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Thailand No Longer Pursuing Sovereign Wealth Fund

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The Bank of Thailand and Thailand Ministry of Finance have agreed to not use the country’s foreign reserves to create a sovereign wealth fund. There was a significant internal debate among Thailand’s governmental financial bodies on if it was feasible to create a sovereign wealth fund. Including Thailand, the majority of Asian countries intervene to lower the value of their currency. By practicing currency intervention, Thailand and other countries that follow a similar activity, usually hastily accumulate international reserves.

Central banks are known to be conservative “investors” and usually invest in assets with low default risk and high liquidity, thus yielding very low returns. This negative carry has been pushing some central banks into yearly losses.

Left and right, Thailand observes its Asian peers creating sovereign wealth funds to deal with excess foreign reserves.

Thailand Finance Minister Thirachai Phuvanatnaranubala wanted to see if it was possible to invest around US$ 180 billion in foreign reserves in higher-yielding assets. The big concern was government interference or meddling in the central bank over the excess foreign exchange assets.

HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Contemplates Investing in SoftBank Vision Fund

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Bahrain-based Mumtalakat Holdings is interested in joining a chorus of sovereign funds committing capital to Japan-based SoftBank Group’s Vision Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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