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Sovereign Wealth Funds Briefing 30.Oct 2012

Posted on 30 October 2012 by VRS |  Email |Print

Brazil’s national development bank BNDES is in talks with the government to take a stake in the country’s sovereign-wealth fund in order to increase lending volumes next year.The BNDES, which has gotten numerous injections of cash from Brazil’s treasury, is seeking the sovereign-wealth fund stake as a way to increase its asset base, which would in turn allow it to loan more to state-controlled companies, Estado said.
The bank can only lend up to 25% of the value of its regulatory capital, currently at about 94 billion Brazilian reais ($46 billion), to a single company, and has already reached that limit in lending to some oil, mining and electric companies, Estado said………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

The head of Australia’s Future Fund says he works from a private office to save money for the fund. David Gonski appeared before Finance and Public Administration Senate committee on Monday for the first time since the government appointed him chairman of the board of guardians for the sovereign wealth fund - created to meet the cost of public sector pensions.
Liberal senator Mathias Cormann asked Mr Gonski whether it was appropriate for him to work from an office in the Sydney branch of South African-owned investment bank Investec instead of a separate office in the city………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Future Fund chairman David Gonski has sought to defend the fund’s social and environmental credentials, responding to criticism of its contentious stake in the tobacco industry. Gonski, one of the best-connected businessmen in corporate Australia, also said he had bolstered the fund’s handling of conflicts of interest since he began running the $80.5 billion investment giant in March.
In a rare appearance before a Senate committee in Canberra, Mr Gonski last night said the taxpayer-owned fund took a ”very active” approach to environmental and social concerns………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

The rationale for a Philippine wealth fund can be found in the host of Asian and other countries that have established their own sovereign-wealth funds (SWFs) just to induce economic growth. A rise in the level of economic activity, after all, induces a ripple of benefits that range from increased income to higher government revenues, exemplified by higher tax collections.
Vietnam conceptualized its own SWF on June 20, 2005, after its own reserve level rose. It started its own fund in August of the following year and called it the Vietnam State Capital Investment Corp. (SCIC)………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Dymon Asia Capital is branching out to the private equity world, launching a fund with backing from a unit of Singapore investment firm Temasek Holdings, a company email obtained by Reuters shows, indicating an uncommon move by a hedge fund.
The firm aims to raise S$300 million for Dymon Asia Private Equity (DAPE), Mr Keith Tan, Dymon’s managing partner told clients in an email this month. Mr Tan did not respond to an emailed request for comment. The new private equity fund is getting S$100 million from Heliconia Capital Management, a subsidiary of Temasek, the email showed………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Sovereign wealth fund GIC Singapore is joining Bain Capital in a deal to buy 30 per cent stake in the business process management and technology services company Genpact Ltd for $1 billion. GIC Singapore will invest $150 million in the transaction along with Bain Capital’s $849 million in Genpact, according to a filing.
The deal comes after the two firms co-invested $850 million in Hero MotoCorp, the world’s largest bike-maker in terms of volumes, last year………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

APG Asset Management, one of the world’s largest pension asset man agers, and at least two sovereign wealth funds — Abu Dhabi Investment Authority and The Government of Sin gapore Investment Corp— will invest directly in the Indian real estate market moving away from their earlier strategy of routing investments through PE funds.
The move to directly invest comes at 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. In the last five years realty funds have delivered exits worth $4 billion (Rs 21,000 crore), compared with $17 billion of foreign direct investment raised for the sec tor, according to industry estimates………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Norway’s $650 billion Government Pension Fund Global, the world’s largest sovereign fund, is now buying stocks amid a falling market. “We can stomach buying more equities in falling markets,” Paal Haugerud, head of the Finance Ministry’s asset management unit, said in an October 18 interview in Oslo to Bloomberg. “Short-term volatility is of lesser importance for a truly long-term investor.”
The decision comes in an effort to rebalance by buying stocks when markets are falling. According to Bloomberg, the process will be triggered when the fund’s stock weighting deviates more than 4 percentage points from its 60% mandated level at the end of a month………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

The creation of a sovereign wealth fund in Angola will help to reduce the Angolan economy’s exposure to variations in oil prices and establish conditions for sustainable growth, said credit rating agency Fitch.
The long-awaited Angolan Sovereign Wealth Fund, which was presented this month in Luanda, was set up with initial funding of US$5 billion to be channelled in to projects with potential for growth in Angola and abroad, particularly in sub-Saharan Africa………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Credit Suisse Group and a unit of Qatar Investment Authority, the Gulf state’s sovereign-wealth fund, plan to start an asset-management joint venture, three people with knowledge of the matter said.
The unit will be based in Doha and focus on Middle East and North Africa investments, according to one of the people, who asked not to be named and declined to give more details on the venture, citing the sensitivity of the talks………………………………………..Full Article: Source

Posted on 30 October 2012 by VRS |  Email |Print

Egypt’s foreign reserves probably rose $300-400 million in October thanks to loans from Qatar and Turkey, state-run al-Gomhuria newspaper reported on Monday, quoting an unnamed central bank official.
The reserves have fallen by more than half since a popular uprising in January 2011 that scared away tourists and investors, two of Egypt’s main sources of foreign currency. Reserves at the end of October will probably be $15.4 billion or $15.5 billion, up from $15.04 billion at the end of September, al-Gomhuria said………………………………………..Full Article: Source

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