Á¦¸ñ War of sovereign funds
ÀÛ¼ºÀÚ °ü¸®ÀÚ
ÀÛ¼ºÀÏÀÚ 2011-05-22
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KIC aims to expand assets to $100 billion to join 'premier league'

By Kim Jae-kyoung

A war without gunfire is looming larger and larger. There is a heated competition brewing between major powers and emerging forces over dwindling energy and other natural resources and eventually the expansion of their economic territories.

At the center stage of the war are sovereign wealth funds (SWF) representing each country, a pool of money derived from a country¡¯s reserves, which is set aside for investment purposes. With soaring foreign exchange reserves, many countries are stepping up efforts to get the upper hand in this economic war.

On the surface, the move is simply seen as an attempt to reduce their exposure to U.S. government debt and to increase emerging markets asset allocations but from a broader, longer-term perspective, it is taken as each country¡¯s ambition to increase their influence in the global market and secure natural resources for future economic growth.

The war has recently been taking a clearer shape after China announced that its sovereign wealth fund, China Investment Corp. (CIC), will soon receive $200 billion in new government funding.

Japan is pushing for the establishment of its own SWF to diversify its dollar holdings and check the growing influence of China. Taiwan is also considering launching its national fund by modeling after Singapore. In addition, other countries, including India, Angola, Bolivia, Canada and Nigeria, are likely to follow suit.

Korea on the move

Against this backdrop, Korea is also speeding up its move to shore up its SWF, the Korea Investment Corp. (KIC). The chief of the fund has stressed the urgency for the country to brace for an upcoming challenge by expanding the size of KIC¡¯s assets and getting rid of investment restrictions.

¡°The move to set up SWFs is expected to gain further momentum in line with a global race toward the enhancement of sovereign wealth and the development of overseas natural resources,¡± KIC CEO and President Chin Young-wook said in an interview with Business Focus held at his office in downtown Seoul.

¡°In particular, with rising fears over inflation caused by ample liquidity in the global market, SWFs are shifting the focus of their investments to non-financial assets, such as energy and electric power,¡± he added.

To cope with the trend, the former ranking official of the finance ministry said that the most urgent task is to increase the size of its assets to attain parity with its global counterparts.

In terms of asset under management, KIC currently ranked 19th in the world in December, according to the SWF Institute. Currently, global top 10 SWFs all have more than $100 billion and they are seeking to further increase their assets.

¡°Taking all things into consideration, there is an urgency for KIC to expand the size of assets to form an optimal investment portfolio, snap up opportunities in deal sourcing and sharpen up the competitive edge of Korea in the global money market,¡± he said.

¡°It is hard to tell the exact number as there are many factors to be taken account. However, I believe that it should be at least $100 billion from the long-term perspective to join the so-called (SWF) premier league,¡± he said.

Set up in 2005, KIC manages assets worth around $43.5 billion. With the Bank of Korea (BOK) injecting another $3 billion through the first half of the year and the Ministry of Strategy and Finance fetching another $5 billion from the country¡¯s exchange equalization fund, KIC could have as much as $51.5 billion in its pocket by the end of the year.

Investment portfolio

¡°For SWFs, deal sourcing is most important and size matters most in that regard. We have built a network with major SWFs. But without expanding the asset size, it will be difficult to find an excellent opportunity,¡± he said.

¡°We are now receiving invitations from the premier league. At present, the areas that require most improvement are investments in energy and resources. We are seeking to expand exposure in these areas,¡± he added.

The 59-year-old CEO said that KIC is moving to modify its investment portfolio by shifting the focus of future investments from traditional instruments, such as equity and fixed income, into alternative investments, such as private equity and hedge funds.

In particular, Chin said, the fund will increase its investment in emerging markets to diversify its portfolio and maximize investment returns.

¡°We are following guidelines set by the government. Nevertheless, we are seeking to tilt it by increasing the weighting on emerging markets. More specifically, in the case of bonds, we plan to reduce the weighting on treasuries of developed countries because their yields are too low,¡± he said.

¡°Instead, what we are interested in is emerging market debt denominated in local currencies. For example, Brazil¡¯s treasuries not only offer higher returns but they can generate foreign exchange gains as the Brazilian currency is expected to continue to appreciate down the road. We are seeking to create ¡®plus alpha¡¯ benefits by modifying the benchmark set by the government. However, looking at the big picture, the weighting on developed markets still remains significant,¡± he said.

kjk@koreatimes.co.kr



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