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Sovereign Wealth Funds Briefing 12.Nov 2013

Posted on 12 November 2013 by VRS |  Email |Print

The ethics panel that decides which firms Norway’s $800-billion wealth fund should avoid should lose its independence and become part of the central bank, a report said, a shift critics said would undermine the fund’s ethical strategy.
The report by a government-appointed commission also called for more research on the performance of ethical investments, saying a lack of such studies made it difficult to assess how the fund’s stance compared with other strategies………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

The Strategy Council for the Government Pension Fund Global, Norway’s sovereign wealth fund, has recommended changes to ensure greater focus on responsible investing by the fund’s manager Norges Bank, as well as greater transparency in its decision making.
The recommendation is contained in the latest report of the Strategy Council, which has reported on 11 November. The Council notes the difficulty of managing some 7,000 holdings in equity and debt of companies, but that it is important to ensure any investment decisions are in line with the consensus of the Norwegian people - who ultimately will judge whether the fund carries legitimacy………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

Angola, the largest crude oil producer in Africa after Nigeria, appointed Deloitte LLP as the independent auditor of its $5 billion sovereign wealth fund to ensure transparency.
The fund, headed by Jose Filomeno dos Santos, the eldest son of President Jose Eduardo Dos Santos, also appointed Artur Carlos Andrade Fortunato to the board of directors to oversee risk management, according to a statement from the fund today………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

With an eye on Kuwait’s $350-billion sovereign wealth fund, India has extended proposals to the West Asian country for investing up to $80 billion in India through debt instruments. India has also offered stakes in some of its petrochemical projects.
In a bilateral meeting between Petroleum Minister M Veerappa Moily and Kuwait Oil Minister Mustafa Al-Shimali on Saturday, India invited Kuwait to invest in India through debt instruments such as government securities and corporate bonds. While the limit for foreign investments through government securities is $30 billion, the maximum investment through corporate bonds is capped at $50 billion………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

Singapore sovereign wealth fund GIC and Philippine conglomerate Ayala Corp have bought DBS Group Holdings’ remaining 9.9 percent stake in Bank of the Philippine Islands (BPI), the Singapore fund said on Tuesday.
GIC and Ayala paid 29.6 billion Philippine peso ($680.2 million) for the remaining stake. GIC will gain 5.6 percent of BPI through the transaction while Ayala will raise its stake in the Philippine bank to 48.3 percent from 44.0 percent, the Singapore sovereign fund said……………………………………….Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

A group of investors led by Singapore investment giant Temasek Holdings bought a HK$1.65 billion (S$265 million) stake in Yashili International, sending shares of the milk powder producer soaring yesterday after its parent sold down stock to meet Hong Kong listing requirements.
The deal took place as China Mengniu Dairy was forced to reduce its stake after it failed to buy enough shares of Yashili to force a delisting of the company………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

China Investment Corporation is closing a deal to buy Chiswick Park, a West London office development, from US private equity group Blackstone for about 800 million (HK$9.9 billion).
The acquisition of the 13.3-hectare business park may be finalized within the month, according to the Financial Times.Tenants include Pepsi, Swarovski and TV broadcaster QVC. If successful, the deal would become the most expensive investment in Europe by China’s sovereign wealth fund………………………………………..Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

And so saying, the HKMA announced that it has jumped into the London property market by paying HK$2.5 billion for a joint venture with Great Portland Estates to build a Mayfair office and shop complex.
You may have noticed the abundance of London property ads in this newspaper recently. They all look much the same - an arrow pointing to a dot somewhere on an aerial photo and a banner above saying, “There, that’s us, only 20 seconds from Buckingham Palace, 15 from Regent Street and 10 seconds at most to get to Harvey Nichols. Get one now, cheap at £10 billion (HK$124.6 billion) per shoebox.”……………………………………….Full Article: Source

Posted on 12 November 2013 by VRS |  Email |Print

Superannuation giants including the Future Fund have been lining up to buy several billion dollars’ worth of New Zealand regional infrastructure assets such as ports and water-care services, according to investment bankers across the Tasman.
The report comes as local groups including Asciano circle Australian infrastructure assets, such as the Port of Newcastle, that are up for grabs following Transurban’s move on the Cross City Tunnel………………………………………..Full Article: Source

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