The Daily Brief

Ashby Monk

Today’s top stories:

  • What’s going on at the Libyan Investment Authority these days? According to the WSJ, the fund is trying to track down its past investments before it starts making new investments.
  • CalPERS puts $100 million of seed money into a new Toronto-based hedge fund.
  • Qatar is now the richest country in the world.
  • Former Chairman of LIA was arrested in Tunisia on Algeria border.
  • There’s some interesting details on the innovative structure of the Russian Direct Investment Fund in the Telegraph.
  • KIC may buy another ~0.6% of Bank of America.

And here are some of the week’s top stories:

  • Russia and China may be setting up a big co-investment vehicle.
  • Syrian-Qatari Holding just ran out of money. Halts projects.
  • Nigeria’s Governors are pushing to combine the old (non-transparent and dodgy) ECA with the new (legit and transparent) NSWF.
  • GIC, the biggest shareholder in UBS, has expressed official disappointment at rogue trading losses (while defending its investment in the firm).
  • How much did the National Pension Reserve Fund lose on its Irish banking investment due to the government’s directed investment policy? Over $5 billion. (Now that’s what I call a ‘rogue trade’!)

1 Response to “The Daily Brief”

  1. 1 kjeyaretnam September 23, 2011 at 8:18 am

    “The coupon may seem juicy but it stems from the fact that the investor has sold a put on the shares to the issuer. If the option was stripped out and sold separately it would undoubtedly look cheap at the price GIC sold it, particularly as UBS had inside information about the true state of the bank.” .

    Please read my blog article where I question the initial investment objective and why GIC as the largest shareholder didn’t take a more active public role until now.

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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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