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Sovereign Wealth Funds Briefing 20.Feb 2014

Posted on 20 February 2014 by VRS |  Email |Print

When Saudi Arabia runs out of oil, what will sustain the nation of 28 million? That is the question that the nation’s leaders have thought long and hard about. One solution is putting surplus petrodollars into a sovereign wealth fund, which would invest that surplus in good times and provide steady interest income when the oil runs out.
Saudi Arabia has done just that, and now has the second largest sovereign wealth fund in the world with assets of $675.9 billion. At its present size, however, assuming an 8% annual return, which would yield interest income of $54 billion, the sovereign wealth fund would not be able to compensate for Saudi Arabia’s current oil income of around $300 billion a year………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

A U.S. appeals court on Wednesday rejected the Abu Dhabi Investment Authority’s effort to void Citigroup Inc’s arbitration win in a dispute over a $7.5 billion investment in the bank less than a year before the 2008 financial crisis.
The 2nd U.S. Circuit Court of Appeals in New York said the sovereign wealth fund did not meet the “high hurdle” of showing that an American Arbitration Association panel demonstrated a “manifest disregard of the law” or exceeded its powers in ruling for Citigroup………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

Keeping up with increasing compliance is of great concern to companies, and Singapore’s top sovereign wealth fund GIC Pte Ltd (formerly known as Government of Singapore Investment Corporation) is facing a similar challenge. But companies have to be careful not to let onerous rules hold them back, GIC group president Lim Siong Guan said at a plenary discussion yesterday.
“Compliance is a big challenge, the way I see GIC as a fund manager. And obviously, compliance is about making sure you follow the rules - and more so for GIC because it is the fund manager of the government and all our investments are in the name of the Singapore government, which means that there are other factors that we have to take into consideration, like reputational risks………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

Rothesay Life Ltd., the insurer run by former Goldman Sachs Group Inc. Managing Director Addy Loudiadis, agreed to buy a U.K. annuity business with about 3 billion pounds ($5 billion) of assets under management from MetLife Inc. (MET)
Rothesay, whose investors include Goldman Sachs, Blackstone Group LP and Singapore’s sovereign wealth fund, has been expanding in the retirement business as U.K. employers turn to insurers to handle obligations to former employees………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

China Investment Corp., in a major shift in strategy, is selling energy and commodities holdings while seeking to capitalise on recovering US and European economies.
Since late last year, the $600bn Chinese sovereign wealth fund has unloaded more than $1.5bn of shares in companies including US utility AES and Hong Kong-listed green energy firm GCL-Poly Energy, according to regulatory filings by the companies. CIC has also sold positions in two other Hong Kong-traded wind-power companies, according to filings………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

The ruble weakened for a third day on bets a Finance Ministry plan to replenish one of Russia’s wealth funds will blunt central bank steps to slow the local currency’s fall.
The ruble lost 0.5 percent to 41.6355 against Bank Rossii’s target basket of dollars and euros by 11:54 a.m. in Moscow. The yield on the government’s bonds due February 2027 rose six basis points, or 0.06 percentage point, to 8.38 percent………………………………………..Full Article: Source

Posted on 20 February 2014 by VRS |  Email |Print

Timor Leste’s (East Timor’s) Oil Fund ended 2013 with assets of US$14.9 billion, the Timor Leste Central Bank said in Dili Tuesday. In a statement the Central Bank said that in the period from September to December 2013 US$694.7 million was added to the fund, of which US$234.7 million came from contributions and US$370 million from royalty payments from the National Oil Agency (ANP).
“Income from the Fund’s investments totalled US$342.88 million, of which US$68.1 million were from coupon receipts and interest and US$274.77 million came from changes to the market value of the securities held,” the statement said………………………………………..Full Article: Source

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