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Sovereign Wealth Funds Briefing 04.Nov 2013

Posted on 04 November 2013 by VRS |  Email |Print

Norway’s $810 billion sovereign wealth fund, the world’s largest, is finding its record size is becoming a hurdle that’s complicating its investment decisions. “The challenge that we have, and we have already experienced, is the size,” Petter Johnsen, chief investment officer for equities at fund, said today after a speech in Gjoevik, north of Oslo. “The fund has grown very fast during a short time.”
Before taking office after September elections, Prime Minister Erna Solberg said she would consider splitting up Europe’s largest equity investor to help make it more competitive. The fund, also known as the Government Pension Fund Global, has quadrupled in size since 2005 and will grow another 50 percent by 2020, according to government estimates………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

One of the tasks of the troika of international lenders this week will be to look at the government’s plans for the natural gas sovereign wealth fund, as the establishment of a “resource fund” was one of the pledges of the Memorandum of Understanding (MoU) agreed by all parties.
A key motive behind forcing the government to include this as part of the troika programme is what is known as the “resource curse”. At best, the resource curse pushes investment, education and government resources into one sector at the expense of others. At worst, it leads to military conflict: think Angola, Nigeria and Sudan, to name a few………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

Of the 20 biggest sovereign wealth funds, 12 are based on revenues from the oil and gas sector that are invested in other sectors, with Norway’s Government Pension Fund topping the list at 785.2 bln dollars in assets. Next is Saudi Arabia’s SAMA Foreign Holdings with 675.9 bln, followed by the UAE’s Abu Dhabi Investment Authority with 627 bln dollars in assets.
The rest, according to the Sovereign Wealth Fund Institute’s rankings of funds, are a mix of oil and gas-based revenues, minerals and commodities (diamonds, copper, etc.), and non-commodity based investments such as the China Investment Corporation ($575.2 bln in assets) and the Government of Singapore Investment Corporation ($285 bln in assets). The smallest sovereign wealth fund is the Ghana Petroleum Funds with 70 mln dollars in assets. To date, there are 73 sovereign wealth funds………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

The Sovereign Wealth Fund of Kazakhstan, Samruk-Kazyna, has engaged CTPartners in a strategic talent acquisition initiative to manage a number of senior leadership searchesincluding HR management, risk management, financial control, change management, in the Fund, as well as business development in telecommunication, electrical energy industry and development of chemical industry.
Samruk-Kazynais a Sovereign Wealth Fund incorporated as a joint stock company in Kazakhstan. The Fund owns, either in whole or in part, most of the country’s key companies including the national rail system, Air Astana (a joint venture with BAE Systems) as well as both the long distance electricity network operator KEGOC and one of the main energy generators, Samruk-Energo………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

Qatar’s sovereign wealth fund, one of the world’s most prolific investors, is building a $1 billion holding in Bank of America, seeking to benefit from the US economic recovery, the Financial Times reported, citing sources close to the plans.
Qatar Holding, the investment arm of Qatar Investment Authority (QIA), began buying BofA shares about two years ago, the newspaper said on its website, citing a person close to the fund. The FT added that Qatar had bought more of the bank’s shares when their price fell to $7-$8 last year………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

Zimbabwe plans to craft a new law to set up a sovereign wealth fund by February next year, but it may not have any money at first as the government desperately needs to develop the country’s crumbling infrastructure.
Finance Minister Patrick Chinamasa said government would consider a first international bond issue to help finance its mining sector. Harare has indicated it wants to create a sovereign wealth fund to buy shares in foreign-owned companies, including mines, under President Robert Mugabe’s black economic empowerment programme. ‘Legislation to set up the sovereign wealth fund will be ready by the first quarter next year, February at the latest,’ he added………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

The Australian head of Qatar’s sovereign wealth fund-backed Hassad is calling for an urgent rethink on the ­federal government’s policy on foreign land purchases, suggesting the new criteria will hurt land prices.
The Coalition has proposed that Foreign Investment Review Board (FIRB) tests include a lower threshold for rural acquisitions of $15 million down from the existing $248 million. Hassad Australia’s John Corbett said that policy had not been thought through and would damage values, The Australian Financial Review reports………………………………Full Article: Source

Posted on 04 November 2013 by VRS |  Email |Print

The unique subset of public investors, sovereign wealth funds, are concerned with the traditional financial, economic and risk questions pertaining to investment management: the strength of the U.S. dollar and the euro, financial stability, demographic trends and economic growth.
Another dimension that is particularly concerning for sovereign wealth funds is investment protectionism and asset seizures. These factors have prevented many sovereign wealth funds, especially ones from Asia and the Middle East , from taking board seats in larger investments……………………………..Full Article: Source

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