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Sovereign Wealth Funds Briefing 15.Aug 2013

Posted on 15 August 2013 by VRS |  Email |Print

Most of the new entrants into the sovereign wealth fund (SWF) sector have ranked poorly on the International Forum of Sovereign Wealth Funds’ transparency rankings, scoring 30 out of a possible 100 or less. A report compiled by the Peterson Institute for International Economics, said the overall number of SWFs scoring 30 or less had increased since 2009, driven by the new entrants.
“We could find essentially no reliable public information on these funds, which was not unexpected, but we wanted to include them because they are members of the IFSWF and, in principle, adhere to the Santiago Principles,” the report said………………………………………..Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

Mubadala Development, the Abu Dhabi sovereign wealth fund, is looking for partners to buy some assets in Brazilian tycoon Eike Batista’s mining, energy and logistics conglomerate Grupo EBX, a source with direct knowledge of the situation said.
A deal could involve buying assets or a stake in oil producer OGX Petroleo & Gas Participações SA and MMX Mineração & Metálicos SA, said the source, who declined to be identified because the talks remain private………………………………………..Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

Abu Dhabi government fund is nearing a deal to buy three Marriott International, Inc. (MAR) hotels. The total price tag would total more than $800, which is roughly the amount Marriott spent to acquire, convert, and upgrade the three properties. The hotels – located in London, New York City, and Miami Beach – were originally purchased in an effort to create a new hotel line (branded “Edition”) that would attract younger, affluent travelers. Marriott, however, has struggled to make the Edition Line successful.
If the deal with the Abu Dhabi Investment Authority–a major global investor–were to go through, analysts believe other hotel owners may be willing to join Marriott’s Edition lineup………………………………………..Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

RAM Rating Services recently announced that it has reaffirmed Bahrain Mumtalakat Holding Company’s MYR 3 billion Sukuk Murabahah programme with a long-term rating of AA2 and a stable outlook, representing a strong investment grade credit rating profile.
Mahmood Hashim Al Kooheji, Chief Executive Officer of Mumtalakat said, “The strength of our business strategy and sustainability of favourablelong-term financial prospects have been underscored with RAM Rating Services reaffirmation of the AA2 long-term rating and stable outlook of Mumtalakat’s Sukuk programme.”……………………………………….Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

The Government Pension Fund Global, one of the two sovereign wealth funds owned by the government of Norway, is reportedly preparing to allocate more capital toward stock markets on the Chinese mainland.
Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), the investment unit of Norway’s central bank which manages the fund on behalf of the country’s finance ministry, was cited as saying that he and his team are confident in China’s long-term growth prospects despite worsening perceptions of the country’s equity markets. Norway’s sovereign wealth fund is currently the largest in the world, with $760 billion in assets under management………………………………………..Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

I read a lot of annual reports for pensions, sovereign funds, and institutional investors of many sorts. It may not be glamorous work, but I have to admit that sifting through hundreds of pages of reporting on pensions is actually worth my while.
Over the years, I’ve learned that almost every single Giant in the world is doing something - even if it’s just one thing - that is utterly unique. And that means that every fund has something to teach us; all that is required on my part is the time to figure out what the one thing is that a fund is doing differently and then focus in on it so I can better understand why it’s doing it………………………………………..Full Article: Source

Posted on 15 August 2013 by VRS |  Email |Print

I do think India’s great appeal is because of the fact that it is a non-commodity emerging market and most of the sovereign wealth companies are commodities related and they want to invest in non-commodities countries with a lot of growth. So I do think that in the longer term India does look interesting for the sovereign wealth companies.
The key trends in India are the trade deficit, the current account deficit and the rupee. Of course they are all interlinked and the fact that the deficit remains at about $12 billion per month is what puts pressure on the currency. I do not see what the RBI can do………………………………………..Full Article: Source

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