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Sovereign Wealth Funds Briefing 27.Mar 2014

Posted on 27 March 2014 by VRS |  Email |Print

Sovereign wealth funds see emerging market turbulence as a long-term buying opportunity, but are wary of excessive exposure via some of their Western holdings such as luxury goods makers, a top investment official at Franklin Templeton said.
David Smart, who heads a team managing sovereign funds and supranational clients at Templeton, said the US$5 trillion sector could afford to ride out volatile swings thanks to its long-term horizons. “In terms of our client base, we haven’t seen any evidence of de-risking,” he said. “If anything we’ve seen willingness to take advantage of opportunities. They have the ability to withstand volatility. They see it as a long-term acquisition opportunity.”………………………………..Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

The Investment Company Institute published retirement data stating that December 31, 2013 retirement U.S. assets amounted to US$ 23 trillion. These assets increased 5% from 3 months ago. Employer-based defined contribution assets in the U.S. totaled US$ 5.9 trillion, in which US$ 4.2 trillion were in 401(k) plans.
sovereign wealth funds total US$ 6.357 trillion in assets surpassing 401(k) assets, U.S. government pensions and U.S. private defined-benefit plans. Increasingly, asset managers and private equity funds are courting sovereign wealth funds, mainly due to the massive growth of the investor class in the past decade………………………………..Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

China’s sovereign wealth fund agreed to pay $40 million for a stake of about 4.6 percent in iKang Healthcare Group Inc., the Beijing-based provider of preventive care that filed earlier this month for an initial public offering in the U.S.
China Investment Corp., which had about $575 billion in assets as of January, will buy iKang shares at the IPO price, according to documents filed yesterday with the U.S. Securities and Exchange Commission…………………………………Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

A senior official in China’s sovereign-wealth fund said the country’s economic growth so far this year has been disappointing but it is too early to draw alarm. China’s “first-quarter growth is not satisfactory but it is like a trial run–it does not represent the entire year,” said Li Xiaopeng, head of China Investment Corp.’s supervisory board, at a Credit Suisse investment conference in Hong Kong.
CIC’s supervisory board is responsible for monitoring the behavior of the sovereign-wealth fund’s directors and executives. “The very real growth takes place in [the second quarter], so don’t worry,” he said, noting the Lunar New Year holiday that traditionally skews China data in the first quarter…………………………………Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

China’s sovereign wealth fund has singled out global agricultural investments as a particular area of interest, with other favoured sectors including information technology, real estate and infrastructure.
We are interested in agricultural industry-not only in emerging markets but also in other markets,” said Li Xiaopeng, chairman of the board of supervisors at China Investment Corporation. “We hope agricultural investment can provide CIC with stable returns over the long term.”………………………………..Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

Sovereign wealth fund (CIC) Chairman Li expressed concern that it is becoming more difficult to find investible long-term projects, also noting that while QE may weigh on emerging markets in the short term, those challenges would likely be temporary. Li also said Q1 GDP in China thus far appears to be unsatisfactory, but Q2 will likely see “very real growth.”
China’s Ag Bank is up over 3% after reporting FY13 results overnight. Profits were in line, Rev above expectations, and NPL ratio fell 11bps to 1.22%…………………………………Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

Temasek Holdings Pte’s plan to buy a stake in the retail arm of billionaire Li Ka-shing’s Hutchison Whampoa will help the investment firm extend its reach in China and ease its reliance on the nation’s banks.
Singapore’s state-owned investment company agreed on March 21 to buy 25% of A.S. Watson & Co. for HK$44 billion ($7.2 billion), marking its biggest acquisition based on data compiled by Bloomberg. The health and beauty chain has stores in more than 20 Chinese cities including Shanghai and Beijing, according to its website…………………………………Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

China Huiyuan Juice Group Ltd will issue $150 million worth of convertible bonds to a unit of Singapore state investor Temasek Holdings (Pvt) Ltd, as China’s top pure fruit juice producer aims to expand its investor base.

Huiyuan said it will issue the bonds due 2019 to Temasek’s Baytree Investments (Mauritius) Pte Ltd. Temasek will indirectly hold 7.68 percent of the enlarged share capital of Huiyuan on full conversion of the bonds………………………………..Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

Abu Dhabi state-owned investment fund Mubadala Development Company and France’s CDC International Capital on Tuesday launched a 300 million euro ($414 million) investment vehicle to invest in a wide range of sectors in France.
The investments will mainly target equity stakes in private companies as well as other asset classes including real estate or infrastructure, a statement from Mubadala said. Both companies have agreed to commit 150 million euros each for joint investments to be managed by senior executives from the companies…………………………………Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

Palladyne International Asset Management BV was a “kickback and money laundering operation” for the former Libyan dictator Moammar Gadhafi’s regime, a former executive alleged in a lawsuit filed this week.
Palladyne is a focus of investigations into whether Goldman Sachs Group Inc. broke anticorruption laws in its dealings with the Libyan sovereign-wealth fund, said people familiar with the matter………………………………..Full Article: Source

Posted on 27 March 2014 by VRS |  Email |Print

Norway thus created what is now the world’s largest sovereign wealth fund at $840bn. It’s almost three times the size of the Kuwait Investment Office and that oil-rich state started building its nest egg 60 years ago.
Britain, by contrast, just poured its oil revenues into healthcare, education and other government expenditure. The UK has no sovereign wealth fund. Without the oil, our budget deficit would be even bigger, but we, unlike Norway, have 60m-plus people demanding a share…………………………………Full Article: Source

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