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Sovereign Wealth Funds Briefing 10.May 2013

Posted on 10 May 2013 by VRS |  Email |Print

Standard Chartered’s largest shareholder has failed to back four of the emerging market lender’s directors in a dispute over the boardroom structure of the bank. Singaporean sovereign wealth fund Temasek, which owns an 18pc in Standard Chartered, refused to back the reelection to the bank’s board of four executive directors.
Steve Bertamini, Mike Rees, Viswanathan Shankar and Jaspal Bindra each saw about a fifth of the bank’s shareholders fail to back them, while a further 1pc of investors actively voted against their election at its annual general meeting…………………………………Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

Nigeria’s Federal Government and state governors on Thursday, at the resumed hearing of the suit filed by the governors against the illegal diversion of funds for the Sovereign Wealth Fund at the Supreme Court, disagreed over the success of the out of court settlement talks.
While the governor berated the Federal Government for its insincerity about the out of court settlement, the Federal Government claimed that progress is being made and that it would be wrong for the governors to claim that the progress made was not appreciable by their assessment………………………………….Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

Conceding to the Federal Government the last chance to resolve the case on the Sovereign Wealth Fund Account amicably, the Supreme Court in Abuja Thursday held that the dispute was political and would better be resolved out-of-court. The apex court expressed this view while speaking to the Federal Government’s legal team led by Chief Wole Olanipekun (SAN) when the matter came up.
But the panel, presided over by Justice Walter Ononghen who led six other justices, said that the court would have no choice than to proceed with hearing the case should the Federal Government fail to take advantage of the out-of-court settlement option for the last time………………………………….Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

With a steady availability of capital, Qatar’s sovereign wealth fund has been making opportunistic investments around the world, especially in Europe. Qatar Investment Authority (QIA), actively involved in making opportunistic investments, has future aims of acquiring more trophy assets and diversifying its portfolio, a report finds.
According to a report issued this week by KPMG detailing the sovereign wealth fund management trends in countries like UAE, Qatar and Kuwait, QIA’s investment strategy was described as “multi-dimensional” with the sovereign wealth fund boasting significant acquisition of assets in industries like hospitality, real estate, financial services, commodities and retail………………………………….Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

Katara Hospitality is in talks to buy “iconic” hotels in London and Rome as the unit of Qatar’s sovereign-wealth fund seeks to more than double its properties by 2030, said Chief Operating Officer Christopher R.J. Knable.
Katara, which bought Le Royal Monceau in Paris in 2012, will open the 16th-century Peninsula Paris this year after renovations are complete, Knable said in an interview in Dubai. He wouldn’t be more specific about the hotels the company may buy. Katara Hospitality, which is owned by Qatar Holding LLC, has also signed agreements with the governments of Gambia and Maldives to develop properties………………………………….Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, and Canada’s Brookfield Asset Management expect to secure the $500m in financing needed to launch a real estate fund to help recapitalise stalled or semi-complete projects in Dubai by the end of 2013.
“Right now we are dealing with the licence at the DIFC [Dubai International Financial Centre]… If you mean launch as in active marketing and legally able to do it, we will hit that point right before Ramadan,” Douglas Kirkman, CEO of ICD-Brookfield Management Limited and manager of the ICD-Brookfield Dubai Real Estate Fund, said…………………………………Full Article: Source

Posted on 10 May 2013 by VRS |  Email |Print

KPMG announced the publication of a report on the Sovereign Wealth Funds in the Middle East. The report represents a collection of articles prepared by KPMG specialists throughout the Middle East and provides insight into the recent trends and developments in SWF investment strategies specifically in the UAE, Qatar and Kuwait. The report also looks at the evolution of SWFs in the Middle East as the region looks to reduce its dependence on energy resources.
Vikas Papriwal, Head of SWFs and Private Equity said “It is clear that the global challenges of the last three years have forced organizations around the world, including SWFs, to evolve. While the investment objectives in the region have certainly changed, including geographical and sector focus, diversification remains a key and common objective for Middle Eastern SWFs as countries in the region seek to reduce their reliance on energy, and oil and gas prices.” (Press Release)

Posted on 10 May 2013 by VRS |  Email |Print

China Investment Corporation (CIC), the country’s biggest sovereign wealth fund, has returned to the debt markets to seek to leverage last year’s acquisition of Winchester House in the City seeking around £160m in senior debt. CIC acquired the 310,000 sq ft Winchester House from KanAm, the German open-ended property fund manager, for £245m last November with agreed financing term sheets from Wells Fargo and Deutsche Pfandbriefbank (PBB).
At the 11th hour, CIC dropped the Wells Fargo-led circa £150m five-year ticket, opting instead to hold the asset on an all-cash basis, given the sovereign wealth fund’s low cost of capital………………………………….Full Article: Source

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