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Sovereign Wealth Funds Briefing 21.May 2010

Posted on 21 May 2010 by VRS |  Email |Print

From Gulfnews.com: For a high-risk business and is often fraught with project, profitability and political risk, the metals and minerals sector has been surprisingly resilient over the past 12 months and continues to attract cross-border investor interest.

Some sovereign wealth funds (SWFs) that have not traditionally taken positions in this sector have been drawn to it by the prospect of continuing demand growth……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Costar.com: Sovereign wealth funds (SWFs) have grown at a remarkable pace over the last decade, quadrupling from an estimated $1 trillion in assets under management in 2000 to $4 trillion today, and expected to hit $6 trillion within two years.
So it shouldn’t come as a surprise that U.S. property owners are abuzz about the new interest American real estate is generating among foreign investors representing such diverse governments as China, Singapore, Qatar and Norway……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Vnagency.com.vn: Oman Investment Fund, the sovereign wealth fund of Oman, has inked a deal with PetroVietnam Insurance to become its sole foreign strategic partner, through the acquisition of a 12.6-per-cent stake equivalent to 20.2 million shares from the insurer.

The acquisition is valued at VND808.3 billion (US$42.5 million)……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From IPE: The Norway Government Pension Fund’s appointment of State Street as real estate fund administrator, including joint venture services, has led to speculation that the sovereign wealth vehicle will invest directly in global property markets.

The NOK140bn (€16.6bn) will begin constructing its real estate portfolio in September – following changes in legislation enabling it to gain exposure to the asset class…………………………………….Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Bernama: National investment arm, Khanazah Nasional Bhd, will continue to divest its non-core assets but in an orderly manner, said its managing director, Tan Sri Azman Mokhtar.

“The answer is Yes but we will do it in an orderly manner,” he said when asked whether Khazanah would be selling any of its non-core assets this year……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Dow Jones: The worst of the global financial crisis is over though the effects of the crisis could last a long time, a senior executive with China’s $300 billion sovereign wealth fund said.

Jin Liqun, chairman of the supervisory board of China Investment Corp., made the remarks at a forum about equity-investment funds……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Reuters: Signs show that the impact of the sovereign debt crisis in Europe might be smaller than expected, a senior official with China’s sovereign wealth fund said on Friday.

Jin Liqun, supervisory board chairman of the $300 billion China Invstment Corp, was speaking on the sidelines of a financial forum……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, and Korea Investment Corp, South Korean sovereign wealth fund, are in advanced talks to join a consortium that will acquire US$$900 million of convertible preferred stock in Chesapeake Energy, the Financial Times reported, citing unnamed sources as saying.

The report said that CIC and KIC will separately buy US$300 million worth of the preferred stock of the New York-listed company, a leading U.S. producer of natural gas……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Theaustralian.com.au: Several of Asia’s powerful sovereign wealth funds said currency traders in Hong Kong had started to build sizeable “short” positions in the euro - betting that the currency has further to fall and hedging against the losses that they would make if previous bets on the bonds of Greece, Portugal, Spain, Ireland and Italy turned sour.
However, analysts said that a decision by Kokusai Asset Management could be a critical point for the euro……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Indiatimes.com: Dubai World, whose default fears had rocked global markets, on Thursday said it reached agreement “in principle” with most of its bank lenders to restructure some $23.5 billion in debt.

The agreement still needs the backing of other lenders but appears to give the heavily-indebted Dubai some breathing space in dealing with the obligations of its state firms……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Dow Jones: China Investment Corp., the country’s US$300 billion sovereign wealth fund, said Thursday it had appointed two former senior Chinese bankers to its management team, a move that comes as the fund is stepping up overseas expansion while continuing to reform the state banking sector.

Fan Yifei, a former executive vice president of China Construction Bank Corp. who has extensive overseas experience, has been appointed an executive vice president at CIC, a statement posted on CIC’s website said. The statement said Fan has also been appointed the fund’s deputy chief operating officer……………………………………..Full Article: Source

Posted on 21 May 2010 by VRS |  Email |Print

From Reuters: The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks.
ICD said in a statement on Thursday that Nicholas Hegarty’s departure comes at the end of a two-year fixed term……………………………………..Full Article: Source

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