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Sovereign Wealth Funds Briefing 03.Dec 2012

Posted on 03 December 2012 by VRS |  Email |Print

Norway’s $660 billion sovereign wealth fund, the world’s largest, plans to invest about $11 billion as it enters the U.S. real estate market. The fund, mandated by the country’s finance ministry to eventually put 5 percent of assets in property, wants one-third of that, or 1.7 percent, to be in the U.S., said Yngve Slyngstad, chief executive officer of Oslo-based Norges Bank Investment Management, which oversees the pool.
The fund held 0.3 percent in real estate, 60.3 percent in stocks and 39.4 percent in bonds as of the end of September, according to its quarterly report………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

Much has been said about the impact on the commodities sector of Glencore’s proposed £56 billion ($89 billion) merger with Xstrata, which at the time of writing appeared to be heading for completion. However, in the long term it might be remembered for a different reason: the role of a Middle East sovereign wealth fund as kingmaker in a deal that has nothing to do with that region.
Qatar’s role – which, ultimately, decided if the deal would go ahead or not – came about because Qatar Holding, the international arm of the Qatar Investment Authority (QIA) sovereign wealth fund, holds a 12% stake in Xstrata. The Anglo-Swiss multinational mining company generally has precious little to do with the Gulf: it is the world’s largest exporter of power-station coal………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

About two months ago the Federal Executive Council (FEC), which includes the 36 state governors, approved the establishment of a Sovereign Wealth Fund SWF), but to run concurrently with the Excess Crude Account (ECA) for the time being.
The Fund is expected to provide a firmer legal basis to ring-fence Nigeria’s savings. It has three main aims: saving money for future generations, providing financing for badly needed infrastructure, and starting a stabilisation fund to defend the economy against commodity price shocks………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

A new audit to be conducted by the Nigerian Extractive Industry Transparency Initiative will cover the administration and application of excess crude oil accounts, 13 per cent derivation, allocation to states and local governments as well as ecological funds operations, NEITI has said.
A statement issued by Director of Communication at NEITI, Mr. Ogbonnaya Orji, in Abuja on Sunday, said the objective of the national audit was to establish how the funds were distributed and received by the three tiers of government………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

It has been suggested to the China Investment Corporation (CIC) to create energy investment fund. The idea was mooted by the Secretary of the Coal and Energy Development Department, Ajaz Ali Khan, while briefing a high powered delegation of the CIC at the Chief Minister House here on Sunday. Chief Minister Sindh, Syed Qaim Ali Shah, and other officials were also present on the occasion.
The seven-member CIC delegation led by its President, Gao Xiqing, had arrived here from Islamabad on two-day visit to the metropolis………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

Sindh Chief Minister Syed Qaim Ali Shah on Sunday wooed the China Investment Corporation (CIC) to invest in the projects of coal mining and power generation.He was talking to a high-powered CIC delegation headed by its President Gao Xiqing, which called on him here at the CM House.
The delegation discussed with Shah, Chinese investment in the development of Thar Coal mining and power projects, said a CM House statement.It said that the CIC delegation included Chief Strategy Officer (CSO) Zhou Yuan, President of CIC International (Hong Kong) Fan Kunsheng, Managing Director Cao Yu, Vice-President Lu Jinuoand Director Li Xinxin………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

Chinese Investment Corporation may establish Pakistan specific “Country Investment Fund,” Gao Xiqing, CIC chief said here Sunday evening during his meetings with bankers, representatives of business community and overseas investors.
He said Chinese Investment Corporation (CIC) has established country specific investment funds with Russia and certain other countries but these were mainly consequent to circumstances.“I am sure we can have one such Pakistan specific fund on the request of the President of Pakistan, Asif Ali Zardari,” said Gao Xiqing………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

Temasek, the Singapore government-owned sovereign fund, has started discussions with private equity (PE) entities to offload its stake in Bangalore-based Medreich Pharma.
Sources say Temasek is in discussion with US-based Advent International to sell its 25 per cent stake, which it bought for Rs 110 crore in 2005. It is looking for a valuation of Rs 250-300 crore. Rothschild is advising Temasek on the stake sale. Beside discussion with PE companies, Temasek is also considering stake sale in Medreich to a strategic investor………………………………………..Full Article: Source

Posted on 03 December 2012 by VRS |  Email |Print

Sovereign wealth funds have been diversifying their portfolios away from cash and moving into equities and alternative investments, says Institutional Investor, citing the International Monetary Fund’s latest Global Financial Stability Report.
Sovereign funds, like many institutional investors, appear to be moving out on the risk curve in a search for returns in today’s low interest rate environment. Australia’s Future Fund and China Investment Corp. reduced their cash holdings by more than 50 percent between December 2007 and December 2010, and increased allocations to equities, alternatives and bonds.(Slideshow)……………………………………….Full Article: Source

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