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Sovereign Wealth Funds Briefing 08.Nov 2012

Posted on 08 November 2012 by VRS |  Email |Print

China Investment Corp (CIC), a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves, recently bought a 10 percent stake in London’s Heathrow Airport with 450 million pounds ($720.81 million). Earlier this year, the fund also bought an 8.68 percent stake in Thames Water’s parent company, Kemble Water, for 276 million pounds.
Considering that both of these projects have been mature for decades and are strictly supervised by regulators in the UK, the investment returns they can offer the CIC will be limited. Also, compared with other financial assets, positions in mature public works projects cannot be easily unwound, which means that a large chunk of China’s foreign exchange assets are now effectively frozen………………………………………..Full Article: Source

Posted on 08 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 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 08 November 2012 by VRS |  Email |Print

China’s securities regulators are considering speeding up Qualified Foreign Institutional Investor (QFII) approvals and facilitating the operation of the QFII program to attract more long-term overseas investment.
Kuwait Investment Authority (KIA) received China’s QFII status in December last year, becoming the second qualified Middle Eastern fund after Abu Dhabi Investment Authority………………………………………..Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

Malaysian sovereign fund Khazanah Nasional Bhd’s joint venture (JV) unit with India’s IDFC Ltd, Uniquest Infra Ventures and SBI Macquarie Infrastructure Trust, have emerged frontrunners to invest in Bangalore-based GMR Groups’ road assets.
GMR is inviting investors to put in up to RM841 million in its road projects“Uniquest and SBI Macquarie are clearly frontrunners. GMR is talking to other investors as well,” said the report, quoting unnamed sources………………………………………..Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

The Green Party is urging all other parties to support changes to the responsible investment criteria used by the New Zealand Superannuation Fund following their Climate Change (NZ Superannuation Fund) Bill being drawn from the members’ ballot.
The Bill requires the New Zealand Superannuation Fund to consider climate change and the broader environmental impact of the companies in which they invest. “The super fund is about long-term economic thinking. My bill will ensure environmental considerations are an integral part of that thinking,” said Green Party Co-leader Dr Russel Norman………………………………………..Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

The Norwegian government will put its sovereign wealth fund to use in future decades after the country’s oil wells have run dry. The sources of the fund’s money are Statoil dividends and taxes and royalty payments from independent oil companies that operate in Norway. Today, the fund manages about $650 billion, all of which is invested in assets outside of Norway in economic sectors that do not affect the local economy, allowing the country to control inflationary pressures and spread investment risk.
The investment strategy of Norway’s sovereign wealth fund, called the Government Pension Fund Global, is to invest against the business cycle. Since 2007, the fund has increased its stock portfolio holdings from 40 to 60 percent of total investments. At present, the sovereign fund owns one percent of all publicly traded companies in the world………………………………………..Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

Compagnie des Bauxites de Guinée (CBG), one of the world’s largest bauxite explorers, has signed a long-term supply agreement with Abu Dhabi’s Mubadala Development Company, the companies said.
“This is a good deal for both Guinea and the UAE,” Guinean minister of mines and geology Mohamed Lamine Fofana said in a statement. “The agreement reached today will see a major investment in the bauxite industry, significantly expanding the production of bauxite and creating much-needed jobs for Guineans.”……………………………………….Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

Credit Suisse and Qatar’s sovereign wealth fund have set up an asset management joint venture as the Gulf state looks to beef up its financial centre and the Swiss bank seeks to tap strong growth in the region.
The venture, called Aventicum Capital Management, builds on the close ties between the two businesses. Qatar’s sovereign wealth fund is Credit Suisse’s second-largest shareholder with a 6.2 per cent stake, according to Thomson Reuters data. The venture will focus on investments in the fast-growing emerging and frontier markets of the Middle East and Turkey as well as operate an international business, Credit Suisse said……………………………………….Full Article: Source

Posted on 08 November 2012 by VRS |  Email |Print

Oman’s sovereign wealth fund has offered to buy the bonds of Blue City, the ill-fated, $20bn Omani property project, marking the latest twist in one of the region’s biggest and longest-running distressed debt deals.
Onyx Investments, part of the Oman Investment Fund, has made a tender offer for 35 cents on the dollar for the class B senior subordinated notes that are due in 2016, according to documentation seen by the Financial Times. The Oman Investment Fund could not be reached for comment………………………………………..Full Article: Source

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