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Sovereign Wealth Funds Briefing 07.Nov 2012

Posted on 07 November 2012 by VRS |  Email |Print

Credit Suisse Group will form an asset-management company with Qatar’s sovereign-wealth fund, a deal meant to help the Swiss lender reduce its reliance on investment banking and tap into the wealth of emerging markets, while enhancing the Gulf state’s ambitions to create a financial hub and reduce its dependence on gas exports.
Switzerland’s second-biggest bank by market value, which like most of its rivals is slashing costs as it struggles to recover from the 2008 financial crisis and cope with Europe’s sovereign-debt turmoil, said it is joining forces with Qatar Holding LLC to create Aventicum Capital Management, which will have a hub in Doha and an international center outside of the region………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

The Angolan government launched a $5 billion investment fund last month, publicizing it as a new sovereign wealth fund. But questions remained as to how exactly the fund would carry out what it calls a “diversified approach” to investments in Angola and abroad.
The new fund, which the government now calls the Fundo Soberano de Angola, replaces a previous fund established by presidential decree in March 2011. That was called the Fundo Petrolifero de Angola, referred to by the IMF and ratings agencies as the Oil for Infrastructure Fund………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Kwara State Governor, Alhaji Abdulfatah Ahmed, Tuesday hinted that the 36 states governors under the aegis of Nigeria Governors’ Forum (NGF) had commenced discussions with the Federal Government on the need to make use of Sovereign Wealth Fund (SWF) and excess crude fund to increase the revenue allocations for the states in order to meet the current challenges facing them.
He also said the state was not insolvent because his administration has been able to meet all its financial obligations since he took over the mantle of leadership. Ahmed, who dropped the hint in Ilorin while speaking with journalists on his monthly programme tagged: ‘Governor’s Explains’, said among such present challenges being faced by states are floods, economy and insecurity………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

U.K. Prime Minister David Cameron met the heads of three of the United Arab Emirates’ largest sovereign wealth funds today, seeking investment for British projects including wind farms.
“Emirati investment in the U.K. across a range of sectors — including real estate, banking, sport and infrastructure –is vital to our economy back in Britain,” Cameron said in an interview with The National, an Abu Dhabi-based newspaper. “So we will continue to do all we can to make the U.K. an attractive and accessible investment destination.”……………………………………….Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Kazakh Sovereign Wealth Fund Samruk-Kazyna Head Umirzak Shukeyev has advised the people to buy at least 20 shares in KazTransOil under the “People’s IPO” program. Shukeyev said this during KazTransOil roadshow on Tuesday.
“I advise to buy at least 20-30 shares to feel the profit from participating in “People’s IPO” project,” Shukeyev said. The People’s IPO will allow Kazakh citizens to become co-owners of the biggest national companies………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Subscription for KazTransOil shares within the People’s IPO Program on the first day totals $1.2 million, Newskaz.ru reports, citing Samruk Kazyna Sovereign Wealth Fund Vice Chairman Kuandyk Bishimbayev.
The number of broker’s accounts as of November 6, 2012 reached nearly 250 000. The subscription will be open until December 5, 2012. According to the Government regulation, the share price shall be 725 tenge ($4.8). The number of shares to be floated stands at 38 464 559………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

In 2013, the State Oil Fund of Azerbaijan (SOFAZ) will direct AZN 2,149bn for investment projects. This was announced by Finance Minister Samir Sharifov at a meeting of the parliamentary committee on the state budget for 2012.
He also noted that, in general, in 2013 SOFAZ transfers to the state budget will amount to AZN 11.350bn. He stressed that, in comparison with 2012, SOFAZ transfers to the state budget will increase by AZN 1,445 bn………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

The head of Azerbaijan’s $33 billion state-run oil fund said Tuesday that the fund has agreed to help finance an $8 billion natural gas pipeline project that will transport gas to European markets, according to media reports.
Shahmar Movsumov, head of the State Oil Fund of Azerbaijan, said in a meeting of the Azerbaijan Parliament that the fund will begin financing the Trans-Anatolian pipeline project, known as TANAP, in 2013, local media reported Tuesday………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Azerbaijan’s $33-billion state oil fund is to help finance the $8 billion Trans-Anatolian natural gas pipeline project (TANAP) to take Azeri gas to Turkey and to markets in Europe, the head of the fund said on Tuesday.
Turkey has a 20 percent stake in TANAP, while Azerbaijan’s state oil company SOCAR holds 80 percent. SOCAR offered BP , Statoil and Total to buy 29 percent of the total from its stake in September………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

China Investment Corp. is close to purchasing a 12.5% stake in some timber assets in Canada from an infrastructure affiliate of Brookfield Asset Management Inc. for about $100 million, according to people with direct knowledge of the matter.
The move marks the latest effort by the Chinese sovereign-wealth fund to step up its investment in assets that could help shield its giant overseas portfolio from rising inflation risks………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Malaysian sovereign fund Khazanah and SBI Macquarie have emerged as potential investors in Bangalore-based diversified conglomerate GMR Group’s road assets.
Uniquest Infra Ventures, Khazanah Nasional Berhad’s joint venture with IDFC, and SBI Macquarie are likely to pick up minority stakes either in road asset holding company GMR Highways or special purpose vehicles for the road projects, three people close to the transaction said………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Sovereign wealth funds (SWFs) might be considered the ultimate in diversified investing. With an investment scope that ranges from the immediate to well into the future, SWFs make large and complex investments in order to create long-term value for their states. Historically, these funds have stayed out of the spotlight, but in recent years, their objectives, investments, and in some cases, their talent have stepped into view.
Two of the larger and perhaps flashier funds are the China Investment Corp. and Abu Dhabi Investment Authority. China’s SWF made news recently for taking a 10% stake in Heathrow Airport in the UK, a transaction that was widely reported. China investment Corp also maintains a stake in all four of the country’s biggest banks - Industrial & Commercial Bank of China Ltd. , Bank of China Ltd. , China Construction Bank Corp. and Agricultural Bank of China Ltd. Typically, investments that meet some sort of strategic imperative of the state will be backed by these funds, making for complex portfolios. As a result, many of these funds are leveraging the same technology as hedge funds to get a handle on their portfolios, risk, and reporting………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Standard & Poor’s Ratings Services has published an article comparing the profiles of five companies it rates that could fall under the umbrella term, sovereign wealth fund (SWF). Two of these companies, International Petroleum Investment Co. and Mubadala Development Co. are based in the United Arab Emirates.
We include Singapore’s Temasek Holdings (Private) Ltd., Bahrain Mumtalakat Holding Co., and Kazakhstan’s Samruk-Kazyna, although we consider them to be government-owned investment or holding companies. We have excluded public pension funds and investment funds linked to central banks………………………………………..Full Article: Source

Posted on 07 November 2012 by VRS |  Email |Print

Norway’s Government Pension Fund has replaced the Abu Dhabi Investment Authority (ADIA) as the largest sovereign wealth fund in the world, according to the latest rankings by the Sovereign Wealth Fund Institute (SWFI).
With assets of $656.2bn, Norway’s fund has taken over the top spot from ADIA, which currently has assets worth $627bn. China’s State Administration of Foreign Exchange (SAFE) remains third on the list with assets estimated to be worth around $567.9bn, while Saudi Arabia’s SAMA Foreign Holdings is in the fourth spot with approximately $532.8bn………………………………………..Full Article: Source

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