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Sovereign Wealth Funds Briefing - Archive | November, 2012

Greek PM to visit Qatar for investment talks

Posted on 22 November 2012 by VRS  |  Email |Print

Greek Prime Minister Antonis Samaras will visit the wealthy Gulf state of Qatar next week to discuss investment opportunities inside Greece, a Greek embassy spokesman in Doha said on Tuesday.
Other investment areas to be discussed include real estate projects such as the Hellenikon project, a 620-hectare development near central Athens, Europe’s largest real estate project. Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, is participating in the tender process of the project. Qatar Holding recently invested 1.2 billion euros in a gold mining operation in northern Greece………………………………………..Full Article: Source

Samruk-Kazyna to optimize its costs

Posted on 22 November 2012 by VRS  |  Email |Print

Before the end of 2012, Kazakhstan will approve a three-year cost reduction programme for the national companies. It was the managing director of Samruk-Kazyna Nurlan Rakhmetov who made a corresponding statement in Astana. According to him, international consultants with international experience are to be hired to develop a plan to optimize costs.
It is expected that over the three years of the programme’s existence, the Fund will save at least 8 billion tenge. Also at the briefing, it was announced that this year, the Fund has reduced the amount of its sponsorship financing three-fold from 60 to 20 billion tenge. In addition, Samruk-Kazyna imposed a strict ban on the construction and acquisition of non-core items………………………………………..Full Article: Source

Taiwan: DPP caucus slams alleged plans for a sovereign fund

Posted on 21 November 2012 by VRS  |  Email |Print

The Democratic Progressive Party (DPP) caucus yesterday demanded that the Ministry of Finance abandon an alleged plan to establish a sovereign fund by combining four government funds, saying that such a fund is unnecessary and risky because of a lack of transparency.
The caucus also reiterated its opposition to a reported plan to invest those government funds in China’s stock market. “Judging from the poor management of various government funds, including the Labor Insurance Fund, we oppose the sovereign-fund plan because the Ma Ying-jeou administration would be unable to manage it well,” DPP Legislator Pan Men-an said……………………………………….Full Article: Source

HSBC approached China Investment Corp. about Ping An

Posted on 21 November 2012 by VRS  |  Email |Print

HSBC Holdings PLC has reached out to China’s giant sovereign-wealth fund as the bank seeks to sell a $9.28 billion stake in the country’s second-largest insurance company, people with direct knowledge of the matter said Tuesday.
The U.K.-based bank, which has been divesting itself of noncore assets in hopes of boosting returns, disclosed Monday that it is “in discussions” to sell its 15.6% stake in Hong Kong-listed Ping An Insurance (Group) Co. of China, but it didn’t identify the potential buyer or buyers. According to the people with knowledge of the matter, HSBC recently contacted China Investment Corp., which manages a chunk of China’s foreign-exchange reserves, about purchasing its Ping An shares—but it’s unclear if those talks are still going on……………………………………….Full Article: Source

Is HSBC trying to sell its stake in Ping An to China’s sovereign wealth fund?

Posted on 21 November 2012 by VRS  |  Email |Print

HSBC Holdings may have already found the best buyer for its billion dollar stake in China’s Ping An Insurance. The British bank confirmed yesterday that it is seeking to offload its 15.6% stake in China’s second largest insurer. Reports now say the bank has reached out to China’s massive sovereign wealth fund, Chinese Investment Corp (CIC).
We named reasons why HSBC would sell Ping An when China’s insurance industry is booming, but also noted some difficulties in the deal. If CIC, which helps manage the country’s foreign reserves, buys the stake in Ping An that would solve most of those. A purchase by CIC would not encounter the same scrutiny from Chinese regulators as a foreign buyer……………………………………….Full Article: Source

