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Sovereign Wealth Funds Briefing 24.Jan 2014

Posted on 24 January 2014 by VRS |  Email |Print

You may not know about it, but Hong Kong has a sovereign wealth fund.It’s called the Exchange Fund. It manages assets of HK$3 trillion, and its investment performance is abysmal. The Hong Kong Monetary Authority announced the Exchange Fund’s results for 2013. It managed a return of just 2.7 per cent.
When you consider that consumer inflation in Hong Kong last year was 4.3 per cent, that’s really not very impressive. In real terms the Exchange Fund’s return was negative………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

As Gao Xiqing, the president of China Investment Corp., steps down, those who work in alternative investments are waiting to see if there will be any changes in strategy at the world’s fourth largest sovereign wealth fund, which in the last few years has favored such investments.
In the last couple of years, the $575 billion fund has shifted its focus toward long-term investments. In 2012, the wealth fund said in its annual report that long-term investments including private equity, energy, mining, real estate and infrastructure would be a priority, with a bias towards fund investment, co-investment and direct investment. CIC is an investor in Chinese private equity firm Citic Capital………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

Kuwait’s sovereign wealth fund, one of the world’s largest, will focus on increasing its infrastructure investments in British, U.S. and European markets and is also looking at the international real estate sector, its managing director said.
Kuwait Investment Authority (KIA) Managing Director Bader al-Saad also told pan-Arab channel al-Arabiya that growth in capital and real estate markets was unlikely to carry on………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

The finances of Bahrain’s sovereign wealth fund Mumtalakat are improving, allowing it to look for new investments more agressively this year, its chief executive said on Thursday.
With $7.1 billion of assets under management at the end of September, Mumtalakat is one of the smaller sovereign funds in the Gulf, but it plays an important role in Bahrain’s economy: it holds stakes in 40 non-oil firms, including Bahrain Telecommunications and Aluminium Bahrain………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

Finance minister and coordinating minister for the economy Dr Ngozi Okonjo-Iweala has raised fresh alarm over the massive decline in the excess crude account (ECA) which is increasing the country’s risk of having a revenue crisis.
She echoed the concerns raised by the Central Bank of Nigeria (CBN) governor, Malam Sanusi Lamido Sanusi, on Tuesday. “We’re a little more vulnerable now than we were in the past,” Okonjo-Iweala said in a Bloomberg Television interview with Francine Lacqua at the World Economic Forum in Davos………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

Royal Dutch Shell and Mubadala Petroleum have swapped equity stakes in two exploration blocks off Malaysia, the companies said on Sunday. Mubadala has taken a 20 percent interest in the Shell-operated deepwater Block 2B and Shell has taken a 20 percent interest in the Mubadala-operated Block SK320 in return.
“The equity swap agreement is an important step for Mubadala Petroleum’s growth strategy in Malaysia and marks our first partnership in Southeast Asia with Shell, an important player in deepwater exploration,” Maurizio La Noce, chief executive of Mubadala Petroleum, said in a statement………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

If you more or less believe in the fundamental efficiency — that is, randomness — of markets, a lot of things get a lot easier. For instance you take losses more philosophically. If you lose money on an investment, that is not a sign that you should double down to make it back, nor is it a sign that you should stop investing altogether.
It is a sign that a weighted random number generator has produced some random numbers and now one of those numbers lives in your bank account. Later more numbers will be produced, but you cannot make them bigger numbers just by wishing for it to be so, or by yelling about it, or by filling your days with stress and lawsuits………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

The National Pensions Reserve Fund yesterday announced that following a competitive sales process it had agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a US-based private equity specialist.
The private equity fund interests comprised “investments in and commitments to 24 separate private equity funds”, the NPRF said. The commercial terms of the sale were not disclosed and the transaction is expected to be completed in the coming months………………………………………..Full Article: Source

Posted on 24 January 2014 by VRS |  Email |Print

The Italian Strategic Fund announced in a statement that Umberto della Sala, a chemical engineer, is joined by FSI with the role of “Business Expert”. The FSI team is strengthened, therefore, with the inclusion of a professional with solid skills in the industry.
Umberto della Sala has indeed matured over thirty years experience in the industrial sector in Foster Wheeler, a British company listed on NASDAQ and one of the world’s leading in the design and construction of industrial plants, of which he served - since 2007 - the ‘position of President and Chief Operating Officer at the global level.(Translated)……………………………………….Full Article: Source

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