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Sovereign Wealth Funds Briefing - Archive | May, 2010

IMF: The party’s over for Azerbaijan’s oil sector

Posted on 25 May 2010 by VRS  |  Email |Print

From Eurasianet.org: IMF has cautioned the government not to dip into its $16.2-billion-State Oil Fund to make up for lost economic growth.
The government has not commented on the findings yet. But at an April 15 cabinet meeting, President Aliyev maintained that Azerbaijan, despite a global economic recession, is still “demonstrating stable growth.”………………………………………Full Article: Source

Excess Crude Account to drop to $3.522 bln

Posted on 25 May 2010 by VRS  |  Email |Print

From Thisdayonline.com: Nigeria’s excess crude account (ECA) balance would drop to N528.373 billion ($3.522 billion) as soon as President Goodluck Jonathan approves the deduction of N339.627 billion from the account to augment arrears due to the three tiers’ federal, state and local governments.
The N339.627 billion arrears are the shortfalls between the budgeted allocation and the actual allocation to the three tiers of government……………………………………….Full Article: Source

Why Prudential gambles on Asian growth

Posted on 25 May 2010 by VRS  |  Email |Print

From BBC: Prudential launches its dual primary listing in Hong Kong and secondary listing in Singapore this Tuesday, paving the way for more Asian investors to buy its shares. The region’s large sovereign wealth funds, including Singapore’s government-controlled investment arm GIC, are said to be interested.
Asian investors will then have until 4 June to decide whether they want to participate in the rights issue, in which the insurer will make a discount offer of 11 new shares for every two that they own at £1. 04 ($2.09) each……………………………………….Full Article: Source

Temasek to build food zone in China’s Jilin Province

Posted on 25 May 2010 by VRS  |  Email |Print

From China Knowledge: Temasek Holdings Pte Ltd, Singapore’s sovereign wealth fund, is looking to build a food zone in northeastern China’s Jilin Province, in a bid to diversify Singapore’s food sources, Reuters reported.
The food zone will cover an area of 1,450 square kilometers and will be built in partnerships with Chinese regional authorities in agricultural and food processing, Temasek unit Singbridge said in a statement……………………………………….Full Article: Source

Temasek loses final antitrust appeal

Posted on 25 May 2010 by VRS  |  Email |Print

From Todayonline.com: Temasek Holdings has lost a final appeal in Indonesia’s Supreme Court on a ruling stating the Singapore investment company breached the country’s anti-monopoly laws, according to a statement posted yesterday on the court’s website.
The same court in Sept 2008 had rejected a previous appeal and upheld a judgment by Indonesia’s competition regulator KPPU that Temasek breached anti-trust laws by using indirect stakes in PT Telekomunikasi Selular (Telkomsel) and PT Indosat, Indonesia’s top two mobile-phone service providers, to fix prices……………………………………….Full Article: Source

‘Live, work and play’ in Iskandar

Posted on 25 May 2010 by VRS  |  Email |Print

From Thestar.com.my: Khazanah Nasional Berhad and Temasek Holdings Limited will form a 50-50 joint venture company to develop an iconic wellness township in Iskandar Malaysia involving the private sectors from both countries.
Malaysian and Singapore leaders who met here yesterday announced they expected the project to be launched within a year……………………………………….Full Article: Source

1 Indonesia’s Bumi plans placement of up to $375 mln

Posted on 25 May 2010 by VRS  |  Email |Print

From Guardian: Indonesia’s PT Bumi Resources, its biggest coal producer by output, said on Monday it plans to issue new shares equivalent to up to 10 percent of the total to a strategic partner in a deal worth up to $375 million. China’s sovereign wealth fund, China Investment Corp (CIC), will be the main buyer for the share placement.
Dileep Srivastava, Bumi’s director for investor relations, said the plan was to raise funds through a share placement later this year in order to pay down mounting debts of $3.48 billion……………………………………….Full Article: Source

