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Sovereign Wealth Funds Briefing 30.Oct 2013

Posted on 30 October 2013 by VRS |  Email |Print

The Government of India, according to press reports, is considering approaching sovereign wealth funds (SWFs) to invest in India. This is an interesting idea that needs to be examined closely. In the recent financial crisis, SWFs are known to have played a stabilising role but that has not been their historical image.
In fact, the threats posed by the SWFs and their intentions were characterised by the attempted purchase of US ports by a Dubai-based company in 2006 and expansion in Europe by Russia’s Gazprom. These attempts alarmed policymakers in advanced countries…………………………………….Full Article: Source

Posted on 30 October 2013 by VRS |  Email |Print

Norway’s oil fund is looking at increasing its property investment, especially in the United States, says its Chief Executive. The head of Norway’s oil fund, the largest Sovereign Wealth Fund its kind in the world, says it is looking to increase its investment in property.
Yngve Slyngstad, Chief Executive of Norges Bank Investment Management, says property investments currently account for up to 5% of the fund. But after increasing the size of its team it was now in a position to further build its property portfolio…………………………………….Full Article: Source

Posted on 30 October 2013 by VRS |  Email |Print

Lagos State Governor, Mr. Babatunde Fashola (SAN) Monday reiterated his opposition to the operation of the Nigeria Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), noting that the federal government under the 1999 Constitution lacked the powers to save on behalf of the state governments.
The governor added that the SWF, which the NSIA was set up to manage on behalf of state and local governments, was a flagrant violation of the section 162 of the 1999 Constitution. He utterly differed on the establishment of the fund and NSIA while addressing the authority’s Chairman, Mr. Mahey Rasheed and Managing Director, Mr. Uche Kalu during a visit to the governor at the State House, Ikeja, to handover the state’s share certificate showing its ownership of the fund…………………………………….Full Article: Source

Posted on 30 October 2013 by VRS |  Email |Print

The creation of the Sovereign Wealth Fund by the Federal Government, has received commendation from International development partners. Chairman of the Nigerian Sovereign Investment Authority, Mr Mahey Rasheed , stated this when he paid a courtesy visit on the Lagos state governor in southern Nigeria, Mr. Babatunde Fashola.
He said the Fund had been recognised and rated high by Germany’s Investment forum, the UK Development For International Development and the International Monetary Fund (IMF) among others. Mr. Rasheed, said the fund had employed the best brains in the country to oversee and administer its various investments portfolios abroad…………………………………….Full Article: Source

Posted on 30 October 2013 by VRS |  Email |Print

Lagos State Governor, Mr. Babatunde Fashola (SAN), Monday lamented that the Sovereign Wealth initiative was unconstitutional, noting that he would receive the Shareholders Certificate of the Fund presented to him by the management of the fund only as an acknowledgement that the state’s fund was being held somewhere.
In his remarks while welcoming officials of the Nigeria Sovereign Wealth Authority led by their Chairman, Mr. Mahey Rasheed, Governor Fashola said although he would accept the Certificate as an acknowledgement that the State’s money was somewhere, it was necessary to put on record that he never supported the initiative…………………………………….Full Article: Source

Posted on 30 October 2013 by VRS |  Email |Print

Qatar’s sovereign wealth fund is looking at more investments in emerging markets in order to diversify beyond developed nations, said a senior executive of Credit Suisse who is one of the top advisers to the fund.
With assets estimated by analysts at about $100-200bn, and over a dozen potential deals on its radar every week, Qatar Investment Authority (QIA) is courted by bankers and politicians around the world…………………………………….Full Article: Source

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