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Sovereign Wealth Funds Briefing 12.Feb 2014

Posted on 12 February 2014 by VRS |  Email |Print

While some sovereign wealth funds (SWFs) in the Gulf region can trace their origins back to the 1950s and 1960s as decolonisation gathered pace, fresh impetus was provided a decade ago when state coffers across the region swelled following a surge in average oil prices from $20 to over $100.
Though the 14 SWFs now operating in the Gulf may have a shared propensity for opacity, their investment objectives vary significantly – the conservatism of the Saudi Arabian Monetary Agency (SAMA), heavily invested in low yielding US T-Bills and other paper, contrasting sharply with the Abu Dhabi Investment Authority (ADIA), which champions portfolio diversification when it comes to allocation and asset type………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

Head of one of the world’s biggest sovereign wealth funds still keen on investing in UK and London. The head of one of the world’s largest sovereign wealth funds says the UK remains a “main destination” for investment despite doubts about the country’s future in the European Union and the outcome of the general election next year.
Ahmad Al-Sayed, chief executive of the Qatar Investment Authority, said the fund was a “long-term investor” and stressed it was committed to London and the UK………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

It is four years since the Qatar Investment Authority bought the store from Mohamed Al Fayed for £1.5bn, and the sovereign wealth fund laid out its future plans for the business. Speaking for the first time about the acquisition, his excellency HE Ahmad Al-Sayed, the chief executive of Qatar Investment Authority and chairman of Harrods, said more than £250m had been invested over the period.
A new 255,825 sq ft distribution centre in Thatcham, Newbury, airport boutiques, and a 30,000 sq ft fashion lab on the fourth floor have helped lift sales by 60 per cent over the period. The Harrods boss said there are plans to take the ‘business to the next level’………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

The government has added another US$550 million to the Nigerian Sovereign Wealth Fund (NSWF) as part of efforts improve power sector financing and overcome the current challenges in the sector, the local media reported Tuesday.
The private owned BusinessDay newspaper reported that the latest addition brings the total funds available to the NSWF to US$1.55 billion. The fresh allocation comes from the proceeds of the successful US$1 billion Eurobond offer last year, set aside to fund gas-to-power infrastructure………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

When the Sovereign Wealth Fund Institute, a US-based consultancy, published a list of the world’s “most significant and impactful public investor executives” last year, the usual names filled the top rankings.
Sandwiched between the heads of SWFs from oil-rich Norway and Abu Dhabi were the heads of Chinese and Kuwaiti state-owned funds. But there was one standout: Mr Masilela. The chief executive of the PIC ranked 14 out of 100………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

Transneft is considering applying to Russia’s National Wealth Fund for help financing expansion of the East Siberia-Pacific Ocean (ESPO) oil pipeline, a spokesman for the state-owned pipeline operator said Tuesday.
“We are looking at various options, we have not filed an application [for funds from the National Wealth Fund] yet, but it is under consideration,” the spokesman said. In recent months Transneft has stepped up attempts to secure additional financing since Russian authorities decided last year to freeze tariffs on crude shipments — a key revenue source for the company — for the duration of 2014………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

The Qatar sovereign fund is in talks with the main shareholder of Banca Monte dei Paschi di Siena to buy a 15-20 per cent stake in the troubled Italian lender ahead of its much-awaited rights issue, daily Il Messaggero said.
Loss-making Monte dei Paschi, which received 4.1 billion euros ($5.58 billion) of state aid last year after being hit by the sovereign debt crisis and a derivatives scandal, is looking to raise 3 billion euros in fresh capital………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

The Australian group and Middle Eastern sovereign wealth fund Abu Dhabi Investment Council have poured a further $US300 million into their 50-50 Japan logistics development joint venture, industry journal Private Equity Real Estate said.
In the latest move, the pair made equal $US150m contributions to the unlisted partnership, which has been developing four assets in major Japanese cities………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

GIC is continuing with its foreign property investment spree. Last week, it enlarged its stake in Bombay-listed property developer Phoenix Mills from 1.476 per cent to 5.023 per cent in an open market transaction worth 1.06 billion rupees (S$21.6 million).
This is the Singapore sovereign wealth fund’s fifth foreign property investment in as many months, after sealing deals in Jakarta, Australia, London and New York City………………………………………..Full Article: Source

Posted on 12 February 2014 by VRS |  Email |Print

Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource–exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization.
Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically………………………………………..Full Article: Source

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