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Sovereign Wealth Funds Briefing 19.Mar 2012

Posted on 19 March 2012 by VRS |  Email |Print

Yngve SlyngstadNorway’s sovereign wealth fund lost $15 billion last year as European stock prices fell over uncertain growth prospects amid the debt crisis, the country’s central bank said. Investments made by the oil and gas rich country’s sovereign wealth fund suffered a 2.5 percent loss in 2011 worth 86 billion kronor ($15 billion, 11.4 billion euros).
“The result reflects substantial declines in share prices in 2011 and increased uncertainty about government debt in the euro area,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM) which manages the fund, was quoted as saying in a central bank statement………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Norway’s sovereign wealth fund, commonly known as the oil fund, now holds 2.25 percent of the total European equity market, the fund’s chief executive Yngve Slyngstad told a news conference on Friday.
The fund bought Europan shares for more than 150 billion crowns ($25.90 billion) since the summer of 2011 through the end of the year, said Yngve Slyngstad………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

The Norwegian Government Pension Fund, Europe’s biggest pool of sovereign wealth, has halved its exposure to external fund managers in the past year from about €37.5bn to about €19bn, terminating eight firms in the process, as it transferred money to internal staff and allocated to small specialist external boutiques.
During 2011, the fund said, it terminated 18 external investment-management contracts and began eight new ones, all for equity management, targeting specific sectors or countries………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Norway’s $607-billion sovereign wealth fund voted against Greece’s bond restructuring plan as it opposed special treatment given to the European Central Bank, arguing bondholders should have been treated equally, the fund’s chief said on Friday.
Yngve Slyngstad, the head of Norges Bank Investment Management, also told Reuters that the fund, one of the world’s largest sovereign wealth funds, still prefers stocks over debt after spending more than 150 billion crowns ($25.9 billion) on European shares in the second half of 2011………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Norway’s sovereign-wealth fund rejected the Greek debt swap because it disagreed with the different treatment given to the European Central Bank, according to chief executive officer Yngve Slyngstad.
“It’s very important to create trust in the markets,” Slyngstad said in an interview in Oslo. “To create trust you have to stay by the rules and therefore to give preferential treatment or to give collective-action clauses retroactive use is challenging. We said ‘no’ on a principle basis.” ……………………………………….Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Below are the biggest equity and fixed-income holdings in Norway’s $606-billion sovereign wealth fund (SWF), as given in its annual report on Friday. Holdings in billions of Norwegian crowns on Dec. 31, 2011.………………………………………Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Public pension funds such as the Norwegian Government Pension Fund Global lack the time and talent to pursue alpha-and-alternatives strategies such as those adopted by US endowment funds, a US-based think tank has claimed.
In a note published this week, the Sovereign Wealth Fund Institute contrasted the “Norway model” – characterised by lower security ownership positions, low cost, greater transparency and less use of alternatives – with a Yale University endowment model focused on alternatives and uncorrelated investments, private equity and larger equity positions………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Sovereign wealth fund Qatar Holding has built up a stake of more than one percent in French luxury goods group LVMH Louis Vuitton Moet Hennessy.
Qatar Holding holds a 1.03 percent interest in the company, the French company said in a legal filing cited by Zawya Dow Jones. Based on LVMH’s share price of EUR135, the stake is worth around EUR699m ($914m). Qatar Holding declined to comment, it reported………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments about a taking a stake in the Dubai builder because its funding needs have eased, its chief financial officer said.
Sovereign fund Aabar, which owns stakes in German carmaker Daimler and commodities trader Glencore, scrapped a $1.7bn deal to buy a 70% stake in Arabtec through mandatorily convertible bonds two years ago at the peak of Dubai’s property market collapse………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

The renewed call, especially by former master of the Goldman Sachs money-making universe Malcolm Turnbull, for an Australian sovereign wealth fund, made an amusing and instructive counterpoint to the shemozzle over the selection of the next chairman of the Future Fund.
It could all be encapsulated in two thoughts. Perhaps the Future Fund should be renamed the Past Fund, in a small effort at promoting truth in politics………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

The future fund was something that I conceived, I legislated it and I put every dollar of capital into it - every dollar. No other treasurer, no finance minister, nobody has put a dollar of capital into this fund except for me. – Peter Costello, former Treasurer and Future Fund director.
With those words, Peter Costello showed clearly why he would be a disastrous chairman of the Future Fund………………………………………..Full Article: Source

Posted on 19 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 yesterday 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 19 March 2012 by VRS |  Email |Print

Nick Minchin is spot-on. Making Peter Costello chairman of the Future Fund would have been a very bad decision. If Tony Abbott, Joe Hockey and the rest of the Coalition’s current economic brains trust can’t see that, it is a real worry.
“The fund must be and be seen to be independent, professional, completely above politics and entirely apolitical,” Minchin said………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Axiom Asia Private Capital, run by former managers of Singapore’s sovereign wealth fund, has raised $1.15 billion in a third fund that invests in private equity managers in Asia.
About 60 percent of the fund is raised from investors in the U.S. including Menlo Park, California-based William and Flora Hewlett Foundation and Comprehensive Financial Management, a family office based in Los Gatos, California, according to Chihtsung Lam, a managing partner at Singapore-based Axiom………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

The Polish Information and Foreign Investment Agency (PAIiIZ) will be looking for projects in which Chinese sovereign wealth fund China Investment Corp could invest in Poland, the agency’s head, Sławomir Majman, said.
The China Investment Corp is mainly interested in the financial, mining, power and infrastructure sectors, while Poland would like Chinese investors to enter its IT and telecoms, food processing and chemicals sectors, Mr Majman said………………………………………..Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Chinese authorities have not taken a new stake in France’s Total, a source from the oil and gas company said on Sunday, denying a report in the online edition of The Wall Street Journal.
Total’s CEO would not have “any problem” if sovereign wealth fund China Investment Corp wanted to take a further stake, the report said. “The Chinese have not taken a stake in Total since April 2008,” a source at Total told Reuters, adding, “There’s nothing new.”……………………………………….Full Article: Source

Posted on 19 March 2012 by VRS |  Email |Print

Malaysia’s Khazanah Nasional Berhad, a sovereign wealth fund, has bought an 8.8 per cent stake in Sri Lanka’s John Keells Holdings in a deal valued at over 14 billion rupees (US$114 million), officials said.
Khazanah had bought 74 million shares at 194 with Sri Lanka’s Employee’s Provident Fund, a state-managed fund of private sector workers’ retirement money, among key sellers………………………………………..Full Article: Source

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