The Daily Brief

Ashby Monk

  • Nigeria’s Finance Minister Okonjo-Iweala says the State Governors need to be educated on the national benefits of having a new, legal SWF. (As opposed to the personal benefits from having the old, illegal ECA.)
  • Mubadala is apparently backing a Sony bid for British music company EMI. Going long the music industry?
  • Norway’s NBIM has capped bonuses to external managers at $25 million.
  • White Knight Syndrome: The Qatar Investment Authority is looking at buying Dexia.
  • Frontier Finance: NZSF pays its staff a nice wage. (It’s tough to attract talent to Auckland.)
  • Most Alaskans will be receiving $1,174 from the Permanent Fund today.
  • Dubai 2.0: modesty above excess? It appears so… “…a humbler place, but a no less entrepreneurial or dynamic place.”
  • Mayor Bloomberg says that NYC’s pension funds’ 8% discount rate on liabilities is totally unrealistic. And, he’s right! However, changing it to something realistic at this point would plunge the pension into severe levels of underfunding (officially), which would in turn constrain city budgets even further. So, selecting a new discount rate becomes a very, very politicized decision. The fact that 8 percent is crazy is clear. What to do about it in today’s environment is another issue altogether.

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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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