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Sovereign Wealth Funds Briefing 20.Sep 2013

Posted on 20 September 2013 by VRS |  Email |Print

For many years, the global fund manager has had four names on the must-see list when he visits the Gulf: the Abu Dhabi Investment Authority, the Kuwait Investment Authority, the Saudi Arabian Monetary Agency and, more recently, and with an increasing sense of futility, the Qatar Investment Authority. But lately, a second tier of state-backed institutional wealth has started to emerge.
These entities are not necessarily any easier to pitch for mandates, but at least it makes for a little variety. This trend has been under way for years in Abu Dhabi, which has long bewildered the outsider trying to understand the delineation between its many sovereign entities………………………………………..Full Article: Source

Posted on 20 September 2013 by VRS |  Email |Print

Nigeria just started a national savings account, but the timing could have been better—it plowed $200 million into US debt, just as the Federal Reserve pulled the carpet out from underneath the oil-rich nation’s investment strategy.
That’s not to say it will end badly. Nigeria is smartly following in the foot-steps of other countries whose economies are dependent on non-renewable natural resources, creating a $1 billion fund to invest in development and save for a rainy day. The plan is to save $1 billion a year, with roughly a third invested in local infrastructure, another third aimed to preserve funding for future generations, and $200 million in US debt to provide a cushion against financial instability. (The remaining 15% remains unallocated)………………………………………..Full Article: Source

Posted on 20 September 2013 by VRS |  Email |Print

With the inauguration Thursday of the Council and Board of the Nigerian Sovereign Investment Authority (NSIA), the provision of such critical infrastructure as the second Niger Bridge, Gurara Dam Phase 2, seaports and aircraft leasing company, would only be a matter of time.
At their inauguration in Abuja, President Goodluck Jonathan challenged Nigerians to imbibe the culture of saving for the diversification of the nation’s economy. The occasion also witnessed the presentation of share certificates of contributions to the Sovereign Wealth Fund (SWF) to the 36 state governors, most of who were represented by their deputies. Also, certificates were issued to federal and local council officials……………………………………….Full Article: Source

Posted on 20 September 2013 by VRS |  Email |Print

Mallam Sanusi Lamido Sanusi, Governor, Central Bank of Nigeria (CBN), says the Federal Government established the Sovereign Wealth Fund (SWF) to shield Nigerian economy from adverse global shocks.
Sanusi, who made the remark at the Euromoney Conference in Lagos on Thursday, said that the fund would shield the economy in the event of total crash of global oil price. The fund is about one billion dollars (more than N150 billion). ……………………………………….Full Article: Source

Posted on 20 September 2013 by VRS |  Email |Print

The Peoples Democratic Party, PDP, has described the position of the opposition All Progressives Congress, APC, lawmakers on the management of the Sovereign Wealth Fund, SWF, as a demonstration of crass ignorance and the obvious unpreparedness of the APC to manage the affairs of the nation.
The PDP National Publicity Secretary, Olisa Metuh, in a statement on Thursday, branded the APC lawmakers as frustrated political adventurers with a penchant for destructive criticisms that exhibit their emptiness and poor understanding of international financial system. Contrary to insinuations that the SWF has been mortgaged to foreign interests, the PDP said, the fund is managed in line with international best practices that guarantee prudence, foreign participation and return on investment………………………………………..Full Article: Source

Posted on 20 September 2013 by VRS |  Email |Print

Temasek is clearly a beast with some appetite for the UK. Little surprise, then, that the Singapore sovereign wealth fund has become George Osborne’s best new buddy. Not only did it take up the biggest slice of Lloyds’ placing this week, but it appears the Treasury/UK Financial Investments has high hopes it will take a bigger bite with the next round of the sales process, probably next March.
This all plays well for the Chancellor, who can boast to the public that one of the world’s biggest sovereign wealth funds is putting billions of pounds in long-term bets on the future of the British economy (hence the Treasury leaks about Temasek snapping up about 0.5 per cent of Lloyds in this week’s placing.)……………………………………….Full Article: Source

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