Dubai ruler trims Investment Corp. of Dubai’s board

Posted on 21 November 2012 by VRS  |  Email |Print

Dubai’s ruler has trimmed the board of Investment Corporation of Dubai (ICD), the emirate’s investment arm, cutting it down to five members from six, state news agency WAM reported on Tuesday.
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum will continue as the chairman and Dubai crown prince, Sheikh Hamdan bin Mohammed al-Maktoum, will remain vice-chairman, WAM said citing a decree by the ruler……………………………………….Full Article: Source

Abu Dhabi’s ADIA in largest Belgian office deal

Posted on 21 November 2012 by VRS  |  Email |Print

The Abu Dhabi sovereign wealth fund ADIA has bought the Zuiderpoort office in Ghent from Icelandic bank SJ1 in Belgium’s largest office deal this year. The purchase price was not disclosed but specialists estimate it at around €110m for a 10% initial yield.
The 10-storey property with 63,000 sq.m. GLA is fully-let to 16 tenants, said realtors DTZ and Savills which advised SJ1 on the transaction. Tenants include the federal agency for public real estate matters in Belgium (Regie der Gebouwen), Flemish government tenant IBBT, ING bank and Ghent University……………………………………….Full Article: Source

With Italian fund, Qatar again aids Europe

Posted on 21 November 2012 by VRS  |  Email |Print

Qatar agreed on Monday to invest as much as 1 billion euros ($1.3 billion) in Italian companies, aiding efforts by Italy’s Prime Minister Mario Monti to breathe life into a weak economy.
Italy has joined a growing list of European states looking to tap Qatar’s vast wealth to support national industries that are struggling to finance their way out of recession. A joint venture between Italy’s strategic investment fund and state-owned Qatar Holding will invest in sectors including food, fashion and luxury goods, furniture and design, tourism and leisure, the Italian fund said in a statement on Monday……………………………………….Full Article: Source

Iran’s NDF allocates $1.5bln for development of Persian Gulf oilfields

Posted on 21 November 2012 by VRS  |  Email |Print

Iran’s National Development Fund (NDF) has allocated $1.5 billion for developing the country’s oilfields in the Persian Gulf, Iranian Offshore Oil Company Managing Director Mahmoud Zirakchianzadeh said on Tuesday.
The money will be spent on developing a number of fields, such as the Esfandyar field, he added. According to an Iranian law, 37.5 percent of oil revenue is deposited into the NDF and is then channeled into the development of oil and gas fields and 62.5 percent of oil revenue is allocated for national budget expenditures……………………………………….Full Article: Source

Gulf SWFs are edging out the old guard, and bringing in new expat talent

Posted on 21 November 2012 by VRS  |  Email |Print

If you’re an expat private equity professional looking for a position in the Middle East, sovereign wealth funds (SWFs) continue to offer a breadth of new roles. However, as new blood is brought in, an increasing number of the old guard are being forced out.
The recruitment spree by the Abu Dhabi Investment Authority in private equity is well-known – earlier this year, it announced plans to recruit 45 private equity professionals and last month brought in Colm Lanigan has head of principal investments. However, headhunters tell us that a large number of other Gulf sovereign entities are also hiring for private equity including the Qatar Investment Authority, the Emirates Investment Authority, and the Investment Corporation of Dubai……………………………………….Full Article: Source

Cook Islands plans sovereign fund for seabed mining revenues

Posted on 20 November 2012 by VRS  |  Email |Print

The Cook Islands Government is planning the establishment of a sovereign wealth fund for the storing of revenues generated by seabed mining. The Finance Minister, Mark Brown, this week released a report by the International Monetary Fund on its recommendations on the design of a sovereign wealth fund.
The policy objectives of the fund are to protect in perpetuity government revenues resulting from seabed mineral mining, to stabilise fiscal revenues from fluctuations and enhance returns on reserves………………………………………..Full Article: Source

