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Sovereign Wealth Funds Briefing 04.Oct 2013

Posted on 04 October 2013 by VRS |  Email |Print

Sovereign wealth fund GIC is seeking to raise US$51 million (S$63.7 million) by selling part of its stake in Malaysia’s Sunway Berhad, people with knowledge of the matter said. GIC, which currently owns 12.2 per cent in the construction and property firm, will see its stake fall to 8.7 per cent after the sale, one of the sources said.
GIC manages Singapore’s foreign exchange reserves and, according to its website, the fund has a portfolio worth more than US$100 billion………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

A unit of Singapore state investor Temasek Holdings Pte Ltd is eyeing investment opportunities in Myanmar following its foray into Cambodia last week.
“We are looking at Myanmar, we’re learning how to operate there,” Fullerton Financial Holdings’ chief executive Gan Chee Yee told the Straits Times.It is a “market which obviously has potential,” he said………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

Khazanah Nasional Bhd is poised to take a 20 per cent stake in Inari Amertron Bhd, Singapore-based UOB Kay Hian said in a private report to its tier one clients. “The deal would see Inari placing out a 20 per cent stake to Khazanah in exchange for a stake in SilTerra Malaysia Sdn Bhd, a wafer fabrication facility that is 98 per cent owned by Khazanah,” UOB said in the report.
The report came a few days after Affin Research revised its target price for Inari from RM1.11 to RM1.70………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

Global equity prices outside Europe are approaching true value but fixed income yields, although rising, could take another three years to reach a “normal” level, the head of New Zealand’s sovereign wealth fund said on Thursday.
Wealth funds need to diversify more to reduce risk, and investments in infrastructure are the biggest opportunity in the market, Adrian Orr, the chief executive of the NZ$23 billion ($19.1 billion) New Zealand Superannuation Fund, told Reuters………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

Two prominent Norwegian investment funds are throwing their weight behind demands that the newly elected government push the nation’s $750 billion oil-wealth fund into making investments in renewable energy and other infrastructure projects that could provide safe alternatives to its bond and stock investments.
Norges Bank Investment Management, which manages the oil fund, already has asked the government’s permission to invest in infrastructure, in 2006 and 2010. The ruling center-left government at the time responded by saying it wanted the fund to gain experience from other real asset investments first, especially real estate………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

The advice on the establishment of a stabilisation fund puts to rest any fears around oil price fluctuations impacting on future Scottish budgets. There is an unanswerable case for using a proportion of Scotland’s oil wealth to establish a long-term savings fund. As the working group has highlighted, of the world’s top 20 oil producers only the UK and Iraq do not operate some form of recognised sovereign wealth fund.
With more than half the wholesale value of North Sea oil and gas still to be extracted, there is an overwhelming case for the government of an independent Scotland to establish a long-term savings fund………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

Scotland could launch a national oil fund within a year of independence, experts said. The Scottish government bolstered its call for a Yes vote in next year’s referendum following the report, which found a dual-fund system could begin investing the government’s North Sea royalties as early as 2016.
The plan would see a short-term “stabilisation” fund managing dips and peaks in revenue gained from its oil and gas revenues, while gains from a second, long-term fund could be channelled into public assets, the government’s independent Fiscal Commission Working Group found………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

An independent Scotland could borrow, save and reduce debt simultaneously without raising taxes or cutting public services if it puts some money into an oil fund, according to Finance Secretary John Swinney.
An expert working group commissioned by ministers has said the Scottish Government does not have to wait until the budget is in surplus to establish an oil fund. Norway was in deficit when it established its fund in 1990 and it is now worth £470 billion, the Scottish Government Fiscal Commission Working Group’s report on stabilisation and savings funds points out………………………………………..Full Article: Source

Posted on 04 October 2013 by VRS |  Email |Print

Who would want to work for a sovereign wealth fund? Not many people, it would seem, as the government-owned goliaths – which are increasingly trying to build up their in-house investment teams – continue to struggle to attract the people they want to hire.
Most SWFs have a recruitment shopping list that includes exemplary academics from an Ivy League or Russell Group university combined with extensive experience working for an internationally recognised financial services organisation. However, they’re also unwilling to budge when it comes to remuneration, which means they’re struggling to compete with the private sector – and this is having an effect on their ability to hire………………………………………..Full Article: Source

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