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In the News: Sovereign Development Funds
November 2011: Sovereign Development Funds Welcome to the Sovereign Wealth Fund Bulletin, a publication of the Sovereign Wealth Fund Initiative (SWFI) at the Center for Emerging Market Enterprises, The Fletcher School, Tufts University. This issue--our inaugural edition--is being sent to you as a registered friend of CEME. To subscribe to future editions of the Sovereign Wealth Fund Bulletin, please visit our online sign-up form or email
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The Sovereign Wealth Fund Initiative (SWFI) offers a monthly briefing of news items relevant to sovereign wealth funds (SWFs )and other long-term investors (LTIs), particularly as they related to SWFI's research streams. This month's news roundup can be found here.
Meet our SWFI Fellows and Affiliates SWFI hosts a roster of Fellows and Research Affiliates, all of whom have topical knowledge related to SWFs and LTIs. To learn more, please visit the People section of the SWFI website.
Sign Up for Future Issues of the SWF Bulletin Stay on our mailing list to receive updated research and news on SWF and LTI developments. Sign up using our web-based form.
SWFI is a project of the Center for Emerging Market Enterprises. This is the first issue of the Sovereign Wealth Fund Bulletin.
Letter from the Senior Associate Dean: Introducing the Sovereign Wealth Fund Bulletin
Bhaskar Chakravorti, Senior Associate Dean of International Business & Finance and Executive Director, Institute for Business in the Global Context.
Welcome to the inaugural issue of the Sovereign Wealth Fund Bulletin. This issue marks the first in what will be a monthly e-series by the Sovereign Wealth Fund Initiative (SWFI), a research program of the Center for Emerging Market Enterprises (CEME), The Fletcher School, Tufts University, the country’s first graduate school dedicated to the study of international affairs. As Senior Associate Dean of International Business and Finance and Executive Director of the Institute for Business in the Global Context (IBGC) at Fletcher, I am delighted to open this publication and to reflect on the significance of sovereign wealth and long-term asset management in today’s economy, financial systems and global society. To read more, please click here.
Innovations from Sovereign Development Funds: Khazanah and Temasek Can and do sovereign wealth funds promote the development of local capital markets? In this piece, co-authored by Dr. Patrick Schena, SWFI Senior Fellow and Adjunct Professor of International Finance at The Fletcher School, and Ravi Shankar Chaturvedi, a CEME Research Assistant and Master of International Business candidate at The Fletcher School, two recent bond issuances by Temasek Holdings and Khazanah Nasional are viewed as recent creative innovations to expand funds' capital access, while also expanding local market liquidity. To read the full piece, click here.
Patrick Schena, SWFI Senior Fellow and Fletcher School Adjunct Faculty Member.
About SWFI, CEME and The Fletcher School SWFI is a research program of the Center for Emerging Market Enterprises (CEME) at The Fletcher School, Tufts University. Working in partnership with external supporters, SWFI addresses the particular needs of SWFs and LTIs. Visit our website for more information.
Fund Profile: Temasek Holdings On our Fund Profiles page, SWFI will continually provide updated data on sovereign wealth funds. This month's profile focuses on Singapore's Temasek Holdings. Established in 1974, with an initial investment of S$350M, Temasek was set up to relieve the Ministry of Finance from managing state-owned assets so it could focus on developing and regulating the economy as a whole. While the initial capital investments SWFI offers original, were made up of shipyards and Singapore Airlines, in the 1990s, the detailed sovereign government transferred control of the state telecom, power generation and wealth fund profiles port operations to Temasek. Currently, Temasek’s assets make up 10% of via its website. Singapore’s economy. Since its inception, Temasek has operated as an independent, commercial investor, focused on achieving sustainable, longterm returns for its shareholder, the Minister for Finance. Dividends are paid regularly to the Government. Temasek has no explicit responsibility for managing foreign exchange reserves or development of the economy. To read the full profile, click here.
Briefing: Life Cycle of Sovereign Development Funds Authored by Fletcher School and SWFI scholars as part of Monitor's annual Sovereign Wealth Fund report, the article "Sovereign Wealth Funds and the Privatization of State Assets: Toward a Life-Cycle Framework” takes a unique angle to examine funds that primarily engage in national asset privatization. These “transformational funds” or “domestic development funds” share a few common characteristics and often serve in restructuring Monitor's 2011 and divestiture of state-owned enterprises. Therefore the authors establish a Sovereign Wealth life-cycle framework to put SWFs in a dynamic context, as the funds adapt Fund report their portfolios to focus on different priorities, from asset turnaround, divestiture, acquisition to managing for profitability. Liquidity suffices to be featured a piece by SWFI and Fletcher a distinctive feature in this life-cycle framework because transformational scholars. funds generate investable cash through value enhancing initiatives and liquidation of their holdings. The authors coined a term for this trend: “Privatization 2.0,” in which SWFs transcend the boundaries of traditional state-led approaches. To read the full piece, click here.
The Sovereign Wealth Fund Initiative A research initiative of The Center for Emerging Market Enterprises The Fletcher School, Tufts University 160 Packard Avenue, Cabot 404 Medford, MA 02155 USA SWFI website|
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