ESADEgeo- Global Economy

Annual Report

2012/2013

About ESADEgeo-Global Economy

ESADEgeo-Global Economy:

• ESADEgeo’s Sovereign Lab is devoted to an in-depth understanding of SWFs and the transformation in emerging economies. In 2012, the first Spanish SWF Report was published with the help of leading SWF experts from around the globe. In line with its policy vocation, it advised the Colombian government during its SWF-creation process.

• ESADEgeo's Startup Lab is actively engaged with entrepreneurial issues. Start Up Spain’s conferences are positioned as the top Spanish startups event, attended by over 3,500 participants, key entrepreneurs and venture capitalists. Start Up Spain is contributing to the strengthening of the Spanish startups’ development and it establishes a linkage between the real needs of the entrepreneurs and the policy counseling for the government.

• ESADEgeo's Globalisation Lab is a venue for global corporations interested in or coming from emerging markets. The first ESADEgeo Globalisation Lab was held in June 2010 with Latin American specialized economists from Standard & Poors. During these two years we have made an approach to the realities of countries such as Russia, India or China - always through the eyes of both academia and practitioners.

ESADEgeo-Global Economy Team

Team

Javier Santiso, Vice President ESADEgeo (Madrid)

Javier Capapé, Research Assistant (Madrid)

Tomás Guerrero, Research Assistant (Madrid)

Non-Residential Fellows

Ruth Aguilera, Associate Professor, Department of Business Administration at the College of Business (Urbana- Champaign, IL, EE.UU)

Victoria Barbary, Director, Sovereign Wealth Fund Center (London, UK)

Christopher Balding, HSBC Business School of Peking University (Shenzhen, China)

Jorge Blázquez, Centro Internacional de Formación Financiera (Madrid, España)

ESADEgeo’s Sovereign Lab

Edited by Javier Santiso, the 2012 Sovereign Wealth Funds report is the first annual report produced by ESADEgeo with the support of KPMG and INVEST IN SPAIN-ICEX.

This report looks at the strategies used by SWFs. It analyzes their investment decisions, alliances they have established to operate in other emerging markets, and the industrial joint ventures signed with

Western global companies.

2012 Sovereign Wealth Funds Report

ESADEgeo’s Sovereign Lab

Ministerio de Economía y Competitividad Madrid

27/11/2012

Javier Santiso, Vicepresidente, ESADEgeo Fernando García, Socio, KPMG

José Carlos García, Consejero Delegado, Invest in Spain Ángel Santodomingo, Head of investor relations, Banco Santander

Ignacio Estella, Director de originación de negocios, Iberdrola Enrique Sendagorta, Presidente, Torresol Energy

Antonio Hernández, Socio, KPMG

Attendance 400 people including experts and media

2012 Sovereign Wealth Funds Report

ESADEgeo’s Sovereign Lab

ESADEFORUM Barcelona

07/02/2013

Alfons Sauquet, Decano de ESADE Business School Jaime García-Legaz Secretario de Estado de Comercio, Gobierno de España

Javier Santiso, Vicepresidente, ESADEgeo Fernando García, Socio, KPMG

Julián de Unamuno, Director de finanzas, Indra Antonio Basolas, Director general de estrategia y desarrollo, Gas Natural Fenosa

Antonio Hernández, Socio, KPMG

Attendance 400 people including experts and media

2012 Sovereign Wealth Funds Report

ESADEgeo’s Sovereign Lab

El País - ¿España en el Olimpo de los inversores?

Diario Expansión - Los fondos soberanos se fijan en España como puente hacia Latinoamérica - Dinero público de medio mundo se “enchufa” al sector energético Español

- Fondos soberanos y emergentes: ¿qué nos perdemos? ABC

- España fue el Segundo país de Europa que recibió más fondos soberanos en 2011 La Vanguardia

- España puede captar inversiones de fondos soberanos como puerta a Latinoamérica y Europa Europa Press

- Fondos soberanos foráneos buscan empresas españolas de alta especialización o con presencia en América Latina

- Informe Fondos Soberanos 2012 (VIDEO) El Economista

- Fondos soberanos buscan en España clubes de fútbol y escuelas de negocio El Confidencial

