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Sovereign Wealth Funds Briefing 27.May 2010

Posted on 27 May 2010 by VRS |  Email |Print

From Knowledge@Wharton: Sovereign Wealth Funds, the large investment funds supported by governments, are mostly a positive economic force that can provide a shot in the arm to the companies — and countries — they invest in. They are also a stabilizing force for the nation where the investment originates.
Those are some of the main takeaways from a new study, “The Brave New World of Sovereign Wealth Funds,” conducted by Wharton MBA students and sponsored by the Wharton Leadership Center and the Joseph H. Lauder Institute of Management & International Studies……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From WSJ: The French government told China Investment Corp. it wasn’t a welcome investor in a French company, the head of the Chinese sovereign wealth fund said Wednesday.
“We were told we were not welcome” when CIC made an approach to a French company, President and Chief Investment Officer Gao Xinqing said on the sidelines of the annual forum of the Organization for Economic Cooperation and Development in Paris……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Reuters: China’s sovereign wealth fund will not cut its investments in Europe despite the fall in the euro, but will closely monitor how the continent tackles currency and regulation issues, the fund’s head said on Wednesday.
“We will keep our allocation in Europe,” China Investment Corporation president and chief investment officer Gao Xiqing said at a the Organisation for Economic Co-operation and Development (OECD) 2010 Forum in Paris……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Efinancialnews.com: Sovereign Wealth Funds are increasingly being perceived as investors motivated by political objectives, according to the results of a global poll of attitudes to SWFs, with Russia and China among those considered the most likely to have hidden agendas.
The Sovereign Brand Survey, conducted by consultants Hill & Knowlton and Penn Schoen Berland, interviewed “national elites” – including decision makers, top earners, and graduates - from nine countries on 19 SWFs and found that the perception of a SWF was closely linked to that of its country……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Livemint.com: Sovereign wealth funds (SWF) set up by nations flush with foreign currency reserves have not always had the warmest of welcomes due to the lack of transparency in the way they operate.
That may be changing, according to a survey by communications and research strategy consultants Hill & Knowlton and Penn Schoen Berland in the top seven destination countries. Sovereign Brands Survey 2010 reveals that post the global economic crisis, SWFs are now being viewed more favourably, with their investment activity considered one of the least likely sources to have contributed to market turmoil……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Financeasia.com: A survey on views of sovereign investments conducted in January reveals some apparent contradictions among how ‘broad elites’* view sovereign wealth funds.
On the one hand, 75% of elites in China rate SWFs as very or somewhat trustworthy, while hedge funds and PE firms are viewed as trustworthy by only 58% and 50%, respectively……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Reuters: The Government of Singapore Investment Corp (GIC) is exploring the possible listing of its logistics business in Singapore in an IPO valued at between $500 million to $1 billion, sources with knowledge of the deal told Reuters.
The business is part of GIC Real Estate or GIC RE which is ranked amongst the world’s top 10 real estate investment firms……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Straitstimes.com: The Government of Singapore Investment Corporation’s property investment arm, GIC Real Estate (GIC RE), may list its China and Japan assets in the form of a real estate investment trust (Reit).
It is not known how much an initial public offering (IPO) could raise, but if it proceeds, it is likely to include assets in China and Japan that GIC RE bought from ProLogis for US$1.3 billion (S$1.8 billion) in late 2008……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Temasekreview.com: Singapore’s biggest sovereign wealth fund, GIC, said it converted its UBS notes into ordinary shares, suffering a paper loss of about $5 billion.
The Government of Singapore Investment Corp [GIC.UL] had invested 11 billion Swiss francs ($10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Straitstimes.com: Singapore’s sovereign wealth funds (SWFs) have been ranked second only to Norway’s in transparency, governance and independence from the Government.
That is according to a survey conducted by communications and research strategy consultants Hill & Knowlton and Penn Schoen Berland……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Chinapost.com.tw: Temasek Holdings, Singapore’s government-owned investment arm, and Malaysia’s Khazanah Nasional Berhad will form a joint venture company to develop a wellness township in Johor’s Iskandar Malaysia Region.
Malaysia and Singapore have been in talks to work together on an ‘iconic’ development in the region since late last year. On Monday, following a retreat between Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak, the two leaders agreed on the framework of this partnership……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Globaltimes.cn: Temasek Holdings is still searching for a new chief executive to replace Ho Ching, the wife of Prime Minister Lee Hsien Loong, industry sources and analysts said Wednesday after the Singapore state investment firm appointed 59-year-old Hsieh Fu Hua as new president.………………………………………Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Nzherald.co.nz: The Guardians of the NZ Superannuation Fund say a recovery in asset prices is behind a lower forecast for the performance of the $16.7 billion fund this year.
The “Cullen Fund”, which was set up in 2003 to help pay for the future costs of retiring New Zealanders, yesterday released its statement of intent for the year to June 30, 2011……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Reuters: Middle East investors are looking to invest more in emerging markets than in North America, Europe or Japan, lured by the higher returns such regions offer, a study released by U.S.-based fund manager Invesco Ltd showed. Many sovereign wealth funds have started to invest more passively, so they have been looking at index trackers more than direct investments.
In a report published on Wednesday, the global money manager said about 82 percent of the more than 200 participants it surveyed forecast a preference for exposure to emerging markets in the next three to five years, compared with 30 percent for North America and 14 percent for Europe……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Forbes: In March the Abu Dhabi Investment Authority (ADIA)–the world’s largest sovereign wealth fund–made its most extensive disclosure of its holdings to date.
This synopsis of its investment strategies was required to meet disclosure rules agreed under its voluntary commitment to the Santiago Principles, inspired by a desire to demonstrate that its investments are driven by a profit motive rather than a political agenda……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Dow Jones: The Qatar Investment Authority has been interested in buying Citigroup Inc. stock from the U.S. Treasury Department, according to a person familiar with the matter in the Persian Gulf, and a person in the banking industry.
Discussions about a potential purchase started months ago, and are, according to one of these people, ongoing. QIA’s interest was reported by the Financial Times earlier Wednesday……………………………………….Full Article: Source

Posted on 27 May 2010 by VRS |  Email |Print

From Efinancialcareers-gulf.com: Investment banks’ appetite to recruit staff to woo Gulf sovereign wealth funds largely faded alongside funds’ appetite to make international acquisitions. Now, however, with advisory fees looking more likely, firms are seeking to increase their SWF coverage.
The likes of Morgan Stanley, JPMorgan, Deutsche Bank and Lehman Brothers all recruited bankers to liaise with sovereign wealth fund clients in the first half of 2008………………………………………Full Article: Source

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