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Sovereign Wealth Funds Briefing - Archive | December, 2011

Norwegian oil fund seeks proxy access to six US companies

Posted on 07 December 2011 by VRS  |  Email |Print

Europe’s largest pension fund is looking to change the internal rules of six US companies, arguing that it and other institutional investors should not be burdened with “cumbersome and costly” procedures when seeking to nominate board members.
The NOK3trn (€388bn) Norwegian Pension Fund Global (NPFG) said it had filed shareholder proposals for proxy access at the six firms – Charles Schwab, Western Union, Staples, Pioneer Natural Resources and CME Group – in which it holds a combined stake of $1.4bn (€1bn)………………………………………..Full Article: Source

China’s new foray westward for deals

Posted on 07 December 2011 by VRS  |  Email |Print

China’s sovereign wealth fund, China Investment Corp., tried a similar approach to CDB by taking stakes in Morgan Stanley and Blackstone. However, US suspicions have lingered despite CIC’s efforts to prove itself a good corporate citizen.
Kurt Bjorklund, Permira’s co-managing partner, says Chinese investors are becoming more sophisticated. “Chinese firms are learning how to address commercial and political sensitivities,” he said………………………………………..Full Article: Source

China’s sovereign fund may give ‘indirect’ support to Europe

Posted on 07 December 2011 by VRS  |  Email |Print

China’s sovereign wealth fund may give “indirect” support to Europe through investments without being the nation’s main route for any aid, said Jesse Wang, the executive vice president of China Investment Corp.
The fund “wouldn’t be the main channel” if China helps tackle the sovereign-debt crisis, Wang said in an interview at a forum in Beijing yesterday. “However, if during such a process there are good investment opportunities in Europe and if CIC’s investment helped the destination company or country to recover and developed the economy, that would be indirect support.”……………………………………….Full Article: Source

Jasper rises on Temasek investment

Posted on 07 December 2011 by VRS  |  Email |Print

Shares of Singapore oil and gas services firm Jasper Investments Ltd jumped as much as 13 percent on Wednesday to a near one-month high after it said Singapore state investor Temasek Holdings had become a substantial stakeholder.
A unit of Temasek Holdings acquired 41 million shares in Japsper through a placement, increasing its stake in the firm to 5.88 percent, Jasper said in a filing to the stock exchange on Tuesday……………………………………….Full Article: Source

Japan foreign reserves hit record

Posted on 07 December 2011 by VRS  |  Email |Print

Japan’s foreign-exchange reserves hit a record in November, the Finance Ministry said Wednesday, after aggressive efforts by the government to weaken the yen through market intervention boosted the country’s dollar holdings.
The country’s foreign-exchange reserves rose $94.88 billion from the previous month to a record $1.305 trillion, the finance ministry said. The amount of increase was also a record………………………………………..Full Article: Source

Norway fund targets US firms

Posted on 06 December 2011 by VRS  |  Email |Print

Anne KvamNorway’s sovereign-wealth fund, a big shareholder in some U.S. companies, is pushing to make it easier to replace directors at firms, including Wells Fargo & Co., over concerns about financial performance and governance.
The board of Wells Fargo and five other U.S. companies “need to establish better trust with shareholders,” said Anne Kvam, global head of ownership policy at Norges Bank Investment Management, which manages the $550 billion Norwegian Government Pension Fund Global. “Governance is a financial risk if there is a flawed structure.”……………………………………….Full Article: Source

Khazanah’s divestment of Proton will be tricky

Posted on 06 December 2011 by VRS  |  Email |Print

Stemming from the perceived success of its divestments in Time dotCom Bhd and POS Malaysia Bhd, Khazanah Nasional Bhd is said to be looking to do the same with its controlling stake in Proton Holdings Bhd. If that is true (Khazanah has declined to comment on the rife speculation on its planned Proton sale), this divestment is going to be one of its trickiest thus far.
Unlike Time dotCom and POS (which are involved in more simpler businesses one which essentially earns it money by providing high-speed Internet access and the other by providing postal services and adding on services such as financial products), Proton is in a cut-throat industry that has seen many giants collapse over the years………………………………………..Full Article: Source

China signals reluctance to rescue E.U.

