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Sovereign Wealth Funds Briefing 23.Aug 2013

Posted on 23 August 2013 by VRS |  Email |Print

New Mexico has America’s third-largest sovereign wealth fund, according to the Sovereign Wealth Fund Institute, an organization that monitors these government managed investment funds. Coming in at slightly more than $17 billion in size, it’s also the 31st largest such fund in the world. The Institute also ranks fund managers on how much integrity and transparency they exhibit in their fiduciary duties; New Mexico actually scores pretty high in this category as well.
That’s the good news. The bad news is the New Mexico Permanent Fund can only be used to invest in public education. But what if there was an opportunity to take a one-time piece of the fund, say 15 percent of the principle, and apply it over a four- to five-year New Mexico budget cycle, with some additional changes in the gross receipts tax, and then cut all New Mexico income taxes to zero, and do so on a permanent, sustaining basis?……………………………………….Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

For quite some time now, especially during the time when late president Umaru Yar’Adua was alive, consideration for creation of a Sovereign Wealth Fund (SWF) for Nigeria was giving exploratory attention within government public policy and national economic management cycles.
The issue was rekindled when the current Minister of Finance, Olusegun Aganga was brought into the cabinet, following the death of President Yar’Adua on May 09, 2010. For example, a Technical Committee was established by Aganga to workout the modalities for the creation of the Fund………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

Reserves in the Excess Crude Account (ECA) shrunk to $5.1 billion following the withdrawal of N115 billion from it to augment revenue shortfall for the July Federation Account Allocation Committee (FAAC) disbursements to the federal, states and local governments.
Minister of State for Finance Dr. Yerima Lawan Ngama told reporters after a belated FAAC meeting in Abuja yesterday that it became necessary to draw from the ECA because of a massive drop in revenue from N863.026 billion received in June 2013 to N497.984 billion in July………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

The Oman Investment Fund (OIF) is said to be purchasing a 9.7% stake in futures exchange National Commodity Derivatives Exchange Ltd. (NCDEX) to the tune of Rs 88 crore (US$ 13.6 million). According to the Economic Times, the NCDEX shares are being acquired from Delhi-based broker Jaypee Capital Services Limited.
According to Sovereign Wealth Fund Institute transaction data, this will add to their already 5% stake in the exchange, a deal that was recorded at US$ 7.3 million………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

Norway, western Europe’s biggest oil and gas producer and home to a $760 billion wealth fund, is struggling to spur demand just as the rest of Europe surfaces from half a decade of economic pain. According to DNB ASA (DNB), the country’s biggest bank, Norway will be the only European nation of the 15 it tracks whose economic growth won’t accelerate next year.
Signs of an economic slowdown come as the Labor-led government of Prime Minister Jens Stoltenberg trails in the polls against an opposition that’s promised tax cuts. Both sides have made pledges that draw on the nation’s sovereign wealth fund, the world’s biggest. Norwegians vote on Sept. 9………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

The size of the superannuation industry rose by 15.5 per cent in the 12 months to 30 June 2013, to $1.62 trillion. The Australian Prudential Regulation Authority’s (APRA’s) Quarterly Superannuation Performance report found total superannuation assets increased by $217.2 billion for the year to 30 June 2013, and $35.1 billion (2.2 per cent) for the June 2013 quarter.
While the self-managed superannuation fund (SMSF) sector still makes up the largest proportion of the industry at 31.3 per cent of assets, it recorded the smallest increase at 0.8 per cent………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

GIC Pte, the Singapore sovereign wealth fund, is the buyer of Blackstone Group LP’s stake in London’s Broadgate office complex, according to two people with knowledge of the transaction.
GIC is buying 50 per cent of Broadgate, a cluster of 16 office buildings, shops and restaurants on 12ha in London’s main financial district, according to the people. Bloomberg News reported on August 20 that Blackstone agreed to sell the stake for more than US$2.7 billion (RM8.9 billion)………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

The Square Mile’s famous Broadgate Estate looks like it may be changing hands, with the Singapore sovereign wealth fund reportedly closing in on an £1.7bn sale. The 15-building estate right in the heart of the City is home to thousands of financial workers and several big names, including UBS.
The site has been co-run by US private equity giant Blackstone and US property firm British Land since 2009. Blackstone is now looking to sell its share to the Singapore Investment Corporation Private Limited (GIC)……………………………………….Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

Although the California hotel recovery is in full bloom with rising room rates and occupancy, signs of the bad old days during the last economic downturn were still in evidence as a report showed that one of the state’s largest hotel sales of the year was based on a bankruptcy.
The government of Singapore’s sovereign wealth fund bought the 2,000-acre La Quinta Resort & Club out of bankruptcy in February from New York hedge fund Paulson & Co. and Winthrop Realty Trust of Boston, according to consulting firm Atlas Hospitality Group………………………………………..Full Article: Source

Posted on 23 August 2013 by VRS |  Email |Print

West Virginia legislators from both parties say they are hopeful about the prospects of setting up a “future fund” based on oil and gas revenues, after spending Thursday in meetings in North Dakota learning how that state’s legislature went about setting up a similar fund.
Senate President Jeff Kessler, D-Marshall, who spearheaded the trip of 19 legislators, said that he fully expects to propose legislation that would use oil and gas severance taxes to create a permanent fund for infrastructure, economic development or future tax relief………………………………………..Full Article: Source

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