Italy, Qatar Fund in joint venture

Posted on 20 November 2012 by VRS  |  Email |Print

The sovereign fund of Qatar and an investment fund backed by the Italian government have agreed to invest up to €2 billion ($2.55 billion) in Italian companies over the next four years.
In a joint statement, Italy’s Fondo Strategico Italiano SpA and Qatar Holding LLC said Monday they will equally contribute funding to a new joint venture, providing the firm with €300 million at its launch………………………………………..Full Article: Source

Italy’s Monti seals investment deal with Qatar

Posted on 20 November 2012 by VRS  |  Email |Print

Qatar agreed on Monday to invest as much as 1 billion euros ($1.3 billion) in Italian companies, aiding efforts by Italy’s Prime Minister Mario Monti to breathe life into a weak economy.
A joint venture between Italy’s strategic investment fund and state-owned Qatar Holding will invest in sectors including food, fashion and luxury goods, furniture and design, tourism and leisure, the Italian fund said in a statement on Monday………………………………………..Full Article: Source

Norwegian fund to step up lobbying efforts

Posted on 20 November 2012 by VRS  |  Email |Print

Europe’s biggest sovereign wealth fund, Norway’s Government Pension Fund, is set to take more active role in public policy and lobbying on behalf of other institutional investors, as efforts get underway to strengthen the buyside’s voice in regulatory affairs.
In a ‘discussion note’ published yesterday outlining its new approach, the €508bn Norwegian fund said: “Up until now, the sellside, represented by major banks, has been far more active on the advocacy front.” The Norwegian sovereign wealth fund, which is financed by oil revenues and managed by Norges Bank Investment Management, is so large it owns over 1% of all the companies listed on global markets………………………………………..Full Article: Source

Norway pension fund returns 4.7pct in Q3

Posted on 20 November 2012 by VRS  |  Email |Print

Norway’s Government Pension Fund Global returned 4.7%, or NOK167bn (Eur22.6bn; US$28.9bn) in the third quarter (Q3) of 2012 as global stock markets rallied. The fund returned 14.5% in the last 12 months and 6.5% in the last three years.
According to a fund’s Q3 report published by Norges Bank Investment Management (NBIM) earlier this month, returns contributions came from equity investments (6.5%) and fixed-income investments (2.2%). Investments in real estate gained 2.7%. The overall return was 0.03 percentage point lower than the return on the fund’s benchmark indices………………………………………..Full Article: Source

Daimler buys full control of Mercedes team

Posted on 20 November 2012 by VRS  |  Email |Print

German luxury carmaker Daimler has taken full control of the Mercedes Formula One motor racing team after buying a 40 percent stake owned by Abu Dhabi sovereign wealth fund Aabar Investments.
The sale of the Formula One stake is a logical step for Aabar which has been cutting its ties with Daimler. Aabar’s disposal in October was triggered by a failed derivatives deal underpinning the investment firm’s purchase of the shares, sources familiar with the matter told Reuters………………………………………..Full Article: Source

Abu Dhabi fund manager sees fixed income opportunity

Posted on 20 November 2012 by VRS  |  Email |Print

Abu Dhabi fund manager Invest AD is launching its first fixed income fund, breaking from its historical focus on equity products, with the aim of taking advantage of opportunities in region’s debt markets.
The fund, launched on Monday, will be managed by Dilawer Farazi, who joined the firm from Man Group’s GLG Partners in April and target corporate and sovereign debt in the Middle East and Africa. The Luxembourg-domiciled fund was seeded with $25m from Invest AD and will focus on US dollar-denominated debt………………………………………..Full Article: Source

Abu Dhabi’s Invest AD launches Mideast, Africa bond fund

Posted on 20 November 2012 by VRS  |  Email |Print

Abu Dhabi-based asset manager Invest AD launched a new Middle East and Africa focused on fixed income fund on Monday, seeking to tap potential for significant returns in the fast-growing emerging markets.
Despite a recent rally on emerging market bonds globally, where yields on some regional bonds fell to historic lows, many are still undervalued relative to the underlying credit quality of issuers, analysts say………………………………………..Full Article: Source

