Posts Tagged 'news'

The Daily Brief

Ashby Monk

  • Some interesting thoughts from outgoing Alaska Permanent Fund CIO Jeff Scott.
  • Ireland’s National Pension Reserve Fund (or what’s left of it) has reduced equity exposure 10% over fears about the debt crisis.
  • China’s SAFE pledging to make its reserve investment operations more transparent.
  • Rumor: Abu Dhabi’s Aabar may be helping Richard Branson take control of Northern Rock.
  • Temasek has appointed Jimmy Phoon as CEO of its $4 billion hedge fund SeaTown.
  • Ontario Municipal Employees Retirement System will acquire Scotland’s shipping firm V.Group for $520 million.

The Daily Brief

Ashby Monk

  • Ouch: America’s biggest state pensions made returns over the past decade less than half of what was needed to keep up with promises. That’s awful.
  • Reserve Bank of India Deputy Governor Subir Gokarn pours cold water on SWF debate. (Again)
  • Calling all private equity funds that deal with SWFs: Read this to avoid risk of liability under the Foreign Corrupt Practices Act.
  • Tunisian authorities announce plans to create a sovereign wealth fund called “The Future Generations Fund”.
  • GIC to invest $100 million in Indian healthcare company.

The Daily Brief

Ashby Monk

Let the daily briefing begin:

  • The Government of Singapore Investment Corporation’s latest Annual Report is out!
  • The China Investment Corporation’s latest Annual Report is out!
  • US public pension funds have written an open letter to Obama and Congress urging both sides to blink on debt ceiling standoff.
  • FT Tilt has a nice profile of Samruk Kazyna’s Timur Kulibayev and his new status as “Successor“.
  • There are some interesting ideas coming out of Thailand about sovereign funds. Note: the Central Bank is incurring huge losses on its forex operations (issuing @ 3% and buying @ .25%).
  • Caisse des Depots et Consignations is selling a few hundred million in PE assets…so they can buy some new PE assets.
  • Deep thought: “There is a mentality among some SWF professionals that it is better not to lose than it is to win.” (i.e., “CYA”)

The Daily Brief

Ashby Monk

I’m trying out a new segment on the blog this week; I’m calling it The Daily Brief. The idea is to share with readers all of the interesting articles I come across during my morning routine. (Note: These articles also appear on my Twitter feed). Any feedback is greatly appreciated. Here you go:

  • Conservatives in Alberta want to build the Heritage Fund up to $100 billion or more.
  • Ireland’s NPRF feeling the pain of politics: Writing down its ‘directed investments‘ in Irish banks.
  • State Oil Fund of the Republic of Azerbaijan saw assets increase by 33% in last 6 months (!) to roughly $30 billion.
  • The Hong Kong Monetary Authority has plans to buy $500 million worth of Paris and London office properties.
  • Samruk-Kazyna’s Timur Kulibayev is next in line for power in Kazakhstan: Nazarbayev’s son-in-law and, now, successor.
  • Hillary Clinton points to SWF Santiago Principles as model for developing ‘principles for prosperity‘.
  • US State of Virginia will put $140 million back into it’s “Rainy Day Fund” after announcing a budget surplus.
  • 2,700 institutional investors leave the actual business of investing to others.

Top Ten Tweets

Ashby Monk

Here they are: Your top news items from the past week’s @sovereignfund Twitter feed:

  1. KIC’s CIO Scott Kalb offers some really interesting insights about SWFs and Korea’s SWF in this recent PPT.
  2. Canada’s OMERS is reportedly set to buy V. Ships for $500 million (one of the world’s biggest ship managers).
  3. An interesting explanation for why you saw those huge ads for Temasek in the Financial Times this week.
  4. Qatari Diar (QIA subsidiary) is still restructuring: Staff count is down to 350 from a peak of 600.
  5. Choi Chong-suk will be announced today as the new CEO of the Korea Investment Corp. He starts work on Monday.
  6. Ontario Teachers is looking to up its positions in two Chilean utilities.
  7. News of the obvious: CalSTRS warns its stakeholders that it may be hard to replicate 20% returns EVERY year.
  8. Canada Pension Plan Investment Board joins $6.3 billion bid for Texas-based Kinetic Concepts.
  9. SWF corruption probe awakens managers to new risks.
  10. New Zealand Superannuation Fund has had a remarkable year; up 23% in 9 months ending March 31.

Bonus Tweet: Gillian Tett thinks US pension funds are herbivorous dinosaurs surrounded by financial velociraptors. I agree.

Top Ten Tweets

Ashby Monk

Here they are: Your top news items from the past week’s @sovereignfund Twitter feed:

  1. Sovereign funds increasingly looking to Mongolia, Kazakhstan and Uzbekistan for investments and JVs.
  2. Japan’s Government Pension Investment Fund (i.e, the largest institutional investor in world) was down 5% in the 2010 fiscal year (because of the earthquake).
  3. Nigeria’s Aganga will take over at the helm of the new Nigerian Sovereign Investment Authority (i.e., the new SWF):
  4. CIC is looking to invest in four sectors of the Chilean economy: mining, ports, infrastructure and energy.
  5. AIMCo talking to Alberta regulators about giving it more “latitude” on leverage.
  6. CIC not only denying Facebook investment rumor; says the social network is overvalued.
  7. Sweden’s AP2 fund is “generation neutral” in its investment policies; takes a 40-year view.
  8. State Oil Fund of the Republic of Azerbaijan (SOFAZ) assets under management surpassed $30 billion for first time.
  9. Colombia looking to set up a new sovereign fund for mining revenues.
  10. Norway’s SWF buys $1 billion in Paris property from AXA.

Bonus Tweet: Abu Dhabi’s Aabar is buying a turkey producer in Turkey.

Top Ten Tweets

Ashby Monk

Here they are: Your top news items from the past week’s @sovereignfund Twitter feed:

  1. Internal LIA report offers details on dismal returns.
  2. Temasek exploring joint ventures in the Philippines.
  3. CPPIB makes its first direct real estate investment in Hong Kong.
  4. Alberta’s Heritage Fund earned a billion dollars last year: Total AUM now surpassing $15 billion.
  5. UK’s Serious Fraud Office called in to help SEC investigate SWF bribes.
  6. China Investment Corp’s COO is retiring.
  7. I’m sure you’ve been wondering: “Where is Iraqi Kurdistan’s Sovereign Wealth Fund?” Answers.
  8. Temasek and Khazanah continue to collaborate on regional real estate and land deals.
  9. Kazakhs and Kyrgyz create $100 million joint investment fund for Kyrgyz ventures.
  10. More leadership changes announced at GIC: New Chairmen named for GIC Real Estate and GIC Special Investments.

About

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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