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Sovereign Wealth Funds Briefing 17.May 2010

Posted on 17 May 2010 by VRS |  Email |Print

From Efinancialnews.com: In the space of a few years, sovereign wealth funds, prevalent in Middle Eastern countries rich in natural resources and places with deep foreign exchange reserves such as China, have undergone a public relations makeover.
Once feared in some quarters as predators of western assets, state-owned investment vehicles proved to be the unlikely saviours of the capital markets during the financial crisis, investing billions in investment banks including Citigroup, Merrill Lynch and Barclays. Further legitimacy came with the 2008 Santiago Principles and the subsequent establishment of the International Forum of Sovereign Wealth Funds………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Business24-7.ae: The world’s sovereign wealth funds (SWFs) believe the present market conditions are discouraging for investment but expect their assets to grow despite the impact of the fiscal crisis.
The International Forum of Sovereign Wealth Funds (IFSWF), which was set up by the Santiago-based International Working Group of Sovereign Wealth Funds (IWG) in Kuwait last year, discussed the market situation at its second meeting in Sydney last week, the group said in a statement………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Efinancialnews.com: A handful of investment banks have taken the lion’s share of advisory work on behalf of sovereign wealth funds since 2005, according to new data, which indicates many banks are still struggling to pick up fees from the asset class despite its explosive growth.
According to Thomson Reuters, in the past five years Morgan Stanley and Goldman Sachs have worked on double the number of mergers and acquisitions deals on behalf of state-owned investment funds that their nearest rivals have, and have a combined market share of a quarter of the market by value………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From WSJ: Lehman Brothers’ EUR800m ($1bn) European mezzanine fund has been spun out to its management team, closing one of the final chapters in the story of the defunct US bank’s private equity interests.
Managers of Lehman’s European mezzanine fund took control of the vehicle on Friday through a new London company, Neovara. No money changed hands in the deal, which was conducted in New York by Lehman Brothers Holding and advised by its administrator, Alvarez & Marsal………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Zawya Dow Jones: Bahrain Mumtalakat Holding Co., the Gulf state’s $10 billion sovereign wealth fund, will shift more of its portfolio into global assets and secure a credit rating this year, its chief executive said in an interview Saturday.
“The financial meltdown changed the way we look at our future,” said Talal Al Zain. “The bulk of our focus will be on developed countries, but we’ll look at developing countries to take advantage of emerging economies,”……………………………………..Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corporation (GIC) on Friday paid tribute to the late Dr Goh Keng Swee and salutes his ‘farsightedness and fortitude’ which laid the foundation of the GIC’s development as ’stewards of Singapore’s foreign reserves.’
Dr Tony Tan, Deputy Chairman and Executive Director of GIC, said in a statement: ‘All of us at GIC are saddened by the passing of Dr Goh Keng Swee………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Channelnewsasia.com: Former Deputy Prime Minister Tony Tan paid his last respects to the late Dr Goh Keng Swee. Dr Tan, who is also the deputy chairman of the Government of Singapore Investment Corporation (GIC), said it was Dr Goh’s determination and ability to persuade the government to take a radical course of action that have led Singaporeans to enjoy a comfortable life.
It was Dr Goh who mooted the idea of forming the GIC, some 30 years ago………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Capitalvue.com: China Investment Corporation (CIC), the sovereign wealth fund of China, announced on May 13 that its wholly-owned subsidiary has entered into an agreement with Penn West Energy Trust to jointly develop Bitumen assets in the Peace River area of northern Alberta, Canada, citing a company announcement.
CIC will invest close to CAD $817 million to obtain a 45 percent stake in the partnership to develop Bitumen Assets………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Financialstandard.com.au: China’s sovereign wealth fund (SWF) is investing more than $800 million as part of a joint venture to assist in the production of resource assets in Canada.
The China Investment Corporation (CIC) formed a joint venture with Penn West Energy Trust to develop the company’s bitumen assets located in the Peace River area of northern Alberta, Calgary………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Indiatimes.com: Central Huijin, the domestic investment arm of China’s sovereign wealth fund, which jointly controls major state banks with the finance ministry, said last month it would participate in the top three banks’ financing plans.
It called the plans “highly important for maintaining stability in capital markets and promoting the banks’ healthy development”. ……………………………………..Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From WSJ: The banks have a backstop in Central Huijin, an arm of China Investment Corp., China’s sovereign-wealth fund, which already owns large stakes in the banks, along with China’s Ministry of Finance. The fund has already signaled its willingness to back the nearly $50 billion in capital-raising plans announced by China’s listed banks.
That is just as well. Jitters in China’s equity markets have led to the cancellation or poor performance of recent initial public offerings………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Ifrasia.com: The burgeoning domestic bond market in China is set to see two giant bond issues from the Ministry of Finance (MoF) and China Investment Corp, the country’s sovereign wealth fund, which could potentially raise up to Rmb70bn–Rmb100bn (US$10.25bn–$14.65bn).
The MoF issue is designed to soak up the abundant liquidity in the domestic market, while CIC’s deal will recapitalise major PRC banks………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Indiatimes.com: The government plans to create a Rs 50,000-crore ($11 billion) dedicated fund to set right the country’s creaking infrastructure and could raise 40% of the corpus from overseas investors, launching yet another assault on a problem that has defied solution for long and cramped India’s growth potential.
The government plans to raise Rs 20,000 crore, or $4.4 billion, from foreign pension, insurance and sovereign wealth funds, and the remainder from domestic institutions………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Seekingalpha.com: One of Asia’s most active sovereign wealth funds (SWF) is investing up to $1 billion in the US company that helped pioneer production of shale gas, Chesapeake Energy (CHK).
Temasek Holding, a $172-billion fund owned by the government of Singapore, will buy $500 million in preferred shares in Chesapeake, and has an option with Hopu Investment Management, a private equity firm in Beijing, to place another $500 million in Chesapeake preferred shares. Hopu is also acquiring $100 million of preferred shares………………………………………Full Article: Source

Posted on 17 May 2010 by VRS |  Email |Print

From Foodweek.com.au: New Zealand companies might be eligible for some of the new $800 million clean energy fund announced in Australia’s Budget.
The Australian Government is putting the extra money into renewable energy projects – and under CER arrangements, New Zealand companies could be entitled to bid for the work………………………………………Full Article: Source

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