Managers downbeat as Taiwan mulls sovereign fund

Posted on 19 November 2012 by VRS  |  Email |Print

Taiwan’s finance minister has proposed consolidating four state-run pension funds into a new $240 billion sovereign wealth fund, although fund managers appear pessimistic this will lead to more external mandates.
Chang Sheng-Ford submitted the plan last week to the economic planning and development council which advises the Executive Yuan, the government’s highest administrative body. If approved, it would catapult the fledgling entity into the world’s top 10 sovereign funds by assets, just behind the eighth-placed Government of Singapore Investment Corporation (GIC), which manages around $247 billion………………………………………..Full Article: Source

China weighs into Europe’s austerity battle

Posted on 19 November 2012 by VRS  |  Email |Print

Top official at China’s £300bn sovereign wealth fund said that the depth of public anger in the eurozone could lead to a ‘complete discarding’ of austerity programmes.
Opposition to Europe’s austerity programmes intensified on Friday as a top official at China’s £300bn sovereign wealth fund warned that the public are at “breaking point” and protesters demonstrated in solidarity against the International Monetary Fund in Manila………………………………………..Full Article: Source

China sovereign wealth fund in euro warning

Posted on 19 November 2012 by VRS  |  Email |Print

The chairman of China’s $482bn (£303bn) sovereign wealth fund has warned that the eurozone’s current strategy to tackle the debt crisis is “leading us up a blind alley”.
Jin Liqun, chairman of the supervisory board of the China Investment Corporation, outlined risks that China’s economy faces, including the festering crisis in the eurozone. The current strategy is leading us up a blind alley,” Jin said of efforts so far by European policymakers to solve the crisis………………………………………..Full Article: Source

China sovereign wealth fund official warns on eurozone austerity

Posted on 19 November 2012 by VRS  |  Email |Print

A top official with China’s sovereign wealth fund has issued a blunt warning that the latest unrest across the eurozone shows austerity has stretched the public’s tolerance “to breaking point”.
Jin Liqun, chair of the supervisory board of the $480bn (£300bn) China Investment Corporation (CIC), warned that undue harshness risked a backlash which could end with necessary economic reforms being abandoned………………………………………..Full Article: Source

Zimbabwe: Disagreements stall wealth fund

Posted on 19 November 2012 by VRS  |  Email |Print

Disagreements over which ministry is to house the country’s Sovereign Wealth Fund (SWF), into which proceeds from natural resource rents such as royalties are to channeled, have stalled establishment and running of the fund, according to the Economic Planning and Development ministry.
Government’s medium term plan for the economy launched last year identified the need to establish the SWF to effectively manage natural resource rents such as royalties. However, the unity government, whose establishment was precipitated by hackling over which political party would hold which portfolio, is yet to come up with a decision as to under which ministry the SWF should be placed………………………………………..Full Article: Source

KIA appoints Markaz to create property fund

Posted on 19 November 2012 by VRS  |  Email |Print

Kuwait Financial Centre, Markaz, has been appointed by the Kuwait Investment Authority to manage its National Real Estate Portfolio. The agreement will see Markaz set up and manage a portfolio of properties with a value of not more than $885.7m (KWD: 250m) over a ten-year period.
This would equate to around 28.6% of all of the assets under management held by Markaz at September 30, 2012. Fees will be dependent both on the amount invested and the portfolio’s returns………………………………………..Full Article: Source

GCC insulated from global shocks

Posted on 19 November 2012 by VRS  |  Email |Print

Slower growth in the US, eurozone and China would have knock-on effects in the GCC, but the region is “insulated” from potential global economic shocks on the back of strong sovereign wealth fund assets and international reserves, according to Qatar National Bank, or QNB.
Additionally, the region’s sovereign wealth funds, or SWFs, have external assets valued at just under $1 trillion, according to the IMF. Therefore, SWF assets and international reserves collectively total over 120 per cent of regional GDP………………………………………..Full Article: Source

