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Sovereign Wealth Funds
East Timor, Papua New Guinea, Sovereign Wealth Funds - Thursday, May 5, 2011 21:55 - 0 Comments
Emerging Markets: Timor to revamp sovereign fund, PNG to launch one
Emerging Markets, May 5 2011
Two of Asia’s frontier markets have given new details of the sovereign wealth funds they hope will radically change their prosperity. Papua New Guinea plans to launch a new fund based on its reserves of liquefied natural gas, while Timor-Leste’s fledgling fund is set to make a major shift in its investment approach.
Timor-Leste’s Petroluem Fund was launched on the back of oil and gas field revenue that began accruing in 2006 and now brings in about $2 billion per year. The fund today has $7.7 billion under management, of which 90% is invested in US Treasuries or similar instruments, and the remaining 10% in equities managed by Schroder Investment Management.
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