Russia dominance under threat as UAE makes plan for Caspian gas

Posted on 24 May 2010 by VRS  |  Email |Print

From Gulf-times.com: The UAE is tapping its $328bn sovereign wealth fund to invest in gas-rich Turkmenistan, seeking fuel for its own use while potentially challenging Russia’s dominance as a supplier to Europe.
“We want to invest and we’ve been conducting negotiations for a long time,” UAE Oil Minister Mohamed al-Hamli said in an interview this month in the Turkmen capital, Ashgabat. “We have a special relationship with Turkmenistan. There is a genuine interest and a genuine determination with both countries to exploit this possibility.”……………………………………..Full Article: Source

DLF in talks with Singapore, Abu Dhabi SWFs to sell Aman stake

Posted on 24 May 2010 by VRS  |  Email |Print

From Business-standard.com: DLF, India’s largest real estate company, is in talks with sovereign wealth funds — Government of Singapore Investment Corporation (GIC), Abu Dhabi Investment Authority (ADIA) and Kuwait Investment Authority — to sell majority stake in luxury hotel chain Aman Resorts.
Sources close to the development told Business Standard that the deal could be worth around Rs 2,000 crore………………………………………Full Article: Source

Temasek mulls investment in China food zone

Posted on 24 May 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: Singapore state investor Temasek Holdings is studying plans to build a 1,450 square kilometer food zone in northeastern China in a bid to diversify the city-state’s food supply.
The food zone near the Chinese city of Jilin is a proposed collaboration with Chinese regional authorities in agricultural and food processing, Temasek unit Singbridge said in a statement………………………………………Full Article: Source

Temasek loses final appeal on Indonesian anti-monopoly ruling

Posted on 24 May 2010 by VRS  |  Email |Print

From Bloomberg: Temasek Holdings Pte lost a final Supreme Court appeal on a ruling stating the Singapore state- owned investment company breached Indonesia’s anti-monopoly laws.
The Supreme Court in September 2008 upheld a ruling by the nation’s competition regulator, which said Temasek breached antitrust laws by using indirect stakes in PT Telekomunikasi Selular and PT Indosat to fix prices, Junadi Masjhud, a spokesman at the nation’s anti-monopoly body said in an e-mailed statement today………………………………………Full Article: Source

CIC changes management team

Posted on 24 May 2010 by VRS  |  Email |Print

From WSJ: China Investment Corp., the $300 billion sovereign wealth fund, said Thursday it had appointed two former senior Chinese bankers to its management team, a move that comes as the fund steps up its overseas expansion while continuing to reform the state banking sector.
The fund is making changes to its management team, less than three years after it was established in late 2007, as it adjusts its overseas portfolio amid uncertainties in the global economy. ……………………………………..Full Article: Source

GCC ’should use foreign assets’ to fund oil

Posted on 24 May 2010 by VRS  |  Email |Print

From Business24-7.ae: Gulf countries and other Arab oil producers should use part of their overseas savings to fund hydrocarbon expansion projects to offset the squeeze in global liquidity. “Arab governments should continue making up for shrinking foreign capital inflows to the region by reallocating internally more of the assets invested abroad by their sovereign wealth funds,” an official Arab group said.
The Dammam-based Arab Petroleum Investment Corporation (Apicorp), which groups 10 Arab oil producers, said the global fiscal distress had forced regional nations to shelve several projects, adding that this had largely depressed the value of energy investments………………………………………Full Article: Source

Real assets provide genuine diversification for institutions

Posted on 24 May 2010 by VRS  |  Email |Print

From IPE: Has the Yale endowment model, which is followed to varying degrees by endowment and sovereign funds throughout Asia, become irrelevant? The question was asked by many of Asia’s most active investors when their portfolio returns slid 20% to 30% in the 2008-2009 period.
But with a change in fortune comes another re-think. Now, institutional investors are increasing their allocations to other areas of the alternative universe; namely real assets such as water, timber, natural resources and real estate………………………………………Full Article: Source

