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Sovereign Wealth Funds Briefing 28.May 2013

Posted on 28 May 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority (Adia), the world’s largest sovereign wealth fund by assets under management, in a review on Monday of its 2012 performance said that up to 42 per cent of its portfolio was invested in developed market equities. The figure marked a cut in its exposure to the developed markets, compared to a year earlier.
In its 2011 performance review, Adia had said that up to 45 per cent of its overall portfolio had been invested in developed market equities……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is lowering its targeted exposures to developed markets as it takes a more active role in managing its own investments, according to an annual review released Monday.
The fund, which is estimated by the Sovereign Wealth Fund Institute to have assets in excess of $600 billion, cut its allocation targets to developed-market equities to between 32% and 42% of its portfolio, the review said. The range had been between 35% and 45% since the fund started publishing annual reviews in 2009, giving outsiders their first peek at its investment strategies and returns……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Abu Dhabi Investment Authority’s (Adia) Fixed Income & Treasury Department went through a successful vendor selection process in 2012 to install a new market-leading technology system that will be specifically tailored to ADIA’s needs.
“The new system will support the Department’s portfolio management and decision-making activities, including risk management and performance attribution, and is due to be fully implemented during 2013 and 2014,” Adia said in its latest review……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Abu Dhabi Investment Authority is reducing target exposures to developed market stocks and looking for growth in emerging markets, the sovereign wealth fund that is one of the world’s biggest investors said on Monday.
In an annual review which provides rare insights into the strategy of ADIA’s executives, it also gave an ominous signal to asset management firms hoping for its business - it is handling more of its investment in-house and relying less on index funds……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Abu Dhabi Investment Authority, among the world’s biggest sovereign wealth funds, is curbing reliance on outside fund managers and reducing holdings in developed- world shares in favor of emerging market investments.
The fund counts on external investors to manage about 75 percent of assets, down from 80 percent in 2011, it said in its annual report for last year released today. ADIA, as the fund is known, also reported that 55 percent of its assets are invested in so-called index-replicating strategies, down from 60 percent, as it boosts investments in alternative assets……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

China’s massive sovereign wealth-fund named a longtime senior executive at China’s largest bank as the head of its supervisory board, in the latest reshuffling of China’s key government and corporate posts.
China Investment Corp. said on Monday that Chinese leaders had appointed Li Xiaopeng, a vice president at Industrial & Commercial Bank of China Ltd., as head of the board, which is responsible for monitoring the behavior of the fund’s directors and executives. The CIC appointment announced on Monday was made by the State Council, China’s cabinet……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

China Investment Corp (CIC) has not had a chairman for about three months Former chairman Lou Jiwei was promoted to finance minister Candidates most likely are: Jiang Jianqing (chairman of Industrial and Commercial Bank of China), Huang Qifan (mayor of Chongqing,currently), Gao Xiqing (currently CIC’s vice-chairman and president), Tu Guangshao (who is now deputy mayor of Shanghai, overseeing the development of the finance industry there) CIC manages around US$480 billion.……………………………………Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

An affiliate of Qatar Investment Authority is holding discussions to invest about $200 million, Rs 1,200 crore, in RMZ Corp, one of south India’s largest commercial developers, said people directly involved with the talks.
The deal could be a combination of equity and debt, split equally, into a special purpose vehicle housing the Bangalore based developer’s commercial projects under development. The discussions are routed through Qatar Investment Company, a part of the oil rich Middle East nation’s sovereign wealth fund (SWF), added sources cited earlier in this report……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Qatar’s sovereign wealth fund has secured local government approval to build almost 900 homes and eight office blocks at the site of Royal Dutch Shell’s London headquarters.
Qatari Diar Real Estate Investment, the property unit of the gas-rich Gulf state’s wealth fund, has been given the nod for the project by the UK capital’s Lambeth Borough Council. It will be built alongside Canary Wharf Group, which owns the financial district of the same name……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

The Federal Government may have scored a big point with the recent inauguration of the board of the Sovereign Wealth Authority, the investment arm of the Sovereign Wealth Fund, which last week expressed its readiness to go anywhere in the world to get the best deals for the country to justify the investment of the Nigerian people.
The Sovereign Wealth Fund, inaugurated in October, was set up to invest savings made from the difference between budgeted oil prices and actual market prices……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