Italy seeks UAE investments in its sovereign fund

Posted on 19 November 2012 by VRS  |  Email |Print

Italy is seeking investments into its sovereign fund by Abu Dhabi Investment Authority and UAE capital, Giorgio Starace the Italian Ambassador to the UAE, told Gulf News on Sunday.
Italian Prime Minister Mario Monti will pay a one-day official visit to the UAE on November 20. He will hold talks with His Highness President Shaikh Khalifa Bin Zayed Al Nahyan in Al Ain and sign an agreement for further cooperation between the two countries in economic, political, military and cultural fields………………………………………..Full Article: Source

CIC head get communist party promotions

Posted on 16 November 2012 by VRS  |  Email |Print

The chairmen of China’s sovereign wealth fund, largest energy company, fourth-biggest bank and top airplane maker were given higher positions in a ruling Communist Party undergoing a once-a-decade leadership change.
China Investment Corp.’s Lou Jiwei, 61, served in the People’s Liberation Army, was deputy governor of the southwestern province of Guizhou and was a deputy finance minister before joining CIC, which oversees about $482 billion in assets………………………………………..Full Article: Source

Qatar Holding backs Glencore $31 bln bid for Xstrata

Posted on 16 November 2012 by VRS  |  Email |Print

Qatar Holding LLC, Xstrata (XTA) Plc’s second-largest shareholder, will vote for a $31 billion bid for the mining company by Glencore International Plc, boosting the likelihood the year’s biggest takeover will succeed.
The investment arm of the Qatar Investment Authority “continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger,” it said today in a regulatory statement………………………………………..Full Article: Source

Qatar throws weight behind commodities mega-merger

Posted on 16 November 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund said on Thursday that it will vote in favour of commodities giant Glencore’s bid to merge with Swiss mining group Xstrata, giving a major boost to the deal. Qatar Holdings, which is the second largest shareholder in Xstrata with 12.0 percent of its equity, had been holding out for 3.25 Glencore shares for one Xstrata share, but it said it now accepted the 3.05 final offer.
“QH continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger, having secured the improved exchange ratio of 3.05 new Glencore shares for every one existing Xstrata share,” the fund said in statement………………………………………..Full Article: Source

US seeks information on Excess Crude Account

Posted on 16 November 2012 by VRS  |  Email |Print

The United States (US) has demanded from the Federal Government, explanations on how it has been managing the Excess Crude Account and the country’s finances. A statement from the Office of the Accountant-General of the Federation said Mr Douglas P. Climan of the American Embassy made the demands when he called on the Accountant-General of the Federation, Mr Jonah Otunla, in his office at Treasury House, Abuja.
The diplomat was said to have told the AGF that he came to the Treasury House to understand the budgeting and the operation of Federation Account. Mr Climan said he would also like to know how ECA withdrawals were made and how the unspent balance of capital was managed………………………………………..Full Article: Source

ECA rises to $9.5bln as FG, others share N574bln

Posted on 16 November 2012 by VRS  |  Email |Print

Accruals to the Excess Crude Account has risen to about $9.5bn as at the end of October as N172.5bn was transferred to the account at the Federation Accounts Allocation Committee (FAAC), meeting held in Abuja, Tuesday.
Disclosing this to journalists at the end of the meeting which ended at about 11 pm, the Minister of State for Finance, Dr. Yerima Ngama, said increase in the ECA was due to higher revenues of government in the month under review………………………………………..Full Article: Source

Samruk-Kazyna adopts new strategy

Posted on 16 November 2012 by VRS  |  Email |Print

On Wednesday, Samruk-Kazyna National Welfare Fund summoned all the directors of national companies at one table. The Fund’s management and chief executives discussed how to improve corporate governance and make the holding not just operational but also strategic.
From now, the Fund’s functions as a shareholder and its representative in the Board of Directors will be clearly delineated. The boards of directors will no longer be informal bodies that make decisions, which are already pre-prepared by its manager and approved by the Fund………………………………………..Full Article: Source

