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Sovereign Wealth Funds Briefing 07.Jan 2013

Posted on 07 January 2013 by VRS |  Email |Print

China’s sovereign wealth fund plans to buy a 4 to 10 percent stake in German automaker Daimler AG, according to industry sources quoted in recent domestic media reports. The news in the Chinese-language press follows reports in late 2011 by Germany’s Manager magazine that Daimler has hired an investment bank to arrange a potential deal, with China Investment Corp considered the front-runner.
Daimler CEO Dieter Zetsche said at the time that the company would welcome additional investors from China. Recent reports on the potential CIC stake came after Abu Dhabi’s sovereign wealth fund Aabar sold its remaining 3.07 percent interest in Daimler last October………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

China Investment Corp, the nation’s sovereign wealth fund, plans to buy a 4-10% stake in Mercedes-Benz, Yicai.com reported, citing people with knowledge of the issue. It was reported that Daimler AG sought investment from China as early as July 2011, and the German carmaker confirmed the intention five months later.
The rumor about CIC’s interest in Mercedes-Benz first surfaced in February 2012. It was not until recently the real size of the stake was disclosed. Daimler is seeking partnership with China as the eurozone economy continues to languish, market watchers say………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

The sovereign-wealth-fund talks were held under the auspices of the International Monetary Fund and produced what are known as the Santiago principles, for the Chilean city where the agreement was struck.
The funds committed to invest for commercial, not political, purposes; disclose more about their operations and investments; and abjure “inappropriate influence” by government owners. Outside analysts rank the funds’ compliance with the principles………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign fund with assets under management of $627 billion, has set up a new “Active India” portfolio in its Internal Equities department to scale up investments in the country. This is part of a broader trend among sovereign wealth funds and multilateral investors looking to up their India exposure, amid worsening signs of Euro zone debt worries and a wobbly US recovery.
ADIA’s India portfolio is one of two new portfolios floated by the fund, the other being for Latin America. With this, the sovereign fund hopes to commence the build-out of teams under experienced fund managers to tap investment avenues, an executive privy to the exercise said………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund will soon have a new chief investment officer, effective February 1, 2013. Lim Chow Kiat will succeed Ng Kok Song as the Government of Singapore Investment Corporation’s (GIC) Group Chief Investment Officer (GCIO).
Lim, 42, is currently the Deputy GCIO, after having joined the firm in 1993. Ng, 64, will be retiring after 42 years in the management of Singapore’s foreign reserves, a release by the GIC said. He started his career as an investment analyst in the Ministry of Finance in 1970. He moved to the Monetary Authority of Singapore when it was formed in 1971 and took over the function of managing Singapore’s reserves. In 1986, five years after GIC was formed, he joined GIC as the first non-expatriate director, and headed the equities and bond department………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has announced that Lim Chow-Kiat is being promoted to group chief investment officer, effective from February 1. Previously group deputy CIO, he succeeds Ng Kok-Song, who retires after 42 years in management of the city-state’s foreign reserves. Ng will become an adviser to GIC in the role of chair of global investments.
In a published letter, GIC chairman and prime minister Lee Hsien Loong took the opportunity to thank Ng for his long service, which predates the establishment of GIC in 1981………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan, the Caspian Sea nation’s €34bn sovereign wealth fund, has announced real estate acquisitions in Paris and Moscow, adding to a purchase in London to bring 2012 European property commitments to around €454m, one-quarter of its permitted allocation.
In France SOFAZ agreed in December to pay €135m to buy 8 Place Vendôme, a prestigious Paris prime office and retail property, from AXA Real Estate Investment Managers. The office, retail and residential space is located in an iconic 18th century mansion and an office building from the 1950s………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

Norway has granted permission for its giant €508bn pension fund to invest in property outside Europe from this year. The news came days after its manager, Norges Bank Investment Management, signed a €2.4bn joint venture with US-based Prologis to invest in European industrial property - and followed an announcement that it is also targeting $11bn at the US.
Norwegian Finance Minister Sigbjoern Johnsen announced the widened global real estate mandate in late December. “By spreading our investments we contribute to a continued secure and long-term management of the fund,” he said in a statement following establishment of the nation’s 2013 budget………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

The Treasury will withdraw 8.85 billion Reais (4.3 billion dollars) from its sovereign wealth fund and 4.7 billion Reais in dividends from state-owned bank Caixa Economica Federal, according to a Dec. 31 decision published in the official gazette.
President Dilma Rousseff administration last year cut taxes and stepped up public works spending as it struggled to revive an economy that the central bank estimates expanded by 1%. Tax breaks reduced federal revenue by 45 billion Reais last year, according to Finance Minister Guido Mantega………………………………………..Full Article: Source

Posted on 07 January 2013 by VRS |  Email |Print

In 2012, the world’s top 36 sovereign wealth funds totaled nearly $5 trillion. Oil- and gas-related SWFs comprised the majority of the overall dollar amount, at 57.3%. With 40.5% of the total pie, Asia was the region with the largest share, followed by the Middle East with 35.6%.
The first-ever SWF was the Kuwait Investment Authority, created in 1953 from oil revenues before Kuwait even gained independence from the United Kingdom; that fund is now worth nearly $300 billion. Since 2000, the number of sovereign wealth funds has increased dramatically………………………………………..Full Article: Source

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