China finds policy job for forex reserves

Posted on 24 May 2010 by VRS  |  Email |Print

From Marketwatch.com: The State Administration of Foreign Exchange (SAFE) is leading a policy adjustment that taps China’s huge stash of foreign reserves for overseas loans through commercial banks.
Under an evolving reform project launched in recent months, SAFE has taken initial steps toward giving policy and commercial banks authority to handle loans for intergovernmental cooperation projects. ……………………………………..Full Article: Source

Sovereign funds flirt with commodities

Posted on 21 May 2010 by VRS  |  Email |Print

From Gulfnews.com: For a high-risk business and is often fraught with project, profitability and political risk, the metals and minerals sector has been surprisingly resilient over the past 12 months and continues to attract cross-border investor interest.

Some sovereign wealth funds (SWFs) that have not traditionally taken positions in this sector have been drawn to it by the prospect of continuing demand growth……………………………………..Full Article: Source

SWFs show reignited interest in shopping for U.S. property

Posted on 21 May 2010 by VRS  |  Email |Print

From Costar.com: Sovereign wealth funds (SWFs) have grown at a remarkable pace over the last decade, quadrupling from an estimated $1 trillion in assets under management in 2000 to $4 trillion today, and expected to hit $6 trillion within two years.
So it shouldn’t come as a surprise that U.S. property owners are abuzz about the new interest American real estate is generating among foreign investors representing such diverse governments as China, Singapore, Qatar and Norway……………………………………..Full Article: Source

Oman Fund becomes PVI’s strategic partner

Posted on 21 May 2010 by VRS  |  Email |Print

From Vnagency.com.vn: Oman Investment Fund, the sovereign wealth fund of Oman, has inked a deal with PetroVietnam Insurance to become its sole foreign strategic partner, through the acquisition of a 12.6-per-cent stake equivalent to 20.2 million shares from the insurer.

The acquisition is valued at VND808.3 billion (US$42.5 million)……………………………………..Full Article: Source

Norway-Global could choose to go direct

Posted on 21 May 2010 by VRS  |  Email |Print

From IPE: The Norway Government Pension Fund’s appointment of State Street as real estate fund administrator, including joint venture services, has led to speculation that the sovereign wealth vehicle will invest directly in global property markets.

The NOK140bn (€16.6bn) will begin constructing its real estate portfolio in September – following changes in legislation enabling it to gain exposure to the asset class…………………………………….Full Article: Source

Khazanah will continue to divest non-core assets in an orderly manner

Posted on 21 May 2010 by VRS  |  Email |Print

From Bernama: National investment arm, Khanazah Nasional Bhd, will continue to divest its non-core assets but in an orderly manner, said its managing director, Tan Sri Azman Mokhtar.

“The answer is Yes but we will do it in an orderly manner,” he said when asked whether Khazanah would be selling any of its non-core assets this year……………………………………..Full Article: Source

CIC executive: Worst of global financial crisis is over

Posted on 21 May 2010 by VRS  |  Email |Print

From Dow Jones: The worst of the global financial crisis is over though the effects of the crisis could last a long time, a senior executive with China’s $300 billion sovereign wealth fund said.

Jin Liqun, chairman of the supervisory board of China Investment Corp., made the remarks at a forum about equity-investment funds……………………………………..Full Article: Source

Impact of Europe crisis less than feared -China’s CIC

Posted on 21 May 2010 by VRS  |  Email |Print

From Reuters: Signs show that the impact of the sovereign debt crisis in Europe might be smaller than expected, a senior official with China’s sovereign wealth fund said on Friday.

Jin Liqun, supervisory board chairman of the $300 billion China Invstment Corp, was speaking on the sidelines of a financial forum……………………………………..Full Article: Source

CIC, KIC in talks to invest in Chesapeake Energy

Posted on 21 May 2010 by VRS  |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, and Korea Investment Corp, South Korean sovereign wealth fund, are in advanced talks to join a consortium that will acquire US$$900 million of convertible preferred stock in Chesapeake Energy, the Financial Times reported, citing unnamed sources as saying.