Azeri Oil Fund to deposit cash with Russia’s VTB

Posted on 16 November 2012 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund, known as Sofaz, will place rubles on deposit at VTB Group (VTBR) and other Russian banks to diversify reserves, the Trend news service reported, citing Shahmar Movsumov, Sofaz’s executive director.
Talks with VTB Bank are drawing to a close, Movsumov told reporters today in Baku, the Azeri capital, Trend said………………………………………..Full Article: Source

Azerbaijani State Oil Fund determines second bank to place ruble deposit

Posted on 16 November 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is negotiating with Russia’s VTB Bank within the ruble portfolio expansion, SOFAZ head Shahmar Movsumov told media today. “At present, the negotiations with VTB Bank are under completion,” Movsumov said.
According to the new investment strategy, the State Oil Fund of the Azerbaijani Republic began investing in assets denominated in Russian rubles on October 19, 2012. At present, SOFAZ’s investment portfolio includes only short-term deposit in the Russian “Gazprombank” to the amount of 3 billion rubles ($ 100 million)………………………………………..Full Article: Source

Azerbaijan’s Oil Fund to participate in share capital of TANAP construction & operation consortium

Posted on 16 November 2012 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) will participate in the share capital of the consortium on construction & operation of Trans-Anatolian gas pipeline (TANAP). SOFAZ executive director Shahmar Movsumov says that the issue of Fund’s participation in TANAP joint stock capital is under discussion today and the matter of participation in the credit part of the project is out of question.
“So far amount of SOFAZ participation in the TANAP capital has not been accorded clearly. Only after the consortium is formed the TANAP shareholders will begin consideration of the matter of raising credit resources to cover the rest part of the project financing. At that, SOFAZ also can also cover the missing part of financing raised from international banks, but I think this will not happen. TANAP is efficient and profitable project, and it will not have problems with attraction of credits,” Movsumov said………………………………………..Full Article: Source

Norway’s Pension Fund vows to purge holdings that drive deforestation

Posted on 16 November 2012 by VRS  |  Email |Print

When it comes to saving the world’s dwindling rainforest, Norway has been a leader in guiding the world toward sustainable forest management. The small country pledged $500 million annually toward REDD+ (reducing emissions from deforestation and degradation) in 2007. These efforts, however, have largely been offset by the Norwegian Government Pension Fund-Global, (GPFG), which currently has US $13.7 billion invested in sectors known to be major drivers of deforestation.
Colloquially known as “Norway’s Pension Fund”, the GPFG has ratcheted up its investments in forest-unfriendly endeavors such as oil palm plantations, cattle ranching, and mining over the past year, according to the Rainforest Foundation Norway and Friends of the Earth Norway, which jointly published their findings in “ Beauty and the Beast-Norway’s investments in rainforest protection and rainforest destruction”……………………………………….Full Article: Source

Fonterra mum on China Govt share buy report

Posted on 16 November 2012 by VRS  |  Email |Print

Fonterra said it had been talking with a large number of institutional investors about its upcoming Fonterra Shareholders Fund offer but that it was impossible to know what their intentions might be until the bookbuild process for the offer was complete.
The cooperative earlier declined to comment on a report out of Beijing that China Investment Corp was seeking a stake in the Fonterra Shareholders Fund. The Wall Street Journal said China Investment Corp was in talks with Fonterra about investing in the fund. The Journal said the Chinese sovereign-wealth fund sought overseas investments tied to China’s growth prospects………………………………………..Full Article: Source

