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Sovereign Wealth Funds Briefing 14.Jun 2013

Posted on 14 June 2013 by VRS |  Email |Print

According to the SWF Institute’s latest Sovereign Wealth Fund Rankings, the total amount of sovereign wealth funds’ asset under management is now $5,473bn, to which oil and gas related revenues contributed $3,193bn. The rankings show Norway’s Government Pension Fund on top of the list, with $737bn in asset under management (AuM). The fund gets its capital mainly from oil revenues, and it scores 10 points out of 10 in the Linaburg-Maduell Transparency Index.
It is followed by the Abu Dhabi Investment Authority’s fund ($627bn in AuM, origin: oil, and index: 5 points); China’s SAFE Investment Company (around $567bn in AuM, origin: non-commodity, index: 4); Saudi Arabia’s SAMA Foreign Holdings ($532bn, origin: oil, index: 4 points); and the Kuwait Investment Authority fund ($342bn, origin: oil, index: 7 points). At the end of 2010, 58% of SWFs’ funding came from oil and gas related revenues. Asia had the greatest amount of SWFs, namely 40%, followed by the Middle East with 35% and Europe with 17%. The Americas and Africa only had each 3% of the share………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

Russian President Vladimir Putin has ordered the government to decide how many resources from the National Wealth Fund, designed to secure the pension system, could be used to cover the deficit of the pension fund, as cited by RIA Novosti on Thursday.
“Depending on the parameters of a formula to calculate pensions, we need to set limits within which we can use the resources of the National Wealth Fund to cover the deficit of the pension fund,” Putin, who is serving his third term in the Kremlin, said in his budget address to the government. Putin also said that resources of the National Wealth Fund and pension savings have to be used to finance infrastructure projects, whose implementation could help spur growth in a stagnating economy, among other measures………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

A new State-run investment vehicle will have access to €6.4 billion from the National Pension Reserve Fund, according to the Government. The Ireland Strategic Investment Fund, which is set to be established under the NTMA (Amendment) Bill 2013, will be tasked with investing in areas of “strategic importance” to the country, with a particular emphasis on economic growth and job creation.
To facilitate this a new Bill will allow for money currently in the pension reserve fund to be invested in commercial projects in Ireland. Ministers Michael Noonan, Brendan Howlin and Pat Rabbitte, along with Minister of State Fergus O’Dowd, today gave more detail on the new fund as well as changes set to be made within the NTMA………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

The Angolan government is preparing to name a new chairman of the Board of Directors of the Angola Sovereign fund and draw up the fund’s investment policy, a Fund director said in Luanda. In a statement cited by Angolan news agency Angop, Director José Filomeno dos Santos said that the government was also preparing the Fund’s investment strategy, and would continue working on preparing the institution’s professional management.
Dos Santos said that the Fund’s investment policy had been delayed by the late approval of the 2013 State Budget by parliament and the 2012 general elections………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

Falcon Private Bank, the wealth manager owned by an Abu Dhabi sovereign wealth fund, expects stock declines to be temporary as fund managers move from bond purchases and central banks step in to support asset prices.
Equities are in a multi-year bull market and will be underpinned by the shift of institutional money from bonds, valuations that are cheap on a historical basis and the accommodative stance of policy makers to capital markets, David Pinkerton, the chief investment officer for Falcon, said today in a phone interview from the bank’s Zurich headquarters………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

South Africa will return assets and cash stashed by the slain Libyan dictator Moamer Kadhafi in the country after reaching an agreement with Tripoli, the finance ministry said on Thursday. The assets were placed in South Africa by the Libya Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company — funds closely controlled by Kadhafi’s regime.
Part of the missing money is allegedly controlled by Kadhafi’s former chief of staff Bashir Saleh. Saleh, who headed Libya’s $40-billion sovereign wealth fund, is wanted in Libya for fraud and is the target of an Interpol arrest warrant under the alias Bashir al-Shrkawi………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

Khazanah Nasional Bhd, Malaysia’s state investment company, is planning to raise as much as US$400 million in an initial public offering (IPO) of its theme park business, said two people with knowledge of the matter.
Khazanah is working with Malayan Banking Bhd (Maybank) and Bank of America Corp on the share sale of Themed Attractions and Resorts Bhd, the people said, asking not to be named as the process is private. The Kuala Lumpur IPO may raise US$300 million to US$400 million as early as this year, they said………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

China’s leaders are anxious to find a new chairman for China Investment Corporation (CIC), the country’s $500 billion sovereign wealth fund. The former head, Lou Jiwei , left the fund after he was appointed as the country’s new finance minister back in March. Since Lou’s departure, there’s been no official announcement of who is going to take his place over at CIC.
“I guess in the end it will still be Tu Guangshao, the deputy mayor of Shanghai,” a person close to CIC’s senior management told the EO on May 29 with a tone of exasperation in his voice………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

The European debt crisis offers a good opportunity to invest in private markets, said head of private equity at China Investment Corporation Linbo He.He noted that private equity investments performed strongly in 1998-2005 despite a tough fundraising environment.
In contrast, performance deteriorated in 2004-2008 despite much better exit and fundraising opportunities. “I think the current crisis is actually making European countries to think about what they are doing and forcing them to reform,” said He………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

When I met recently with a senior investment officer from China Investment Corporation (CIC), the country’s sovereign wealth fund, I was told that CIC is very bullish on the United States. Why?
In CIC’s opinion, the existence of large shale gas reserves in the U.S. will provide a massive shot in the arm for the country’s large but mature economy — kind of a modern-day energy equivalent to the deus ex machina in Greek literature………………………………………..Full Article: Source

Posted on 14 June 2013 by VRS |  Email |Print

AustralianSuper, the nation’s biggest industry fund, has tipped a spate of mergers through the $1.6 trillion retirement savings sector as funds seek to take on the wealth arms of the major banks. Ian Silk, the chief executive of the $62 billion AustralianSuper, has foreshadowed further deals by the fund, following mergers in recent years with the multibillion-dollar funds Westscheme and AGEST.
”It’s pretty clear that the regulators and public policy is pushing in the direction of a smaller number of large funds rather than a large number of smaller funds,” Mr Silk said………………………………………..Full Article: Source

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