Sovereign wealth fund
A sovereign wealth fund (SWF) is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds have gained world-wide exposure by investing in several Wall Street financial firms including Citigroup, Morgan Stanley, and Merrill Lynch. These firms needed a cash infusion due to losses resulting from the subprime mortgage crisis.
Some sovereign wealth funds are held solely by central banks, who accumulate the funds in the course of their management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings which are invested by various entities for the purposes of investment return, and which may not have significant role in fiscal management.
The accumulated funds may have their origin in, or may represent foreign currency deposits, gold, SDRs and IMF reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations which are typically held in domestic and different reserve currencies such as the dollar, euro and yen. Such investment management entities may be set up as official investment companies, state pension funds, or sovereign oil funds, among others.
There have been attempts to distinguish funds held by sovereign entities from foreign exchange reserves held by central banks. Soverign wealth funds can be characterized as maximizing long term return, with foreign exchange reserves serving short term currency stabilization and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover it is widely believed most have diversified hugely into assets other than short term, highly liquid monetary ones, though almost no data is available to back up this assertion. Some central banks have even begun buying equities, or derivatives of differing ilk (even if fairly safe ones, like Overnight Interest rate swaps).
China Investment Corporation
(CIC) is an investment institution established as a wholly state-owned company under the Company Law of the People’s Republic of China and headquartered in Beijing.
The mission of CIC is to make long-term investments that maximize risk adjusted financial returns for the benefit of its shareholder.
CIC was established on September 29th 2007 with the issuance of special bonds worth RMB 1.55 trillion by the Ministry of Finance. These were, in turn, used to acquire approximately USD 200 billion of China’s foreign exchange reserves and formed the foundation of its registered capital. Because its financing is grounded in financial instruments and subject to commercial obligations, CIC maintains a strict commercial orientation and is driven by purely economic and financial interests.
CIC is committed to maintaining the high professional and ethical standards in corporate governance, transparency, and accountability.
CIC selects investments based on established investment principles and values. under CIC usually does not take a controlling role – or seek to influence operations – in the companies in which it invests.
CIC’s fundamental approach is to hold, manage, and invest its mandated assets to maximize shareholder’s value.
While every investment is unique, CIC believes in the importance of having a long-term vision and, as a result, it is committed to investing for the long-term. As a commercial investment institution, CIC has full operational independence and makes its investment decisions based on its assessment of economic and financial objectives.
CIC’s investments are not limited to any particular sector, geography, or asset class and include equity, fixed income, and alternative assets.
CIC is committed to maintaining the highest professional and ethical standards of corporate governance, transparency, and accountability.
CIC’s comprehensive three-tiered corporate governance structure includes Board of Directors, Board of Supervisors, and Executive Committee. It is governed by the Company Law of the People’s Republic of China and the company’s Articles of Association and operating guidelines. While it operates with independence and its investment decisions are based on the pure economics of each deal, CIC remains accountable to the State Council of the People’s Republic of China and, ultimately, to the citizens of the People’s Republic of China.
Central Huijin Investment Ltd. (Central Huijin) is a wholly-owned subsidiary of CIC with its own Board of Directors and Board of Supervisors. It was established to invest in key state-owned financial institutions in China; it does not conduct any other commercial activities and is not involved in day-to-day issues within the institutions in which it invests.
Temasek
('Sea Town' in Javanese, spelt Tumasik; simplified Chinese: 淡马锡) was the name of an early city on the site of modern Singapore. From the 14th century, the island is also known as Singapura, which is derived from Sanskrit and means "Lion City". Legend has it that the name was given by Sang Nila Utama when he visited the island in 1299 and saw an unknown creature which he mistook as a lion [1].
While the early history of Singapore is obscured by myth and legend, some conclusions can be drawn from archaeological evidence and from written references by travelers. Archaeology points to an urbanised settlement on the site by the fourteenth century. Allusions by travelers give some evidence that there may have been a city or town present as early as the second century. At its height, the city boasted a large earthen city wall and moat; many of the buildings were built with stone and brick foundations. Remains of old pottery, coins, jewellery and other artifacts have been found, with many of these artifacts believed to be imported from various parts of China, India, Sri Lanka and Indonesia. These are sometimes seen as evidence of the city's status as a regional trade centre. An aquatic route which is part of the larger Silk route, passes through Temasek.
From the seventh to the thirteenth centuries, the island of Singapore was controlled by the Srivijaya empire based in Sumatra. By the emergence of Temasek as a fortified city and trading centre 14th century, the Srivijaya empire was in a long period of decline. The city then changed hands several times before coming under the influence of the Sultanate of Malacca in the fifteenth century. After the fall of Malacca to the Portuguese in 1511, the island came under the control of the Malay Sultanate of Johor.
Abu Dhabi Investment Company
(ADIC), the first investment company in the United Arab Emirates, is one of the leading financial services firms in the region. Since 1977, ADIC has delivered excellence in treasury services, loan syndication, equity and debt underwriting, financial advisory, asset management and brokerage across a range of asset classes, industries and geographies. As a result, we have earned a reputation for professionalism, integrity, innovation and market knowledge.
Pursuing a focused approach, ADIC today leverages its investment expertise across four strategic areas: Asset Management, Private Equity, Real Estate and Infrastructure. In this way, we are able to offer targeted products and services to meet specific client requirements in markets across the globe, all while delivering superior risk-adjusted returns.
NOTE:Except for China Investment Corporation (CIC),Temasek,Abu Dhabi Investment Company (ADIC), there are Sovereign wealth funds ,for NorgesBank Investment Management(NBIM),Kuwait InvestmentAuthority(KIA),QIA.
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