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Sovereign Wealth Funds Briefing 25.Nov 2014

Posted on 25 November 2014 by VRS |  Email |Print

Middle East Sovereign Wealth Funds (SWFs) have been forced to navigate shifting economic currents at home and abroad as they seek to invest their oil-fuelled capital to generate the best returns for their stakeholders, according to a newly published KPMG report on SWFs in the Middle East.
The report was published in collaboration with the Institutional Investor’s Sovereign Wealth Centre. Over the past two years, there has been a shift in how the Middle East’s Sovereign Wealth Funds have had to reallocate their assets. The changes are driven by market forces including the unprecedented low-interest rate environment…………………………………Full Article: Source

Posted on 25 November 2014 by VRS |  Email |Print

The head of South Korea’s sovereign wealth fund on Monday apologized for its botched investment in Bank of America (BoA) but stressed it plans to retain the stake for the time being to minimize losses. “I believe that it was a poor investment and apologize to the people of Korea. I promise that Korea Investment Corp. (KIC) will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund,” KIC chief executive Ahn Hong-chul said.
KIC has been facing strong backlash from opposition party lawmakers for its US$2 billion investment in Merrill Lynch in 2008 before the financial firm was merged with BoA…………………………………Full Article: Source

Posted on 25 November 2014 by VRS |  Email |Print

Libyan sovereign wealth fund, which is suing Goldman, estimates the US investment bank made $350m in upfront profit on nine derivatives products. A high court judge has ordered Goldman Sachs to reveal how much profit it made on a deal that lost Libya’s government more than $1bn when financial bets turned sour.
The Libyan Investment Authority, created in 2006 to look after the country’s oil riches, accused the Wall Street bank of duping it into making investments that its “naive” staff didn’t understand. The $66bn sovereign wealth fund is suing Goldman in the high court in London after it lost $1bn from investing in complex derivative investments that collapsed in value during the 2008 financial crisis…………………………………Full Article: Source

Posted on 25 November 2014 by VRS |  Email |Print

A London judge said Goldman Sachs Group Inc. (GS) should reveal how much money it made from transactions with Libya’s sovereign wealth fund at the center of a $1 billion lawsuit. The bank should tell the Libyan Investment Authority what its profits were on the disputed trades, and how it calculated them, Judge Vivien Rose said at a London court hearing.
The LIA is suing Goldman over money lost on 2008 derivative deals that it says weren’t appropriate for the wealth fund. Part of the fund’s case is that Goldman made excessive profits from the trades. “It should be a reasonably straightforward matter for Goldman Sachs to tell everybody what they did,” Judge Rose said…………………………………Full Article: Source

Posted on 25 November 2014 by VRS |  Email |Print

Mubadala-owned medical company Healthpoint has agreed to a three-year deal to become Manchester City’s regional healthcare provider and partner. Healthpoint, which specialises in orthopaedics, sports medicine, and physical therapy, will provide clinical and rehabilitation services to Manchester City footballers.
“This partnership includes traditional giveaways and hospitality rights,” said Healthpoint board member Dr Ihsan Almarzouqi. “But is more than that. We aim to be a partner for clinical excellence and elevate our capabilities in sports medicine.”………………………………..Full Article: Source

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