Sovereign wealth funds have become significant global investors, with assets totaling $2-3 trillion. As their assets continue growing, some funds could rival the largest private asset managers. However, sovereign wealth funds also raise policy issues around lack of transparency and potential distortions in asset prices from non-commercial investment decisions. Whether sovereign wealth funds positively or negatively impact global financial stability depends on whether their investment decisions are fully motivated by returns and risks or influenced by non-commercial objectives.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
The Tarapore Committee in 1997 laid out three preconditions for Capital Account Convertibility in India: fiscal consolidation, a mandated inflation target, and strengthening of the financial system. The committee recommended full convertibility by 1999-2000. It forecast that inflation would average 3-5% from 1997-2000, non-performing assets would decline to 12%, 9%, and 5% in those years, and the gross fiscal deficit would fall to 3.5% of GDP by 1999-2000. The document discusses the definition of CAC, its potential benefits for the Indian economy through access to cheaper foreign funds, as well as some potential drawbacks if it does not serve real economic sectors.
Mutual fund market in nigeria vis a-vis indiaankita1092
- Banks played a key role in developing mutual funds in Nigeria, with funds emerging in the 1990s after financial sector deregulation but declining with distressed banks. Mutual funds have since grown with financial market expansion.
- There are currently 26 mutual funds in Nigeria, focused primarily on equity markets, with performance generally beating stock market averages over the long term. Awareness and subscriptions have increased over time.
- Regulation of Nigerian mutual funds is led by the Securities and Exchange Commission, while India has over 46 funds regulated by the Securities and Exchange Board of India and an industry association.
This document compares equity mutual funds and public provident funds (PPF) for long-term investors. It defines both options and lists their key features. PPF provides guaranteed returns, tax benefits, and capital safety but has investment limits. Equity funds have no limits but carry risk. While PPF returns have historically matched equity indexes over 20 years, equity dividends were ignored and one period was examined. For long-term growth potential despite volatility, equity funds may be preferable to PPF for risk-tolerant investors. The conclusion is PPF is best for risk-averse investors, while equity funds could provide higher potential returns for those open to risk.
This document outlines 10 long term investment alternatives: 1) public provident fund, 2) mutual funds, 3) direct equity, 4) real estate, 5) gold, 6) post office savings schemes, 7) company fixed deposits, 8) initial public offerings, 9) unit linked insurance plans, and 10) bonds. Each investment option is briefly described in 1-2 sentences highlighting key details like investment period, returns, and risks. Tips for long term investors are also provided focused on strategies like selling underperformers, adopting a long term view, and avoiding credit investments.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
This document discusses the role of sovereign wealth funds (SWFs). It begins by categorizing SWFs into stabilization funds, savings funds, reserve investment corporations, development funds, and pension reserve funds. It then examines the purposes of SWFs, noting they can be used to manage commodity revenue volatility, save for future generations, or pursue higher investment returns. The size and growth of SWFs is also analyzed. Newly established SWFs are mentioned. The document reviews literature on SWFs and responsible investing, national development objectives, and their potential destabilizing effects. It finds evidence SWF investment impacts can differ based on the SWF's objectives and investment timeframe.
Optimal investment strategies for Sovereign Wealth Funds Alexandre Kateb
A presentation with some facts about sovereign wealth funds and some theory supporting the design of optimal strategies of SWFs. I present in detail the example of an oil stabilization fund with a critical discussion of a model outlined by the IMF staff. This should be viewed as a modest introduction to the subject and a work in progress as I will develop this topic more in depth in the coming months.
The Tarapore Committee in 1997 laid out three preconditions for Capital Account Convertibility in India: fiscal consolidation, a mandated inflation target, and strengthening of the financial system. The committee recommended full convertibility by 1999-2000. It forecast that inflation would average 3-5% from 1997-2000, non-performing assets would decline to 12%, 9%, and 5% in those years, and the gross fiscal deficit would fall to 3.5% of GDP by 1999-2000. The document discusses the definition of CAC, its potential benefits for the Indian economy through access to cheaper foreign funds, as well as some potential drawbacks if it does not serve real economic sectors.
Mutual fund market in nigeria vis a-vis indiaankita1092
- Banks played a key role in developing mutual funds in Nigeria, with funds emerging in the 1990s after financial sector deregulation but declining with distressed banks. Mutual funds have since grown with financial market expansion.
- There are currently 26 mutual funds in Nigeria, focused primarily on equity markets, with performance generally beating stock market averages over the long term. Awareness and subscriptions have increased over time.
- Regulation of Nigerian mutual funds is led by the Securities and Exchange Commission, while India has over 46 funds regulated by the Securities and Exchange Board of India and an industry association.
This document compares equity mutual funds and public provident funds (PPF) for long-term investors. It defines both options and lists their key features. PPF provides guaranteed returns, tax benefits, and capital safety but has investment limits. Equity funds have no limits but carry risk. While PPF returns have historically matched equity indexes over 20 years, equity dividends were ignored and one period was examined. For long-term growth potential despite volatility, equity funds may be preferable to PPF for risk-tolerant investors. The conclusion is PPF is best for risk-averse investors, while equity funds could provide higher potential returns for those open to risk.
This document outlines 10 long term investment alternatives: 1) public provident fund, 2) mutual funds, 3) direct equity, 4) real estate, 5) gold, 6) post office savings schemes, 7) company fixed deposits, 8) initial public offerings, 9) unit linked insurance plans, and 10) bonds. Each investment option is briefly described in 1-2 sentences highlighting key details like investment period, returns, and risks. Tips for long term investors are also provided focused on strategies like selling underperformers, adopting a long term view, and avoiding credit investments.
