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Sovereign Wealth Funds Briefing 05.Sep 2013

Posted on 05 September 2013 by VRS |  Email |Print

The government is mulling setting up a new company, loosely modeled on the concept of a sovereign wealth fund, to finance the acquisition of natural resource assets abroad. The proposed Indian Overseas Investment Corp Ltd (INOIC) will be wholly owned by the government and administered by the Ministry of Finance, officials said.
INOIC won’t be a sovereign wealth fund in the conventional sense, though it will invest in ownership of natural resource assets overseas. It will be a development finance institution with the mandate to provide equity and debt to public sector companies to secure natural resources abroad, they said………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

Mark Burgess resigned as managing director of Australia’s Future Fund, the country’s A$89 billion ($81 billion) sovereign wealth manager. Burgess, 50, will remain in the role he took up in 2011 to ensure a “smooth transition” to his successor and then return to the private sector, the fund said.
Future Fund assets under management have expanded about 19 percent to A$89 billion as at June 30, the fund said in a statement on Sept. 2. The fund has achieved an average annual return of 6.2 percent since it was established in May 2006, according to the statement………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

To some, a job running a $100 billion sovereign wealth fund, with perks such as the occasional White House dinner, would be a dream, but right now Mark Burgess would prefer to get his hands dirty and help build or resurrect a business.
This explains his surprise decision to quit as Future Fund managing director after just two years in the job. In an interview with The Australian, Burgess said: “The fund is now fully invested and is a mature business. I like to grow businesses.”……………………………………….Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

Future Fund head Mark Burgess is leaving the $89 billion fund to return to the private sector. Mr Burgess revealed on Wednesday that he will leave later this year when a replacement is found. He has not revealed what he intends to do after he steps down, apart from indicating it is likely to be a role in financial services.
Before his appointment more than two years ago, Mr Burgess served as chief executive of funds management investor Treasury Group, and had worked at Credit Suisse, American Express and Colonial First State………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

Despite repeated assurances, the Sovereign Wealth Fund (SWF), the nation’s investment fund, is yet to take off. There is palpable inactivity at the Fund which was slated to commence operations on or before the end of the first quarter of 2013, almost two years after its inauguration.
The country in 2011 passed the Nigeria Sovereign Investment Authority Act (NSIA) setting up its own SWF with $1 billion as seed capital. The Ministry of Finance said in December 2012, that the Nigeria SWF was making progress towards becoming fully operational by March 2013, and that the Strategy Document which would guide its operations was ready, while its investment policy guidelines and the processes for the three fund mandate were almost finalised………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

The Mozambican Tributary Authority (AT) has proposed a Sovereign fund or a Macroeconomic Stabilisation Fund be set up using revenues from capital gains taxes charged on the sale of Mozambican assets by foreign companies, Mozambican newspaper O País reported.
In a statement published in Maputo, the AT said that good international practices recommend that revenues from capital gains taxes be used to set up one of these funds or to be channelled into an investment bank in order to feed the domestic economy rather than funding public expenditure, as has so far been the case………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

The new boss of paints and coatings industry specialist Sersol Bhd says a plan by Khazanah Nasional Bhd to take a 10 per cent placement block in the company is purely speculation. “It is all rumours,” said managing director Mohamed Ridzuan Mohd Nor yesterday after a signing ceremony with the Malay Contractors Association (PKMM).
Mohamed Ridzuan, who is the son of Khazanah Nasional Bhd executive exco chairman Tan Sri Nor Mohamed Yakcop, dismissed the idea that he will take over Sersol………………………………………..Full Article: Source

Posted on 05 September 2013 by VRS |  Email |Print

The state plans to announce the amount of this year’s Permanent Fund Dividend on Sept. 18. The eagerly anticipated event will be held in Anchorage, with acting Revenue Commissioner Angela Rodell making the announcement.
Most Alaskans receive dividend checks, which come from investment profits from the state’s oil-wealth savings account. The amount of investment earnings allocated to dividends is based on a five-year rolling average of the Permanent Fund’s performance. The average includes 2009, during the recession, when the fund posted a $2.5-billion net loss in statutory net income………………………………………..Full Article: Source

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