Sovereign Wealth Funds Top 10

This is my second Top 10 post and here I will cover the world's ten largest sovereign wealth funds(SWFs). In previous posts I have covered many of the Middle East SWFs. I want to give you a more complete look at the SWFs in this post so I will list the Top 10 SWFs of the world rather than only focus on those in the MENA Region. Three of the Top 10 SWFs, including the world's largest, are all in the Middle East: Abu Dhabi Investment Authority, Saudi Arabian Monetary Agency and Kuwait Invest Authority.

The SWFs are important to the Mega Project industry because many of them invest directly in the projects while others help to create an economic environment conducive to Mega Project development. I will give you the name of the SWF followed by the assets of the fund. A short description of the fund comes next along with complete contact information.

1.) ABU DHABI INVESTMENT AUTHORITY(ADIA), $627 Billion

Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that is wholly owned by the Government of the Emirate of Abu Dhabi.

ADIA manages a diversified global investment portfolio across more than two-dozen asset classes and sub-categories, including quoted equities, fixed income, real estate, private equity, alternatives and infrastructure.

Abu Dhabi Investment Authority
211 Corniche, PO Box 3600
Abu Dhabi, United Arab Emirates
Tel +971 2 415 0000
Fax +971 2 415 1000
http://www.adia.ae/En/home.aspx

2.) NORWAY GOVERNMENT PENSION FUND - GLOBAL, $593 Billion

NBIM(Norges Bank Investment Management) manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others NBIM and discussions in Parliament.

The ministry regularly transfers petroleum revenue to the fund. The capital is invested abroad, to avoid overheating the Norwegian economy and to shield it from the effects of oil price fluctuations. The fund invests in international equity and fixed-income markets and real estate. The aim is to have a diversified investment mix that will give the highest possible risk-adjusted return within the guidelines set by the ministry.

Norges Bank Investment Management (NBIM)
Bankplassen 2
P.O. Box 1179 Sentrum
NO-0107 Oslo, Norway
Tel +47 24 07 30 00
Fax +44 20 7534 9010
http://www.nbim.no/en/

3.) SAFE INVESTMENT COMPANY(State Administration of Foreign Exchange), China, $567.9 Billion

The State Administration of Foreign Exchange (SAFE) is responsible for managing China’s foreign exchange reserves. Top holdings include Royal Dutch Shell, Barclays, Tesco and Rio Tinto.

SAFE Investment Company
Huarong Plaza,
No.18 in Fucheng Road,
Haidian District, Beijing, 100048
Tel 68402265
http://www.safe.gov.cn/

4.) SAMA FOREIGN HOLDINGS, Saudi Arabia, $532.8 Billion

Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. Functions: issues national currency, the Saudi Riyal; acts as a banker to the government; supervises commercial banks; manages Kingdom’s foreign exchange reserves; conducts monetary policy for promoting price and exchange rate stability; promotes the growth and ensures the soundness of the financial system.

Saudi Arabian Monetary Agency
Al-Ma’ather Street
P.O. Box 2992
Riyadh 11169
Saudi Arabia
Tel +966-1- 463-3000
Fax +966-1- 466-2936 / 466-2966
http://www.sama.gov.sa/sites/SAMAEN/Pages/Home.aspx

5.) CHINA INVESTMENT CORPORATION, $482 Billion

China Investment Corporation (CIC) is an investment institution established as a wholly state-owned company under the Company Law of the People’s Republic of China and headquartered in Beijing. The mission of CIC is to make long-term investments that maximize risk adjusted financial returns for the benefit of its shareholder.

China Investment Corporation
New Poly Plaza,
No.1 Chaoyangmen Beidajie,
Dongcheng District, Beijing, 100010
Tel +86 (10) 8409 6167
Fax +86 (10) 6408 6731
http://www.china-inv.cn/cicen/

6.) KUWAIT INVESTMENT AUTHORITY, $296 Billion

The Kuwait Investment Authority (KIA) is an autonomous government body responsible
for the management and administration of the General Reserve Fund (GRF), and the
assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests in the Local, Arab and International Markets with its main office located in Kuwait City and a branch office in London, UK.

Kuwait Investment Authority
Ministries Complex,
AlMurqab,
Kuwait City, Kuwait
Tel +(965)2485600
Fax +(965)2454059
http://www.kia.gov.kw/En/Pages/default.aspx

7.) HONG KONG MONETARY AUTHORITY, $293.3 Billion

The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. Its main functions are: maintaining currency stability within the framework of the Linked Exchange Rate system; promoting the stability and integrity of the financial system, including the banking system; helping to maintain Hong Kong's status as an international financial center, including the maintenance and development of Hong Kong's financial infrastructure; managing the Exchange Fund.

Hong Kong Monetary Authority
55th Floor
Two International Finance Centre
8 Finance Street
Central Hong Kong
Tel (852) 2878 8196
Fax (852) 2878 8197
http://www.hkma.gov.hk/eng

8.) GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION, $247.5 Billion

GIC was incorporated in 1981 under the Singapore Companies Act and is wholly owned by the Government of Singapore. Our aim is to achieve good long-term returns for the Government - a reasonable risk-adjusted rate above global inflation over a 20-year investment horizon. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. The reserves provide a stream of income that can be spent or invested for the benefit of present and future generations. We do not own the funds we manage. We manage these funds on behalf of the Government of Singapore, our client.

Government of Singapore Investment Corp.
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel (65) 6889 8888
Fax (65) 6889 8722
http://www.gic.com.sg/

9.) TEMASEK HOLDINGS, Singapore, $157.5 Billion

Temasek's investment themes center on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications; media & technology; transportation & industrials; consumer & real estate; energy & resources; and life sciences.

Temasek Holdings
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891
Tel +65 6828 6828
Fax +65 6821 1188
http://www.temasek.com.sg/

10.) RUSSIA NATIONAL WELFARE FUND, $149.7 Billion

A combination of two funds, the National Wealth Fund and the Reserve fund:

The National Wealth Fund (NWF) is a part of federal budget assets. NWF is dedicated to support the pension system of the Russian Federation to guarantee long-term sound functioning of the system. Fund’s primary assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of the Pension Fund of the Russian Federation.

The Reserve Fund is a part of the federal budget assets. The Reserve Fund is dedicated to ensure financing of the federal budget expenses and maintaining federal budget balance in case oil and gas budget revenues decline. The Reserve Fund contributes to stability of the Russian Federation economic development by means of reducing inflationary pressure and insulating national economy from volatility of earnings generated by export of non-renewable natural resources.

Russia National Welfare Fund
9 Ulitsa Ilyinka,
Moscow 109097
Tel (495) 987-91-01
Fax (495) 987-91-01
http://www1.minfin.ru/en/

++ A complete list of all the SWFs of the Middle East can be found in the sidebar of this blog in the SOVEREIGN WEALTH FUND LINKS section.