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Sovereign Wealth Funds Briefing 18.Dec 2013

Posted on 18 December 2013 by VRS |  Email |Print

China’s giant sovereign-wealth fund is considering moving its North American base to New York from Toronto, according to people with direct knowledge of the matter, in a potential shift that reflects growing interest at the fund in a recovering U.S. economy and doubts over its faltering investments in the Canadian energy and resources sector.
A move to New York would mark a change in strategy by China Investment Corp., which has $580 billion in assets under management. Although CIC has bought U.S. assets, it has stayed out of the U.S. partly to avoid criticism sometimes directed at China’s authoritarian government………………………………………..Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

The new CEO of the state-run Korea Investment Corp. (KIC) said he will carry out reformative measures so that the state entity will be more faithful to its original mission as the manager of sovereign funds.
“The first task is to raise investment returns, which is now around 3.5 percent,” CEO Ahn Hong-chul said in a phone interview with The Korea Times. “It is not low, but it is not high either. I will make KIC one of the best sovereign funds in the world.”……………………………………….Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

NWS Holdings Ltd. agreed to buy an 8.8 percent stake in Beijing Capital International Airport Co. from GIC Pte, the Singapore sovereign wealth fund, for about HK$2.36 billion ($304 million).
The purchase of 383 million shares at HK$6.15 a share will give the services and transportation unit of Hong Kong’s New World Development Co. a holding of 20.4 percent of the airport operator’s Hong Kong-listed H shares, according to a Hong Kong stock exchange filing………………………………………..Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

Australia & New Zealand Banking Group Ltd. (ANZ) named David Gonski, the head of the country’s sovereign wealth fund, as its chairman to succeed John Morschel.
Gonski, 60, will take over in May after stepping down as chairman of Australia’s Future Fund in January, he said in a statement. He took up the role in April 2012 and his term was due to expire in April 2017, according to the fund’s latest annual report………………………………………..Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

David Gonski has stepped down as chairman of the Future Fund to become chairman of ANZ Banking Group, with the government expected to announce a successor shortly. Mr Gonski will join the ANZ Board in February, succeeding John Morschel as chairman in May 2014.
Mr Gonski said in a statement that he would step down as chairman of the Guardians of the Future Fund during January 2014 “to avoid any possible conflict of interest with my new position and allowing sufficient time for a smooth transition and handover to my successor”………………………………………..Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

After stringing along Russia, the EU and the Ukrainian people, President Viktor Yanukovich has inked an agreement worth $15 billion in securities and from January 1, can start buying Russian gas for $268 instead of $400 per 1,000 cubic meters. The Russian government will essentially buy $15 billion in Ukrainian debt by investing in Ukrainian securities using money from Russia’s Welfare Fund, President Vladimir Putin announced Tuesday at a meeting with Yanukovich in Moscow.
“For the purpose of supporting the Ukrainian budget the Russian government has made a decision to invest part of the National Welfare Fund, to the tune of $15 billion, in Ukrainian government securities,” Putin said. Russia will invest roughly 17 percent of its $88 billion National Welfare Fund, which, together with Russia’s Sovereign Wealth Fund is used as a sort of buffer for the country’s oil-dependent budget………………………………………..Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

The Russian Finance Ministry plans to use other sources along with the National Welfare Fund to buy Ukraine’s Eurobonds in 2014, Russian Finance Minister Anton Siluanov told reporters on Tuesday.
“This can be not only the resources from the National Welfare Fund. We will consider other resources, proceeding from the variability of our resources in the next year,” he said, noting that the sum of 15 billion dollars will be confirmed within 18 months and the resources from the welfare fund will make a larger part of it……………………………………….Full Article: Source

Posted on 18 December 2013 by VRS |  Email |Print

The Permanent Fund Dividend (PFD), or Alaska Dividend, is a unique yearly dividend for Alaska residents. In 1959, Alaska’s largest oil reserve was discovered and it became clear as the pipeline was constructed that Alaska would accrue a great deal of wealth from its oil reserves. So in 1976, Alaska amended its constitution to dedicate approximately 25 percent of its yearly oil revenues to a state investment fund.
It is called the Alaska Permanent Fund. The purpose of the fund is to ensure future generations of Alaskans will be able to benefit from Alaska’s natural resources, even when those resources have been depleted……………………………………….Full Article: Source

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