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Sovereign Wealth Funds Briefing 16.Aug 2013

Posted on 16 August 2013 by VRS |  Email |Print

How can you boost your employability if you’re an investment banker working in a region where deals are in the doldrums? The answer, for some, is to start schmoozing with sovereign wealth funds. Michael Bevan, who headed up the equity capital markets operations of HSBC in the Middle East, is relocating to Hong Kong to focus on building relationships with sovereign wealth funds in Asia. He follows Evans Hajitouma, head of ECM for CEEMEA at HSBC who moved to London to head up the bank’s sovereign wealth fund coverage division late last year.
Then there’s Umair Naqvi, who left his role as an executive director in Morgan Stanley’s equity capital markets team to head up Wells Fargo’s SWF coverage. Bank of America is also building its investment banking team in the Middle East in an attempt to garner more business from the region’s SWFs………………………………………..Full Article: Source

Posted on 16 August 2013 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment firm, has acquired more than 860,000 shares of Monsanto Co.’s stock. The purchase increases Temasek’s stake in Monsanto to 0.3 percent, Bloomberg reports.
Among other moves outlined in the firm’s filing this week with the Securities and Exchange Commission, Temasek also sold its stake in Houston-based Cheniere Energy Inc. after the company’s share price surged. The 9.2 million Cheniere shares Temasek sold were valued at $257 million………………………………………..Full Article: Source

Posted on 16 August 2013 by VRS |  Email |Print

Marriott International Inc. is close to selling three hotels under development, including one in Manhattan, to an Abu Dhabi government fund. A potential deal with the Abu Dhabi Investment Authority isn’t yet final but sources told Dow Jones Newswires it could be worth more than $800 million.
The hotels in London, Miami Beach and New York are part of Marriott’s Edition brand of boutique-style hotels the company is developing with hotelier Ian Schrager, according to Dow Jones………………………………………..Full Article: Source

Posted on 16 August 2013 by VRS |  Email |Print

Abu Dhabi’s sovereign wealth fund Mubadala Development Company is in talks to buy some of the assets of former Brazilian billionaire Eike Batista for about $1 billion (Dh3.67 billion), Bloomberg has said in a report citing two people with direct knowledge of the matter.
The report said the negotiations are for stakes in oil producer OGX Petroleo & Gas Participacoes SA, MMX Mineracao & Metalicos SA and LLX Logistica SA’s Acu port in Rio de Janeiro state. Batista’s AUX gold business in Colombia is already being used as collateral for $1.5 billion he owes Mubadala after the fund converted a preferred equity investment in the former billionaire’s holding company, EBX Group Co, into debt, last month………………………………………..Full Article: Source

Posted on 16 August 2013 by VRS |  Email |Print

A unit of Libya’s sovereign wealth fund is in talks to buy a 35-percent stake in state-owned Tunisie Telecom from a conglomerate owned by Dubai’s ruler, three sources aware of the matter said.
Dubai Holding’s arm, Emirates International Telecommunications LLC (EIT), is trying to reduce debt and is set to take a huge hit on the stake it bought for $2.25 billion in 2006. J.P. Morgan Chase valued it at $650 million in July. LAP GreenN, a subsidiary of the Libyan Investment Authority’s (LIA) Libya Africa Investment Portfolio (LAP), is doing due diligence on the potential purchase………………………………………..Full Article: Source

Posted on 16 August 2013 by VRS |  Email |Print

The ethical footprint of the world’s largest sovereign wealth fund is “severely limited” according to a major new review of its investment strategy. The Government Pension Fund of Norway (GPF), also known as the ‘oil fund’, owns around 1.25% of the world’s stocks and is valued at a reported $760 billion. It is owned by the state and funded primarily by surplus wealth from the country’s petroleum industry.
But an investigation by the thinktank Re-Define, commissioned by Norwegian Church Aid, has found what it calls “serious deficiencies” in the fund’s investment strategy. Researchers claim it is lagging behind many of its peers on a number of issues, including ethical investment and sustainability………………………………………..Full Article: Source

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