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Sovereign Wealth Funds Briefing 22.Feb 2013

Posted on 22 February 2013 by VRS |  Email |Print

The $1 billion Sovereign Wealth Fund (SWF) will operate in accordance with the agenda set up for it, and will become operational by the end of next month, the federal government stated.
Minister of finance and the coordinating minister for the economy (CME) Dr. Ngozi Okonjo-Iweala said, at the end of the second meeting of the National Executive Council (NEC) in 2013 at the presidential villa, Abuja, that the operation of the fund will be in three areas: Stabilization Fund, Infrastructure Fund and Future Generation Fund……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

The Federal Government of Nigeria on Thursday confirmed the operational pattern of the Sovereign Wealth Fund (SWF) which is expected to take off next month and the appointment of a leading financial services firm, JP Morgan, as the custodian. The government also dismissed as untrue the reported disagreement between it and the 36 state governors under the aegis of Nigeria Governors Forum over its take off.
The Fund’s Chief Executive Officer, Mr. Unche Orji, who spoke to journalists at the end of the National Economic Council meeting presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja said the Fund was going on as planned as government was determined to ensure that it becomes operational by March ending……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

Nigeria’s Sovereign Wealth fund (SWF) will begin full operations by the end of next month, its Chief Executive Officer, Uche Orji, has said. He disclosed this to State House correspondents yesterday at the end of the National Economic Council (NEC) meeting presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja.
Orji, who briefed journalists alongside Governor Peter Obi of Anambra State; Minister of Finance, Dr. Ngozi Okonjo-Iweala; and the Minister of National Planning, Shamsudeen Usman, had ealier given a progress report of the fund at the NEC meeting. He said the Fund was in the process of puting its full complement of staff in place by March, when limited security investment would begin……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

India is receptive to the requirements of Abu Dhabi Investment Council (ADIC) and Abu Dhabi Investment Authority (ADIA) to be considered as separate agencies for investment limit purposes. This was conveyed to the UAE side by Commerce and Industry Minister Anand Sharma.
There is some apprehension that the Reserve Bank of India (RBI) and the Securities and Exchange Board of India may consider these two UAE agencies as one, as India has put in place sectoral caps for foreign investments……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

The sale of 42 Marriott International properties in the UK, controlled by the Royal Bank of Scotland (RBS) Group, is in advanced stages, according to banking sources. Without disclosing the terms and the time frame of the deal, a banking source told Gulf News that the sovereign wealth fund, Abu Dhabi Investment Authority (Adia), is the prospective contender for the deal, estimated at approximately £640 million ($992 million).
Adia spokesperson, Erik Portanger, however, declined to comment. RBS acquired the Marriott hotels across England, Scotland and Wales in 2011 after the borrowers defaulted on a loan, according to a recent Times of London report. The UK publication also reported earlier that Adia and Qatar Investment Authority were the two bidders for the hotels……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

Russia has not received a request from Qatar’s sovereign wealth fund to buy shares in state-controlled bank VTB, First Deputy Prime Minister Igor Shuvalov was quoted as saying on Thursday.
Shuvalov’s comments responded to a report in British newspaper The Daily Telegraph last week that VTB may issue the Qataris with US$1.5bn of new equity and US$1.5bn of mandatory convertible bonds under a proposed deal……………………………………..Full Article: Source

Posted on 22 February 2013 by VRS |  Email |Print

James Navarro de Paz begins his news item on property investment by quoting a study undertaken by the Sovereign Investment Lab (SIB) at Bocconi University in Milan, which shows that in 2012 a record portion of sovereign wealth fund investments were in real estate assets, bringing some diversification to the typical portfolio mix of stocks and bonds.
De Paz continues by observing that the SIB report records a total of 38 property investments valued at around $10 billion (₤6.37 billion) in 2012. Although the total size of the investment is below the $13.4 billion (₤8.54 billion) achieved two years ago, it comprises a record 21 percent of the investments made by sovereign wealth funds last year. The iNVEZZ news piece quotes Andrew Rozanov , head of sovereign advisory at Permal Investment Management Services, who observes that the low yields of bonds and high volatility in the stock market have turned real estate assets into an attractive investment alternative. Rozanov points out that a property investment doesn’t just help diversify a portfolio, also it also protects against inflation. (Press Release)

Posted on 22 February 2013 by VRS |  Email |Print

Alaska’s oil wealth portfolio has hit an all-time high: $45 billion. The Alaska Permanent Fund Corp. announced the fund hit the mark Tuesday. The corporation tracks the fund daily. CEO Mike Burns said hitting $45 billion is a sign the Alaska Permanent Fund has not only regained ground lost during the recession but also that it is growing.
Burns says the fund, by any measure, has been very successful. He says the patience Alaskans have had in growing the fund is extraordinary, and says it takes a lot of political will to keep the fund off limits for use on other things……………………………………..Full Article: Source

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