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Sovereign Wealth Funds Briefing 29.May 2012

Posted on 29 May 2012 by VRS |  Email |Print

Giyas GokkentSovereign wealth funds and other government entities in the UAE greatly increased their overseas investments during 2011 as higher oil prices led to a large rise in the country’s balance of payments surplus, new figures from the UAE Central Bank indicate.
Capital outflows from UAE public sector entities rose to Dh95 billion ($26 billion) in 2011 from Dh10 billion in 2010, according to the recently-released Central Bank annual report for 2011. That was the highest outflow since 2008, when the global financial crisis led to a sharp drop in the UAE’s oil revenues………………………………………..Full Article: Source

Posted on 29 May 2012 by VRS |  Email |Print

The South African National Union of Mineworkers supports the ruling African National Congress’s proposal for a resource-rent tax for the mining industry as an alternative to nationalizing mines, Business Day reported, citing the union.
The additional taxes raised should be used for a sovereign wealth fund and a state-owned mining company, the union proposed at its national congress last week, according to the Johannesburg-based newspaper………………………………………..Full Article: Source

Posted on 29 May 2012 by VRS |  Email |Print

China Yongda Automobiles Services Holdings, which sells BMWs and Toyotas in China, said Monday it has scrapped its plan to raise up to US$433 million in an initial public offering in Hong Kong owing to deteriorating equity markets, in the biggest IPO casualty of weak markets in Asia this year.
The postponement is noteworthy because Yongda had secured US$150 million of cornerstone investment from Baring Private Equity Asia V Holding Ltd. and Oman sovereign wealth fund Oman Investment Fund………………………………………..Full Article: Source

Posted on 29 May 2012 by VRS |  Email |Print

Alternatives are coming in from the cold and are becoming a core portfolio constituent for investors, says Joseph Pacini, head of the strategy group at BlackRock Alternative Investors (BAI) for Asia-Pacific ex-Japan.
More recently, it formed a joint venture with sovereign fund China Investment Corporation (CIC) to invest in private equity deals on the mainland and globally. Pacini declined to comment on the CIC partnership, but noted that “global investors outside of the region clearly see China as a continued growth engine”………………………………………..Full Article: Source

Posted on 29 May 2012 by VRS |  Email |Print

The Alaska Permanent Fund Corp. will be expanding its investment into the home market. Executive director Mike Burns tells the Juneau Empire that the fund intends to buy hundreds of foreclosed properties and maybe more.
Burns says fund trustees at their meeting in Anchorage last week decided to make buys in some of the nation’s most distressed housing markets. He says the plan is to buy foreclosed properties and rent them out while waiting for the real estate markets to improve………………………………………..Full Article: Source

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