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Sovereign Wealth Funds Briefing 16.Mar 2012

Posted on 16 March 2012 by VRS |  Email |Print

China Investment Corp has signed a deal with Poland’s foreign investment body PAIiIZ that could see China’s $410 billion sovereign wealth fund snap up assets in the European Union’s largest eastern member in the coming years.
Warsaw, looking for buyers for state assets, has recently reached out to Chinese players to bring funds to Poland, giving the Asian giant an opportunity to test the investment waters in the real economy in Europe……………………………………….Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Singapore investment company Temasek Holdings and its Malaysian counterpart Khazanah Nasional have signed S$5 billion worth of property development loans, according to a person familiar with the matter.
DBS Bank, Oversea-Chinese Banking Corp, United Overseas Bank and Malayan Banking lent S$850 million each, while Australia and New Zealand Banking Group, Sumitomo Mitsui Banking and Bank of Tokyo-Mitsubishi UFJ each pledged S$500 million, the person said, asking not to be identified because details are private………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Malaysia’s state investment arm Khazanah Nasional said on Thursday it has issued a seven-year sukuk, or Islamic bond, of $357.8 million that is exchangeable into shares of Parkson Retail Group Ltd, one of China’s largest department store operators.
The bonds were issued at the tightest end of the price guidance of negative 0.25 percent yield to maturity and 30 percent exchange premium via an accelerated bookbuilding process on March 14, Khazanah said in a statement issued late on Thursday………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Singapore’s sovereign wealth fund, Singapore Investment Corp. Pte Ltd (GIC), has acquired minority stake in eye care hospital chain Vasan Healthcare Pvt. Ltd, for $100 million (Rs498 crore).
Without disclosing the stake size, Vasan Healthcare, which operates 102 eye care hospitals and 14 dental treatment centres in 11 states, said that it would use the funds to expand in new geographies and make acquisitions………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

China should look to invest in distressed European assets such as euro bonds given the nation’s high export exposure to the euro zone, Singapore’s first prime minister, Lee Kuan Yew, said in a newspaper column published Friday.
Mr. Lee, who is also senior adviser to the board of sovereign wealth fund Government of Singapore Investment Corp., said German Chancellor Angela Merkel last year sought the assistance of Chinese Premier Wen Jiabao with the Greek debt crisis………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Western Australia Premier Colin Barnett said the proposed sovereign wealth fund would preserve a percentage of the state’s minerals royalties by investing them in financial securities.
The fund would ideally be built up over a period of 20 years and would be a “passive” and “conservative” investor, the earnings of which would be used to finance state government services such as health and education. “If for example we could work up to preserving 2.5% of royalty income–our royalties income is about A$3.5 billion–it starts to add up,” he said………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

There are plenty of lessons to be learned from this week’s ugly stoush over the appointment of the Future Fund’s next chairman. The obvious one goes to the first rule of issues management especially when they involve tens of billions of dollars and big egos - when you’re in a hole, stop digging.
First to the personalities. No one doubts David Gonski’s credentials to lead the $73 billion sovereign wealth fund. But how he unexpectedly won the job is a multi-level case study in how not to manage reputations nurtured and built over years………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Australian Greens Leader Bob Brown says Peter Costello’s claim he is the only person to put capital into the Future Fund is a worry and shows why he could not be its chairman.
Senator Brown on Friday also disagreed with Opposition Leader Tony Abbott that the $90 billion sovereign wealth fund only existed because of Mr Costello, saying former Liberal finance minister Nick Minchin also had a hand in setting it up………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Peter Costello says the federal government has damaged the Future Fund’s reputation with the “shemozzle” surrounding David Gonski’s appointment as chairman.
Labor this week appointed Mr Gonski to a five-year term as chair, even though the prominent businessman has himself advised the government in a secret report that the fund’s board of guardians wanted Mr Costello for the role………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Peter Costello has accused the Gillard government of basic incompetence in its oversight of the $73 billion Future Fund as a furore erupted yesterday over Labor’s decision to reject secret advice to make him the fund’s chairman.
The former treasurer blasted the government for damaging the Future Fund’s reputation by fumbling the process in appointing David Gonski as chairman this week………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Opposition Leader Tony Abbott has kept up the attack on the government over the controversial appointment of businessman David Gonski to chair the Future Fund.
The decision to overlook former Howard government treasurer Peter Costello for the job has sparked accusations the government’s decision was based on politics………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

