Posts Tagged 'SWF'

The Daily Brief

Ashby Monk

Let’s get right to our top story:

  • The Chinese central bank may set up a $300 billion investment vehicle to target US and European opportunities. Details are sketchy, but they’ve apparently picked a management team.

In other news:

  • Norway’s Ministry of Finance has decided to ignore the Ethics Council’s call to have the country’s sovereign fund divest from PetroChina.  It’s pretty rare that the Council’s advice is ignored, which makes this story sort of intriguing.
  • GDF Suez is expanding more aggressively into emerging markets. Interestingly, this expansion is being paid for by the CIC‘s $3 billion investment.
  • Sports fans: After announcing last month that it was not selling MLSE, the Ontario Teachers’ Pension Plan has just announced that it is selling MLSE.
  • Qatar may invest in the EFSF. Seriously.
  • Kuwait Investment Authority is looking at Mongolian infrastructure, mines and agriculture.
  • Temasek issues another exchangeable bond. This one raised $390 million and is exchangeable for Li & Fung equity.
  • New Jersey’s pension fund commits $1.8 billion to Blackstone.

The Daily Brief

Ashby Monk

And now, the news:

  • Papua New Guinea’s new SWF Bill went through its second reading yesterday successfully. Policymakers hope to have the new SWF finalized before the 2012 budget is passed.
  • The Qatar Investment Authority is looking to deploy $1 billion in Indonesia for raw materials.
  • Russia has decided to exempt UAE sovereign investors from taxation of gains.
  • MIGA has published its 2011 ‘World Investment and Political Risk‘ report. Some points of interest:
    • Investors remain concerned about macroeconomic stability and capital availability in the short term.
    • Developing countries now attract two-fifths of global FDI and originate close to one-fifth of overseas investment.
    • “Resource nationalism” (and nationalization) continues to be a problem in the global economy.
    • Investors are “cautiously optimistic” about the investment climate in developing countries for next 12 months.
    • Investors are very confident about the investment climate in the developing world over the next three years (75% of corporate respondents to the MIGA survey will expand in developing countries over this period).
    • The Arab Spring has not changed the investment plans of a significant majority of investors.

The Daily Brief

Ashby Monk

Good morning, New York. I come bearing news:

  • AIMCo has taken a stake in a new online marketplace for global infrastructure projects called Zanbato. It will facilitate direct access infrastructure deals.
  • NZSF has been recognized for its innovation. Why? Unparalleled transparency, reference portfolio, strategic tilting and more. Kudos to the Kiwis.
  • ADIA has hired a new head of alternatives.
  • Sub-Saharan Africa is ‘splendidly isolated‘ for investors.
  • MassPRIM has fired BNYM and hired Russell after allegations of overcharging to the tune of $20 million.
  • To the people who keep telling me Putin 2.0 will offer huge private equity opportunities in Russia…thoughts?
  • At year end (and after all transfers to the state budget) SOFAZ will have $30 billion in AUM.

Airplane Reading

Ashby Monk

I’m getting on a plane in a couple of hours for a trip to NYC. And that means rustlin’ up some good reading material. Here’s what I’ve just loaded on the old e-reader:

See you soon…

The Daily Brief

Ashby Monk

Today’s news:

  • Norway’s SWF will divest from FMC Corporation and Potash Corporation for ethical concerns and put Alstom on ‘notice’.
  • In addition, NBIM scolds six US firms on corp governance. These companies include: Wells Fargo, Staples, Western Union, Charles Schwab, Pioneer, and CME Group.
  • KKR, TPG Capital and Permira are apparently signing up to a formal alliance with the China Development Bank.
  • The China-Africa Development Fund has found African private equity a bit harder than expected. Not a single exit since 2007.
  • Qatar and Malaysia are setting up a $2 billion joint investment vehicle. It was described as ‘…a show of trust between two Muslim countries’
  • China Investment Corporation’s President Gao visits Duke (his alma mater) and talks democracy and communism with students.

The Daily Brief

Ashby Monk

In today’s news:

  • China’s Vice Foreign Minister Fu Ying: “The argument that China should rescue Europe does not stand.”
  • GIC is apparently selling down some of its private equity interests on the secondary market.
  • Where to stash your money in a time of unrest and volatility? Bulgaria, Colombia, Libya, Mozambique, and Sri Lanka. Seriously.
  • Pension backing is increasingly crucial for the success of offshore wind farms.
  • NYC pensions: 5 boards, 15 consultants, 58 trustees, and 362 asset managers –> totally dysfunctional.  Time for change.
  • Interesting article in defense of high salaries at Harvard Management Company. Key take away: Don’t hate the players, hate the game.
  • AIMCo wins aiCIO SWF innovation award. CalSTRS wins for Public Pensions. Congrats!

The Daily Brief

Ashby Monk

Your daily dose:

  • The Kuwait Investment Authority’s Bader Al Saad is apparently very keen on big (>£200mil) deals in UK real estate and infrastructure.
  • CalSTRS gets two new financially savvy board members.
  • The Canada Pension Plan Investment Board is in the mix for the Yahoo! bid.
  • OECD’s Fiona Stewart opines on how “long-term investors” can become long-term investors.
  • Good governance can boost pension fund returns. However, there can, apparently, be too much of a good thing.
  • Mumtalakat is celebrating Bahrain Woman Day. Interestingly, women represent 41% of the sovereign fund’s staff and 15% of its senior managers. That’s quite respectable in this male-dominated industry.

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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