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Sovereign Wealth Funds Briefing 08.Jul 2014

Posted on 08 July 2014 by VRS |  Email |Print

The market should disregard the short- term performance of the Exchange Fund, said Hong Kong Monetary Authority chief executive Norman Chan Tak-lam. HKMA yesterday revealed the latest official foreign currency reserve assets stand at US$320.9 billion (HK$2.5 trillion) at the end of June, up from US$320.2 billion in May.
Chan wrote in an article reviewing his work over the past five years that the fund - the reserve that the HKMA uses to defend the Hong Kong dollar - is not a sovereign wealth fund and the investment objective is not to pursue high returns.He stressed the necessity to hold enough highly liquid assets to meet short-term obligations…………………………………….Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Temasek Holdings Pte’s assets probably grew at a slower pace in the year to March because the value of some of its biggest financial assets declined. Singapore’s state-owned investment company, which releases its annual review tomorrow, may have increased the value of its holdings by about 4 percent to a record S$224 billion ($180 billion) in the year to March 31, according to CIMB Research Pte and Institutional Investor’s Sovereign Wealth Center.
That compares with an 8.6 percent gain in the previous year.China Construction Bank Corp. and Industrial & Commercial Bank of China Ltd., among the top four lenders in Temasek’s portfolio, declined as China’s economy heads for the weakest expansion in 24 years amid rising debt and a clampdown on shadow banking……………………………………..Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd’s (1MDB) plan to raise some US$3 billion (RM9.6 billion) from the listing of its power generation assets exercise is “quite ambitious” and will help 1MDB to unlock the value of its power assets, says MIDF Amanah Investment Bank Bhd.
Its head of equity research Syed Muhammed Kifni said the listing exercise will allow access to the capital market and may help the group’s quest for more power assets and concessions in view of the nation’s growing power demand……………………………………..Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, sold 4.21 billion rupees ($70.2 million) worth of shares in India’s Kotak Mahindra Bank Ltd in stock market deals on Monday, exchange data showed.
ADIA sold about 4.8 million shares at 874.55 rupees a piece, according to data from the Bombay Stock Exchange. Kotak Mahindra shares ended down 1.3 percent at 870.90 rupees, while the main Mumbai market index rose 0.5 percent……………………………………..Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Bankers are lining up a 1.5 billion euro ($2.05 billion) debt financing to back a potential formal bid for broadcasting masts group TDF’s French unit by Canadian pension fund PSP Investment, banking sources said on Monday.
TDF owners TPG, Ardian, Charterhouse and French sovereign wealth fund FSI decided last year to sell the company, hiring Goldman Sachs and Rothschild to manage the process. They hoped to fetch 4 billion euros to be able to repay TDF’s 3.8 billion euro debt pile and avoid a costly restructuring……………………………………..Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

The Norway Pension Fund-Global has begun recruiting for the team that will oversee an eventual 5% allocation of its $825 billion capital pool to real estate. Norges Bank Investment Management (NBIM), which oversees the asset allocation and implementation of strategy for the world’s largest sovereign wealth fund, has advertised three positions on its website—and the closing date is drawing near.
NBIM is looking for chief risk, administrative, and operations officers, who can choose to be located either in London or Oslo. All three positions would see the successful candidate become part of the fund’s Real Estate Leader Group……………………………………..Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Lady Thatcher was Britain’s greatest post-war leader but in one area of economic policy she erred. In the 1980s, as oil prices continued to skyrocket following the Islamic revolution in Tehran and the so-called “tanker war” in the Gulf, her government failed to realise the long-term benefits for the UK’s economy from the creation of a sovereign wealth fund (SWF) to recycle the tax revenues from Brent.
Without the involvement of these companies, which can use the very latest technology to find and then extract more oil from the North Sea, the hope of ever creating a UK sovereign wealth fund will be lost for ever…………………………………….Full Article: Source

Posted on 08 July 2014 by VRS |  Email |Print

Kazkommertsbank (KKB), one of the largest banks in Kazakhstan and Central Asia, has announced the completion of the acquisition of BTA Bank shares. In accordance with previous agreements, on 30 June, 2014, Kazkommertsbank and Kenes Rakishev, a 34-year-old entrepreneur and venture investor from Kazakhstan, each acquired 46.5% of BTA Bank’s shares from Kazakhstan’s state-owned Sovereign Wealth Fund Samruk-Kazyna, KKB said.
Simultaneously, Samruk-Kazyna transferred its remaining 4.26% stake in BTA to KKB in accordance with the Trust Agreement. This provided KKB with more than 50% of voting rights and operational control of BTA……………………………………..Full Article: Source

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