- Los fondos soberanos se convierten en el 'caballo blanco' de las empresas del Ibex El Periódico

- Un estudio aboga por atraer sedes de fondos soberanos Instituto Español de Estudios Estratégicos

- Fondos Soberanos: Entre la necesidad y la razón de Estado Institutional Investor

- The Daily Brief: Fun with Maps! - Mapping the Growth of Sovereign Funds in Africa

SWF Report Media Impact

ESADEgeo’s Sovereign Lab

The ESADEgeo SWF Ranking allows immediate access to the sources of information used-webs of funds, central banks or monetary authorities- through direct links; also shows the change in the

position of each fund relative to the previous update.

ESADEgeo SWF Ranking

ESADEgeo’s Sovereign Lab

The dynamic map ESADEgeo SWF Tracker provides information about the regional distribution of funds. The map provides various information layers. On the one hand, the range of colors lets you

know how much funding each country manages. In addition, through its size balloons and we know the total volume managed in each country. In a third layer, we know the name, year of foundation and

volume handled by each fund in each country. As in the case of ranking, you can access the information source. The map allows you to zoom into seven regions: North America, South America,

Europe, Africa, Middle East, Asia and Australasia.

ESADEgeo SWF Tracker

ESADEgeo’s Startup Lab

Start Up Spain began as a series of conferences with entrepreneurs who wanted to encourage more people to become entrepreneurs, develop an efficient network for investors, as well as encouraging more entrepreneurs to come to Spain. The objective of this entrepreneurial drive is to accelerate the

transformation of the Spanish economy into an innovative economy.

The Start Up Spain series of conferences has a dual aim, supply the political debate with ideas and make an impact on the future development of policies that encourage entrepreneurship. Business

people, technology companies, and venture capital must be given the priority they deserve.

Start Up Spain was launched in November 2011 with the first Start Up Spain conference. Javier Santiso (@ javiersantiso) and the ESADE Business School have hosted over 3500 attendees and many

others via live-streaming on their last six conferences. These conferences have been organised in cooperation with the Fundación Rafael del Pino and Campus Party Spain – and attendees include

entrepreneurs, business angels, and family-office representatives. Start Up Spain has also attracted a strong following in social networks. Potential impact during the most recent conference included

nearly 500,000 Twitter accounts. For the third time, it was a trending topic in Spain. Start Up Spain aims to generate ideas and promote discussion about starting businesses. We want

the website www.start-up-spain.com to become a forum for initiatives that promote a new framework for Spanish entrepreneurs.

ESADEgeo’s Startup Lab

Start Up Spain III: A view from Outside 26/09/2012

María del Pino, Presidenta, Fundación Rafael del Pino

Alfons Sauquet, Dean, ESADE Business School Javier Santiso, Vicepresidente ,ESADEgeo

Vicente J. Montes, Deputy Director, Fundación Rafael del Pino Luisa Alemany, Director, ESADE Entrepreneurship Institute, ESADE Business School

Iñaki Berenguer, Founder & CEO, Pixable (New York) Álvaro López-Medrano, Co Founder & CEO, InToTally (Madrid)

Alfonso Villar, Founder & CEO, PlaySpace (Mallorca) Matías de Tezanos, Founder, PeopleFund (Miami), Investor, Playspace (Mallorca)

Iker Marcaide, Founder & CEO, PeerTransfer (Boston) Tyler Sosin, Associate, Accel Partners (San Francisco), Investor, PeerTransfer (Boston)

Luis Sanz, Co Founder, Olapic (New York) Ben Lin, Managing Partner, Greats Oaks (New York), Investor, Olapic (New York)

Adeyemi Ajao, Founder & CEO, Identified (Palo Alto) Marcos Alves, Co Founder & CEO, Eltenedor.es (Madrid) Roger Casals, Founder & CEO, Passwordbank (Palo Alto)

Miguel Ángel Díez, Founder & CEO, Red Karaoke (Palo Alto and Logroño) Koldo García, Co Founder, The Mad Video (San Francisco)

Rebeca Minguela, Co Founder, Blink Booking (Madrid) Carlos Polo, Founder & CEO, Doocuments (Bilbao)

Xabier Uribe-Etxebarria, Founder & CEO, Anboto (Palo Alto and Bilbao)

