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Sovereign Wealth Funds Briefing 13.May 2013

Posted on 13 May 2013 by VRS |  Email |Print

Tu Guangshao is expected to be named as chairman of the US$500 billion sovereign wealth fund China Investment Corp. Beijing is expected to announce appointments to key financial positions in the near future as the new leadership prepares to take bolder steps towards financial reforms.
Tu Guangshao, executive vice-mayor of Shanghai, will be named chairman of the mainland’s US$500 billion sovereign wealth fund, China Investment Corp, more than two months after Lou Jiwei left the post to become finance minister, sources said……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

While they continue to reduce dependence on energy resources, GCC countries are increasingly spending locally and redirecting a greater portion of foreign investments back into the region. According to a report by KPMG specialists released on Thursday, the shift is due to the debt problems afflicting the European Union and the Arab Spring, among other factors.
Invesco’s Middle East Asset Management study for 2012 suggests that the value of assets allocated to sovereign wealth funds (SWFs) invested locally have increased by 10 per cent from 2011. Although GCC economies’ revenues increased by nearly 30 per cent and as the West are looking to tap into state-owned funds in the region, assets allocated to SWFs that invest abroad have declined by 1 per cent……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

The Kingdom can reduce its dependence on oil revenues by creating a strong sovereign wealth fund (SWF), according to some experts. Although economic conditions in Saudi Arabia like money supply, foreign exchange reserves, external debt and domestic economic development are positive factors to create a sovereign wealth fund (SWF), Saudi Arabia still lags behind in this area, one of them said.
Experts acknowledged that Saudi Arabia doesn’t prefer sovereign wealth funds like some GCC states that moved toward setting up SWFs as a main source of the economy. Fahad Al-Turki, head of research department, Jadwa Investments, said it was unfair to compare the SWF of the Kingdom with that of the other GCC states, especially when Saudi Arabian Monetary Agency (SAMA) manages Saudi sovereign wealth……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company, the investment arm of the kingdom, hosted a dinner for former heads of states and governments attending the 31st annual plenary meeting of the InterAction Council in the kingdom. “This initiative is a continuity of the legal and regulatory reforms to create a free, open and transparent environment that will enable business in Bahrain to grow,” said Mumtalakat chief executive Mahmood Al Kooheji.
“The InterAction Council has brought together government leaders, national decision-makers, international organisation heads and influential individuals from around the world since 1983, providing a tremendous platform to address global issues,” he said……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

A planned stock market listing for Doha Global Investment Co, a $12 billion Qatari investment company backed by assets from the Gulf state’s sovereign wealth fund, has been postponed, a senior bourse official said on Sunday. Qatar unveiled plans to create the investment company in February and said that sovereign fund Qatar Holding will transfer $3 billion of assets into the Doha Global, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange.
The IPO has been postponed “until all requirements and approvals from the concerned authorities are obtained”, Hussein Ali al-Abdullah, acting chairman of both Qatar Holding and the bourse, said in a statement……………………………………Full Article: Source

Posted on 13 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 13 May 2013 by VRS |  Email |Print

Despite a projection that Nigeria’s external reserves might rise to an average of between $80 and $85 billion in the next four years, the International Monetary Fund (IMF) has warned against the negative impact of the declining oil price in recent times, saying the country’s Excess Crude Account could be depleted under a year. The IMF’s Senior Resident Representative in Nigeria, Scott Rogers, gave the warning while presenting highlights of the Staff Report on the 2012 Article IV Consultation, to be published soon by the Fund.
According to Mr. Rogers, a decline in international oil prices to $97 per barrel (annual average) would begin to erode the ECA balances, while a fall to $80-85 is capable out wiping out ECA balances within a year; pointing out that with lower oil revenue and expenditure restraint by government, “fiscal deficits are projected to re-emerge.”…………………………………..Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

Malaysian sovereign wealth investor Khazanah Nasional Berhad is among six cornerstone investors planning to back China Galaxy Securities’ $1.37bn Hong Kong IPO.
Khazanah plans to commit up to $100m to the IPO after it as priced at between HK$4.99 and HK$6.77 per share. Another $260m is expected to be committed by former Khazanah portfolio company AIA, China Life Insurance, China General Technology, China Cinda Asset Management and Sino Life……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

Neiman Marcus Group Inc. is planning overtures to a handful of sovereign-wealth funds about a possible buyout of the luxury retailer, said people familiar with the deliberations.
Dallas-based Neiman plans to contact funds including the Government of Singapore Investment Corp., the Kuwait Investment Authority and the Qatar Investment Authority to gauge interest in buying the century-old department-store chain, the people said. The plans are at an early stage, the people said, and a sale may not materialize……………………………………Full Article: Source

Posted on 13 May 2013 by VRS |  Email |Print

A recalculation of payments from the Alabama Trust Fund has left local governments with extra money to spend. The trust is fueled by royalties paid on sales of offshore oil and natural gas from state lands. A portion of those payments each year goes into the County and Municipal Government Capital Improvement Fund. Local governments receive payments from the fund each April based on population.
The higher payments to local governments are the result of a recalculation of prior payments and will be in place for this year only, said Daria Story, assistant state treasurer. The Alabama state treasurer’s office administers the trust……………………………………Full Article: Source

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