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Sovereign Wealth Funds Briefing 04.Feb 2013

Posted on 04 February 2013 by VRS |  Email |Print

The Angola Sovereign Fund (FSDEA) Thursday in Luanda released an independent legal opinion on the constitutionality of its creation, confirming that it was legally established, in compliance with the Angolan Constitution.
According to an official source, the opinion follows the fact that in December 2012, the opposition Ample Convergence for Angola’s Salvation (CASA-CE) party, raised questions about the FSDEA constitutional legitimacy. CASA-CE on the occasion pleaded with the court for a review of the constitutionality of the foundations underlying the creation of the said fund…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

A chief of Chinese sovereign wealth fund said on Friday that it is a “very good time” to invest in the eurozone, which he believes is recovering from the crisis. Jin Liqun, chairman of the Board of Supervisors of China Investment Corporation (CIC), said at the 49th Munich Security Conference that he was confident and had positive mood about Europe.
“You have high level of education, you have rule of law… There is no reason why we should be pessimistic about Europe,” Jin told officials and experts from around the world. European governments, EU and the eurozone have been working very hard to deal with crisis in Europe since its outbreak,” he said…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

The head of China’s sovereign wealth fund urged European and U.S. officials on Friday not to see Chinese investments as a threat to their national security interests, saying his country would not put money into “anything sensitive”. Jin Liqun, chairman of China Investment Corporation’s supervisory board, told a conference of politicians, security officials and diplomats in Munich that his fund thought it was “a very good time to invest in this part of the world”.
There is “no reason why we should be pessimistic about Europe,” he also told the conference, which included senior economic officials from the euro zone such as German Finance Minister Wolfgang Schaeuble. “But I hope you will be open. You should not be obsessed with so-called national security,” he said, speaking in English, in a panel debate…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

China’s sovereign wealth fund, China Investment Corporation (CIC), is setting its sights on previously overlooked sectors such as manufacturing, infrastructure, and properties in 2013. The aim is to further diversify investment risk.
Speaking at the Asian Financial Forum in Hong Kong on January 14, Lou Jiwei, chairman and chief executive officer at CIC, remarked: “As a long-term institutional investor, CIC is looking for risk-adjusted returns through risk diversification. As such, the fund takes the unbiased view of spreading its investment across a range of industries.”……………………………………Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

Temasek Holdings Pte said Chia Song Hwee replaces Tan Chong Lee as head of the investment unit as the Singapore state-owned asset manager reshuffles senior management positions.
Effective today, Chia becomes head of the investment group in a change of title, while Tan, who was chief investment officer, assumes the role of head of portfolio and strategy group as well as head of portfolio management and head of strategy, according to changes on Temasek’s website…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

Francis Rozario, who spearheaded Singapore state investor Temasek Holdings Pte Ltd’s investment in Asian banks, has set up his own advisory firm to serve financial institutions. Rozario told Reuters he had co-founded Singapore-based Asia Capital and Advisors Pte Ltd with Leslie Menkes, who headed Morgan Stanley’s onshore private banking business in Asia.
A former Citigroup executive, Rozario left Temasek’s Fullerton Financial Holdings unit in the middle of 2011 after working at the state investor for about eight years…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

Qatar Holding, the investment arm of the country’s sovereign wealth fund, plans to build four luxury hotels - including a 150-room Harrods Hotel - on Sardinia, the second largest island in the Mediterranean Sea and an autonomous region of Italy. The massive one-billion-euro development project coming up on Sardinia’s Costa Smeralds is likely to be completed over the next 10 years, said Italian media reports citing Arzachena Mayor Alberto Ragnedda.
The plan also includes a 200-room family hotel for the luxury market, and two others, one in Pevero with 90 rooms and one in Razza di Juncu with 75 rooms, targeting young people, the report stated…………………………………….Full Article: Source

Posted on 04 February 2013 by VRS |  Email |Print

Premier Alison Redford’s promise — to start saving — seemed out of place in a speech punctuated with warnings of a $6-billion “bitumen bubble,” tough decisions and belt-tightening ahead for Alberta. “We have a plan to once again begin investing a portion of our resource revenue in the Heritage Fund, the first time that will have happened in over 25 years,” Redford declared.
The Alberta Heritage Savings Trust Fund, established in 1976 by premier Peter Lougheed as a nest egg for the province’s resource riches, sits today at about $16 billion. Since the early 1980s, the government has added relatively little to the fund, except for inflation proofing. Instead, it has been tapped to the tune of about $33 billion to help pay for various programs and building projects…………………………………….Full Article: Source

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