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2/8/2013 FT: A Terrific Windfall for the Big Spenders

Norway has the world’s largest sovereign wealth fund – more than $650bn, according to the SWF Institute. Such funds are very sensible, like everything else in Norway.


4/10/2011 BusinessWeek: Libyan-Backed Hedge Fund’s Fundraising Challenged by Uprising

Libya established its sovereign wealth funds in the past decade to try to get better returns on oil wealth than the nation was earning through bank deposits, according to the Las Vegas-based Sovereign Wealth Fund Institute, an organization that researches how government funds affect the global economy.


2/28/2011 CNN Money: U.S. freezes $30 billion of Libyan assets

“Michael Maduell at the Sovereign Wealth Fund Institute said that the majority of Libya’s sovereign wealth assets are located outside the U.S., mostly in Europe and in African companies.”


10/21/2010 Financial News: Underneath the SWF bonnet

“A Sovereign Wealth Fund Strategic Index, charting the largest holdings of state investment funds and tracking gains and losses, has launched to give a rare insight into the decisions adopted by the world’s biggest investors – but don’t expect to be too surprised. The index has been launched by the Sovereign Wealth Fund Institute and Park Alpha, a subsidiary that acts as an investment consultant to SWFs and whose relationship allows access to some of the strategies adopted by these giant investors.”


10/18/2010 Rolling Stone: Exclusive Excerpt: America on Sale, From Matt Taibbi’s ‘Griftopia’

“Since 2005, at least 17 sovereign wealth funds have been created. As other countries grow their currency reserves, they will seek greater returns. Their growth has also been skyrocketed by rising commodity prices, especially oil and gas, especially between the years 2003–2008.”


9/28/2010 Bloomberg: GIC Says Emerging Market Private Equity, Property Look Better Than Stocks

GIC, ranked the world’s sixth-largest state investment company by Sovereign Wealth Fund Institute in California, expects global gross domestic product growth to reach 3.8 percent this year, with advanced economies expanding 2.4 percent and emerging Asia growing 8 percent, Ng said.


7/20/2010 China Daily: A new Silk Road paved by Islamic finance

Although the troubles of Dubai World precipitated difficult times in the global Islamic finance market, the growth of Islamic finance has been stunning over the past decade. That is in part because of the investment made by the oil-rich Gulf Cooperation Council (GCC) nations in the Middle East. According to a Sovereign Wealth Fund Institute’s report, the total assets under management of GCC nations reached approximately $1.4 trillion in March 2010, accounting for about one-fifth of global foreign exchange reserves.


7/14/2010 Government of Chile: Ministro Larraín dio bienvenida a Cristián Eyzaguirre como nuevo miembro del Comité Financiero de los Fondos Soberanos

El Ministro de Hacienda, Felipe Larraín, dio la bienvenida a Cristián Eyzaguirre Johnston, Ingeniero Comercial de la Universidad de Chile y Magíster en Economía de la Universidad de California (Berkeley), como nuevo integrante del Comité Financiero que asesora al Ministerio de Hacienda en la gestión de las inversiones del Fondo de Estabilización Económica y Social (FEES) y del Fondo de Reserva de Pensiones (FRP).

De esta forma, y cumpliendo lo dispuesto en el Decreto N° 621 de 2007 del Ministerio de Hacienda que creó el Comité Financiero, Cristián Eyzaguirre se incorpora a la instancia integrada por Andrés Bianchi (Presidente), Ana María Jul (Vicepresidenta), Martín Costabal, Klaus Schmidt-Hebbel y Eduardo Walker.

En esta sesión —realizada el pasado viernes 9 de julio— sus miembros analizaron la presentación de JP Morgan, actual custodio de los Fondos Soberanos, sobre las principales características y posibilidades del programa de préstamo de valores en que participan actualmente los fondos chilenos.

Durante la sesión de trabajo del Comité, sus miembros constataron que, al primer trimestre de 2010, los Fondos Soberanos chilenos continúan entre los más transparentes del mundo, de acuerdo al índice de transparencia Linaburg-Maduell publicado por el Sovereign Wealth Fund Institute.