The Future Fund’s outgoing chairman. David Murray, says a secret report based on conversations between new chairman and board members’ did not recommend a candidate.
The former Treasurer and fund board member, Peter Costello, blasted this week’s appointment of Mr Gonski as a ‘’shemozzle,” after Mr Gonski was last year retained by the government to sound out board members about who may replace Mr Murray………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Former Treasurer Peter Costello says that the Future Fund he created is a ‘prime sovereign wealth fund’ and ‘probably the most respected’ in the world. But that is not the conclusion of the Washington think-tank the Peterson Institute, which has compiled the most comprehensive international ranking of sovereign wealth funds (SWFs).
The Peterson Institute gave the Future Fund a score of only 80 out of 100, which is below the average of 84 given to the other pension funds in its sample of 53 SWFs in 37 countries. Thirteen other sovereign wealth funds were given a higher overall score in the Peterson Institute rankings, including those in Timor-Leste and Trinidad and Tobago………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Sovereign wealth fund Qatar Holding has amassed a stake of slightly more than 1% in French luxury goods group LVMH Louis Vuitton Moet Hennessy (MC.FR), the latest in a series of investments in France by the gas-rich emirate.
Qatar Holding holds a 1.03% interest in the company and has less than 1% of voting rights in LVMH, the French company said in a legal filing Thursday. Based on LVMH’s share price of EUR135 at the close on the Paris bourse Thursday, the stake is worth around EUR699 million. Qatar Holding declined to comment………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Qatar is developing a taste for strategic or sensitive assets. After eyeing up a shareholding in European aerospace defence firm EADS, the sovereign fund of the Gulf state is reported to have built a two per cent stake worth $2.6 billion in French oil major Total.
Contrary to many sovereign funds, Qatar has shown that it doesn’t like to be a passive investor. The fund has racked up board seats at German carmakers Volkswagen and Porsche, Credit Suisse bank, and construction firm Vinci. It may also seek to appoint a director at French media-to-aerospace conglomerate Lagardere, in which it holds a 10pc stake. Belgian billionaire Albert Frere controlled 5.6pc of Total at the end of 2010, enough to give him a board seat……………………………………….Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

Ghana’s savings in two oil funds reached $69.2 million in 2011, the first year of production of crude for export, the central bank said on its website.
A stabilization fund, meant for use in times of price volatility, was given $54.8 million while a heritage fund for future generations received $14.4 million, according to the Accra-based Bank of Ghana………………………………………..Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

BTA Bank (BTAS), the Kazakh lender that’s seeking to restructure its debts for a second time in as many years, may name former Kazkommertsbank Managing Director Yerik Balapanov as its new chief executive officer, said two people with knowledge of the matter.
Kazakh sovereign wealth fund Samruk- Kazyna took over BTA in February 2009, two months before default by the nation’s largest bank at the time. ……………………………………….Full Article: Source

Posted on 16 March 2012 by VRS |  Email |Print

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD made an an announcement on a $37.5m investment under the Innovation Fund Ireland programme in Sofinnova Ventures.
Sofinnova Ventures is said to be “one of the premier US healthcare venture capital funds, recently raising their eighth fund, a $440M vehicle focused solely on life sciences,” and the fund will be establishing a presence in the Irish Market. Enterprise Ireland has committed $25 million to the Fund, alongside a commitment of $12.5 million by the National Pensions Reserve Fund………………………………………..Full Article: Source

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