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Sovereign Wealth Funds Briefing 29.Aug 2013

Posted on 29 August 2013 by VRS |  Email |Print

Nigeria’s sovereign wealth fund on Wednesday appointed Goldman Sachs , UBS and Credit Suisse as asset managers for the 20 percent portion of its $1 billion fund that is meant to cushion against oil price shocks, it said.
The sovereign wealth fund (SWF) seeks to help Nigeria better manage its oft squandered oil windfall, with a threefold aim of putting money aside for infrastructure investment, providing a savings pot for future generations and lastly protecting against commodity price shocks - the so-called stabilization fund………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

Middle East mergers and acquisitions, at a six-year high, will be driven by sovereign wealth funds and regional transactions amid an economic recovery in the Persian Gulf, according to a Barclays Plc (BARC) executive.
“M&A is back. Money is cheap and companies are feeling better about growth through acquisitions,” Makram Azar, vice chairman of investment banking, said in an interview yesterday. “There are two types of M&A happening in this region - sovereigns looking at acquisitions abroad to diversify and regional consolidation.”……………………………………….Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, Wednesday said it named Suresh Sadasivan as head of Asia, excluding Japan, within its internal equities department.
Sadasivan will help develop the strategy, oversee management and manage risk of the department’s investment portfolios for that region, according to an ADIA press release. He previously held the position of head of Asia Pacific equities within the fund’s legal and general investment management division. ADIA doesn’t disclose the value of its holdings, but is estimated to have around $627 billion (Dh2.3 trillion) of assets by the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, said on Wednesday it had appointed Suresh Sadasivan as head of its internal equities department for Asia excluding Japan.
Sadasivan will be responsible for developing strategy, managing risk and overseeing management of investment portfolios focused on that region for ADIA, a company statement said………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has appointed the former head of Asia Pacific equities at Legal & General Investment Management to run an internal team. The sovereign wealth fund has brought Suresh Sadasivan on board as head of Asia, ex Japan, it announced today. He will replace Lars Roemer Sorensen, who left the fund a few months ago after more than a five year tenure.
In its latest annual report, ADIA said it had brought five percentage points of its considerable assets under the auspices of its in-house investment team. At the end of 2012, some 75% of its assets were managed externally, down from approximately 80% a year earlier………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

The world’s largest sovereign wealth fund, Norway’s $740-billion oil fund, might be allowed to invest in foreign infrastructure projects in the future, two opposition parties seen as front runners to form the next government said.
Currently Norway’s oil fund can invest only in equities, bonds and property. Some think tanks and non-governmental organisations have argued that it should also be able to invest in infrastructure and private equity as they fit the fund’s profile as a long-term investor………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

Assets of the National Oil Fund will exceed $122 billion by 2016 says the Kazakhstan’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev. “With the oil revenues at the planned level, the assets of the National Oil Fund will rise from $93.9 billion in 2014 to $122.1 billion in 2016”, the Minister said.
As of August 1, the assets of the National Oil Fund stand at $64.343 billion (11.39% up against the start of the year). The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

Since early 2001, the state oil fund SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, has received over $89.428 billion within the implementation of the project on developing the giant Azeri-Chirag-Gunashli (AGC) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend news agency on August 28.
According to SOFAZ, from early 2013 to August 26 it has received over $10.657 billion under the ACG project. The ACG block of fields has been producing since 1997. The production started from the Chirag part of the field and continues successfully………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

According to the data on August 26, since early 2001 within the implementation of project on block development of oil and gas fields of Azeri-Chirag-Guneshli (ACG) in Azerbaijani sector of the Caspian sea, State Oil Fund of Azerbaijan (SOFAZ) has recieved $89 428.4 million, SOFAZ told to Trend on Wednseday.
According to Fund, since early 2013 to August 26 within the Azeri-Chirag-Guneshli project the Fund received $10 657.5 million. The contract on Azeri-Chirag-Guneshli was signed on September 20, 1994………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

As of August 26, around $1 467.6 million has come into Azerbaijan’s State Oil Fund since 2007, supporting the implementation of the project to develop the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, the State Oil Fund told Trend on Wednesday.
According to the report, the volume of revenue to the State Oil Fund within the Shah Deniz project amounted to $254.6 million from the beginning of this year to August 26. Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The contract to develop the offshore Shah Deniz field was signed on June 4, 1996………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

As of August 26, 2013, the State Oil Fund of Azerbaijan purchased 24 tons 887 kilograms (800,146 ounces) of gold, the Fund told Trend on Wednesday. The fund began purchasing gold from the first quarter of 2012, and as of July 1, 2013 the amount of the purchased gold amounted to 22 tons 399 kilograms (720,146 ounces).
According to the strategy of the State Oil Fund, five percent of the investment portfolio can be directed towards the purchase of gold. According to plans, the State Oil Fund buys gold in lots, and this process will take place over two years………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

One of the features of economics is the way that ideas get recycled, repackaged and then re-presented. Sometimes this is a good thing as life can be circular and human behaviour changes much less than we might like to think over time.
However it is also true that the boat can have sailed and we have simply missed it. This was my major thought when I saw proposals for the UK to create a Sovereign Wealth Fund. After all we would need some sovereign wealth would we not? An opportunity to create a Sovereign Wealth Fund was available around 30 years ago if we had used part of the North Sea Oil revenues for this purpose………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

In an effort to boost forex inflows, the Finance Ministry has worked out a strategy for as many as 10 public sector entities to tap Sovereign Wealth Funds (SWFs) to raise at least Rs 15,000 crore in foreign currency. This will be part of a tax-free bond issue.
This is the first time that such funds have been allowed to be part of a tax-free bond issue. SWFs are normally state-owned, with funds collected from budget and trade surpluses. The money is normally invested in real and financial assets at home and abroad. Oil-rich West Asian nations own many of the world’s largest SWFs………………………………………..Full Article: Source

Posted on 29 August 2013 by VRS |  Email |Print

The world’s biggest sovereign wealth funds may see their bumper profits of 2012 diminish this year as recent diversification into high-growth emerging markets starts to produce disappointing returns.
Their long-term horizon may allow many sovereign funds, which globally control $5 trillion of oil and other windfall assets, to weather losses. But the sheer size of these funds may increasingly limit the window of opportunities even when emerging markets recover………………………………………..Full Article: Source

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