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Sovereign Wealth Funds Briefing 19.Dec 2013

Posted on 19 December 2013 by VRS |  Email |Print

The Abbott government is likely to appoint Peter Costello as the permanent chairman of the Future Fund early in the new year. Costello, who was Australia’s longest serving treasurer and established the $90 billion sovereign wealth fund in 2006, was appointed acting chairman of the fund on Wednesday following the departure of David Gonski. The position was described as temporary, but it is understood that is not the intention.
Treasurer Joe Hockey and Finance Minister Mathias Cormann appointed Mr Costello for a “period of three months or until a permanent chairman is appointed”………………………………………..Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

Peter Costello has claimed a broader role for the $92 billion Future Fund he established as treasurer in the last years of the Howard government, declaring it a sovereign wealth fund to help the nation through “difficult days”.
But Mr Costello, appointed the fund’s acting chairman following the resignation of businessman David Gonski to become ANZ chairman, said the fund should only pursue investments that deliver a return, playing down suggestions it could be used for nation-building projects………………………………………..Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund returned 27.76% on its investments in the last 12 months to lift its value to nearly $25 billion at the end of November. Since inception in 2003, the fund has returned 9.55% a year and in November returned 1.66%.
The fund, set up by former finance minister Sir Michael Cullen and also know as the ”Cullen fund”, was established to pre-fund New Zealand’s superannuation requirements………………………………………..Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

1Malaysia Development Bhd., the sovereign wealth fund whose debt tripled in two years, is considering selling 1.5 billion ringgit ($461 million) of sukuk, according to two people with knowledge of the plan.
The proceeds will be used to finance the relocation of an air-force base in Sungai Besi in Kuala Lumpur, said the people who asked not to be named because the information is private. 1MDB agreed to take over the redevelopment of the site from the government in June 2011 on condition it would pay to build a new military air base in the state of Negri Sembilan, located south of the capital, according to a June statement………………………………………..Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has sold a stake in the operator of China’s biggest airport for HK$2.36 billion (S$382 million) to NWS Holdings, controlled by Hong Kong billionaire Cheng Yu-tung, the Bloomberg news agency reported.
NWS will buy 383 million shares, or about 8.8 per cent, of Beijing Capital International Airport at HK$6.15 apiece, the report said, citing a Hong Kong stock exchange filing………………………………………..Full Article: Source

Posted on 19 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 19 December 2013 by VRS |  Email |Print

The head of China Investment Corp.’s Toronto office is stepping down as the Chinese sovereign wealth fund broadens its North American investments after suffering losses in Canada, said two people with knowledge of the matter.
Felix Chee, who was appointed in January 2011 as chief representative for CIC’s first international office, will leave when his term ends this month, according to the people, who asked not to be identified as they weren’t authorized to speak publicly about the plans. Chee didn’t return calls to his Toronto office and emails seeking comment………………………………………..Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

China Investment Corp. has no plans to close its Toronto office, people close to the fund said, despite reports the giant investment fund is considering moving its North American headquarters to New York.
The $580-billion (U.S.) sovereign wealth fund opened the office in the city in 2011, its first on the continent.
At the time, the decision was touted as a coup for the financial community; Manulife Financial Corp. chief executive officer Don Guloien called it “a great tribute to the investment possibilities that CIC sees in Canada.”……………………………………….Full Article: Source

Posted on 19 December 2013 by VRS |  Email |Print

It looks like the Volcker Rule will force one of the world’s biggest investors in hedge funds, China Investment Corp., to exit many of its fund stakes. The sovereign wealth fund, which ranks second on Hedge Fund Alert’s roster of the largest fund investors, is a U.S. bank holding company by virtue of controlling stakes in large Chinese banks with operations in the States.
That means it is subject to Volcker Rule provisions barring banks from investing in hedge funds and private equity vehicles run by unaffiliated managers. Unless it restructures its bank holdings, or takes advantage of narrow exemptions in the final version of the rule regulators adopted last week, CIC would have to liquidate its stake in any fund managed by a U.S. firm, as well as vehicles run by non-U.S. managers with backers in the States………………………………………..Full Article: Source

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