The presentation describes growth of mutual funds sector with an emphasis on indian market. Its history, types, advantages, disadvantages, how to invest, where to invest, etc.
Anything and everything about Mutual Funds.
ET FinPro Mod 06 (Tax saving debt instruments)Karishma Biswal
Public Provident Fund (PPF), National Savings Certificate (NSC), and Senior Citizens Savings Scheme (SCSS) are three tax-saving debt instruments recommended for conservative investors. PPF offers compound annual interest of 8.7% with tax exemptions on deposits, interest, and maturity amounts. NSC has interest rates of 8.5-8.8% and qualifies for Section 80C tax deductions. SCSS provides 9.2% interest for senior citizens and also allows Section 80C deductions; it allows withdrawal with penalties after 1 year. All three instruments offer principal protection and tax benefits suited for low-risk investors.
Many alternative investments have limited regulations and complex natures, so they can be unsuitable for novice investors. High net worth or institutional investors are most likely to hold interests in alternative investments.
Mutual funds allow investors to pool their money together for investment in stocks, bonds, and other assets. The document discusses various types of mutual funds like equity funds, debt funds, and hybrid funds. It explains how Systematic Investment Plans (SIPs) enable regular small investments and benefit from rupee cost averaging. Equity Linked Savings Schemes (ELSS) are highlighted as a tax-efficient investment option that provides tax benefits under Section 80C while also offering potential for capital appreciation over the long run. Well-planned investments through mutual funds and SIPs can help create wealth and meet financial goals.
Government securities are a type of investment issued by central, state, and semi-government authorities. There are two main types: promissory notes and stock certificates. Promissory notes are registered promises of the government that pay half-yearly interest and are highly liquid. Stock certificates cannot be transferred and investors keep them until maturity, with major purchasers being insurance and provident funds. Government securities have characteristics like low interest rates but are very safe investments with no risk of default. The Reserve Bank of India plays a key role in purchasing, selling, and maintaining price stability of these securities in the narrow government securities market.
The document discusses how mutual funds can beat market volatility. It identifies two mutual funds that have done so: ICICI Prudential Focussed Bluechip and Franklin India Bluechip. ICICI Prudential Focussed Bluechip has outperformed its benchmark 11 out of 12 quarters and performed better in bear markets. Franklin India Bluechip has outperformed its benchmark 40 out of 70 quarters and also performed better in bear markets. Both funds have consistently outperformed other large cap funds over long periods of time.
This presentation ppts contains data regarding to the mutual funds with current data as well as the future growth estimations of the mutual fund schemes. Some data is taken from the side share as well. Thank you
Etfinpro module 2 presentation group 1 (1)nitish313309
This document summarizes investment options for a client looking to invest Rs. 350,000 for one year with a high risk tolerance. It analyzes three potential investments: a fixed deposit, gilt mutual fund, and equity investment. It provides details on interest rates, risks, and projected returns for each option, with the equity investment in Oracle Financial Services Limited projecting the highest return of 24.19% despite also carrying the highest risk. The document recommends the equity investment option based on the client's risk profile and goal of seeking profit over safety of principal.
The Tarapore Committee was formed to review India's capital account liberalization and make recommendations on further opening. It suggested a phased approach over 5 years to fuller capital account convertibility, conditional on fiscal and monetary reforms. Key recommendations included removing tax benefits for NRIs, allowing more foreign investment in banks, and banning participatory notes. The committee aimed to balance the economic benefits of capital account liberalization with potential financial stability risks.
Introduction to investing - for young adultsAbhijit Pal
Introduction to the world of investing - for kids. Generally the web is full of information, but it is difficult to get hold of a presentation, which will help young adults to understand the varieties of investment. It is important to have understanding of investment 101, before attaining the age of investment.
Saving refers to consuming less in the present to consume more in the future. It involves deferring consumption and storing resources in some asset form. Savings can be used for unexpected expenses, education, or large purchases. Islam encourages saving but cautions against wastefulness. Savings can be converted into investments which generate income or appreciation over time. Common types of investments include equity, real estate, stocks, and gold. Islamic investment guidelines require profit/loss sharing and prohibit interest/debt. Participation involves the financier partnering in a project according to agreed-upon contract terms. Savings can be invested using diminishing participation, where the entrepreneur gradually pays off the financier.
Quantitative easing (QE) is an unconventional monetary policy tool used by central banks to stimulate the economy when conventional monetary policy is ineffective. It involves large-scale asset purchases by central banks, primarily government bonds, in order to increase the money supply and lower interest rates. The document discusses the history and implementation of QE by various central banks, including the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England in response to economic crises like the Great Recession. It also analyzes the effects of QE on economies like the United States and Saudi Arabia through lower borrowing costs, higher asset prices, and increased economic activity.
This document discusses different types of mutual funds. It begins with an introduction to mutual funds, explaining that they allow investors to pool money for investment in a basket of assets managed by professionals at low cost. The document then outlines the main types of mutual funds:
On the basis of lock-in period, funds are either open-ended, allowing entry and exit at any time, or closed-ended, with a minimum three-year lock-in.
