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Sovereign Wealth Funds Briefing 31.Oct 2012

Posted on 31 October 2012 by VRS |  Email |Print

Angola has just established a Sovereign Wealth Fund (SWF) shortly after Nigeria’s $1billion SWF. Goddy Egene writes that Angola’s move shows that Nigeria took the right decision in the first place. President Goodluck Jonathan’s signing of the Nigeria Sovereign Investment Authority (NSIA) bill into law in 2011 marked a positive step towards the establishment of the Sovereign Wealth Fund (SWF) in Nigeria.
A SWF has proven to be a veritable form of investment for the future, especially for countries that depend largely on commodities and raw materials such as oil and other mineral resources as their main source of revenue like Nigeria………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Credit Suisse Group AG (CSGN) and a unit of Qatar Investment Authority, the Persian Gulf emirate’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 African 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. The venture may be announced this year after 12 months of negotiations between Zurich-based Credit Suisse and Qatar, two people said. It will also solicit third-party funds, according to one of the people………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

It seems that Middle Eastern based sovereign funds are more keen on investing in hospitality and resort developments compared to their Asian and European peers. This is good news for the Kingdom of Morocco.
Tourism is a key source of diversifiable revenue for the North African Kingdom of Morocco. The tourism industry in Morocco employs just below 500,000 people. Cash-strapped Morocco still suffers from high unemployment, a reliance on material exports, and has a young demographic profile………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Harrods’ Qatari owners will buy the luxury store’s private banking arm.The Financial Services Authority in London gave Qatar Holding the green light to purchase the controlling shares in the bank held by a trust.
“A new board has been appointed to support this exciting development,” a spokeswoman for the bank said, adding that she was “delighted” with FSA’s decision. Qatar Holding is an indirect subsidiary of Qatar Investment Authority, the Gulf state’s sovereign wealth fund. In 2010, it bought London’s Harrods for $2.2 billion and financed 95 percent of the British capital’s Shard Tower, Europe’s highest skyscraper………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Kazakhstan’s oil pipeline monopoly aims to raise $186 million in a share offering designed to attract private investors, the head of the country’s sovereign wealth fund said on Tuesday.
KazTransOil’s will launch an initial public offering (IPO) of 10 percent of the company minus one share by the end of the year, becoming the first state-run enterprise to take part in the former Soviet republic’s “People’s IPO” programme. The company will sell shares at 725 tenge ($4.81), with priority given to local retail investors, said Umirzak Shukeyev, chief executive of the sovereign wealth fund Samruk-Kazyna………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Kazakhstan’s Samruk-Kazyna has set a price of KZT725 ($4.82) per share for the upcoming IPO of oil transportation company KazTransOil, valuing the 10% stake at $186m. The sovereign wealth fund also confirmed the schedule on another nine so-called “people’s IPOs” over the next three years.
The book will open on the float of the KazTransOil stake on November 6, close on December 5, with a settlement period lasting up to December 14, the Samruk-Kazyna board of directors agreed October 29. “The offering price implies a P/E [price/earnings] ratio of around 11.2x, based on 2011 net profit of US$172m (KZT25.9bn),” Visor Capital writes………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Around half a million Kazakhs can take part in the People’s IPO programme, the chairman of the board of the Samruk-Kazyna National Welfare Fund (NWF) Umirzak Shukeyev, stated on Tuesday during his speech at a government meeting.
“According to the results of our survey, 7.3 per cent of respondents announced their intention to buy shares in national companies. Given this data, the potential of participation in the programme can be assessed at the level of 500,000 people,” Shukeyev said………………………………………..Full Article: Source

Posted on 31 October 2012 by VRS |  Email |Print

Norway is looking into adopting a new investment model for its sovereign-wealth fund that would imitate a so-called factor risk approach used by institutional investors such as Pacific Investment Management Co.
The $650 billion sovereign-wealth fund, the world’s biggest, may adopt the technique after its use of traditional indexing methods generated returns that fell short of government targets. Factor risk investing is a strategy that seeks to take advantage of specific risks and attributes such as market value, momentum, volatility or leverage when building a portfolio………………………………………..Full Article: Source

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