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Sovereign Wealth Funds Briefing 29.Oct 2012

Posted on 29 October 2012 by VRS |  Email |Print

In less than a decade, the Bangko Sentral ng Pilipinas (BSP) saw its gross international reserves (GIR) surge from $15.02 billion as of end-2002 to $80.1 billion as of end-September 2012—with the country’s unsung heroes, the overseas Filipino workers, steadily increasing their remittances.
This fivefold rise in the GIR, with three months to spare, has resulted in a very comfortable margin of safety for the BSP’s reserve-management push, since the end-September GIR already account for more than a year of imports………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

China Investment Corporation, the manager of China’s $410 billion sovereign fund, is in talks to buy Deutsche Bank’s headquarters building in London for 250 million pounds ($403 million), according to British media reports.
The planned purchase is taking place amid a shifting pattern of China’s overseas investment in recent years, from financial assets such as bonds to real assets such as infrastructure and real estate, said Mark Williams, London-based chief Asia economist of macroeconomic research company Capital Economics………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

APG Asset Management, one of the world’s largest pension asset managers, and at least two sovereign wealth funds-Abu Dhabi Investment Authority and The Government of Singapore Investment Corp-will invest directly in the Indian real estate market, moving away from their earlier strategy of routing investments through private equity funds.
The move to directly invest comes at a time when nearly half the real estate funds in India have been unable to offer attractive returns as India’s once soaring real estate sector is crippled by increasing debt and plunging sales………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

A decision by the Future Fund to review its investment in tobacco companies has been applauded by health groups and the Greens. The National Heart Foundation of Australia welcomed the move but called for the review to be “transparent and open”.
Australian Medical Association wrote to the chair of the Future Fund, David Gonski, earlier this week outlining “health, moral and economic arguments against the use of Australian taxpayers’ money to benefit big tobacco”………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

If the popular saying ‘make hay while the sun shines’ is anything to go by, one can say that it is only a fool or lazy man who will refuse to make hay while the sun is shining.
Making hay is like saving money for the rainy day and for Nigeria, that would mean saving money from crude oil for infrastructural investments, thereby keeping a legacy for Nigerians unborn to build on, without which their future is jeopardised………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

The leadership of the Nigeria Sovereign Investment Authority (NSIA) established to manage the nation’s Sovereign Wealth Fund (SWF) faces a Herculean task given the controversy surrounding the establishment of the fund.
The eight member board to be led by former director of First Bank Plc, Mahey Rasheed, as the Chairman, with Uche Orji, a former Managing Director of JP Morgan, as the Chief Executive Officer was unveiled recently by the Minister of Finance and Coordinating Minister of the Economy, Dr. Mrs. Ngozi Okonjo-Iweala. Other board members are Jide Zeitlin, Bili Awosika, Arnold Akpe, Hassan Usman, Bisi Soyebo and Stella Ojekwe-Onyejeli………………………………………..Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

With the Muslim festival of Eid al-Adha this week, most businesses in Libya, along with much of North Africa, are taking a few days off to celebrate the public holiday. But at the Libyan Investment Authority (LIA), the sovereign wealth fund set up under Colonel Gaddafi, it has been quiet like this since before the war that killed him and his four-decade regime a year ago.
Essentially, hundreds of companies’ dealings with the fund are now in something of a state of flux. Take Pearson, the Financial Times owner where the LIA built up a 3.27 per cent stake. There, the fund’s shares have remained frozen – unable to be traded – for 19 months now……………………………………….Full Article: Source

Posted on 29 October 2012 by VRS |  Email |Print

Norway’s $650 billion wealth fund, the world’s largest, now has to buy stocks as they slump. The government this month codified that the fund, which goes by the official name of the Government Pension Fund Global, has to buy stocks when markets are falling as part of a strategy it calls re-balancing.
The process will be triggered when the fund’s stock weighting deviates more than 4 percentage points from its 60 percent mandated level at the end of a month………………………………………..Full Article: Source

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