The report said that CIC and KIC will separately buy US$300 million worth of the preferred stock of the New York-listed company, a leading U.S. producer of natural gas……………………………………..Full Article: Source

Asian eyes on Kokusai fund as it reduces its exposure

Posted on 21 May 2010 by VRS  |  Email |Print

From Theaustralian.com.au: Several of Asia’s powerful sovereign wealth funds said currency traders in Hong Kong had started to build sizeable “short” positions in the euro - betting that the currency has further to fall and hedging against the losses that they would make if previous bets on the bonds of Greece, Portugal, Spain, Ireland and Italy turned sour.
However, analysts said that a decision by Kokusai Asset Management could be a critical point for the euro……………………………………..Full Article: Source

Dubai World, lenders agree on a deal to restructure debt

Posted on 21 May 2010 by VRS  |  Email |Print

From Indiatimes.com: Dubai World, whose default fears had rocked global markets, on Thursday said it reached agreement “in principle” with most of its bank lenders to restructure some $23.5 billion in debt.

The agreement still needs the backing of other lenders but appears to give the heavily-indebted Dubai some breathing space in dealing with the obligations of its state firms……………………………………..Full Article: Source

CIC appoints 2 former senior Chinese bankers as executive VPs

Posted on 21 May 2010 by VRS  |  Email |Print

From Dow Jones: China Investment Corp., the country’s US$300 billion sovereign wealth fund, said Thursday it had appointed two former senior Chinese bankers to its management team, a move that comes as the fund is stepping up overseas expansion while continuing to reform the state banking sector.

Fan Yifei, a former executive vice president of China Construction Bank Corp. who has extensive overseas experience, has been appointed an executive vice president at CIC, a statement posted on CIC’s website said. The statement said Fan has also been appointed the fund’s deputy chief operating officer……………………………………..Full Article: Source

Investment Corp. of Dubai CFO Hegarty to step down

Posted on 21 May 2010 by VRS  |  Email |Print

From Reuters: The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks.
ICD said in a statement on Thursday that Nicholas Hegarty’s departure comes at the end of a two-year fixed term……………………………………..Full Article: Source

Asia funds bet against the faltering euro as investors lose nerve

Posted on 20 May 2010 by VRS  |  Email |Print

From Timesonline.co.uk: Several of Asia’s powerful national or “sovereign” wealth funds said that currency traders in Hong Kong had started to build sizeable “short” positions in the euro — betting that the currency has farther to fall and hedging against the losses that they would make if previous bets on the bonds of Greece, Portugal, Spain, Ireland and Italy turned sour.

However, analysts said that a decision by Kokusai Asset Management could be a critical point for the euro. Within the past few weeks the Kokusai’s famous Global Sovereign Open fund, which is closely followed in the market, has twice reduced the amount of euro assets that it holds in favour of what it calls more “stable” investments such as Canadian dollars and Swedish kronor……………………………………..Full Article: Source

Asian sovereign wealth targets US shale gas

Posted on 20 May 2010 by VRS  |  Email |Print

From Marketwatch.com: Sovereign wealth funds China Investment Corp. and Korea Investment Corp. are in advanced negotiations to join a consortium planning to acquire $900 million of convertible preferred stock in New York-listed Chesapeake Energy Corp.
CIC and KIC are each expected to acquire about $300 million worth of preferred stock, the FT said……………………………………..Full Article: Source

Korea Investment Corp: Considering investing in Chesapeake energy

Posted on 20 May 2010 by VRS  |  Email |Print

From Dow Jones: South Korean sovereign wealth fund Korea Investment Corp. said Thursday that it is considering an investment in New York-listed Chesapeake Energy Corp (CHK).

A company official, who declined to be named, said that Korea Investment Corp., or KIC, was approached by Chesapeake about a potential investment but said no decision has been made and declined to give further details……………………………………..Full Article: Source

Brazil may pay revenues over 2010 fiscal target into sovereign fund

Posted on 20 May 2010 by VRS  |  Email |Print

From Dow Jones: If Brazil hits its primary surplus target of 3.3% of gross domestic product in 2010, extra funds could be set aside in a type of sovereign fund, said Treasury Secretary Arno Augustin Wednesday.

