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Sovereign Wealth Funds Briefing 06.May 2010

Posted on 06 May 2010 by VRS |  Email |Print

From Bloomberg: Sovereign wealth funds, with assets under management estimated at more than $2,000 billion, are gathering in Sydney this week for a summit that is closed to media and the public, the Financial Times said.
The Australian Government Future Fund is hosting the second annual meeting of the International Forum of Sovereign Wealth Funds, the FT said. Bader al-Saad, managing director of Kuwait Investment Authority, and Jin Liqun, supervisory board chairman of China Investment Corp. are among attendees, the FT said………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Dow Jones: Chile’s government will likely make drawdowns of only around $1.0 billion or less from one of its sovereign-wealth funds this year to finance earthquake-reconstruction efforts, said former central bank president Vittorio Corbo.
A massive earthquake and tsunami struck Chile in late February, killing hundreds and causing damages estimated at nearly $30 billion, of which the government will pay for $8.4 billion………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Dow Jones: Chilean Finance Minister Felipe Larrain on Wednesday reiterated that the government will only make moderate drawdowns from one of its sovereign wealth funds this year to finance earthquake reconstruction efforts.
Chile currently has $11.13 billion in its Economic and Social Stabilization Fund and last year withdrew $9 billion from the fund to finance more fiscal spending………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Thehindu.com: Singapore’s state-owned investment house Temasek Holdings (Private) Ltd said that it has received regulatory approvals to buy 5 per cent stake in the National Stock Exchange of India (NSE).
Temasek is paying between USD 150 million and USD 180 million for the stake to be acquired from NYSE Euronext, according to financial experts………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Cityam.com: Temasek, Singapore’s largest sovereign wealth fund, is considering lending its support to Prudential’s $21bn (£13.9bn) rights issue as a cornerstone investor.
The $120bn (£79.4bn) government investment vehicle is one of several Asian institutions looking with interest at the terms of the rights issue published this morning. The exact price and timing of the cash call will be important to Temasek, market sources said, as will Prudential’s future growth forecasts………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Theonlinecitizen.com: One of the biggest casualties of the ongoing financial crisis since the Great Depression of the 1920/30s is Financial Services Industry (FSI) including the sovereign wealth funds (SWF) of countries such as the UAE and Singapore.
Back in Jan or Feb 2008, I attended a seminar organized by ABN AMRO in which Jim Rogers (noted commodity guru of Wall Street and now Permanent Resident of Singapore) was invited to speak………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

Zubaid Ahmad will join as Vice Chairman of Citi’s Institutional Clients Group and will be a member of its Senior Strategic Advisory Group. He will lead Citi’s global sovereign wealth fund coverage initiatives, helping ensure the effective delivery of Citi’s broad product capabilities to this important client group. In his new role, he will work closely with Citi’s Public Sector Group, and will also help provide senior coverage support on cross-border initiatives.
Mr. Ahmad brings 25 years of global financial services industry experience to Citi, during which time he has worked on a large number of transactions in both the US and emerging markets, maintaining extensive relationships with corporate, private equity and sovereign wealth fund clients………………………………………Full Press Release: Source

Posted on 06 May 2010 by VRS |  Email |Print

From 7days.ae: The UAE is planning to dig into its $328 billion sovereign wealth fund to invest in gas-rich Turkmenistan. The move would also potentially challenge Russia’s grip as the largest supplier of gas to Europe.
“We want to invest and we’ve been conducting negotiations for a long time,” the UAE’s oil minister Mohamed Al Hamli told Bloomberg………………………………………Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Carnegieendowment.org: Sovereign wealth funds (SWFs) have become dominant players in global finance and world affairs, controlling considerable financial assets. Their investment behavior continues to resonate across the world economy and their increasingly extroverted investment policy prompted a political backlash in mature economies.
Reacting to this backlash, in October 2008 a group of 26 SWFs committed themselves to transparency, good governance, and accountability standards by signing a voluntary code of principles, the “Generally Accepted Principles and Practices,” for SWFs (GAAP), also known as the “Santiago Principles.”……………………………………..Full Article: Source

Posted on 06 May 2010 by VRS |  Email |Print

From Whereilive.com.au: This week, NSW will host the largest gatherings of State-owned investment funds such as oil and pension funds – the 2nd annual International Forum of Sovereign Wealth Funds – which controls $A3.9 trillion.
More than 80 representatives from 23 countries including China, the USA, Korea, the United Arab Emirates, Qatar and Canada will gather at the Westin Hotel Sydney on May 6-8………………………………………Full Article: Source

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