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Sovereign Wealth Funds Briefing 08.Mar 2012

Posted on 08 March 2012 by VRS |  Email |Print

Martin ParkinsonAustralian Treasury Secretary Martin Parkinson Wednesday shot down arguments for the country to establish a sovereign wealth fund, or SWF, after the debate was again stirred by resource-rich Western Australia state pressing ahead with its own plans such a fund.
“An SWF does not constitute a contribution to future fiscal sustainability,” said Parkinson, speaking at a business lunch in Sydney………………………………………..Full Article: Source

Posted on 08 March 2012 by VRS |  Email |Print

David MurrayThe Gillard government will confound market expectations and risk alienating the Future Fund’s board of guardians by appointing an outsider to replace David Murray as chairman of the nation’s $73 billion sovereign wealth fund.
An appointment is imminent and follows a lengthy bureaucratic selection process and intense market speculation since it became clear that Mr Murray would not seek another five-year term after his contract expired last April………………………………………..Full Article: Source

Posted on 08 March 2012 by VRS |  Email |Print

It is yet to celebrate its sixth birthday, but Australia’s sovereign wealth fund, the Future Fund, has long attracted criticism. It courted controversy as early as 2007 when it awarded its back-office administration contract to a foreign company, US-based Northern Trust.
It emerged later that Northern Trust had been linked with US energy giant Enron, which collapsed in controversy early last decade. Northern Trust had acted as a trustee of the Enron staff pension scheme, which invested heavily in Enron stock………………………………………..Full Article: Source

Posted on 08 March 2012 by VRS |  Email |Print

After snapping London’s iconic Grosvenor House Hotel for 470 million pounds last year, diversified business conglomerate Sahara India is close to buying out a bunch of Marriott hotels in London valued at 750 million pounds.
Though UAE-based Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the world, has emerged as the lowest bidder, Sahara has been identified as the preferred bidder. This is because RBS wanted to sell it to someone with hospitality experience and not to just someone as a strategic or financial investor, sources say……………………………………….Full Article: Source

Posted on 08 March 2012 by VRS |  Email |Print

Ghana’s new sovereign wealth fund took a step forward last month: forward, at least, from its position as little more than a couple of accounts at the central bank. A new investment advisory committee - headed by one of the best-known figures in Africa’s business and financial community - was inaugurated and held its first meeting in February.
According to the 2011 Petroleum Revenue Management Act, the committee is supposed to formulate the fund’s investment strategies for the minister of finance, Kwabena Duffuor. This includes guidelines on asset-allocation and targeted returns………………………………………..Full Article: Source

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