Speaking after a congressional committee meeting, he said that the government is monitoring the fiscal situation but strong tax revenues and the decision to cut the federal budget by 10 billion Brazilian reals ($5.4 billion) pointed to a steady rise in the surplus throughout the year……………………………………..Full Article: Source

State Street to administer Norway-Global’s property exposure

Posted on 20 May 2010 by VRS  |  Email |Print

From IPE: Norges Bank Investment Management has hired State Street to provide fund administration services for the Norway Government Pension Fund’s planned real estate allocation.

State Street will provide administration, accounting and director services for all of the fund’s property investments, which have yet to be built up following new rules enabling it to invest in the asset class, limited to 5% of its NOK2.76trn (€347bn) total assets under management……………………………………..Full Article: Source

SOFAZ head Shahmar Movsumov: We’re able to organize the management of any currency incomes at high level

Posted on 20 May 2010 by VRS  |  Email |Print

From Apa.az: The main purpose of State Oil Fund of Azerbaijan Republic’s (SOFAZ’s) establishment is to collect the incomes from oil and gas sales on the plan of realization of oil contracts. Presently, fund’s assets rises year after year. The assets made $ 16.2 bln. The second purpose of fund is to spend the means for necessity of current generation.
SOFAZ realized conservative investment strategy for a long time. SOFAZ’s assets are invested in state and corporatively valuable papers via investment credit rating……………………………………..Full Article: Source

Dubai World offers 30pct debt repayment in 5 yrs

Posted on 20 May 2010 by VRS  |  Email |Print

From Moneycontrol.com: State-owned Dubai World has offered to pay its bank creditors 30% of its debt over five years and the remainder in eight years, a report said on Wednesday, but local lenders are resisting pressure to agree.

Dubai World is in talks with a core panel of seven banks on a debt plan that proposes full repayment in two tranches over five and eight years at 1% interest and 1% payment-in-kind at the end of the loan……………………………………..Full Article: Source

UAE - Ras Al Khaimah poised for economic growth

Posted on 20 May 2010 by VRS  |  Email |Print

From Globalarabnetwork.com: The RAK Investment Authority (RAKIA) is one of the most important drivers of industrial development in the emirate. Since its launch in 2005, it has offered a wide and growing range of services to investors seeking to get established in RAK through free zones and industrial zones. By the end of 2009, some 2,368 companies had registered with the authority.

A broad range of manufacturing companies are now represented in the emirate. A break down by sector shows that in the free zones 36% of industries produce metals; 11% produce chemicals; 11% building materials; 6% rubber and plastics; 6% wood products; 4% electronics; 4% automotive products; and 2% processed foods……………………………………..Full Article: Source

SWF transactions highlight global recovery and new approaches to risk management in investing

Posted on 20 May 2010 by VRS  |  Email |Print

From Bi-me.com: Monitor Group, one of the world’s leading advisory and consulting firms, and Fondazione Eni Enrico Mattei (FEEM), a leading international research center based in Milan, Italy, has released its annual Sovereign Wealth Fund (SWF) report, entitled, Back on Course: Sovereign Wealth Fund Activity in 2009, which analyzes SWF transactions during the year.
“While the number and value of SWF transactions for the first two quarters of 2009 was the lowest for more than half a decade, by Q3, SWFs had realigned investment strategies with long-term goals, rethinking their approach to risk,” said William Miracky, a senior partner at Monitor Group. “We’re seeing an evolution in the behavior of SWFs; for example, for the first time we saw funds invest jointly to share risk while maintaining market exposure to a diverse range of asset classes and sectors, a trend we expect to continue.”…………………………………….Full Article: Source

SNB currency reserves jump amid fight to hold down franc

Posted on 20 May 2010 by VRS  |  Email |Print

From Marketwatch.com: The Swiss National Bank’s currency reserves jumped in April, underlining the scope of the central bank’s efforts to restrain the rise of the Swiss franc currency versus a tumbling euro.

