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Sovereign Wealth Funds Briefing 13.May 2014

Posted on 13 May 2014 by VRS |  Email |Print

The Government Investment Corporation of Singapore has sold its 8 per cent stake in GPT Group for $505 million in a deal that is likely to reap the sovereign wealth fund a windfall of up to $400m. GIC first bought its 12 per cent interest in 2008 for as little as 60c a share, and its selldown last night will take the value of block trades in the Australian listed real estate sector to at least $1 billion in the past year as investors ride the wave of improving market conditions.
Investment bank UBS has managed the selldown, which was under way last night with the shares offered at $3.81, a 2.7 per cent discount to yesterday’s closing price of $3.90………………………………………..Full Article: Source

Posted on 13 May 2014 by VRS |  Email |Print

U.K. prosecutors will question Robert Diamond, former chief executive officer of Barclays Plc (BARC), in a probe into fees paid to Qatar’s sovereign-wealth fund as the bank sought to raise money to avoid a government bailout, according to a person familiar with the matter.
The investigation centers on 322 million pounds ($544 million) the London-based bank paid the Qatar Investment Authority as it was raising 7 billion pounds in 2008 from investors, including the Qataris, during the financial crisis. Diamond was head of Barclays’s investment bank at the time of the fundraising………………………………………..Full Article: Source

Posted on 13 May 2014 by VRS |  Email |Print

Regulatory scrutiny has increased FCPA risks for private equity and hedge funds in their dealings with sovereign wealth funds.
The US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) are openly targeting the financial industry, and in particular private equity firms and hedge funds, in enforcing the Foreign Corrupt Practices Act (FCPA). Their focus has intensified in recent months……………………………………….Full Article: Source

Posted on 13 May 2014 by VRS |  Email |Print

Wessal Capital, a joint venture created by Morocco and four Gulf States, will invest 9 billion dirhams ($1.10 billion) in tourism infrastructure in the Moroccan capital Rabat, a statement from the fund said on Monday.
Wessal Capital fund is focused on tourism development in Morocco and is supported by Qatari fund Qatar Holding, the Kuwait Investment Authority’s Al Ajial Investments, Abu Dhabi’s sovereign wealth fund Aabar, Saudi Investment Fund and the Moroccan Fund for Tourism Development (FMDT)………………………………………..Full Article: Source

Posted on 13 May 2014 by VRS |  Email |Print

Temasek Holdings has committed an initial US$500 million (S$625 million) to start a hedge fund seeding venture with Singapore-based asset manager Dymon Asia Capital, at a time when the Asian industry is starting to recover after six years of sluggish growth.
Temasek will become a minority stakeholder in Dymon as a result of the arrangement, the hedge fund said in a statement. Dymon president Jay Luo and managing director Ben Freischmidt will lead the new venture. The capital will be used to seed new strategies and fund managers, and manage all non-investment functions to allow managers to focus on their trading activities………………………………………..Full Article: Source

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