Singapore logistics firm GLP expands into Brazil

Posted on 16 November 2012 by VRS  |  Email |Print

Asia’s largest logistics provider Global Logistic Properties Ltd (GLP) has tied up with three major investment funds to buy logistic assets in Brazil for 2.9 billion reais ($1.45 billion), expanding its global network into Latin America’s largest economy. Singapore-based GLP, a unit of the island nation’s sovereign wealth fund, manages best-in-class warehouses operating in 36 markets across Asia with leading businesses in China and Japan.
In a statement, GLP said that it will form two joint ventures with Canada Pension Plan Investment Board (CPPIB), China Investment Corporation (CIC) and Government of Singapore Investment Corporation (GIC) to acquire two portfolios of logistics facilities from Brazil’s Prosperitas with GLP’s initial equity investment of $334 million………………………………………..Full Article: Source

GLP to raise S$414.4mln through private placement

Posted on 16 November 2012 by VRS  |  Email |Print

Singapore-listed Global Logistics Properties (GLP) says it will raise S$414.4 million (US$339 million) in gross proceeds by issuing new shares through a private placement. GLP will issue 160 million new shares at S$2.59 to partly fund its acquisition of Brazilian logistic assets.
The company said on Wednesday that it would form joint ventures with the Canada Pension Plan Investment Board, China Investment Corp and Government of Singapore Investment Corp to buy US$1.4 billion of assets in Brazil………………………………………..Full Article: Source

No impact on GLP’s ratings from JV for Brazilian properties

Posted on 16 November 2012 by VRS  |  Email |Print

Fitch Ratings says it does not expect Singapore-listed Global Logistic Properties Limited’s ratings to be affected by the announcement that it will form joint ventures (JV) with Canada Pension Plan Investment Board, China Investment Corporation and Government of Singapore Investment Corporation to acquire properties in Brazil.
As GLP intends to fully fund its initial equity contribution of US$334 million through an equity placement, Fitch believes the impact on GLP’s financial profile and ratings will be limited………………………………………..Full Article: Source

Singapore’s GIC RE bids in court for Club PGA West

Posted on 16 November 2012 by VRS  |  Email |Print

Since Paulson & Co and the Winthrop Realty Trust missed a debt interest payment, it triggered the auction in the Fall of 2012 for Club PGA West. The only known bidder so far for Club PGA West is GIC RE, the sovereign wealth enterprise of the Government of Singapore Investment Corporation (GIC).
If there is more than one bidder the auction date will start on December 6, 2012. The Government of Singapore Investment Corporation has been a major creditor to a portfolio of luxury properties including Club PGA West………………………………………..Full Article: Source

China’s CIC in talks to invest in Fonterra dairy fund

Posted on 15 November 2012 by VRS  |  Email |Print

China Investment Corporation (CIC) is in talks to invest in a fund launched by New Zealand’s Fonterra, the world’s largest dairy processor, the Wall Street Journal reported on Wednesday, citing unnamed people with direct knowledge of the plans.
CIC, China’s sovereign wealth fund, is considering an initial investment of less than $100 million, the Journal added. Fonterra, a co-operative owned by about 10,500 farmers, launched the NZ$525 million ($430 million) fund last month, hoping to lure investors with an expected yield of up to 7 percent. Pricing is slated for Nov. 27………………………………………..Full Article: Source

Chinese interest in Fonterra ‘predictable’

Posted on 15 November 2012 by VRS  |  Email |Print

Chinese interest in investing in Fonterra’s shareholder fund was predictable once the scheme was approved and underlines the need for constitutional protections for the Trading Among Farmers scheme, says the main farm lobby group.
China’s sovereign wealth fund, the $US400 billion ($NZ494b) China Investment Corp (CIC), is in talks to buy units in the $525 million fund with an investment smaller than $US100m, the Wall Street Journal has reported, citing people with direct knowledge of the plans………………………………………..Full Article: Source

Global Logistic to raise S$404 mln to fund Brazil expansion

Posted on 15 November 2012 by VRS  |  Email |Print

Global Logistic Properties Ltd. (GLP), the world’s second-biggest owner of industrial properties, plans to raise S$404 million ($330 million) from the sale of new shares to fund its investment in Brazilian warehouses.
The unit of Singapore’s sovereign wealth fund will sell 160 million new shares at S$2.59 each, GLP, as the company is known, said in a statement to the Singapore exchange today. The price is a 4.8 percent discount to its last close of S$2.72 on Nov. 12. GLP will buy the Brazil properties for 2.9 billion real ($1.4 billion) with its Singapore parent, Canada Pension Plan Investment Board and China Investment Corp………………………………………..Full Article: Source

