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Sovereign Wealth Funds Briefing 16.Jan 2014

Posted on 16 January 2014 by VRS |  Email |Print

The Knesset Science and Technology Committee on Wednesday approved the creation of a sovereign wealth fund intended to offset moentary repercussions of new gas exports and invest the resources for Israel’s citizens. The export of natural resources, such as gas, can lead to an influx of foreign currency, strengthening the local currency and making the country’s other goods less attractive on world markets.
Sovereign Wealth Funds can offset the phenomenon, known as “Dutch Disease,” by setting that money aside and strategically investing it over a long period of time. It can also help the government distribute the wealth from the resource to the population by channeling it toward public goods like education and infrastructure………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Abu Dhabi Investment Authority (Adia) is in advanced negotiations to invest in New York’s renowned Time Warner Center alongside the Singapore sovereign wealth fund GIC. Adia, also a sovereign wealth fund, is in final negotiations, according to a source familiar with the deal.
The complex transaction will see the media giant Time Warner, the part owner and main tenant, eventually move staff out of the 2.8 million square feet office, retail and apartment complex at Columbus Circle………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, is investing alongside Singapore’s state fund GIC Pte in the headquarters of Time Warner Inc. (TWX) in New York City, according to a person with direct knowledge of the transaction.
The person, who asked not be identified because the deal is private, declined to disclose the Abu Dhabi fund’s share of the project or the amount invested. New York-based Related Cos., the lead developer of Time Warner Center, is in talks to buy the media company’s 1.1 million square feet (102,193 square meters) of space for $1.3 billion and bring in partners including GIC, people with knowledge of the transaction said in November………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has signed an agreement with the Pearl Initiative, a private sector-led non-profit organisation established to improve transparency, accountability and business practices.
The memorandum of engagement, signed by Mumtalakat chief executive Mahmood Al Kooheji and the Pearl Initiative’s executive director Imelda Dunlop, is aimed at encouraging and developing high standards of transparency and corporate governance in the region, reported the Gulf Daily News, our sister publication………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Fitch Ratings has affirmed Bahrain Mumtalakat Holding Company’s long-term issuer default rating (IDR) and senior unsecured rating at ‘BBB’. The agency has also affirmed Mumtalakat’s short-term IDR at ‘F3′. The outlook on the long-term IDR is stable.
Mumtalakat’s $750 million five per cent notes, due June 30, 2015, have also been affirmed at ‘BBB’. The company’s ratings are aligned with the kingdom (BBB/stable/F3), reflecting a strong relationship between it and the state………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

The Norwegian government announced last week that its citizens are now nominal millionaires, thanks to the size of the country’s sovereign-wealth fund portfolio. The fund is worth about 5 trillion Norwegian krone; the country’s population is about 5 million.
Actually, the idea that Norwegians are now part of the world’s wealthier 1 percent is more media hype than reality. Norway’s debt is 25 percent of its gross domestic product, and the government can only spend about 4 percent of the fund’s yearly income. Still, the fund highlights what a nation can do with its excess cash………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Malaysian sovereign-wealth fund 1Malaysia Development Bhd. has invited banks to pitch for a mandate to advise it on an over US$1 billion initial public offering, in what is tipped to be one of the largest such deals in Southeast Asia so far this year.
The banks have been asked to submit their bids for a role on the deal by the end of this month, people with knowledge of the process said Wednesday, adding that the planned offering is slated to take place in the first half of this year. The sovereign-wealth fund plans to list its energy assets, including those it bought in a controversial debt-fueled acquisition a couple of years ago, the people said………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

CITIC Capital Holdings Ltd, a unit of China’s sovereign wealth fund, has invested in a new U.S.-based asset management fund set up by former executives of bankrupt hedge fund FX Concepts, two sources familiar with the matter said on Wednesday.
The new fund will be run by Bob Savage, FX Concepts’ former chief operating officer and chief strategist, and Ron DiRusso, the firm’s co-chief investment officer and director of research. DiRusso had also managed FX Concepts’ volatility fund, one of the few funds that performed well near the end of the firm’s run………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Mainland investments in the European property market tripled last year, with Britain and Germany as the top destinations, and the momentum is likely to continue this year. Insurers, developers and wealthy individuals have joined China’s sovereign wealth fund in seeking to diversify their assets outside Asia, research firm Real Capital Analytics (RCA) said.
China Investment Corp, the country’s US$575 billion sovereign wealth fund, this month agreed to buy Chiswick Park, a West London office development, from US private equity group Blackstone for about €917 million………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

China Investment Corp. (CIC), the mainland’s $575 billion sovereign wealth fund, is shifting its focus away from the energy sector towards investments in infrastructure in both developed and emerging markets, said Chairman and CEO Ding Xuedong.
“I am interested in investment opportunities in infrastructure around the world. In the next 5-10 years, infrastructure investment will be a big theme for both emerging and developed markets. So, we want to increase our investment to get better returns,” Ding told CNBC on Tuesday………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

The China Investment Corporation (CIC) will remain heavily invested in developed markets, despite some regulatory difficulties with investing in the US. Chairman and CEO Ding Xuedong told CNBC his sovereign wealth currently invested more than half of its ¥3.5 trillion ($500 billion) in developed economies, and planned to remain overweight for the foreseeable future.
“This is because we are seeing a strong economic rebound in the US over the past two years and Europe is also in recovery,” he said………………………………………..Full Article: Source

Posted on 16 January 2014 by VRS |  Email |Print

Traditionally, economists have advised countries where oil, gas or mineral reserves are discovered to invest extractives revenues abroad, ensuring a continuous future revenue stream from the return on accumulated foreign assets. The structure to do this became known as a Sovereign Wealth Fund (SWF).
More recently, it has become accepted policy for resource-rich developing countries to invest a larger share of resource revenues at home, through the national budget. Now, some of these countries are turning the concept of the SWF on its head by using SWFs directly for national investment, particularly in infrastructure………………………………………..Full Article: Source

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