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Sovereign Wealth Funds Briefing 30.Sep 2013

Posted on 30 September 2013 by VRS |  Email |Print

Governments around the world- most notably in Asia -are planning to set up more investment funds that follow a public-private partnership investment approach, according to research* by Invesco. The new study-the US fund house’s first to focus solely on sovereign institutions, to be released today- also confirms a strong shift by Asian state investors into alternatives.
Although Asian and Middle East sovereigns still allocate less to alternatives than their Western counterparts, the findings suggest they are starting to adopt a more Western approach in terms of their investment models. This is a positive trend for managers specialising in alternatives, notes Desmond Ng, CEO of Greater China at Invesco………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Sovereign investors are increasingly keen to invest in emerging markets such as Africa, China and Latin America at the expense of continental Europe and the UK, according to a study of 37 institutions with $4.7tn of assets.
The research by Invesco, the US money manager, looked at government-backed pension funds as well as sovereign wealth funds. It highlighted a push by many vehicles to invest more in their own regions………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

A look at the Norwegian Oil Fund, one of the world’s largest Sovereign Wealth Funds, might prove instructive for Israel. The discovery of gas by Israel in the Mediterranean Sea has led to discussions about the establishment of a Sovereign Wealth Fund, while a wave of optimism regarding to the financial safety of the country has washed over the government.
For some perspective, a look at the Norwegian Oil Fund, one of the world’s largest Sovereign Wealth Funds, might prove instructive. Rubbing the varnished surface of the NOF, some scratches appear which may augur a morose future for Norway………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Yngve Slyngstad, CEO of Norges Bank Investment Management, has warned that the country’s sovereign wealth fund could lose the equivalent of the Norwegian state budget should the world face another year such as 2008, when most asset classes fell in tandem.
Norway’s sovereign wealth fund, the Government Pension Fund Global, is managed by NBIM, headed by Slyngstad. The fund has been branching out into property, to diversify away from core equity and fixed income holdings………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Debt-laden European nations and resource-rich developing countries could all learn from Norway’s tight-fisted spending habits and oil wealth management programme, the country’s outgoing prime minister has said.
Jens Stoltenberg said Norway had become one of the wealthiest countries in the world mainly by refusing to spend its huge state oil revenues, instead placing them in a sovereign wealth fund and using only the annual returns. “That way the fund lasts forever,” he told an academic audience at Harvard University in Cambridge, Massachusetts………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

At first glance, the nondescript building in downtown Beijing does not even merit a second look. But very few know that behind the glass facade is the office of China Investment Corp, the country’s sovereign wealth fund that has $575 billion in assets and invests predominantly in overseas markets.
There is no sign of wealth or rich trappings, and the sparsely furnished walls, or the corner office of the chairman and the spartan furniture that dot the premises give the distinct feel and flavor of an ordinary government office in China……………………………………….Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Although there is no firm yardstick to gauge its real impact, China Investment Corp has in many ways been the most representative face of Chinese investment in Europe. Apart from its regular activities such as equity and other investments, the fund has also played a key role by teaming up with other sovereign wealth funds for joint investments on the continent.
Fund officials say the multi-pronged approach has helped the CIC post reasonable returns on investment, despite the volatile and often deteriorating financial climate in Europe. As part of that game plan the CIC bought equity stakes in European utility companies, sectors seen as risky and unattractive in the short term………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

There are good reasons for the size of China’s foreign reserves, which since 2000 have ballooned into the world’s largest. Although China is the world’s largest importer of soybeans and iron ore, the country’s industrial processing, carried out mostly for large foreign multinationals by the huge, hard-working and skilful Chinese labor force, still dominates its foreign trade.
This fact makes China’s trade surplus quite insensitive to rises in the value of the yuan because of the large import content (of raw materials and components) in China’s exports………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

A Singaporean state-backed fund is poised to become a significant shareholder in Royal Mail amid strong overseas demand for the postal operator’s shares. Sky News has learnt that the Government Investment Corporation (GIC) of Singapore has placed an order as part of the £3bn privatisation of Royal Mail, further details of which were announced last week.
GIC is one of several sovereign wealth funds which have expressed an interest in buying shares in the initial public offering, according to people close to the deal. Their appetite for the stock effectively means Royal Mail will swap the ownership of some of its shares by one government for others………………………………………..Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Although Trinidad and Tobago’s annual Heritage and Stabilisation Fund (HSF) report isn’t due for another few months, Finance Minister Larry Howai has been quoting the fund value in a number of reports.
The first notable mention was in a budget report issued on September 9th, 2013. Howai credited “consistent and strong earnings” for the sovereign wealth fund’s impressive growth. Comparing the previous year’s statement, the fund grew from US$ 4.712 billion to US$ 5 billion with US$ 42 million in government contributions. The number was also reported in an appropriation bill issued on September 20th, 2013……………………………………….Full Article: Source

Posted on 30 September 2013 by VRS |  Email |Print

Regional institutional investors are becoming a stanchion for the underdeveloped banking industry in Cambodia. In 1975, during Khmer Rouge’s rule, all banks were shut down – money was abolished. After their downfall in 1979, the Riel, Cambodia’s currency, was introduced. The National Bank of Cambodia (NBC) was created as the central bank.
Today, more than 90% of the Cambodian population does not have a bank account – according to various public sources………………………………………..Full Article: Source

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