Temasek raises stake in copper producer Turquoise Hill to 3.7pct

Posted on 15 November 2012 by VRS  |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, raised its stake in Rio Tinto Group’s Turquoise Hill Resources Ltd. (TRQ) unit to 3.7 percent in the third quarter, according to a filing.
Temasek holds 36.6 million shares of Vancouver-based Turquoise Hill, an increase of 31.4 million shares from the preceding quarter, according to a filing today with the U.S. Securities and Exchange Commission. The stake has a market value of $297 million………………………………………..Full Article: Source

Russia: Sovereign funds shouldn’t be main investors in RZD privatization - Shuvalov

Posted on 15 November 2012 by VRS  |  Email |Print

Sovereign wealth funds should not be the main investors in the privatization of state assets, First Deputy Prime Minister Igor Shuvalov believes. Last week, Deputy Transport Minister Alexei Tsydenov said that a 5% stake in Russian Railways (RZD), the privatization of which in 2013 was recently discussed at a cabinet meeting, could be bought by state-owned Vnesheconombank (VEB) or one of Russia’s wealth funds.
Commenting on this proposal, Shuvalov said that “the issue needs to be decided [depending] on the stake that will be offered.”……………………………………….Full Article: Source

Qatar said to back Glencore bid, Xstrata bonuses

Posted on 15 November 2012 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is poised to back Glencore International PLC’s $31.3 billion offer for Xstrata PLC as well as bonuses for some 70 managers, Bloomberg News reported Wednesday, citing three people with knowledge of the plan.
Qatar Holding LLC is Xstrata’s second-largest shareholder. A spokesman for Qatar Investment Authority was not available for comment, Bloomberg reported………………………………………..Full Article: Source

Abu Dhabi asset manager targets Africa

Posted on 15 November 2012 by VRS  |  Email |Print

The fund manager spun out of Abu Dhabi’s sovereign wealth fund is launching an African equities fund together with Moroccan bank Attijariwafa, seeking to take advantage of Africa’s “economic emergence”. Abu Dhabi-based Invest AD has signed a memorandum of understanding with Attijariwafa that will see the two launch an equity fund and help each other source new business.
The firms will jointly seed the African equities fund, which will be co-managed by Invest AD and Attijariwafa’s fund management unit, Wafa Gestion………………………………………..Full Article: Source

CPPIB partners with Asian SWFs to buy Brazilian real estate

Posted on 15 November 2012 by VRS  |  Email |Print

The Canada Pension Plan Investment Board (CPPIB) has been a major Brazilian institutional real estate investor. Billions of Canadian public pension dollars have flown past the United States and the Caribbean Sea into Brazil’s real estate assets.
The CPPIB is increasing exposure by investing US$ $343 million into joint partnerships to acquire two large portfolios in Brazil. These partnerships are with Asian sovereign wealth funds and other real estate related entities………………………………………..Full Article: Source

How a SWF picks a hedge fund

Posted on 15 November 2012 by VRS  |  Email |Print

Alternative asset managers targeting sovereign wealth fund (SWF) money have to be much more than alpha-generators, a former CIO has revealed. Scott Kalb, who recently completed a term as CIO of the Korean Investment Corporation (KIC), said in a backstage interview with sector specialist Opalesque TV this month that picking any manager involved a long and detailed process, but when dealing with alternatives firms, investors had to be especially careful.
Kalb said: “You’re not in public markets, you’re investing as an LP and so you have an LP-GP relationship. You have to set up a process that’s looking at things like track record, staffing, management………………………………………..Full Article: Source

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November 2012
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