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Sovereign Wealth Funds Briefing 13.Dec 2013

Posted on 13 December 2013 by VRS |  Email |Print

The Local Government Pension Scheme (LGPS) and other public sector schemes should consolidate to become “one of the world’s largest sovereign wealth funds”, London Pension Fund Authority (LPFA) chairman Edmund Truell says.
Speaking at the Eversheds Annual Pensions Conference, Pensions Insurance Corporation (PIC) founder Truell said chancellor George Osborne should abandon approaches to foreign investors and instead harness the value of public sector schemes to boost British infrastructure………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

Kazakh Sovereign Wealth Fund Samruk- Kazyna reached an agreement with Kazakh investor Bulat Utemuratov on the sale of its shares in Temirbank and part of its shares in Alliance Bank. Samruk- Kazyna will sell 79.88 percent of the ordinary shares in Temirbank and 16 percent of the common and preferred shares in Alliance Bank, according to the agreement.
Meanwhile, Samruk-Kazyna will remain the main shareholder of Alliance Bank with 51 percent of the common and preferred shares following the transaction………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

A report on The Irish Times said Ireland’s National Pension Reserve Fund, or NPRF, was believed to be looking for a buyer for its private equity investments. As of the end of September, the pension fund’s holdings were valued at €716 million.
According to information gleaned from its website, the NPRF was set up in April 2001 to meet the costs of Ireland’s social welfare and public service pensions as much as possible from 2025 onwards, when these costs are projected to increase dramatically due to the ageing of itspopulation………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

The $92 billion Future Fund has reiterated that it will vigorously defend itself against legal action by the country’s biggest superannuation fund, the $70 billion AustralianSuper. The battle between two of Australia’s biggest investors is set for next week in the Victorian Supreme Court, after tussling for access to documents and several adjournments.
The dispute centres on the price the Future Fund paid for a stake in Perth Airport, in which AustralianSuper is also an investor. AustralianSuper claims the Future Fund priced it out of increasing its holding, by ascribing a premium of up to 43 per cent to the airport………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

Holden has announced that its manufacturing in Australia will drive off into the sunset by 2017. GM’s chairman Dan Akerson attributed this to the “sustained strength of the Australian dollar [and] high cost of production”, or, in other words, Dutch disease. To prevent other exporters doing the same Australia must strengthen its mining tax and save the proceeds in a sovereign wealth fund.
Australia’s car makers are not the only ones that have been struggling. Everyone from wine makers and food producers to aerospace engineers have been affected by the strong Australian dollar. At the same time the price of housing and living expenses have skyrocketed and mining has, well, boomed………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

The Minister of Finance, Armando Manuel, urged on Tuesday in Luanda, the public managers under the Angolan Sovereign Fund (FDSA), to be capable to inspect well the accounts of the institution. Armando Manuel spoke at the inauguration ceremony of the chairperson of the Angolan Sovereign Fund (FDSA) inspection council, Ary Nelson Brandão, and the head of the executive commission of Housing Fund, Edson Augusto dos Santos Vaz.
According to the Minister, the newly appoint officials must work with zeal in the perspective of compliance of activities, fulfilment of the objective for which the FDSA was specifically created, the monitoring of the accounts, procedures and functional practices………………………………………..Full Article: Source

Posted on 13 December 2013 by VRS |  Email |Print

Eyeing big investments in various areas including infrastructure, India today inked Bilateral Investment Promotion and Protection Agreement (BIPPA) with the UAE, which controls the second largest sovereign wealth fund of over USD 600 billion in the world.
UAE controls the second largest Sovereign Wealth Fund in the world under the Abu Dhabi Investment Authority, which has been keen to explore major infrastructure projects in India but was awaiting the signature of the BIPPA, they said………………………………………..Full Article: Source

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