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Sovereign Wealth Funds Briefing 19.Jul 2013

Posted on 19 July 2013 by VRS |  Email |Print

Ben Bernanke suggested in June that the pace of quantitative easing might slow by the end of the year. Global markets dropped by 4 per cent in two days. It has taken several weeks – and carefully reassuring congressional testimony from the US Federal Reserve chairman – to calm them.
Asset price movements of this kind are not unusual – but they are hard to explain with conventional economic theory. Sometimes they turn into financial tsunamis, like the 2008 crisis, which leave devastation and misery in their wake………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan continued its policy of investment in short-term projects in the first half of 2013, the State Oil Fund of Azerbaijan reported. According to the report, the share of funds invested over the past five years is estimated at 90.1 percent of the fund. The total volume of State Oil Fund’s investment portfolio is $34.52 billion, or 99.5 percent of the total volume.
54 percent of the fund’s investment portfolio is put into securities for one-year periods, 33.3 percent is deposited for 1 to 3 years, 2.8 percent is deposited for 3 to 5 years period, 1.8 percent is put in banks for more than 5 years. In addition, 8.1 percent is kept in real estate, assets and gold, the report said………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Some 47.7 percent of total investment portfolio of Azerbaijan State Oil Fund is concentrated in dollars ($16.46 billion), the Fund reported on Wednesday. According to the report on results for January-June, total volume of investment portfolio of Azerbaijan State Oil Fund was estimated at $34.52 billion, or 99.5 percent of assets’ total volume.
Some 40.8 percent of Fund’s investment portfolio is concentrated in euro (10.78 billion euros), 5.1 percent- in British Pound Sterlings (approximately 1.16 billion pounds), 1.3 percent- in Turkish liras, 0.6 percent- in Australian dollars, and 1.9 percent in Russian rubles. The remaining part of the portfolio (2.6 percent) is concentrated in gold………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Bahrain’s sovereign wealth fund has come in for criticism from a top MP after it yesterday reported losses of BD181.7 million for last year. The Bahrain Mumtalakat Holding Company, the country’s non-oil and gas investment arm with a portfolio of 40 firms, said its revenues declined by 9.9 per cent compared to 2011 - mainly due to lower aluminium prices impacting Alba.
It said lower aluminium prices were also the main reason for a 66.8pc reduction in consolidated gross profit, compared to 2011. However, it managed to reduce its losses from BD270.6m in 2011, which it attributed to a drop in impairment losses (a decrease in the value of assets) and a rise in income from investments in financial services and telecommunications………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Bahrain sovereign fund Mumtalakat said its net loss for 2012 narrowed by 32.9 percent as improved performance by its financial services and telecommunications portfolio partly offset lower revenue from its aluminum unit.
One of the smaller sovereign wealth funds in the Gulf region, it had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom’s non-oil sector, including Bahrain Telecommunications Co. (Batelco) and Aluminium Bahrain (Alba)………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

The exit of Abu Dhabi investors from Barclays has happened with far less fanfare than their dramatic arrival almost five years ago. Back in October 2008, as the financial markets were reeling from the high-profile government bailouts of Royal Bank of Scotland and Lloyds, Barclays’ sealed a deal with Middle Eastern investors that saved it from the same fate.
Barclays turned to Qatar Holding, a subsidiary of the Qatar Investment Authority, and Challenger – an investment vehicle of Sheikh Hamad bin Jassim bin Jabr al-Thani, the prime minister of Qatar and his family – twice in 2008. The sheikh – often referred to as HBJ – is also the chairman of Qatar Holding………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

A Temasek Holdings Pte unit is up against Exxon Mobil Corp. (XOM) and Royal Dutch Shell Plc (RDSA) in a contest to fill storage tanks that will hold three times as much liquefied natural gas as Singapore will consume this year.
The city-state’s Energy Market Authority is seeking feedback through the end of July for stocking an LNG terminal with capacity of as much as 9 million metric tons. The threefold expansion will allow Singapore to offer last-minute deliveries, or spot cargoes, to buyers in Asia seeking an alternative to long-term contracts linked to oil………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Singapore sovereign wealth fund Temasek Holdings has become increasingly focused on Mainland insurance and securities equities in Hong Kong amid a correction on China’s A-share market.
According to figures from Hong Kong Exchange and Clearing (HKEx), Temasek purchased 2.86 million shares in China Pacific Insurance Group (CPIG) for HK$73.98 million (US$9.48 million) on July 11, taking its holding in the insurance giant from 4.93% to 5.03%………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Khazanah Nasional Bhd has denied that an out-of-court settlement has been struck in the legal suit between tycoon Tan Sri Halim Saad against the government, Khazanah Nasional and Tan Sri Nor Mohamed Yakcop.
“With regard to Halim’s legal suit against Nor Mohamed, the government and Khazanah Nasional, the respective defendants would like to state that contrary to the said article, there is neither a settlement being proposed nor are they aware of any discussion in respect of the same,” the state-owned investment arm said………………………………………..Full Article: Source

Posted on 19 July 2013 by VRS |  Email |Print

Australia’s expanding superannuation fund industry has attracted a mob of global asset management firms wanting to manage those retirement assets. The battle for superannuation market share is intense as companies have invested resources setting up offices in Australia. In Australia, superannuation delivers retirement income streams for individuals.
Australia is the fourth biggest pool of superannuation savings globally. Moving up the ranks, the superannuation market is behind the United States, Japan and the United Kingdom – slightly ahead of Canada. Australia’s superannuation fund assets in aggregate are approaching A$ 1.6 trillion, expectations with increased contributions and investment returns may grow assets by 1.5x to 2x in a decade………………………………………..Full Article: Source

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