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Sovereign Wealth Funds Briefing 24.Apr 2013

Posted on 24 April 2013 by VRS |  Email |Print

The Sovereign Wealth Fund (SWF) has been discussed several times in the past is now back on the table because government officials believe that India as a sovereign should acquire assets abroad especially in coal, oil and gold space. It is expected that a meeting later this week will be held between the Prime Minister, the National Security Advisor and officials of the finance ministry.
However, with wide current account deficit (CAD), forex reserve is a problem, so the the finance ministry is contemplating an option whereby forex reserves will not be used for the Sovereign Wealth Fund, on the other hand the fund can go ahead and raise its own capital with some amount of seed money………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) forecasts its total assets by the end of 2013 will remain at the level of last year, CEO of the Fund, Shahmar Movsumov, told journalists on Tuesday. “If oil prices on the world markets remain unchanged, we can keep the assets at the level of the beginning of the year, although the budget has been prepared with a deficit,” Movsumov said.
In 2012, the revenues of SOFAZ amounted to about 13.674 billion manat with expenses at 10.574 billion manat. SOFAZ budget revenues were approved for 2013 to the sum of more than 11.482 billion manat and expenditure more than 13.403 million manat. In the first quarter, the revenues comprised over 3.523 million manat, and expenditure about 2.930 billion manat………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

Sovereign wealth funds across the globe are looking for ways to diversify their risks by expanding investments beyond traditional asset classes. In the last decade, the state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — has been growing rapidly both in terms of the size of assets under management and its investment structure.
Thus, the Fund as a long-term investor is seeking stability of its real estate investments and thus aims to invest in assets in developed markets with long-term profitability. It plans property acquisitions in prime business districts of major cities around the world………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is planning to purchase real estate in three other countries. The statement came from the executive director of SOFAZ, Shahmar Movsumov. According to him, in the near future, they are expected to visit Asia.
“This year we will visit three countries - China, Korea, and Australia, and in the second half of the year will make a decision about purchasing a property in these countries. We are talking about commercial facilities,” said Movsumov not excluding the possibility of acquiring real estate in all three countries………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

The Kuwait Investment Authority, the sovereign wealth fund, has long been known both for its integrity and cautious approach to investment.
But several recent initiatives point to the growing difficulty of being conservative in a world of virtually zero interest rates and modest yields – and a world in which inflation is low today but may be much higher tomorrow…………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

Senegal has a new sovereign wealth fund. Who knew? Not me. I only learned of the new SWF yesterday when someone asked me, “How’s Senegal’s new SWF coming along?” To which I replied: [shoulder shrug]. As it turns out, however, Senegalese MPs voted to create a new “Strategic Investment Fund” (FONSIS) back in December, and the government of Senegal now lists the new SWF as one of its Grands Projets.
So, this is clearly legit. And that means I need to do some homework! Upon further scrutiny, the FONSIS looks and feel more like a ’sovereign development fund” than a traditional sovereign wealth fund, as the motivation for launching this vehicle is to unlock foreign direct investment to revitalize the Senegalese economy……………………………………….Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

The city of Albertville has an additional $477,918.48 in its coffers, the City Council announced Monday at its work session. City Clerk/Treasurer Phyllis Webb told the council it had received a check for that amount from the Alabama Trust Fund.

The Alabama Trust Fund is a wealth fund established in 1985 in response to a major offshore natural gas discovery in 1978. The fund is funded by royalty payments that are received each month from oil and gas companies. Its assets total about $2.5 billion………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

A move to take $2 billion out of the state’s Economic Stabilization Fund — commonly known as the Rainy Day Fund — was approved in the House budget committee Tuesday morning with mild pushback to make sure transportation and education get their share of money from the fund.

The House Appropriations Committee approved the bill, HB 11, which would put money from the Economic Stabilization Fund into a bank from which communities could borrow money at low interest rates for water projects such as pipelines, aquifer development, desalination and conservation………………………………………..Full Article: Source

Posted on 24 April 2013 by VRS |  Email |Print

The new head of the International Finance Corporation, the World Bank’s private sector arm, has pledged to redouble the institution’s focus on infrastructure financing – including by bringing sovereign wealth funds directly into transactions – to help combat what he sees as an acute shortage of bankable deals in Latin America and other emerging markets.

Jin-Yong Cai, who took over as CEO in October, said that the multilateral was in advanced talks with sovereign wealth funds (SWFs) to co-invest in infrastructure and other projects – a development that would advance existing cooperation between the IFC and the state investors………………………………………..Full Article: Source

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