6/11/2010 Reuters: Under pressure, China wealth fund looks short-term -sources

Carl Linaburg, vice president and co-founder of the Sovereign Wealth Fund Institute in Roseville, California, said: “If they shorten their time horizon, they will definitely search for investment products or investments that are more liquid. Liquidity is king, in volatile markets.”

CIC’s focus on the relative short term will set it apart from other sovereign wealth funds, which tend to have much longer time horizons.

“SWFs do not have contingent liabilities like pensions. SWFs are in for the long haul, if they can purchase a solid investment on the low end, they will hold it, until they can sell it for a nice profit,” Linaburg said in answer to questions over email. (For a ranking of sovereign wealth funds by assets, click on: here)


6/6/2010 Emirates Business: UAE tops GCC in global SWFs ranking

The Abu Dhabi Investment Authority (Adia), Saudi Arabia’s Sama Foreign Holdings and Kuwait Investment Authority (KIA) are ranked among the top 10 global sovereign wealth funds (SWFs) in terms of their assets under management. This is according to the recent top 50 global SWFs ranking by the Sovereign Wealth Fund Institute (SWFI), a private corporation headquartered in the US.


6/4/2010 Dow Jones Financial News: SWF asset allocation – behind the veil

Ever wondered how the $3.5 trillion (€2.8bn) in assets held by sovereign wealth funds were invested? Wonder no more. The Sovereign Wealth Fund Institute has published a breakdown of how it believes these assets are divided up.


3/25/2010 HFM Week: Hedge funds kept in the dark by SWFs

Is this a sign of things to come? Well, yes and no, according to Michael Maduell of the Sovereign Wealth Fund Institute, who told HFMWeek that, while SWFs are becoming increasingly transparent, most are still unlikely to take such a detailed approach.


1/21/2010 BusinessWeek: Norway Oil Fund to Invest in Property Soon, Slyngstad Says

Norway is the world’s sixth-largest oil exporter and has the second largest sovereign wealth fund after Abu Dhabi, according to the Roseville, California-based Sovereign Wealth Fund Institute. A sovereign wealth fund is a state-owned investment fund with financial assets such as stocks, bonds and real estate.


1/14/2010 Smart Money: The Benefits of Missing the Global Party

Norway’s Government Pension Fund, the China Investment Corporation and most recently Dubai World all lost hundreds of billions of dollars in U.S. real estate and finance during the ongoing financial crisis, says Mike Maduell, president of the Sovereign Wealth Funds Institute in Roseville, Calif.

“They all looked to extend their investments in American real estate assets over the last several years, and in most cases their investments were made at the height of the market,” he says. “The Manhattan real estate market was going up like crazy.”

……..

“You had lots of highly leveraged deals in play,” says Maduell. “But things started to crumble and you didn’t have the cash flow there.”


12/11/2009 Reuters: Sovereign wealth seeks bigger slice of buyout pie

Overall, the world’s sovereign wealth funds have more than $3.8 trillion of total assets under management, according to October estimates from the Sovereign Wealth Fund Institute. Drean said Saudi Arabia would be one of the largest contributors to private equity in coming fundraising cycles.


11/30/2009 The Sydney Morning Herald: Dubai may lose its financial hub role: analysts

The United Arab Emirates’ Abu Dhabi-based central bank said yesterday it “stands behind” the local and foreign banks. Abu Dhabi has yet to say whether it will step in to avoid default on the Nakheel bond. The sheikhdom has one of the largest sovereign wealth funds in the world, worth $US627 billion according to the Roseville, California-based Sovereign Wealth Fund Institute.


11/6/2009 Ministry of Finance – Chile: Chilean sovereign funds obtain the highest possible score in a global ranking of transparency and good administration

The Ministry of Finance said that the positive evaluation of Chilean funds recognizes the country’s institutional efforts to administer these resources following criteria of excellence and transparency. The Ministry also commented on recent recommendations made by the Finance Committee, which is an autonomous entity that advises on sovereign fund investments. Chile obtained a perfect score in the global ranking of transparency and good administration of the world’s 45 major sovereign funds. The ranking was conducted by the Sovereign Wealth Fund Institute, a US-based think tank that specializes in studying this type of investment and savings instrument. Chile rose from sixth place in the second quarter of this year to a perfect score in the most recent study, and currently shares first place with sovereign funds from Norway, Singapore, New Zealand, Ireland, Alaska, the Arab Emirates, and Azerbaijan.


