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Sovereign Wealth Funds Briefing 05.Nov 2012

Posted on 05 November 2012 by VRS |  Email |Print

Abu Dhabi Investment Authority (ADIA) has been knocked off the top spot as the world’s richest sovereign wealth fund by Norway’s Government Pension Fund, according to the most recent estimate by the Sovereign Wealth Fund Institute.
ADIA, whose assets range from Citigroup bonds to a stake in London’s Gatwick Airport, is thought to hold US$627bn assets under management as of October, US$29.2bn less than the Norway-based fund. Norway’s Government Pension Fund was ranked the world’s largest fund with US$656.2bn of assets under management in the most recent update by the independent group………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest, returned to growth in the third quarter, boosted by a global equity markets rally as it reduced its holdings of European bonds in keeping with a long-term strategy to diversity assets.
Norges Bank Investment Management, a division of the Nordic country’s central bank, said on Friday the government pension fund rose to a value of 3.723 trillion Norwegian kroner ($653 billion), after realizing a return of 167 billion kroner, or 4.7%, in the three months through September. Holdings of stocks—including German chemical producer BASF SE, and U.S. technology companies Apple Inc. and Google Inc.–grew 6.5% in overall value. Fixed-income investments added 2.2%………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Norway’s $660 billion sovereign wealth fund cut its exposure to Europe’s troubled economies further in the third quarter, buying into global shares instead as it rode a global stock market rally.
The oil fund, one of the world’s biggest investors, said it had cut its exposure to government debt in France, Spain and Britain, and continued to keep minimal or no exposure to Greece, Ireland and Portugal, it said………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Norway’s $660 billion sovereign wealth fund, the world’s largest, increased its purchases of emerging market debt to make Mexico its No. 10 bond investment, after reducing holdings of French and Spanish government notes.
The Government Pension Fund Global is moving asset allocation away from Europe as markets in Asia and South America gain a bigger share of global output. The Oslo-based investor raised its bond holding denominated in emerging market currencies to 8 percent of its fixed-income portfolio last quarter, from 1.5 percent at the end of last year………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

There are not many leaders of a large public company who would openly say their largest investor might want to put their money somewhere else, but among them are the chief executives of Britain’s taxpayer backed banks, Lloyds Banking Group and Royal Bank of Scotland.
At current valuations, the combined value of taxpayers’ investments in the two banks is roughly £40bn. This is a large amount of money to have sitting dormant. Or to think of it another way, United Kingdom Financial Investments, the manager of these stakes, is perhaps the world’s most under utilised national wealth fund. Ranked today as a sovereign wealth fund, UKFI would be in roughly the same size bracket as the funds of Libya and Dubai………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Slovenia’s Parliamentary Speaker Gregor Virant rejected a move by opposition lawmakers to call a referendum on the government’s bank stabilization plan, easing concern the nation may be forced to seek a bailout.
Thirty legislators filed a motion on Oct. 30 to call a plebiscite on the plan to recapitalize the nation’s banks and create a wealth fund meant to ease the sale of state assets, saying they are a “bad solution.” Virant said proponents failed to follow the rules when they filed the motion on Oct. 30. The wealth fund motion was valid and a referendum will probably be held in January, Virant said………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Total assets under management of the UAE’s sovereign wealth funds (SWFs) rose to $811.7 billion in September 2012, registering an increase of $28.7 billion since March, SWF Institute October update reveals.
However, the institute reported that Abu Dhabi Investment Authority (Adia) lost the top position as the richest SWF in the world to Norway’s Government Pension Fund. SWF Institute said total assets managed by the Government Pension Fund, Norway, reached $656.2 billion, while ADIA assets stood at $627 billion………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

AMP Capital, one of the largest investment managers in Asia Pacific, managing more than $127 billion with its Middle East headquarters in Bahrain, has attracted $901 million from two international investors.
Harina Company Limited, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, has made an investment in funds managed by AMP Capital. Together with the Canada Pension Plan Investment Board, the two organisations have invested in new equity in the AMP Capital Retail Trust, which has interests in Australian shopping centres Macquarie Centre and Pacific Fair………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

A former lawmaker is urging the Aquino administration to set up a sovereign wealth fund (SWF) patterned after Singapore and China to help small and medium enterprises (SMEs) expand and boost the country’s resilient economic growth.
Ramon Magsaysay Jr. said in a round table discussion with editors and reporters of The STAR that the establishment of a SWF by the government would help the Philippines boost the competitiveness of SMEs. From being number two in the 1950s and 1960s, he pointed out that the Philippines is now in the lower part among its peers like Singapore, Thailand and Indonesia………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

The fees charged by fund managers are front and centre this morning, with new figures from the Future Fund showing some pretty big bills are being racked up. The question is, what are the results for those fees?
Speaking of bills of a different nature, another columnist puts the financial cost of Hurricane Sandy into its proper context. And finally, one of Australia’s best political and economics journalists looks at the divergence between Labor’s public utterances on middle-class welfare and its private rhetoric………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

Australia’s $80 billion Future Fund has spent almost $1 billion in fees in the past year, which is more than double what was previously disclosed.
A decision by the Future Fund to become more transparent with its reporting revealed more than $500 million of additional costs, and shone a spotlight on Australia’s $1.4 trillion superannuation industry. It also raises questions about the true size of the fees the sector pays, amid calls for more transparency in relation to costs, remuneration, conflicts of interest and financial statements………………………………………..Full Article: Source

Posted on 05 November 2012 by VRS |  Email |Print

South Korea’s foreign reserves edged up by the smallest amount in five months in October, central bank data said on Monday, indicating policymakers have yet to take active steps in weakening the won against the dollar.
Foreign reserves in Asia’s fourth-largest economy rose by $1.45 billion, or 0.5 percent to a record $323.46 billion in October mostly on investment gains, extending its record-setting growth into the third month, Bank of Korea data showed………………………………………..Full Article: Source

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