Sovereign wealth funds a statistical overview
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SOVEREIGN WEALTH FUNDS A statistical overview. Marko Maslakovic Senior Economist International Financial Services, London www.ifsl.org.uk. Sovereign investment vehicles. $ trillion.

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SOVEREIGN WEALTH FUNDS A statistical overview

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SOVEREIGN WEALTH FUNDSA statistical overview

Marko Maslakovic

Senior Economist

International Financial Services, London

www.ifsl.org.uk


Sovereign investment vehicles

$ trillion

  • Government controlled and owned pools of funds funded by official reserves,but managed and invested separately.

  • Typically held in foreign assets and invested for the long-term.

  • Some over 50 years old / more than a half at least 10 years old

  • Vary in size, mgt. structure, sources of funds, use of funds (stabilisation, savings)


Growth of SWFs’ assets

$ trillion

64%

Commodity

87%

13%

36%

Non-commodity

To reach: $5 trillion by 2010 and $10 trillion by 2015


Global funds under management

$ trillion, end-2007

SWFs are, however, increasing at a greater pace and their influence on global markets will grow in the coming years


Where is the money coming from?Global current account imbalances

$ trillion

Euro Area

Asia

Oil Exporters

United States

Shift in structure of global finance - rise in importance of Emerging Markets


Sources of SWFs’ assets

  • Commodity sources (around 2/3 of total)

    • Export of Oil

    • Gas

    • Copper, etc...

  • Non commodity sources (around 1/3 of total)

    • Official foreign exchange reserves

    • Pension funds

    • Fiscal surpluses

    • Privatisation receipts

by 2010 (60% commodity / 40% non-commodity)by 2015 (48% commodity / 52% non-commodity)


SWFs market share by continent

% share, end-2007

  • United Arab Emirates + Singapore + Norway + China + Saudi Arabia = 75%

  • Highly concentrated – in total around 50 SWFs


Commodity sources

Oil exporting countries’ foreign investments assets

% share, end-2007

Total: $4.1 trillion

Growth at a compound annual rate of around 20% since 2000.


Non-commodity sources

Official foreign exchange reserves

% share, end-2007

Total: $6.5 trillion


Asian official FX reserves

$bn

63% of

world total

Other Asia

44% of

world total

China

Growth at a compound annual rate of around 20% since 2000.


The UK’s position on SWFs

  • The UK Government is commited to ensuring the UK remains an open and competitive market for international investment

  • The UK has a regulatory, competition and national security framework that ensures that all foreign investment (whether from a SWF or not) meets the appropriate criteria


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