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Sovereign Wealth Funds Briefing 16.Jul 2013

Posted on 16 July 2013 by VRS |  Email |Print

Qatar’s sovereign-wealth fund is liable for at least 12 million pounds ($18 million) more in taxes on an affiliate’s purchase of the Chelsea Barracks London luxury-housing development, a U.K. tax tribunal ruled.
The panel ruled that Project Blue Ltd. must pay 50 million pounds in stamp duty, a levy on residential real estate transactions, Her Majesty’s Revenue & Customs said in an e-mailed statement today. The Qatari Diar Real Estate Investment Co. affiliate would have paid 38 million pounds if it weren’t for the bid to avoid all of the stamp duty land taxes due, according to the statement………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

In 2010, Uche Orji, a highly rated semiconductor analyst and Managing Director with UBS in New York, resigned from his post as an “incredibly great offer” had just come his way – one that would more than double his salary. But a month after his resignation, Orji changed his mind about the new gig. He was finding it impossible to convince himself that it passed his three-way test for taking on new assignments: Can it be done? Should it be done? Can I do it?
He decided to return to UBS. It was one of the lowest points in his career, Orji concedes. For a man who earned a living offering highly quoted advice to investors and multi billion-dollar firms – something he had been doing at UBS for six years – such a public about-face was not a wise decision. Professionally, he survived it, but even today he doesn’t like to talk about it. Even the most painful loss-making moments of his career seem to pale beside this incident………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

Despite reducing its exposure to hedge funds, the Australian state investor retains a substantial allocation to the asset class - but is especially keen on equities right now. Allocating one-sixth of a $78 billion portfolio to hedge funds and insurance-related assets is a major commitment, even for an investor as sophisticated as Australia’s sovereign wealth fund.

Admittedly the Sydney-based Future Fund has cut what it calls its alternatives exposure (which comprises only the above two asset types) to 16% as of June from 19% a year earlier………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund has appointed BlackRock - the world’s largest asset manager - to manage four new passive global equity mandates. BlackRock Investment Management (BlackRock), which has managed a fixed income mandate for the fund since 2010, has won new passive global large cap equity, small cap equity, emerging markets equity and Real Estate Investment Trust mandates, effective from 30 June this year.
One of the $23 billion fund’s general managers, Mark Fennell, says the four new mandates, which passively track market indices, will provide the fund with cost-effective, diversified exposure to equity markets around the world………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund has appointed the world’s biggest investment manager to look after four of its new passive share portfolios. New York-based BlackRock has won contracts to manage global large cap equity, small cap equity, emerging markets equity and Real Estate Investment Trust mandates from the end of June.
BlackRock has managed the fixed income mandate for the fund since 2010. The super fund’s general manager: portfolio completion, Mark Fennell, said the four new mandates would give it cost-effective, diversified exposure to equity markets around the world………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

Temasek Holdings Pte Ltd, Singapore’s sovereign wealth fund, recently raised its H share holding in CITIC Securities Co.<600030>, China’s largest listed brokerage firm, to 9.01% from the previous 8.95%, according to a statement filed with the Hong Kong Stock Exchange.
The sovereign wealth fund on Jul 9 bought 708,500 H shares of CITIC Securities at an average price of HK$12.82 apiece. The fund spent about HK$9.08 million on the deal………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

In order to boost productivity at its large but lethargic state-owned enterprises, Vietnam should look into the possibility to set up a government investment fund modeled on Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional Bhd, consulting firm McKinsey said.
Vietnam is currently trying to raise competitiveness and efficiency at state companies as economic growth slows after the Communist Party said in 2011 that unprofitable government-controlled firms had become “a burden.” Prime Minister Nguyen Tan Dung approved a master plan to force the companies to focus on core businesses and accelerate public share sales………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

Samruk-Kazyna Sovereign Wealth Fund together with such subsidiaries as “KazMunaiGas”, “Kazatomprom”, “Kazakhstan Temir Joly” and “Samruk-Energo” published a list of non-core assets to be restructured. Currently, the plans for restructuring the non-core assets and facilities approved by the boards of directors of these companies are being implemented.
The planned activities for the restructuring of non-core assets and facilities of Samruk-Kazyna’s subsidiaries have been considered by the Board of Directors of Samruk-Kazyna Sovereign Wealth Fund on April 24, 2013………………………………………..Full Article: Source

Posted on 16 July 2013 by VRS |  Email |Print

Peter MacKinnon is done his research on a report for Premier Brad Wall on the possibilities for a sovereign wealth fund for Saskatchewan. Now comes the writing.
Last fall, Wall announced the Saskatchewan Heritage Initiative. He tasked MacKinnon - a lawyer and former president of the University of Saskatchewan - with investigating using resource revenues for longterm savings through a sovereign wealth, or heritage, fund………………………………………..Full Article: Source

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