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Sovereign Wealth Funds Briefing 17.Nov 2014

Posted on 17 November 2014 by VRS |  Email |Print

Oeyvind Schanke, head of asset strategies at Norway’s $860 billion sovereign wealth fund, has worked out how to dodge traders in the U.S. trying to profit on his orders by leaving no pattern for them to track.
Investors who want to pre-empt trades by the world’s biggest sovereign-wealth fund and act on that information to make a profit — a practice known as front running — won’t have much success, he said………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund and U.S. financial services group TIAA-CREF have bought a Washington D.C. property in a deal valuing the site at $165 million, the fund said on Friday.
The fund bought a 49.9 percent stake for $82.3 million, which according to the statement has no debt, while TIAA/CREF bought the rest and will manage it on behalf of the partnership, it added. The property was bought from The Maritime Engineers Beneficiary Association, which will have a 99 year lease on it………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

Targeting an investment horizon of “forever”, Norway’s $860 billion oil fund plans to enter the Asian real estate market next year and aims to broaden its asset range to include anything from new developments to refurbishments, it said.
Stepping up its activity after a gradual start and aiming to invest around $8-$10 billion a year, the fund will also do more property deals on its own as it struggles to find partners with deep enough pockets, Karsten Kallevig, its real estate chief, told Reuters………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

The chairman of the Swiss central bank ruled out creating a sovereign wealth fund to manage Switzerland’s gold reserves if a referendum on banning the bank from selling them passes, according to a newspaper interview published on Sunday.
The “Save our Swiss gold” proposal, spearheaded by the right-wing Swiss People’s Party (SVP), will be put to a plebiscite on Nov 30. It aims to ban the central bank from offloading the reserves and oblige it to hold at least 20 percent of its assets in gold………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

In case you missed it, this week saw the release of the long-awaited third-quarter Linaburg-Maduell Transparency Index Ratings, aka the Oscars of the sovereign wealth universe. The main “takeaway” from the publication is that we, the State, did well and everybody likes it when we do well in internationally graded tests. In fact, we got a clean 10 out of 10.
The prize-winner in this instance was the National Pensions Reserve Fund, the erstwhile guardian of our future pensions before it was raided under the bailout. These days, the fund is all about strategic investments that might improve the domestic economy and make a profit at the same time. It’s an unusual approach for a sovereign fund – one that has been described by the structure itself as a quest for a “double bottom line”. The jury is still out on the merits of same, but that’s an argument for another day………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

Sovereign wealth funds are buying up assets this year at their fastest rate since the financial crisis as these state-run pools of assets regain the confidence lost when big punts on western banks turned sour, Thomson Reuters data shows.
Thomson Reuters data shows sovereign wealth funds, which invest windfall revenues from oil and other exports for future generations, were involved in deals worth $40 billion (25.55 billion pound) in the first nine months of 2014, the highest rate since 2007. The money was spent across 79 transactions - the highest number since 2008 - with real estate and infrastructure dominating the deal flow………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

Iran will draw on its sovereign wealth fund to cope with damage to its economy from plunging global oil prices, Iranian Oil Minister Bijan Zanganeh was quoted by the ministry’s news agency Shana as saying. “By drawing upon its National Development Fund to reimburse contractors active in upstream projects, Iran will make up for the impact of the oil revenue decline on these projects,” Zanganeh said, according to a Shana report on Saturday.
Iran’s National Development Fund is worth about $62 billion, according to the Sovereign Wealth Fund Institute, which tracks the industry. Some of its assets may be frozen by international sanctions imposed over Iran’s disputed nuclear programme………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

State-backed Italian and Qatari investors are to buy a 165 million euro ($205 million) stake in Inalca, expanding the Italian meat producer’s overseas markets in the first such deal by the two investment partners. Under the deal signed on Friday, the IQ Made in Italy joint venture will buy a 28.4 per cent stake in Inalca, currently wholly owned by Italian food producer and caterer Cremonini.
Italian state-backed private equity fund Fondo Strategico Italiano (FSI) and Qatar Holding, a fund created by the Qatar Investment Authority, set up the joint venture in March 2013 to invest in a range of Italian companies in the food, fashion and luxury, tourism and leisure sectors………………………………….Full Article: Source

Posted on 17 November 2014 by VRS |  Email |Print

The fund was formed in 2011 with equal equity contribution from SBI and SGRF, one of Oman’s sovereign wealth funds. A joint investment fund set up by SBI and Oman’s sovereign fund will raise its corpus by $250 million for a special purpose vehicle (SPV) to capitalise on the new government’s ‘Make in India’ initiative.
“The ministerial India-Oman Joint Commission, has accorded a political go-ahead for the second tranche with modalities to be worked out by State Bank of India (SBI) and State General Reserve Fund (SGRF) for its launch at the earliest,” Indian ambassador to Oman, J S Mukul said………………………………….Full Article: Source

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