11/5/2009 Maktoob: UAE, Singapore SWFs claim top transparency

Chile, the United Arab Emirates, Singapore, Ireland, Azerbaijan, Norway and New Zealand have the most transparent sovereign wealth funds, according to a fresh survey. The Linaburg-Maduell Transparency Index for the third quarter, published by the SWF Institute earlier this week, also showed that Oman, Mauritania, Kiribati, Iran, Brunei and Algeria are home to the least transparent sovereign wealth funds. The index is calculated with 10 principles — such as whether the fund provides up-to-date, independently audited annual reports, or whether it provides clear strategies and objectives.


11/4/2009 SOFAZ: The State Oil Fund of the Republic of Azerbaijan ranks among the highest in Transparency Index

The State Oil Fund of the Republic of Azerbaijan ranks among the highest in the Linaburg-Maduell Transparency Index. The Linaburg-Maduell Transparency Index was developed at the Sovereign Wealth Fund Institute (http://www.swfinstitute.org) by Carl Linaburg and Michael Maduell. The Linaburg-Maduell transparency index is a method of rating transparency in respect to sovereign wealth funds (SWF). This index is based on ten essential principles and each principle adds one point of transparency to the index rating. SOFAZ and the sovereign wealth funds of Chile, UAE (Mubadala), Singapore (Temasek), Ireland (NPRF), USA (Alaska), Norway (GPF), New Zealand took first place with 10 points among 45 SWF.


9/30/2009 Emirates Business 24-7: SWFs to focus on commodity firms

Equity holdings in the oil sector are also attractive, with crude prices having risen consistently for the past four months. The US-based SWF Institute’s Consensus Demand Meter, launched yesterday, is an innovative indicator to track what sovereign funds are demanding in the next three quarters from that relative start date. For Q2 2009 going forward three months, the demand meter indicates how select asset allocations, sectors, and investment strategies rank.


9/7/2009 Asia One: Expect more openness as SWFs go through a shift in thinking

The 10-point LMTI was set up in mid-2008 and is updated quarterly on the website of the Sovereign Wealth Fund Institute. Unlike the Truman scoreboard, its 10 points are based on what the creators feel would be important to the average person. The Truman’s 33 indicators, on the other hand, are based on whether at least one SWF adopts such a practice.

An LMTI creator, Mr Carl Linaburg, says the index is not meant to be ‘an in-depth look at accountability’. In its latest second-quarter 2009 listing, six SWFs topped the index with a perfect score of 10. One of them is United Arab Emirates’ Mubadala Development Company, which was 42nd in Truman’s report.


7/21/2009 New York Times:Temasek Scraps Plan for American Chief

“This is not good news for Temasek,” said Carl Linaburg, co-founder of the Sovereign Wealth Fund Institute in Roseville, Calif., which tracks data on the investment funds. “Prior to Chip’s arrival, Ho Ching had been widely criticized for Temasek’s major losses in financials. Chip’s departure makes people wonder why Temasek can’t seem to make firm decisions with sound judgment, which is essential for managing the assets of a country.”

The appointment of Mr. Goodyear prompted speculation that Temasek would seek to expand its investments in energy and resources, which made up 5 percent of its investment portfolio last year, compared with 40 percent in the financial sector, to benefit from any price increases in the industry. Temasek agreed last month to buy a minority stake in the Singapore commodities firm Olam International.


6/4/2009 Bloomberg:Norway’s Oil Fund to Deliver ‘Substantial’ Return, Gjedrem Says

The Abu Dhabi Investment Authority is the biggest sovereign wealth fund, followed by the Government of Singapore Investment Corp., according to data compiled by Bloomberg and the Sovereign Wealth Fund Institute in Roseville, California.


6/3/2009 Emirates Business 24/7:Gulf SWF transparency scores stagnate in Q1

Only one of the oil-rich Gulf nations’ 11 sovereign wealth funds has improved its transparency score in the first quarter of this year compared to the previous quarter based on the Linaburg-Maduell Transparency Index developed by the US-based Sovereign Wealth Fund Institute.

