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Sovereign Wealth Funds Briefing 22.Jan 2014

Posted on 22 January 2014 by VRS |  Email |Print

In May 2012 the world’s largest sovereign wealth fund joined U.S. investors BlackRock and Waddell & Reed to buy a $1.6 billion stake in motor racing’s Formula One. The people who had worked on the deal for months were looking forward to celebrating their hard work.
Then they got an email from their boss. Under no circumstances were they to be seen drinking champagne in the VIP tribune at the Monaco Grand Prix. “We have high expectations in terms of ethical standards, also for ourselves,” says Yngve Slyngstad, the head of the fund, which invests $163,000 of oil and gas wealth for each man, woman and child in Norway……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

The Russian Direct Investment Fund (RDIF) and the European Bank for Reconstruction and Development (EBRD) announce a joint investment in Cotton Way, Russia’s leading commercial laundry and textile management company.
RDIF and EBRD will together invest up to 3.6 billion rubles [c$109m], with each party contributing fifty percent. The funds will be used by Cotton Way to continue to invest in industry leading facilities by constructing high efficiency laundry factories in key regions of Russia to further strengthen its market position and diversify its customer base……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Zimbabwe’s proposed sovereign wealth fund – gazetted in Harare last week – is unlikely to have a material impact on private investment. But, if well-managed, it could do wonders for the country’s bloated public sector. A draft parliamentary bill proposes that a maximum of 25 per cent of mining royalties should be paid into the fund to be managed by the Reserve Bank of Zimbabwe.
The SWF will “support fiscal or macroeconomic stabilization” and the achievement of the government’s long-term development objectives……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Nigerian Finance Minister Ngozi Okonjo-Iweala said the federal government wants to increase the capital of its $1 billion sovereign wealth fund this year even as state governors protest allocations before 2015 elections.
“We want to look at what we can do however small to ensure a steady streaming of income into the sovereign wealth fund,” Okonjo-Iweala, 59, said in an interview Sunday in the commercial capital, Lagos, declining to comment on the possible amount. “This is a very political year, so how we do it and what we do, we need to watch and see what the best moment is.”…………………………….Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, announced its support of the Ajyal Entrepreneurship and Leadership Programme.
The five week programme is geared towards training high school and university students aged between 15 and 24 years old, and developing their entrepreneurial and leadership skills……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Korea Investment Corp. (KIC) CEO Ahn Hong-chul is facing a dilemma in his bid to sell the state-run firm’s shares in Bank of America (BoA) because the sale will result in losses worth more than 1 trillion won.
There are voices of opposition to the sale because of the enormity of the losses that it will generate but some experts are calling for the sale to be deferred until the value of the stocks rebounds, instead of just abandoning the sale altogether……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

China’s $575 billion sovereign wealth fund, China Investment Corp (CIC), has appointed a new vice chairman and president as the incumbent is due for retirement, two sources with knowledge of the matter said.
Li Keping, CIC’s chief investment officer, will replace Gao Xiqing as the fund’s vice chairman and president, said the sources, who declined to be named because they are not authorised to speak to the media……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

A fresh reshuffle is reportedly underway at China’s s sovereign wealth fund CIC, with general manager Gao Xiqing retiring and chief investment officer Li Keping succeeding him, according to media. At 60, Gao’s retirement would not be a surprise, but his exit could raise questions over possible changes in CIC’s investment direction and reliance on external managers, notes Shanghai-based consultancy Z-Ben Advisors.
Reports of the switch follow the appointment of Ding Xuedong as the fund’s chairman in July last year,as reported. Still, Li himself is 58 years old and has a long history of working with Gao, dating back to their days at the National Council for Social Security Fund (NCSSF). This, Z-Ben suggests, may point to a continuation rather than a change of strategy……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

The country’s sovereign wealth fund, China Investment Corp. (CIC), has replaced its retiring president and vice chairman, Gao Xiqing, with vice president Li Keping, who has a reputation for wise overseas investments.
The Communist Party’s Organization Department announced the personnel change on January 20. Analysts say the appointment was expected.Li, 57, joined the CIC in July 2011 as a vice president. He also held the posts of executive director and chief investment officer. Before that he worked with the National Council for Social Security Fund in charge of overseas investment. Li started working there in 2001……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

While moving toward multi-polarity, the world is also moving toward a three-dimensional architecture. In terms of the GDP, trade and investment, in the past 20 years, the GDP share of G7 countries in the world dropped from 67% to 47% and that of emerging economies rose from 10% to 24%.
When we look at the global export, the former saw their share decrease from around 50% to 35% and the latter increased from 10% to 20%. Main emerging economies have grown from technology and capital importers to exporters and their share of global FDI soared from 4% in 2005 to 13% in 2012……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

China Investment Corporation (CIC) is ready to partake in setting up joint companies with Belarus, Belarusian Premier Mikhail Myasnikovich said in an interview to the Chinese newspaper China Daily in Beijing on 21 January, BelTA has learnt.
The Belarusian head of government met with the Chairman of the CIC Board of Directors on 21 January. Mikhail Myasnikovich presented Belarus’ economic potential. “Our economy is open, and we are extremely interested in intensifying investment activities,” he noted. The PM talked about the areas which can be of interest for the Chinese company. One of them is woodworking. In turn, CIC provided its concept and key principles of the company’s investment activity……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

GIC and partners to lease 102,000 square metres of New York office space as economic data from United States suggests upward trend. Singapore’s GIC is partnering a group of investors to buy US$1.3 billion worth of Manhattan office space from Time Warner, as the sovereign wealth fund steps up its purchases of real estate where it sees increasing value.
GIC, which has signalled its investments are driven by opportunity rather than geography, has been buying up real estate in developed markets as property prices recover from lows hit during the 2008-9 financial crisis……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Malaysian state investor Khazanah Nasional Bhd said political change in key emerging markets means it will have to approach investment more cautiously than last year, when its portfolio of assets reached a record $41 billion.
The sovereign wealth fund, which owns stakes in mobile services provider Axiata Group Bhd and property firm UEM Sunrise Bhd, has been increasing activity abroad to reduce the risk of being heavily invested at home……………………………..Full Article: Source

Posted on 22 January 2014 by VRS |  Email |Print

Khazanah Nasional Bhd wants all the seven government-linked companies (GLCs) under its stable (collectively called K7) to be highperforming entities with several of these companies emerging as regional champions by July 2015, in line with the aim of the GLC Transformation Programme.
“All K7 companies must graduate by July 2015,” MD Tan Sri Azman Mokhtar said. Azman said with the exception of Malaysian Airline System Bhd (MAS), which has given an average of -15.6% per annum (pa) for total shareholders return (TSR), the other companies have given good TSR with the lowest being Axiata Bhd at 6.8% pa and the highest being UEMSunrise Bhd at 37.1%……………………………..Full Article: Source

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