当酋长阿卜杜拉·萨莱姆·沙巴于1953年建立了科威特投资委员会，以投资他国家的剩余石油收入，他希望为后代产生收益，并将经济依赖于对石油的依赖。Sheikh显然是一个有远见的领导者，但甚至他甚至甚至他都会对改名的科威特投资机构的发展感到惊讶，现在管理估计的2130亿美元及其模仿者。
Slowly, other governments followed in Kuwait’s footsteps, including Abu Dhabi and the state of Alaska in 1976 and Singapore in 1981. The trickle has turned into a torrent in the the past few years as countries ranging from China and Russia to tiny Timor-Leste have set up sovereign wealth funds of their own. Those funds’ coffers have been filled to overflowing of late with export earnings lifted by soaring trade volumes and booming oil and commodities prices.
主权财富基金已经闯入公众consciousness as dramatically as hedge funds did in the early 1990s after George Soros famously broke the Bank of England. Fitting them comfortably into the global financial system is an urgent priority. So far the results of their activities have been benign, if not downright positive. Just try to imagine where the global financial system would be today without the billions of dollars that the the Abu Dhabi Investment Authority, China Investment Corp. and Temasek Holdings have spent to prop up such pillars of the financial system as Citigroup, Merrill Lynch & Co. and Morgan Stanley. And yet, just as they did with hedge funds, politicians and regulators are debating whether sovereign funds are an unalloyed good or a force for mischief, and whether and how to regulate their activities.
资金纯粹的大小和令人印象深刻的成长走向解释不安。Surging oil prices have fueled the growth of funds like ADIA, Norway’s Government Pension Fund - Global and Russia’s new National Welfare Fund, while dynamic export-led growth has generated revenue flows for the likes of CIC, the Government of Singapore Investment Corp. (GIC) and Korea Investment Corp. The world’s 30-odd sovereign funds control an estimated $3 trillion — more than the hedge fund and private equity industries combined — and that total could climb to $10 trillion by 2013, according to International Monetary Fund estimates.
将那种大小与保密性和政治影响力的潜力结合在一起，你有争议的批准。挪威挪威少数主权资金，发布了有关投资策略或表现的许多有意义的信息 - 甚至在某些情况下，他们的规模。国际货币基金组织将Adia的投资组合放在5000亿美元至8750亿美元之间。
任何管理此类金额的实体值得仔细审查。主权资金有政治大师的事实只有增加透明度的呼吁，所以外人可以看出资金是否投资商业回报或政治目的。
为了帮助揭示此问题的揭示，本期中的机构投资者深入了解一些领先的主权财亚博赞助欧冠富基金，以及一些有抱负的新人。我们解释为什么首席执行官和CIO YNGVE Slyngstad领导挪威养老基金的活动家运动，以提高回报，为什么娄继伟渴望向外国批评者提供关于CIC的战略。我们的包裹还看着韩国投资公司遇到的出牙困难，俄罗斯雄心壮志为国家福利基金。最后，我们研究了一些最大的全球银行的策略试图兑现主权财富爆炸。
The attention from II and others is making itself felt. After initially rejecting demands for more openness, most sovereign funds are coming to see that it is in their interest. Singapore, which suffered a political backlash in Thailand after Temasek bought control of Thailand’s Shin Corp. from the family of former prime minister Thaksin Shinawatra two years ago, joined with Abu Dhabi and the U.S. Treasury earlier this year to endorse voluntary principles that call on sovereign funds to base investments on commercial rather than political criteria, to provide more information about their investment strategy and performance and to compete fairly with private sector players. These principles look likely to form the basis of a broader accord that the International Working Group of Sovereign Wealth Funds, co-chaired by the IMF, aims to unveil next month.
透明度不仅仅是西方的SOP。对主权资金的国内选区也很重要。一些资金已经争取了他们的表现。中国的CIC凭借其第一次海外投资制造了溅 - 2007年6月，金石通集团的30亿美元购买了9.9％的股权 - 仅在持续的一年内损失了私募股权公司的45％。CIC在中国内部竞争对手，特别是在国家外汇管理局，近几个月一直在向中央银行股权担任其自身的海外股权投资。
Greater transparency will be welcome if it defuses political tensions and puts the spotlight where it belongs — on performance. Sovereign funds are one of the most visible manifestations of the transformation of the global economy. How rising powers such as China, Russia and countries in the Gulf and Latin America manage their wealth will be critical, both for their own populations and the health of the global economy. Fortunately, those destinies are closely interrelated. “We are a stakeholder in global markets,” CIC chairman Lou tells II in an exclusive interview (see page 76). “We want to see long-term stability in global financial markets because long-term stability is to our benefit.”
Other investors should be only too happy if Lou and other sovereign wealth managers succeed.
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Lou Jwei Spells
出他的计划
对于CIC.
Norway Takes
an Activist
转动
银行家群
到海湾
及其财富
The Two
Marsters at
Korea's KIC
德米特里·潘欣
在俄罗斯
New Wealth