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Sovereign Wealth Funds Briefing 22.Oct 2012

Posted on 22 October 2012 by VRS |  Email |Print

Temasek, an Asia-focused investment firm based in Singapore, is in talks to invest around Rs 600 crore in Godrej Agrovet Limited. The deal when complete will give Temasek an approximately 20% stake in the Mumbaibased diversified agribusiness company, said a person with direct knowledge of the ongoing negotiations.
A part of the proposed funding will be used by Godrej Agrovet to acquire new companies and intensify research and development, said another person close to the company. Godrej Agrovet is open to acquisitions both in the domestic and overseas market, he added………………………………………..Full Article: Source

Posted on 22 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 22 October 2012 by VRS |  Email |Print

Angola announced the launch of a $5 billion sovereign wealth fund on Wednesday, prompting renewed scrutiny of Nigeria’s equivalent initiative.
Angola-which is the second largest oil producer in Africa, behind only Nigeria – announced the creation of the fund which is to be called the Fundo Soberano de Angola, (also to be known as the FSDEA) in Luanda on Wednesday – revealing that the fund would initially house $5 billion in assets, including stakes in infrastructure, hospitality, and other industry projects as well as financial securities………………………………………..Full Article: Source

Posted on 22 October 2012 by VRS |  Email |Print

Angola, Africa’s second-largest oil producer, has become the latest country on the continent to launch a sovereign wealth fund. Angola will be joining an elite club of resource-rich nations including Nigeria, Equatorial Guinea and Gabon.
Unveiled this week in the capital Luanda, the fundo soberano de Angola (FSDEA) has pledged to adhere to international standards of transparency, including the generally accepted principles and practices, or “Santiago principles”, defined by the international working group of sovereign wealth funds………………………………………..Full Article: Source

Posted on 22 October 2012 by VRS |  Email |Print

Jose Filomeno dos Santos, the son of Angola’s longtime president, is a very affable and charming person, I discovered at a meeting with him in Luanda last week. We spoke at the launch of Angola’s new sovereign wealth fund, Fundo Soberano de Angola, where it was announced that he has been appointed to the board of the fund along with the president’s economic adviser, Armando Manuel.
With a background in the world of finance and close connections right to the top of the political heap, Dos Santos seems eminently suited to a leading role in a country where these are highly prized assets. But the news of his powerful position on the board, which will define the fund’s investment strategy and oversee its activities and assets, was generally met with dismay by Angola watchers………………………………………..Full Article: Source

Posted on 22 October 2012 by VRS |  Email |Print

A Qatari investment fund is looking to buy a stake in the Italian luxury fashion house Gianni Versace SpA. Mayhoola for Investments S.P.C., an investment vehicle backed by a major private investor group from Qatar, has recently met with representatives from the Italian government and Italian corporate world to discuss the deal, Italy’s daily Il Messaggero said.
Qatar has used its wealth from oil and natural-gas exports to buy assets all over the world, including London luxury store Harrods and luxury hotels in France. Earlier this year, it emerged that the Qatar Investment Authority had amassed just over a 1% stake in French luxury-goods behemoth LVMH Moet Hennessy Luis Vuitton……………………………………….Full Article: Source

Posted on 22 October 2012 by VRS |  Email |Print

In the biggest commercial real estate deal in Germany this year, Paris-based Axa Investment Managers SA and Norway’s Sovereign Wealth Fund (Norges Bank Investment Management) contracted to buy two prime office and retail properties in Berlin and Frankfurt for 784 million Euros ($1 billion U.S.)
The seller was Edinburgh-based Royal Bank of Scotland Group Plc. The deal is expected to close by Dec. 31 or earlier………………………………………..Full Article: Source

Posted on 22 October 2012 by VRS |  Email |Print

Utilizing fund-of-funds can be beneficial for sovereign investors who lack large internal staff dedicated to alternatives. Many sovereign investors need the capability to have exposure to an asset class quickly.
Clearly, there is a trend of direct investing into hedge funds, but public investors also understand they might not have the research capabilities or skill to find or manage such investments. The fund-of-funds industry has been criticized for high fees and lackluster returns in recent years………………………………………..Full Article: Source

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