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Sovereign Wealth Funds Briefing 19.Oct 2012

Posted on 19 October 2012 by VRS |  Email |Print

Chinese sovereign wealth fund China Investment Corp. is most keen on investing in Canada’s resources sector given the country’s rich mineral and petroleum resources, the official China Securities Journal reported Friday, citing an executive of the fund.
Felix Chee, the chief representative of CIC’s office in Toronto, told the newspaper that CIC was also interested in extraction-related infrastructure projects in the resources sector that could provide stable returns on investment. In 2009, CIC acquired a 17.2% stake in Canadian company Teck Resources Ltd. (TCK), which still provides good returns for the company now, the report said………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Australia’s sovereign wealth fund, the Future Fund, has snubbed a request to reveal how it plans to manage climate change risks, declaring ‘‘resource constraints’’ prevented its involvement, according to an advocacy group.
John Hewson, chair of the Asset Owners Disclosure Project (AODP), said the $77 billion fund needed to disclose its plans for dealing with future challenges posed by global warming. ‘‘It is quite extraordinary that Australia’s largest fund which will have to supply pension liabilities over the long-term has decided not to come clean over its climate position,” Dr Hewson, the former Liberal leader, said in a statement………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Still smarting over a Senate Committee gruelling over its tobacco investments, the Future Fund - the largest fund in Australia - is being accused of insufficient transparency over climate-change risk mitigation within its portfolio.
A FOI search two years ago revealed that despite investor warnings of particular risks to long-term investors like the Future Fund, it had not once mentioned climate-change in any of its Board meetings. Despite the more recent development of Australia’s own carbon pricing scheme, the Future Fund is accused of not giving the issue sufficient oxygen or providing stakeholders with clarity about its strategies to protect its portfolio………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

The Greens will put a sovereign wealth fund back on the political agenda in the new year by formally moving for the fund to be established and asking the Productivity Commission to investigate the best method for Australia.
Greens MP Adam Bandt will introduce a private member’s bill when Parliament resumes to test support for a sovereign wealth fund among major party MPs. Senior Liberal Malcolm Turnbull and John Howard’s former chief of staff, Senator Arthur Sinodinos, publicly indicated support this year………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

New Zealand Superannuation Fund, Auckland, had record assets of NZ$20.08 billion (US$16.41 billion) as of Sept. 30, confirmed Catherine Etheredge, a spokeswoman for the sovereign wealth fund. The latest asset total was up 5.7% from June 30, the end of its latest fiscal year.
Ms. Etheredge said the rise in equity prices around the world during the past quarter helped power the sovereign wealth fund’s gains………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Sovereign wealth funds are spending more money on alternative investments after stock markets gained and bond yields declined, said Scott Kalb, chief executive officer of KLTI Advisors and former chief investment officer of Korea Investment Corp.
“The large institutional investors are increasing their allocations to alternatives right now,” Kalb said in an interview with Bloomberg Television at the SALT conference yesterday. “To the extent that you get the capital available for long-term investment, you want to get out of the public markets.”……………………………………….Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

With the chapter closed on the sale of ING’s Malaysian insurance operations to AIA Group Ltd, attention on the insurance realm has now turned towards CIMB Aviva Assurance Bhd being divested.
An industry source said that CIMB Aviva made a presentation to bidders last week for them to assess the company and clear queries before putting in their offer price. However, he also noted that the there could be a bidder that had not been mentioned before Khazanah Nasional Bhd………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Angola - Africa’s second largest oil producer launched a $5 billion sovereign wealth fund (SWF) this week. This raises questions as to why Nigeria’s political class is not in the forefront of advancing reforms in critical sectors to help unlock growth in the economy.

SWFs are oil savings deployed by countries in the development of infrastructure for the use of future generations when the oil runs dry, and for budget stabilisation . They also provide a buffer against volatility in oil prices………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Sovereign wealth funds are the must-have fashion accessory for every rich and autocratic regime. Angola is late to the party, and its $5-billion in seed money is paltry compared to the big boys. Nonetheless, this will make Angola’s the second largest such fund in sub-Saharan Africa, and maybe, just maybe, diversify its oil-dependent economy.
Given the southern African country’s vast but finite oil reserves, it makes good business sense to invest some of its billions in other, less volatile areas, and sovereign wealth funds are currently the favourite way for resource-rich states to do just that………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Nigeria’s chance of a rating upgrade is being hindered by a lack of clarity over how its sovereign wealth fund will grow amid tensions with regional governments over revenue allocation, Standard & Poor’s said.
Increasing the size of the fund from its initial $1 billion is key to building up external buffers that are needed for an upgrade in the B+ rating of Africa’s biggest oil producer, Christian Esters, a sovereign analyst at S&P, said in a phone interview yesterday from Frankfurt………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

China’s Central Bank has recently granted a 6.5 billion Yuan ($1 billion) license to Kuwait Investment Authority (KIA) to invest in the domestic interbank bond market, KIA Managing Director Bader Al-Saad said Thursday.
Kuwait’s news agency (KUNA) quoted Al-Saad as saying that the KIA has also fully invested an initial quota of $300 million in the Chinese securities market after Beijing’s approval in March. He added that the investment authority will request for the balance of $700 million allocation from the Chinese authorities shortly, hoping the request would be approved by China at an opportune time………………………………………..Full Article: Source

Posted on 19 October 2012 by VRS |  Email |Print

Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default Rating (IDR) and senior unsecured rating at ‘AA’. The Abu Dhabi-based diversified development and investment group’s Short-term IDR has been affirmed at ‘F1+’. The Outlook for the Long-term IDR is Stable.
Mubadala Development Company - GMTN B.V.’s (MDC) global medium-term note (GMTN) programme and notes outstanding and MDC’s euro commercial paper programme (ECP) has also been affirmed at ‘AA’ and ‘F1+’ respectively………………………………………..Full Article: Source

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