Posted on 06 December 2011 by VRS  |  Email |Print

Lou Jiwei, chairman and chief executive of the China Investment Corporation, a $374 billion sovereign wealth fund that is managed independently of the foreign exchange reserves, has also tried to dispel speculation that it might buy a lot of European bonds.
He suggested a week ago that his fund might invest in roads, bridges and other infrastructure projects in Europe, part of a broader Chinese interest in fixed assets, rather than helping countries finance their budget deficits………………………………………..Full Article: Source

Manager of China’s sovereign wealth and Trustee Gao Xiqing speaks to students

Posted on 06 December 2011 by VRS  |  Email |Print

When Board of Trustees member Gao Xiqing was a railroad worker in China, the only book he had to read was Chairman Mao Zedong’s “Little Red Book.” Gao, president of the China Investment Corporation and Law ’86, visited Duke for the December Board meeting this weekend, but while here, also spoke to more than 100 members of the Duke community.
Gao discussed his upbringing in China and the changing relationship between his native land and the United States in an open session Saturday. Gao acknowledged the tension between China and the United States but encouraged increased collaboration between the countries, expressing support for communism in China………………………………………..Full Article: Source

Qatar and Malaysia set up fund

Posted on 06 December 2011 by VRS  |  Email |Print

Qatar and Malaysia have announced a US$2 billion (Dh7.34bn) joint investment fund. Speaking in Putrajaya, near Kuala Lumpur, Najib Razak, the Malaysian prime minister, said the fund would target opportunities in both countries and neighbouring states.
“The prime minister of Qatar and I have agreed to work to set up a Malaysia and Qatar investment fund with each country to set up $1bn to look for investments,” Najibsaid. The move follows an agreement signed by Qatar Investment Authority (QIA) with 1Malaysia Development Berhad, a government-owned strategic development company, in May last year, with the QIA seeking up to $5bn in investments………………………………………..Full Article: Source

Nigeria: Sovereign wealth fund: Matters arising

Posted on 06 December 2011 by VRS  |  Email |Print

Recently, President Goodluck Jonathan’s administration made a bold statement when it launched the nation’s Sovereign Wealth Fund (SWF) with an initial capital of $1billion. The fund replaces the Excess Crude Account (ECA) created by the administration of the former Head of State, Olusegun Obasanjo in 2004.
President Jonathan gave the green light to the SWF in a law passed in May even though political wrangling and opposition from the Governors’ Forum delayed its implementation. Like many new policies in the country, the fund has continued to generate controversy………………………………………..Full Article: Source

Nigeria: Sovereign lie

Posted on 06 December 2011 by VRS  |  Email |Print

The so-called Sovereign Wealth Fund goes against the grain of an independent nation and the law. ‘Wall Street Giants Seek a Piece of Nigeria’s Sovereign Wealth Fund”. That was how the New York Times captured Wall Street’s swooning over Abuja’s honey pot – the $1 billion Sovereign Wealth Fund – in its October 25 edition.
The newspaper named among those leading the Abuja scramble as Goldman Sachs, Morgan Stanley, and JP Morgan Chase in what is now the rat race to grab a slice of the portfolio predicted to hit $10 billion in the coming years – barring any sustained slump in crude prices………………………………………..Full Article: Source

BTA said to weigh debt overhaul, capital boost from Kazakhstan

Posted on 06 December 2011 by VRS  |  Email |Print

BTA Bank (BTAS) may ask the Kazakh government to back its second debt restructuring or provide additional state funds to help avert bankruptcy, according to two people with direct knowledge of the matter.
Kazakh sovereign wealth fund Samruk-Kazyna took over BTA in February 2009, two months before the nation’s largest lender at the time defaulted on $12 billion of debt. It won 92 percent creditor approval of a restructuring plan in May 2010. The state holds an 81.5 percent stake in BTA………………………………………..Full Article: Source

Samruk-Kazyna ready to fund Nazarbayev University scientific programs

Posted on 06 December 2011 by VRS  |  Email |Print

“Samruk-Kazyna” Sovereign Wealth Fund JSC is ready to back financially the Nazarbayev University scientific programs”, Fund’s deputy chairman Kuandyk Bishimbayev told today during the innovation forum devoted to the 20th anniversary of independence of Kazakhstan.
“We are ready to fund scientific programs of the University. Besides, we will also participate in training the specialists - candidates for maters’ degrees and PhD students in high-demand technical specialties,” he added………………………………………..Full Article: Source

