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Sovereign Wealth Funds Briefing 30.Aug 2013

Posted on 30 August 2013 by VRS |  Email |Print

Three-quarters of a trillion dollars is enough to burn a hole in anybody’s pocket. And so it is proving in Norway where ahead of parliamentary elections on September 9 proposals are stacking up to reform the country’s $750bn oil fund, the largest sovereign wealth fund in the world.
Many of the suggestions on the face of it are sensible. But taken together they risk upsetting the delicate balance that has allowed the Norwegian fund to quadruple in size since 2005 and become one of the world’s most influential investors………………………………………..Full Article: Source

Posted on 30 August 2013 by VRS |  Email |Print

Norwegian politicians are reportedly planning to enable the country’s sovereign wealth fund, the largest of its kind in the world, to invest in infrastructure and private equity, both of which are banned under the current rules.
Representatives from the Conservatives and the Progress Party, both of which are currently in opposition, told Reuters that they are open to considering investing in different asset classes abroad………………………………………..Full Article: Source

Posted on 30 August 2013 by VRS |  Email |Print

Established in 1999, Peru’s Fiscal Stabilization Fund (FEF) may look to overseas investments. Locally known as ‘Fondo de Estabilización Fiscal’, the conservative-oriented US$ 7.1 billion sovereign wealth fund may seek higher yielding assets. Peruvian Finance Minister Luis Miguel Castilla is pushing for changes in fund strategy.
On the economic policy front, the government of Peru has been focused paying down public debt and feeding the FEF. At the end of July 2013, Peru had US$ 67.724 billion in gross international reserves – US$ 989 million higher than June………………………………………..Full Article: Source

Posted on 30 August 2013 by VRS |  Email |Print

Nigeria has appointed three asset managers to run its sovereign wealth fund: Goldman Sachs, UBS and Credit Suisse. The Sovereign Investment Authority (SIA) says these global investment banks were selected after a comprehensive process of review and evaluation of world class candidates.
The account is also known as the Stabilisation Fund — it aims to act as a buffer against short term macroeconomic instability. It holds the country’s oil and mineral profits………………………………………..Full Article: Source

Posted on 30 August 2013 by VRS |  Email |Print

The reconstituted supervisory board of the Transmission Company of Nigeria (TCN) has asked the federal government to finance expansion projects in Nigeria’s power sector with funds from the Excess Crude Account (ECA).
Chairman of the board and a onetime chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Haman Tukur, who spoke shortly after the board’s inauguration by the Minister of Power, Prof. Chinedu Nebo, yesterday in Abuja, asked the government to set aside at least $2 above the official benchmark price of crude oil to finance projects in the power sector………………………………………..Full Article: Source

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