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Sovereign Wealth Funds Briefing 16.May 2013

Posted on 16 May 2013 by VRS |  Email |Print

Founded just seven years ago, Australia’s Future Fund has quickly become one of the world’s most innovative sovereign wealth funds. Led by CIO David Neal and a team of more than 40 investment experts, the Future Fund’s total-portfolio approach to managing money resembles that of a multistrategy hedge fund or a sophisticated endowment.
Determined to make full use of the freedom he’d been given, Neal set out to design an innovative investment strategy. Having observed a range of structural pitfalls among mature pension funds - namely, a tendency to overengineer their portfolios and become rigid in their asset allocations - he aimed to find a smarter way of running long-term money……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

Sovereign wealth funds from resource-rich countries controlling more than $500bn of assets operate with no disclosure, limiting their accountability and increasing the risk of corruption, a leading transparency watchdog has said.
The Revenue Watch Institute, a New York-based group backed by charitable foundations and rich-country governments, published research on Wednesday showing that eight large funds, including the investment authorities of Qatar, Kuwait and Libya, disclosed no details at all about their assets, transactions or investments……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority has hired the former global head of Deutsche Bank’s Rreef Infrastructure platform to spearhead its investments in the asset class, following a number of high profile appointments by the Middle Eastern sovereign wealth fund in the last year.
John McCarthy, who quit as managing director and global head of RReef Infrastructure at Deutsche Bank in February, has joined Adia as global head of infrastructure with immediate effect, according to a statement from the sovereign wealth fund……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

In the case of Nigeria, SWF is derived from Excess Crude Account (ECA) of the country that is owned by the Federal Government, the states and local governments. It was established by Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy.
Nigerian governors under the leadership of Amaechi were believed to have incurred the wrath of the Presidency by the manner of their opposition to SWF. They resisted it claiming, among other things, that that states should be allowed access to the funds as well, rather than having the Federal Government alone to have access to it. According to the governors, it was illegal and contrary to the country’s Appropriation Act of 2011 and the 1999 Constitution of the country……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

Severn Trent Plc (SVT), the U.K.’s second-largest publicly traded water company, rejected a takeover approach from Kuwait’s sovereign wealth fund and a Canadian infrastructure investor.
The proposal “completely fails to recognize the existing and potential value of Severn Trent,” the company said in a statement. Severn Trent, which supplies water to 7.7 million people, has a market value of 5 billion pounds ($7.6 billion)……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

Severn Trent (SVT) has rejected an initial offer for its shares following a meeting with the consortium including a Kuwaiti sovereign wealth fund and Canadian pension fund as it “completely fails” to recognise the value of the water utility.
The deal only serves to highlight once more the attractiveness to overseas investors of UK utility companies, with their inflation-linked revenue streams and record low costs of debt on large national infrastructure asset bases……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

A proposed constitutional amendment to issue up to $50 million in bonds to be repaid from the Alabama Trust Fund could pass the Legislature on the final day of the session Monday.
The proposal would be the latest of several moves since the economic downturn to take money from the ATF, although it would be on a smaller scale than others. The money would go to the Armory Commission of Alabama for plans, construction and maintenance of Alabama National Guard armories……………………………………Full Article: Source

Posted on 16 May 2013 by VRS |  Email |Print

Sovereign wealth fund is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments that are invested globally.
Some countries have created SWFs to diversify their revenue streams.The amount of money in these SWF is substantial. Let’s take a look at some of the biggest sovereign wealth funds in the world……………………………………Full Article: Source

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