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Sovereign Wealth Funds Briefing 17.Jan 2013

Posted on 17 January 2013 by VRS |  Email |Print

Britain could create its own “sovereign wealth fund” like oil-rich Gulf states to protect future windfalls from shale gas for the taxpayer, a minister suggested last night. John Hayes, an energy minister, said the Government has not ruled out setting up a fund to allow future generations to benefit from the expected boom in shale gas.
He said shale gas could have a “profound economic effect” on the UK, when money is raised from the sale of licences to drill shale gas and extra tax income………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

Sovereign wealth funds’ direct investments picked up in the fourth quarter from a year earlier, signaling a rebound after spending dropped to a six-year low in 2012, the Sovereign Wealth Fund Institute said.
Full-year direct spending, which excludes money outsourced to other funds or asset managers, slumped 36 percent to $57.3 billion, the Las Vegas-based institute said in an e-mailed statement. That’s the lowest since 2006, when direct investments amounted to $14.8 billion, it said………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

A new report has some advice for Canada when it comes to managing its oil wealth — be more like Norway. The study from the Canadian Centre for Policy Alternatives released Thursday calls for a more hands-on approach both provincially and federally toward developing the resource, divvying up its riches and reducing its environmental impacts.
Norway set up its Government Pension Fund Global in 1990. It is now the largest sovereign wealth fund in the world at $664 billion and continues to grow. By contrast, the Alberta Heritage Savings Fund, set up by the Lougheed government in 1976, contains only about $16 billion………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

Norway’s Government Pension Fund Global leads a slew of cash-rich sovereign wealth funds that were the most active players in the largest office investments in Europe during 2013. Norway’s €500 bn oil fund invested at least €1.5 bn in three of the largest office real estate investments last year, according to data compiled by PropertyEU Research.
The largest single deal was the sale-and-leaseback of Credit Suisse’s Uetlihof complex in Zurich for €830 mln………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

The sovereign wealth fund’s executive VP, Jesse Wang, labels proposed US and UK regulatory change “anti-globalisation” and challenges Hong Kong to step into the breach. The deputy head of China’s $400 billion sovereign wealth fund CIC has ridiculed UK and US regulatory change and challenged Hong Kong to step into the breach as a global financial hub.
Speaking at the Asian Financial Forum in Hong Kong this week, Jesse Wang labelled Vickers Report recommendations for British banks to separate high street and investment banking operations as “anti-globalisation”………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

Asiacell Communications PJSC, the Iraqi telecom operator planning the Middle East’s biggest initial share sale since 2008, has received commitments from sovereign-backed funds, according to the deal’s organizer.
Institutional investors from the Persian Gulf, Europe and the U.S. have registered orders, said Shwan Ibrahim Taha, chairman of Rabee Securities in Baghdad, the sole arranger of the initial public offering. “Some of these funds are sovereign backed,” he said in an e-mailed answer to questions yesterday without naming any of the funds………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has hired former AllianceBernstein global equity manager Gregory Eckersley to run its equities division. The British manager has been appointed the $627 billion sovereign wealth fund’s global head of internal equities and will be in charge of the team that invests directly into global stocks.
He joins the SWF from hedge fund 1770 Capital Partners, a firm he co-founded in 2011 alongside two colleagues following his departure from AllianceBernstein where he had worked for 16 years………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

The Excess Crude Account (ECA) created to provide succour in rainy days including shoring up monthly revenue shortfalls currently stood at about $9.242 billion. The value of the ECA was made public Tuesday even as the Federation Account Allocation Committee (FAAC) shared total distributable revenue amounting to N567.708 billion to the three tiers of government for the month of December.
Gross revenue for the month increased by N11.600 billion to N581.059 billion compared to N569.459 billion received for the previous month………………………………………..Full Article: Source

Posted on 17 January 2013 by VRS |  Email |Print

With job cuts being rolled out across the financial sector, many professionals are eyeing opportunities at large sovereign wealth funds, which are recruiting heavily, particularly in the Middle East. In my experience, however, it would be like signing up to the civil service.
In my eyes you would be mad to take a role at one of the large SWFs in the region – they are huge, unwieldy behemoths, where the decision-making process is arduous and wealth continues to expand regardless of their investment strategies………………………………………..Full Article: Source

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