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Sovereign Wealth Funds Briefing 08.May 2014

Posted on 08 May 2014 by VRS |  Email |Print

When, in 2008, sovereign wealth funds met in Santiago de Chile, theycame together to adopt the Santiago Principles, covering issues of importance for SWFs including the setting of clear objectives, better coordination with macroeconomic policies, good corporate governance and transparent investment and risk management frameworks.
The name was given not just because the principles were finally agreed in Santiago de Chile, or because of the commitment to transparency and accountability of all SWF activities in the country. The name is also appropriate in that it recalls the pilgrims’ path to Santiago. It seemed that SWFs had taken that path before the global crisis of 2008-09………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

City Council members vote to condemn the Government of Brunei and other governments that engage in similar policies and requests that they divest themselves of all properties in Beverly Hills, including the Beverly Hills Hotel, despite pleas from dozens of hotel employees.
The Beverly Hills City Council proposed resolution to condemn the Sultan of Brunei for enacting legislation to allow stoning as a punishment for homosexuality and adultery, has drawn international media attention to the City Council meeting. The Brunei Investment Agency owns the Dorchester Collection………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

Mexico may abandon one of the world’s largest oil hedging programs as a new petroleum wealth fund gradually fills up with revenues from the opening of its energy sector, a deputy finance ministry official said on Wednesday.
The energy reform, approved late last year, is the cornerstone of President Enrique Pena Nieto’s plan to boost economic growth by attracting private investment to the oil and gas industry, dominated by ailing state-owned oil company Pemex……………………………………….Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

Veolia’s first-quarter revenue slipped as Europe’s warm winter weighed on its energy services unit, but volumes in waste were up for the first time in many quarters and the firm confirmed its earnings guidance.
Antoine Frerot, CEO of the corporate denied a media report that Veolia was in talks with Norway’s sovereign wealth fund about doubling its 3 percent Veolia stake and taking a seat on the board. He said the fund is a financial investor and does not engage itself for the long term. “There are no talks with the fund about becoming a structural investor in Veolia,” he said. State-owned holding company Caisse des Depots (CDC), Veolia’s lead shareholder with an 8.85 percent stake, said last month it no longer saw the stake as strategic………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

Norges Bank Investment Management (NBIM) has hired Citi to provide global custody services for the $850 billion investment portfolio held by Norway’s Government Pension Fund Global (GPFG), replacing JP Morgan Chase, which had inherited the mandate from Chase Manhattan Bank when it bought JP Morgan in 2000.
NBIM said the decision was made following a “comprehensive tender process” carried out using a request for proposals (RFP). A spokesperson for NBIM said today it hoped JP Morgan would replace Citi as its ‘back-up’ solution for global custody………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

The CBN has suggested to the National Conference Committee on Public Revenue and Finance to ensure that the country’s Sovereign Wealth Fund (SWF) is included in the constitution. The acting Governor of CBN, Serah Alade, who was represented by Deputy Governor, Corporate Services, Alhaji Suleman Barau, gave the advice during a presentation to the committee yesterday in Abuja.
According to the News Agency of Nigeria (NAN), Alade said the fund was intended to replace the Excess Crude Account (ECA), in order to provide long term savings for economic stabilisation, development of infrastructure and generational equity………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

Dubai’s state holding company has for the first time revealed financial results, as the Gulf emirate seeks to tempt investors back to its reviving economy.
The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline, the airport duty-free business and Emaar, a property developer, unveiled the detailed numbers as part of a move to raise about $750m in its first Islamic bond issue………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

Brazilian online sports goods retailer Netshoes has received a new round of $170 million investment led by Singapore’s sovereign wealth fund GIC. Other investors include Tiger Global Management, Singapore state investor Temasek Holdings, Iconiq Capital and Kaszek Ventures, GIC said in a statement.
Netshoes is the largest pure play e-commerce company for sporting goods in the world with a presence in Brazil, Argentina, and Mexico, GIC said………………………………………..Full Article: Source

Posted on 08 May 2014 by VRS |  Email |Print

As Asia-Pacific economies grow, creating wealthier societies, it’s the local retail fund and private banking markets that will generate close to 50% of net new flows and revenue opportunity for money managers over the next five years, according to a new whitepaper from Casey, Quirk & Associates LLC, a leading management consultant to the global asset management industry.
By contrast, the sovereign wealth funds and other government entities that controlled the bulk of professionally managed assets to date in the Asia-Pacific region will prove harder to target successfully by investment firms, as they increasingly move to manage assets internally………………………………………..Full Article: Source

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