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Sovereign Wealth Funds Briefing 15.Mar 2012

Posted on 15 March 2012 by VRS |  Email |Print

With assets worth $627 billion, the UAE’s Abu Dhabi Investment Authority (Adia) leads the world’s richest Sovereign Wealth Funds (SWFs), which together hold a staggering $5 trillion in assets – more than double the amount held by the global hedge fund industry.
If the SWFs were a country and their assets were GDP, they would already be the world’s fourth largest economy – after the US (GDP of $15 trillion), China ($7 trillion), and Japan ($5.8 trillion)………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Qatar’s sovereign wealth fund has accumulated a 2% stake in French oil major Total SA (TOT) over several months, according to a person familiar with the matter, the latest sign of the tiny emirate’s buying power in France.
“(The Qataris) bought shares on the market, as they are astute investors,” said the person familiar with the matter. “Since last summer, the share price increased quite a bit, so this was a valid investment,” the person said. With a 2% stake, Qatar became one of Total’s largest individual shareholders………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Government of Singapore Investment Corp has invested $100 million for a minority stake in India’s Vasan Health Care Pvt Ltd. The investment will help Vasan expand its network that consists of 102 eye care hospitals and 14 dental treatment centres, the Indian company said on Wednesday.
GIC is Singapore’s main sovereign wealth fund and manages an estimated $300 billion in assets. It also has a stake in India’s Fortis Healthcare………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

The resilience of the U.S. economy and the surprising profitability of U.S. companies over the past few months are yet to be fully priced into the equities markets, the head of Fullerton Fund Management, a unit of Singapore state-investment firm Temasek Holdings, said Wednesday.
Manraj Sekhon, chief executive of Fullerton Fund Management, said U.S. economic numbers have been consistently surprising on the upside in recent months with strength seen in data coming out of the consumer, corporate and employment sectors………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

The outgoing chairman of the $73 billion Future Fund has backed plans by Western Australia to create its own sovereign wealth fund. Last month, West Australian Premier Colin Barnett said the state planned to follow the example of oil-rich sheikdoms in the Middle East to create its own fund to help store away earnings from the sale of vast quantities of iron ore and minerals to Asia.
Treasury secretary Martin Parkinson has since dismissed the idea as not contributing to Australia’s future financial security………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Prime Minister Julia Gillard has appointed ASX Chairman David Gonski head of the country’s sovereign wealth fund and named Stephen Harker, chief executive of Morgan Stanley’s Australian unit, to the board.
Mr Gonski, 58, will run the Australian Future Fund as well as the country’s Nation-building funds that invest in infrastructure, overseeing almost $90 billion, Treasurer Wayne Swan said………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Business guru David Gonski has long been known as a safe pair of hands in troubled times among Australia’s business community.
But his own appointment as the new chairman of Australia’s 73 billion Australian dollar (US$77 billion) sovereign wealth fund has raised questions about the fund’s political independence………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

John Howard has defended the economic credentials of his former right-hand man, Peter Costello, attacking the Labor government for “terrible process” over the appointment of the chairman of the Future Fund.
The former Prime Minister said his former Treasurer would have made “an outstanding chairman” of the fund he helped create. The Labor government ignored the recommendation of the Future Fund board to lead the $73bn wealth fund and instead appointed David Gonski………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Cabinet Minister Stephen Conroy has undermined Peter Costello’s position as a Future Fund guardian, questioning his abilities as a money manager as he defended the appointment of David Gonski as chairman of the $73 billion fund.
Senator Conroy said that in a choice between David Gonski and Peter Costello, there was no competition. “I’d rather put my money under the control of David Gonski any day of the week ahead of Peter Costello,” he told Nine’s Today program………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Federal Finance Minister Penny Wong has defended choosing David Gonski to chair the Future Fund, despite calls by the board of the fund for Peter Costello to fill the job.
Mr Gonski was initially hired to canvas the views of Future Fund board members on a successor to outgoing chairman David Murray, who will step down in three weeks………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

The well-connected and highly capable businessman David Gonski is a good choice to chair the Future Fund. But the ham-fisted process by which he was selected doesn’t paint a particularly flattering picture of the Gillard government’s business acumen.
Part of the problem is that the 2006 legislation setting up the fund doesn’t specify the process by which the chairman and other trustees are appointed, making succession planning more difficult. Yet the bigger issue is the way in which Labor has bungled the appointment process for the $73 billion fund………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

The Future Fund, set up in 2004, is an independent fund where the government deposits surplus cash to make sure it can pay superannuation to retired civil servants in years to come.
Its wealth stands at just over $70 billion, and could be as high as $140 billion by 2020. So, we’re talking about phenomenal sums of money. But who, at the end of the day, has the power to influence how it is managed? The fund is overseen by a board of “guardians” whose chairman, as of today, is David Gonski………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

A line Terry McCrann had taken from Sinclair’s Catallaxy Files post of yesterday where he wrote: There is no such thing as unsustainable tax cuts, only unsustainable spending.
McCrann, like Sinclair Davidson the day before, were responding to a blog I had posted on the weekend about arguments for a new sovereign wealth fund. Without resorting to the slogans Terry now substitutes for reason, let me subject this catchy assertion to some clinical analysis………………………………………..Full Article: Source

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Posted on 15 March 2012 by VRS |  Email |Print

Charles River Development (Charles River), a front- and middle-office investment management solutions provider,has announced that Employees Provident Fund (EPF), Malaysia’s premier Sovereign Wealth fund, has expanded its use of Charles River Investment Management System (Charles River IMS) with the addition of Charles River Network for real-time FIX electronic trading, Charles River FIX Administration Service for fully managed FIX software administration and connectivity management; and Charles River Post-Trade for centralising and automating its real-time trade confirmation, matching and settlement workflows.
A client since 2008, Charles River IMS provides EPF with a scalable, enterprise solution for trade order and execution management, portfolio management, post-trade and compliance across equities, money market and fixed income instruments to support its increasing number of members and registered employers as Malaysia’s population expands. (Press Release)

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