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Sovereign Wealth Funds Briefing 29.Jul 2013

Posted on 29 July 2013 by VRS |  Email |Print

China’s $500 billion sovereign wealth fund, China Investment Corp (CIC), returned to profit growth in 2012, citing growing traction in the global recovery at the end of the year and a steady improvement in risk asset prices.
CIC was created in 2007 to earn higher returns from riskier investments such as commodities, private equity and hedge funds for part of China’s $3.4 trillion foreign exchange reserves. In 2011, the fund reported its first-ever decline in profit due to market weakness amid Europe’s debt crisis………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

China Investment Corp., created to manage part of the nation’s $3.5 trillion of foreign-currency reserves, reported a 10.6 percent return on its overseas investments last year as global equities rallied.
Net income at the $575 billion sovereign wealth fund, which also holds the government’s stakes in China’s biggest banks, rose to $77.4 billion from $48.4 billion in 2011, Beijing-based CIC said in its annual report yesterday. Its overseas investment returns compared with a 4.3 percent loss in 2011 amid declines in global commodity prices………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

China’s sovereign wealth fund, China Investment Corp., reported a 2012 net profit of $77.4 billion, up 60 percent from the previous year when it had posted its first-ever dip in profit.
CIC’s return on overseas investment reached 10.6 percent in 2012, compared to a negative 4.3 percent in 2011. Earlier this month China formally named career bureaucrat Ding Xuedong as the new chairman of CIC, ending a months-long search for a head of the $500 billion fund………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

China Investment Corp. significantly increased its public equities holdings while cutting those of fixed-income securities and cash, a strategy that helped the $575 billion sovereign-wealth fund post a 10.60% return on its global portfolio last year compared with a 4.3% loss in 2011.
CIC said in its 2012 annual report released Friday that public equities made up 32.0% of its global portfolio at the end of last year, up from 25% at the end of 2011. Long-term and “absolute return” assets, which include direct investments in non-public companies as well as private equity and hedge funds, together accounted for 45.1% of its portfolio, up from 43.0%………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

The outgoing chairman of China’s largest sovereign wealth fund has written of experiencing a range of emotions at the helm of the institution in its latest annual report. Lou Jiwei said he was privileged to serve as the founding Chairman of the China Investment Corporation (CIC) alongside its “dedicated staff”.
“My 2,000 days at CIC took me through a wide spectrum of feelings-the joy of achievement, the distress of setbacks and the pride of seeing the company grow, thrive and aspire to greater success,” Lou wrote in the report released today. “I will hold these memories dear to my heart. For a young company like CIC, it is a pioneering effort to build a diversified investment platform and a global multi‑asset portfolio.”……………………………………….Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

Chinese sovereign wealth fund China Investment Corp. is in unspecified talks with Alibaba Group, the official People’s Daily reported on Friday. The paper said CIC mentioned the discussions at a briefing for Chinese media on Friday, but did not disclose the nature of them and did not give details.
CIC invested in Alibaba in September last year to help the group fund a partial buy-back of Yahoo! Inc’s stake in the e-commerce company. Alibaba is currently preparing an initial public offering, after delisting subsidiary Alibaba.com in 2012………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

Lim Boon Heng, who will take over as Chairman of Temasek Holdings next month, has described his appointment as “a good challenge”. Mr Lim, a former cabinet minister and ex-NTUC Secretary-General, is currently a board member at Temasek Holdings.
Speaking to reporters on the sidelines of a scholarship presentation ceremony on Saturday morning, Mr Lim said he finds the staff at Temasek Holdings well-qualified, gifted and driven. Mr Lim said: “Working as a team, there is a great alignment of the interest of individual and the interest of the company. And there is good corporate governance, which means that things are done properly, and the systems are such that we ensure that everything is done right to the best of our knowledge.”……………………………………….Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

Singapore sovereign wealth fund GIC and Japanese conglomerate Mitsubishi are considering making a bid for European nuclear fuel maker Urenco, Britain’s Sunday Times reported, without citing sources.
Britain wants to privatise its one-third stake in uranium enrichment firm Urenco. German utilities E.ON and RWE , who together own a third, also want to sell, but the Dutch government is debating what to do with its 33 percent stake………………………………………..Full Article: Source

Posted on 29 July 2013 by VRS |  Email |Print

A sovereign wealth fund from the Kingdom of Saudi Arabia and a diversified industrial Korean firm had signed a memorandum of understanding for the formation of a joint venture enterprise in West Africa. The Islamic Corporation for the Development of the Private Sector, or ICD, signed an agreement with Kolon Group of South Korea to invest in a pharmaceutical plant in Cote d’Ivoire. The ICD is the private sector arm of the Jeddah, Saudi Arabia-based Islamic Development Bank Group.
The group of investors wanted to set up a joint venture company in the Western African region. They will start by investing in a pharmaceutical plant in the Republic of Côte d’Ivoire and by engaging in the marketing of pharmaceutical products in West Africa………………………………………..Full Article: Source

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