ESADEgeo’s Startup Lab

Start Up Spain IV: Entrepreneurship: For a Spain 3.0 17/12/2012

Amadeo Petitbò, Deputy Director, Fundación Rafael del Pino

Alfons Sauquet, Dean, ESADE Business School Javier Santiso, Vicepresidente ,ESADEgeo

Vicente J. Montes, Deputy Director, Fundación Rafael del Pino Luisa Alemany, Director, ESADE Entrepreneurship Institute, ESADE Business School

Pilar Manchón, CEO & Founder, Indisys Marta Esteve, Founder, Rentalia, Co-Founder, Toprural

Elena Gómez del Pozuelo, Presidente, Adigital,Co-Founder, Womenalia (and 5 others startups) Catalina Hoffmann, Ceo & Co-Founder Vitalia

Alicia Asín, Co-Founder & CEO, Libelium María López, CEO, BitBrain Technologies

Noelia Amoedo, CEO, Mediasmart Belén Barbero, Founder, BEBA´S CLOSET, Co-Founder, The Fab Shoes

Javier Agüera, CTO & Co-Founder, Geeksphone Luis Iván Cuende, CEO, Asturix, Co-Founder, Holalabs

Pep Gómez, Founder and CEO, Fever Albert Martí, CEO & Co-Founder, Bananity

Nieves Fernández, CEO & Founder, familiafacil.es Óscar Pérez, Co-Founder, Medical Stay bcn Ignacio Benito, CEO & Founder, Ingenium

ESADEgeo’s Startup Lab

Start Up Spain V: Entrepreneurship: For a Spain 3.0 18/04/2013

María del Pino, Presidenta, Fundación Rafael del Pino

Eugenia Bieto, Directora General, ESADE Javier Santiso, Vicepresidente ,ESADEgeo

Vicente J. Montes, Deputy Director, Fundación Rafael del Pino Luisa Alemany, Director, ESADE Entrepreneurship Institute, ESADE Business School

Marcelo Tejedor, chef de Casa Marcelo Paco Roncero, director y jefe de Cocina del Casino de Madrid

Ramon Freixa, chef de Ramon Freixa Madrid Manuel Domínguez, chef de Lúa

Federico González, CEO de NH Hoteles Ignacio Pérez, fundador de Pyro Studios & Ilion Animated Studios y copresidente de ZED Group

Mauricio Prieto, cofundador de eDreams Belén Barbero, Founder, BEBA´S CLOSET,

Cristina Garmendia, ex ministra de Ciencia e Innovación, partner de Ysios Capital Anna Birulés, ex ministra de Ciencia y Tecnología y miembro del Consejo Profesional de ESADE

Senén Barro, ex rector de la Universidade de Santiago de Compostela y presidente de RedEmprendia Javier López, director general de la Fundación Barrié

Tatiana López, fundadora y CEO de NANOGAP Sindhu Joseph, cofundadora y CEO de Cognicor Javier García, cofundador de Rive Techonology

Javier Ulecia, socio fundador de Bullnet Capital y vicepresidente de ASCRI

ESADEgeo´s Club España 20/20

Club España 20/20 is an informal group made up of leaders from state-owned and private companies. 20 members reside in Spain, whilst the other 20 live abroad. Supported by ESADE, these experts form a results-oriented action lab, whose role consists of suggesting actions and

specific reforms to contribute to Spain's international expansion.

Places: ESADE Headquarters

Cities: Madrid & Barcelona

Number of sessions: 6

Number of speakers: 65 C-level Spanish speakers and 65 C-level foreign speakers

ESADEgeo’s Globalisation Lab

Organised around internationally renowned speakers, ESADE Globalisation Lab is a private forum for Spain's corporate and institutional economists who are interested in the challenges posed by the global economy, emerging markets and applied economics in general. The ESADE Globalisation Lab was founded by Professor Javier Santiso, who lectures in Economics in ESADE Business School's Department of Economics and is the Academic Director of ESADEgeo. This forum is a venue for global corporations interested in, or coming from, emerging markets. The first ESADE Globalisation Lab was held in June 2010 with Standard & Poors rating agency economists responsible for Latin America and based in New York.

