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Sovereign Wealth Funds Briefing 18.May 2010

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

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

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

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

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

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

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

Posted on 18 May 2010 by VRS |  Email |Print

From Bloomberg: GCL-Poly Energy Holdings Ltd., in which China’s sovereign wealth fund holds a stake, may build solar farms with a total capacity of as much as 500 megawatts to help meet demand in the world’s fastest-growing major economy.
China’s largest producer of polysilicon, the main raw material used in solar cells, is also looking at setting up solar farms in the U.S., Europe and the Middle East and may make investment decisions on some projects this year, Chief Financial Officer Sam Tong said at a media briefing in Hong Kong today………………………………………Full Article: Source

Posted on 18 May 2010 by VRS |  Email |Print

From Financeasia.com: Citi global transaction services will provide Thailand’s government pension fund with all of its payment needs under the terms of a new mandate from the fund, further confirming the bank’s claim that its public sector cash management business is picking up.
When fully implemented, Citi will combine a myriad of its treasury offerings, including Paylink, automated clearing house, money order and real-time gross settlement capabilities, to handle payments between the $10.3 billion fund and its members and other government departments. The solution is fully automated, centralised and standardised………………………………………Full Article: Source

Posted on 18 May 2010 by VRS |  Email |Print

From Bloomberg: Qatari Diar Real Estate Investment Co., a unit of the emirate’s sovereign-wealth fund, should pay as much as 81 million pounds ($117 million) for abandoning a deal to build luxury apartments at London’s Chelsea Barracks, U.K. developer CPC Group Ltd. said.
Qatari had no reason to back out of the project and is now refusing to pay so-called deferred compensation it owes after buying CPC’s share of the development, lawyer Anthony Stephen Grabiner said in opening arguments at a London trial over the contract dispute………………………………………Full Article: Source

Posted on 18 May 2010 by VRS |  Email |Print

From Albawaba.com: Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has revealed that it has attracted interest from new investors from different countries following its participation as sponsor at the recently concluded Arab Investment Summit 2010 in Abu Dhabi.
The enthusiastic investor response reflects the robust investment activity in Ras Al Khaimah during the first quarter of 2010 wherein RAKIA achieved a 75 per cent growth in the total number of business licences issued over the same period in 2009………………………………………Full Article: Source

Posted on 18 May 2010 by VRS |  Email |Print

From Zawya.com: GCC sovereign wealth funds (SWFs) have made modest attempts to increase their transparency, most notably the Abu Dhabi Investment Authority, which this year disclosed information on its general strategy, asset composition and returns but without revealing its total holdings or details on specific assets.
In an apparent attempt to gain international investors’ confidence, Abu Dhabi state holding company Mubadala issued its first detailed audited accounts in spring 2009. However, the only major SWF giving a precise figure for its total holdings is the Saudi Arabian Monetary Agency, a practice that again predates the crisis. ……………………………………..Full Article: Source

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