The transparency index rates SWF transparency using 10 principles including the provision of information related to ownership percentage, portfolio market value, returns, ethical standards, investment policies and objectives.

Saudi Arabia’s Sama Foreign Holdings, the fund operated by the kingdom’s central bank with assets worth $431 billion (Dh1.58 trillion), improved its transparency score from two in Q4-2008 to three in Q1-2009, but is still far below the highest score of 10, the institute said yesterday.


6/1/2009 Directorship:Sovereign Wealth Funds Increasingly Testing PE Waters

However, their investment approaches likely will shift, experts say. The large deals of several years ago, such as the Chinese government’s $3 billion stake in Blackstone, probably won’t recur for a while, says Michael Maduell, president of the SWF Institute in California. “We haven’t seen anything like that on the radar.”


5/1/2009 CNBC European Business: Role Reversal

According to the California-based independent Sovereign Wealth Fund Institute, SWFs manage an estimated $3.91trn (€2.86trn) in assets, with about 46% in the hands of Middle Eastern governments and 35% held by Asian governments. While most funds are rather secretive about their investments, a few have officially acknowledged the huge losses sustained following the worldwide dive in stock market valuations and as a result of investments in financial institutions that went sour: Singapore’s Temasek Holdings’ portfolio has lost about 31% in value or about €27bn, while the Government of Singapore Investment Corporation’s (GIC) assets have dropped 25% from their peak and the Kuwait Investment Authority is down €22.5bn.


4/3/2009 Gulfnews: Transparency in times of economic slowdown

But the Linaburg-Maduell Transparency Index, developed at the Sovereign Wealth Fund Institute by Carl Linaburg and Michael Maduell, notes that in the last quarter of 2008, Saudi Arabian Monetary Agency (SAMA) and Abu Dhabi Investment Authority (ADIA) were two of the least transparent among government funds that had more than $100 billion (Dh367 billion) in assets under management.


3/27/2009 Caijing: CIC investment among the top three global sovereign wealth funds


3/11/2009 Bloomberg: Norway Oil Fund Shrank 23% Last Year on Stock Plunge

The Abu Dhabi Investment Authority is the biggest sovereign wealth fund, followed by the Government of Singapore Investment Corp., according to data compiled by Bloomberg and the Sovereign Wealth Fund Institute in Roseville, California.


3/11/2009 Arabian Business: Bahrain company wins transparency rating boost

Bahrain’s Mumtalakat Holding Company has announced that its transparency rating has been upgraded following quarterly research undertaken by the independent Sovereign Wealth Fund Institute.


3/11/2009 Emirates Business: Gulf SWFs openness scores increase

As many as four of the 11 sovereign wealth funds of the oil-rich Gulf improved their transparency scores on the Linaburg-Maduell Transparency Index developed by the US-based Sovereign Wealth Fund Institute.

The index rates SWF transparency using 10 principles, including the provision of information related to ownership percentage, portfolio market value, returns, ethical standards, investment policies and objectives.

Abu Dhabi-based Mubadala Development Company and Bahrain’s Mumtalakat shared the top two slots in the region, scoring seven each out of a possible 10 and ranking 13 and 14, respectively, among the 45 SWFs tracked by the institute.


3/6/2009 Channel News Asia: Temasek scores perfect 10 on transparency ranking, GIC rated 6

Singapore’s Temasek Holdings has been given top marks in a report on transparency among sovereign wealth funds. The California-based Sovereign Wealth Fund Institute rated Temasek a perfect 10 in its Transparency Index for the fourth quarter of 2008.


3/2/2009 Wall Street Journal: Sovereign-Wealth Funds Added Assets and Influence in 2008

The losses taken by some sovereign-wealth funds on bank-related investments over the past year have been more than offset by fresh money from the creation of new sovereign-wealth funds and an expansion in foreign-exchange reserves, according to IFSL, which used data from the Sovereign Wealth Fund Institute, a research body.


