Sovereign wealth funds

Sovereign wealth funds on euromoney.com

EEMEA market round up: Mubadala partners with GE
Euromoney August 2008 

GCC economies: A compelling opportunity for asset managers
"At $51, you’re putting another dollar into the sovereign wealth fund for every barrel of oil," says Daniel Smaller, managing director for sales and distribution at Algebra Capita, an independent fund manager in Dubai. "So at $110..."
Euromoney August 2008 

Opportunities in the Gulf: Distribution holds the key
For most foreign asset managers, the sovereign wealth funds are the main prize. 
Euromoney August 2008

Sovereign wealth funds and real estate: The sovereigns are coming
A surge in sovereign wealth funds’ real estate activities could bring an estimated $100 billion in investments to the sector annually. However, although sovereign funds are cash rich, they won’t be throwing their money around but rather hunting for bargains.

Equity capital markets: Sovereign wealth funds go Latin 
Euromoney July 2008

Norway’s USD 400bn sovereign wealth fund eyes Egyptian market.
July 1, 2008

Latin America round-up: Brazil to manage $20 billion
Euromoney June 2008
Brazil plans a sovereign wealth fund.

Sovereign wealth funds: Sovereigns sets sights on property  Liquid real estate Issue 05 Having bailed out the US investment banks in their hour of need, sovereign wealth funds are also turning their vast pools of cash towards real estate. Industry experts predict a doubling of investments by these funds to $10 billion within five years.

China Investment Corporation (CIC): Too early to fear China’s sovereign wealth fund February 2008  Managers are still learning the ropes. Korea Investment Corp: Korea joins the sovereign wealth fund adventurers February 2008  Korea Investment Corp has broken new ground for the country by investing $2 billion in Merrill Lynch.

Sovereign wealth funds: Help when help is needed January 2008 With capital markets fragile and expensive, sovereign wealth funds are playing an important role in recapitalizing banks. Sovereign wealth funds: Qatar invests in Indonesia January 2008 Qatar’s sovereign wealth fund is to invest $850 million in Indonesia and has set up a joint venture with the local government to do so. UBS bailout will make The Government of Singapore Investment Corporation (GIC) biggest shareholder January 2008 Pays SFr10 billion for a 9% stake in the Swiss bank.

Simon Israel, executive director of Temasek, takes critics of the sovereign wealth funds head on (see The new rulers of finance and the Temasek interview)

Sovereign wealth funds: The new rulers of finance  Euromoney December 2007 State-owned, cash-rich and increasingly influential, sovereign wealth funds have emerged as the most controversial players in the financial markets. All the constituents – banks, private equity, corporates, hedge funds – want a slice of their action. Just how powerful will the funds become? Getting the basics right It is one thing to want a sovereign wealth fund but to actually set one up is a long and challenging process. Financial institutions weigh up the opportunities The proliferation of sovereign wealth funds is an opportunity and challenge for investment banks and asset managers. The opportunity is clear: potential business. Fight on for Aussie’s future prizes The Future Fund, created last year to cover long-term pension liabilities for the Australian federal public sector, is very much in its infancy but is finally managing money. Temasek: A fund apart? In a world of increasingly powerful and mistrusted sovereign wealth funds, Temasek, the investment arm of the Singapore state, stands apart in terms of governance, openness and performance, claims Simon Israel, its executive director.

Qatar Investment Authority: Minister says sovereign funds are transparent  November 2007  A senior official in the Qatar government has hit back at claims that sovereign wealth funds lack transparency. Finance minister Yousef Hussein Kamal says that his country’s fund, Qatar Investment Authority, is an open, long-term investor, which should be welcomed by other governments.

DIC looks to spread its investment wings  Euromoney April 2007 Simon Brady speaks to Sameer Al Ansari (SA), executive chairman, Dubai International Capital, and Rabih Khoury (RK), DIC’s head of Middle East and North Africa Investments about the strategies of the international investment arm of conglomerate Dubai Holding and how it fits in the Dubai Investment Group. Dubai International Capital and Istithmar: Dubai flexes its buying muscle Dubai’s investment agencies might not have the scale of their counterparts from other parts of the Middle East but they are becoming voracious buyers of assets. Who are they and what are their plans? Sudip Roy and Simon Brady profile the people and strategies behind Dubai International Capital and Istithmar as they join the ranks of the world’s most powerful investors. Dubai World's Istithmar: The new kid on the block In less than four years Istithmar, the investment arm of conglomerate Dubai World, has become one of the most influential private and public equity and real estate financiers in the world. Its blue-chip holdings include Time Warner, Standard Chartered Bank and large swathes of Manhattan real estate. Sudip Roy reports from Dubai on how the fund has risen to prominence so quickly.

Money and mystery: Adia unveils its secrets  Euromoney April 2006 Abu Dhabi Investment Authority is one of the world’s biggest institutional investors. It is also one of the most guarded. It publishes no numbers. It seldom makes any public statements. In a rare interview, two of its most senior officials lift the lid on the organization, revealing the reasons for its success. Sudip Roy reports from Abu Dhabi. A breeding ground for talent | Abu Dhabi makes big waves   Conservative ethos | External managers | Beta dominance | Market views | Avoidance techniques

The rise of sovereign wealth funds Estimated size of the 10 biggest sovereign wealth funds Country Fund Launch year Size ($bln) Growth rate (%) estimated p.a. UAE Abu Dhabi Investment Authority 1976 625 10 Norway Government Pension Fund – Global 1990 360 28 Singapore GIC 1981 215 9.5 Kuwait Kuwait Investment Authority 1953 213 30 China China Investment Corporation 2007 200 N/A Russia Stabilization Fund 2004 127.5 96 Singapore Temasek 1974 108 35 Qatar Qatar Investment Authority 2005 60 N/A US Permanent Reserve Fund (Alaska) 1976 40.2 18 Sources: Standard Chartered, Oxford Analytica, Norges Bank Sovereign wealth funds: The new rulers of finance December 2007

Where sovereign wealth funds invest Varying investment objectives and risk profiles of sovereign wealth funds                                                                                                                    Source: Citi