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Sovereign Wealth Funds Briefing 08.Nov 2013

Posted on 08 November 2013 by VRS |  Email |Print

Hong Kong’s de facto central bank is moving into London’s swanky Mayfair district, better known for hedge funds and Arab oil money than regulators and policy makers. The Hong Kong Monetary Authority has invested in a joint venture with the UK’s Great Portland Estates to develop the Hanover Square Estate, joining the rush of Asian and other foreign wealth into London property.
London has been one of the most popular spots for property investors from Asia recently. Almost one-third of Asian property investments overseas were in London in 2012 compared with a historical norm of about one-quarter, according to PwC. However, there is still less money leaving Asia than before the financial crisis………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

A new report put together by former University of Saskatchewan president, Peter MacKinnon, suggests the province should develop a sovereign wealth fund to manage revenues earned from non-renewable resources such as petroleum, potash, and uranium.
In a draft report the province mistakenly sent out attached to an unrelated press release, MacKinnon recommends the Saskatchewan Futures Fund be run separate from the government and that it not be used as a “rainy day” relief fund when the province runs into financial trouble………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

About 48 percent of the total investment volume of the State Oil Fund (SOFAZ) in the first nine months of 2013 was in the U.S. dollars, the Fund reported on November 4. The mentioned figure is over $17.05 billion. The SOFAZ’s foreign currency assets by September 30, 2013 amounted to $35.809 billion, compared to $34.129 billion at the beginning of the year.
Around 40.1 percent of the investment portfolio is concentrated in euros (over 10.553 billion euros), 5.2 percent in British pounds sterling (over 1.146 billion pounds sterling), 1.2 percent in Turkish Lira, 0.5 percent in Australian dollars, and 1.8 percent in Russian rubles………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

The Norwegian government has had a sovereign wealth fund, which collects income from their oil, for many years now and it was worth $810 billion at the last official valuation.
While the managers of the Norway sovereign wealth fund have already been looking at the European property market, a revelation today shows that there could be a significant investment in worldwide property by the fund in the short to medium term. As the price of UK property continues to move higher and higher there are now serious concerns that first-time buyers may become a thing of the past………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

Norway’s Christian Democrats, whose support the minority government needs to pass a budget, said it’s time to place more limits on oil-wealth spending and protect the economy from overheating.
Norway, which uses oil money to plug its budget deficits, has placed a 4 percent limit on spending from its $810 billion sovereign wealth fund. Knut Arild Hareide, leader of the Christian Democrats, said that cap is now meaningless as the fund balloons in size………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

Fairfax Financial Holdings disclosed that its partners in a $1 billion investment in struggling smartphone maker BlackBerry Ltd. include a Qatar-based sovereign-wealth fund and several Canadian investment funds. BlackBerry would continue as a public company with new leadership and the $1 billion investment.
The other debt purchasers include Ontario-based Canso Investment Counsel Ltd., which invested $300 million, the most of the group. The other investors are Toronto-based Mackenzie Financial Corp., Virginia-based Markel Corp., Toronto-based Brookfield Asset Management Inc and Qatar Holding LLC………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

When the chips are down you find out who your real friends are, and it’s not always who you think. That’s the way it’s turning out for beleaguered smartphone maker BlackBerry Ltd., which has negotiated a lifeline from the Qatar’s s sovereign wealth fund, one of the world’s most aggressive deal sleuths.
Qatar Holding LLC, a foreign arm of the Qatar Investment Authority, will buy about US$200-million of an offering of convertible debentures announced by BlackBerry earlier this week, according to a report by the Sovereign Wealth Fund Institute………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

Nigeria’s sovereign wealth fund has been ranked number 44 on the global Sovereign Wealth Transparency rating for the third quarter of 2013. Known as the Linaburg-Maduell Transparency Index, it rates the sovereign wealth funds of countries in terms of how transparent they are to the public.
According to the rating for the third quarter released yesterday, the Nigerian Sovereign Investment Authority (NSIA) achieved a rating of ‘4′, to place 44th out of 51 sovereign wealth fund rated by the Sovereign Wealth Institute………………………………………..Full Article: Source

Posted on 08 November 2013 by VRS |  Email |Print

Singaporean sovereign wealth fund GIC is selling US$350 million of bonds convertible into shares in Glencore Xstrata, bookrunner Bank of America Merrill Lynch said on Wednesday. The bonds, which pay an annual interest rate of 5 per cent and due to mature Dec 31, 2014, are being sold via an accelerated offering expected to be completed on Nov 7.
The bonds are being offered at between 117 per cent and 118.124 per cent of their par value, according to a person familiar with the matter, meaning GIC could raise between US$409.5 million and US$413.4 million from the sale………………………………………..Full Article: Source

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