The Daily Brief

Ashby Monk

Today’s financial markets commentary…

  • Market volatility inspires Indonesia to earmark $12 billion for a new stabilization fund.
  • CalPERS CIO Joe Dear: “It’s bad, but it’s not 2008…it’s not a time to panic and run with fear out of the market.”
  • Oz Future Fund Chairman David Murray says resolving the underlying problems of the crisis “…could take up to 20 years.”
  • Ireland’s National Pension Reserve Fund catches a welcome break; it sold billions of equities and bonds before markets went into nose dive.
  • The Caisse de Depot et Placement du Quebec is buying more Teck Resources on the “cheap”– its 17% stake is now worth $4 billion.

And in other news…

  • The National does a nice comparison of Abu Dhabi’s Mubadala and ADIA to Singapore’s Temasek and GIC.
  • CalPERS getting ready to unveil its new ESG risk framework. This will actually be quite interesting; adding ESG as a “risk factor” I believe.
  • RAK Investment Authority has signed an MoU with the Andhra Pradesh Government for a JV to set up an aluminum refinery plant and smelter.
  • It’s very interesting to see what Brad Holzberger is up to at QSuper.
  • Future Fund having to justify its performance over the past five years. (That’s not really the five years of global markets I’d like to have to justify…)
  • Temasek’s Fullerton Fund Management has hired Manraj Sekhon to be its new CEO.
  • And in other news, Goldman Sachs admits it’s being investigated for bribing the Libyan Investment Authority.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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