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Sovereign Wealth Funds Briefing 26.Jul 2012

Posted on 26 July 2012 by VRS |  Email |Print

Lou Jiwei China’s sovereign wealth fund China Investment Corp. suffered its first-ever drop in net profit in 2011 and predicted tough trading conditions may persist as volatile financial markets dent stock investments.
But in a sign the $482-billion fund is sticking to plans to become a more aggressive investor, CIC doubled its investment in private equity, direct investments and hedge funds in 2011 to 43 percent of its portfolio, compared with 2010. It said its private equity and direct investments were focused on sectors such as energy, resources, real estate and infrastructure………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

China Investment Corp., which posted a 4.3% loss on its global portfolio last year, has significantly reduced its holdings of public securities and accelerated a push into longer-term investments as the $482 billion sovereign-wealth fund seeks to shield itself from short-term market swings.
CIC said in its 2011 annual report released Wednesday that public equities made up 25% of its global portfolio at the end of last year, down from 48% at the end of 2010. Long-term assets—which include direct investments in nonpublic companies and private equity—and hedge funds together accounted for 43% of its portfolio……………………………………….Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

China’s sovereign wealth fund said Wednesday it suffered a 4.3-percent loss on its overseas investments last year due to the weak global economy. It was the first loss since 2008 when China Investment Corp (CIC) was hit hard by the global financial crisis, the company said in its yearly report. It did not divulge the value of last year’s loss.
CIC was set up in 2007 to invest some of China’s massive foreign exchange reserves — the world’s largest at $3.24 trillion as the end of June — partly to secure more solid returns on the holdings………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

China’s $482 billion sovereign wealth fund says it lost money on its overseas investments last year with a negative return of 4.3 per cent, sapped by Europe’s chronic debt crisis.
China Investment Corp. reported Wednesday that its profit in 2011 fell 6.1 per cent, though the average annualized return on its investments since its founding in 2007 remained at 3.8 per cent………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

China Investment Corporation, one of the largest sovereign wealth funds in the world, is poised to plough more money into energy, resources and infrastructure assets as it reduces its exposure to the volatile sharemarket after posting a 4.3 per cent loss on it global portfolios last year.
The prospect of the $482 billion fund unleashing its war chest on the resources sector is highly appetising for Australian companies looking for fresh sources of capital as traditional providers in Europe and the US are tightening belts………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

The National Oil Fund’ average annual earning capacity stands at 4.51%, Newkaz.ru reports, citing the National Bank’s Governor Gregory Marchenko as saying July 25 during the online conference arranged by Profinance.kz.
“Things are up for the National Bank. The Fund’s assets in 2011 and the H1 2012 grew by $20.8 billion; the average annual earning capacity stands at 4.51%. The Fund’s investment income from its foundation to 2011 made up $6.2 billion”, Mr. Marchenko said………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

The Abraaj Capital has announced the exit of its investment in IHH through an initial public offering (IPO). Approximately $2 billion was raised in the offering, making it the third largest IPO to date this year.
Cornerstone investors, such as Blackrock, Capital Group, Fullerton Fund Management Company (Temasek), the government of Singapore Investment Corporation (GIC), Kuwait Investment Authority (KIA), Employees Provident Fund Board, and the International Finance Corporation (IFC) accounted for 62 per cent of the share offering………………………………………..Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okojo-Iweala, yesterday, disclosed that the Federal Government had resolved to rebuild Nigeria’s depleting Excess Crude Account, ECA, which recently went down to $3.6 billion to $10 billion by the end of this year.
She also disclosed that Nigerian economy remained vulnerable, and buffers needed to be built up, saying: “Foreign reserves have risen slightly from $32.9 billion at the end of 2011 to $37.7 billion (June 2012) but have declined recently on the back of global developments. She said the reserve stands at $36.37 billion, but government’s target is to keep the reserves at $50 billion by the end of the year.”……………………………………….Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

Nigeria’s sovereign wealth funds have been a contentious political issue for the country. The direction of natural resource revenue has pitted the Nigerian Governors Forum against the Nigerian federal government.
Nigeria is sub-Saharan Africa’s largest crude oil exporter. The one billion dollar authority plans to start operations in the coming months. The Nigerian Sovereign Investment Authority (NISA) is still recruiting the fund’s management team……………………………………….Full Article: Source

Posted on 26 July 2012 by VRS |  Email |Print

The Libyan Investment Authority (LIA) saw its stake in Italian firm ENI unfrozen by an Italian court. LIA held the shares on behalf of the family of former Libyan leader Muammar Qaddafi.
The 0.58% stake was seized earlier this year, together with a series of other Italian assets, at the request of the International Criminal Court. At the time of the seizure the assets held by LIA were worth an overall $1.58 billion………………………………………..Full Article: Source

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