Blackrock, Mellon, Rogge to manage Chile sovereign wealth fund

Posted on 05 December 2011 by VRS  |  Email |Print

Chile hired Blackrock Inc., Rogge Global Partners Plc and Mellon Capital Management Corp. to manage a portion of the country’s $4.5 billion of pension savings held abroad.
Blackrock Institutional Trust Company NA and Rogge will manage the corporate fixed-income portfolio and Blackrock and Mellon will manage the equity portfolio, according to a statement on the website of the central bank, which acts for the government in the management of the funds………………………………………..Full Article: Source

Qatar’s SWF snaps up Polish Telecom HQ

Posted on 05 December 2011 by VRS  |  Email |Print

Navid ChamdiaQatar’s sovereign wealth fund has inked the purchase of the new headquarter project of Poland’s national telecommunications provider from the local arm of French developer and property group Bouygues. Financial details were not disclosed.
The A-class office complex currently under development will house the future head office of Telekomunikacja Polska, and will comprise five office buildings totalling 43,700 m2 of institutional quality space as well as over 1,000 parking spaces. The project, which is scheduled for completion in the summer of 2013, is aiming for a BREEAM environmentally sustainable rating………………………………………..Full Article: Source

Cyprus and Qatar deal could happen soon

Posted on 05 December 2011 by VRS  |  Email |Print

Finance minister Kikis Kazamias is due to meet with representatives of Qatari state firm, Qatari Diar, and the six-member council tasked with fleshing out the legal, technical and financial details of the project in the morning.
Qatari Diar is an investment vehicle wholly owned by the Qatar Investment Authority. It has separate management and leadership, but it is chaired by Sheikh Hamad bin Jassim bin Jabr al -Thani, who also controls the QIA………………………………………..Full Article: Source

Qatari Investments in Libya accounting for around USD 10 bln

Posted on 05 December 2011 by VRS  |  Email |Print

Before the collapse of the Libyan regime led by Gaddafi, several Libyan-Qatari agreements were concluded covering common investments that exceed USD 10 billion. After the National Transitional Council (NTC) took power in Libya, the Qatari Government started to observe cautiously, like all the other countries that supported the NTC, the size of its projects and investments in Libya.
Several steps were taken to revive these projects, in the hope of more Qatari investments in Libya, especially after the estimations of some international reports that the actual cost for the reconstruction of Libya is around USD 700 billion. The first phase of the reconstruction plan estimated at USD 200 billion will start next year………………………………………..Full Article: Source

Singapore sovereign wealth fund revs up on $1bln sale

Posted on 05 December 2011 by VRS  |  Email |Print

The Government of Singapore Investment Corporation, which manages private equity through its subsidiary GIC Special Investments, has engaged intermediaries to handle the sale process of the interests, according to two people familiar with the situation.
The contents of the portfolio are currently unknown. However, one person with knowledge of the situation said that they were likely to be primarily US fund interests with a minimum value of $500m, potentially rising depending on the level of interest………………………………………..Full Article: Source

China signals reluctance to rescue E.U.

Posted on 05 December 2011 by VRS  |  Email |Print

Lou Jiwei, the chairman and chief executive of China Investment Corp., a $374 billion sovereign wealth fund that is managed independently of the foreign exchange reserves, has also tried to dampen speculation that the investment corporation might buy a lot of European bonds.
He suggested a week ago that his fund might invest in roads, bridges and other infrastructure projects in Europe, part of a broader Chinese interest in fixed assets as opposed to helping countries finance their budget deficits………………………………………..Full Article: Source

China can’t use reserves to ‘rescue’ countries, Fu says

Posted on 05 December 2011 by VRS  |  Email |Print

China can’t use its $3.2 trillion in foreign exchange reserves to “rescue” European nations and the country “has done its part” to help the region deal with its financial crisis, Vice Foreign Minister Fu Ying said.
“Foreign reserves are not revenues,” Fu, whose portfolio is European affairs, said in a question and answer session following a speech in Beijing yesterday. “It’s not money that can be used by the premier or the finance minister.”……………………………………….Full Article: Source

Barnett has eyes on furture fund

Posted on 05 December 2011 by VRS  |  Email |Print

Premier Colin Barnett wants a future fund to quarantine the State’s vast mineral wealth for generations of West Australians, saying it was “on the Government’s agenda” to be established if it won another term.
The Premier yesterday revealed “quite a bit of work over several years” had been carried out on creating a formal sovereign wealth fund………………………………………..Full Article: Source

