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Sovereign Wealth Funds Briefing 12.Jun 2012

Posted on 12 June 2012 by VRS |  Email |Print

Singapore state investor Temasek Holdings has taken a 5.5 percent stake in Canada’s Ivanhoe Mines valued at $426 million, increasing its bet on resources firms.
Temasek owned 40.855 million shares of the Vancouver-based firm, the Singapore investor said in a filing to the U.S. Securities and Exchange Commission on June 8………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

The Asahi Shimbun interviewed Gao Xiqing, president of the China Investment Corp., a Chinese sovereign wealth fund at the vanguard of such activity. The CIC manages a portfolio of $400 billion (about 32 trillion yen).
One reason the CIC was created is to diversify options for investing China’s foreign currency reserves, most of which are denominated in dollars. In 2010, we had more than 40 percent of our overseas investments in North America, 30 percent in Asia, over 20 percent in Europe, 5 percent in Latin America and 1 percent in Africa………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

The head of China’s giant sovereign-wealth fund sees mounting risks of a breakup of the euro zone, and says the fund has scaled back its holdings of stocks and bonds across the continent.
The comments by Lou Jiwei, chairman of China Investment Corp., are among the most bearish pronouncements yet on Europe by a senior Chinese official, said……………………………………….Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

China said the euro zone finance ministers’ decision to lend Spain up to €100 billion ($125 billion) to shore up its teetering banks was a welcome short-term fix, but urged the bloc to take more decisive action to safeguard longer term stability.
China’s $410 billion sovereign wealth fund, China Investment Corp, has cut its stock and bond investments in Europe as it sees rising risks of a euro zone breakup, the fund’s chairman told the Wall Street Journal last week………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

China’s national pension fund aims to allocate Rmb30 billion ($4.7 billion) to domestic private equity funds this year, with the sum to rise to Rmb50 billion by 2015 as it seeks to boost returns.
The planned allocation, announced by National Social Security Fund chairman Dai Xianglong, is a leap from the Rmb19.5 billion invested in PE funds in 2011. It also follows a recent disclosure that the $134 billion sovereign fund had derived nearly 70% of its total yield last year from private equity and direct investments………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

There is one major difference between the oil rich Gulf states that first created sovereign wealth funds and the manufacturing focused east Asian states that followed in their foot steps. When an oil exporting country takes oil out of the ground, sells it, and deposits the proceeds in their sovereign wealth fund, there is no net change in wealth.
Just because the oil is in the ground rather than sold with money in the bank to show for it, does not make that country any more or less wealthy. In fact, they would probably become more wealthy by keeping oil in the ground rather than selling it now………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

Blackrock Inc, Capital Group and Och-Ziff Capital Management Group have emerged as cornerstone investors in the $2 billion listing of Malaysia’s IHH Healthcare Bhd, according to two sources with direct knowledge of the flotation.
The other cornerstone investors are Singapore sovereign wealth fund Government of Singapore Investment Corporation, Fullerton Fund Management, AIA Group and Hwang Investment Management, the sources said………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

When the Korean Asset Management Corp, which handled the auction for a minority stake in Kyobo Life, announced its preferred bidder last week, it turned to Ontario Teachers’ Pension Plan, the Canadian pension fund with C$117bn (US$114bn) under management rather than private equity funds including Affinity, an Asian regional investment firm, and Carlyle.
Canadian pension funds like Ontario Teachers and Canada Pension Plan Investment Board, with C$162bn, have increasingly bypassed the private equity firms. So have the two investment arms of Singapore, Government of Singapore Investment Corp and Temasek………………………………………..Full Article: Source

Posted on 12 June 2012 by VRS |  Email |Print

Worldwide institutional assets among the 688 money managers surveyed by Pensions & Investments dipped 0.31% to $29.16 trillion in 2011, a flat performance after growth of more than 11% a year earlier.
Benjamin Phillips, a partner with Casey, Quirk & Associates LLC in Darien, Conn. said another opportunity for money managers comes from sovereign wealth funds, which are expanding into various asset classes as they continue to grow from capital surpluses in their individual countries. (Overall, sovereign wealth fund assets under management reported by money managers in P&I’s survey were up a mere 0.35% to $898 billion in 2011.)……………………………………….Full Article: Source

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