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Sovereign Wealth Funds Briefing 03.Jan 2012

Posted on 03 January 2012 by VRS |  Email |Print

The rapid growth of assets managed by central banks and sovereign wealth funds (SWFs), which began a decade ago, is set to resume after a hiatus during the global recession.
Over the next few years we forecast a growth rate in sovereign financial wealth of some 17 per cent per year, reflecting large and persisting current account surpluses in commodity exporting countries and Asian exporters………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Sheikh Hamed bin Zaved Al NahvanAt a time when the overseas investments in India are on a decline, the Abu Dhabi Investment Authority’s (ADIA) — one of the world’s largest sovereign wealth fund worth $700 billion — is now looking for investment opportunities in India.
ADIA’s MD Sheikh Hamed bin Zaved Al Nahvan is set to visit India with a 14-member delegation in two weeks’ times (January 15-21) to explore investment opportunities in India, said a senior government official in the ministry of commerce and industry………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

PTC India Ltd. has entered into an initial agreement with a sovereign wealth fund to create a private equity fund with a start-up capital of $200 million, chairman of the state-run power trading company said Monday.
The fund will aim to buy stakes in power projects in India and in coal mines overseas. “Such a private equity company will boost our core power trading business,” Tantra Narayan Thakur said, without revealing the name of the sovereign wealth fund………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

The president of China’s $410 billion sovereign wealth fund said he sees buying opportunities brought about by the uncertain economic climate.
“Current global markets present quite a few opportunities; for instance, some assets are undervalued due to [a lack of] market confidence,” China Investment Corp. President Gao Xiqing wrote in an essay published in Caixin magazine. Gao said some rare buying opportunities have emerged because some sellers are eager for cash………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

A Government of Singapore Investment Corp. affiliate and a Canadian pension fund signed a binding agreement to pay A$1.2 billion ($1.2 billion) for most of Charter Hall Office REIT.
GIC’s Reco Ambrosia Pte and The Public Sector Pension Investment Board of Canada signed the agreement on the condition the REIT completes the sale of its U.S. properties by March, according to a statement to the Australian stock exchange. The trust’s stakeholders will receive one or more payouts from the sale of the U.S. assets, according to the statement………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Temasek Holdings is looking to offload its stake in NIB Bank to ICBC, China’s largest financial institution, according to a report from Pakistan. A Temasek spokesman said on Wednesday: ‘We do not comment on speculation.’
The report from The Express Tribune on Tuesday said Temasek was unhappy with NIB’s management and the performance of the bank. It has reportedly pumped hundreds of millions of dollars into the bank only to see its value plummet……………………………………….Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Singapore state investment company Temasek Holdings Pte. Ltd. has set up an investment vehicle to strengthen and expand its coverage in North Asia, especially China, as part of its efforts to shore up its presence in one of the world’s fastest growing economies.
The new investment company–Pavilion Capital Pte. Ltd.–will focus on investment opportunities at private-owned enterprises and small and medium enterprises in China, a Temasek spokeswoman said………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Temasek Holdings Pte. set up a wholly owned investment company run by Tow Heng Tan, its former chief investment officer, to extend its reach in North Asian markets including China.
Pavilion Capital Pte will expand Temasek’s current investments in privately-owned companies, the Singapore state- owned investment company said in an e-mailed statement today in response to queries………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Singapore’s Neptune Orient Lines, which owns the world’s sixth biggest container shipping firm, said its chairman, Cheng Wai Keung, will retire after the board’s annual general meeting in April 2012.
Cheng, who was chairman for the last 10 years, will be replaced by Kwa Chong Seng who will join the board as a director from January 1, 2012 and become chairman in April, the company said in a statement………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, has offered more than $900 million for a majority of Turkey’s largest hospital chain, Acibadem Saglik Hizmetleri & Ticaret AS, according to two people with knowledge of the offer.
Integrated Healthcare Holdings Sdn, controlled by Khazanah, will buy 60 percent of Acibadem from Abraaj Capital Ltd., and Khazanah will buy another 15 percent, the people said, asking not to be identified ahead of an agreement, which may be signed today………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

