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Sovereign Wealth Funds Briefing 18.Nov 2013

Posted on 18 November 2013 by VRS |  Email |Print

China’s sovereign wealth fund, the $US500 billion ($535bn) Chinese Investment Corporation, is poised to enter Australia’s direct property market by buying into Sydney’s three-tower Centennial Plaza complex in Elizabeth Street in a near $300 million play.
The deal is one of about $900m worth of moves for Sydney towers by international groups that are expected to close shortly………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment firm, exited Facebook Inc. (FB), Monsanto (MON) Co. and Air Products & Chemicals Inc. (APD) in the third quarter as it pared U.S. stock holdings.
Temasek, directly or through its units, sold 4.3 million A shares of social-networking company Facebook, valued at $107 million in the second quarter ended June 30, according to a filing yesterday with the U.S. Securities and Exchange Commission. Temasek sold 1.42 million shares of seed maker Monsanto and 1.25 million shares of industrial gas producer Air Products………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

The proposed sovereign wealth fund for Kenya should have an initial start-up capital of Sh10 billion, the presidential taskforce on parastatals has recommended. The fund will be funded mainly from capital increases from privatisation proceeds and surplus foreign exchange reserves as well as dividends from public enterprises. A key funding source for the fund will be expected returns from oil, gas and minerals.
According to the report, the purpose of the the fund is to r oll out local renewable energy schemes, fund restoration and rehabilitation of excavated areas and support government savings from mineral revenues to ensure sustainable and stable future incomes………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

The House of Representatives has mandated its committees on Commerce and Justice to investigate the appointment of foreign institutions to manage the Nigerian Sovereign Wealth Fund (NSWF) to ascertain the risks involved.
Adopting the resolution of a motion moved by House Minority Leader, Hon Femi Gbajabiamila (ACN, Lagos) yesterday, the House noted that the federal government appointed three foreign financial institutions, namely UBS, Goldman Sachs and Credit Swiss, to manage the NSWF and expressed concern that the move “amounts to entrusting Nigeria’s savings, wealth, economic sovereignty and security in the hands of foreigners”………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

After making a €190 million cash infusion, Tata Ltd., the British arm of the Indian Tata Group, and Abu Dhabi-based Mubadala Development became the main shareholders of Piaggio Aero Industries, while Piero Ferrari remains as a minority stakeholder. Before the transaction, Tata and Mubadala each owned a one-third share in the company.
As a result of the “subscription,” Tata now holds 44.5 percent of the Italian aircraft manufacturer, with Mubadala owning 41 percent and Ferrari 2 percent. The HDI hedge fund, which did not subscribe to the capital increase, still retains 12.5 percent of the company………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

Credit Suisse and Qatar Investment Authority (QIA) co-hosted the fourth annual Emerging Markets Leadership Forum on 5-6 November in Istanbul. The Forum brought together 92 business executives, policy makers, and politicians from 23 countries.
His Excellency Mehmet Şimşek, Minister of Finance of the Republic of Turkey, spoke to the Forum about Turkey’s successful macroeconomic performance. His Excellency Ahmad Al-Sayed, Minister of State of Qatar and CEO of the Qatar Investment Authority, and Brady W. Dougan, CEO of Credit Suisse, both also addressed the attendants as co-hosts of the Forum………………………………………..Full Article: Source

Posted on 18 November 2013 by VRS |  Email |Print

Sovereign wealth funds (SWFs), which have increasingly assumed key roles in their domestic economies and global financial markets, should provide for real delegation to an independent operational manager within overall limits on risk and/or asset allocation, according to an International Monetary Fund (IMF) working paper.
“The assets under management by SWFs have grown rapidly over the last few years, driven by balance of payment surpluses and commodity prices,” IMF said in the paper. Upper-end estimates indicate total SWF assets of around $5tn. This figure may double count some sovereign assets, by including central bank assets that are already captured in official reserves, the paper said………………………………………..Full Article: Source

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