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Sovereign Wealth Funds Briefing 06.Aug 2013

Posted on 06 August 2013 by VRS |  Email |Print

Mubadala Development Co., the Abu Dhabi sovereign wealth fund, is fighting to avoid losses on its $2 billion investment in Eike Batista’s companies as the former billionaire seeks to save his commodity empire from collapse.
The fund is owed $1.5 billion after converting a preferred equity investment in Batista’s EBX Group Co. into debt, three people with knowledge of the matter said last month. That amount is secured by Batista assets, one of the people said, asking not to be named as details are private. EBX also last month agreed to “redeem” a portion of Mubadala’s original investment………………………………………..Full Article: Source

Posted on 06 August 2013 by VRS |  Email |Print

After a four month vacancy, China Investment Corporation (CIC) – China’s $500 billion sovereign wealth fund - has finally appointed a new head. On July 5, CIC announced on its official website that Ding Xuedong, deputy secretary-general of the State Council, will become CIC chairman.
The first and only previous CIC chairman, Lou Jiwei, left the fund in March after he was appointed as the country’s new finance minister. Since Lou’s departure, China’s leaders have been anxious to replace him, but few have been willing to accept the “hot potato.”………………………………………Full Article: Source

Posted on 06 August 2013 by VRS |  Email |Print

China has issued an invitation for international investors to get involved in building its capital’s future through the construction of its infrastructure. China Securities Regulatory Commission announced that the combined investment quota of Qualified Foreign Institutional Investors (QFII) had been raised to $150 billion—from a tiny initial amount in 2002. Some 229 overseas investors have already been granted the QFII status, including SWF.
For its part, China’s largest sovereign wealth fund, the China Investment Corporation (CIC), is undergoing its own restructure. The CIC has increased its level of foreign investment and looked further outside its borders for targets……………………………………….Full Article: Source

Posted on 06 August 2013 by VRS |  Email |Print

The Alaska Permanent Fund posted its highest year-ending balance, with a preliminary value of $44.9 billion. While the fund has reached higher levels during the year — its unaudited value as of Thursday was $46.3 billion — it has never ended a fiscal year so strongly, Alaska Permanent Fund Corp. CEO Michael Burns said.
“This is a good year,” he said Monday. The fund, created to share Alaska’s oil wealth with future generations, reported an average return of 10.5 percent for the year ending June 30, with all its asset classes yielding positive returns. It had closed 2012 at $40.3 billion, on an essentially flat return……………………………………….Full Article: Source

Posted on 06 August 2013 by VRS |  Email |Print

Erna Solberg, the leader of Norway’s Conservative Party and current leader in the polls ahead of next month’s general elections, has said that the country’s $740 billion sovereign wealth fund must be reviewed and rearranged in a more competitive model that will boost returns.
Solberg explained to Bloomberg that the current fund structure “might be too big to be handled by just one fund. You could split it either on getting different handlers to compete better, or have different objectives for your investments in different funds. We’re going to explore it, develop and see if it’s a good idea.”……………………………………….Full Article: Source

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