The Iskandar Malaysia Chamber of Commerce and Industry (DPPIM) has asked Khazanah Nasional Berhad to closely monitor the activities of its subsidiary, Iskandar Investment Berhad (IIB).
Its president, Mohd Salikon Sarpin said the alleged fraud, abuse of power and corruption involving several IIB executives was shocking. “The alleged misconduct by a handful of IIB executives could be likened to a Malay proverb, ‘harapkan pagar, pagar makan padi’ (a wolf in sheep’s clothing),” he said, adding that DPPIM lauded the Malaysian Anti-Corruption Commission’s (MACC) investigations into the misconduct………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Qatar is prepared to invest as much as $1 billion in the Philippines through its sovereign wealth fund, mainly in infrastructure projects, The Philippine Star reported, citing Cristino Panlilio, the Philippines’ trade undersecretary.
An investment agreement is likely to be signed next month, when Qatar’s Emir Hamad Bin Khalifa Al Thani visits the Philippines, the newspaper said………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Qatar Holding, an investment vehicle of the Gulf state’s government, has raised its stake in French media-to-aerospace conglomerate Lagardere to over 10 percent, market regulator AMF said.
The move appeared to make the emirate the largest stakeholder in Lagardere, which competes with Pearson Plc and Bertelsmann AG in radio and book publishing. AMF said Qatar Holding had informed it earlier on Thursday of its accumulation of 13.2 million shares in Lagardere, or 10.1 percent of its capital………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Qatar’s sovereign-wealth fund boosted its stake in French media group Lagardere SA to 10.07% on Dec. 23, France’s stock market regulator said in a filing on Thursday.
Qatar Holding LLC now holds 7.87% of the voting shares in Lagardere, the filing said. The regulator didn’t say what stake Qatar Holding held in Lagardere before Dec. 23………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Oman Investment Fund, the Sultanate of Oman’s sovereign wealth fund, has filed a fresh application with the Indian government to buy a stake in the Universal Commodity Exchange, the Economic Times reported Wednesday, citing an unnamed source.
“The fresh proposal made by Funderburk 2 Mauritius, an Oman Investment Fund arm, relates to UCX,” the newspaper quoted the person as saying. The report didn’t specify the size of the stake that the sovereign wealth fund plans to buy, but said a single foreign entity can invest up to 5% in a commodity exchange………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

The prospects and the problems associated with the Sovereign Wealth Fund, SWF, are often inextricably intertwined because the funds to be managed are still subject to the judgments of “doubts and certainty” exercised by the people selected to manage the funds.
In the case of Nigeria, the question of integrity of the individuals in charge and the government itself has become paramount; whereas when Dewing wrote, in 1923, it was taken for granted that those handling public funds would do so selflessly………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

This month, the government will establish an ‘Interim Sovereign Wealth Fund’ with a starting capital of US$ 20 million. This stabilization and savings fund is intended to make revenues from natural resources sustainable, President Desi Bouterse said in his New Year’s address.
The fund will “enable Suriname to survive times of adversity”. “It will also be a good basis for economic development to the benefit of many generations after us”, the President continued, adding that the fund will be managed by the monetary authorities. The President also announced that the government will take measures this year to keep basic goods “affordable and accessible” for the people………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Russia’s direct investment fund, set up to lure foreign investment to modernize the Russian economy, is examining projects worth a total of 180 billion rubles ($5.6 billion), Prime Minister Vladimir Putin said on Thursday.
“The portfolio of the managing company of the Russian direct investment fund already includes projects worth 180 billion rubles,” Putin said at a meeting of the supervisory board of national development bank Vnesheconombank………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

For some inkling of where investment theory is headed, take a look at the debates and forums being hosted by the Norwegian Government Pension Fund. Fund officials are in the midst of an inquiry into why their fund, which invests proceeds from Norway’s vast petroleum exploits, performed so poorly in 2009 and how it should re-orient itself.
Unlike, say, a hedge fund, Norway’s pension fund conducts a big portion of its business in the public eye, which means you can get a heck of an education simply by tuning in to the presentations given by the bevy of academics the Norwegian government has brought in to look at the performance………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

The second is to set up a sovereign wealth fund and implement a tax system that ensures the majority of the wealth created from oil and gas extraction is transferred to the country where the resources originate.
In 1990, a law was passed with the support of all parties setting up the Norwegian sovereign wealth fund in which all oil revenue plus any return from the fund’s investments would be placed. The first profits from oil revenue were put in the fund six years later. With a view to the long-term management of national wealth, the government renamed the fund the Government Pension Fund Global (GPFG)………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 was approved by a decree of President Ilham Aliyev on 29 December. Under the decree, SOFAZ budget revenues in 2012 will amount to AZN 10.697 bn and expenditures AZN 10.56 bn.
As a result, the SOFAZ budget surplus is expected at AZN 135.726 million or 1.27% of its expected revenues. The budget was passed with oil export price forecast at $80 per barrel………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Kazakhstan’s president, Nursultan Nazarbayev, has dismissed Timur Kulibayev, his son in law, from his post as CEO and Chairman of the Management Board of the sovereign wealth fund, Samruk-Kaznya after oil and gas workers staged a strike, which turned into rioting that left 16 dead and over 100 injured.
The fund has an estimated value of $80 billion and either owns fully or in part important parts of the economy, including national rail and postal services and KazMunayGas, the state oil and gas company………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Kazakhstani Deputy Prime Minister Umirzak Shukeyev December 26 replaced the fired Timur Kulibayev (President Nursultan Nazarbayev’s son-in-law) as head of the country’s sovereign wealth fund, Kazakhstan Today reported December 26, quoting a statement by the Samruk-Kazyna fund.
Nazarbayev December 22 said he intended to fire Kulibayev. According to Samruk-Kazyna, Kulibayev requested to resign from the fund’s chairmanship after the December 16-17 clashes between strikers and police in Zhanaozen………………………………………..Full Article: Source

Posted on 03 January 2012 by VRS |  Email |Print

Daimler AG is likely to bring in China’s sovereign wealth management fund as a strategic investor as the big name behind Mercedes-Benz is looking for investment in China, said people familiar with the matter lately.
Daimler is seeking Chinese investors, disclosed one of the people, describing China Investment Corporation (CIC), the country’s sovereign wealth management fund, as one of the most possible investors………………………………………..Full Article: Source

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