Based on investment, the main types are equity funds (investing in stocks), ELSS funds (for tax benefits), debt funds, balanced funds (mixing equity and debt), and sectoral funds (focusing on a single industry). Equity funds include large
Mutual funds pool money from investors and invest in a portfolio of securities like stocks, bonds and other assets. The presentation discusses the history, growth and regulations of the Indian mutual fund industry. It covers key concepts like the flow cycle, organizational structure, expense ratios and types of mutual fund schemes. The goal is to educate investors about mutual funds and how they can provide diversification and professional management.
This document discusses the fundamentals of investment, including definitions, principles, asset types, and considerations. It defines investment as a monetary asset purchased to generate future income or appreciation. The 5 basic principles are to diversify investments, start early to benefit from compound interest, understand that higher risk means higher potential returns, maintain investments during market slumps, and buy low and sell high. Main asset types include fixed income securities, shares, unit investment trusts, mutual funds, and property. Key considerations for investment include objectives, life stage, funds availability, risk tolerance, investment horizon, taxes, performance, and diversification. It also introduces variable universal life insurance as a new alternative investment option.
This document discusses the convertibility of the Indian rupee, including its history and recommendations from committees on adopting full capital account convertibility. It explains that the rupee is currently partially convertible on the capital account and fully convertible on the current account. Two committees, the Tarapore Committee in 1997 and 2006, made recommendations on introducing capital account convertibility in phases. However, the document notes that India still needs to strengthen its fundamentals like education, healthcare and infrastructure before fully opening up to potential financial volatility from capital account convertibility.
Sovereign provides addiction, dual diagnosis, and mental health treatment at facilities across the United States. They offer individualized treatment programs that incorporate evidence-based therapies such as cognitive behavioral therapy and medication management. Sovereign also uses alternative therapies like art, music, equine, yoga, and brain wellness techniques to aid recovery. Their treatment philosophy focuses on addressing co-occurring conditions and providing patients with tools for lasting recovery and a reduced risk of relapse.
Sovereign Business Integration Group provides a range of IT services and solutions to commercial, government, and professional clients. Their approach focuses on partnership, risk management, and customer satisfaction. They deliver flexible and timely solutions to meet business needs. Sovereign's core services include consultancy, technical services, management consultancy, systems design, and infrastructure development. They aim to be a single partner that can address all of a client's IT needs from strategy to support.
The presentation describes growth of mutual funds sector with an emphasis on indian market. Its history, types, advantages, disadvantages, how to invest, where to invest, etc.
Anything and everything about Mutual Funds.
ET FinPro Mod 06 (Tax saving debt instruments)Karishma Biswal
Public Provident Fund (PPF), National Savings Certificate (NSC), and Senior Citizens Savings Scheme (SCSS) are three tax-saving debt instruments recommended for conservative investors. PPF offers compound annual interest of 8.7% with tax exemptions on deposits, interest, and maturity amounts. NSC has interest rates of 8.5-8.8% and qualifies for Section 80C tax deductions. SCSS provides 9.2% interest for senior citizens and also allows Section 80C deductions; it allows withdrawal with penalties after 1 year. All three instruments offer principal protection and tax benefits suited for low-risk investors.
Many alternative investments have limited regulations and complex natures, so they can be unsuitable for novice investors. High net worth or institutional investors are most likely to hold interests in alternative investments.
Mutual funds allow investors to pool their money together for investment in stocks, bonds, and other assets. The document discusses various types of mutual funds like equity funds, debt funds, and hybrid funds. It explains how Systematic Investment Plans (SIPs) enable regular small investments and benefit from rupee cost averaging. Equity Linked Savings Schemes (ELSS) are highlighted as a tax-efficient investment option that provides tax benefits under Section 80C while also offering potential for capital appreciation over the long run. Well-planned investments through mutual funds and SIPs can help create wealth and meet financial goals.
Government securities are a type of investment issued by central, state, and semi-government authorities. There are two main types: promissory notes and stock certificates. Promissory notes are registered promises of the government that pay half-yearly interest and are highly liquid. Stock certificates cannot be transferred and investors keep them until maturity, with major purchasers being insurance and provident funds. Government securities have characteristics like low interest rates but are very safe investments with no risk of default. The Reserve Bank of India plays a key role in purchasing, selling, and maintaining price stability of these securities in the narrow government securities market.
The document discusses how mutual funds can beat market volatility. It identifies two mutual funds that have done so: ICICI Prudential Focussed Bluechip and Franklin India Bluechip. ICICI Prudential Focussed Bluechip has outperformed its benchmark 11 out of 12 quarters and performed better in bear markets. Franklin India Bluechip has outperformed its benchmark 40 out of 70 quarters and also performed better in bear markets. Both funds have consistently outperformed other large cap funds over long periods of time.
This presentation ppts contains data regarding to the mutual funds with current data as well as the future growth estimations of the mutual fund schemes. Some data is taken from the side share as well. Thank you
Etfinpro module 2 presentation group 1 (1)nitish313309
This document summarizes investment options for a client looking to invest Rs. 350,000 for one year with a high risk tolerance. It analyzes three potential investments: a fixed deposit, gilt mutual fund, and equity investment. It provides details on interest rates, risks, and projected returns for each option, with the equity investment in Oracle Financial Services Limited projecting the highest return of 24.19% despite also carrying the highest risk. The document recommends the equity investment option based on the client's risk profile and goal of seeking profit over safety of principal.
The Tarapore Committee was formed to review India's capital account liberalization and make recommendations on further opening. It suggested a phased approach over 5 years to fuller capital account convertibility, conditional on fiscal and monetary reforms. Key recommendations included removing tax benefits for NRIs, allowing more foreign investment in banks, and banning participatory notes. The committee aimed to balance the economic benefits of capital account liberalization with potential financial stability risks.