SNB reserves rose to 153.6 billion Swiss francs ($133.5 billion) in April, up CHF28.7 billion from CHF124.9 billion, the Swiss Federal Statistics Office said Wednesday, according to Dow Jones Newswires……………………………………..Full Article: Source

Norway wealth fund slips to $443 bln in April

Posted on 19 May 2010 by VRS  |  Email |Print

From Reuters: Norway’s sovereign wealth fund fell by 0.15 percent in April to a preliminary 2.758 trillion Norwegian crowns ($443 billion) from 2.762 trillion at the end of March, central bank data showed on Tuesday.
The fund’s value has risen from 2.637 trillion crowns at the end of 2009. Commonly known as the “oil fund”, the Government Pension Fund — Global invests Norway’s oil and gas wealth in foreign stocks and bonds to save for future generations……………………………………Full Article: Source

Qatar leads the way as ‘sovereign funds make comeback’

Posted on 19 May 2010 by VRS  |  Email |Print

From Gulf-times.com: Sovereign wealth funds picked up their pace of spending in the second half of 2009 after an extended period of retrenchment during the global financial crisis, a recent study said. The last two quarters of 2009 accounted for 85% of what the funds publicly invested during the year, the study said.
The largest spender last year was the Qatar Investment Authority, which invested more than $32bn in 14 publicly reported transactions, according to the study conducted by Monitor Group, a consultancy in Cambridge, Massachussetts, and Fondazione Eni Enrico Mattei, a research institution based in Milan, Italy……………………………………Full Article: Source

Qatar could strengthen ties to Volkswagen

Posted on 19 May 2010 by VRS  |  Email |Print

From Reuters: Qatar, which controls 17 percent of the votes in Volkswagen, is considering teaming up with Europe’s largest carmaker for joint investments in the auto industry, according to a German magazine.
“We can help VW to expand, we could even create companies together,” said Hussain Ali Al-Abdulla, vice chairman of Qatar Holding and a member of the VW supervisory board, in an interview with German business magazine Capital……………………………………Full Article: Source

Qatar to invest $5 bln in Malaysia

Posted on 19 May 2010 by VRS  |  Email |Print

From Theasset.com: Qatar Investment Authority is proposing to invest USD5 billion in Malaysia under a memorandum of understanding (MOU) that it signed with 1Malaysia Development Berhad (1MDB), providing a framework for facilitating investment cooperation between the two entities.

Qatar Investment Authority (QIA) and 1MDB will explore, evaluate and implement investment opportunities in Malaysia, including in the energy sector and strategic real estate development in the Klang Valley. A joint committee will be established between the two parties to assess the viability and other commercial aspects of the various investment opportunities to be considered……………………………………Full Article: Source

Temasek buys $45mln Freeport stake in efforts to diversify

Posted on 19 May 2010 by VRS  |  Email |Print

From Asiaone.com: Temasek Holdings, Singapore’s state investment company, has bought a stake in Freeport- McMoRan Copper & Gold for nearly US$32 million (S$45 million), according to a regulatory filing seen by Reuters.

The stake purchase is its latest investment in the resources sector, in which it has poured more than US$1 billion in the last two months……………………………………Full Article: Source

Sovereign fund investments rise in second half of 2009

Posted on 19 May 2010 by VRS  |  Email |Print

From Bworldonline.com: Sovereign wealth funds picked up their pace of spending in the second half of 2009 after an extended period of retrenchment during the global financial crisis, a recent study said. The last two quarters of 2009 accounted for 85% of what the funds publicly invested during the year, the study said.

