Sovereign Bank Wealth Management - Excel

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					Table 1 SWFs market share by country and region

end-2009

                            $bn           stake (%)
By country
China                             928.0        24.0
United Arab Emirates              677.0        18.0
Norway                            445.0        12.0
Saudi Arabia                      436.0        11.0
Singapore                         370.0        10.0
Kuwait                            203.0         5.0
Russia                            168.0         4.0
Others                            573.0        15.0
By region
Middle East                       1,620          43
Asia                              1,350          36
Europe                              670          18
Americas                             90           2
Other                                70           2
Total                             3,800

Source: SWF Institute, IFSL estimates
Table 2 Largest SWFs

end-2009                                          $bn assets
                                                       under                  Inception
                                                 management       Country          year
Abu Dhabi Investment Authority                           627           UAE        1976
Government Pension Fund – Global                         445        Norway        1990
SAMA Foreign Holdings                                    431   Saudi Arabia         n/a
SAFE Investment Company                                  347          China         n/a
China Investment Corporation                             289          China       2007
Government of Singapore Invest. Corporation              248     Singapore        1981
Kuwait Investment Authority                              203         Kuwait       1953
National Welfare Fund                                    168        Russia        2008
National Social Security Fund                            147          China       2000
Hong Kong Monetary Authority Invest. Portfolio           140    China (HK)        1993
Temasek Holdings                                         122     Singapore        1974
Libyan Investment Authority                               70          Libya       2006
Qatar Investment Authority                                65          Qatar       2005
Australian Future Fund                                    49      Australia       2004
Revenue Regulation Fund                                   47        Algeria       2000
Others                                                   402
Total                                                  3,800

Source: SWF Institute, IFSL estimates
      Source
    Commodity
    Commodity
    Commodity
Non-Commodity
Non-Commodity
Non-Commodity
    Commodity
    Commodity
Non-commodity
Non-Commodity
Non-Commodity
    Commodity
    Commodity
Non-Commodity
    Commodity
Table 3 Public pension reserve funds in OECD countries

end-2008
                                           $bn
Social Security Trust Fund (US)                  2,419
Government Pension Invest. Fund (Japan)          1,160
National Pension Fund (Korea)                      216
National Pension Funds (Sweden)                    112
Canadian Pension Fund (Canada)                     102
Fondo de Reserva de la Seg. Soc. (Spain)            84
Other                                              161
Total                                            4,254

Source: OECD
Table 4 Oil - proven reserves

Jan-09
                                       Barrels
                                        trillion
Saudi Arabia                      266,700,000
Canada                            178,100,000
Iran                              136,200,000
Iraq                              115,000,000
Kuwait                            104,000,000
Venezuela                          99,380,000
United Arab Emirates               97,800,000
Russia                             60,000,000
Libya                              43,660,000
Nigeria                            36,220,000
Others                            210,940,000
Total                           1,348,000,000

Source: CIA Factbook
Table 5 Official foreign exchange reserves

end-2009                                        %
                                      $bn    share
China                               2,747       31
Japan                               1,074       12
Russia                                448        5
India                                 287        3
South Korea                           271        3
Hong Kong                             256        3
Brazil                                241        3
Germany                               189        2
Singapore                             182        2
Algeria                               145        2
Others                              3,160       35
Total                               9,000      100

Source: Wikipedia; IFSL estimates
Chart 1 Sovereign wealth funds assets under management

$bn
             Non-commodity        Commodity
      1999            218              612
                      256              867
      2001            293              765
                      371              867
      2003            498              969
                      650            1,224
      2005            776            1,530
                      948            2,040
      2007          1,116            2,601
                    1,313            2,550
      2009          1,278            2,519
      2012          2,261            3,876

Source: IFSL estimates
Chart 2 Assets under management

$ trillion, end-2009

Pension funds               29.0
Mutual Funds                23.0
Insurance funds             20.0
Sovereign wealth funds       3.8
Private equity               2.6
Hedge funds                  1.6

Source: IFSL estimates
Chart 3 Sovereign investment vehicles

$ trillion
                         Sovereign wealth funds                   Other sovereign
                 Commodity Non-commodity                  Total       investment
                     funds            funds              assets          vehicles
       2007             2.6              1.1                3.7               6.1
       2008             2.6              1.3                3.9               6.2
       2009             2.5              1.3                3.8               6.5

