, Alaska received a $903 million check from the first sale for oil- and gas-drilling leases on the North Slope. The check was more than five times the size of the state’s annual budget……………………………………….Full Article: Source

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Posted on 26 September 2011 by VRS |  Email |Print

Sovereign wealth funds are more fashionable than ever. In Latin America, some countries – Chile, Trinidad and Tobago and Venezuela – have had theirs for some time. Brazil – with reserves of over $250bn – joined them last year.
In 2011 Peru, Colombia, Panama and Bolivia took moves towards creating their own……………………………………….Full Article: Source

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