Fri, Aug 29, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS
Sovereign Wealth Funds Briefing 08.Jul 2013

Posted on 08 July 2013 by VRS |  Email |Print

José Filomeno dos Santos, the son of Angola’s veteran president, has rebuffed criticism of his appointment as chairman of the oil-rich nation’s nascent $5bn sovereign wealth fund, insisting it will be run transparently as it prepares to start deploying its cash.
Angola launched the fund, one of Africa’s largest, in October. Mr dos Santos was named as the fund’s chairman last month in a move that raised concerns about nepotism as Angola joins other African oil-producers, including Nigeria and Ghana, in establishing a fund for future generations………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Kenya is moving to set up a sovereign wealth fund to manage its mineral wealth even before a drop of oil or deposit of coal is mined. The move is well-meaning, but a bit on the optimistic side. A draft law that will see 25 per cent of all mineral wealth consigned to a fund that will store the wealth for future generations is being cobbled together.
A sovereign wealth fund (SWF) is a large stash of money, usually from selling hydrocarbons, that is mostly invested abroad to provide returns in the future. This is mostly the preserve of oil exporters (Qatar, Saudi Arabia), finely tuned economies, (Singapore, China), and commodity-rich countries (Australia)………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Ding Xuedong takes over as head of China’s wealth fund facing three challenges: boosting returns, finding new capital and dealing with rivalry from the manager of the nation’s foreign-exchange reserves.
His appointment, announced July 5, ends months of speculation over who would take charge at China Investment Corp. after Lou Jiwei was named Finance Minister in new Premier Li Keqiang’s government in March. Ding, 53, a former deputy finance minister, will move from the State Council where he was a deputy secretary-general………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

The State Council has appointed its deputy secretary-general Ding Xuedong as the new chairman of China Investment Corp, the country’s sovereign wealth fund, according to a statement on Friday.
Ding, 53, will be filling the vacancy left by former CIC chairman Lou Jiwei, who was appointed finance minister in March. CIC’s total assets rose to $482 billion in 2011, according to the latest update of the company’s annual report………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

China Investment Corporation (CIC), a sovereign wealth fund charged with managing a portion of the country’s foreign exchange reserves, named Ding Xuedong as its new chairman in an announcement posted Friday, an appointment which ends the position’s four-month vacancy.
Ding, 53, has served in the past as China’s vice finance minister as well as vice secretary general of the State Council. Yet, despite his experience with these central bodies, some observers have highlighted his lack of professional exposure to the overseas financial market as a potential liability………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

China Investment Corporation (CIC), the country’s sovereign wealth fund, announced on Friday that Ding Xuedong will serve as its new chairman and chief executive officer (CEO). Prior to this appointment, Ding, 53, served as vice finance minister and deputy secretary general of the State Council.
The announcement came after more than three months of speculation regarding the chairmanship vacancy. The fund’s former chairman and CEO, Lou Jiwei, was named finance minister during a government reshuffle in March………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund, Temasek, made net investments of S$4 billion ($3.16 billion) in its energy and resources portfolio in the year to March 31, the fund said Thursday.
The new investments included acquiring an additional 5% stake in Spanish energy group Repsol plus investments in Kunlun Energy, the listed natural gas subsidiary of Chinese state-controlled company PetroChina and in US-based LNG terminal operator Cheniere Energy………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Singapore’s giant sovereign wealth fund has made a preliminary approach to the British government about buying a pound stg. 4.5 billion ($7.4bn) stake in Lloyds Banking Group.
Temasek, one of the biggest investors in the financial services sector, is believed to be willing to buy about 10 per cent of the bank’s shares………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund Temasek Holdings Pte. Ltd. has made a preliminary approach to the U.K. government about buying a 4.5 billion pound ($6.7 billion) stake in Lloyds Banking Group, The Sunday Times reported without naming its sources.
Temasek, which also owns 18% of U.K.-listed lender Standard Chartered PLC , is seeking to buy about 10% of the bank’s shares, the report said. The government currently owns 39% of Lloyds shares following a bailout at the height of the financial crisis, but is now thought to be looking to sell off the stake………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Sovereign wealth funds from Singapore, Norway and the Gulf, as well as an investor group led by Britain’s former trade minister, have expressed interest in buying a chunk of the taxpayer’s 39pc stake in Lloyds Banking Group.
The most recent overtures concerning the £18bn stake have come from Singapore’s giant Temasek fund and from Lord Davies, the ex-Standard Chartered bank boss who stepped down as trade minister in 2010………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

Sovereign wealth funds and private equity groups have sounded out the Treasury about buying a 10 per cent stake in Lloyds Banking Group. The move follows Chancellor George Osborne giving a strong hint in his Mansion House speech recently that a sale of the government’s 39 per cent holding was on the cards before the 2015 general election. There was speculation last night that a sale of shares in Lloyds could take place next month.
It is understood Osborne has an open mind on a part-sale to a sovereign wealth fund or private equity, which analysts say could raise about £5 billion for the government as it seeks to cut Britain’s bloated national debt………………………………………..Full Article: Source

Posted on 08 July 2013 by VRS |  Email |Print

1Malaysia Development Bhd., the state investment fund known as 1MDB, agreed to buy a controlling stake in a coal-fired power plant, pushing its recent spending bill on energy assets to 12 billion ringgit ($3.8 billion).
The Kuala Lumpur-based sovereign wealth fund agreed to pay 1.2 billion ringgit for an effective 75 percent stake in the 1,400 megawatt Jimah coal-fired power in Malaysia’s Negeri Sembilan state, according to a statement posted on its website. This is 1MDB’s third such acquisition in 16 months as it builds a portfolio of Malaysian power assets from scratch………………………………………..Full Article: Source

See more articles in the archive

August 2014
M T W T F S S
« Jul    
 123
45678910
11121314151617
18192021222324
25262728293031