Introduction to investing - for young adultsAbhijit Pal
Introduction to the world of investing - for kids. Generally the web is full of information, but it is difficult to get hold of a presentation, which will help young adults to understand the varieties of investment. It is important to have understanding of investment 101, before attaining the age of investment.
Saving refers to consuming less in the present to consume more in the future. It involves deferring consumption and storing resources in some asset form. Savings can be used for unexpected expenses, education, or large purchases. Islam encourages saving but cautions against wastefulness. Savings can be converted into investments which generate income or appreciation over time. Common types of investments include equity, real estate, stocks, and gold. Islamic investment guidelines require profit/loss sharing and prohibit interest/debt. Participation involves the financier partnering in a project according to agreed-upon contract terms. Savings can be invested using diminishing participation, where the entrepreneur gradually pays off the financier.
Quantitative easing (QE) is an unconventional monetary policy tool used by central banks to stimulate the economy when conventional monetary policy is ineffective. It involves large-scale asset purchases by central banks, primarily government bonds, in order to increase the money supply and lower interest rates. The document discusses the history and implementation of QE by various central banks, including the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England in response to economic crises like the Great Recession. It also analyzes the effects of QE on economies like the United States and Saudi Arabia through lower borrowing costs, higher asset prices, and increased economic activity.
This document discusses different types of mutual funds. It begins with an introduction to mutual funds, explaining that they allow investors to pool money for investment in a basket of assets managed by professionals at low cost. The document then outlines the main types of mutual funds:
On the basis of lock-in period, funds are either open-ended, allowing entry and exit at any time, or closed-ended, with a minimum three-year lock-in.
Based on investment, the main types are equity funds (investing in stocks), ELSS funds (for tax benefits), debt funds, balanced funds (mixing equity and debt), and sectoral funds (focusing on a single industry). Equity funds include large
Mutual funds pool money from investors and invest in a portfolio of securities like stocks, bonds and other assets. The presentation discusses the history, growth and regulations of the Indian mutual fund industry. It covers key concepts like the flow cycle, organizational structure, expense ratios and types of mutual fund schemes. The goal is to educate investors about mutual funds and how they can provide diversification and professional management.
This document discusses the fundamentals of investment, including definitions, principles, asset types, and considerations. It defines investment as a monetary asset purchased to generate future income or appreciation. The 5 basic principles are to diversify investments, start early to benefit from compound interest, understand that higher risk means higher potential returns, maintain investments during market slumps, and buy low and sell high. Main asset types include fixed income securities, shares, unit investment trusts, mutual funds, and property. Key considerations for investment include objectives, life stage, funds availability, risk tolerance, investment horizon, taxes, performance, and diversification. It also introduces variable universal life insurance as a new alternative investment option.
This document discusses the convertibility of the Indian rupee, including its history and recommendations from committees on adopting full capital account convertibility. It explains that the rupee is currently partially convertible on the capital account and fully convertible on the current account. Two committees, the Tarapore Committee in 1997 and 2006, made recommendations on introducing capital account convertibility in phases. However, the document notes that India still needs to strengthen its fundamentals like education, healthcare and infrastructure before fully opening up to potential financial volatility from capital account convertibility.
Sovereign provides addiction, dual diagnosis, and mental health treatment at facilities across the United States. They offer individualized treatment programs that incorporate evidence-based therapies such as cognitive behavioral therapy and medication management. Sovereign also uses alternative therapies like art, music, equine, yoga, and brain wellness techniques to aid recovery. Their treatment philosophy focuses on addressing co-occurring conditions and providing patients with tools for lasting recovery and a reduced risk of relapse.
Sovereign Business Integration Group provides a range of IT services and solutions to commercial, government, and professional clients. Their approach focuses on partnership, risk management, and customer satisfaction. They deliver flexible and timely solutions to meet business needs. Sovereign's core services include consultancy, technical services, management consultancy, systems design, and infrastructure development. They aim to be a single partner that can address all of a client's IT needs from strategy to support.
Dr. Tonmoy Sharma, Chief Executive Officer at Sovereign Health, is honored to...Dr. Tonmoy Sharma
Dr. Tonmoy Sharma was recognized this month in the annual publication OC 500 which is a publication dedicated to the top 500 local executive leaders in Orange County.
Improving Outcomes Increasing Value through Institutional Development- Dr.Ton...Dr. Tonmoy Sharma
Dr. Tonmoy Sharma, Chief Executive Officer (CEO) of national behavioral health provider Sovereign Health shares his presentation from the 2016 State of Recovery Conference. The presentation will guide viewers on how to identify the systems and processes required to help them build and expand their practices, treatment facilities or behavioral health systems, and how to create a sustainable infrastructure. Dr. Sharma will also define the challenges of operating a residential behavioral health organization in the current health care climate and provide an overview of how these challenges have traditionally been met. Dr. Sharma's leadership has earned Sovereign Health a spot in the Inc.5000 fastest growing companies list for the past two years.
Sovereign Health Presents 2016 - Our Year in Community InvolvementMathew Samuel Thomas
Sovereign Health participated in several community events and initiatives in 2016 to support the areas surrounding their treatment facilities. These included participating in NAMI walks in Los Angeles and San Clemente, conducting a clothing drive in San Clemente, having a presence at the Palm Springs Pride Festival, and opening an new treatment facility phase in Chandler, Arizona. Sovereign Health also created a volunteer-staffed hotline after the Orlando nightclub shooting to offer counseling to those affected.
