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Sovereign Wealth Funds Briefing 21.Nov 2012

Posted on 21 November 2012 by VRS |  Email |Print

The Democratic Progressive Party (DPP) caucus yesterday demanded that the Ministry of Finance abandon an alleged plan to establish a sovereign fund by combining four government funds, saying that such a fund is unnecessary and risky because of a lack of transparency.
The caucus also reiterated its opposition to a reported plan to invest those government funds in China’s stock market. “Judging from the poor management of various government funds, including the Labor Insurance Fund, we oppose the sovereign-fund plan because the Ma Ying-jeou administration would be unable to manage it well,” DPP Legislator Pan Men-an said……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

HSBC Holdings PLC has reached out to China’s giant sovereign-wealth fund as the bank seeks to sell a $9.28 billion stake in the country’s second-largest insurance company, people with direct knowledge of the matter said Tuesday.
The U.K.-based bank, which has been divesting itself of noncore assets in hopes of boosting returns, disclosed Monday that it is “in discussions” to sell its 15.6% stake in Hong Kong-listed Ping An Insurance (Group) Co. of China, but it didn’t identify the potential buyer or buyers. According to the people with knowledge of the matter, HSBC recently contacted China Investment Corp., which manages a chunk of China’s foreign-exchange reserves, about purchasing its Ping An shares—but it’s unclear if those talks are still going on……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

HSBC Holdings may have already found the best buyer for its billion dollar stake in China’s Ping An Insurance. The British bank confirmed yesterday that it is seeking to offload its 15.6% stake in China’s second largest insurer. Reports now say the bank has reached out to China’s massive sovereign wealth fund, Chinese Investment Corp (CIC).
We named reasons why HSBC would sell Ping An when China’s insurance industry is booming, but also noted some difficulties in the deal. If CIC, which helps manage the country’s foreign reserves, buys the stake in Ping An that would solve most of those. A purchase by CIC would not encounter the same scrutiny from Chinese regulators as a foreign buyer……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

Dubai’s ruler has trimmed the board of Investment Corporation of Dubai (ICD), the emirate’s investment arm, cutting it down to five members from six, state news agency WAM reported on Tuesday.
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum will continue as the chairman and Dubai crown prince, Sheikh Hamdan bin Mohammed al-Maktoum, will remain vice-chairman, WAM said citing a decree by the ruler……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

The Abu Dhabi sovereign wealth fund ADIA has bought the Zuiderpoort office in Ghent from Icelandic bank SJ1 in Belgium’s largest office deal this year. The purchase price was not disclosed but specialists estimate it at around €110m for a 10% initial yield.
The 10-storey property with 63,000 sq.m. GLA is fully-let to 16 tenants, said realtors DTZ and Savills which advised SJ1 on the transaction. Tenants include the federal agency for public real estate matters in Belgium (Regie der Gebouwen), Flemish government tenant IBBT, ING bank and Ghent University……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

Qatar agreed on Monday to invest as much as 1 billion euros ($1.3 billion) in Italian companies, aiding efforts by Italy’s Prime Minister Mario Monti to breathe life into a weak economy.
Italy has joined a growing list of European states looking to tap Qatar’s vast wealth to support national industries that are struggling to finance their way out of recession. A joint venture between Italy’s strategic investment fund and state-owned Qatar Holding will invest in sectors including food, fashion and luxury goods, furniture and design, tourism and leisure, the Italian fund said in a statement on Monday……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

Iran’s National Development Fund (NDF) has allocated $1.5 billion for developing the country’s oilfields in the Persian Gulf, Iranian Offshore Oil Company Managing Director Mahmoud Zirakchianzadeh said on Tuesday.
The money will be spent on developing a number of fields, such as the Esfandyar field, he added. According to an Iranian law, 37.5 percent of oil revenue is deposited into the NDF and is then channeled into the development of oil and gas fields and 62.5 percent of oil revenue is allocated for national budget expenditures……………………………………….Full Article: Source

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Posted on 21 November 2012 by VRS |  Email |Print

If you’re an expat private equity professional looking for a position in the Middle East, sovereign wealth funds (SWFs) continue to offer a breadth of new roles. However, as new blood is brought in, an increasing number of the old guard are being forced out.
The recruitment spree by the Abu Dhabi Investment Authority in private equity is well-known – earlier this year, it announced plans to recruit 45 private equity professionals and last month brought in Colm Lanigan has head of principal investments. However, headhunters tell us that a large number of other Gulf sovereign entities are also hiring for private equity including the Qatar Investment Authority, the Emirates Investment Authority, and the Investment Corporation of Dubai……………………………………….Full Article: Source

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