ESADEgeo’s Globalisation Lab

¿Puede ser India una oportunidad para España? 23/10/2012

India se ha convertido en la última década en una de las economías emergentes más pujantes, con un crecimiento poblacional anual estimado de 1.4 millones y una clase media en expansión similar a la

población total de los Estados Unidos.

En esta sesión, revisaremos el potencial de las relaciones económicas, industriales y comerciales entre España y la India y cómo el fortalecimiento de las mismas puede ser trascendental para que España pueda afrontar con mayor seguridad los desafíos que le aguardan en el nuevo orden mundial que se

está configurando.

También revisaremos qué papel puede jugar la diáspora india en nuestro país así como el rol de las empresas y las escuelas de negocios a la hora de estrechar esta vinculación.

Javier Santiso, Vicepresidente, ESADEgeo Antoni Basolas, Director de Estrategia y Desarrollo, Gas Natural Fenosa

Ramón M. Moreno, Director General, Casa Asia Ram Bhavnani, Inversor indio y autor del libro “Los secretos para ganar dinero en la bolsa”

ESADEgeo’s Globalisation Lab

The giant economy we should know better 19/11/2012

China se ha convertido en una potencia económica y política de primer orden a lo largo de los últimos años. Los organismos internacionales identificaron esta evolución sísmica haciéndole un hueco cada

vez más importante en sus órganos de decisión en el Fondo Monetario Internacional, o dándole puestos claves, como el del recientemente sustituido economista jefe en el Banco Mundial.

En este contexto, abordaremos cuál es el rol que está desempeñando China dentro del orden

económico mundial y los retos que conlleva el liderazgo económico de China para los países OCDE. Además, conoceremos las dificultades que deben superarse para que España pueda aprovechar este

crecimiento: tanto para invertir en China como para incrementar el comercio y la inversión con el gigante asiático.

Javier Santiso, Vicepresidente, ESADEgeo Julio Arias, Diplomático de la Unión Europea y autor del libro Naranjas de la China

Li Jun, Director general de ZTE en España y socio fundador de ESADE China Europe Club Ivana Casaburi, Directora de ESADE China Europe Club y profesora de ESADE

ESADEgeo’s Globalisation Lab

¿Hacia dónde va América Latina? 05/12/2012

El manual The Oxford Handbook of Latin American Political Economy (editado por Javier Santiso y Jeff Dayton-Johnson) adopta una perspectiva político-económica que permite explicar la

complejidad de la región latinoamericana. El enfoque de Albert O. Hirschman, sobre el que se fundamenta el libro, no conoció los cambios acontecidos recientemente: dictaduras militares

que han dado paso a una consolidación democrática desigual y economías agrícolas y de materias primas que se han transformado en economías diversificadas de renta media, y que

pueden calificarse como economías emergentes. La presente obra actualiza dicho enfoque a la nueva realidad de la región.

Javier Santiso, Vicepresidente, ESADEgeo

Alfons Sauquet, Decano, SADE Business School Luis Carranza, Ex-ministro de Economía y Finanzas de Perú

Christian Daude, Economista sénior y jefe de Americas Desk en la OCDE Emilio Ontiveros, Presidente de Analistas Financieros Internacionales (Afi)

Jorge Sicilia, Economista jefe de BBVA Research

ESADEgeo’s Globalisation Lab

Las Multinacionales de los Mercados Emergentes: ¿Hacia un nuevo orden empresarial

14/02/2013

La eclosión de los mercados emergentes ha traído consigo la configuración de un nuevo orden económico mundial. Dentro de este complejo proceso y a lo largo de la última década, un fenómeno ha

cobrado un especial protagonismo: el despegue de las Multilatinas y del resto de multinacionales emergentes.

En el manual, los profesores Guillén y García-Canal examinan, a través del desarrollo de

multinacionales como la brasileña Embraer o la china Haier, las claves del éxito de las multinacionales emergentes, así como las lecciones que se pueden extraer de este reparto de poder más globalizado.