The document discusses the Comprehensive Addiction and Recovery Act (CARA), which aims to reform drug policy and the criminal justice system in the United States. It explains the seven parts of CARA, which include expanding prevention and education programs, increasing access to affordable treatment, helping those incarcerated reintegrate into society, and providing addiction recovery services for veterans and pregnant women. If signed into law, CARA will authorize $725 million in federal grants to fund these measures and improve responses to the addiction crisis.
Sovereign Health is a clinical trial management organization in India that provides clinical research services to pharmaceutical, biotech, and medical device companies. It has experience conducting trials across many therapeutic areas in India and aims to generate high-quality, compliant research data. Sovereign Health has an extensive network of over 600 investigators across India and staff to support trials from project management to regulatory services. It works to ensure client satisfaction and quality trial conduct through internal monitoring, training programs, and 24/7 customer support.
The document discusses management of ceded lands in Hawaii and recommends adopting aspects of California's model. California acquired nearly 4 million acres of sovereign lands when it became a state in 1850. These lands are overseen by the California State Lands Commission, which includes the Lieutenant Governor, State Controller, and State Director of Finance as ex officio members. The Commission ensures compliance with statutory grants requiring revenues from granted lands to be reinvested in public trust purposes like water-related commerce, navigation, fishing, and more recently, general recreation. The essential obligation is to manage tidelands for the benefit of all state residents.
This document discusses schizophrenia, providing information on symptoms, treatment, and myths. It aims to educate about the disease and dispel misunderstandings. Schizophrenia symptoms include delusions, hallucinations, and disorganized thinking. Treatment focuses on antipsychotic medication and therapy, with family support critical for recovery. Common myths, such as the idea that schizophrenics are dangerous, can discourage people from seeking help. The organization provides treatment and aims to improve understanding of schizophrenia.
About 30 million people have an eating disorder at one point in their lives, yet eating disorders are the deadliest form of mental illness. View this informative slideshare to learn more.
** Please note that some images in the Slideshare may be sensitive to some readers.
Tax Treatment of Non-UK Domiciled PersonsNaddir Muthu
Reforms to the tax treatment of non-UK domiciled persons
The use of overseas Trusts for non-UK domiciled persons
The use of non-Trust solutions for former UK domiciles and UK persons
Reforms to IHT on UK residential property held through overseas companies
Sovereign Health will continue to publish articles related to the local crime rates in San Clemente, California. Check back for updates on the “Not in my backyard” editorial series at Sovereign Health’s website Sovhealth.com. Check out our other social media pages on Facebook and LinkedIn. You can also follow the discussion on Twitter by searching for #NIMBY, #NotInMyBackyard, #SanClemente, #Crimes and #SovTalk. Stay tuned for the next installment in the series, which will explore the endemic problems of mental illness and substance abuse in San Clemente.
Helistin Dvd Ja Netti - Uuden Sukupolven Apu Lasta OdottavilleDarwin Oy
Median ja markkinoinnin evoluutiopäivä 28.1.2010. Janne Vainionpää / Magneetto Media
Helistin DVD on neuvoloiden kautta lasta odottaville perheille jaettava informaatiopaketti joka tarjoaa yhteistyökumppaneilleen mahdollisuuden vaikuttaa perheiden arkeen relevantilla tavalla. Esityksessä käydään läpi median vaikuttamismahdollisuuksia ja katsoja- / ammattilaiskyselyn tuloksia.
1. The document discusses sovereign wealth funds (SWF), their evolution, composition, and impact on workers in the European Union.
2. It provides background on major SWFs such as those from China, United Arab Emirates, Norway, and Singapore. Commodity-based funds tend to come from oil-exporting nations while non-commodity funds come mostly from Asian export surpluses.
3. Recent SWF activity has included investments in the financial sector during the 2008 crisis, as well as real estate and retail sectors according to the example of Singapore SWF activity from 2005 to 2008.
Workshop Hedge Funds and Sovereign Wealth Funds - Diaz FuentesSocial Europe
Country SWF Country SWF Assets Linaburg-Maduell
The document discusses sovereign wealth funds (SWFs), their evolution, composition, and potential consequences for workers in the European Union. It provides background on SWFs, defining them as special investment funds created by governments to hold foreign assets for long-term purposes. The presentation then profiles the major SWFs, dividing them into commodity SWFs, dominated by oil-exporting nations like UAE and Saudi Arabia, and non-commodity SWFs from Asian exporters like China and Singapore. Issues addressed include transparency, protectionism, and the impact of SWF investments on strategic sectors and privatization in the EU.
02115 Ucits Iv Fund Range RationalisationOmer_Khan
This is the first edition of a new report which we have produced which looks at the global distribution of Irish UCITS funds. Irish UCITS funds are distributed successfully on a global basis.
Anglo Capital Limited are Private Wealth Practitioners specializing in: International Wealth Structuring, International Wealth Solutions, Assisting US Expats, International Trusts with US Resident Benificiaries, and Israeli Regulatory Complianceproviding
This SlideShare provides a brief overview of what are Sovereign Wealth Funds, classifications, and top SWFs globally. In recent years SWFs have shown interest in VC-backed deals, with a growing trend in technology and life sciences. SWFs can be a force for positive change: the amount of money in an SWF is usually substantial, allowing them to contribute towards a country’s long-term growth by means of long-term investments in life sciences innovations.
