Sovereign Wealth Fund Trends 2012 - Industry

May 12, 2013 by Loch Adamson

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Since the mid-2000s sovereign wealth fund (SWF) direct investment activity has been dominated by deals in the financial services sector as funds sought to use stakes in banks to obtain proxy exposure to entire national economies. But this trend slowed in 2012, when just 22.5 percent of SWFs’ total publicly reported direct investments were in financial services, down from 30.3 percent in 2011. The main reason: Only one major bank in a developed market required further recapitalization. In July, Zurich-based Credit Suisse Group gathered nearly $700 million from three SWFs as part of a capital-raising exercise. Elsewhere, SWFs largely shunned developed-market banks, taking smaller stakes in financial institutions in established emerging markets. For example, Singapore’s Temasek Holdings purchased $130 million worth of shares in León, Mexico–based Banco del Bajío in June, Government of Singapore Investment Corp. (GIC) invested $151 million in Ankara-based Türkiye Halk Bankasi at a share…

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