By Dialogo May 18, 2010 A specialized team of experts in naval salvage and industrial recovery arrived in Chile to provide reconstruction expertise May 11. Deputy Commander of Naval Facilities and Engineering Command (NAVFAC), Deputy Chief of Civil Engineers Rear Adm. Albert Garcia and Commander of Naval Surface Warfare Center Rear Adm. Jim Shannon arrived in Chile with the 10-person team. The team consisting of shipyard, dry-docking and diving and salvage experts from Naval Sea Systems Command and waterfront shore facility experts from NAVFAC will be working with the Chilean navy to share their insight into reconstruction efforts of Astilleros y Maestranzas de la Armada (ASMAR, shipyards and armories of the Chilean navy) Talcahuano, a shipyard located in the Bay of Concepcion. ASMAR, is a state-owned company, belonging to the military and defense industries in which it constructs and repairs Chilean navy ships as well as domestic and internationally owned ships. The shipyard was damaged by the 8.8 magnitude earthquake and tsunami that occurred in Feb. 27. This is the second time the Chilean government has requested the assistance of an advisory team from the U.S. Navy since the earthquake and tsunami. The first team assisted the Chilean navy with an initial damage assessment of Naval Base Talcahuano and the shipyard. For more news from Commander, U.S. Naval Forces Southern Command, visit www.navy.mil/local/cusns/.
The new relationship will see a greater focus on collaboration in areas of governance, transparency and financial stability, all areas where HFSB chair Amelia Fawcett said both groups were “very much aligned”.The partnership would also see the HFSB work more closely with sovereign funds when drafting its industry standards.Fawcett said: “The HFSB relies on hedge fund managers and investors to work together to set industry standards, and we welcome closer dialogue with sovereign wealth funds, which are a large and influential hedge fund investor group.”HFSB trustee David George, head of debt and alternatives at Australia’s AUD118bn (€78.7bn) Future Fund, said the Australian investor was working to reshape the investment environment to “prioritise the interests of the asset owners”.He added: “The Future Fund supports the HFSB and the IFSWF, which provide platforms to foster constructive dialogue within the SWF community and between hedge fund managers and asset owners, and we look forward to helping shape the joint initiatives between the HFSB and the IFSWF.” Sovereign wealth funds (SWFs) worth $5.5trn (€4.8trn) have joined the Hedge Fund Standards Board (HFSB), allowing for greater influence on the disclosure framework of the funds.The International Forum of Sovereign Wealth Funds (IFSWF), covering more than 30 of the world’s sovereign investors, has agreed to be an observer to the HFSB.Adrian Orr, chief executive at the NZD28bn (€16.9bn) New Zealand Super Fund and IFSWF chair, said he was “delighted” to forge a closer relationship with the HFSB to share the knowledge and experience amassed by the sovereign funds.“This relationship will help ensure sovereign wealth funds have a voice in the hedge fund standard-setting process,” he said.