The document is a report from the Government Accountability Office that analyzes options for revising the long-term structures of Fannie Mae and Freddie Mac. It finds that the enterprises have a mixed record in meeting their missions and capital deficiencies compromised their safety and soundness. The report identifies options that range from reconstituting the enterprises as for-profit companies with more restrictions to establishing them as government agencies or privatizing them, and discusses trade-offs of each approach.
Asset-backed sukuk: Is the time right for true securitisation?White & Case
In the ‘conventional’ finance space, asset-backed financings have proved a successful method of funding social and civil infrastructure. However, in Islamic finance, asset-backed sukuk have not yet taken off. Debashis Dey and Claudio Medeossi of global law firm White & Case examine why.
The Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund, established in 1953 to invest Kuwait's surplus oil revenues. With $296 billion in assets under management, the KIA plays a key role in supporting Kuwait's national development agenda through both direct investments and special purpose portfolios. It has strengthened Kuwait's financial services sector by injecting billions after the 2008 crisis. It also established funds to invest in real estate during the global financial crisis and promote sectors like healthcare, small and medium enterprises, and technology. The KIA is thus an important catalyst for Kuwait's domestic economy and helps fast-track projects of national significance.
The Impact Of The Financial Reform Act On BanksMVeith07
The document summarizes key aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its expected impact on banks and other financial institutions. Some of the main points include:
- The Act introduces higher oversight and regulation to promote stability among financial institutions. It gives regulators expanded authority to seize and break up large failing institutions.
- Key changes include the Volcker Rule limiting proprietary trading, new derivatives trading rules, higher capital requirements, and new mortgage lending standards.
- The expected impact is a decline in profit margins as risky proprietary trading ends. Large banks must rely more on traditional banking. Smaller banks may be forced to expand to meet higher capital rules.
Brazilian Securities and Exchange Commission Issues New Rule Amendment Affect...tgause
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The document compares different legal structures for microfinance institutions (MFIs) in India and their ability to accept foreign investment. It finds that while Section 25 companies allow foreign investment, they prohibit dividend distribution. Non-banking financial companies (NBFCs) allow greater foreign ownership but have high capitalization requirements. Overall, the different structures each have advantages and limitations for MFI operations and foreign investment.
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3) A UK parliamentary commission report heavily criticized HBOS management and regulators for failures that led to the bank's collapse, calling its downfall a "cautionary tale."
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2. Executive summary
Group A2
International financial markets
Current impact of SWF on financial markets
SWFs managing the foreign assets of national states have become a significant class of global
investors, with assets between $2 and 3 trillion. Sustained accumulation of foreign assets
could transform several SWFs into important market players as their financial assets under
management could soon exceed those of the largest private asset managers and pension funds.
The policy issues arising from the emergence of SWFs as large global financial players range from
concerns over a lack of transparency and a reversal in privatizations to risks to global
financial stability.
For example, SWFs could contribute to an unwinding of global imbalances through a diversification
out of US dollar- denominated government bonds in which the bulk of traditional reserves is
invested.
Another concern relates to the question of whether such funds might distort asset prices through
non-commercially motivated purchases or sales of securities.
Over the longer run, any impact of SWFs on global financial market structure and stability will
depend critically on the motives underlying the investment decisions of such funds. While fully
return and risk-motivated investments may affect financial stability rather positively due
to the long-term investment horizon of such funds, non-commercial motives might have a
negative impact on financial stability.
2
3. Agenda
Group A2
International financial markets
II Assets under management and latest transactions
III Where the wealth is coming from and how is it grown?
IV Sources of SWFs' assets
V Investment objectives vs. Risk tolerance: a comparison of different SWFs
VI Transparency rating and political issues
VII The role of SWFs during the last year in the financial markets
VII Analysis of a commodity SWF: ADIA
IX Analysis of a non commodity SWF: Temasek
X What can be done to enhance SWF’s in the future?
3
4. Introduction
Group A2
International financial markets
Not a new concept Legal Basis
Definition
1950 Today
“Kuwait Investment Board
was set up with the aim of KIA
Brunei Inv. Stabilization
CIC Either SWFs are separate legal entities
Fund
established under specific constitutive law or a
Authority
$250 b, 1953 $200 b, 2007
investing surplus oil (Kuwait)
$30 b, 1983 $200 b, 2004
(China)
revenues to reduce the
(Brunei) (Russia) private corporation governed by company law.
reliance of Kuwait on its Temasek
Norway Govt.
QIA
Saudi Arabian Or they are not separate legal entities and are
finite oil resource”. $108 b, 1974
Pen. Fund
$328 b, 1990
$60 b, 2005
Funds
$250 b, 2007 managed as an agency within the government or
(Singapore) (Qatar)
Special purpose investment (Norway) (Saudi Arabia) by the central bank.
funds or arrangements Khazanah
ADIA Future Fund
owned by the general $875 b, 1976
Nasional BHD
$42 b, 2006
government; (UAE)
$18 b, 1993
(Malaysia)
(Australia)
whose purpose is to hold,
manage, or administer GIC KIC LIA
$200 b, 1981 $20 b, 2005 $40 b, 2007
assets to achieve financial (Singapore) (Korea) (Libya)
objectives;
employ investment World presence Primary Objectives
strategies which include
investing in foreign
financial assets; Most SWFs are set up to provide savings for
are commonly established future generations or fiscal stabilization or both.
out of BOP surpluses, Their primary objective is long-term returns /
official foreign currency United States
effective management of entrusted assets
Alaska Norway
operations, privatization
Russia
Ireland
For some SWFs with future expected
Canada
proceeds, fiscal surpluses Azerbaijan Kazakhstan
expenditures (i.e. pension reserve funds) the
South
and/or commodity export
United States Korea
KuwaitIran China
Bahrain
receipts. Mexico
Libya Qatar
UAE
Saudi Arabia
Oman
primary objective is to provide for these future
costs.
