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Sovereign Wealth Funds Briefing 09.Feb 2015

Posted on 09 February 2015 by VRS |  Email |Print

Gulf institutional investors are putting their money into Asian equities, in particular Japanese stocks, but are shunning European shares after years of underperformance, the Middle East head of Pictet Asset Management said. Many of these Middle Eastern entities, including some of the world’s largest sovereign wealth funds, have traditionally been regarded as significant investors into European developed markets.
Qatar for example, through Qatar Investment Authority and its subsidiaries, has in recent years embarked on an aggressive expansion spree which has seen it buy up stakes in major companies such as Volkswagen and Siemens, as well as real estate and infrastructure on the continent………………………………………..Full Article: Source

Posted on 09 February 2015 by VRS |  Email |Print

Thirty two coal mining companies were eliminated by the world’s richest sovereign wealth fund from its portfolio in 2014. The Government Pension Fund Global (GPFG) in its first report, revealed that 114 companies were taken off its portfolio. The fund which is worth $850 billion (£556 billion) and founded on the nation’s oil and gas wealth indicated that the reasons for the elimination were purely due to the adverse climatic and environmental conditions created due to the operations of these companies.
A study revealed that only a small quantity of the fossil fuel can be burned when temperatures are kept below two degrees Celsius. Governor and President of the Bank of England and the World Bank, Mark Carney Jim Yong Kim together with others raised concerns to investors that a lot of the assets of fossil fuel can lose their value due to climatic changes………………………………………..Full Article: Source

Posted on 09 February 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund has written to energy companies, asking them to outline their plans to deal with the transition to a low-carbon economy. In a letter to the Ministry of Finance accompanying its inaugural responsible investment (RI) report, Norges Bank Investment Management (NBIM) noted a recent decision not to use the Government Pension Fund Global as a tool for enacting climate policy by mandating a blanket divestment of fossil fuel holdings.
NBIM contrasted the blanket exclusion of one or more sectors with its ability to monitor companies actively and potentially not invest in them, noting that sector-wide bans would directly conflict with the “basic premise” of its approach to management………………………………………..Full Article: Source

Posted on 09 February 2015 by VRS |  Email |Print

Five people with links to an alleged bribery plot involving Societe Generale and Libya’s $60bn sovereign wealth fund were allowed to have their names kept secret in a London lawsuit. The Libyan Investment Authority is suing SocGen for at least $1.5bn, saying the French lender paid kickbacks to a family friend of then-Libyan ruler Muammar Gaddafi to win investment deals. Societe Generale and the Gadaffi associate, Walid Giahmi, have both denied wrongdoing.
In a London court hearing on Friday, Giahmi’s lawyer Paul Girolami asked a judge to include five individuals in a “confidentiality club,” meaning their names won’t be revealed to anyone other than legal advisers because of safety fears. Giahmi is concerned about “brutal violence” and kidnappings in the country, LIA lawyer Roger Masefield told the court………………………………………..Full Article: Source

Posted on 09 February 2015 by VRS |  Email |Print

Singapore sovereign wealth fund GIC has bought a 5 per cent stake in Nielsen NV, a leading provider of TV audience ratings data, for an undisclosed amount, according to a regulatory filing.
A report in the Wall Street Journal (WSJ) said the deal is valued at over US$800 million (S$1.1 billion). GIC Private Ltd disclosed its holding of common stock in Nielsen, which has a market value of $16.7 billion, in a US Securities and Exchange Commission filing dated Feb 4………………………………………..Full Article: Source

Posted on 09 February 2015 by VRS |  Email |Print

A plan by ratings agency Standard & Poor’s to overhaul the way it rates investment holding companies has drawn a strongly worded response from Temasek Holdings.The Singapore investment firm noted that the “confusing” proposal lumps Singapore together with countries such as Jamaica and even Greece, which is battling a debt crisis.
Temasek has issued bonds targeted at professional investors. It has previously said that it is also looking at offering retail bonds.Temasek spokesman Stephen Forshaw said a company should be rated based on its underlying credit quality, according to business and financial factors………………………………………..Full Article: Source

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