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Sovereign Wealth Funds Briefing 17.Feb 2014

Posted on 17 February 2014 by VRS |  Email |Print

China Investment Corporation (CIC), the nation’s sovereign wealth fund, plans to collaborate with Chinese enterprises in jointly explore overseas investment opportunities, Shanghai-based China Business News reports, citing CIC chairman Ding Xuedong.
As part of the collaboration, CIC hopes domestic enterprises can lead and control overseas investment targets, while it will be a minority financial investor with no intention of seeking management control, Ding said………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Sovereign wealth fund, China Investment Group, announced it had appointed chief investment officer Li Keping as vice chairman and president. CIC, headed by chairman Ding Xuedong, had more than US$500 billion in assets under management at the end of 2102.
Born in 1956, Li replaces founding president Gao Xiqing, who turns 61 this year. China’s official retirement age is 60 for men. Li was chief investment officer since 2011, according to the official website. The economics graduate from Peking University was previously an official with the State Council, and deputy chairman of the National Council for Social Security Fund, China’s largest such fund………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

In one of the biggest deals in the Indian hospitality industry, sovereign wealth funds of Abu Dhabi, Qatar and Malaysia are vying with each other to acquire two of India’s marquee properties for about US$322 million, said a news report.
All the three funds are big time investors in leisure and tourism assets. Abu Dhabi Investment Authority, the world’s third biggest sovereign fund with US$627 billion of assets, recently bought Australia’s largest owner of hotels, Tourism Asset Holdings………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

The objective of the sovereign wealth fund, however, is not to be a stagnant financial reserve. Norway, the country with the largest sovereign wealth fund in the world, has avoided the “resource curse” by not spending its oil revenues.
However, Jens Stoltenberg… states, “The problem in Europe with the deficits and the debt crisis is that many European countries have spent money they don’t have. The problem in Norway is that we don’t spend money we do have.”……………………………………….Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

The New Zealand Superannuation Fund insists it has done the right thing by investing in an American wind energy project after criticism from an energy analyst. Late last year, the fund announced it was investing $55 million in a new wind turbine development run by an American company called Ogin.
Ogin is a not-yet-listed start-up company using aerospace technology to produce wind turbines. New Zealand energy analyst Dougal McQueen says in six years the company has not produced a single product and its technology has been shown not to work………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Online education platform and English-learning institution TutorGroup announced it has raised $100 million in strategic funding from Alibaba, Temasek Holdings, and Qiming Venture Partners. The latest figure adds to its $15 million round raised in April 2012.
According to a report by VentureBeat, with its new funding from Chinese and Singaporean investors, it plans to build its brand within the Asia region………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Saudi Arabia’s SAMA (which is the country’s central bank), has foreign holding assets totaling $679.5 billion, while Abu Dhabi Investment Authority’s (ADIA) assets are estimated at around $627 billion. Kuwait Investment Authority, known as KIA, is estimated at around $386 billion, while the Qataris, through their powerful Qatar Investment Authority (QIA), are estimated to have $170 billion worth of assets.
All of these powerful financial institutions clearly have a wide mandate from their government to invest and diversify the base of their respective national economies. However, they dramatically differ in the strategies and approaches………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Resource-rich African countries are busy setting up sovereign wealth funds, but critics say the funds may not serve the long-term interests of poor countries that still need to invest in basics such as schools and roads.
Three oil producers, Angola, Ghana and Nigeria, started funds in the last two years. Before them, only Botswana, Gabon and Equatorial Guinea had such schemes. Other countries are following. Zambia and Liberia announced plans for funds last month. Tanzania, Kenya, Uganda, Mauritius, Mozambique and Zimbabwe have similar intentions………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

A year ago, I reported for Euromoney magazine that the Libyan Investment Authority was preparing litigation against Goldman Sachs for disastrous trades the American bank had put the Libyan sovereign wealth fund into in early 2008.
Nothing happens fast in Libya, and the top management of the fund has changed since our story. But on January 28, its lawyers lodged a claim at London’s High Court, accusing Goldman of “deliberately exploit[ing] the relationship of trust and confidence it has established with the LIA.”……………………………………….Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

