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Sovereign Wealth Funds Briefing 06.Nov 2013

Posted on 06 November 2013 by VRS |  Email |Print

Norway’s opposition Labour Party has proposed banning the country’s $800 billion wealth fund from investing in coal producers, a motion that may gain traction as several outside backers of the minority government expressed support.
“We believe that humans are responsible for climate change so we must also see what we can do to reduce emissions,” Labour Party finance spokesman Jonas Gahr Stoere said in a statement………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

Labour opposition calls for shift in investment strategy towards clean energy for national pension fund. Norway’s Sovereign Wealth Fund (NBIM) could soon become the largest institutional investor to date to ditch coal investments, after the opposition Labour Party called on the new government to reform the $800bn fund’s lending policies.
A statement released by former foreign minister Jonas Gahr Støre this week argued that the government should actively explore divesting from coal companies, building on its existing commitment not to invest in tobacco and palm oil firms………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

The Strategy Council of the Pension Fund Global, Norway’s sovereign wealth fund, has been asked by the Norwegian Ministry of Finance to provide a report on responsible investing by next Monday 11 November.
The Ministry, and the fund, one of the biggest investors globally, relies on the Strategy Council for two key objectives: to “strengthen both the legitimacy and foundation of the long term investment strategy for the GPFG,” and “Through independent and critical reviews, the Council will give advice on how to develop the strategy further, increase transparency and encourage debate on important decisions related to the investment strategy for the Fund.”……………………………………….Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) keeps on giving preference to short-term investments. According to Fund’s statistics, by 1 October 51.8% of SOFAZ investment portfolio was placed for period of 1 year, 36% for 1-3 years, 1.9 % for 3-5 years, 1.7 % for more than 5 years. Another 8.6% of Fund’s portfolio accounted for stocks, gold, and real estate.
At that, 76.5% of SOFAZ investments accounted for developed countries, 15.7% for developing countries, and 7.8% for international financial institutions………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

Physical gold amounts already 3.2% of currency assets of the State Oil Fund of Azerbaijan (SOFAZ). The Fund informs that as of 1 October its investment portfolio was $35.5 bn or 99.3% of currency assets ($35.809 bn).
At that, the basis of portfolio consists of investments in American currency - $17.05 bn or 48%. Investments in single European currency were a little behind – 40.1% of assets or €10.55 bn. Investments in British pounds were formed by 5.1% of assets or £1.146 bn………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is at a delayed pick of its assets. The pick cycle of SOFAZ assets can be carefully called “double”. According to the Fund’s statistics, floating assets increased by $1.679 bn in 2013 from $34.129 bn up to $35.809 bn. At that, the circularity to which their growth subjects to has changed over the last 5 months.
Fund’s assets reach their pick in the 1st month of the quarter, harshly go down in the 2nd month and recover somehow in the 3rd month. So, in January (1st month of 1st quarter) SOFAZ current assets amounted to $34.6 bn, in April (1st month of 2nd quarter) $34.725 bn………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

Singapore’s two main government-linked investors, Temasek and GIC Private, have quietly ramped up their activity in Europe this year as the region’s economic woes and the UK’s recovering financial sector have thrown up opportunities.
Last month GIC, Singapore’s sovereign wealth fund, took a 28.5 per cent stake in Rothesay Life, a UK company controlled by Goldman Sachs that insures UK companies against the expense and volatility of their defined benefit pension plans………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

China’s Shuanghui International Holdings, which bought US pork producer Smithfield Foods this year, has hired six banks for a Hong Kong IPO, seeking to raise up to US$6 billion (S$7.5 billion) in what is set to be Asia’s Pacific ex-Japan’s largest offering in about four years.
Shuanghui, which counts Goldman Sachs, Singapore state investor Temasek Holdings and private equity firm New Horizons as its shareholders, owns Shenzhen-listed Henan Shuanghui Investment & Development Co, China’s largest meat processing company………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

Ngozi Okonjo-Iweala, the minister of finance and coordinating minister for the economy, on Monday told the National Assembly joint finance committees that only $1 billion have been paid into the Sovereign Wealth Fund.
Okonjo-Iweala, who appeared before the joint committees, however, admitted that the inability of states and local governments to agree was responsible for non-increase in the fund………………………………………..Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

The idea that governments should invest some of their wealth for public benefit has moved from utopian dream to part-reality with the advent of Sovereign Wealth Funds (SWFs). But are these SWFs really democratic entities?
Over the past five years, Sovereign Wealth Funds (SWFs) have become a prominent phenomenon in contemporary global capitalism. SWFs are government owned investment vehicles that take state wealth from excess reserves or commodity windfalls and invest it for returns in financial markets. They now number over 60 worldwide, the majority of which have come into existence since the year 2000……………………………………….Full Article: Source

Posted on 06 November 2013 by VRS |  Email |Print

State Treasurer Janet Cowell has been named to Sovereign Wealth Fund’s Public Investor 100 list for 2013. Cowell was ranked 21st, the second highest in the country after Joseph Dear, chief investment officer for the California Pubic Employees Retirement System.
The top position went to Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority of the United Arab Emirates. The Sovereign Wealth Fund Institute is a global organization designed to study sovereign wealth funds and long-term governmental investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade, and other relevant issues………………………………………..Full Article: Source

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