A principal African country is to begin investing its new sovereign wealth fund (SWF) next month, but another of the continent’s major economies cannot find the spare cash to start one. After much debate and discussion, the Nigerian SWF is to take shape next month, government officials have said.
After months of “will-they, won’t-they?” posturing, the Nigeria Sovereign Investment Authority, the body to manage the fund, has announced plans to kick off its activities, the country’s Guardian newspaper reported……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Running China’s main sovereign wealth fund is a powerful job that a series of powerful leaders and executives don’t seem to want. The chairman’s position has been left open at the China Investment Corporation since Lou Jiwei left in March to become China’s finance minister. “Those with the right qualifications don’t want the job. Those who want the job don’t have the right qualifications,” one CIC executive told the Financial Times (paywall).
Several candidates seem to think the job is cursed, in part because CIC’s hasty investments in its first few years of operation from 2007 may include some potential disasters—and that doesn’t include well-known debacles like the fund’s investments in Morgan Stanley and Blackstone. Potential CIC bosses are worried that the blame for additional losses will be pinned on them……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Empty chair in sovereign wealth fund’s corner office worries investment industry observers and casts shadow over economic reform plans. China’s US$480 billion sovereign wealth fund may well have to wait a few more months before it gets its new chairman, thanks to a power struggle in Beijing.
The chairman’s office at China Investment Corp (CIC) has been empty for about three months since former chairman Lou Jiwei , who helped establish CIC in 2007, was promoted to become finance minister as part of the Communist Party’s once-a-decade leadership transition earlier this year……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

China is struggling to find a new head for its $500bn sovereign wealth fund after two leading candidates declined the job out of fear it would prove a poisoned chalice, according to people with knowledge of the situation.
China Investment Corporation has been without a chairman since March when its former head Lou Jiwei became finance minister. The search for a replacement appears set to continue as the latest nominee, Shanghai vice-mayor Tu Guangshao, is very reluctant to take the job, the people said. They added that Yi Gang, a central bank deputy governor, had already declined the post……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Norway’s oil fund will on Monday be officially rebuked for violating OECD guidelines over its investment in South Korean steelmaker Posco, in an embarrassment for the world’s largest sovereign wealth fund.
In a sign of the growing scrutiny the Norwegian government-backed fund is facing, the local contact point for the OECD guidelines on multinational enterprises will conclude that it “lacks a strategy for identifying and handling possible violations of human rights in the company [it] invests [in]”……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Norway’s oil fund, the world’s largest sovereign wealth fund, has no strategy for dealing with possible violations of human rights by the companies in which it invests, an independent committee set up to safeguard OECD ethical guidelines said.
The Norwegian committee pointed to the fund’s investment in South Korean steel maker POSCO, which plans to build a $12 billion steel plant in India, saying the fund was not doing enough to protect against human rights breaches……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Asian Development Bank believes the Kazakhstan’s National Oil Fund could be a possible source to finance infrastructure projects in Kazakhstan, Newskaz.ru reports, citing Lakshmi Venkatachalam, ADB Vice-President for Private Sector and Cofinancing Operations, as saying.
“Regardless of the impressive development of Kazakhstan for the last two decades, the country’s infrastructure still calls for vast investments - the country’s National Oil Fund, Samruk-Kazyna Sovereign Wealth Fund, pension funds, as well as the internal and external money markets can be sources to finance infrastructure projects”, Ms. Venkatachalam said when speaking at the sitting of the Foreign Investors Council held in Astana……………………………………..Full Article: Source

Posted on 28 May 2013 by VRS |  Email |Print

Alaska Permanent Fund Corp. will create three internally managed investment programs, confirmed spokeswoman Laura Achee. The $47.1 billion Juneau-based sovereign wealth fund will create programs to internally manage public equity as well as absolute-return and private equity co-investments.
The private equity program will be implemented first, but the fund first needs legislative approval to add staff for each program, Ms. Achee said in a telephone interview……………………………………..Full Article: Source

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