Source: IFSL estimates, Wikipedia, Citi, IMF, McKinsey
   Official foreign
exchange reserves
      not in SWFs
                5.3
                5.6
                6.3
Chart 4 Global current account imbalances

$bn

               Oil exporters German & Japan    Other Asia US           CADC
      2001              0.35            0.28         0.26      -1.25      -0.29
                        0.25            0.46         0.34      -1.38      -0.28
      2003              0.35            0.49         0.41       -1.4      -0.32
                        0.52            0.71         0.41       -1.5      -0.44
      2005              0.88            0.68         0.56      -1.65      -0.54
                        1.06            0.71         0.79      -1.64      -0.69
      2007              0.89            0.83         0.97      -1.31      -0.78
                        1.12            0.64          0.9      -1.16      -0.74
      2009              0.33            0.33         0.91      -0.65      -0.43
      2012              0.76            0.41         1.11      -0.69      -0.37

Source: IMF, IFSL estimates
Chart 5 Other sovereign investment vehicles

$bn, end-2009

                    Other sovereign investment vehicles
Public pensions in sovereign investment vehicles
                69                        31

Source: OECD, IFSL estimates
Chart 6 SWF investment trends

                    Number             Value ($bn)
             2000                57                    4
             2001                59                    5
             2002                63                    3
             2003                59                    7
             2004                92                   27
             2005               144                   29
             2006               135                   49
             2007               162                   95
             2008               175                  128
             2009                90                   66

Number of deals
                    Domestic           Foreign
q1                                 1                  99
q2                                24                  76
q3                                33                  67
q4                                69                  31
q1                                12                  88
q2                                 0                 100
q3                                 8                  92

Source: Monitor Group; IFSL estimate
Chart 7 Launch year of largest SWFs

Launch year of top 50 sovereign wealth funds, % share by number


             2000-2009                1990-1999 Pre-1990
                    56                       17       27

Source: IFSL calculations
Chart 8 Oil exporting countries' foreign investment assets

% share, end-2009, holdings by type of investor

Private                  Central Banks
               Sovereign Wealth Funds
          39          44         13

Source: IFSL estimates, McKinsey & Co
Chart 9 Oil exporting countries' foreign investment assets

$bn

      1999        612
                  867
      2001        765
                  867
      2003        969
                 1224
      2005       1530
                 2040
      2007       2601
                 2550
      2009     2519.4

Source: IFSL estimates, McKinsey & Company
Chart 10 Official foreign exchange reserves held in SWFs

% share, end-2009

           Rest of in Sovereign Wealth Funds
                       Sovereign Wealth Funds
Asian reserves not world
        40         42         18

Source: IFSL estimates; McKinsey & Co; Wikipedia
Chart 11 SWFs Cross-Border Activity


$bn, completed investment transactions (bars)

     1999           2
                    1
     2001           4
                    0
     2003           1
                    8
     2005          19
                   35
     2007          44
                   58
2009-1H            10

$bn, completed divestment transactions (line)

     1999           0
                    0
     2001           0
                    0
     2003         0.1
                    0
     2005           5
                    4
     2007           6
                   19
2009-1H            11
Chart 12 SWF investments by size of
         acquired stakes

% share, completed investment transactions by SWFs, 1995 - June 2009, total $187bn

    100% 80%-99% 50%-79% 20%-49% <20%
       25       3      11      23                  38

Source: Deutsche Bank Research, Dealogic
Chart 13 SWF investments into EU countries

% share, completed investment transactions by SWFs, 1995 - June 2009, total $187bn

UK
       49

Source: Deutsche Bank Research, Dealogic
Chart 14 Performance of SWF investments
         major banks

% change in share prices between respective date of investment by SWF and end-2009

Credit Suisse                   -10
Barclays                        -17
Citigroup                       -90
UBS                             -63
Morgan Stanley                  -45
Merill Lynch                    -68
Deutsche Bank                   -56

Source: Deutsche Bank; IFSL estimates
Chart 15 SWF investments

% share of cross-border deals totalling $187bn between 1995 and June 2009

Origins of SWF investments
Asia       Middle EastOther
       43          29       28

SWF investments by target region
Asia     EU        US         Middle EastOther
      33        30         20         4            13

SWF investments by sector
Finance    Industry                                 Other
                       Services Real estateCommodities
        42          14         13       11      10            10

Source: Deutsche Bank Research, Dealogic

				
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