The Daily Brief

Ashby Monk

In today’s news…

  • China’s NSSF has put $1.56 billion into Chinese stocks since Tuesday to boost markets.
  • The NZ Superannuation Fund is reportedly in breach of its own rules not to invest in tobacco; caught out with a stake in Shanghai Industrial Holdings, which owns Nanyang Brothers Tobacco.
  • Rumor: BofA is reportedly looking to sell its stake in China Construction Bank to some big SWFs. Will the latter avoid making the mistakes of 2008?
  • Kenya’s National Social Security Fund ($1.3 billion aum) hires some new asset managers to boost returns.
  • France’s Fonds de Reserve pour les Retraites has given $2.8 billion in new mandates.

And for some wickedly funny commentary on the US economy, I give you…The Economist:

“America is a scooter-bound glutton who, when its continuously increasing mass finally overwhelms the doughtiest scooter’s capacities, shakes its fat fists like a mad baby and demands deliverance from the laws of physics. America needs an extreme makeover, a heavy dose of tough love. America needs to grow up and get real. But our politicians always only tell us how beautiful and brave we are here in the best country in the history of the world. So I figure the odds that the so-called super committee sets us on a sustainable fiscal path are about as good as the odds that this blog post wins a Pulitzer.” (h/t FTAV)

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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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