The nondescript building housing the South African Public Investment Corporation (PIC) in a business park in Pretoria gives little indication of its power. Yet from his office inside it, Elias Masilela controls nearly $150bn (R1.6-trillion) that he is increasingly channelling into investments across Africa.
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 sovereign wealth funds from oil-rich Norway and Abu Dhabi were the heads of Chinese and Kuwaiti state-owned funds. But there was one standout: Elias Masilela. The chief executive of the PIC ranked 14 out of 100………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) has committed $100 million to the development of the power sector, as part of its focus on the infrastructure development in the country. Making the disclosure at a lecture he presented at the Founders day of the University of Port Harcourt, Managing Director and Chief Executive Officer of NSIA, Mr. Uche Orji, said the NSIA was committed to the development of key infrastructure in the country.
He also disclosed while delivering the lecture titled: ‘The Role of Sovereign Wealth Funds (SWF’s) as a Tool for Economic Development’, that the NSIA had narrowed its immediate focus to five key subsectors out of 18 subsectors of infrastructure, namely power, motorways, agriculture, healthcare and real estate, adding that as capital grows, the authority would expand to other subsectors of infrastructure………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Qatar Investment Authority’s (QIA) global fund is open to partnerships across the world and not limited or restricted to a specific area or a country. The objectives of the QIA are to be managed on business rules and principles and achieve reasonable revenues, said QIA Chief Executive Officer Ahmad Al Sayed.
Talking to a global television channel in London, his maiden interview to a media after assuming his office, Al Sayed said the strategy of QIA is mainly inspired by the vision of H H the Emir that QIA is a saving fund for the future. “The QIA is working with a professional management team to enhance our return and achieve our objectives,” he said………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

The CEO of Qatar Investment Authority has pinpointed the United Kingdom as a key market in which the sovereign wealth fund is looking to invest. Ahmad Al-Sayed, the CEO of Qatar Investment Authority, has spoken publicly for the first time since his appointment in an interview with Bloomberg TV.
Al Sayed outlined some of the key focuses for QIA, stressing that it is a global fund open to partnerships all over the world and not limited or restricted to a specific area or a country………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

H.E. Ahmad Al-Sayed, the CEO of Qatar Investment Authority , spoke publicly for the first time since his appointment to confirm the vision for QIA . In an interview with Bloomberg Television in London, Mr. Al Sayed noted that the strategy of QIA is mainly inspired by the vision of His Highness the Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, Chairman of QIA , considering the QIA as a saving fund for the future.
“The QIA is working with a professional management team to enhance our return and achieve our objective.”, he said………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

Norway’s $800bn sovereign wealth fund should be allowed to increase exposure to “real assets” such as equities and infrastructure, and trim back on bonds to find a better balance between improving returns and hedging against risk, Øystein Olsen, the country’s central bank governor, suggested on Thursday.
In an interview with The Wall Street Journal, the chief of Norges Bank, which manages the giant fund - also known as the oil fund - said that cutting the vehicle’s bond exposure to between 20% and 25% of its holdings from 35% currently could be appropriate as this could enable the fund to “get markedly higher yields in the other asset classes”………………………………………..Full Article: Source

Posted on 17 February 2014 by VRS |  Email |Print

After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business, Tengrinews reports. The National Fund that created in 2000 accumulates windfall oil profits that would serve as a cushion for the country’s economy in the case of emergency. The Fund has accumulated about $68.9 billion so far.
“It is exactly the situation when the State uses its reserves to provide emergency relief to the economy. I instruct to allocate $5.4 billion to provide long-term money loans that will ensure the growth of the economy,” Nursultan Nazarybayev said at the enlarged meeting of the Cabinet in Astana………………………………………..Full Article: Source

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