The largest spender last year was the Qatar Investment Authority, which invested more than $32 billion in 14 publicly reported transactions, according to the study……………………………………Full Article: Source

Different roots, but similar investment strategies for SWFs

Posted on 18 May 2010 by VRS  |  Email |Print

From Pionline.com: While sovereign wealth funds globally emerged under different circumstances, most are following a set of investment best practices established by the largest pension funds and endowments, according to several papers published earlier this year.
According to “Sovereignty in the Era of Global Capitalism: The Rise of Sovereign Wealth Funds and the Power of Finance,” by Gordon L. Clark and Ashby H.B. Monk of Oxford University, “the primary jolt” prompting many nations to create SWFs was the 1997 Asian financial crisis………………………………………Full Article: Source

Sovereign funds tightened the spigot

Posted on 18 May 2010 by VRS  |  Email |Print

From WSJ: The global financial slowdown prompted a sharp reduction in investment by sovereign-wealth funds in 2009, though their pace of spending picked up at the end of year, said a report by two research groups.
Monitor Group, a consultant in Cambridge, Mass., and Fondazione Eni Enrico Mattei in Venice, Italy, track publicly disclosed investments by sovereign-wealth funds, recognizing that many of the funds’ transactions may not be publicly reported. According to the report, the funds made $69 billion in equity investments in 2009, a 37% decline from 2008’s $109 billion………………………………………Full Article: Source

SWF transactions highlight global recovery and new approaches to risk management in investing

Posted on 18 May 2010 by VRS  |  Email |Print

“While the number and value of SWF transactions for the first two quarters of 2009 was the lowest for more than half a decade, by Q3, SWFs had realigned investment strategies with long-term goals, rethinking their approach to risk,” said William Miracky, a senior partner at Monitor Group. “We’re seeing an evolution in the behavior of SWFs; for example, for the first time we saw funds invest jointly to share risk while maintaining market exposure to a diverse range of asset classes and sectors, a trend we expect to continue.”
Analysis of SWF activity in the second half of 2009 found a resurgence in spending. Q3 and Q4 accounted for 85 percent of the 113 publicly reported transactions made by SWFs during the year, worth 85 percent of the overall value of $68.8 billion………………………………………Full Press Release: Source

Norwegian fund takes on leadership role

Posted on 18 May 2010 by VRS  |  Email |Print

From Pionline.com: The 2.76 trillion Norwegian kronor ($465 billion) Government Pension Fund-Global, Oslo, has increasingly asserted itself as a leader among sovereign wealth funds.
In the past year, the giant oil fund has taken new — and very public — strides in the areas of investment and transparency, while also boosting environmental, social and governance programs………………………………………Full Article: Source

Excess Crude Account: States face looming cash crunch

Posted on 18 May 2010 by VRS  |  Email |Print

From Punchng.com: There are indications that a number of states are facing a looming cash crunch, following dwindling monthly allocations from the Federation Account, an online financial intelligence website, economicconfidential.com, reports.
The report said that the cash crunch was due to dwindling revenue from oil, reckless spending by some state governments and arbitrary deductions to pay for the Joint Venture Cash Calls. The website learnt that only Lagos, Kano and Rivers states might survive the looming crunch, unless President Goodluck Jonathan approves the release of more funds from the Excess Crude Account; to beef-up the monthly allocations from the Federation Account………………………………………Full Article: Source

Temasek invests US$32 mln in Freeport

Posted on 18 May 2010 by VRS  |  Email |Print

From Dow Jones: Singapore state investment company Temasek Holdings has bought a small stake in New York-listed Freeport-McMoRan Copper & Gold Inc. (FCX) for around US$32 million, according to a regulatory filing seen by Dow Jones Newswires Monday.
The deal is the latest in a series of investments by Temasek in the resources sector since April………………………………………Full Article: Source

Cash-strapped Central Huijin considers bond issue

Posted on 18 May 2010 by VRS  |  Email |Print

From Eeo.com.cn: The cash-strapped Central Huijin Investment Company, the domestic investment subsidiary of China’s sovereign wealth fund - China Investment Corporation (CIC), is likely to issue yuan-denominated bonds.
Central Huijin, on the evening of April 30, announced that it will lower their dividend payout ratio paid by three state-owned banks including the Industrial and Commercial Bank of China, the Bank of China and China Construction Bank to 45 percent from 50 percent. It also announced it will participate in refinancing plans to raise their capital requirement to at least above 11.5 percent………………………………………Full Article: Source

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