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Sovereign Wealth Funds Briefing 01.Mar 2012

Posted on 01 March 2012 by VRS |  Email |Print

Institutional investors should look to the example of sovereign wealth funds, which have among the best practices with socially responsible investing (SRI), according to a newly released paper by a professor at the University of British Columbia.
The paper — titled “Sovereign Wealth Funds and the Quest for Sustainability: Insights from Norway and New Zealand” written by Benjamin J. Richardson — asserts that among sovereign funds, Norway ranks as the leader in SRI initiatives. ……………………………………….Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

Norway’s central bank will purchase foreign exchange equivalent to 350 million Norwegian crowns ($62.8 million) per day in March for the country’s oil fund, the bank said on Wednesday on its page, continuing its February practice.
Last month the central bank said it would buy foreign exchange equivalent to 350 million crowns a day so the fund could invest money in foreign stocks and bonds………………………………………..Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

Kazakhstan on Wednesday approved a plan to lend state oil and gas company KazMunaiGas $4 billion from its windfall oil fund to help develop the massive Kashagan oilfield in the Caspian Sea.
The National Fund, which held more than $45 billion at the end of last month, will issue bonds to help KazMunaiGas finance its participation in Kashagan, the biggest oil discovery in more than 40 years………………………………………..Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

Samruk-Kazyna National Welfare Fund and National Economic Chamber “Atameken Union” signed a memorandum of cooperation in the field of support and development of entrepreneurship.
As Chairman of “Atameken Union” Abylay Myrzakhmetov said, in 2009 during the crisis Samruk-Kazyna has been one of the operators of business support and has good experience in this regard. “We are facing new challenges. Therefore, we exchanged views, summed up the results of cooperation and decided to expand our interaction. Now we are developing an action plan,” he said………………………………………..Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund Samruk-Kazyna took over BTA in February 2009, two months before the nation’s largest lender at the time defaulted on $12 billion of debt.
A group of unidentified creditors said in a Dec. 30 letter to BTA, the Kazakh central bank and Samruk-Kazyna that it’s “critical that the board of directors includes creditor directors.”……………………………………….Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

The International Monetary Fund, IMF, yesterday advised the Federal Government on the importance of improving public financial management, including a stronger framework for managing the nation’s oil wealth.
The IMF said it “welcomed the establishment of a Sovereign Wealth Fund, SWF, and underscored that a rules‑based approach to setting the budget reference oil price would strengthen the budgetary process and the operations of the SWF………………………………………..Full Article: Source

Posted on 01 March 2012 by VRS |  Email |Print

The head of Bahrain’s sovereign wealth fund quit over differences of strategy with the board, disappointed by its lack of deal-making as it focuses on reviving loss-making domestic assets, sources familiar with the matter said.
Talal Al Zain, the urbane former investment banker, told Reuters on Monday he would leave his job as chief executive of Mumtalakat, the $9 billion sovereign fund, to set up a new investment firm in the island kingdom………………………………………..Full Article: Source

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