Javier Santiso, Vicepresidente, ESADEgeo Esteban García-Canal, Profesor de Management de la Universidad de Oviedo

Mauro Guillén, Profesor de Management de la Wharton School

ESADEgeo’s Publications

Javier Santiso Vice-president, ESADEgeo

Teaching

Innovación, Entrepreneurship (Exec. Master in Digital Business MAD)-4h magistrales-15 marzo ‘13

Entorno Económico y Social (Exec. Master in Digital Business BCN)-5h magistrales-8 febrero ‘13 Entorno Económico y Social (Exec. Master in Digital Business MAD)-5h magistrales-15 marzo ‘13

Economía Internacional (EMBA BCN)-15h magistrales.2 marzo, 6 y 20 abril ’13

External lectures

VI Jornada Anual ESADE Alumni (2012, Madrid) Congreso AECOC´12 Liderar en tiempos de incertidumbre: España 3.0 (2012, Barcelona)

XVIII Jornada Anual ESADE Alumni: América Latina 2.0: El auge de las multilatinas (2013, Barcelona)

Books & Reports

The Oxford Handbook of Latin American Political Economy, Javier Santiso & Dayton-Johnson (Eds.),

New York: Oxford University Press, 2012.

The Decade of Multilatinas, Cambridge, UK: Cambridge University Press, 2013.

Banking on Democracy, Cambridge, MA: MIT Press, 2013.

Informe Fondos Soberanos 2012, Javier Santiso (Ed.), Invest in Spain/ICEX, KPMG y ESADE Business School, 2012.

ESADEgeo’s Publications

Javier Santiso Vice-president, ESADEgeo

Book´s chapters and published papers

“Are sovereign wealth funds substantially different in their investment choices from other types of

institutional investor?” (with Rolando Avendaño) at Sovereign Investment: Concerns and Policy Reactions, K. Sauvant, L. Sachs & W. Schmit (Eds.), New York: Oxford University Press, 2012.

“Los nuevos Argonautas”, Economía Exterior, Nº 62, Estudios de Política Exterior, 2012.

Opinion Articles

“Emprender,” América Economía, November 2, 2012.

“Con amor desde España”, El País, November 4,2012.

“El efecto Guggenheim”, La Vanguardia, November 18 , 2012.

“Un eldorado empresarial”, Valor Económico, November 20, 2012.

“¿España en el Olimpo de los Inversores?”, El País, December 2, 2012.

“Emprender para buscar soluciones”, El País, December 19, 2012.

“(Des) marca España”, El País, January 6, 2013.

ESADEgeo’s Publications

Javier Santiso Vice-president, ESADEgeo

Opinion Articles

“América Latina: ¿Un El Dorado empresarial para España y Europa?”, La Vanguardia, January 13, 2013.

“The Imperative of the Emerging Markets”, Atlas de Marcas, May 27,2013.

“España 3.0”, Cinco Días, May 30, 2013.

Javier Capapé

Research Assistant

Book ´s chapters

"Sovereign Wealth Funds and Africa" at ESADEgeo Sovereign Wealth Fund Report 2012. Javier Santiso

(Ed.) 2012. Madrid: ICEX-KPMG-ESADE.

“Sovereign Wealth Funds and Infrastructure” (with Tomás Guerrero) at ESADEgeo Sovereign Wealth Fund Report 2013. Javier Santiso (Ed.) (forthcoming). Madrid: ICEX-KPMG-ESADE.

"Los grandes inversores públicos emergentes: SOEs y SWFs. Operaciones en España" (with Adrián

Blanco), (forthcoming) Información Comercial Española.

ESADEgeo’s Publications

Javier Capapé Research Assistant

Working Papers

“Sovereign Wealth Funds: The perfect strangers” (with Ruth Aguilera and Javier Santiso), College of

Business Working Papers, University of Illinois at Urbana-Champaign, IL (send to Academy of Management Perspectives) and ESADEgeo Working Paper (forthcoming).

“More layers than an onion: Looking for a definition of Sovereign Wealth Fund” (with Tomás

Guerrero), The Fletcher School Sovereign Wealth Fund Initiative Working Paper, Tufts University, Boston, MA (forthcoming Summer Bulletin, July 2013).