Vietnam
Trinidad and Tobago
Venezuela Malaysia Brunei
Sao Tomé and Principé Singapore Kiribati
Policy objectives are usually publicly disclosed
Equatorial Guinea
Gabon
Timor Leste
Chile
Angola
Botswana
Australia
New Zealand
Generally do not engage directly in macro
polices.
4
5. Assets under management and latest transactions
Group A2
International financial markets
Global Financial Assets ($ T) SWFs are in Increasingly High Profile
Sovereign Wealth Funds Transactions
(“SWFs”) are a
prominent investor class
Asset Management Industry AUM $48,1
with their assets rivaling
Global Hedge Funds and Retirement Funds AUM $23,6 $9.75 b, Dec 07 $8.83 b, Nov 05 $7.5 b, Nov 07 $6.88 b, Jan 08
Private Equity combined *
Not all SWFs are created Projected Sovereign Wealth Funds $7.5 - $10.0
equal as they lie along a
spectrum of risk appetite Foreign Exchange Reserves $5,4
SWFs are hiring best-in- Sovereign Wealth Funds $3,0
China Investment China Investment
class investment talents
Corp Corp
$5.19 b, Aug 07 $5.00 b, Dec 07 $4.40 b, Dec 07 $3.00 b, May 07
to serve long-term Hedge Funds AUM $1,9
investment goals
Governments are Private Equity AUM $1,3
weighing perceived
threats of SWFs against Assets Under Management($ b)
potential benefits.
Managing political risk in
SWF-related
transactions is key
5
6. Where the wealth is coming from and how is it grown?
Group A2
International financial markets
World current account balance trends ($ b)
Surge in commodity prices
Dramatic increase in
current account surpluses 1,200
in Asia
800
Willingness of
governments to allocate
400 US
more funds from Foreign
Exchange Reserves to Euro
0
Sovereign Wealth Funds Asia
1997 1999 2001 2003 2005 2007
A reallocation of excess -400 Oil exporters
reserves would trigger net
capital outflows out of US -800
assets at an order of
magnitude of around USD -1,200
500 billion
The counterpart of these
Global Current Account Balance 2007
net outflows from the
United States and the euro
area are mainly Japan and
emerging economies, Deficits Surpluses
reflecting the relatively
large weight of these
countries in global capital Western
Hemisphere
markets compared with $20B
Russia /
their negligible role as
Other
Advanced CIS
reserve currencies.
US $77B Asia (ex-
$19B
$784B Japan)
Middle $480B
C&E Japan
Eurozone East
Europe $195B
$227B
$120B $21B
Global Current Account Balance 2007
6
7. Sources of SWFs’ assets
Group A2
International financial markets
Oil exporting countries’ foreign investments SWFs of resource rich countries
assets (% share, end-2007)
Central
Banks High Net This group of countries that have established SWFs are
reserve Worth 100% having benefits from high oil and commodity prices. The
assets Individual function of SWF of these countries are:
Total: USD 4,1 trillion 13% s 80%
stabilizing government and export revenues which
39%
60% would otherwise mirror the volatility of oil and
commodity prices.
40%
the accumulation of savings for future generations as
20%
natural resources are non-renewable and are
anticipated to be exhausted after some time.
0%
SWFs
48%
Oil Other
Official foreign exchange reserves SWFs of FX currency rich countries
% share, end-2007
100% This group of countries, most notably in Asia, has established
Asian official SWFs because reserves are being accumulated in excess of
SWFs FX reserves what may be needed for intervention or balance-of-payment
80%
19% not in
purposes. The source of reserve accumulation for these
Sovereign
Wealth countries is related to the management of inflexible exchange
60%
Funds rate regimes. As the authorities have become more
44% comfortable with reserve levels, foreign assets have been
40% moved to specialized agencies which often have explicit
return objectives and may invest in more risky assets than
20% central banks.
Total: USD 6,5 trillion Rest of
world 0%
official FX
reserves FX Reserves Other
37%
7
8. Investment objectives vs. Risk tolerance: a comparison of different SWFs
Group A2
International financial markets
Strategic Behaviors
SWFs have undertaken
Low Risk Tolerance High
substantial investments Stabilization
Cash
across national borders / Strategic
The great majority of Gov’t Fixed Stake Real Hedge Private Leveraged
sovereign funds are Examples Bonds Income Equity Building Estate Funds Equity Buyouts
passive investors.
Russian
unlike hedge funds and Stabilization
private equity funds, SWFs Fund
typically are not highly
Investment Objective
Norwegian
leveraged institutions
Government
The bulk of SWF Pension Fund
investments have been
concentrated in developed Abu Dhabi
Investment
countries; Southern
Authority
countries (particularly in
Asia) are a relatively new Kuwait
investment destination Investment
Authority
since SWFs have no
explicit liabilities, they
usually have a long-term Temasek
investment horizon
combined with a high
Qatar
tolerance for risk. They Investment
therefore tend to invest in Authority
illiquid and higher-yielding
risky instruments property
and securities that are not
actively traded Wealth
Accumulation
8
9. Transparency rating and political issues
Group A2
International financial markets
How to improve transparency
The growing importance of
SWFs raises a number
international policy issues: Imposing reporting requirements on holdings thresholds
State-controlled foreign Applying market integrity rules to govern insider
investments may be trading, fiduciary responsibility, and the like
sensitive both from a Subjecting investments in supervised financial
political and economical institutions (e.g., banks, insurance companies) to
prudential rules
perspective, as the lack
of transparency of SWFs Imposing possible restrictions or approval requirements
on funds that attempt to increase holdings beyond
causes concerns about
some level
the motivation of these
Using special agencies to review investments based on
funds’ investments,
national security considerations (e.g., Committee on
aggravating protectionist Foreign Investments in the U.S.)
pressures.