2/25/2009 Pittsburgh Tribune-Review: Abu Dhabi buying Nova Chemicals for $2.3B

Of the 163 transactions between 1982 and 2008, Singapore’s Temasek Holdings was the most active, with 67 transactions. It is the world’s fourth-largest sovereign wealth fund, with $330 billion in assets. The largest fund is the Abu Dhabi Investment Authority, with an estimated $875 billion in assets, according to the Sovereign Wealth Fund Institute.


2/7/2009 Wall Street Journal: Temasek Shakes Up Its Top Ranks

But a number have had investment hits since, leading to caution in a time of a global need for capital. The hits “reinforced a lot of people’s beliefs that state investment decisions should be left in the hands of financial professionals and not governmental authorities,” said Carl Linaburg, vice president and co-founder of SWF Institute, an organization that tracks sovereign funds.


2/2/2009 Bloomberg: Norway Oil Fund Lehman Losses Exacerbate Kingdom’s Worst Return

From March 2007 to April ‘08, large state-owned investment vehicles spent $44.9 billion on strategic stakes in U.S. and European banks, according to the Sovereign Wealth Fund Institute in Roseville, California. Their moves blew up as taxpayers rescued banks from UBS AG to Citigroup Inc., while Merrill Lynch & Co. was sold at a fire-sale price of $19.4 billion to Bank of America Corp.


1/26/2009 Permanent Wyoming Mineral Trust Fund: Annual Report of the Treasurer of the State of Wyoming

The State Treasurer’s Office continually updates investment information on its website. The Sovereign Wealth Fund Institute gives Wyoming one of its highest rankings in terms of public transparency.


12/22/2008 PricewaterhouseCoopers: 2009 M&A activity to be fueled by merger of necessity

Sovereign wealth funds would play an active role in M&A.
Correct. Sovereign funds stepped up with capital for cash-strapped banks, pouring $30.8 billion into just three financial services firms: Citigroup, Merrill Lynch and Morgan Stanley from March 2007 to April 2008 (Sovereign Wealth Fund Institute).


11/3/2008 Kuwait Investment Authority: KIA achieved High Ranking in Transparency Index


9/23/2008 BNN: The Close

This is a television interview with the Business News Network in Canada.


9/18/2008 CNN News: TV Interview

MICHAEL MADUELL, SOVEREIGN WEALTH FUND INSTITUTE: Right now, they are kind of waiting out and seeing if they can get them for a great discount. You wait longer the stock price will probably keep on dropping. Therefore, your ownership is going to go up.


8/15/2008 Real Estate Forum: Sovereign Wealth Rules

It’s difficult to determine the specific strategy SWFs deploy, though they seem to be going after cash overall, says Michael Maduell.


8/6/2008 BNN: The Business News

This is a television interview with the Business News Network in Canada – Dubai’s Stake in Cirque du Soleil.


7/21/2008 Reuters: Asia may benefit as sovereign funds shun US dollar

Of course, it’s tough to know what funds are doing, as most do not disclose their asset holdings, said Carl Linaburg, vice president of the Sovereign Wealth Fund Institute, a California research group. Most, he added, are long-term investors and still concentrated in fixed income.


6/18/2008 CSPAN: Congressional Record – US Rep. Marcy Kaptur

According to the Sovereign Wealth Fund Institute, there is a ranking of the transparency of who really owns these funds and whose money is in there and what is that money doing.


5/9/2008 The Economic Observer Online: China Joins Hands with Major SWFs to Set Ground Rules

The IWG-SWF was co-chaired by a director of the Abu Dhabi Investment Authority (ADIA), the credentials of which could raise doubts, said Carl Linaburg, vice-president of US-based SWF Institute, an impartial organization dedicated to the study of SWF’s impact on global economics and politics.

“ADIA ranks quite low in transparency relative to them having the highest sovereign assets under management, so a lot of people may question the effectiveness of these guidelines,” said Linaburg in an email interview with the EO.


3/6/2008 CNN: The sovereign wealth funds dilemma

Although they have been around for much longer, sovereign wealth funds first became significant on the global financial scene about five years ago. Today, assets in sovereign wealth funds total $3,145 billion, according to the U.S.-based SWF Institute, which studies state-owned funds.