Opinion Articles

“40 medidas para crear empresas”, (featured at El Mundo, June 4, 2012)

"Fondos soberanos y emergentes: ¿Qué nos perdemos?", Expansión, November 14, 2012

"Informe Fondos Soberanos 2012", Cierre de Mercados, Intereconomía Radio, November 29, 2012

"Made in Latinoamérica", Idearium, El País (.com), December 3, 2012

"Los fondos soberanos nadan contra la corriente", Expansión, December 29, 2012

“Capitalismo de estado: ¿alternativa o transición?”, Idearium, El País (.com), May 20, 2013

“El fondo soberano chino supera en tamaño al noruego”, (featured at Expansión, June 4, 2013)

ESADEgeo’s Publications

Javier Capapé Research Assistant

Visiting Scholar

Department of Business Administration, College of Business, University of Illinois at Urbana-

Champaign. (Supervised by Ruth Aguilera). Jan-May, 2013.

Short scholar visits (2 weeks) at Harvard Business School, Harvard University, Boston, MA (supervised by Aldo Musacchio) and The Fletcher School, Tufts University, Medford, MA (supervised by Patrick

Schena)

Tomás Guerrero Research Assistant

Book ´s chapters and published papers

“Violencia guerrillera y crecimiento económico: Revisión de la literatura e índices de violencia a nivel departamental (1988-2005)” at Coyuntura Económica, Vol. XLII, No. 2, Diciembre 2012, pp. 189-229.

Fedesarrollo, Bogotá-Colombia

“Sovereign Wealth Funds and Infrastructure” (with Javier Capapé) at ESADEgeo Sovereign Wealth Fund Report 2013. Javier Santiso (Ed.) (forthcoming). Madrid: ICEX-KPMG-ESADE.

“Frontier Markets: “Old friends, new rules” (forthcoming), The World Financial Review

ESADEgeo’s Publications

Tomás Guerrero Research Assistant

Working Papers

“Violencia guerrillera y productividad total de los factores: Un ejercicio de contabilidad del crecimiento

económico para los departamentos colombianos (1988-2005), ESADEgeo Working Paper No. 11, November 2012.

“More layers than an onion: Looking for a definition of Sovereign Wealth Fund” (with Tomás

Guerrero), The Fletcher School Sovereign Wealth Fund Initiative Working Paper, Tufts University, Boston, MA (forthcoming Summer Bulletin, July 2013).

Position Paper

“Frontier Markets: A world of Opportunities”, ESADEgeo Position Paper No. 30, March 2013

“2013 Economic trends” (with Adrián Blanco), (forthcoming), ESADEgeo Position Papers

Opinion Articles

“Más allá de los BRICS: los mercados frontera”, Cinco Días, February 2013

“Los mercados frontera: ¿Una oportunidad para España?", Idearium, El País (.com), May 13, 2013

ESADEgeo’s Publications

Ruth Aguilera Non-Residential Fellow

Working Papers

“Sovereign Wealth Funds: The perfect strangers” (with Ruth Aguilera and Javier Santiso), College of

Business Working Papers, University of Illinois at Urbana-Champaign, IL (send to Academy of Management Perspectives) and ESADEgeo Working Paper (forthcoming).

Victoria Barbary Non-Residential Fellow

Book ´s chapters

“Sovereign wealth fund investment behaviour“ at ESADEgeo Sovereign Wealth Fund Report 2012. Javier

Santiso (Ed.) 2012. Madrid: ICEX-KPMG-ESADE.

ESADEgeo’s Publications

Christopher Balding Non-Residential Fellow

Book ´s chapters

“Sunken treasure: Brazil, deepwater oil, and Brazil´s sovereign wealth fund“ (with Ellen Campbell) at ESADEgeo Sovereign Wealth Fund Report 2012. Javier Santiso (Ed.) 2012. Madrid: ICEX-KPMG-

ESADE.

Working Papers

“Sovereign Risk, Elections and Contagion”, ESADEgeo Working Paper No. 12, January 2013

“Corporate Tax Rates and Trade in OECD Countries: Asymmetric Trade Estimator in Modified Gravity” ESADEgeo Working Paper No. 13, April 2013

Jorge Blazquez

Non-Residential Fellow

“Why Western Nations Need an Active Industrial Policy: An Analysis of Deindustrialization and External Imbalances” ESADEgeo Working Paper No. 11, May 2013

ESADEgeo – Global Economy