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04
News
State Street releases new Vision Series
report on Sovereign Wealth Funds
State Street Corporation, one of and political environment facing financial structure and the need of their priorities and objectives
the world’s leading providers of these funds due to the global for a super-sovereign reserve in a new financial world order.”
financial services to institutional financial turmoil. currency, the Vision report The paper also concludes that,
investors, released its latest Vision “The unprecedented events within contends that the post-crisis “Given the vast pool of assets they
Series report on 18 August the financial marketplace have reality has created an excellent represent, sovereign wealth funds
examining the impact of the significantly changed both the basis upon which sovereign wealth will be important participants in
recent financial markets on public perception of Sovereign funds and the rest of the global shaping the future of global
sovereign wealth funds. Entitled Wealth Funds and the way these financial community can further finance.”
“Sovereign Wealth Funds: funds perceive their own role as their cooperation and forge a Three State Street experts
Emerging from the Financial very large institutional investors,” mutually beneficial coexistence. authored the Vision report: John
Crisis,” the report assesses the said Jay Hooley, president and The report states, “The funds have Nugée, managing director of SSgA
funds’ short- and long-term chief operating officer of State experienced substantial declines and head of OIG; Andrew
outlook, from investment Street. “The sizeable challenges in both their investment Rozanov, head of Sovereign
opportunities to corporate and opportunities confronting valuations and in the value of the Advisory and managing director
governance issues. sovereign wealth funds today commodities and exports that at State Street Global Markets, the
This new Vision paper updates an compelled us to revisit the themes support their growth. This investment research and trading
earlier Vision Series report on in our 2008 Vision report to assess downturn has prompted a arm of State Street; and George
Sovereign Wealth Funds published the immediate and long-term reassessment not only of the Hoguet, senior portfolio manager
in mid-2008, and highlights the implications of the crisis.” With funds’ investment assumptions and global investment strategist at
dramatically altered investment renewed debate about the global and approaches, but more broadly SSgA.
UBS Money Laundering: what did a
Offshore property bargains
prominent American politician know?
‘available in Spain’
Yet another wealthy private Gramm succeeded in blocking
customer of the Swiss-based legislation that, in the words of The
Spain has maintained its position the top ten fastest-rising searches
banking conglomerate UBS has New York Times, would have made
as a popular destination for Britons are for Spanish locations.
admitted to criminal fraud. It is a it easier “to crack down on offshore
seeking property overseas because “We think this is to a large
case that threatens to involve tax havens” and “would have
it is seen as an ideal location for degree driven by bargain hunters,
former Senator Phil Gramm, the expanded rules that require banks
expatriates, according to one increasingly drawn to the scent of
Texas Republican who is vice to find out more about individuals
expert. below market value and distressed
chairman of UBS’ investment and foreign jurisdictions they are
Robin Wilson, head of overseas sales,” Wilson said.
banking business. Given the dealing with.” The Times noted,
at Rightmove.co.uk, explained that His comments come after figures
widespread involvement of UBS in “The legislation won bipartisan
the country’s legal infrastructure, from TINSA indicated that
what the American Justice support but was blocked by
strong “English influence” and international property buyers could
Department alleges were systematic Senator Gramm of Texas, a foe of
membership of the European find that homes in Spain are
efforts to violate U.S. tax laws, the government regulation.”
Union make it “expat friendly”. becoming more affordable.
question has been posed: did Gramm subsequently took up a
Spain increased its market share Prices were shown to have fallen
Gramm as a top executive have no senior position at UBS, stating: “It
of searches during June on by 10.1 per cent over the last year,
idea what was going on? will provide me with an
Rightmove Overseas by nearly ten with values in coastal areas down
For Gramm this has to be a opportunity to practice what I’ve
per cent. Wilson noted that half of 12.3 per cent.
moment that tests his ideological always preached..… I have a
commitment to the radical strange combination of experiences
deregulation of banking that he that a lot of people don’t have .…
championed during his 24 years in knowledge of economics, a
Congress. He joined UBS soon knowledge of government policy.”
after the bank acquired Enron, a Given that knowledge, it is
company that subsequently went reasonable to ask just how Gramm
bankrupt. The bank’s involvement could have been unaware of the
with tens of thousands of secret extensive efforts of his new
accounts tied to allegations of tax employer, UBS, to thwart the
evasion raises more significant American tax authorities. In court
issues. Specifically, there is possible cases involving UBS over the past
criminal fraud through practices year, witnesses have provided
that Gramm as a senator helped extensive details of the bank’s
keep obscure. alleged practices in assisting tax
In his last years in the Senate, avoidance.
September 2009 Investment International www.investmentinternational.com
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