Sovereign Wealth Funds and Long-term Investing

Sovereign Wealth Funds and Long-term Investing

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Sovereign Wealth Funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel Laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission? And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume.Thus, over the summer of 2007 China Investment Corporation, Temasek, the Government of Singapore Investment Corporation, ... along with other SWFs took equity stakes in Morgan Stanley, Citigroup, Barclays, UBS, Merrill Lynch, and others (see table I.1). ... This, in a few words, is the context behind the conference a€œSovereign Wealth Funds and Other Long-Term Investors: A New Form of Capitalism?

Title:Sovereign Wealth Funds and Long-term Investing
Author:Patrick Bolton, Frederic Samama, Joseph E. Stiglitz
Publisher:Columbia University Press - 2012


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