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Sovereign Wealth Funds Briefing 12.May 2014

Posted on 12 May 2014 by VRS |  Email |Print

Cyprus took a step closer to establishing a sovereign wealth fund (SWF), after finance minister Harris Georgiades told this year’s Mediterranean Oil and Gas Conference that he would submit a framework for the institution by the end of the year. The Cypriot authorities pledged to set up a ‘resource fund’ in a memorandum of understanding (MoU) with the International Monetary Fund (IMF) last year – one of many reforms deemed necessary to “rearrange” the country’s energy sector.
There are significant untapped gas deposits below the Levantine Sea, and Cyprus is preparing for a windfall if they can be exploited. Noble Energy, a Texan company exploring the region, estimates there are five trillion cubic feet of gas in one particular field, known as ‘Block 12′………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

The Central Bank of Nigeria (CBN), a few days ago, reopened the de­bate on the legality, or otherwise, of the Sovereign Wealth Fund (SWF) when it sought the assistance of the Public Finance Committee of the ongoing National Conference for a full constitutional provision for the fund.
The establishment of the fund by President Goodluck Jonathan in 2012 to replace the Excess Crude Account (ECA) has been a contentious legal issue that has split the Federal Government and state governors………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

Thanks to exhaustive efforts by Deloitte – at least the fourth big advisory name to work for the LIA, following Ernst & Young, Mercer and KPMG – Breish can now state with confidence that the fund has $66 billion in assets, roughly half of it invested in a legacy of direct equity stakes in some 550 companies worldwide, and the other half in a mixture of equities, alternatives, bonds and cash.
Breish’s first priority is to find the staff to manage this money properly, he tells Euromoney in a wide-ranging interview. The CEO must be Libyan, “for obvious reasons,” he says, although not everyone agrees with that caveat. “If we have a highly successful Spanish coach of the national football team [Javier Clemente, who just helped Libya win the African Nations Championship, the team’s first international title], why can’t we have a foreign head of the LIA?” asks one Libyan banker. “Why can’t we just get the best person?”……………………………………….Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

Temasek Holdings Pte, the Singapore state-owned investment company, will start a venture with Dymon Asia Capital (Singapore) Pte to back new hedge fund managers and strategies as it becomes a minority stakeholder in the firm.
Temasek committed $500 million initially that will be managed by Dymon, a hedge-fund manager based in the island-state, according to Dymon President Jay Luo. Luo and Dymon Managing Director Ben Freischmidt will be leading the new venture for Dymon, according to an e-mailed statement………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

Singapore-based asset manager Dymon Asia Capital has received commitment worth $500 million from Temasek Holdings to jointly invest in hedge funds, Dymon said in a statement on Monday.
The first investment from the venture will be in Port Meadow Fund to be managed by SAC Capital portfolio manager Carl Vine. The long/short equity hedge fund is expected to be launched in the second quarter. The new seeding venture is led by Dymon President Jay Luo and Managing Director Ben Freischmidt………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has led a round of investment of about US$170 million (S$212 million) in a Brazilian online retailer of sporting goods. The investment in Netshoes comes about a month after the firm opened an office in Sao Paolo, a sign of its growing foothold in Latin America.
Mr Wolfgang Schwerdtle, senior vice-president of GIC Special Investments, said Netshoes was “one of the strongest e-commerce players in the world”. GIC Special Investments is the fund’s private equity arm……………………………………….Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

The big idea is to set up a trillion-dollar sovereign wealth fund created out of the shareholding of public sector undertakings to put India back on the path of high growth and development.
In 2013-14, the government’s disinvestment program too was a failure having raised only 3 percent of the Rs 40,000 crore target through disinvestment of public undertakings. With the government refusing to give up its iron grip on poorly performing PSUs we are suggesting a middle path……………………………………….Full Article: Source

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Singapore’s United Overseas Bank (UOB) recently signed a new lease to occupy more than 30,000 sq ft in Citibank Plaza at 3 Garden Road in Central, one of the biggest office complexes in the city, according to property agents familiar with the deal. The floor to be taken by UOB used to be office space for a major American bank in Hong Kong.
UOB is not alone in the latest wave of financial industry competition for top-end office space in the city. China Securities (International), a mainland brokerage partly owned by China Investment Corp - the mainland’s sovereign wealth fund - recently expanded its Hong Kong office at Two Exchange Square in Central from the existing 6,602 sq ft to the entire floor of about 13,000 sq ft, property agents said………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

Over the past year sovereign funds have been snapping up prime properties in
London and have begun to make inroads into Europe - a wave of activity that’saccelerating. In December, Singaporean sovereign wealth fund GIC purchased a 50 percent stake in Broadgate, a sprawling office complex on the edge of the City of London financial district, for GBP 1.7 billion, in one of 2013’s biggest deals.

And in January of this year, China Investment Corp., a $650 billion sovereign wealth fund, shelled out GBP 800 million for Chiswick Park, a 33-acre (13-hectare)office park in West London………………………………………..Full Article: Source

Posted on 12 May 2014 by VRS |  Email |Print

The Bank of England has bought some £375bn of government bonds (gilts) under QE, equal to £6,000 for every person in the country. These bonds could be sold off and the proceeds used to establish a UK sovereign wealth fund aimed at financing UK infrastructure projects. As our release last week showed, QE has failed to stimulate investment.

£375bn could pay for HS2 and a new London airport 4 times over. Alternatively it could finance the building of 2 million new homes. It is equal to the entire infrastructure pipeline outlined in the National Infrastructure Plan of March 2014. Globally, there is over $6 trillion invested in sovereign wealth funds. The largest fund is Norway’s which has over $800bn invested, $170,000 for every man, woman and child in Norway………………………………………..Full Article: Source

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