Restricting investments based on national security or
The G7 stated that any public order
restrictions on SWF Subjecting investments in certain sectors of social
investments should be importance to special laws
minimized and only Scrutinizing SWFs for anti-monopoly or take-over
“apply to very limited restrictions
cases which primarily
concern national How to evaluate a SWF: the Truman’s scoreboard
security”.
It is possible to classify SWFs by analyzing 4 their main features:
Structure (information about funds provenience, goals, strategy, fiscal treatment, separation from national reserves)
Governance (role of government and management, presence of corporate responsibility policies,
Transparency and Accountability (annual and quarterly report, information on investments and their returns)
Behavior (information on the speed and nature of change of strategy caused by market changes)
9
10. The role of SWFs during the last year in the financial
markets
Group A2
International financial markets
At the beginning of 2007
Western banks were the
undisputed leaders of
global finance.
ABN AMRO was bought by
a consortium of leading
European banks led by
RBS
Barclays escaped to be
nationalized it now has a
consortium of government
affiliated investment
vehicles from Qatar and
UAE as its controlling
shareholder.
Citigroup has received
numerous capital injections
from SWFs in Asia and the
Middle East.
The central role these
large financial
intermediaries has been
taken over by
governments and SWFs
They have provided the
lifeline without which many
of these intermediaries,
and indeed the global
financial system, may well
have collapsed.
10
11. Analysis of a commodity SWF: ADIA
Group A2
International financial markets
History Where does it take funds from?
Established in 1976 as a replacement of the The Abu Dhabi National Oil Company (ADNOC)
Financial Investments Board created in 1967 part and its subsidiaries pay a dividend to help fund
of the then Abu Dhabi Ministry of Finance. ADIA and its sister fund Abu Dhabi Investment
It is rumored to be the largest of the Sovereign Council (ADIC)
Wealth Funds. About receiving 70% of any budget surplus is sent
It is wholly owned and subject to supervision by to ADIA, while the other 30% of surplus goes to
the government of Abu Dhabi. the Abu Dhabi Investment Council (ADIC).
The fund is an independent legal identity with full
capacity to act in fulfilling its statutory mandate
and objectives.
Investments by assets classes Main features
Asset classes Assets under management: USD 627 billion
50% Origin: Oil
40% Entity structure: Fund
30% Firm investment style: Mixed*
20% Transparency rating: 3
10%
0%
Private Equity
Cash
Infrastructure
Real Estate
Developed Equities
Governements bonds
Non governments bonds
Small cap equities
Alternative Investments
Emerging markets
equities
11
12. Analysis of a non commodity SWF: Temasek (1 of 2)
Group A2
International financial markets
Shareholders return Investment strategy
Transforming Economies - We invest in industry
sectors that correlate with the economic transformation
of the country
Growing Middle Class - We find opportunities in
companies and industries whose growth is fuelled by
the increasing purchasing power of the middle class
Deepening Comparative Advantages - We tap the
potential of competitively-positioned companies
Emerging Champions - We identify companies proving
to be best-in-class, be it regionally or globally
Investments by assets classes Main features
Assets under management: USD 85 billion
Origin: Non commodity
Entity structure: Corporate
Firm investment style: Portfolio
Transparency rating: 10
Moody’s rating: Aaa
12
13. Analysis of a non commodity SWF: Temasek (2 of 2)
Group A2
International financial markets
Attributes
The success of the
Singapore model can be
ascribed to its proactive
investment style that
emanates from aligning its
investment strategy with
its socioeconomic strategy.
They are run on a
commercial basis receiving
no special privileges
because they are state-
owned. Government
ownership is exercised
through Temasek
Holdings, a state company,
whose board members and
chairman are appointed,
and performance-based
rewards are sanctioned, by
government
Temasek Holdings-
managed state enterprises
account currently for about
60 percent of Singapore’s
GDP.
13
14. What can be done to enhance SWF’s in the future?
Group A2
International financial markets
Leverage SOEs
Enhance Regional
and International
Cooperation
Mitigate Economic State owned enterprises
Downturns dominate the economies
Transfer Knowledge Establishment of joint funds Opportunities may exist to
through Investments both at the regional and at manage groups of SOEs
the international levels. under one holding.
Use their wealth in slow Regionally, benefits from This will allow governments
economic times to spur joint funds include sharing of to reap important business
economic growth and maintain risk and increased investment synergies, as well as
Support of local economic funding of critical strategic opportunities. economies of scale and
growth strategies through investments. scope.
international and domestic Internationally, joint funds
Norway’s SWF, for example, is can facilitate market
investments.
supporting infrastructure penetration and enhance
International investments the projects in light of the global
understanding of new business knowledge transfer
financial crisis in order to mechanisms.
models, operations, and sustain Norway’s economic
strategies. growth.
Investments in multinational
corporations help bring in
sought-after technologies and
knowledge
14