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Sovereign Wealth Funds Briefing 27.Nov 2013

Posted on 27 November 2013 by VRS |  Email |Print

An independent Scottish government would create a sovereign wealth fund using revenue from exploiting oil and gas reserves worth around 1.5 trillion pounds ($2.4 trillion), the Sottish government said in an independence blueprint on Tuesday.
Scotland will vote on Sept. 18, 2014 on whether to split from England after 306 years to create an independent nation. “This government will make the creation of a Scottish Energy Fund an early priority,” the devolved government, which favours independence, said in its report, adding that it would also put in place a more stable tax regime for oil and gas exploration………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Norway’s central bank Governor Oeystein Olsen said it would be natural for the nation’s $800 billion sovereign wealth fund to expand the asset classes it invests in as the new government considers how best to deal with the fund’s growth.
Olsen signaled support for a 2010 recommendation, which was rejected the following year, for the fund to invest in infrastructure and private equity as the new administration of Prime Minister Erna Solberg reviews its investment mandate………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Italy in its second day, Russia’s state-backed private equity investment fund and Italy’s strategic state investment fund have agreed to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said.
Fabrizio Pagani, a senior economic advisor for Prime Minister Enrico Letta, said the Russian Direct Investment Fund, or RDIF, would sign the deal with the Italian fund at a bilateral summit in Trieste on Tuesday. Under the agreement, the two funds will invest up to 500 million euros each………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Former federal independent MP Tony Windsor has backed a union’s calls for a sovereign wealth fund to help share the benefits of the mining boom. Retired MP Tony Windsor says Howard-era mismanagement of the mining boom will return to haunt Prime Minister Tony Abbott.
The former key federal independent has backed a union report’s calls for a sovereign wealth fund to help share the benefits of the resources industry among more Australians………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Australia should consider a Norwegian-style sovereign wealth fund to share around the benefits of the mining boom, a union report argues. The Construction, Forestry, Mining and Energy Union (CFMEU) released its report on the resources boom, Sharing the Benefits today.
The report found that although the boom had helped shelter Australia from the worst of the global financial crisis, governments had “squandered” a chance to efficiently share its profits. “We have experienced a major boom but have relatively little to show from it,” CFMEU president Tony Maher said in the report………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

India-based renewable power company Greenko Group said it had already completed its wind farm located in Karnataka state. Backed by the sovereign wealth fund of Singapore, Greenko’s most recently-commissioned project is the GBP 13 million or USD 21 million wind farm called Matrix, which has a capacity of 15 megawatts.
The company said the completion of Matrix brings its total generating portfolio to 426 megawatts, representing a 43% jump in seven months………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Zimbabwe’s planned sovereign wealth fund may get as much as a quarter of mining royalties and the same share of “special dividends” on state mineral and metal sales. A 16-member board will decide on the fund’s work, allowing it to make withdrawals, primarily to pay for infrastructural developments, according to a draft of the Sovereign Wealth Fund of Zimbabwe Act obtained by Bloomberg.
Parliament will also be able to appropriate money to benefit the fund, according to the bill, which does not set out where this money would be taken from. “That document will be taken to parliament sometime early next year,” Deputy Mines Minister Fred Moyo said in an interview on Friday………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Citigroup Inc.’s litigation woes continue to increase. Recently, a U.S. judge rejected the banking giant’s bid to obstruct the Abu Dhabi Investment Authority (ADIA) from seeking a second arbitration related to the wealth fund’s investment in Citigroup.
In Nov 2007, ADIA invested $7.5 billion in Citigroup, which made it the U.S. bank’s largest individual stakeholder – with 4.9% stake. ADIA’s investment provided a capital cushion to the bank after the latter suffered mortgage losses during the financial crisis………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

A number of questions should be answered before Saskatchewan creates a heritage-type fund from excess natural resource revenues, said panellists at a public forum discussing the idea.
Former University of Saskatchewan president Peter MacKinnon has tabled a report proposing a Saskatchewan Futures Fund to be established as early as next year. The fund would use excess resource revenues above the five-year average of 26 per cent of total government revenues………………………………………..Full Article: Source

Posted on 27 November 2013 by VRS |  Email |Print

Gary Smith has been appointed Head of Sovereign Wealth Funds and Official Institutions for the asset management companies of MassMutual. He will work across the distribution networks of Group companies Barings, Babson and OFI Global Asset Management.
Baring Asset Management, Babson Capital and OFI Global Asset Management, the asset management companies of Massachusetts Mutual Life Insurance Company, today announce the appointment of Gary Smith as head of Sovereign Wealth Funds and Official Institutions, effective immediately………………………………………..Full Article: Source

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