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Sovereign Wealth Funds Briefing 01.Jul 2013

Posted on 01 July 2013 by VRS |  Email |Print

The political management of Norway’s $720bn oil fund – the world’s largest sovereign wealth fund – has been defined by one word: consensus. Despite all the temptations that come from the fund – Government Pension Fund Global – having more assets than the equivalent of one year’s economic output from the Nordic country, politicians of all colours have been careful to act together and cautiously over Norway’s oil wealth.
But with Norway on course to change government for the first time in eight years, the centre-right favourites to win the poll are signalling there could be some big changes both in how the fund is run and how its enormous reserves are spent…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

Norway’s central bank will sell 200 million Norwegian crowns ($32.96 million) a day in July to buy foreign currency for its $720 billion sovereign wealth fund, unchanged from its June policy, it said on Friday.
The fund, commonly known as the oil fund, invests Norway’s revenues from oil and gas production for future generations. It is the world’s largest sovereign wealth fund. The Nordic country is the world’s seventh-biggest oil exporter and Western Europe’s top gas exporter…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The likely winner of Norway’s looming elections is floating the idea of splitting the world’s largest sovereign wealth fund in two, as the $720bn oil fund grapples with the challenges of growing ever bigger.
Such a move would be the most radical change to the oil fund since it was set up more than two decades ago to manage Norway’s oil and gas revenues…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

China’s $500 billion sovereign wealth fund China Investment Corp (CIC) CIC.UL has appointed cabinet official Ding Xuedong as its new chairman, two sources said on Friday, ending a three-month search. The appointment of Ding, a vice secretary general of China’s cabinet and a former vice finance minister, was announced within the fund on Friday, a source with knowledge of the situation said.
“It was announced this afternoon at CIC by the organization department,” the source said, referring to the China Organisation Department, which oversees appointments of senior party, government, military and state-owned enterprise officials…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The youngest-ever deputy secretary general of the mainland’s cabinet is poised to take the reins of the country’s giant sovereign wealth fund. The top position at China Investment Corp (CIC) has been unfilled since March, when former chairman Lou Jiwei was appointed finance minister.
Ding Xuedong, 53, spent more than 10 years at the Ministry of Finance, rising to vice-minister, before he was promoted to his State Council job in 2010. Earlier, he was a department head in the State-owned Assets Supervision and Administration Commission. Ding holds a doctorate in economics from the Ministry of Finance’s research institute…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

After three months of searching, China may have finally suckered someone into running its $500 billion sovereign wealth fund. As we’ve reported before, the position isn’t a coveted one thanks to some potentially disastrous investments. According to reports, officials are expected to name Ding Xuedong, currently deputy secretary general of the State Council, to lead China Investment Corp (CIC). Reuters reports that the announcement was already made this afternoon within the fund.
How Ding got roped into a post that other candidates have squirmed out of (paywall) isn’t clear. Ding, 53, hails from Changzhou city, in the southern province of Jiangsu. A Phd in economics, he’s been a party member since the 1980s…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund manager, Temasek Holdings Pte, had just recently increased its exposure in Industrial and Commercial Bank of China Ltd. With the shareholdings increase, Temasek adds ICBC to the asset base of the the fund, particularly state controlled lenders.
Temasek purchased 126 million shares at HK$4,602 each share or a total investment of HK$580 million or US$75 million. This purchase was confirmed through a statement made to the Hong Kong Stock Exchange. The purchase increased Temasek’s holdings in the Hong Kong shares of ICBC from 7.92% to 8.07%, as confirmed by Stephen Forshaw, spokesman for the Singaporean sovereign wealth fund management firm…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund, which invests to fund the country’s universal state pension, will place $40 million in a new $150 million venture capital fund to finance fast-growing small to medium-sized businesses with global potential.
The funds will be placed with Auckland-based Pioneer Capital, which already holds stakes in recently listed software company SLI Systems, boutique brewer Moa beer, and health system software developer Orion Health…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund is investing in a new private equity fund that will back Kiwi companies looking to go global. Matt Whineray, general manager investments for the superannuation fund, said the fund’s $40 million investment with Pioneer Capital was part of a broader strategy to provide expansion capital to local small-to-medium-sized businesses.
“There is a significant pool of smaller, high-growth companies in New Zealand that can potentially provide attractive investment opportunities to long-term investors such as the fund,” he said. The superannuation fund has about $3.5 billion invested in New Zealand, including more than $1b in the local sharemarket, up from $2.4b in June 2009…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The Kuwait Investment Authority is seeking to invest as much as $5bn directly over the next three to five years in infrastructure assets mostly in the UK, echoing a similar move by Qatar, as sovereign wealth funds look for ways to boost returns amid low interest rates.
The pledge, which highlights the fund’s positive view on UK investment conditions, comes just weeks after a failed £5.3bn takeover offer for British water utility Severn Trent by the KIA and partners Borealis of Canada and Britain’s Universities Superannuation Scheme…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

The Kuwait Investment Authority has more than doubled its investment in Britain over the past 10 years to more than $24 billion, Bader Mohammed al-Saad, managing director of the KIA said on Friday.
Kuwait’s sovereign wealth fund, which manages state assets in the world’s fourth-biggest oil exporter, is the oldest sovereign fund tracked by the SWF Institute with an estimated $342 billion in assets, one of the world’s largest. “The KIO now manages more than $120 bln globally compared with only $27 bln 10 years ago,” Saad said…………………………………Full Article: Source

Posted on 01 July 2013 by VRS |  Email |Print

Kuwait Investment Authority, the country’s sovereign wealth fund, doubled investments in the U.K. over the last 10 years to more than $24 billion. Investment in Britain was “across all asset classes, sectors and industries,” Managing Director Bader Al-Saad said in a speech in London on June 28. Kuwait Investment Office, the KIA’s London-based investment arm, now manages more than $120 billion globally compared with $27 billion 10 years ago.
“Alongside the real estate subsidiary, which manages our real estate assets, we have set up an infrastructure fund which we are operating from London,” Al-Saad said. The investment office “will be looking to manage more funds, in more asset classes, and in more regions of the world in the near future,” he said…………………………………Full Article: Source

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