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Sovereign Wealth Funds Briefing 09.May 2013

Posted on 09 May 2013 by VRS |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest, excluded Schweitzer-Mauduit International Inc. (SWM) and Huabao International Holdings Ltd. (336) from its portfolio because of their involvement in tobacco production.
The $740 billion Government Pension Fund Global sold its shares in both companies because they produce reconstituted tobacco leaf, or RTL, the Finance Ministry said in a statement today. The ministry, which sets the investment guidelines for the Oslo-based fund, excluded the groups based on the recommendation of the Council of Ethics………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

The Norwegian Government Pension Fund Global divested its interests in both companies because the two companies produce reconstituted tobacco leaf or RTL. In a statement, the two firms were excluded from the US$740 billion portfolio after the Council of Ethics recommended their removal for that specific reason.
It said, “The council underlines that RTL primarily is made from tobacco plant and therefore must be regarded as a tobacco plant. The two companies concerned state in their annual reports and investor presentations that they produce RTL.”……………………………………….Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

The Pula Fund has gained P3.15 billion in the six months since the Bank of Botswana drew down P21 billion in order to replenish the country’s import cover as well as meet external debt obligations.
Bank of Botswana (BoB) data published yesterday pegged the Pula Fund at P41.99 billion in February, about eight percent higher than the P38.84 billion it was left at after the drawdown last September.The Pula Fund is a sovereign wealth fund comprising both national savings built from historical budget surpluses and mineral revenues as well as foreign reserves in excess of the country’s medium-term requirements………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

For a decade, Dubai has prospered as the Middle East’s top financial centre, handling tens of billions of dollars of oil wealth. That dominance may now be threatened as neighbouring Abu Dhabi demands a piece of the pie. Last week, Abu Dhabi outlined plans for a full-service financial zone on an island near its downtown area that will have its own administration, court system and tax incentives to lure banks and other firms from around the world.
Abu Dhabi has one of the world’s biggest sovereign wealth funds, the Abu Dhabi Investment Authority (ADIA), with assets estimated at $400-600 billion. The UAE’s two biggest banks by market value, National Bank of Abu Dhabi and First Gulf Bank, are headquartered in Abu Dhab……………………………………….Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

International financial firms mulling a move to Global Marketplace Abu Dhabi need little reminding of the large concentration of institutional wealth based in the emirate. Some of the world’s largest sovereign wealth funds and several state pension funds are located in the capital, not least of which is the Abu Dhabi Investment Authority (Adia).
The precise size of the capital’s sovereign wealth fund is unknown, but it is one of the world’s biggest government investors and is routinely approached directly by the world’s investment banks………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

State-owned Qatar Petroleum plans to offer shares in four of its units in coming years, Hussain al-Abdulla, executive board member of Qatar Holding, the investment arm of the sovereign wealth fund, said on Wednesday.
“There are four companies with QP now ready to list on Qatar Exchange,” Abdulla said. “This will be in coming years,” he later told reporters. “About 50 billion USD total,” he said, when asked about the value of the offerings………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

Four companies owned by state-run Qatar Petroleum plan to sell shares to the public in the coming years as the country, home to the world’s third-largest gas reserves, seeks to build its $135 billion stock exchange.
Hussein al-Abdulla, a board member of the Qatar Investment Authority, a sovereign wealth fund, declined to identify the companies when speaking to reporters in Doha yesterday. The Qatari stock exchange, which includes 42 listings, is around a third the size of Saudi Arabia’s bourse, the Middle East’s largest, according to data compiled by Bloomberg………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

Angola’s government plans to appoint a new chairman for its $5 billion sovereign wealth fund after Armando Manuel stepped down. Manuel was recently appointed as finance minister after the recent cabinet reshuffle.
President Jose Eduardo dos Santos on Monday replaced his finance and construction ministers in the first cabinet re-shuffle since elections last August. Manuel, who besides chairing the Angolan Sovereign Fund (FSDEA) was also Dos Santos’ secretary for economic affairs, was promoted to replace Carlos Alberto Lopes as finance minister………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

Angola’s government plans to appoint a new chairman for its $5 billion sovereign wealth fund, with Armando Manuel stepping down from the post after he was appointed as the oil rich-country’s finance minister, a spokeswoman for the fund said on Tuesday.
“The fund (FSDEA) confirms that Armando Manuel will leave the post of chairman in order to concentrate on his new position,” the spokeswoman said in written comments to Reuters. President Jose Eduardo dos Santos on Monday replaced his finance and construction ministers, in the first cabinet re-shuffle since elections last August………………………………………..Full Article: Source

Posted on 09 May 2013 by VRS |  Email |Print

The Future Fund has released its portfolio update for March and overall it is an impressive result, with the fund gaining 3.4% for the quarter and increasing 10.6% for the nine months to 31 March 2013. Since being created by the Howard government in May 2006, the Future Fund has returned a respectable 5.7% per annum.
Over the period since its establishment the Future Fund also achieved a more balanced allocation of assets compared with what was initially a significant skew to domestic equities. This was partially due to the fund’s seeding with Telstra shares………………………………………..Full Article: Source

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