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Korea’s Reserves Reach Record High 315.95 Billion in March

According to the press release, “Korea’s official foreign reserves as of the end of March 2012 amounted to 315.95 billion dollars, an increase of 0.15 billion dollars from 315.80 billion dollars at the end of the preceding month. This gain was attributable mainly to an increase in the operating profits on the reserves, offsetting decreases in the U.S. dollar translation values of reserves denominated in other currencies including the euro and the yen in line with their depreciations against the dollar.

As of the end of March 2012, Korea’s official foreign reserves (315.95 billion dollars) consisted of securities valued at 284.59 billion dollars (90.1%), deposits of 22.99 billion dollars (7.3%), SDRs of 3.54 billion dollars (1.1%), the country’s IMF reserve position of 2.66 billion dollars (0.8%), and 2.17 billion dollars in gold (0.7%).”

Read more: Press Release

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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