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Sovereign Wealth Funds Briefing 12.Mar 2015

Posted on 12 March 2015 by VRS |  Email |Print

China’s $653 billion sovereign-wealth fund is looking to invest more in emerging markets, according to an infrastructure investing official at China Investment Corp. CIC, which has made several high profile investments in the U.S. and Europe in recent years, is targeting emerging countries where there is less competition, more opportunity to tap growth and a greater need for capital, the executive said.
The sovereign-wealth fund, whose past investments include stakes in London’s Heathrow Airport and New York-based private-equity firm Blackstone Group, plans to build new container ports in Kenya and Tanzania, Mi Tao, a director of infrastructure investing at CIC, said………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

ICICI Bank Ltd., India’s largest private-sector lender, is in talks to sell part of its stake in an insurance unit to Temasek Holdings Pte and Carmignac Gestion for about $300 million, people familiar with the matter said.
The Mumbai-based lender plans to complete an agreement to sell about 5% of ICICI Prudential Life Insurance Co. by the end of March, the people said, asking not to be identified as the matter is private. The venture, which is part-owned by Prudential Plc, is India’s biggest private-sector life insurer, according to insurance regulator data………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

Across Europe, sovereign wealth funds are financing much-needed infrastructure projects — and realizing big profits. But shifting regulations pose risks. In Spain, a huge infrastructure deal is close to completion. New York investment bank Morgan Stanley has put its Madrid-based natural gas distribution company Madrilena Red de Gas on the market for around euro1.8 billion ($2 billion) — and demand is off the charts.
Three separate investor groups are reportedly battling for the assets, with two sovereign wealth funds in the fray: the Abu Dhabi Investment Authority (ADIA) and Gingko Tree Investment, a unit of China’s State Administration of Foreign Exchange (SAFE)………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

Facing Western sanctions and low oil prices, Russian companies are lining up for subsidies from the government. But the demand for bailouts is quickly outstripping the supply of money, raising the prospect of an economic crisis here if the funds run out. “Quite a large number of companies have access to no other source of funding,” said Vladimir Tikhomirov, the chief economist at BCS Financial Group.
But the sovereign wealth fund, the National Wellbeing Fund, might not have enough to cover their needs. The fund had $75 billion in reserves at the beginning of the month. About a quarter of the money is held in illiquid assets, so it can’t be parceled out for the bailout program. Some of the money is also allocated for infrastructure. In all, the illiquid assets, the infrastructure works and bailout requests amount to at least $82 billion………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

Italian real estate stocks such as Prelios and Risanamento rallied on Wednesday to test new highs as investors warm to improving business prospects in a market battered by years of recession. In February Qatar’s sovereign wealth fund struck a deal that made it the sole owner of a prime real estate area in Milan worth more than 2 billion euros ($2.12 billion).
Europe’s commercial property market sizzled last year as demand for real estate in Paris, Britain and Germany, plus strong private equity interest in Ireland and Spain, sent deals to their highest level since the financial crisis………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

City Hall is contemplating significant changes to how it invests up to $160 million in reserve funds related to utility infrastructure and energy exploration. On Tuesday the corporate services committee gave initial approval to negotiate a fund-management agreement with AIMCo, the Alberta government’s sovereign wealth fund that includes the Heritage Trust Fund and billions more in public sector pension funds.
The item will go to city council for debate and approval on March 16 after committee members endorsed the plan while admitting the change adds risk but also the possibility of higher returns. “We have to morph with the times, which we’ve done over the past 100 years,” said committee chair Robert Dumanowski. “It’s a huge move in the right direction.”……………………………………….Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

The world is more dollarized today that any time in history, and therefore at the mercy of the US Federal Reserve as rates rise. You would not think it possible that an Asian sovereign wealth fund could run into trouble too, but Malaysia’s 1MDM state fund came close to default earlier this year after borrowing too heavily to buy energy projects and speculate on land. Its bonds are currently trading at junk level.
It became a piggy bank for the political elites and now faces a corruption probe, a recurring pattern in the BRICS and mini-BRICS as the liquidity tide recedes and exposes the underlying rot………………………………………..Full Article: Source

Posted on 12 March 2015 by VRS |  Email |Print

Offshore investors spent a record $7 billion on Australian commercial office buildings last year, including Chinese companies buying more than $1bn of commercial property for the first time.
He said the fall in the Australian dollar had made real estate more attractive, as the report outlined an expectation of increased activity by Chinese investors, sovereign wealth funds and private equity firms. Chinese firms spent $6.7bn on offshore real estate last year, including $1bn of commercial office space in Australia………………………………………..Full Article: Source

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