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Sovereign Wealth Funds Briefing 28.Mar 2012

Posted on 28 March 2012 by VRS |  Email |Print

Steingrimur J. SigfussonIceland wants to target wealth funds from China and Norway next time it sells debt to foreign investors after fixing its krona controls to prevent some bondholders getting their returns in other currencies.
The parliament’s March 13 agreement to backtrack on a program to ease currency controls by targeting debt investors it characterized as speculators won’t affect Iceland’s ability to tap international bond markets in the future, Economy Minister Steingrimur J. Sigfusson said………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Enda KennyIreland’s debt management agency and China’s sovereign wealth fund Tuesday signed a memorandum of understanding declaring their intention to work together to identify possible investments in the troubled euro-zone economy.
The signing ceremony took place during Irish Prime Minister Enda Kenny’s visit to China, the latest in a series of trips to major economic powers designed to boost investment in Ireland………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

A subsidiary of China’s sovereign wealth fund on Tuesday signed a memorandum of understanding with Dublin’s debt agency to explore investment opportunities in Ireland, but gave little detail on what it might be interested in.
Europe has been courting countries with big foreign exchange reserves, such as China, to help prop up some of its indebted governments that have struggled to issue bonds as the euro zone’s debt crisis rumbles on………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The National Treasury Management Agency has signed an agreement with a subsidiary of China’s sovereign wealth fund which would allow the Chinese agency to invest in a range of assets in Ireland, including infrastructure and property.
The agreement was signed after Taoiseach Enda Kenny’s meeting with the Chinese Prime Minister Wen Jia Bao. The memorandum of understanding was signed in Beijing with CIC International, a subsidiary of China Investment Corporation………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The UK government has discussed selling some of its shares in Royal Bank of Scotland (RBS) to an Abu Dhabi sovereign wealth fund as the authorities continue to look for ways to cut the state’s stake in the lender.
A senior banker told Gulf News that the offer to own a third of RBS shares “is a strategic decision and it has been taken at the right time”. “The talks have been going on for six months, and nothing is likely to materialise for the next few months,” according to Reuters, adding that Abu Dhabi could end up with a stake of more than a third, though it has not decided which of its entities would hold the stake………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Discussions between UK Financial Investments, which manages the government’s 82 per cent stake in RBS, and the Abu Dhabi Investment Authority have reportedly been held for months.
A deal could reportedly see at least 10 per cent and up to a third of the government’s stake sold on. The government is keen to reach an agreement with the oil-rich Gulf emirate’s sovereign wealth fund by the end of the year, according to the BBC………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Talks to sell a stake in Britain’s state-owned Royal Bank of Scotland are being held at the level of the Abu Dhabi ruling family, sources told Reuters.
A source familiar with the matter said on Tuesday that Amanda Staveley, a businesswoman notable for her Middle Eastern connections, was advising the emirate’s rulers………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Shares in Royal Bank of Scotland rose sharply on Tuesday following a report that the government was negotiating to sell part of its majority stake to a Middle East sovereign wealth fund.
Though the Treasury said no sale was imminent, RBS shares were up 4.1 percent at 28.88 percent around 1 p.m., falling back from a 6.7 percent gain earlier………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Mubadala Development Corp., the sovereign-wealth fund of Abu Dhabi’s government, is buying a $2 billion stake in the holdings of Brazilian magnate Eike Batista — a move that exposes the Gulf state to the South American country’s fast-growing economy.
The investment, Mubadala announced Tuesday, gives the company a 5.63 percent equity interest in Batista’s U.S.-based Centennial Asset Brazilian Equity Fund LLC, or Cabef, a holding company that’s commonly known as EBX Group………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The Federal Government asked the 36 state governors for an out of court settlement in a lawsuit instituted by them, challenging the legality of the Excess Crude Account and the decision to transfer $1bn from the account to the Sovereign Wealth Funds (SWF).
The request contradicted the Federal Government’s earlier stance on the matter. The Supreme Court panel headed by the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, could not hide its anger at the inconsistent positions of the Federal Government in the case three years after it started………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

Temasek Holdings, the smaller but more visible of Singapore’s two sovereign funds, is moving into a new phase with its investment strategy, writes Reuters.
The shift in strategy could transform the institution into a group similar to Blackstone, another $160 billion institution, which has grown from a focused private equity firm to a global asset manager, writes Reuters………………………………………..Full Article: Source

Posted on 28 March 2012 by VRS |  Email |Print

The world’s second largest sovereign fund Norway’s Government Pension Fund Global has reduced equity exposure to Indian companies in 2011. According to data published on its website, the fund had equity stake in 120 Indian companies as of December 31, 2011, compared with 246 companies as of December 31, 2010.
Its investments in Indian equities were worth $1.82 billion as of December 31, a steep fall from $3.47 billion worth of investments it had held in India a year ago………………………………………..Full Article: Source

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