European bailout fund has little force left

Posted on 05 December 2011 by VRS  |  Email |Print

The bailout fund was once called the “big bazooka” a mighty weapon in Europe’s armory that would zap the debt crisis. The fund was supposed to lend to any eurozone government in trouble. But the bazooka now looks more like a BB gun — after lending heavily to the Greeks, the Portuguese and the Irish, it only has about $350 billion left. Italy and Spain will soon need more than double that between them.
And Raoul Ruparel of the Open Europe think-tank says a plan to persuade China and others to put money into the fund has come to nothing………………………………………..Full Article: Source

Norway SWF accused of hypocrisy over Indonesian deforestation funding

Posted on 02 December 2011 by VRS  |  Email |Print

Norway has been accused of climate hypocrisy in Indonesia, where it has won plaudits for financing forest protection even as its state pension fund allegedly secures even greater revenues from logging, plantations, mining and other environmentally destructive practices.
Conservation groups say Norway’s sovereign wealth fund – thought to be the largest in the world – should set a better example of ethical investment in a country that is experiencing some of the world’s worst deforestation problems………………………………………..Full Article: Source

Temasek, Broad Peak not involved in recent CCB block sale

Posted on 02 December 2011 by VRS  |  Email |Print

Singapore state investment firm Temasek Holdings and Temasek-backed hedge fund Broad Peak didn’t participate in a recent US$272 million block sale of China Construction Bank Corp.’s Hong Kong-listed shares, a person familiar with the matter said Thursday.
“It’s not Temasek, it’s not Broad Peak,” the person told Dow Jones Newswires. The comments came after Hong Kong’s Mingpao Daily said Thursday in a report citing unnamed sources that Broad Peak sold US$267 million worth of shares in CCB on Wednesday………………………………………..Full Article: Source

Khazanah hires banks for unit’s RM4.7bln IPO

Posted on 02 December 2011 by VRS  |  Email |Print

Khazanah Nasional Bhd has hired Bank of America-Merrill Lynch, Deutsche and CIMB as joint global coordinators for the listing of its healthcare unit that could raise about US$1.5 billion (RM4.71 billion), three sources told Reuters.
The deal could be the country’s fourth-biggest IPO ever and its second major deal in 2012, when Felda Global Group is also seeking a US$2 billion listing………………………………………..Full Article: Source

Parkway Pantai appoints banks for planned IPO

Posted on 02 December 2011 by VRS  |  Email |Print

Singapore-based healthcare company Parkway Pantai, which is partly owned by Malaysia sovereign wealth fund Khazanah Holdings, has appointed three banks as joint global coordinators for its planned initial public offering, a person familiar with the transaction said.
The group has appointed Bank of America-Merrill Lynch, CIMB and Deutsche Bank as joint global coordinators for the offer………………………………………..Full Article: Source

GCC fiscal surplus may double

Posted on 02 December 2011 by VRS  |  Email |Print

A surge of nearly 50 per cent in oil prices could double the combined fiscal surplus of Gulf hydrocarbon producers although most of them are believed to have been tempted by high income to boost expenditure.
The report showed the UAE’s assets controlled by its sovereign wealth funds (SWFs) accounted for 65 per cent of the total GCC SWF funds of round $1,108 billion, except those by the Saudi Arabian Monetary Agency (SAMA)………………………………………..Full Article: Source

Mumtalakat reaffirms support for women

Posted on 02 December 2011 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company hosted a ceremony marking the Bahrain Woman Day. Mumtalakat Chief Executive Officer Talal Al-Zain paid tribute to Her Royal Highness Princess Sabeeka bint Ibrahim Al-Khalifa, wife of His Majesty and President of the Supreme Council for Women for her drive to empower Bahrain women and bolster her status.
He stressed keenness to promote equal opportunities, describing woman’s participation as value adding for the national economy………………………………………..Full Article: Source

Here’s to the next 40 years of UAE success

Posted on 02 December 2011 by VRS  |  Email |Print

Companies like Emaar, Emirates Airline and Mubadala have become global giants. Abu Dhabi’s takeover of Manchester City may have grabbed all the headlines, but it is the other less glamorous work of the Abu Dhabi Investment Authority that really stands out.
Multiple stakes in multiple companies, giving the UAE a huge foothold on the global business stage………………………………………..Full Article: Source

