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Sovereign Wealth Funds Briefing 06.Sep 2013

Posted on 06 September 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund is poised to become a big shareholder in Rothesay Life as owner Goldman Sachs prepares to sell almost two-thirds of the UK pensions insurer in a deal valuing the operation at about £900m.
GIC is close to buying a 30 per cent stake and Blackstone, the private equity group, a further 30 per cent, people familiar with the matter said………………………………………..Full Article: Source

Posted on 06 September 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC GIC.UL and U.S. private equity group Blackstone are each set to buy 30 percent stakes in Goldman Sachs Group Inc’s British pensions insurance operation, Rothesay Life, the Financial Times reported on Thursday, citing people familiar with the matter.
The deal values the operation at 900 million pounds ($1.40 billion), the financial daily added. U.S. life insurer Massachusetts Mutual MMLIC.UL is also in talks to acquire a 6 percent stake, the sources told FT………………………………………..Full Article: Source

Posted on 06 September 2013 by VRS |  Email |Print

The Australian Future Fund’s Mark Burgess has handed his notice in after two years at the A$89 billion fund. Burgess, managing director and president of Australia’s Future Fund Management Agency, told the board of his intention to leave the organisation on September 3.
The agency is responsible for the investment strategy and implementation of the Future Fund, a sovereign wealth fund designed to help meet the government’s future liabilities for the payment of superannuation to retired civil servants………………………………………..Full Article: Source

Posted on 06 September 2013 by VRS |  Email |Print

The government is mulling setting up a new company, loosely modelled on the concept of a sovereign wealth fund, to finance the acquisition of overseas resources such as oil, gas and coal. The proposed Indian Overseas Investment Corp Ltd (INOIC) will be wholly owned by the government and administered by the Ministry of Finance, officials told PTI.
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 06 September 2013 by VRS |  Email |Print

China SAFE Investments Ltd. suffered a floating loss of about CNY 200 million from investment in five domestic commercial banks in the first half of this year. As a wholly-owned subsidiary of sovereign wealth fund China Investment Corp. (CIC), it acquired a total of 568 million shares of Industrial and Commercial Bank of China, and Bank of China, China Construction Bank, and Agricultural Bank of China Ltd. in the six months.
In addition, it acquired about 2.06 million shares of China Everbright Bank Co., Ltd., the banking unit of conglomerate China Everbright Group………………………………………..Full Article: Source

Posted on 06 September 2013 by VRS |  Email |Print

Oil-rich Kazakhstan, merging its private pension funds into a state-run entity, plans to invest 20 percent of the assets abroad in 3 to 5 years, its central bank governor, Grigory Marchenko, said in an interview.
The National Fund is now 100 percent invested abroad, but with time some of it can be invested in paying projects in Kazakhstan, Marchenko said. “This could lead us to raise the share of foreign securities held by our pension fund,” he added. “In the mid-term of 3 to 5 years, the share of foreign securities in the pension fund’s portfolio must be raised to 20 percent, for a start. Now it’s about 10 percent,” he said………………………………………..Full Article: Source

Posted on 06 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

Posted on 06 September 2013 by VRS |  Email |Print

Charles Russell’s Middle East Real Estate and Litigation teams have secured a successful judgment in the Bahrain Chamber for Dispute Resolution (BCDR) for Barwa Investment SPC, an investment arm of the Qatari Sovereign Wealth fund, against Inovest (a shariah compliant investment company listed on the Bahraini bourse) and its sister company Al Khaleej Development Company (Defendants).
The BCDR judgment, handed down earlier this year, accepted that Barwa had been misled by the Defendants when they invested in Dannat, a Cayman based fund vehicle set up and controlled by the Defendants to help finance a substantial property development in Saudi Arabia. ……………………………………….Full Article: Source

Posted on 06 September 2013 by VRS |  Email |Print

Trading by central banks and sovereign wealth funds account for less than 1 percent of the $5.3 trillion (3.40 trillion pounds) a day FX market, while smaller and regional banks make up nearly a quarter, a survey showed on Thursday.
Trading by central banks is seen by most FX traders as highly influential, mainly because they tend to deal in large amounts at a time. However, their impact may be less than many think. The Bank for International Settlements’ 2013 FX survey showed hedge funds and proprietary trading firms made up around 11 percent of total FX trade, while institutional investors - such as pension funds and insurance companies - also comprised 11 percent………………………………………..Full Article: Source

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