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Sovereign Wealth Funds Briefing 02.Oct 2012

Posted on 02 October 2012 by VRS |  Email |Print

Abu Dhabi Investment Authority, among the world’s biggest sovereign wealth funds, named Colm Lanigan head of Principal Investments in its private equity unit. Lanigan, who formerly worked at Credit Suisse First Boston (CSGN) and his own private equity firm, starts immediately and reports to Hareb Al Darmaki, executive director of the fund’s private equity department, ADIA said.
Abu Dhabi, capital of the United Arab Emirates and home to about 6 percent of the world’s proven oil reserves, is trying to diversify away from oil by investing globally. ADIA invests across more than 24 asset classes, including equities, fixed income and private equity, where it takes minority stakes………………………………………..Full Article: Source

Posted on 02 October 2012 by VRS |  Email |Print

Mongolia is modeling its new approach on the framework established by Chile, which has used its copper earnings to create well-run stabilization and sovereign wealth funds. Implementation remains a big question mark, especially in the volatile political climate that has followed Mongolia’s parliamentary elections in June.
But if the government succeeds in carrying out its plans, it could anchor the economy for generations to come. “The first step is to establish a really prudent fiscal policy — especially in countries like Mongolia where you are likely to see these patterns of booms and busts, driven by commodities prices and budget expenditures, unless you have a really solid fiscal structure in place,” says Eric Parrado, a former manager of Chile’s stabilization and sovereign wealth funds who is advising Mongolia………………………………………..Full Article: Source

Posted on 02 October 2012 by VRS |  Email |Print

A possible referendum on Slovenia’s sovereign wealth fund would delay the formation of the body meant to put state assets under its control by two or three months, Finance Minister Janez Sustersic said in an interview with public broadcaster TV Slovenija.
The threat by the opposition Social Democrats to call a plebiscite on the fund, which was approved by Parliament on Sept. 28, “would not be an optimal way to move forward,” Sustersic told the broadcaster………………………………………..Full Article: Source

Posted on 02 October 2012 by VRS |  Email |Print

It’s a big day on Tuesday for investment banker Uche Orji and, potentially, for Nigeria’s future fiscal stability, too. Orji, who has worked at JP Morgan, Goldman Sachs and most recently UBS, in New York, starts on Tuesday as CEO of the Nigerian Sovereign Investment Authority.
His job will be to establish and manage the country’s proposed $1bn sovereign wealth fund, which is meant to safeguard some oil revenue for later use. Given the many billions of petrodollars squandered or stolen by senior officials in recent decades, few dispute that the SWF is a good idea. But it has not been welcomed by all………………………………………..Full Article: Source

Posted on 02 October 2012 by VRS |  Email |Print

Worried by the high level of corruption and habitual mismanagement of the national wealth over the years, analysts are canvassing transparency and sound corporate governance in the management of the Sovereign Wealth Fund (SWF).
Nigeria ranks along with Angola and Ghana as countries that have not made any appreciable progress with their SWFs. While Angola and Ghana are relative new comers in oil production, and are in the process of establishing their own SWFs, Nigeria has been producing crude oil since 1958, longer than all the SWFs except that of Kuwait, which has saved $292 billion since 1953 from its oil earnings………………………………………..Full Article: Source

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