Kuwait invests in China Petrochemical joint venture

Posted on 02 December 2011 by VRS  |  Email |Print

Expect Kuwait Investment Authority’s Beijing office to be rather busy, but after all, wasn’t that why in 1991’s Desert Storm American troops liberated Kuwait from the Iraqi military forces of Saddam Hussein, to secure Chinese oil exports and Kuwaiti investment opportunities?
Kuwaiti Finance Minister Mustafa al Shimali thanked Chinese Minister of Finance Xie Xuren for the Chinese government’s support that enabled Kuwait Investment Authority, an investment arm of the Kuwaiti government, to open an office in Beijing, noting that it is the Kuwait Investment Authority’s first ever representative office………………………………………..Full Article: Source

Norges Bank to refrain from forex buying for oil fund in December

Posted on 01 December 2011 by VRS  |  Email |Print

Norway’s central bank Thursday said it won’t sell Norwegian kroner in December to buy foreign exchange for the government’s pension fund. The announcement was expected, as the bank typically does not purchase foreign currency for the fund in December.
In November, Norges Bank bought NOK1.6 billion in foreign exchange a day for the Pension Fund Global, also known as Norway’s oil fund. Norges Bank manages the fund, which was set up in 1990 to safeguard Norway’s oil wealth for future generations………………………………………..Full Article: Source

Kazakh wealth fund nears decision on BTA rescue

Posted on 01 December 2011 by VRS  |  Email |Print

Kazakh sovereign wealth fund Samruk-Kazyna expects shortly to finalise a business plan to revitalise BTA, the country’s third-largest bank by assets, the fund’s deputy chief executive, Aidan Karibjanov, said on Wednesday.
BTA was the largest of four Kazakh lenders to default in 2009. After a debt restructuring completed last year, Samruk-Kazyna emerged as an 81.5 percent shareholder in the bank………………………………………..Full Article: Source

Kazakh wealth fund considers aid, bond buyback to reboot BTA

Posted on 01 December 2011 by VRS  |  Email |Print

Samruk-Kazyna, the Kazakh sovereign wealth fund that took over BTA Bank (BTAS) before its 2009 default, is considering more state aid for the troubled lender and may buy back its bonds, the fund’s deputy chief said.
Additional assistance will depend on BTA management’s plan to revive the bank, Samruk-Kazyna Deputy Chief Executive Officer Aidan Karibzhanov told reporters in Almaty today. The lender “undoubtedly” needs help, “judging by its capital deficit,” he said……………………………………….Full Article: Source

Singapore’s GLP prices S$500 mln perpetuals at 5.5 pct

Posted on 01 December 2011 by VRS  |  Email |Print

Singapore-listed warehouse operator Global Logistic Properties Ltd,whose biggest shareholder is Singapore sovereign wealth fund GIC, on Wednesday priced its S$500 million ($385 million) perpetual capital securities to yield 5.5 percent, according to a note seen by Reuters.
The company started book-building for the Singapore dollar-denominated perpetuals on Tuesday with guidance that they will be priced at “mid-to-high 5 percent”……………………………………….Full Article: Source

Australia pursues sovereign wealth fund investment

Posted on 01 December 2011 by VRS  |  Email |Print

As countries across the Asia Pacific look for ways to finance extensive infrastructure improvement projects, sovereign wealth funds (SWF) can offer reliable, long-term sources of foreign investment. With competition for SWF dollars expected to intensify, Australia is leading the way in creating an attractive tax environment for these funds.
Among Asia Pacific countries, Australia has in place what is likely the most sophisticated tax regime for attracting SWFs. The country has a limited form of sovereign immunity exemption for foreign government investments. As with any other tax exemption, the sovereign immunity exemption is subject to various limitations and restrictions, particularly on eligibility………………………………………..Full Article: Source

Fitch afrms Mubadala development company PJSC at ‘AA’

Posted on 01 December 2011 by VRS  |  Email |Print

Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default Rating (IDR) and senior unsecured rating at ‘AA’. The Abu Dhabi-based diversified development and investment group’s Short-term IDR has been affirmed at ‘F1+’. The Outlook for the Long-term IDR is Stable.
Mubadala Development Company -GMTN B.V.’s (MDC) global medium-term note (GMTN) programme with USD3.932bn of notes outstanding and MDC’s euro commercial paper programme (ECP) has also been affirmed at ‘AA’ and ‘F1+’ respectively………………………………………..Full Article: Source

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